Category: Business Mirror

Digital exclusion remains a significant barrier for the entrepreneurial poor, preventing them from participating in digital commerce and escaping the poverty trap. To address this, the government must foster a supportive environment that encourages digitalization rather than hindering it with excessive regulations.

Joey Bermudez, founding chairperson of Iskaparate, a platform for micro, small, and medium-sized enterprises (MSMEs), argues that regulatory impositions and bureaucratic red tape stifle digital sellers. For example, he cites the requirement by some local government units (LGUs) for home-based businesses to have a separate physical office before they can be issued a business permit.

To empower its members, Iskaparate provides digital training courses and is expanding its suite of apps and tools to help sellers manage their online businesses more effectively.

The power of digital platforms

During Iskaparate’s fifth anniversary, economist Dr. Bernardo Villegas, a professor at Harvard and IESE Business School, spoke to the ‘mompreneurs’ (nanays) of the platform. He urged them to strive for excellence and meritocracy, never settling for mediocrity. Villegas emphasized that digital platforms like Iskaparate democratize market access, giving sellers a powerful advantage.

He believes the future belongs to this kind of trade, where physical distribution is ‘unbundled’ from the curating of trade. This model empowers small entrepreneurs who can identify and fill market needs with hard work and innovation. Villegas commended Iskaparate for its presence on platforms like Shopee, recognizing that this is ‘definitely the future.’

Iskaparate’s support system

Iskaparate offers a variety of support mechanisms for its sellers:

Assisted Vendors: For those who feel inadequate to manage their own stores, Iskaparate provides a store on its platform that is managed for them.

Resellers: The platform also supports individuals who don’t have their own products but are skilled at selling. They can buy products wholesale from Iskaparate’s business-to-business (B2B) partners and sell them within their neighborhoods and communities.

Social Media Sellers: Iskaparate accommodates sellers who aren’t yet ready to use a website but are comfortable selling on platforms like Facebook. Bermudez noted that these sellers can leverage Iskaparate’s dedicated Facebook channels to market their products.

Bermudez is committed to training sellers who are not yet familiar with digital platforms, hoping to boost their digital proficiency to a confident level. For those who are ‘totally digitally scared,’ Iskaparate provides guidance and training through its Iskaparate Academy trainees.

The Philippine government also offers extensive support for MSMEs through agencies like the Department of Trade and Industry and the Small Business Corporation (SB Corp), providing assistance with everything from financial aid to business development and training.

HAVE you ever lost sleep because of bills? Or felt your chest tighten when your credit card statement arrived? Money stress is not just about the figures in your bank account. It touches every part of life; from how well we sleep to how we treat the people around us.

For many Filipinos, financial concerns are constant. Salaries feel too small against rising costs. Emergencies strike when least expected. Obligations to family and community pull at already stretched budgets. The result is a kind of stress that lingers. The stress doesn’t end when the workday is over: it follows us home, into our conversations, and even into our health.

The reality of money stress

MONEY stress often shows up in ways we do not always connect to our finances. It may be sleepless nights, headaches, or the constant worry that keeps us distracted. At work, it can mean a loss of focus or even absenteeism. At home, it may turn into frequent arguments with a spouse or silence between partners who do not know how to talk about money.

Studies worldwide show that finances are one of the leading causes of stress, and the Philippines is no exception. Inflation, debt, and family obligations weigh heavily on households. Unlike other stressors, money issues are hard to escape. Whether we like it or not, we all have to make financial decisions every single day.

Why it happens

IT is easy to think that money stress only affects those with lower incomes, but that is not the case. Even people who earn more are not immune. Lifestyle creep, or the tendency to spend more as income rises, leaves many still living paycheck to paycheck despite higher salaries.

The triggers are familiar. Payday often brings temporary relief; but obligations like rent and bills quickly shrink the paycheck. Emergencies such as medical expenses or tuition can throw off even the best-laid plans. Cultural expectations also add pressure. Saying no to a family request can feel like turning our back on our values. Declining an invitation with friends may feel like rejecting the people we care about. Stress does not come only from not having enough money, but also from the feeling of being powerless to control where it goes.

