Category: Business Mirror

THE Bureau of Internal Revenue (BIR) temporarily suspended the bond requirement for petroleum importers and producers, as the rule undergoes review for possible repeal by the Anti-Red Tape Authority (ARTA).

In a revenue regulation signed by Finance Secretary Ralph G. Recto and Internal Revenue Commissioner Romeo D. Lumagui Jr., importers and manufacturers of petroleum products subject to excise tax will not be required to post a bond.

The suspension will remain in effect while the ARTA reviews and provides recommendation on whether the bond requirement will be retained, amended or repealed. The review will determine whether the rule still provides value or if it only imposes undue burden on businesses.

It will also act as a ‘pilot implementation’ to assess the regulatory impact of removing the bond requirement.

To guard against potential abuses, importers must submit a monthly report to BIR and Bureau of Customs with details of imports, such as quantities, values and tax payments.

Importers must also still secure an ‘Authority to Release Imported Goods’ (Atrig) from BIR via the National Single Window system before the products are released. They must also be registered with the BIR and BOC and must have a record of good compliance with tax and customs rules.

‘Non-compliance with the foregoing conditions shall be subject to appropriate penalties under existing laws and regulations,’ the revenue regulation read.

Under Section 160 of the National Internal Revenue Code (NIRC) of 1997, importers and manufacturers of excisable goods must post a bond, based on how much excise taxes they paid in the previous year, every year after their initial operation.

However, the BIR said representatives from the petroleum industry and other stakeholders argue that posting bonds is no longer relevant or necessary since oil companies are required to pay the excise taxes upfront before their release from customs custody or withdrawal from a refinery.

The bond also adds extra cost for these companies and contradicts the government’s policy of promoting ease of doing business, the BIR noted.

Based on the law, government offices are required to undergo evaluation and improvement of their transaction systems and procedures, as well as reengineer the same if deemed necessary to reduce bureaucratic red tape and processing time.

The ARTA will coordinate with all government offices to review existing laws, executive issuances and local ordinances, and recommend the repeal of the same if deemed outdated, redundant and adding undue regulatory burden to the transacting public.

STATE-RUN television channel Intercontinental Broadcasting Corporation (IBC) received a fresh lease of life after President Ferdinand Marcos signed Republic Act No. 12311 extending its franchise by another 25 years.

The franchise of the IBC is set to expire this year, but with the signing of RA 12311, it will now be allowed to continue its operations until 2050 unless it is sooner revoked or cancelled.

As part of its franchise, it will be allowed to construct, install, establish, operate and maintain for commercial purposes radio and television broadcasting stations in the Philippines, where frequencies and channels are still available.

The franchise also allows IBC to make use of digital televisions systems, microwaves, satellite and other new technology in radio and television systems.

It will be required to have free public service time, exercise self-regulation by cutting off the airing of materials, which incite sedition, treason and rebellion, provide employment opportunities, and disperse its ownership by offering 30 percent of its outstanding stock or higher percentage in any securities exchange in the Philippines within five years from the effectivity of RA 12311.

IBC must also submit annually a report on its compliance on the terms of its franchise to Congress on or before April 30 every year. It will be fined P500 per working day for non-compliance to the reportorial requirement.

The television network is an attached agency of the Presidential Communications Office.

As early as 2023, there were already attempts in the House of Representatives to renew the franchise of the network, however, it did not push through after the Senate failed to pass its counterpart bill.

Marcos signed RA 12311 on 3 October 2025 and will take effect 15 days after it is published in the Official Gazette or in a newspaper of general circulation.

CALVIN OFTANA and Arvin Tolentino form part of the honor roll for next week’s 31st Philippine Basketball Association Press Corps (PBAPC) Annual Awards Night at the Novotel Manila.

Oftana is the recipient of the Order of Merit, while Tolentino will be recognized as the Scoring Champion during the October 13 celebration.

