Category: Business Mirror

There’s a meaningful Tagalog saying: ‘Ang paalala ay gamot sa taong nakalimot,’ which translates to ‘a good reminder is the remedy for those who have forgotten.’

Today’s FPI Summit, attended by our newly elected officers, offers a valuable opportunity to reflect on the Federation’s 35-year history. I would like to take this opportunity to reflect on the founding of the Federation of Philippine Industries three and a half decades ago, and to share some recollections from that period.

In 1991, the late President Corazon Aquino issued Executive Order No. 470, which lowered tariffs across the board while Congress was not in session. Several manufacturers impacted by this order, including members of the PCCI, united to contest the EO. We argued that the President could only make selective adjustments to tariff rates. Fortunately, because of our significant opposition to the EO, President Cory decided to withdraw the EO and submit it to Congress for further discussion.

Building on this success and recognizing the inherent conflicts between importers and manufacturers within the PCCI, we established a small group of manufacturers. We began meeting regularly at the Prince of Wales restaurant in Makati to plan our next steps.

This resulted in the establishment of the Federation of Philippine Industries. Herminigildo Zayco, a former governor of the BOI, was elected as the founding president, and I was voted as the vice president.

FPI’s incorporators include Zayco (representing TMAP), Arranza (CORA), Francisco Mongue (PULPAPEL), Rogelio Guadana (PABMA), Feliz Maramba Jr. (PAFMIL), Jeremias Menico (PCOPA), Maria Clara Lobregat (PCPF), Ernesto Cayetano (PEWMA), David Bonney (PAPM), Linda Chai (PSPA), Donald Dee (CGEPI), Greg Saguinsin (CONFED), Manuel Serrano (PAHRI), Hector Quesada (PPOGA), and Rustico Ignacio (FPFI).

During our battle against the Cory EO, certain members and officers of PCCI were unable to take a clear position due to the diverse composition of its members, which includes both importers and manufacturers. This is evidenced by documents showing their signatures under the FPI umbrella. This is the rationale why the FPI membership is composed of manufacturers only. But non-manufacturers can join as associate members.

One of FPI’s main priorities is to combat and eliminate smuggling, and I was appointed as the leader of our anti-smuggling committee. Our campaign instilled fear in smugglers, particularly after government officials and private sector leaders began to support and promote our efforts.

Today, FPI is regarded as a straightforward organization because we practice what we preach. We take the concerns of individual companies seriously and actively engage with policymakers and government agencies to advocate for legislative and governance reforms that benefit domestic manufacturers. This includes efforts to reduce red tape and combat corruption.

Putting modesty aside, one notable instance was the petition I submitted challenging a section of the late President Fidel V. Ramos’ executive order regarding the $200 limit for spending at duty-free shops, which means any Tom, Dick or Harry who is18 years old and above can spend such amount at duty-free shops. I won that battle in the Supreme Court, which ruled that allowing anyone to spend this amount tax-free at duty-free shops was unconstitutional. My argument was clear: only Congress has the authority to grant or revoke tax benefits.

During the tenure of former President Gloria Macapagal Arroyo, I considered it as a significant honor when she acknowledged and praised my decades-long efforts in anti-smuggling campaigns in front of business leaders and cabinet officials.

We will not waver. For decades, we at FPI have been actively fighting against smuggling and illicit trade because of their harmful effects on our nation. I call it the ‘triple whammy’: smuggling robs the government of essential revenue, harms local businesses, resulting in downsizing and closures, and can devastate entire industries. Moreover, it disrupts jobs, pushing more Filipinos into poverty.

In my columns for BusinessMirror, I have long emphasized that smuggling severely harms Philippine industries. For example, the tire industry has dwindled from six manufacturers to just one because of smuggling. The textile sector, which once had 1.5 million spindles, now has only 100,000. Each spindle supports 35 jobs around the clock, highlighting the significant number of Filipinos who have lost their livelihoods in this industry alone.

Another major concern in the country is the proliferation of substandard products. Over my 83 years, I have devoted much of my life to fighting against smuggling and various forms of illegal trade, particularly the smuggling of low-quality steel and other construction materials. These inferior materials threaten the structural integrity of our buildings, endangering the lives of Filipinos.

We have witnessed the devastation caused by powerful earthquakes in Russia, Turkey, Thailand, and other nations. The recent earthquake in Cebu serves as a stark reminder of the necessity to reevaluate our quality standards, especially regarding construction materials. According to NDRRMC data, the earthquake impacted 366,360 individuals (80,595 families) and damaged 5,013 homes, with 658 completely destroyed and 4,355 partially affected. Additionally, over 335 public and private infrastructure units suffered varying degrees of damage, including schools, government buildings, churches, markets, and health centers.