The link between money and mental health

MONEY and mental health are closely connected. Worrying about finances fuels anxiety, and anxiety in turn leads to poor financial decisions. Someone who is overwhelmed may avoid opening bills or checking account balances, hoping the problem will go away. Others cope through impulse spending, buying things to feel better in the moment even if it creates bigger problems later.

This creates a vicious cycle: financial stress leads to poor decisions, which create more financial stress. Over time, it erodes confidence, productivity, and even relationships. It is not ‘just money.’ It is a mental health issue that deserves serious attention.

How to ease money stress

THE good news is that while money stress is common, it is not permanent. There may be no instant fix, but small, steady actions can reduce anxiety and create a sense of control.

The first step is awareness. Facing your finances, no matter how uncomfortable, helps reduce the fear of the unknown. Listing your expenses and debts may feel heavy at first, but clarity is the foundation of change.

Starting small also matters. Setting aside even P500 or P1,000 a week can seem insignificant, but it builds confidence and creates momentum. Progress, not perfection, is what matters.

It also helps to design a budget that is realistic and kind. Many people give up on budgeting because they make it too strict. Allowing a little space for small joys makes it more sustainable and prevents bigger splurges later on.

Family obligations are part of our culture, but setting healthy limits is also necessary. Helping is noble, but it should not come at the cost of your own security. Learning to give within your means ensures that you can continue to help in the long term.

Finally, find healthier ways to cope with stress. Instead of shopping to feel better, consider activities that relax and recharge you without draining your wallet. Exercise, journaling, prayer, or simply talking to a trusted friend can all help lighten the load.

Building financial wellness

MONEY stress may not disappear overnight, but every step toward control reduces its hold on your life. Each time you choose to face a bill, set aside a small savings, or say no to unnecessary spending, you are taking back a measure of peace.

Financial wellness is not about becoming rich. It is about having stability and peace of mind. It is about feeling secure enough to care for your needs, support your loved ones, and plan for the future without constant fear.

When we take care of both our money and our mental health, we give ourselves a chance not just to survive, but to live with balance and confidence.

This is the true goal of financial wellness.

IN a groundbreaking move to combat corruption and promote transparency, the Department of Information and Communications Technology is turning to blockchain technology to safeguard government transactions. This innovative approach has the potential to revolutionize the way the government operates, making it more accountable and trustworthy. (Read the BusinessMirror story-‘DICT: Blockchain a weapon vs corruption,’ September 30, 2025).

The DICT’s push to harness blockchain as a ‘digital safeguard’ against tampering and erasure of government records could revolutionize transparency in how public funds are managed, tracked, and spent.

Blockchain’s defining feature-its immutability-is perfectly suited to address a perennial problem in government transactions: the manipulation or destruction of records. As ICT Secretary Henry Aguda pointed out, data stored on a blockchain cannot be altered or deleted. This creates a permanent, verifiable ledger that leaves no room for the ‘wiping out’ of documents, a practice that reportedly complicated investigations into the multibillion-peso flood control scandal involving the Department of Public Works and Highways. By decentralizing data storage across multiple nodes rather than a single server, blockchain safeguards government records from unilateral tampering.

Two proposed pieces of legislation, the Blockchain for Government Transparency Act and the Philippine National Budget Blockchain Act, aim to integrate blockchain technology into government operations. If implemented, every peso of the national budget-from allocation to disbursement and expenditure-could be traceable and independently verifiable by citizens. This level of openness not only deters corruption but also empowers the public with real-time information, fostering trust in government institutions. (Read the BusinessMirror story-‘PBBM certification of budget on blockchain bill sought,’ October 3, 2025).

The involvement of lawmakers like Rep. Brian Llamanzares and Senator Paolo Benigno Aquino IV, who are championing these bills, reflects growing political will to modernize public finance management. Moreover, the Department of Budget and Management’s recent adoption of blockchain in recording Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs) shows that the technology is not just theoretical but already practical and scalable.

However, the success of this initiative hinges on more than technology alone. It requires unwavering political will, adequate funding, technical expertise, and robust digital literacy programs to ensure that government employees and citizens can effectively use and trust the system. Moreover, the government must guarantee that blockchain implementation complements -not replaces-existing checks and balances, audits, and legal frameworks designed to hold officials accountable.