The Order of Merit is awarded to the player who garnered the most number of Player of the Week citations, while the Scoring Champion is determined by the highest scoring average of a player for the season.

Oftana of TNT was Player of the Week four times for Season 49, while Tolentino of NorthPort was the top offensive player with an average of 21.2 points.

Incidentally, the two were also recognized in the recent PBA Leo Awards as part of the First Mythical selection along with nine-time MVP June Mar Fajardo, CJ Perez and Robert Bolick.

Oftana played a key role in helping the Tropang 5G make the Finals of all three conferences, including their conquest of the Governors’ Cup and Commissioner’s Cup.

Tolentino won his first Best Player of the Conference award after steering NorthPort to the semifinals of the mid-season Commissioner’s Cup.

SPEAKER Faustino Dy III on Wednesday renewed his call to revisit Republic Act 11203, or the Rice Tariffication Law (RTL), stressing the need to ensure that the policy truly benefits Filipino farmers rather than undermines their livelihood.

During a meeting with farmers from Nueva Ecija, Pangasinan, and Isabela, led by former Agrarian Reform Secretary Rafael Mariano, Dy reaffirmed his commitment to stand with the country’s agricultural workers and push for reforms that strengthen local production.

‘The lifeblood and vitality of the province of Isabela come from our hardworking farmers. That is why we hold them in the highest respect and esteem. We continuously address their needs and challenges-from land and water to their livelihood,’ he said.

The farmers expressed full support for Dy’s proposal to restore the rice import tariff rate to 35 percent from the current 15 percent, saying that the reduction has led to a surge of imported rice that continues to hurt domestic producers.

The House leader emphasized that Congress must act to restore balance in the rice industry and provide farmers with fair protection from market distortions caused by excessive imports. He cited the importance of reviewing the RTL’s implementation and the utilization of the Rice Competitiveness Enhancement Fund (RCEF) to ensure that assistance directly reaches farmers.

‘We need to thoroughly discuss and revisit the law,’ Dy said.

He added, ‘What we want is to return the control of importation to the Department of Agriculture and give priority to the purchase of local produce before allowing imports. We must prioritize our own harvest before bringing in imported goods.’

The Speaker and the farmers also discussed long-term infrastructure needs, including a planned highway connecting Metro Manila to Regions 2 and 3 to reduce transport costs and improve access to markets.

‘That has been our long-standing dream. If realized, it will greatly ease the delivery of products. Isabela contributes about 15 to 18 percent of Metro Manila’s consumption,’ he said.

‘Congress is always open to you. The doors of the House are not only for lawmakers but for those who truly sustain our nation-the farmers,’ he added.

EVEN with the appeal of the religious sect Iglesia Ni Cristo (INC), Malacañang refused to budge on its position not to interfere with the investigation of the Independent Commission for Infrastructure (ICI).

INC had called on the ICI to make its hearings public to ensure the credibility of its recommendations on cases which should be filed against contractors as well as government officials and personnel involved in anomalous public works.

Palace Press Officer Claire Castro said Wednesday that while President Ferdinand Marcos Jr. shares the position of the INC, he maintained his position not to interfere with its affairs.

‘The President, in all circumstances, wants transparency. In all investigations, there should be transparency, nothing is hidden,’ she said in Filipino in a press briefing in Malacañang last Wednesday.

‘But how the ICI will do this, how it can be made public, how they will be transparent and to what extent, that is up to the ICI,’ she added.

INC is considered an influential religious group since its members are known for exercising bloc voting during elections, which gives advantage to the candidates it will endorse.

When asked about the move in Congress to pass a bill, which will give more powers to the ICI, Castro said that the President will study the proposal.

‘Maybe we should see first the detailed information [of the bill] so we can study it and if it is necessary to issue a certificate for urgency [for the bill]. That is what the President will do after he reads what they will [propose],’ Castro said.

There were rumors that one member of the three-man ICI already wanted to resign due to supposed lack of powers. Castro said the ICI already denied that rumor.