We urgently need to implement strict quality standards to protect investments and lives. In our efforts to advocate for this, we appeal to the government to recognize us as partners who can collaborate with agencies to monitor compliance with quality standards. By fostering a culture of mutual respect, we believe the government and private sector can work together with a sense of urgency to address this critical issue.

That’s why I recommend including private sector representatives in these agencies, particularly for the implementation of product standards. Many qualified experts in the private sector can help concerned agencies fulfill their duties more effectively and transparently.

As the Philippines confronts the most severe corruption in its history, it’s imperative that we take decisive action to root out malfeasance. A thorough investigation into all government agencies is necessary to identify and address every source of corruption.

It’s important to note that the private sector is also implicated in the alleged corruption and irregularities surrounding ghost flood control projects. I believe now is the best time to strengthen private sector collaboration with government and civil society groups to advocate for stronger anti-corruption laws and policies, and to support initiatives aimed at increasing accountability.

I want to take this opportunity to express my strong confidence in the new FPI officers. I believe in their ability to lead the Federation of Philippine Industries and support our manufacturers, as well as the broader Philippine industry sector. They are our hope for reviving and strengthening a vital engine of the country’s economic growth.

President Donald Trump’s recent social media post calling for mortgage giants Fannie Mae and Freddie Mac to boost homebuilding is sowing confusion in an industry already grappling with a stalled market and higher construction costs.

Trump asked the two government-controlled firms, which together back more than half the residential mortgage market, to ‘get big homebuilders going’ in a Truth Social post on Sunday, but did not elaborate on what he had in mind. Federal Housing Finance Agency Director Bill Pulte, Fannie and Freddie’s regulator and conservator, shared the post on X and vowed that he was ‘on it.’

The entreaty shows how keen the White House is to demonstrate it is doing something about the housing affordability crunch and marked a rare shot across the bow at big homebuilders-an industry the former real estate magnate president calls his ‘friends.’

Yet the mechanics of how Fannie and Freddie would goose homebuilding are murky.

‘It’s a little bit of a mystery,’ said Bose George, an analyst at Keefe, Bruyette and Woods, adding, ‘It’s not clear what they can do incrementally on affordability that’s not already being provided’ by the Federal Housing Administration, which insures mortgages for low- to moderate-income borrowers.

‘It seems like if the goal is to get the builders to be more active, the FHA has products there from an affordability standpoint that could be used,’ George added. Builders can obtain an FHA-insured construction loan, for example.

A White House spokesperson declined to elaborate on what the administration is planning.

‘President Trump received a resounding mandate to address America’s housing affordability crisis, and the administration is committed to delivering with deregulation and by taming Joe Biden’s inflation crisis to pave the way for interest rate cuts,’ White House spokesperson Kush Desai said.

Asked for more detail on the agency’s plans, an FHFA spokesperson said, ‘Fannie and Freddie provide enormous liquidity to the big builders. Big builders need to get building again.’

‘Empty lots’

Trump in his social media post accused the nation’s ‘big homebuilders’ of ‘sitting on 2 million empty lots’ and inflating the price of housing.

Most of the lots owned or optioned by the largest homebuilders are on raw land-sometimes lacking sewers or water access, for instance-and not buildable today, according to industry experts. Many of them still need to go through various permitting and approval processes before they’re considered shovel-ready.

‘We don’t know the status of those lots, No. 1, but No. 2, what I would ask the president is-the large builders, they’re going to do their own thing-but what are the policies we can put in place to help the other thousands of builders out there who contribute 50 percent of the housing in the country and don’t have access to Wall Street capital?’ said Jim Tobin, president and chief executive of the National Association of Home Builders, which represents homebuilders of all sizes.

NAHB has long advocated for the government-sponsored enterprises to backstop construction loans, which would boost liquidity in the market. Builders reported tighter credit conditions for the 14th consecutive quarter in the most recent NAHB survey on financing.

While it’s not clear whether the administration’s push will include that step, doing so could have ripple effects that could complicate another initiative: The push to take Fannie and Freddie public.

‘The more policymakers come to see the GSEs as an important toolbox to help them address policy challenges, the harder it will be for them to simply hand that toolbox back to private shareholders,’ said Jim Parrott, nonresident fellow at the Urban Institute and former housing adviser to President Barack Obama.

What’s more, analysts say that backing construction loans would complicate how investors value the companies.

‘On the construction loans side, it would increase credit risk because it’s a higher-risk loan,’ George said.

After Trump’s social media missive, Pulte said Monday on X that ‘we are meeting individually with each of the home builders.’ He announced the next day that Tri Pointe Homes vice president Brandon Hamara, who Pulte appointed to Freddie’s board in March, would be ‘joining Fannie Mae full-time, and as a board member, to further effectuate homebuilding in our great country.’

Higher costs

AT the same time, builders are grappling with fresh uncertainties stemming from Trump’s policies.

