Category: Business Mirror

The Philippines said ‘Tayo Na!’ to the theaters as ‘Forgotten Island’ became the number one movie in the country on its opening weekend. The DreamWorks Animation film grossed PHP 97,236,533, becoming the biggest opening weekend for Universal in the country for 2026. ‘Forgotten Island’ has also snagged the biggest non-franchise animation film of all time.

‘Forgotten Island,’ inspired by Filipino mythology and culture, has an all-star Pinoy cast with Liza Soberano and H.E.R. lending their voices to the two main characters, Raissa and Jo. The voice cast also includes Lea Salonga, Manny Jacinto, Dolly de Leon, and Jo Koy. The animated original also features homegrown talent for the soundtrack, with groups like BINI and SB19 in its roster.

The film received rave reviews from critics and audiences alike, with a Certified Fresh score of 95% on Rotten Tomatoes, and an audience score of 97%.

‘Forgotten Island’ is the story of two best friends, Raissa and Jo, whose life journeys split after they graduate high school. They encounter a magical portal on their last night of celebration, and it transports them to the island of Nakali, a mysterious place filled with creatures from the stories they grew up with. Some beings they encounter are friendly, and some are fierce, and The Dreaded Manananggal is the fiercest of them all. When they discover that their memories are fading, they race to find a way home before they forget their friendship forever.

Global AI devices provider HONOR Philippines has partnered with Studio Viva for a new entertainment-driven campaign ahead of the highly anticipated launch of the HONOR 600S in the Philippines.

As part of the collaboration, HONOR and Studio Viva are introducing ‘The CEO’s New Jowa,’ a drama reel starring Guji Lorenzana and Krissha Viaje. The series premieres on October 1, 2026, coinciding with the official launch of the HONOR 600S.

Blending romance and drama, The CEO’s New Jowa offers audiences an engaging story while organically showcasing the HONOR 600S. Select scenes in the drama reel were captured using the device, giving viewers a glimpse of its imaging capabilities as part of the narrative experience.

The partnership reflects HONOR Philippines’ commitment to connecting with young professionals, content creators, and digitally engaged consumers through innovative campaigns that merge technology, entertainment, and creativity.

‘We’re excited to partner with Studio Viva to introduce the HONOR 600S in a fresh and engaging way,’ said Stephen Cheng, Vice President of HONOR Philippines. ‘Through The CEO’s New Jowa, we’re giving audiences an entertaining story while giving them a glimpse of the HONOR 600S and what it can bring to their own creative experience.’

Catch the drama reel ‘The CEO’s New Jowa’ on October 1, 2026, on HONOR Philippines’ social media pages, alongside the official launch of the HONOR 600S. Additional details, including pricing, availability, and other launch offers, will be revealed soon.

Two-time Olympian Ernest John ‘EJ’ Obiena proved that he is still Asia’s only pole vault king on a rainy Tuesday night at the Aichi-Nagoya 20th Asian Games men’s athletics pole vault competition at the Nagoya City Mizuho Park Athletics Stadium in Japan.

He not only bagged and kept the gold medal, but he also marked a new Asian Games record.

After missing twice at 5.80 meters with the gold already in his hand, the three-time Asian champion decided to jump and break his old Hangzhou 19th Asian Games record in China three years ago by one centimeter -and he did by clearing 5.91 meters at ease to win the gold.

He stood tall, raised both hands, shouting in jubilation, thanking and shaking everyone’s hands.

Obiena’s closest pursuer was China’s Jie Yao, who missed all his attempts from 5.75 meters and 5.80 meters. He then settled for the silver medal with 5.70 meters, while his compatriot Li Chenyang got the bronze with the same 5.70 meters but needed two attempts.

The four-time Southeast Asian Games champion and the first Asian to clear 6.0 meters did not miss any height from 5.50m, skipped 5.60m for 5.70m before clearing 5.75 meters.

He blinked twice at 5.80m, but his Chinese rivals had already used all three attempts and could not pass the 5.75 meters height, assuring him of a win and the gold medal. Despite the favorable situation, Obiena did not just sit and walk away with the title.

Obiena erased the old record and established a new one for the delight of the crowd.