Created by Executive Order (EO) No. 94, the three-member ICI was tasked to investigate substandard and non-existent flood control projects.

The creation of the ICI drew criticism from some groups since its role was only to recommend to concerned government agencies the prosecution of the involved individuals or parties.

Castro, however, defended the ICI’s creation, saying it will fast-track the investigation and filing of charges against the erring parties.

‘Would they want only the Ombudsman to work [on these cases]? So how long will it take us to finish a case?’ she said.

‘So, there really needs to be an independent commission that will focus and collect, investigate documents so that when they are submitted and recommended for filing, they can just review them,’ she added.

The IT and Business Process Association of the Philippines (IBPAP) has denounced the ‘irresponsible declaration’ made by the Department of Labor and Employment (DOLE) in Region 7 which ‘prematurely’ identified several IT-BPM firms that have been ordered to halt operations for alleged labor rights violations.

IBPAP said none of the accounts of its four member companies named by the BPO Industry Employee Network (BIEN) confirmed that employees were prevented from leaving the production area despite the earthquake, particularly regarding the blocking of exits, and forced to return to their workstations without safety clearance.

However, BIEN criticized IBPAP for what it described as an attempt to downplay safety violations raised by Cebu-based workers during and after the recent earthquake. In a statement on Thursday, BIEN said IBPAP’s remarks ‘attacked’ both DOLE Region 7 and employees who reported being forced to return to work despite ongoing aftershocks.

‘IBPAP denounces this irresponsible declaration by DOLE Region 7, which prematurely named companies without the benefit of impartial investigation or validation,’ it said.

The group said such actions ‘run contrary to the principles of fairness and good faith expected of a government agency that serves as a partner of both workers and employers in ensuring safe and decent workplaces.’

It added that the ‘reckless naming’ of companies before the Senate and in the media ‘damages reputations, causes confusion among employees, and creates undue alarm among global clients whose confidence directly impacts investment, business continuity, retention, and creation of jobs in the Philippines.’

The industry group said this misinformation has ‘serious’ international repercussions.

For one, it said business process outsourcing (BPO) clients who entrust critical operations to the Philippines may begin to see the country as ‘unreliable, inconsistent, and non-compliant’ in its regulatory practices.

Further, IBPAP said such a perception ‘erodes confidence, drives business to competing destinations, and jeopardizes the very jobs and revenues the Philippine IT-BPM industry has worked hard to secure.’

The industry group also expressed concern that clients may become ‘hesitant’ to expand outside Metro Manila, ‘undermining countryside development opportunities where these jobs are most needed and where DOLE itself aims to create and safeguard livelihoods.’

Since the initial reports surfaced, IBPAP said it has been in active communication with DOLE National Capital Region to request the official list of companies involved, along with corresponding complaints, reports, and allegations made by BIEN, which IBPAP said, does not represent the IT-BPM industry in the Philippines.

‘Despite these repeated efforts, no documentation has been provided to date,’ IBPAP said. ‘It is therefore disappointing for IBPAP to learn about this information only through a statement made during the Senate hearing that was subsequently published in an online news article.’

IBPAP said the findings from its inquiry ‘disprove’ BIEN’s claims of widespread employee safety violations among IT-BPM employers during the Cebu earthquake.

‘Their sweeping accusations cast the entire industry in an unfavorable light and unfairly generalize IT-BPM companies as non-compliant with labor laws, despite long-standing and consistent adherence to labor and safety standards,’ it added.

The industry group said it is ‘highly irregular’ that DOLE Region 7 conducted an inspection of a company supposedly included in the alleged work stoppage order only in the evening after the Senate inquiry.

‘This was reported to IBPAP as the inspection was happening in Cebu. The fact that a BIEN representative accompanied DOLE during this inspection raises questions about impartiality, given BIEN’s highly biased stance against IT-BPM employers for alleged violations of employee safety standards,’ it said.