While the president pushes for cheaper housing and more building, his flagship international economic policy-tariffs-has raised the cost of the raw materials needed to build those new homes.

The administration is imposing new or higher tariffs on lumber, steel, kitchen cabinets and gypsum, the main ingredient in drywall. Together, the tariffs will add some $30 billion to the costs of investment in residential structures, according to a new analysis by the Brookings Institution.

The White House’s immigration policies, meanwhile, threaten to exacerbate an existing labor shortage in the immigrant-heavy construction sector, further increasing costs.

Those moves come amid a historic supply shortage caused by years of underbuilding in the wake of the subprime crisis. The crunch has pushed up home prices, driving higher inflation and helping to sour voters on the state of the US economy.

The combination of high home prices and high mortgage rates has kept both buyers and sellers on the sidelines, stalling sales and leading builders to take a more cautious approach.

‘There’s no question that encouraging more homebuilding is a foundation of any solution,’ said David Dworkin, president and chief executive of the National Housing Conference. ‘How we do it is the hard part.’

THE Department of Budget and Management (DBM) and the House Committee on Appropriations have agreed to remove ?35 billion worth of infrastructure projects from the 2026 unprogrammed appropriations to ensure transparency and prevent the misuse of lump-sum funds, according to House Committee on Appropriations Chairperson Rep. Mikaela Suansing.

‘So everyone was asking what we were going to do about the unprogrammed appropriations. The main point of contention was the release of infrastructure projects from these funds,’ Suansing said at the meeting of House Budget Amendments Review Subcommittee (BARC).

The formal removal of the ?35-billion infrastructure fund from the unprogrammed appropriations is expected to be approved on Friday during the period of amendments in the plenary.

She explained that the DBM concurred in the House panel’s proposal to exclude infrastructure projects from the Strengthening Assistance for Government Infrastructure and Social Programs (SAGIP) as a safeguard against potential misuse.

‘In the past, funds from SAGIP came to fund infrastructure projects, some of which were flood control projects. For 2026 and the coming years, there is no such thing anymore,’ Suansing said. ‘It means that infrastructure projects from SAGIP will no longer be funded.’

Under the 2026 National Expenditure Program (NEP), SAGIP was initially allotted ?80.86 billion. With the removal of infrastructure projects, the amount will be reduced to ?45 billion, focusing solely on social programs.

‘We removed ?35 billion under SAGIP,’ Suansing said. ‘This is the suggestion of the DBM and the Committee on Appropriations-to remove infrastructure from the strengthening assistance for government infrastructure and social programs.’

She clarified that unprogrammed appropriations are divided into two categories: SAGIP and support to foreign-assisted projects (FAPs). While infrastructure funding under SAGIP will be removed, projects under FAPs will remain to honor the Philippines’ commitments to foreign and multilateral partners such as the World Bank, Asian Development Bank (ADB), and Japan International Cooperation Agency (JICA).

‘The position of the DBM and the Committee on Appropriations is we would really have to retain the infrastructure projects under unprogrammed appropriations support to foreign-assisted projects, because we cannot renege on our commitments to our multilateral and bilateral partners,’ Suansing emphasized.

She added that members of the minority bloc welcomed the move, noting that it addressed their longstanding concern over the release of infrastructure projects under unprogrammed appropriations.

‘We have also relayed this to our colleagues in the minority and they are very happy with this special provision because that is what they have been raising again and again during the plenary deliberations-how to safeguard against the release of infrastructure projects from unprogrammed appropriations,’ she said.

To ensure balance, Suansing said the DBM requested an additional provision to cover the government’s counterpart funding for foreign-assisted projects.

‘If we are to remove infrastructure from SAGIP, it may be prudent to include an additional purpose for the government’s counterpart in foreign-assisted projects to cover the ?35 billion previously charged against SAGIP,’ she said.

Suansing said the removal of the ?35-billion infrastructure fund under SAGIP strengthens fiscal safeguards and ensures that unprogrammed appropriations are used strictly for social and development programs.

THERE is a familiar saying that you cannot pour from an empty cup. It sounds simple enough, but in the rush of everyday life, many people forget what it really means. Everyone has felt the weight of trying to meet expectations at work, care for family, or support friends while quietly feeling tired or drained. You may convince yourself that you are fine because you are still showing up and doing what is expected. Yet over time, running on empty catches up with you. You become less patient, less inspired, and less able to give the best of yourself.

Self-care is not a reward for finishing your to-do list. It is a basic need, just like sleep or food. When you do not make time to refill your cup, you end up giving others what is left of you instead of what is best in you. The challenge is that society often praises being busy and self-sacrifice. People are told that productivity equals worth, and that taking a break is a sign of weakness. But think of it this way: if your phone battery is low, you plug it in to recharge. You do not expect it to keep working nonstop. Your body and mind are no different.