The Philippine Track and Field Association headed by Terry Capistrano has now one gold and two bronzes courtesy of Victoria Bossong in women’s 800 meters and John Cabang Tolentino in men’s hurdles 110-m at the Asian Games.

FEDERICO ‘Piki’ R. Lopez, chairman and chief executive officer of First Philippine Holdings Corp., has been recognized by SEDA Law for his role in advancing renewable energy and cleaner power generation in the Philippines.

SEDA Law conferred on Lopez its Silver Coin Tribute during the law firm’s 25th anniversary celebration attended by some 600 leaders from business, government and the professions.

The firm cited Lopez’s ‘tireless and fearless advocacy for the advancement of sustainable and renewable energy sources,’ saying his work has contributed to the country’s transition toward cleaner power generation and inclusive economic growth.

SEDA Law founding partner Jose Vicente Salazar, who presented the award, credited Lopez with helping introduce new power-generation technologies while creating jobs and opportunities for Filipino professionals.

‘Mr. Lopez has helped the Philippines embrace new power generation technologies, create new jobs, and generate more opportunities for young Filipino talents,’ Salazar said.

‘He did so while ensuring that communities and the environment are protected and preserved for future generations.’

The Silver Coin Tribute was instituted by SEDA Law as part of its silver anniversary observance to recognize Philippine leaders who have used their talent, resources and enterprises to create jobs, economic opportunities and other benefits for Filipinos.

Salazar said the recognition of Lopez reflects the firm’s acknowledgment of private-sector leaders whose work supports national development priorities and long-term sustainability.

The latest recognition comes six years after the Management Association of the Philippines named Lopez its Management Man of the Year in 2020.

MAP at the time cited Lopez for pushing the country’s transition toward a low-carbon economy, championing power-industry deregulation and steering the Lopez Group toward energy security and sustainability through investments in renewable energy, natural gas and clean technologies.

The organization also recognized him for developing Filipino technical and managerial talent and for the Lopez Group’s contributions to production, income generation, employment and national development.

His father, the late Oscar M. Lopez, received the same MAP Management Man of the Year award in 2000.

Clean-energy push

Under Piki Lopez, the Lopez Group made a major shift in its energy strategy in 2016 when it announced that it would no longer develop coal-fired power plants, effectively foregoing investments in what was then still one of the country’s dominant sources of electricity.

Lopez later said the decision was initially difficult to explain to investors and analysts but that the group never regretted it.

‘Despite the doubters, let me say we never wavered and never once regretted the decision,’ Lopez said when he accepted the MAP award in 2020.

A major component of the group’s renewable-energy strategy has been Energy Development Corp., which became part of First Gen Corp. after its privatization in 2007.

EDC, which marked its 50th anniversary this year, is the country’s largest geothermal power producer and operates geothermal facilities in Bicol, Leyte, Negros Oriental and Cotabato, alongside its other renewable-energy assets.

First Gen has invested more than P200 billion in geothermal exploration, drilling, power-plant development, rehabilitation, operations and maintenance since acquiring EDC.

The group is preparing for another major investment cycle, with First Gen looking at capital expenditures of as much as P160 billion over the next five years. About P70 billion is expected to be allocated to geothermal development.

The company has also said it intends to retain EDC despite an unsolicited, indicative and non-binding offer from Indonesia’s PT Barito Renewables Energy Tbk that valued the geothermal company at around $5 billion.

First Gen president and chief operating officer Francis Giles Puno said earlier this month that the company intends to continue developing its geothermal and other renewable-energy businesses.

‘If the Philippines wants to grow, I suspect you need companies like First Gen or EDC to continue to find ways to create value for the expansion of geothermal and other renewable energy sources,’ Puno said.

EDC’s attributable recurring income doubled to P3.8 billion in the first half of 2026 from P1.9 billion in the same period last year.

The company has also continued investing in existing geothermal facilities.

At the Palinpinon-1 geothermal plant in Valencia, Negros Oriental, EDC is replacing three 37.5-megawatt turbine generators with three 42-MW units, raising the facility’s installed capacity from 112.5 MW to 126 MW while using essentially the same amount of geothermal steam.

‘This modernization project reflects our commitment to continuous innovation and environmental stewardship,’ said Noel Tan, head of EDC’s Southern Negros Geothermal Project.