‘We therefore urge the Department of Labor and Employment (DOLE) to investigate this matter thoroughly and issue a clarificatory statement on how it is being handled. Furthermore, we insist that DOLE Region 7 rectify its records and remove the names of companies that were included in the report submitted to the Senate Committee on Labor and Employment,’ it added.

‘Documented incidents’

‘There was an earthquake. There were evacuation failures. There were workers forced to return to their stations while aftershocks continued,’ BIEN said. ‘These are not rumors. They are documented incidents, supported by workers’ testimonies, photos, videos, and reports from multiple Cebu BPO sites.’

The group said labeling these accounts as ‘unverified’ or ‘misinformation’ denies the experiences of workers who feared for their safety.

It added that the incidents showed ‘clear breaches’ of occupational safety and health (OSH) standards.

‘When ceilings crack, exits are blocked, and employees are ordered to resume calls despite shaking floors, no amount of corporate spin can erase the fact that OSH standards were violated,’ BIEN added.

According to BIEN, IBPAP’s response reflects its intent to ‘protect industry interests’ rather than address the safety concerns of employees.

‘IBPAP’s statement exposes who they truly represent: not the 1.9 million workers they claim to speak for, but the business owners and foreign clients whose profits depend on uninterrupted operations, even in the face of danger,’ BIEN said.

BIEN added that IBPAP’s concern over reputational harm and investor confidence ‘misses the point,’ noting that the real threat to the industry’s image comes from unsafe workplaces, not from workers speaking out.

‘If IBPAP truly values the integrity of the industry, it should hold its member companies accountable instead of gaslighting the very workers who keep this $40-billion sector running,’ the group said.

BIEN also urged DOLE to remain firm in enforcing labor standards, saying its role is to protect workers, not companies.

It said the work stoppage orders issued in Cebu were a ‘necessary step’ to prevent further harm and compel compliance with safety regulations.

The group added that full transparency is needed by releasing the list of firms found to have violated OSH standards and the corrective actions implemented.

THE Philippines’s oldest distillery, Destileria Limtuaco Co. Inc., is gaining new markets and is looking forward to boosting its exports this year.

In an interview with the BusinessMirror, company president Olivia Limpe-Aw said: ‘For the 2025 exports, we are targeting a significant increase over 2024, driven by strong product demand and a surge in inquiries,’ although she declined to give hard figures.

She added that the company has ‘recovered in terms of sales volume and operational capacity, with several markets now exceeding pre-pandemic performance due to renewed consumer demand and expanded distribution channels. However, we continue to monitor and adapt to changing regulations on alcoholic beverages in certain countries.’

The company is specifically trying to strengthen its presence in the Middle East, ironically a market that normally does not consume alochol due to religious purposes. However, Limpe-Aw noted the brisk business of its premium liquor products, with the company also ‘entering the Halal market. We have already introduced Maria Clara Punch, a non-alcoholic drink that is Halal-certified.’

Growing liquor market in UAE

According to Mordor Intelligence, the Middle East and Africa alcoholic beverages market size is estimated at US$154.11 billion this year, and is projected to reach $216.45 billion by 2030, registering a compounded annual growth rate (CAGR) of 7.03 percent.

The United Arab Emirates has recorded the highest growth rate in the region with an 8.23-percent CAGR through 2030. ‘This growth stems from a strong business tourism sector that attracts international travelers with high alcoholic beverage consumption. The UAE’s expatriate population contributes significantly to market expansion by creating demand for diverse beers, wines, and spirits. Regulatory changes, including simplified licensing processes and new consumption zones, have enhanced the premium and luxury alcoholic beverage segments. These policy updates have increased foreign investment and new brand entries, expanding product variety,’ the report noted.

As for the United States market, Limpe-Aw said the Trump administration’s recent tariffs will ‘definitely have an impact [on our sales], but it’s a wait-and-see for now.’ Washington imposed a 19-percent import duty on Philippine products, including hard liquor.