One way to start filling your cup again is to notice the signs that it is running low. Do you feel constantly tired even after sleeping? Do you get irritated easily or lose motivation for things that used to excite you? These are signals that your energy is being spent faster than it is replenished. Recognizing these signs early allows you to pause before burnout sets in. For example, if you notice that you are snapping at loved ones or dreading your usual tasks, it might be time to step back and rest.

Rest does not always mean taking a long vacation, although that helps. It can be as simple as sitting quietly with a cup of coffee in the morning before checking your phone. It can mean saying no to an extra commitment or allowing yourself to spend a weekend without any plans. The goal is to create small moments that remind you to breathe and reconnect with yourself. You do not have to earn rest. You simply deserve it because you are human.

Another way to refill your cup is to do things that bring you genuine joy, not just things that seem productive. It might be reading a book, cooking your favorite meal, tending to a garden, or taking a walk with music in your ears. For some, it could be spending time in nature or talking with a trusted friend. These activities seem simple, yet they restore balance and give you emotional fuel. They remind you that life is not only about output but also about connection and fulfillment.

Setting boundaries is another form of self-care that many overlook. You may feel guilty for turning down requests or saying no, especially when you want to help others. But healthy boundaries protect both you and the people around you. They ensure that when you do say yes, you mean it wholeheartedly. Think of a teacher who stays late every night to help students and skips meals and sleep. Eventually, that teacher becomes too exhausted to teach well. By setting limits, that same teacher can continue to give meaningful support without sacrificing personal health. Filling your own cup also means taking care of your physical well-being. Proper sleep, balanced meals, and movement are not luxuries. They are foundations for a clear mind and steady energy. Even short daily walks can lift your mood and lower stress. Drinking enough water and eating real food instead of quick snacks can make a noticeable difference in how you feel. When your body is cared for, your mind becomes sharper and more resilient.

It also helps to practice gratitude. Each day, take a few minutes to think of three things that went well or that you are thankful for. This small habit trains your mind to focus on what nourishes you rather than what drains you. Gratitude fills your cup from within by reminding you of the goodness already present in your life.

Lastly, remember that you are not alone in feeling depleted. Everyone reaches that point at some time. Talking to others about it can lighten the load. You might find that your friends or colleagues feel the same way. Together, you can encourage one another to slow down, rest, and make self-care a shared value rather than a private struggle.

Filling your cup is not about becoming self centered. It is about sustainability. You cannot give compassion, energy, or wisdom if you are running on empty. When you take time to restore yourself, you actually become more patient, creative and generous. You show up as your best self, not your most exhausted one.

The truth is that caring for yourself is one of the most responsible things you can do. It allows you to keep giving in ways that are meaningful and lasting. So the next time you feel guilty for taking a break, remember that it is not indulgence. It is maintenance. You would not drive a car on an empty tank and expect it to keep going. In the same way, you cannot keep giving to others if you do not first take care of yourself. Fill your cup, and everything else will flow more easily.

Robinsons Movieworld, through its Premier Cinemas, has launched the second season of CineArts, a cultural cinema program bringing curated world-class ballet, opera, and concert performances from London’s prestigious Royal Opera House to the big screen.

‘Our team has curated all of these titles for everyone to enjoy and experience on the big screen, and they’re very accessible in terms of location,’ Robinsons Movieworld General Manager Bomboy Lim told BusinessMirror on the sidelines of the exclusive premiere of Andrea Bocelli: Because I Believe at the VIP Cinemas of Opus Mall.

He added that the program allows Filipino audiences to experience international stage productions on the big screen even if they miss the live performances abroad.

Lim noted that the first season of CineArts received a strong response earlier this year, prompting management to continue the program.

For its second season, which has been extended until 2026, CineArts will feature the following highlights:

Andrea Bocelli: Because I Believe – September 23, September 30, October 7 and 14

Royal Opera: Tosca – November 4 and 11

Royal Ballet: Cinderella (2024) – November 18, 25 and December 2

Royal Ballet: The Nutcracker – December 9, 16, 23 and January 13

Royal Opera: La Traviata – February 10, 17, 24 and March 3

Royal Ballet: Woolf Works – March 10, 17 and 24

Royal Ballet: Giselle – March 31, April 7, 14 and 21

Royal Opera: Siegfried – April 28, May 5, 12 and 19

Royal Opera: The Magic Flute – May 26, June 2 and 9

According to Cris Espela, marketing manager for Robinsons World, the new season has been planned more deliberately, with screening dates already set through next year compared to the previous run, which was still finding its footing.

Espela added that while the Opus Mall screening offered a more luxury-focused atmosphere, the current lineup is geared toward the core audience that enjoys these types of performances.

CineArts will run every Tuesday at the Opus VIP Cinema and NUSTAR VIP Cinema, with ticket prices starting at P900.

Sight-saving should be a shared mission.