Blockchain is no silver bullet, but it is a powerful tool that can enhance transparency and reduce opportunities for corruption when integrated wisely. By committing to blockchain-backed public finance, the Philippines positions itself as a leader in digital governance in the region, setting a standard that many countries could emulate.

Given the current crisis of confidence in government agencies, the promise of an immutable, transparent ledger offers a chance to rebuild confidence and ensure that every taxpayer’s peso truly serves the public good. The DICT’s blockchain initiative should be welcomed and supported by all sectors as a crucial step toward a more accountable, transparent, and corruption-resistant government.

With the blockchain technology as an ally and political will as a driving force, the Philippines can turn the tide against corruption and usher in a new era of integrity and openness in public service.

THE world’s happiest kingdom and Southeast Asia’s happiest nation have officially forged diplomatic ties.

The Philippines and Bhutan formally established diplomatic relations Monday, October 6, 2025, marking a new chapter in bilateral cooperation between two Asian countries known for their resilience, cultural pride, and people-first development models.

The Joint Communiqué was signed in New Delhi by Philippine Ambassador to India Josel F. Ignacio and Bhutanese Ambassador to India Major General Vetsop Namgyel, in a ceremony hosted by the Royal Bhutanese Embassy. Diplomats and staff from both missions witnessed the historic event.

Ambassadors Ignacio and Namgyel hailed the formalization of ties as a milestone built on years of goodwill and collaboration.

‘Today, we have given flesh to the mutual aspiration of our governments and peoples to promote mutual understanding and strengthen friendship and cooperation, guided by the principles of the UN Charter and international law,’ said Ambassador Ignacio.

He noted that the Philippines and Bhutan had cultivated ‘cordial ties for years,’ with Manila extending technical assistance and training to Thimphu. The establishment of diplomatic relations, he added, is ‘ushering in a new epoch’ for bilateral engagement.

‘We foresee engagements between both our countries gaining new momentum-in economic interaction; people-to-people, tourism and cultural exchanges; and cooperation in multilateral fora to advance shared advocacies,’ Ignacio said.

Ambassador Namgyel echoed the sentiment, citing Bhutan’s longstanding access to Philippine education and training programs through the Colombo Plan, the Asian Development Bank, and the JICA Third Country Program.

‘Many Bhutanese students have completed undergraduate and master’s degrees in Philippine universities,’ Namgyel said.

He also thanked the Philippines for its contribution to Bhutan’s De-Suung (‘Guardian of Peace’) Skilling Program, which has hosted 17 Filipino expert trainers to date.

Namgyel affirmed Bhutan’s commitment ‘to work closely with the Philippine Embassy to take our friendship and cooperation to new heights in the years ahead.’

The ceremony concluded with a reception featuring Bhutan’s traditional Suja Desi-butter tea and sweet saffron rice-alongside Filipino and Bhutanese dishes.

The diplomatic milestone carries symbolic weight: Bhutan, globally admired for its Gross National Happiness (GNH) index-a development model that prioritizes well-being over GDP-is often cited as the happiest country on earth.

The Philippines, meanwhile, consistently ranks among the happiest in Southeast Asia, buoyed by strong family ties, community spirit, and cultural resilience despite economic and climate challenges.

With this signing, the Philippines becomes the 58th country to establish diplomatic relations with Bhutan, and only the sixth among ASEAN member states.

IT’S a two-way fight between Chot Reyes and Leo Austria for the Baby Dalupan Coach of the Year trophy as the PBA Press Corps holds its annual Awards Night next week at the Novotel Manila.

Reyes and Austria were the two coaches who won championships in Season 49.

The Tropang 5G fell just short of a grand slam, topping the Governors’ Cup and Commissioner’s Cup but finishing second in the Philippine Cup.

San Miguel foiled TNT’s bid for a season sweep and regaining the trophy considered as the PBA’s crown jewel.

The Coach of the Year will be announced on October 13.

Reyes has won the award six times, while Austria is a four-time winner.

Other awards to be presented during the affair organized yearly by the group of media men regularly covering the PBA beat are the Danny Floro Executive of the Year and the Defensive Player of the Year.