The company’s most popular products in the US are the Manille Liqueur de Calamansi and Manille Liqueur de Dalandan. In other export markets, the company’s top performers are the White Castle Whiskey range, followed by its Philippine Craft Spirits.

Sluggish local sales

While Destileria Limtuaco’s export market has been expanding, domestic sales have been tepid, however.

‘Following the revenge spending of 2022, we have noticed steady stagnant growth, while total demand has dropped owing largely to the changing consumer behavior of the Gen-Z market,’ she said.

Research by Nielsen IQ showed 42 percent of Filipino respondents said they were drinking less, exceeding the 30-percent average in Asia Pacific.

In addition, Filipinos have found a ‘renewed interest in alternative beverages’ due to their growing focus on health and wellness, said Limpe-Aw.

Still, the company executive is ‘expecting 2026 to be better.’

World Drinks winners

Destileria Limtuaco recently stirred attention at the World Drinks Awards 2025 in London with its standout spirits. Four products from the company’s flagship Philippine Craft Spirits line were recognized specifically under the World Liqueurs Awards category, for excellence in taste, concept and innovation-solidifying the brand’s position as a pioneer in the global liqueur scene.

Intramuros Liqueur de Cacao took home the title of World’s Best Chocolate Liqueur. Manille Liqueur de Calamansi won Gold and was also named Country’s (Philippines) Best in the Fruit Liqueur category. The Amadeo Coffee Liqueur was awarded Country’s (Philippines) Best Coffee Liqueur. The newest addition to the brand’s lineup, Cocohogo Coconut Cream Liqueur, received Bronze in the Vegan Alternative (Philippines) category.

The Observatory of Economic Complexity website said the Philippines exported $10.3 million of hard liquor in 2024, with its top markets as the Netherlands ($2.97 million), France ($2.4 million), Taiwan ($1.26 million), the US ($701,000), and the UAE ($670,000). The UAE recorded the fastest-growing market for Philippine hard liquor products versus 2023.

Destileria Limtuaco was established in 1852 and now sells more than 40 spirits, wines and liqueurs, including tropical-fruit blends, and exports within Asia, the US, and the Middle East. Its products consist of distilled spirits, whiskies, brandies, gins, rums, vodkas, tequilas, cocktails, herbal and sweet wines, and the original medicinal wines.

THE Bangko Sentral ng Pilipinas (BSP) may continue reducing interest rates as the new ‘goldilocks rate’ for key policy rates is now expected to be below 5 percent.

On Thursday, the Monetary Board decided to reduce policy rates by 25 basis points to 4.75 percent. This is the lowest policy rate recorded by the country since September 2022 when rates were raised by 50 basis points to 4.25 percent.

The goldilocks rate or ‘sweet spot’ for policy rates, Remolona said, may be closer to 4 percent now compared to the initial assessment of 5 percent. Given this, the Monetary Board is keen on continuing its easing cycle.

‘We now think the gap is wider than we thought. In light of new research, we have also shifted our estimate of the goldilocks rate. We believe it could be lower than before, giving us more room to reduce the policy rate,’ Remolona said.

‘Early on, we see more scope for more accommodative monetary policy. The favorable inflation outlook and moderating domestic demand provide room for monetary policy to further support economic growth and employment,’ he added.

Based on the latest inflation estimates, the BSP has maintained its inflation outlook of 1.7 percent in 2025, but adjusted downward its forecasts for inflation next year and next year.

Initially, BSP Deputy Governor Zeno Ronald Abenoja said inflation was estimated to average 3.3 percent next year but given the latest projects, this is now down to 3.1 percent.

For 2027, Abenoja said inflation was initially set at 3.4 percent but after today’s policy meeting, the BSP has reduced this to only 2.8 percent.

