Category: Business Mirror

CHANELLE AVARICIO turned a shaky start into a brilliant second-round charge, firing a bogey-free 69 Wednesday to seize a one-stroke lead over Apple Fudolin in the ICTSI Summit Point Championship and set up a thrilling final-round scramble at the Summit Point Golf and Country Club.

Avaricio, who opened with a 75 on Tuesday, stayed patient through the first 11 holes before a birdie on No. 12 ignited a late surge. She followed with another birdie on the 13th and birdied the par-five No. 16 for the second straight day, closing with a 36-33 and a two-day total of 144.

‘I hit more greens in regulation today compared to yesterday, so it was easier to make par today,’ said Avaricio, who credited her improved iron play and putting for the turnaround.

Her late burst proved decisive as overnight co-leaders Sarah Ababa and Tiffany Lee faltered down the stretch, allowing Avaricio to move alone on top after 36 holes.

Ababa, who held a two-shot lead after a 71 in the opening round, suffered a costly double bogey on the 18th and settled for a 75. Lee, meanwhile, forced a three-way tie at the top with Avaricio and Ababa after playing the first 15 holes at one under for the day, only to bogey Nos. 16 and 17 and finish with a second straight 73.

Both dropped to joint third at 146 with Seoyun Kim, who fought back with a 71.

Fudolin emerged as Avaricio’s closest challenger after a gritty 71 put her at 143, just one stroke behind. Long in search of a breakthrough, Fudolin made an aggressive start, birdieing two of her first three holes, then steadied herself after a bogey-bogey skid from No. 9 with a birdie on No. 13 to salvage a 35-36.

For the first time, Fudolin finds herself within striking distance of an elusive title.

Yvon Bisera, meanwhile, matched par 72 for a 147 and in a tie with Gretchen Villacencio, who carded a 74, while Harmie Constantino, just one behind Ababa after 18 holes, also slipped with a 75 for a 148. But the deficit remains manageable in a final round where momentum can change in a matter of holes.

Avaricio, however, heads into Thursday’s finale with momentum on her side after producing the day’s best score and negotiating a demanding layout without a single bogey.

‘I didn’t really think about going bogey-free. I was really focusing on every shot,’ Avaricio said. ‘It was more like I just wanted to reach the fairway, then hit the green so I could two-putt for par. That was it-that was all I had in mind.’

ANGELO QUE came out smoking from a spirited and chaotic battle in the second round on Wednesday to break away from a tightly-bunched field with a solid 66 for a four-stroke lead halfway through the ICTSI Summit Point Championship in Lipa City.

At 47, the reigning Philippine Golf Tour (PGT) Order of Merit champion Que emerged from the crowded leaderboard by birdieing the first three holes at the turn, seizing solo control before leaning on a string of gutsy pars to protect his advantage.

The result was a second straight six-under card and a 12-under 132 total, putting him in prime position to chase a second PGT victory of the season after outdueling Tony Lascuña in a thrilling finish at Caliraya Springs.

‘Winning is a motivation for me, especially at this age,’ Que said. ‘If you can keep winning, then that’s a good sign.’

The P2.5-million championship has produced a scoring bonanza with the stellar field taking full advantage of favorable scoring conditions under winter rules.

But Que faced a strong group of challengers led by Carl Corpus and cousin Aidric Chan, veteran Reymon Jaraula and first-round leader Justin Quiban.

Corpus, 25, emerged as Que’s closest pursuer after matching Que’s 66 in spectacular fashion.

Seeking a second PGT title following his breakthrough at Valley Golf last year, Corpus also used a blazing frontside finish to surge into solo second at 136.

He came alive after a birdie-bogey start on the backside, birdieing the first two holes before gunning down an eagle on the par-five No. 3 and adding birdies on the next two.

After a par, Corpus birdied the seventh for a sizzling 29 and a 66 and Chan stayed within striking distance at 137 after a 69.

Jaraula also made a significant move, firing seven birdies against two bogeys for a 67 to join Chan and Quiban at 137 with Quiban settling for a 72 to remain tied for third at seven-under overall.

THE Bureau of Internal Revenue (BIR) will allow export-oriented enterprises (EOEs) to claim refunds on value-added tax (VAT) passed on to them while awaiting the issuance of their VAT zero-rating certifications from the Department of Trade and Industry -Export Marketing Bureau (DTI-EMB).