‘By upgrading our existing infrastructure to generate more electricity without needing additional steam extraction, we are maximizing our natural resources while helping accelerate the Philippines’ transition toward a decarbonized energy future,’ Tan said.

EDC also completed three geothermal expansion projects in 2025-the 35.7-MW Palayan Bayan Binary Plant, 21.6-MW Tanawon Geothermal Project and 31.3-MW Mahanagdong Binary Plant-which added a combined 88.6 MW of capacity.

The company commissioned battery energy-storage systems during the year as part of efforts to improve the reliability and flexibility of its renewable-energy portfolio.

Lopez has described EDC as central to the group’s energy strategy.

‘From the very beginning, the mandate of EDC was clear: harness indigenous resources and develop a homegrown power supply that will make the country’s energy grid resilient and secure,’ he said during EDC’s 50th anniversary celebration earlier this year.

‘EDC has been integral to First Gen’s credibility as a clean energy leader.’

The SEDA Law recognition adds to a string of honors Lopez has received for his work in energy and sustainability. Apart from being named MAP Management Man of the Year in 2020, his leadership of First Gen and the wider Lopez Group has been closely associated with the shift away from coal and the expansion of geothermal and other renewable-energy investments.

Nearly a decade after the group stopped pursuing coal projects, First Gen is preparing to commit billions more to the same energy transition-a strategy that has placed EDC and its five decades of geothermal expertise at the center of the group’s future.

THE European Union’s (EU) entry into the Luzon Economic Corridor (LEC) could give EU member states that have yet to formally join the infrastructure initiative a route to participate through bloc-backed projects, according to EU Ambassador Massimo Santoro.

Santoro said the European Commission’s participation in the LEC will be anchored on the EU’s Global Gateway initiative-its strategy for financing infrastructure projects worldwide-particularly those involving green infrastructure and digital connectivity.

‘So this means that the moment that we would bring into the Luzon Economic Corridor initiatives of Global Gateway, to which member states of the European Union who are not formally part of the Luzon Economic Corridor are members, this would entail that they somehow indirectly could participate in that,’ Santoro told reporters on the sidelines of the recent Association of Southeast Asian Nations (Asean)-EU Business Summit in Pasay City.

The EU, together with Spain, joined the LEC at the bloc level on September 10, following earlier commitments by individual European countries.

The additions brought to 10 the number of international partners beyond the Philippines, the United States and Japan.

The other partners are Australia, Canada, Denmark, France, Italy, South Korea, Sweden and the United Kingdom.

With the EU now formally part of the corridor, Santoro said Brussels is working with LEC partners to determine how existing Global Gateway cooperation can be translated into specific projects along the Luzon corridor.

The bloc has about pound 60 million under its current Global Gateway budget for green projects and around pound 20 million for digital connectivity, although Santoro said these allocations could still increase.

Further, the EU-level funding would complement investments from individual member states rather than replace them, the envoy said.

‘It will complement it, of course,’ Santoro said. ‘So definitely yes, it’s complementary, it’s big and can go beyond the contribution of a single member state.’

Individual countries could also finance projects outside the scope of the EU-level Global Gateway allocation for the LEC, he added.

The expanded infrastructure cooperation comes as the Philippines and the EU deepen broader economic ties.

Recently, the two sides reached a substantial agreement on a free-trade agreement after a decade of negotiations, widening the relationship beyond infrastructure to trade and investment.

FOLLOWING the three-quarter slump due to the flood control mess, Philippine public infrastructure and construction may now see a 20-percent growth in the second half of 2026. And, according to an official of the Department of Budget and Management (DBM), this is expected to largely contribute to the country’s gross domestic product (GDP) toward the end of the year.

At a forum on Monday, DBM Assistant Secretary Romeo Matthew T. Balanquit said the Budget and Management agency is now going ‘full throttle’ as it has put in place all the necessary mechanisms to prevent another infrastructure project scandal from happening.

‘For the past three quarters, public construction was down by at least 30 percent and that cost our GDP a lot, that’s why you see the slowdown,’ Balanquit said during the World Bank’s Launch of the Philippines Public Finance Review and National Policy Dialogue on Public Finance Reform on Monday in Mandaluyong City.