‘We now find [the] inflation outlook to be quite benign. Inflation expectations remain well upward, but adjustments to electricity rates and possible increases in tariffs on rice imports pose some risks. But these risks look limited,’ Remolona said.

In terms of growth rates, Abenoja said, growth will likely be at the low end of the government’s targets at 5.5 percent this year and 6 percent next year and in 2027.

Remolona said this growth outlook was affected by governance concerns surrounding public infrastructure spending, which has weighed on business sentiment.

He noted that the stock market has declined and that there are now fewer companies with expansion plans. He also noted that there were days when both the stock market declined and the peso depreciated at the same time, which signified that investors were leaving.

Nonetheless, Remolona said, the BSP is not going to intervene in the foreign exchange market ‘against those [out]flows.’ ‘We would defend the peso, when we think that the depreciation is so sharp and so large that we think it could be highly inflationary,’ he also said.

In a statement, BSP said potential electricity rate adjustments and possible increases in tariffs on rice imports could add some upward pressures. Nonetheless, the risks to the inflation outlook are limited as price pressures are expected to ease.

The Monetary Board likewise noted that the outlook for domestic economic growth has weakened. This outlook reflected in part the impact on business confidence of governance concerns about public infrastructure spending. Indications of moderating demand also reflect lingering uncertainty from the external environment.

On balance, the Monetary Board sees scope for a more accommodative monetary policy stance. The favorable inflation outlook and moderating domestic demand provide room to further support economic activity.

As the impact of earlier policy action works through the economy, the BSP will remain attentive to emerging risks while maintaining price stability conducive to sustainable growth and employment.

THE sports page has always been a mirror of triumphs, tragedies and transformation.

The year 2005 saw the emergence of two world-beaters from Spain: Fernando Alonso, who became the youngest Formula One World Champion at the time, and Rafael Nadal, who clinched his first French Open title in his debut appearance at Roland Garros.

It was a season of seismic shifts in F1, with 24-year-old Alonso ending Michael Schumacher’s reign of five consecutive titles.

Alonso would go on to secure a second consecutive Drivers’ Championship with Renault in 2006, but a mix of team politics, strategic missteps, and shifting alliances kept him from sustaining dominance. The following two decades in F1 saw a carousel of drivers and manufacturers rise to prominence.

In that span, Schumacher retired, made a comeback with Mercedes, and tragically suffered a life-altering skiing accident in France in 2013.

The sport also weathered scandals: the espionage saga dubbed ‘Spygate,’ the ‘Crashgate’ controversy involving Nelson Piquet Jr.’s deliberate crash under Renault’s orders, and the Abu Dhabi finale in 2021, which sparked global debate over race direction and fairness.

The seven-time world champion’s condition has remained a closely guarded secret, with his family maintaining strict privacy to this day.

McLaren had a tumultuous 2007 season with Alonso and rookie Lewis Hamilton at the helm. Despite their on-track brilliance, the team was found to have benefited from leaked Ferrari data and was excluded from the Constructors’ Championship. Kimi Räikkönen ultimately won the Drivers’ title, and Ferrari reclaimed its place atop the sport.

Big Four Era

RAFAEL NADAL’s breakout in 2005 was the launchpad for a two-decade reign of excellence, particularly on clay. While not dominant in every season, his sustained brilliance earned him 92 ATP titles-including 22 Grand Slams-and the enduring nickname ‘King of Clay.’

The year BusinessMirror was born, Nadal captured 11 titles, including his first major at 19 years old. He later showcased his versatility by completing the career Grand Slam at age 24, winning the US Open in 2010. He also led Spain to five Davis Cup victories and won Olympic gold in singles at the Beijing 2008 Games.

But the past two decades weren’t a solo act.

Tennis was reshaped by the rise of the Big Four-Roger Federer, Novak Djokovic, Andy Murray, and Nadal-each of whom held the world No. 1 ranking and elevated the sport to new heights.

The Big Four era was defined by rivalry and respect.