Internal Revenue Commissioner Charlito Martin R. Mendoza issued Revenue Memorandum Circular No. 096-2026 amending the VAT refund guidelines to cover VAT paid on local purchases and imports used for qualified zero-rated sales beginning November 28, 2024, up to the date their certification was issued.

The certification, however, must be issued within the prescribed transition period ending December 31, 2025, the BIR noted.

The clarification covers exporters that were already qualified for zero-rating but had yet to receive their DTI-EMB certifications when they incurred VAT on their purchases and imports.

‘Export-oriented enterprises received their VAT zero-rating certifications on different dates during the transition period,’ Mendoza said. ‘We are clarifying how VAT incurred while these certifications were being processed should be treated so qualified export-oriented enterprises will have a clear basis for their refund claims.’

To qualify for a refund, EOEs must submit the necessary documents and show that the VAT they are claiming is directly related to their qualified zero-rated sales.

VAT that has already been reimbursed, credited, adjusted, recovered from suppliers or otherwise utilized may not be the subject of a VAT refund claim, the BIR said.

EOEs that met the 70-percent export threshold in the preceding taxable year but failed to secure the required DTI-EMB certification are likewise not entitled to a VAT refund for the immediately succeeding year, the bureau added.

Any unused input VAT may instead be carried forward to succeeding taxable quarters and used against future VAT liabilities, subject to existing tax rules.

‘Our objective is to ensure fair and consistent tax treatment for qualified export-oriented enterprises during the transition to the new zero-rating certification system,’ Mendoza said.

‘If they complied with the requirements and their certification was issued within the prescribed period, the VAT they properly incurred while waiting may be refunded in accordance with the law,’ he added.

The DTI issued Administrative Order No. 25-03 last March 2025, setting the certification guidelines for EOEs under the Create More Act. The BIR followed with RMC No. 37-2025 last April 2025, which laid out the procedures for claiming VAT refunds.

Under the earlier guidelines, EOEs could seek refunds for VAT incurred on local purchases and imports starting November 28, 2024, until the DTI-EMB began processing their zero-rating certifications.

However, the validity dates of the certifications varied during the transition period, ranging from May 14 to December 26, 2025, according to the BIR.

A trip to the Holy Land is set to become more accessible for Filipinos after Israeli carrier Arkia Airlines announced plans to launch direct flights between Tel Aviv and Manila starting January 3, 2027.

Israeli Ambassador to the Philippines Dana Kursh announced this on Facebook Tuesday night.

Arkia Airlines will become the first Israel carrier to operate a direct route to the capital Manila in many years.

Filipinos can enter Israel without visas for stays of up to 90 days for tourism and similar short-term visits such as religious pilgrimage.

In a social media post, Kursh said the new service is expected to boost tourism, business, investment and cultural exchanges between the two countries while making travel more convenient for Israelis and Filipinos.

The route will initially operate once a week, departing on Sundays, with a flight time of about 11 hours between Tel Aviv and Manila.

The route will be operated using a wide-body Airbus A330 aircraft. One-way ticket prices will start at $750 for economy class seats and $1,800 for business class seats.

Kursh expressed optimism that the direct connection would encourage more Israeli visitors to the Philippines and more Filipinos to travel to Israel.

‘The distance between us is about to become a little shorter, but the friendship between our peoples has always been close,’ she said.

PUERTO Princesa City is setting its sights on becoming the Sports Capital of the Philippines, a vision strengthened by its partnership with the Philippine Sports Commission (PSC) and showcased during the three-day Palawan Youth and Sports Summit.

PSC chairman Patrick Gregorio hailed Puerto Princesa’s sports program as a model of excellence, driven by the dynamic leadership of Mayor Lucilo Bayron and his city officials.

‘The sports program of Puerto Princesa City is worth emulating by other LGUs,’ Gregorio said. ‘You are truly advanced in research, development and implementation.’

‘You already know the benefits of sports tourism to grassroots development and tourism contribution to the economy. Mayor Bayron is your No. 1 cheerleader,” Gregorio added.

Beyond the summit halls, PSC and Puerto Princesa City leaders moved into the field to see firsthand the infrastructure that will anchor the city’s ambition.

Their first stop was the Iwahig Prison and Penal Farm (IPPF), where a sprawling 20-hectare site donated by the Bureau of Jail Management and Penology through its Director General Gregorio Pio Catapang will become a home for several sports facilities.