Balanquit said, however, that he’s hopeful that the Philippine economy will be ‘seeing something like a 20-percent increase in public construction’ for the second half of the year.

This, he said, ‘would be a big contribution to our GDP going towards the end of this year.’

The DBM official, however, stressed anew the importance of restoring the ‘state of public trust-the business and consumer confidence’ as this has suffered in the past three quarters, particularly in the area of public construction, after the flood control corruption scandal leaked.

‘There’s that importance of planning again. We go back to our planning board, coming up with master plans, for example, in the case of the infra projects, so that it cannot be that each one would just be asking on something and then there’s no global or national plan on this particular…and I’m referring already to the flood control investments,’ Balanquit said, adding that the agency is back to its ‘regular programming.’

‘We know that flood control projects are not intrinsically evil, so they do a lot of good to our people. We just need to step back, to pull back a bit,’ the DBM official emphasized.

While the flood control scandal cost the economy ‘a lot,’ he said there is a need to go back to regular programming and ensure that there will be ‘kind of reassessment and revalidation of those existing projects, and a clear assurance that we can now have a green light to proceed and finish those projects.’

Apart from public construction, Balanquit said household consumption and private investments also slowed down.

‘So we need to clean up a bit and do some kind of, I would consider it like a cleansing diet, so that we’ll be able to have more nourishment moving forward. And I think now we are in full throttle. We have set all the necessary mechanisms so that these things that happen in 2025 will not be repeated again,’ he added.

When the flood control corruption scandal broke in July 2025, infrastructure spending had been down since the second half of last year due to stricter billing validation of Department of Public Works and Highways (DPWH) projects.

Learn and enjoy a gentle and mindful exercise class designed to help improve strength, flexibility, balance, and posture through controlled and low-impact movements at Sunshine Place as it collaborates with Ms. Heidi Alemania for a course on Mat Pilates.

Mat Pilates focuses on core stability, proper alignment, and body awareness, helping you move more comfortably and confidently.

It is perfect for those who want to stay active, maintain mobility, and build strength while

enjoying a safe and supportive approach to exercise. It is also a great way to keep the body moving and support better movement in everyday life.

Heidi Alemania is a certified Pilates teacher since 2013. She trained under Romana’s Pilates and currently teaches at Integrated Body Arts (IBA). She has experience working with clients of all ages and levels, particularly seniors. She continues to develop her

skills by attending seminars and conferences both locally and abroad. Before Pilates, Heidi had a background as a TV dancer and competitive ballroom dancer in the Latin category, giving her a strong foundation in movement and coordination. Her passion for Pilates comes from her belief that through the practice, she can help each person move with greater strength, balance, mobility, and confidence.

The MAT Pilates course will be conducted every Friday, starting October 09, 2026 from 3:00 PM – 4:00 PM.

To enroll and to know more, please contact M. (0917) 801 6440 or email hello@sunshineplaceph.com .

A Buddhist monk I met during my international studies in China in the late 1980s told me about the significance of the number 9. He said that 9 is a highly spiritual number, a symbol of transition and transformation through inner work or through learning from the material realm. It is often associated with the closing of a cycle, the completion of a pattern, or the culmination of repeated actions.

The well-loved musical group Ben and Ben has reached its ninth year in the business, where it has progressed from a promising Filipino folk-pop collective into one of the country’s most accomplished musical acts. With a phenomenal following on different music and social media platforms, major milestones and filled-to-the-rafter concerts on both local and international arenas, this nine-member band has built a catalog of unforgettable songs that resonate deeply with its multitude of fans and followers.

With heartfelt gratitude, the band will have a special anniversary concert at the Smart Araneta Coliseum on October 2, and tickets are almost sold-out at this time. Billed as Saranggola: The Concert, the title is inspired by an original Ben and Ben song that continues to enjoy airplay months after it was first released. The song explores themes of solid friendships that defies time, distance and challenges. It also talks about connections and inevitable changes.

The band is also proud of the release of its anniversary album Nine, an anthology collection that looks back on the music, memories and milestones that defined Ben and Ben and shaped them into what it has become.