Federer added to his legacy before retiring in 2022. Murray claimed back-to-back Olympic golds in London 2012 and Rio 2016, while Djokovic won the Paris 2024 Olympics and remains the only active member of the quartet. Nadal made his final Grand Slam appearance at Roland Garros 2024, and Murray bowed out at the Paris Games.

3-point revolution

THE NBA has undergone a seismic shift over the past two decades, evolving into a league increasingly dominated by the three-point shot. What was once a strategic afterthought has become the centerpiece of modern offenses.

Arguably, it was the Phoenix Suns who laid the foundation for this transformation. Under head coach Mike D’Antoni, the team embraced a radical philosophy known as the ‘Seven Seconds or Less’ offense, which prioritized pace, spacing, and quick decision-making. This approach paved the way for the trey to become a weapon of choice rather than a luxury.

D’Antoni had the perfect floor general in Steve Nash, a two-time MVP whose precision passing and reliable shooting made the system hum. While the Suns didn’t win a championship during that era, they redefined offensive basketball and planted the seeds of the revolution.

It wasn’t until the rise of the Golden State Warriors that the three-point revolution translated into titles. Led by the Splash Brothers, Stephen Curry and Klay Thompson, the Warriors captured championships in 2015, 2017, and 2018, with Curry’s deep shooting range and Thompson’s catch-and-shoot mastery stretching defenses to their breaking point.

Ray Allen’s clutch perimeter shooting was pivotal in the Miami Heat’s 2012-13 title run, complementing the all-around brilliance of LeBron James, Chris Bosh, and Dwyane Wade. Allen’s iconic corner triple in Game 6 of the Finals remains one of the most memorable shots in NBA history.

In 2014, the San Antonio Spurs showcased the power of team-oriented ball movement and perimeter accuracy.

With Patty Mills, Danny Green, and Marco Belinelli as threats from beyond the arc, and legends like Tim Duncan, Manu Ginobili, and Kawhi Leonard leading the charge, the Spurs shot a blistering 46.6percent from three in their 4-1 Finals win over the Heat.

The revolution keeps on rolling, and teams have increasingly focused on high-volume, perimeter-oriented offense.

The Boston Celtics now launch threes one after the other, and after clinching the 2024 NBA title, they went on to set records for most three-point attempts per game (48.2) and most in a season (3,955)- redefining what modern offense looks like.

This three-point renaissance has spilled into the international game, with national teams in the FIBA World Cup and Olympics-often featuring NBA stars-embracing the long-range strategy. Even traditional big men are stepping out to hit deep shots, transforming the global basketball landscape into a space-and-pace battlefield.

Giant losses

THE sports world bid farewell to many legendary figures whose impact transcended their disciplines.

Football greats Pelé and Diego Maradona, whose artistry and grit on the pitch left an indelible mark on the global game, passed away two years apart-Maradona at 60 in 2020 due to a heart attack following brain surgery, and Pelé at 82 in 2022 after a battle with colon cancer.

But one of the biggest shockers came in 2020, with the tragic loss of basketball icon Kobe Bryant, a five-time NBA champion, who at 41 died in a helicopter crash alongside his 13-year-old daughter Gianna.

After a long battle with Parkinson’s disease, Muhammad Ali-widely regarded as the greatest boxer of all time-passed away in 2016. The 74-year-old Ali’s legacy as a fighter, activist, and humanitarian remains unmatched.

Bill Russell, an 11-time NBA champion and towering figure in the fight for civil rights, passed away at 88 in 2022 due to natural causes.

Symbol of resilience

OLYMPIC centerpiece sports-athletics and swimming-had their superstars shine brightest, with Michael Phelps and Usain Bolt dominating across three consecutive Games: Beijing 2008, London 2012, and Rio 2016.

Their performances became the gold standard of Olympic excellence.