The PSC Regional Sports Complex will rise with plans taking shape for a baseball diamond in partnership with the Philippine Amateur Baseball Association and its secretary-general Mike Asuncion.

It will be complemented by a softball field, a football pitch and a host of multi-sport facilities that will serve as the backbone of the city’s regional sports hub.

The PSC team was welcomed by IPPF Superintendent Col. Edgardo Mendoza Jr. and from there, the delegation proceeded to the Ramon V. Mitra Sports Complex, a vibrant arena that pulses with activity across a wide range of disciplines. Indoor athletes train in sepak takraw, boxing, tennis, badminton, table tennis, basketball and combat sports such as wushu, taekwondo and arnis.

‘Puerto Princesa is ready to lead,’ Bayron said. ‘With PSC as our partner, we will build the future of Philippine sports here in Palawan.’

The complex also boasts a track and field oval, football field, volleyball court, swimming pool, archery range and baseball field, complemented by a PSC-donated gymnasium.

The visit turned into a celebration of youth sports as Gregorio and his fellow commissioners joined children on the courts and fields, underscoring the PSC’s commitment to grassroots development.

‘It’s always inspiring to see kids out on the courts. Less screen time, more play time, and along the way healthier habits, new friendships, and perhaps even a few future champions,’ said Gregorio, who later joined PSC Commissioner Matthew ‘Fritz’ Gaston in an animated Zumba routine at the track and field oval.

The tour culminated with the awarding ceremony of Puerto Princesa’s successful hosting of the World Table Tennis Youth Contender at the Edward S. Hagedorn Coliseum, further solidifying the city’s standing as a consistent hub for sports tourism.

The event was organized by the Philippine Table Tennis Federation (PTTF) under the leadership of president Ting Ledesma and secretary-general Pong Ducanes.

In partnership with the PSC, the PTTF is set to launch a promising grassroots initiative that will see the donation of 240 table tennis tables to Filipino-Chinese schools nationwide.

The Palawan Youth and Sports Summit became a powerful forum the next day where national sports leaders and experts converged to chart Puerto Princesa’s trajectory toward becoming the country’s sports capital.

Gregorio opened the discussions by laying down the priorities and strategic direction for sports development in Puerto Princesa and the province of Palawan, emphasizing how the city’s advanced programs could serve as a model for other local government units.

His message was reinforced by City Administrator Atty. Arnel Pedrosa, who represented Bayron and reported on the city’s sports initiatives while City Sports Director Atty. Gregorio Austria presented the current status of sports development, highlighting Puerto Princesa’s readiness to host regional and international events.

PSC Chief of Staff Prof. Louise Jashil Sonido shared insights on leveraging social media to maximize visibility and engagement while Commissioner Gaston spoke about bridging grassroots athletes to elite sports through high-performance programs.

PSC Commissioner Walter Torres captivated the audience with his personal journey as an Olympian fencer at the 1992 Barcelona Olympics in a no-holds-barred couch interview with Chairman Gregorio.

Torres detailed the discipline, challenges, and mindset required to reach the Olympic stage, embodying the PSC’s advocacy of ‘From Grassroots to Gold, From Gold to Greatness.’

As Gregorio explained, grassroots to gold is the journey of local athletes toward winning medals at the SEA Games, Asian Games and Olympics, while gold to greatness is the act of giving back to the country after those victories, building legacy through service and inspiration.

Pilipinas Sepak Takraw Association president Karen Caballero shared best practices in advancing women in sports, while PHINADO Consultant Angelica Phoebe Mendinueto educated the youth on anti-doping, stressing the importance of playing true and clean.

Complementing these discussions, Sports Psychologist Dr. Rodel Canlas tackled the psychology of sports and athlete mental well-being and veteran sports journalist June Navarro addressed the importance of maintaining high standards in mainstream sports reporting.

The summit was organized by the team of PSC Chief Planning Officer Dr. Lauro O. Domingo Jr. with local city officials. On the final day, the delegation proceeded to the Philippine Paddling Federation’s (PPF) training center along the Iwahig River.

Already recognized as a world-class paddling hub, the facility has become home to national athletes in dragonboat, canoeing and kayaking.

‘This facility can host world-class competitions annually. Puerto Princesa has already proven itself with the successful World Dragonboat Championships two years ago,’ said PPF president Len Escollante. With PSC’s full backing, it is now poised to evolve into a regional training center capable of hosting global tournaments, further strengthening Puerto Princesa’s reputation as a sports tourism destination.