Also to be awarded are the Bogs Adornado Comeback Player of the Year, Scoring Champion, Mr. Quality Minutes, All-Rookie team, Order of Merit for the player with the most Player of the Week citations, and Game of the Season.

Senate President Vicente Sotto III said Monday he is confident there will be no leadership shakeup in the Senate, amid speculations fanned by netizens at the weekend that certain blocs are moving to replace his month-old leadership.

Asked again at the end of a press conference if he is confident that there won’t be any shakeup when the Senate convenes on Friday (Oct 10), Sotto, whose 15-man majority bloc is viewed by some as a tenuous lead over a 9-member minority, replied, ‘Quite confident,’ while adding, ‘but any senator elected into the leadership serves at the pleasure’ of the members.

He also said that Minority Leader Alan Peter Cayetano, rumored to be groomed to replace him, had told him, when they spoke the other day, ‘wala he naman akong kinakausap kahit na sino.’

He explained he has been talking to most senators and was confident his leadership was addressing their concerns, citing as example Sen. JV Ejercito, who was reported in social media as planning to bolt the majority over issues in the direction of the flood-control projects investigation.

At the same time, Sotto sounded certain that the 2026 budget will not be hounded by questions of irregularities like the 2025 General Appropriations Act (GAA) because the President has ruled out certifying the budget bill-the first time in many years it will not get Palace certification.

This means, Sotto explained, that lawmakers have three days between second-reading approval and their third-reading vote to read the budget bill thoroughly.

He said that Congress was told by President Marcos ‘they will not be given the certification of urgency.’

The ‘President doesn’t want to certify budget so there will be time for everyone to go over the budget. The President himself said that: ayaw niya yung short cut ng 3-day rule.’

‘Taon taon, may fina-fast break,’ and the President does not want that to happen this year, Sotto said. He was referring to criticism that most lawmakers had failed to read the budget in detail as a result of the quick succession in second and third-reading passage, accounting for numerous questions about so-called insertions.

Asked if a non-certification by the Palace won’t affect or delay the budget, Sotto replied, in Filipino, ‘No. It will be even good for the process. Every year, Congress asks for a certification to skirt the 3-day rule. The question is: ‘ did you read the budget?’ No.

‘Now, you have 3 days to go over the budget. We will make sure we all read the budget.’

Lacson stays for now

In another development, Sotto said he would rather that Senate President Pro Tempore Panfilo Lacson keep the chairmanship of the Blue Ribbon Committee (BRC) , amid wrangling over the direction of the Senate inquiry.

He said he understood why Lacson wants out. ‘Senator Lacson is frustrated. He is not stressed..Sanay sa stress yun. Maghi-hearing siya, merong umaangal bakit maghi-hearing; pag di naman siya nagtawag, meron pa ring umaangal.’

He said he has not received yet Lacson’s letter of resignation from the BRC, but ‘I will support whatever decision he makes; and I will accept whatever decision he makes.’

Still, ‘I can only hope for the best.’

The government should lift the rice import ban and maintain the tariffs at 15 percent, as raising them would stoke inflation and hurt consumers, according to the Foundation for Economic Freedom (FEF).

In a position paper, FEF said the current rice import ban and the proposed reversal of rice tariff rate to 35 percent represent a ‘significant setback’ to economic liberalization, consumer welfare and overall national competitiveness.

‘FEF believes that a liberalized trade, guided by market signals, is the most effective way to ensure food security and affordable prices for Filipino consumers,’ it said.

The two-month import ban is an obvious ‘failure,’ according to FEF, as farm gate palay prices remain from a low of P8 to P14 per kilo-below the production cost of P14.53 in 2024, as revealed by the Philippine Statistics Authority.

FEF said that with the temporary ban proving ineffective, the proposed alternative is to increase the current tariff on rice from 15 percent to 35 percent. ‘Once this is enforced, we expect that the country’s overall inflation will again increase.’

‘Inflation is a scourge of the poorest of the poor Filipinos as an increase in food prices will hurt them most due to limited and alternative income sources,’ FEF said.

The bottom 30 percent of households spend half of their income on food and mostly on rice. While more than 110 million Filipinos eat rice every day, only about 2.2 million farmers grow palay, supporting roughly 6.5 million household members.