Bolt bagged the sprint double (100m and 200m) in each edition, and including relay victories, he amassed a total of eight Olympic gold medals. Phelps’ record haul of eight gold medals in a single Olympics (Beijing 2008) still stands. He added four more in London and five in Rio before retiring as the most decorated Olympian of all time.

Not only did the Tokyo Olympics survive the trials of the Covid-19 pandemic, it emerged even grander to become a symbol of resilience.

Postponed by a year, the Tokyo Games finally unfolded in 2021, featuring a record 339 medal events across 33 sports. The expanded program welcomed new disciplines: skateboarding, sport climbing, surfing, karate, and the return of baseball/softball.

It was also the year the Philippines broke through to the winners’ circle, with weightlifter Hidilyn Diaz finally clinching gold, after earning bronze in Beijing 2008 and silver in Rio 2016.

Three years later in Paris, the Philippines celebrated two more gold medals, as gymnast Carlos Yulo triumphed in the floor exercise and vault events.

DESPITE the government’s goal of surpassing last year’s P1.9 trillion record-breaking investment approvals, the country’s manufacturing sector said it is still not getting enough investments.

‘We are not getting enough investments. We would need to have more, actually. We would want to encourage more investments in Philippine manufacturing,’ Federation of Philippine Industries, Inc. (FPI) Chairperson Elizabeth H. Lee told reporters on the sidelines of the FPI Business Summit 2025 on Wednesday.

During the business summit, Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) Undersecretary Angel Ignacio said ‘Last year, our registered approved investments reached a record breaking P1.9 trillion which is 30 percent higher than in 2023.’

Ignacio said of this figure, around P192.6 billion of investments went to the manufacturing sector.

‘We aim to surpass these numbers with a stronger push to revitalize your industry. This comes at a time when our economy, despite global headwinds, remains strong and resilient. Today, we are one of the fastest- growing economies in Asia and the world,’ added the OSAPIEA official.

As to the efforts of the country to attract more investments, Lee explained that regionally, the Philippines has some ‘advantages’ even amid corruption issues.

‘So if we were to take a look at corruption that’s happening, it’s a double-edged sword. One is there’s corruption. On the other side, is the Philippine government doing anything about that very corruption? The answer to that is yes. So that’s the silver lining,’ Lee said.

The head of the umbrella organization of Philippine manufacturers and producers said ‘We need to use that opportunity to actually shine, to say that the government recognizes there is corruption.’

This, Lee noted, is what the government needs to focus on ‘so we can help ourselves attract investments.’

Another move that the country can do to entice more investments is to ‘help our own local businesses because we want to prioritize our businesses. So Tatak Pinoy, Buy Local, Buy Pinoy. That’s important.’

‘We also need to prioritize Filipino-made products. So those are the two main things that we can actually do to help ourselves. They are the low-hanging fruits that we can actually do to help ourselves,’ added Lee.

For her part, Trade and Industry Secretary Cristina A. Roque underscored that the Department of Trade and Industry (DTI), the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) are ‘working hard to align investments with our industrial priorities that deepen domestic supply chains and create more opportunities for local manufacturers and suppliers.’

Roque said this as she acknowledged that ‘We have a bit of a local problem now here,’ adding, ‘Investments are of course, coming in, but not as much as we expect it to be. So what DTI will be doing, it will be to strengthen the industries that are here.’

The country’s Trade chief underscored that DTI will ‘definitely be going to all of you [industries].’

‘I’ve already set some meetings with some of the industry owners, or at least presidents of the company, and we can really discuss on how to really grow and strengthen the businesses here in the Philippines,’ added Roque.

Despite investors adopting a ‘wait and see’ approach because of the headwinds, Roque said the Board of Investments (BOI) will not be recalibrating its target for investment approvals of P1.7 trillion for the agency alone.

Data from the Philippine Statistics Authority (PSA) showed that approved investments from both foreign and Filipino nationals as of the first half of 2025 are already at P481.01 billion.