Mobile services provider Smart Communications, Inc. (Smart) is taking the digital lifestyle beyond the smartphone, giving Filipinos more ways to stay connected, manage their health, and make payments from their wrist with Apple Watch, Smart Device Link, and Apple Pay.

‘With the digital lifestyle evolving beyond the smartphone, connectivity is no longer limited to the device in our pocket. With Apple Watch, Smart Device Link, and Apple Pay, we’re giving Filipinos more freedom to stay connected, stay on top of their health, and manage everyday tasks right from their wrist,’ said Lloyd R. Manaloto, FVP and OIC for Smart.

The latest Apple Watch lineup-including the Apple Watch SE 3, Apple Watch Series 11, and Apple Watch Ultra 3-is now available with Smart Postpaid Plans with Device starting at Plan 999.

Subscribers can get the Apple Watch SE 3 starting at P692 per month, Apple Watch Series 11 starting at P1,321 per month, and Apple Watch Ultra 3 starting at P2,275 per month. Customers can also enjoy 0% installment plans with participating bank partners. iPhones are likewise available through participating Smart channels for those looking to complete the Apple ecosystem.

Stay connected without your iPhone

With Smart Device Link, Apple Watch users can share their primary mobile number and plan with their smartwatch for P199/month, enabling calls, texts, and mobile data even when their iPhone is not nearby.

First-time Smart Device Link users can enjoy a FREE six-month trial until September 30. For activation instructions, visit smart.com.ph/Postpaid/devicelink.

More than connectivity, right on your wrist

Apple Watch also brings health, fitness, safety, and wellness features to the wrist, with capabilities varying by model-from heart rate and sleep tracking to ECG, Sleep Score, workout tracking, Crash Detection, and Emergency SOS.

With Apple Pay, users can also make secure, contactless payments directly from their Apple Watch, adding convenience to everyday transactions.

The latest lineup includes the Apple Watch SE 3, designed for essential health, fitness, safety, and connectivity; Apple Watch Series 11, with advanced health and fitness features for everyday use; and Apple Watch Ultra 3, built for demanding sports and outdoor activities.

Powered by Smart 5G

The Apple Watch experience is further enhanced by Smart 5G, enabling seamless connectivity across Apple Watch, iPhone, and other digital services whether subscribers are at work or on the go.

Smart was recently recognized by global connectivity intelligence leader Ookla® for delivering the Best Mobile Video Experience in the Philippines for the first half of 2026, with a Video Score of 72.82-the highest among mobile operators in the country.

Get the Apple Watch SE 3, Apple Watch Series 11, or Apple Watch Ultra 3 with Smart Postpaid Plans with Device starting at Plan 999 through the Smart Online Store or at the nearest Smart Store.

Advent Upgrade Solar Inc. (AUSI) and Proterial Philippines Inc. signed a 20-year power purchase agreement (PPA), with the latter’s facility in LIMA Estate, Batangas to source power from a 1,587.20 kilowatt-peak ground-mounted solar photovoltaic system.

Targeted to begin commercial operations in the first quarter of 2027, the project represents the first ground-mounted solar installation within the estate.

‘Through this collaboration, we are taking a meaningful step toward reducing our carbon footprint, enhancing energy efficiency, and contributing to the country’s transition to a more sustainable energy landscape,’ said Proterial Philippines, Inc. President Yoshiaki Yamashita.

‘As a responsible corporate organization, we recognize the growing importance of renewable energy in addressing environmental challenges while supporting long-term economic growth,’ he added. ‘Once operational, the use of the solar PV system is expected to avoid over 1,400 tons of carbon dioxide equivalent annually, or roughly about 28,000 tons over the 20-year term of the agreement.’

Proterial Philippines, Inc. (formerly Hitachi Cable Philippines, Inc. until its 2023 rebranding) is the local manufacturing arm of Japan-based materials manufacturer Proterial, Ltd., and has been a long-standing anchor locator at LIMA Estate since 1997.

‘We are incredibly proud to partner with you on what is the very first ground-mounted solar facility in LIMA Estate. By pioneering this installation, Proterial is setting a new benchmark for industrial sustainability in the region,’ said AUSI Chairperson and Upgrade Energy Philippines President and CEO Ruth Yu-Owen.