‘Raising rice tariff to 35 percent will only benefit less than 5 percent of the total population while penalizing 95 percent of the Filipino rice consumers,’ FEF said.

Instead of extending the rice import ban and raising the tariffs, FEF said the Department of Agriculture (DA) should improve the productivity and competitiveness of the local rice industry.

This is through investments in public goods services, such as research and development, irrigation, infrastructure and extension services.

‘Increasing the productivity and competitiveness of our rice industry is the ultimate protection against the entry of rice imports to the country,’ FEF noted.

Direct cash assistance must also be provided to farmers instead of defending the floor price for their palay, which is ‘more costly and inefficient,’ according to FEF.

Furthermore, FEF stated that the goals for maintaining rice buffer stocks should be separated and assigned to the proper institutions to achieve them.

Emergency supply and affordable rice for the poor should be handled by the Department of Social Welfare and Development with support from the National Food Authority, while price stabilization should be left mainly to the private sector with limited state intervention.

The DA, meanwhile, should focus on supporting farmers’ incomes through direct cash assistance during steep declines in palay prices.

‘By adopting these recommendations, the Philippines can ensure a stable and affordable rice supply while fostering a more competitive and prosperous agricultural sector,’ FEF said.

Elreen Ann Ando delivered a gritty performance at the International Weightlifting Federation (IWF) World Championships on Sunday in Forde, Norway, clinching a bronze medal in the clean and jerk category of the women’s 63 kg division.

The 26-year-old Cebuana, a two-time Olympian, hoisted 131 kilograms in the clean and jerk, edging out Colombia’s Yenny Sinisterra Torres, who managed 128 kgs.

However, Torres came up with 103 kgs versus Ando’s 100 kgs in the snatch, resulting in a tie at 231 kgs total. The tiebreak favored Torres, who reached the total in her first attempt, relegating Ando to fourth place overall.

Despite missing the podium in the snatch and total lift, Ando, from Carreta, Cebu City, and seen as the successor to Olympic gold medalist Hidilyn Diaz, showed progress ahead of the Los Angeles Olympics.

North Korea’s Ri Suk topped the event, sweeping the three gold medals with a commanding 253 kg total – 111 kg in snatch and 142 kg in clean and jerk.

Canadian Olympian Maude Charron bagged the silver, lifting 236 kgs (103 kg snatch, 133 kg clean and jerk).

Ando represented the Philippines in the 2020 Tokyo Olympics, finishing seventh in the women’s 64 kg category.

Silver medalist in the 2019 and 2021 editions of the Southeast Asian Games, Ando bagged gold at the 2023 SEAG in the 59 kg class, before returning to the Olympic stage in Paris 2024, where she placed sixth.

THE Special Third Division of the Supreme Court (SC) has ruled that the foreclosure of properties based on improper and unfair interest rates on a bank loan is considered invalid.

In a resolution penned by Associate Justice Ricardo R. Rosario, the Court granted the motion for reconsideration filed by Editha Ang and Violeta Fernandez (borrowers) seeking the reversal of its decision dated November 24, 2021, which favored the United Coconut Planters Bank (UCPB) in the present case.

Their properties had been foreclosed by the UCPB after they failed to pay back a P16 million loan. The loan agreement allowed the UCPB to adjust the interest rate every quarter based on market conditions.

When the borrowers failed to pay the total loan when it fell due, the UCPB began extrajudicial foreclosure proceedings-a legal process where properties are auctioned off to recover unpaid debts.

This prompted the borrowers to file a petition with the Regional Trial Court (RTC) to nullify the foreclosure sale. They questioned the bank’s sole power to set and increase the interest rate, which they argued was unfair and invalid. While the RTC agreed that the interest rate provisions were invalid because they were left to the bank’s discretion, it did not nullify the foreclosure sale of the properties.

However, the trial court’s decision was reversed by the Court of Appeals (CA) in a ruling issued on May 11, 2015. The CA held that both the interest rate imposed by UCPB and the subsequent foreclosure sale of the properties were void.