This was the call of healthcare leaders, government officials, patient advocates, and international partners who came together to address the growing burden of vision-related illnesses in the Philippines.

At a high-level roundtable organized by the Swiss Chamber of Commerce of the Philippines and the Embassy of Switzerland, in partnership with Roche (Philippines) Inc. (hereafter, ‘Roche’), stakeholders, including the Department of Health (DOH), Philippine Health Insurance Corporation (PhilHealth), and medical societies such as the Philippine Academy of

Ophthalmology (PAO), Vitreo-Retina Society of the Philippines (VRSP), and the Tzu Chi Foundation underscored the urgent need to develop Clinical Practice Guidelines (CPGs) for retinal diseases such as Diabetic Macular Edema (DME) and Neovascular Age-related Macular Degeneration (nAMD).

‘Access challenges for innovative medicines for retinal disease continue to be a big challenge here. And there are no updated clinical practice guidelines or approved newer medicines in the Philippine national formulary. But at the same time, there’s hope,’ said Hans-Christian Brumann, Deputy Head of Mission of the Embassy of Switzerland in the Philippines.

‘Because in the end, this isn’t just about abstract discussions on medicines or policies. This is about enabling a grandmother in Cebu to continue being able to see her grandchild. It’s about enabling a worker in Manila to continue providing for his family or a student in Davao to pursue his dreams and continue his studies,’ he added.

CPGs as the Way Forward

Experts from DOH and PhilHealth acknowledged that while financing mechanisms exist, clear and standardized CPGs are necessary to formally integrate retinal care into the national benefit package.

Dr. Mary Antonette Remonte, Head of the Primary Care Project Management Team at PhilHealth, emphasized the importance of early intervention for eye diseases but admitted that logistical hurdles remain.

‘Retinal blindness is important. Right now, the Philippine Academy of Ophthalmology is actually pushing to create its own, even willing to fund its own. But logistics are really difficult. The institutions that will actually make the CPGs are very few and far between. So that’s also the challenge,’ she noted.

As a way forward, Dr. Ofelia Alcantara, Office of the Secretary Health Consultant at the DOH, suggested crafting localized CPGs that prioritize DME and nAMD.

‘Right now, the program is already there. We just need to integrate these two illnesses as priority. Then maybe the group can actually look at what it is that we can do at the primary care with the mayors and the primary care physicians,’ she shared.

Alcantara also highlighted the potential of clinical pathways and the need for more information and data to guide decision-makers. She noted that the DOH is in the process of crafting the national eye health program.

‘If we don’t have the CPG, PhilHealth can just do the clinical pathway at this point. That’s what we did for (the) stroke. We didn’t have the CPG at that time but we used clinical pathways. Because we need to look at the patient, as well as what is the pathway up to East Avenue Medical Center and national apex,’ she explained.

Dr. Romulo Aguilar, one of the founders of the VRSP, expressed hope that CPGs for retinal diseases will eventually be prioritized, as they collaborate with the government as well.

‘I think VRSP and PAO will really just have to partner with private organizations to tackle the burden of retinal diseases. And I hope at the end, these lenses will align so that we can focus on retinal diseases and come up with some good recommendations,’ he said.

A key hurdle is the limited access to innovative medicines that are not yet included in the Philippine National Formulary (PNF), posing challenges for patients and providers alike.

Roche reaffirmed its long-term commitment to improving patient access by supporting the creation of CPGs, sharing local data, and implementing initiatives through its ‘Lunas Pinas’ patient navigation program.

‘You do not have to die or you do not have to have a life-threatening disease to be able to have your problem addressed. Because eye care is not just about the person; it’s also the caregiver. The innovations are here to help address that,’ shared Dr. Ma. Teresa Dioko, Healthcare Ecosystems Chapter Lead of Roche (Philippines) Inc.

Medical leaders from PAO, VRSP, and Tzu Chi Foundation also underscored their frontline role in caring for patients and stressed the need for equitable and affordable access to treatments.

Vision Health as a National Priority

Citing findings from the Asia-Pacific (APAC) Vision Health Survey, Roche revealed that nine in 10 Filipino diabetics already report symptoms of vision loss, which is a stark reminder of the scale of the crisis and the urgency of coordinated interventions.

‘Our commitment is to share with health stakeholders and with everyone, especially also the media, the Asia Pacific Vision Health Survey. So that there is a sense of urgency that we put a stop to the neglect of vision health here in the Philippines,’ said Roche (Philippines) Inc. General Manager Dr. Diana Edralin.

‘Roche will continue to be a champion of people-centered eye health, not only as a pharmaceutical company, but as a health advocate committed to preserving sight and protecting the patient’s quality of life,’ she added.

Dr. Edralin also cited efforts with VRSP to build the country’s first multi-site retinal disease registry through the Roche data tool Clarum, alongside a regional real-world evidence study in the Philippines, Malaysia, and Vietnam.