‘Together with Proterial and LIMA Estate, we are proving that industrial growth and environmental responsibility can move forward hand-in-hand, and we look forward to building on this partnership over the next 20 years.’

Advent Upgrade Solar Inc. (AUSI) is a joint venture between AboitizPower Distributed Renewables, Inc. (APx) and Upgrade Energy Philippines Inc. (UGEP), which develops, builds, and operates distributed solar solutions catered to large commercial and industrial consumers.

For consumers who want to experience a vivo smartphone without necessarily buying a brand-new unit, there is another option worth considering: vivo refurbished phones.

Unlike ordinary second-hand phones, refurbished vivo units are brand-managed devices that undergo inspection, cleaning, and necessary repairs by vivo customer service professionals before being made available for resale. This gives consumers a more accessible way to own a vivo smartphone, while offering the added assurance of professional quality checks and warranty support. Refurbished vivo phones may come from units previously used by KOLs or ambassadors, as well as store display and demo units. Once these devices are returned, they are handled by vivo customer service professionals and undergo the necessary inspection, cleaning, and repair processes before being relisted for sale.

This is what sets refurbished vivo phones apart from ordinary second-hand devices. Rather than being resold as-is, refurbished units are professionally checked and prepared before being made available to another consumer.

For Filipino consumers, this means having another option when looking for a vivo smartphone that fits their budget. Refurbished units can make selected vivo devices more accessible, while the professional refurbishment process and warranty support provide added confidence compared with buying a phone solely based on its previous ownership.

Professional refurbishment with warranty support

For consumers, knowing that a device has gone through a professional refurbishment process can provide added peace of mind when considering a refurbished phone.

Refurbished vivo phones come with a standard one-year warranty, with the warranty start date determined according to the unit’s classification and available proof of purchase.

There are two types of refurbished vivo phones:

Pre-owned (LDU) – These are older demo or ex-display units that have been refurbished for resale. The product code carries a two-digit suffix, while the device and packaging carry a ‘Pre-owned’ label.

Near New – These are units returned within 15 days and subsequently refurbished for resale. The product code carries a one-digit suffix, while the device and packaging carry a ‘Near New’ label.

For purchases with proof of purchase, the warranty starts on the purchase date indicated on the receipt.

For pre-owned units without proof of purchase, the warranty start date is based on the device’s IMEI binding, activation, or sold date.

For Near New units without proof of purchase, the 90th day after the production date applies as the warranty start date, in accordance with vivo’s warranty policy.

With clear classifications and warranty guidelines, consumers can better understand the refurbished unit they are purchasing and have the added reassurance of vivo’s after-sales support.

How to buy a refurbished vivo phone

For Filipinos looking for a more accessible way to experience vivo, purchasing a refurbished unit is also straightforward.

Consumers can visit the official vivo website, go to the e-store, select products, and choose refurbished phones. Refurbished units can also be purchased through a vivo Store by selecting shop and then refurbished phones.

For Filipino consumers weighing their options when purchasing a smartphone, vivo refurbished phones offer a practical alternative to buying brand-new or ordinary second-hand devices. With professionally refurbished units, clear classifications, and warranty support, consumers can enjoy a more accessible way to own selected vivo smartphones while having the added confidence of vivo’s after-sales service.

SEVERAL lawmakers from the House of Representatives have endorsed the P5.5-billion budget requested by the Department of Tourism (DOT), its attached agencies, and government corporations under the National Expenditure Program (NEP) for 2027.

This includes a P1-billion Branding Campaign budget lodged with the DOT-Office of the Secretary’s Market and Product Development Program under its Maintenance and Other Operating Expenses.

Most lawmakers attending the House Committee on Appropriations’ hearing on DOT’s budget also supported the agency’s request for P82.33 million in additional Tier 2 funds to further boost the agency and its other units’ initiatives to attract more foreign visitors to the Philippines.

They backed as well some P1.65 billion in additional funds for DOT’s attached agencies and government firms, the largest of which, will support the Tieza Infrastructure and Enterprise Zone Authority (P1.31 billion). The latter’s internally generated funds are expected to run out if legislators approve the abolition of the travel tax.

These endorsements were spearheaded by Reps. Rufus Rodriguez (2nd District, Cagayan de Oro), Perci Cendaña (Akbayan), Salvador A. Pleyto (6th District, Bulacan), among others. As per the Department of Budget and Management (DBM), Tier 2 funds cover completely new initiatives and capital outlays, or existing projects and services that are being expanded.