The UCPB then brought the case before the SC. While the High Tribunal declared the interest rate imposed by the UCPB as invalid, the SC upheld the validity of the foreclosure sale of the respondents’ properties. The High Court issued its ruling on November 24, 2021,

Acting on the respondents’ motion for reconsideration, the SC ruled that if the interest rate was unconscionable or imposed unilaterally by the lender, then any foreclosure that follows is also invalid.

‘In the instant case, not only was there a finding, both by this Court and also by the courts below, that the interest rates being imposed were unilaterally imposed by petitioner, thus making it potestative or entirely dependent on petitioner’s will,’ the SC noted.

‘Being potestative, the principle of mutuality of contracts, found in Articles 1308 and 1309 of the Civil Code, could not have been present, making the provisions on interest void. Being void, the subsequent foreclosure proceedings could not have been held validly,’ it added.

The SC’s ruling comes two years after the UCPB was acquired by the Land Bank of the Philippines in 2023.

A statement issued on May 9 of that year ‘announced the successful conclusion of the merger’ of the UCPB with the LandBank, ‘following the conversion of all UCPB branches and accounts into its system.’

THE Department of Economy, Planning and Development (DepDev) is amenable to the creation of an official ‘blacklist’ of firms found to have committed integrity violations when it comes to projects they implemented with the government.

In a briefing on Monday, DepDev Secretary Arsenio M. Balisacan said this is something that can be put in place in light of the recent controversies surrounding the flood control projects.

‘Yeah. I think that the public, being aware of what is a good partner and a bad partner, should be part of the accountability mechanism that will need to be put in place,’ Balisacan said.

Budget and Management Assistant Secretary Romeo Matthew T. Balanquit said the new government procurement act can also help in this regard.

Balanquit said under the new law, companies participating in biddings are required full disclosure when it comes to all procurement data and documents, including beneficial ownership.

‘I think this would be a very good way of not only deterring these possible incidents happening again in the future, but also the appropriate penalty that can be also imposed on those people who make these anti-competitive practices,’ Balanquit said.

Meanwhile, the Economic Development (ED) Council said other efforts include the revision of the Investment Coordination Committee (ICC) guidelines, the first time it was revised in 10 years.

Balisacan said the revision includes raising the ICC threshold to P5 billion from P2.5 billion. He told BusinessMirror last month that this was being done due to inflation.

Apart from these, the ICC’s coverage now includes Public-Private Partnership projects.

Further, the ICC will now conduct mandatory review of all foreign loan-assisted projects regardless of loan amount or total cost, excluding grant-assisted projects that are reviewed by DepDev.

Balisacan said these changes aim to streamline the ICC process and make project evaluation more rigorous, minimizing delays.

The Country’s Chief Economist also said this is being done alongside safeguards placed on various stages of the approval process to prevent problems that may arise when it comes to projects.

He added the new guidelines has also placed value on project monitoring and evaluation, which needs to be embedded in all projects.

‘We need to embed impact evaluation and monitoring evaluation in excellent projects because that will not only improve our learnings on what works and what does not, but also potentially save us from costly mistakes,’ Balisacan said.

Meanwhile, Department of Finance Undersecretary Joven Balbosa also stressed that efforts to improve governance in projects can also take a cue from the country’s development partners.

He said lessons on project preparation, project implementation, execution, and monitoring and evaluation can be included in new project proposals.

Balbosa also said including intermittent reviews throughout the project cycle can help ensure quality of project delivery while keeping projects on track to completion.

‘On the procurement process, our multilateral partners especially, we work with them on international competitive bidding, open bid,’ Balbosa said.

‘Two steps. First to look at the quality of the project bid or the proposals before you even go to the price part. So it is important, again, to learn from the analysis on the quality or the design that is being proposed,’ he added.

The ICC consists of the Secretary of Finance, as chairman; the DEPDev Secretary, as cochairman; and the Executive Secretary, the Secretaries of Agriculture, Trade and Industry, Budget and Management and the Governor of the Central Bank of the Philippines, as members.

The committee, one of seven interagency committees of the ED Council, evaluates the fiscal, monetary and balance of payments implications of major national projects, and recommends to the President the timetable of their implementation on a regular basis.

It also advises the President on matters related to the domestic and foreign borrowings program and submits a status of the fiscal, monetary and balance of payments implications of major national projects.