The nine-track album serves as a musical time capsule of Ben and Ben’s glorious nine years. Gathering nine tracks that convey key moments in their narrative, the songs dabble between nostalgia and discovery, comforting enough for the group’s longtime fanbase Liwanag to recognize the impact of every reworked part, yet fresh enough to offer new listeners an entry point into the band’s expansive musical universe.

‘We celebrate the love we have for one another and the bond we have built through the years,’ said violinist Keifer Cabugao. ‘We’re just deeply grateful, not only for everything the past has taught us, but also for the gift of being present with one another today.’

Also interesting is how the album serves as an act of revisiting-or, for simpler context, reimagining. The anthology features some of Ben and Ben’s most important songs through the perspective of musicians who have taken the journey with them for years. ‘Reimagined, for us, is letting the songs grow up with us,’ explained lead vocalist and acoustic guitar player Paolo Benjamin. ‘The members, our most loyal fans included, were shaped by life a lot during the past nine years. We’ve gone through so much-the ups and the downs and all that was in between-and inspired us to update the songs with a deeper, more nuanced perspective of the present.’ I’ve observed that this evolution is evident in the album’s production and musical direction.

‘The influences and inspiration we truly channeled in producing Nine were literally our nine years of experience in doing what we do-from the countless live performances we had all these years, and with our fanbase Liwanag, to the close relationships and solid friendships we’ve formed with each other in the band,’ shared lead guitarist and backing vocalist Poch Barretto.

The album’s focus track ‘Maybe the Night [Reimagined]’ played an important role in the band’s history, as it was the first song the members worked on from beginning to end as a nine-piece band. Reimagined nearly a decade later, ‘Maybe the Night’ becomes both a return to the beginning and a reflection of how far the nine musicians have grown since then.

Like a saranggola that is tossed into the wind to get it airborne and allow it to dance with the wind so it could fly so high, so will the songs of Ben and Ben when it takes centerstage for its anniversary concert this weekend, a fitting reminder of the beautiful journey the group enjoyed immensely for the past nine years.

For Ben and Ben, the number 9 represents a new chapter that also symbolizes enlightenment and awakening, the beginning and the end of a cycle, a closure for a period that has reached its full development, and the commencement of a transformation that will lead to the rediscovering of how its music will affect human life with a much deeper sense of universal love, truth and oneness.

The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) said the double-digit decline in vehicle sales last August is a ‘temporary setback’ and that the auto industry’s performance will return to positive territory in the succeeding months.

Data from Campi and the Truck Manufacturers Association (TMA) showed that their member brands sold 29,611 vehicles in August, down from 37,319 units in July and from the 36,714 units recorded a year ago.

In January to August, Campi-TMA member brands sold 271,336 vehicles lower than the 305,381 units in the same period last year.

For the entire industry, estimated year-to-date sales reached 300,550 units as of August, Campi said.

‘We’re still optimistic that vehicle sales will bounce back over the next few months through yearend,’ Campi President Jose Maria Atienza said, noting that demand should recover as operating conditions normalize.

The decline was broad-based across vehicle categories, based on industry data. Passenger-car sales fell 10.3 percent to 55,030 units from 61,358 units a year earlier, giving the segment a 20.09-percent share of total industry sales.

Commercial vehicles, which accounted for 79.91 percent of the market, declined 11.4 percent to 216,306 units from 244,023 units.

Asian utility vehicles and multipurpose vehicles, both within the commercial-vehicle segment, fell 10.6 percent to 48,515 units from 54,292 units.

Light commercial vehicles slid by 11.3 percent to 161,676 units from 182,240 units. Campi-TMA figures also showed that light-duty trucks and buses declined by 16.4 percent to 3,765 units from 4,503 units, while medium-duty trucks and buses dropped 14.4 percent to 1,967 units from 2,298 units.

Heavy-duty trucks and buses recorded the steepest decline, with sales plunging 44.5 percent to 383 units from 690 units a year earlier.

Among Campi-TMA member brands, Toyota Motor Philippines Corp. led the pack in August with 14,594 units, followed by Mitsubishi Motors Philippines Corp. with 3,570 units and Suzuki Phils. Inc. with 1,350 units.

EV sales

Data from Campi-TMA also showed that electric vehicles (xEVs) accounted for 34.5 percent of the market in August, bigger than their share in the same month last year and second only to April’s 37.2-percent peak.