‘Discover’ yields P1.8-M revenue

‘Because I acknowledge that the DOT is a vital cog in the economic development of our country, together with its attached agencies, this is therefore a budget augmentation we should all support…,’ said Rodriguez.

Under the NEP 2027, no visitor numbers are proposed for that year except for a target increase in tourism receipts by some P2.45 billion. (See, ‘Tourism gets smaller share in proposed P7.2-T national budget for 2027,’ in the BusinessMirror, Aug. 18, 2026.)

In her budget presentation, Acting Tourism Secretary Ma. Bernadita Angara-Mathay underscored the Philippines’s various tourism awards and recognitions, including the performance of its recently launched ‘Discover More to Love’ campaign. This is meant to push domestic travel in the light of the Middle East crisis, which has raised the cost of foreigners’ travel to the Philippines.

She noted that in the last 100 days since the ‘Discover More’ campaign was launched, participating hotels have earned P1.79 million in revenue from 800 room nights booked. Airlines have also reported over 203,000 seats sold since the campaign began in July. The campaign will continue until November.

She added that since the announcement of the Michelin Guide for Metro Manila and Cebu, the selected restaurants showed a 34-percent increase in transactions in the fourth quarter of 2025 to 77,500, valued at P366 million, up 23 percent, year on year. The DOT chief has mentioned that the contract with Michelin Guide will be continued until 2028, although like her predecessor, she has not revealed its total contract price.

Funds for TMAP pushed

BusinessMirror sources had earlier intimated that the contract price is US$5 million or roughly P300 million. This appears to correspond to the annual P75 million notation in DOT’s budget on Locally funded projects, namely ‘Culinary Guide Selection and Activation for the Philippines’ Emergence as a Global Gastronomy Destination.’ (See, ‘DOT eyes permanent partnership with Michelin Guide,’ in the BusinessMirror, Nov. 3, 2025.)

Meanwhile, Negros Occidental 3rd District Rep. Javi Benitez pointed out that DOT’s proposed budget for 2027 failed to include funds for the Philippines’s hosting of Terra Madre Asia Pacific (TMAP) in July next year. TMAP, the nexus of the Slow Food movement in the region, he noted, attracted 2,500 delegates and some 75,000 visitors in Bacolod City last year, with sales of almost P47 million.

Angara-Mathay assured the lawmaker, ‘I’m a fan of slow food and have made it a part of all my public speeches. And no less than the chairman of the Japan Travel Bureau asked about it. So definitely, we will knock on the door of [DBM] Secretary Kim [Robert C. De Leon] to ask that at least he approves this part of the second-tier [fund requests].’

DOT had actually requested P45 million from the DBM for TMAP under Tier 2 funds, but this was not approved. The DOT had projected a return on investment of ‘132 percent’ on the requested funds.

THE health maintenance organization (HMO) industry remained profitable in the first half of 2026, as total revenues grew by a fifth on higher membership fee collections.

Latest data from the Insurance Commission (IC) showed that the HMO sector’s first-half net income grew by 42.29 percent to P2.093 billion from P1.471 billion in the same period a year ago.

The increase came after revenues rose by 19.99 percent year-on-year to P56.432 billion from P45.561 billion.

Membership fees, which accounted for P54.818 billion of industry revenues, jumped by 19.71 percent from P45.792 billion a year earlier.

Meanwhile, HMOs paid P41.227 billion in benefits and claims during the six-month period, also up by 13.62 percent from P36.285 billion a year earlier.

Total expenses likewise increased by 19.27 percent to P54.338 billion from P45.561 billion in the same period last year.

‘This reflects an increased utilization of health care services and the HMOs’ continued commitment to providing benefits to their members,’ the IC said.

IC data showed that all other key indicators improved in the first half compared to a year ago.

Total assets of the industry grew by 18.75 percent year-on-year to P99.640 billion from P83.910 billion.

HMOs’ invested assets, which comprised 27.26 percent of the industry’s total assets, likewise expanded by 49.02 percent to P27.165 billion in the first half from P18.229 billion a year earlier.

Total liabilities of the industry also climbed by 15.77 percent year-on-year to P83.646 billion from P72.249 billion.

The IC said the industry’s performance demonstrated its financial resilience and capacity to meet its obligations.

‘[The Commission] remains committed to supporting its continued development to better respond to the increasing demand for healthcare services,’ it added.