The roundtable ended with a consensus: eye care must be recognized as an essential component of universal healthcare. Stakeholders pledged to take concrete steps in developing CPGs, strengthening patient pathways, and expanding treatment access.

Anytime Fitness Asia has achieved a historic milestone, celebrating the network’s growth to 500 clubs across the region. To mark the occasion, eight clubs across eight markets hosted synchronized grand openings on the same day, highlighting the scale and unity of the brand’s fast-growing network.

With Anytime Fitness Asia recently recognized as the Overall Winner – International Franchisor of the Year at the 2025 Franchising and Licensing Association (FLA) Singapore Awards, the 500th club milestone further underscores the brand’s leadership and credibility in the region.

‘This milestone is a powerful symbol of our growth and unity,’ said Luke Guanlao, Group CEO of Inspire Brands Asia (IBA). ‘With more than 5,600 clubs across 42 countries, Anytime Fitness is the world’s largest 24-hour fitness franchise – and our purpose, Train For Your Life, drives us to be more than a gym. Reaching 500 clubs in Asia is just the beginning, and we’re committed to expanding further into new markets while continuing to be a lifetime partner in health and wellness.’

Johannes Raadsma, President and Co-Founder of Inspire Brands Asia (IBA), added: ‘Every one of our 500 clubs tells a story of resilience, entrepreneurship, and community. This milestone highlights not only our growth, but also the trust of our members and the dedication of our staff, franchisees, and partners who make our network thrive and united across Asia.’

On 19 September, synchronized events took place at AF McKinley West in the Philippines, AF

Tampines in Singapore, AF Austin Green in Malaysia, AF Hang Hau in Hong Kong, AF Citimall

Cimanggis in Indonesia, AF Oasis Ratchapruek in Thailand, AF Taoyuan Yiwen in Taiwan, and AF Vincom Grand Park in Vietnam. The milestone celebrations were hosted across a mix of corporate-owned and independent franchisee clubs, reflecting the collective strength, entrepreneurship, and community spirit that drive Anytime Fitness’s growth across Asia.

The milestone was held at Anytime Fitness McKinley West, located in the heart of Taguig’s vibrant community in McKinley West community. Located near residential areas, offices, and commercial hubs, Anytime Fitness McKinley West makes it easy to prioritize your health and wellness without compromising your lifestyle. It offers 24/7 Access to accommodate you based on your schedule, Group Classes for a fun and engaging sessions to keep you energized and consistent. State of the art equipment in Cardio Equipements, free weights, functional training zones, and strength equipment.

Anytime Fitness continues to differentiate itself by combining global reach with local impact. With its 24-hour access model, integrated coaching ecosystem, and strong community ties, the brand has positioned itself as Asia’s most accessible and trusted fitness network.

About Inspire Brands Asia (IBA)

Inspire Brands Asia (IBA) is the multi-award-winning regional master franchisee of Anytime Fitness, overseeing a network 500 clubs across Southeast Asia, with more than 100 under corporate management. Operating in dynamic markets including Singapore, Malaysia, Indonesia, the Philippines, Hong Kong, Taiwan, Thailand, and Vietnam, IBA commands the region’s largest fitness network, powered by 1,400+ employees across the organization.

About Anytime Fitness Philippines

Anytime Fitness is the largest, fastest-growing fitness brand in the world, averaging 300 new clubs per year while serving over 5 million members at more than 5,600 clubs in 42 countries and territories on all seven continents. Open 24-hours a day, 365 days a year, Anytime Fitness delivers personalised and affordable health and wellness training, coaching, nutrition, and recovery guidance for our members-in the club, in their homes, in their pockets, wherever they are and anytime they need it. All franchised clubs are individually owned and operated, and members have access to any Anytime Fitness club worldwide.

When two reputable funding institutions give a country a healthy assessment of its economy, then its economic team must be doing something good despite the headwinds.

The Philippines finds itself in an enviable position again-economic growth is steady and the inflation rate fully reined in.

Both the International Monetary Fund (IMF) and the Asian Development Bank (ADB) continue to believe that the Philippines is heading in the right economic direction.

A visiting IMF team had assessed that the Philippines achieved successful ‘disinflation’ and economic growth remained resilient despite ‘negative external spillovers.’

The inflation rate is a crucial barometer of growth. Higher prices, when not arrested, will curb consumption and ultimately constrict economic growth. Consumers with reduced purchasing power will naturally spend less. This, in turn, could lead to slower expansions in the manufacturing sector and lower employment opportunities.

The IMF, which periodically sends a team to the Philippines under Article IV Consultation to assess its economic performance, is obviously pleased with what the government of President Ferdinand Marcos Jr. has achieved so far.