Sales of electric vehicles, covering battery electric vehicles (BEVs), hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs), reached 45,403 units during the eigh-month period, up 146.2 percent from 18,439 units a year earlier.

Their share of total industry sales more than doubled to 16.73 percent from 6.04 percent.

In August alone, 7,066 xEVs were sold or 214.9 percent higher than last year’s 2,244. However, this was 0.3 percent below July’s 7,089 units.

‘The continued growth in xEV adoption highlights the strong potential of the market,’ Atienza said.

HEVs remained the largest xEV segment in the eight-month period, with sales rising 62.9 percent to 23,764 units from 14,585 units. BEV sales jumped 293 percent to 12,883 units from 3,278 units, while PHEV sales soared to 8,756 units from just 576 units.

In August, HEVs accounted for 42.46 percent of xEV sales, followed by BEVs at 34.66 percent and PHEVs at 22.88 percent.

The figures cover BEVs, HEVs and PHEVs recognized by the Department of Energy as of September 8.

SEEDING the Maharlika Investment Corp. (MIC) came at the expense of capital from two state-run banks that could otherwise have generated higher dividends for the government, boosted bank earnings and expanded their lending capacity, according to an analysis by Geronimo Law.

Russell Stanley Q. Geronimo, founder of the financial consulting firm, said through an article that the Land Bank of the Philippines (LandBank) and the Development Bank of the Philippines (DBP) could have contributed a combined P17.84 billion in dividends to the National Treasury in 2022 had they not provided capital to the sovereign investment vehicle.

The banks were reprieved from their mandated dividend contributions to the government to protect their capital positions and comply with capital adequacy rules after their combined P75-billion capital contribution to the MIC.

Under Republic Act 7656, government-owned banks must remit at least 50 percent of their net earnings to the National Treasury as dividends.

LandBank earned P30.06 billion in 2022, which would have resulted in a P15.03-billion dividend under the 50 percent rule. DBP earned P5.61 billion, implying a dividend of P2.81 billion.

Had the banks retained the P75 billion and invested in Treasury bills (T-bills), Geronimo estimated it would have earned about P4.5 billion in 2024 and P3.75 billion in 2025, as key policy rates were high at that time and the 364-day yield was roughly 5 to 6 percent.

The MIC, however, earned only P2.68 billion in 2024 and P2.36 billion in 2025 from the funds. Geronimo said this was about P1.82 billion less than what the P75 billion could have earned in T-bills in 2024 and P1.39 billion less in 2025, for a total gap of about P3.2 billion over the two years.

‘Maharlika kept most of its money in bank deposits, so it took on almost no investment risk,’ he said. ‘If a fund taking no real risk earns less than [T-bills], the government would have done better simply holding its own securities, or borrowing less, since it was issuing [T-bills] at those same rates during the period.’

The P75 billion capital could have likewise generated about P9.5 billion in annual net income for the two banks, Geronimo said.

MIC, meanwhile, generated an average of about P2.5 billion a year during 2024 and 2025, implying an opportunity cost of P7 billion a year, or P14 billion over two years, he noted.

Furthermore, the banks’ capital infusion to MIC reduced their Common Equity Tier 1 (CET1) and shrank the maximum volume of loans they can extend.

Geronimo said the P75-billion reduction in the banks’ capital translated into P470 billion and P535 billion less in potential risk-weighted-asset capacity, based on the capital ratios at which the two banks operate.

The amounts are estimates of how much additional risk-weighted assets the banks could potentially have supported if they had retained the capital.

‘Bank rules limit how much a bank can lend based on how much capital it holds. Because the Maharlika investment is deducted from the banks’ capital under [Bangko Sentral ng Pilipinas] rules, it lowers the maximum amount the banks can lend,’ Geronimo said.

MIC was established in 2023 to mobilize and manage the Maharlika Investment Fund, the sovereign wealth fund of the Philippines.

The fund’s cumulative deployed capital reached P24.7 billion as of end-June, channeled into infrastructure, energy and logistics, among others.

Deployed investments generated P2.09 billion in total portfolio returns from January to June this year through dividends, loan interest, realized gains and equity holdings.