The IMF expects inflation to average 1.6 percent in 2025 and remain around the mid-point of the target band set by the Bangko Sentral ng Pilipinas (BSP) in 2026.

The IMF, though, slightly cut its 2025 growth forecast for the Philippines and noted that the BSP had room to further ease monetary policy given a favorable inflation outlook and elevated risks to growth.

The IMF now expects the Philippine economy to grow 5.4 percent in 2025, slower than its 5.5-percent estimate in July. It expects growth to accelerate to 5.7 percent in 2026.

Against the backdrop of external risks, including prolonged global trade policy uncertainty, geopolitical tensions and disruptive financial market corrections, the slightly lower forecast for the Philippine economy is not at all discouraging.

The Philippine economy, after all and as the IMF correctly observed, ‘holds significant potential with a sizable demographic dividend and abundant natural resources.’

The ADB, meanwhile, has more upbeat expectations. Robust domestic demand amid subdued inflation, according to the bank last week, will support Philippine economic growth this year and next.

The ADB, in its Asian Development Outlook (ADO) September 2025 report, saw the country’s gross domestic product (GDP) expanding by 5.6 percent this year and 5.7 percent in 2026, compared with the 5.7-percent growth last year.

The 2025 GDP projection was maintained from the ADB’s July ADO forecast, while the 2026 growth estimate was slightly lower than 5.8 percent in July.

The Philippines is expected to remain a bright spot in Southeast Asia, with the second highest GDP expansion in the region.

‘The Philippines’ growth outlook remains resilient amid a global environment of shifting trade and investment policies and heightened geopolitical uncertainties,’ says Andrew Jeffries, ADB country director for the Philippines.

Despite uncertainties, Jeffries sees strong domestic demand supporting growth, ‘with sustained investments and an accommodative monetary policy supporting the economy’s expansion.’

The ADB, like the IMF, expects the inflation to ease more this year than earlier projected, slowing to 1.8 percent before rising to 3.0 percent in 2026 to return to the government’s target range of 2 percent to 4 percent.

Infrastructure again will be the key to a sustainable economic growth. The government aims to maintain infrastructure spending at 5 percent to 6 percent of the GDP over the medium term. This includes investments in big-ticket road, bridge, port, and railway projects.

As I mentioned last week in my column, the Accelerated and Reformed Right-of-Way (ARROW) Act would streamline the land acquisition process for government and public-private partnership projects.

The new law is a game changer that will help speed up infrastructure investments. It will benefit the government’s flagship projects, including the ADB-financed Malolos-Clark Railway Project and the South Commuter Railway Project, which will link Metro Manila to northern and southern provinces in the Luzon region.

The ARROW Act will also support the Bataan-Cavite Interlink Bridge Project, which is expected to be one of the world’s longest bridges when completed.

The consumer outlook in the Philippines also remains optimistic for 2026. This perception is conducive for private consumption growth, aided by a steady inflow of remittances from Filipinos working overseas.

As we march toward the last quarter of the year, we have reasons to be optimistic again for 2026.

Honest spending of public money on the services everyone relies on!

These include quality education, decent healthcare, well-functioning transport and energy infrastructure. Protection from deadly floods. Opportunities for the next generation. The freedom to hold leaders to account by protesting safely.

In the Philippines, Nepal and Indonesia, when these reasonable expectations are not met, people are taking to the streets to voice their concern.

In the Philippines, mass protests on Sunday followed months of growing anger over allegations that billions of pesos meant for flood relief were siphoned into fake projects.

The revelations come as the country reels from severe flooding, which frequently causes fatalities. Citizens are demanding the return of stolen funds and accountability for those responsible-a demand that reflects a wider frustration in a country.

In Nepal, a government ban on social media earlier this month lit the spark for protests that have since grown into a broader youth-led movement. They are protesting widespread corruption and political impunity, nepotism and neglect of basic services such as education and healthcare, which limit their opportunities. With frustrations having mounted for some time, these demonstrations became one of the country’s largest protest movements in recent years, and tragically, 72 protesters-most of them young-lost their lives.

In Indonesia, peaceful protests over the past weeks against corruption and abuse of power have also been met with a violent crackdown. At least ten people have been killed and hundreds injured, while three leading activists-now named suspects under incitement and even spreading false information charges-remain detained without due process. Live protest broadcasts have been banned, and pro-government networks have been spreading disinformation attacks against civil society organizations. safeguards civic freedoms and embeds integrity in development and climate policies, corruption will remain deeply entrenched.

The message from the streets of Manila, Kathmandu and Jakarta is the same: people-especially the younger generation-are demanding transparency and accountability. They know corruption is not an abstract problem-it drains resources from classrooms and hospitals, weakens climate defenses, silences independent voices and destroys public trust. Ultimately, young people feel it blights their future, shutting down opportunities through weak institutions, nepotism and poor-quality services.

Without transparency, there are weak checks and deterrents, making it far easier for billions of pesos in climate funds to disappear in the Philippines. Without it, political impunity in Nepal can continue unchecked as wrongdoers escape prosecution. And without it, governments in Indonesia can crush dissent and hide the truth. Another important factor in restoring trust is: swift justice! Swift justice is essential not only for the law to function properly but also for maintaining the people’s faith in democracy. Truth without prompt and effective disposition of corruption cases, public trust in government will continue to erode, and the rule of law will become a meaningless phrase.

These protests are part of a wider spate of anti-corruption movements worldwide, where people are making reasonable demands that represent the bare minimum of democratic governance: honest leaders, transparent spending on quality public services, freedom to speak out, and confidence that wrongdoing will be punished under the rule of law. Meeting these expectations should not be optional.

These movements show that corruption is not just a grievance to be tolerated-it is the breaking point where trust collapses and people demand change.

I would welcome your government expectations! Contact me at hjschumacher59@gmail.com.

Becoming an investment hotspot has been the goal of the Philippines for some time. Challenging the dominance of well-known investment destinations and providing an attractive investment climate required tweaks and changes to our tax and incentive laws, among others. One of the early attempts to improve the investment stature of the Philippines was the enactment of the ‘Corporate Recovery and Tax Incentives for Enterprises’ or more popularly known as the CREATE Act.

However, while CREATE aspired to propel the Philippines forward, to say that it has been mired in hampering issues is a bit of an understatement. CREATE’s lofty goals have been weakened by questionable execution of some of its provisions – the text of the law versus the promulgated rules and regulations; the legislative intent versus the administrative implementation.

Such incongruity has once again been highlighted in a recent decision of the Supreme Court involving the question of validity of certain provisions of CREATE’s implementing rules and regulations (IRR) as well as its related revenue regulations (RR).

Under CREATE, registered business entities (RBE) are entitled to VAT zero-rating on their local purchases of goods and services directly and exclusively used in the registered project or activity. However, the subsequently issued IRR and RRs changed the VAT zero-rating eligibility and made it applicable only to registered export enterprises (REE). It effectively deprived Domestic Market Enterprises (DME) of the same tax incentive despite them being RBEs.

Consequently, local suppliers charged VAT on the purchases of goods and services by DMEs. In turn, the DMEs under the 5 percent Special Corporate Income Tax will recognize the passed-on VAT as part of their costs or expenses.

The petitioner-DMEs in the case believed that the IRR and RRs unduly limited the application of the VAT zero-rating for local purchases since the law made no distinction between REEs and DMEs. In other words, they assert that all RBEs should enjoy the VAT zero-rating for local purchases.

After much deliberation, the Supreme Court held that the IRR and RRs are unconstitutional. Essentially, the IRR and RRs unlawfully altered the provisions of CREATE by carving-out DMEs from those entitled to the VAT zero-rating incentive. Considering that the grant and withdrawal of tax exemption is exclusive within the domain of legislation, the VAT zero-rating incentive cannot be removed or withheld from DMEs by an administrative issuance (such as an IRR or RR).

The case is a resounding acknowledgment of the implementation issues under CREATE that are experienced by taxpayers. However, while the Supreme Court sided with the taxpayer, what can the latter actually do with it? Is the decision anything more than a paper win?

Now that the Supreme Court upheld the entitlement of the VAT zero-rating incentive of DMEs under CREATE, can the latter file a claim for refund with the BIR on the VAT passed on by their local suppliers? Unfortunately, there are significant hurdles that DMEs must overcome:

Although any possible refund involves input VAT, it does not automatically mean that the claim for refund would be based on unutilized creditable input VAT under Section 112 of the Tax Code. Since the sales of DMEs are generally not zero-rated nor effectively zero-rated, it cannot claim refund under Section 112 of the Tax Code. As such, any refund would be based on Section 229 of the Tax Code which would require proof that the passed-on VAT on the local purchases is erroneous or illegally collected.

Even if the DME was able to prove that the passed-on VAT was erroneously or illegally collected, the administrative claim for refund must be filed within the 2-year prescriptive period regardless of the existence of any supervening cause after payment. Since CREATE took effect in April 2021, some claims may already be time-barred.

Further, it should be noted that CREATE has been amended by CREATE MORE. Among the CREATE MORE amendments is the express removal of the VAT zero-rating incentive on local purchases for DMEs. In effect, the doctrine laid down by the Supreme Court would not apply for local purchases by DMEs covered by CREATE MORE.

While the Supreme Court validated the position of DMEs, its redeeming effect is limited by practical circumstances and the effect of the improper implementation is not wholly recoverable. As between proper implementation and court vindication, laws would have a better chance of achieving its goal if we strive to effect the former rather than the latter.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw.com.ph).

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@bdblaw.com.ph or call 8403-2001 local 140.