Category: Business Mirror

EXTENDING the period of imposition of the ?16 tariff per 40-kilo bag of imported blended cement will only jack up prices of local cement, which could undermine competition and burden Filipino consumers, according to consumer group United Filipino Consumers and Commuters (UFCC).

‘The Department Order 25-01 was signed by the Secretary on February 20, 2025. It will take effect for 200 days, so if we count the 200 days, any moment now the 6-7 months or 200 days period will end. So now, we hear that the cartels have an appeal to continue this,’ UFCC President Rodolfo B. Javellana Jr. told reporters in Filipino during the consumer group’s protest in front of the building of the Department of Trade and Industry (DTI) in Makati City.

‘What will happen to these cartels? Of course, the price will increase. They will dictate the price more. This was the situation in 2016. The price was really high,’ added Javellana.

Asked how many workers would be affected by the tariffs imposed on imported cement, the head of the consumer group said: ‘We think there are around 5,000 mothers and fathers, the direct ones, who will be affected, who will lose their livelihood.’

However, he noted that this number excludes the cement contractors, delivery men, among others.

‘So please, Secretary Roque, we appeal to you, stop this. Let’s not extend it to 1,000 days or 2,000 days or 5,000 days. Let’s stop the P16 [tariff]. So that we can boost competition and consumers will have a chance to pick whatever cement brand they want,’ stressed Javellana, speaking in Filipino.

In a letter sent by the consumer group to Trade and Industry Secretary Cristina A. Roque on September 29, 2025, Javellana said: ‘We write to express our concerns regarding the imposition of emergency tariffs on imported cement for the next three years, estimated to come to P400 per metric ton or P16 per 40-kilo bag of blended cement and Portland cement.’

‘We have noted that this is the second letter we have sent to your office, and we hope that the first letter has not fallen on deaf ears,’ the letter of the UFCC chief read.

The consumer group said it believes that DTI has a ‘johnny-come-lately’ attitude towards this issue, saying the agency is claiming the measure was intended to protect local cement producers, which UFCC notes are ‘bigtime producers themselves and are not likely to declare bankruptcy anytime soon.’

‘But clearly action to protect local production should have been made earlier, at the time when change in the tax regime is not likely to also create changes in the price of other basic commodities,’ Javellana pointed out.

THE Anti-Money Laundering Council (AMLC) received a new freeze order from the Court of Appeals (CA) bringing the total value of the frozen assets to P2.9 billion.

In a statement, the new freeze order covered a total of 836 bank accounts, 12 e-wallet accounts, 24 insurance policies, 81 motor vehicles and 12 real estate properties.

With the latest freeze order, the AMLC through the CA has frozen a total of 1,563 bank account; 54 insurance policies; 154 motor vehicles; and 30 real estate properties. The latest freeze order is the first time the AMLC included electronic wallets.

‘By freezing a wide range of assets-such as bank accounts, e-wallets, vehicles, and properties-the AMLC is disrupting the financial channels used in corrupt activities,’ said AMLC Executive Director Atty. Matthew M. David.

‘Our goal is straightforward: prevent stolen public funds from being dissipated and misused, recover them for the National Government, and ensure that those involved in money laundering are held accountable,’ he added.

The AMLC said it remains committed to transparency and accountability and is working closely with other government agencies to ensure that public funds are protected and properly used.

Earlier, David said AMLC’s petition cited corruption-related offenses, such as violation of the Anti-Graft and Corrupt Practices Act and malversation, according to David.

Under the freeze order, banks will now look into their systems and determine the amounts stored in the bank accounts, which will then be reported to the AMLC, David said.

Moreover, the freeze order is a step toward the filing of appropriate civil and criminal cases, including the retrieval of any funds moved before the freeze, against those found to have laundered illicit proceeds, David added.

The freeze order will only be lifted if the owners of the bank accounts will file a motion to lift the effects of the freeze order over their accounts or assets.

GLOBAL uncertainties and the ‘broad impacts’ of corruption could further weaken the country’s economic growth this year and next year, according to the Asian Development Bank (ADB).

In its Asian Development Outlook (ADO) for September, ADB said it now expects the country’s GDP growth to slow to 5.7 percent in 2026 from the 5.8 percent estimate for 2026 it made in July 2025. The forecast for this year pegged at 5.6 percent was the same estimate in July but was slower than the 6 percent estimate it released in April.

ADB Country Director for the Philippines Andrew Jeffries said the global uncertainties stemmed from the impact of higher US tariffs on the economy. However, while ADB did not yet account for its impact, the controversy surrounding flood control projects could further undermine economic growth.

‘We didn’t see a reason to reduce GDP projections due to that issue [flood control], but it’s certainly a heightened risk; between now and our December update there may be more quantifiable data available that may alter our projections,’ Jeffries said during a media briefing.

Higher United States tariffs imposed on various commodities worldwide have created global policy uncertainty which has slowed down growth, particularly in advanced economies.

The impact of higher tariffs, which the Philippines has not escaped, and the impact on advanced economies could also dim the economic prospects of the country.

The United States slapped a tariff of 19 percent on all Philippine goods entering the American market beginning in August 2025. This new rate was a result of negotiations between Washington and Manila which occurred in July.

Nonetheless, ADB said, the impact of these uncertainties may be cushioned by the country’s strong domestic demand given the slowdown in inflation. The increase in commodity prices remained below the 2 to 4 percent target set by the Bangko Sentral ng Pilipinas (BSP).

ADB projected that inflation could average 1.8 percent this year and pick up to 3 percent next year. Both forecasts are within the inflation target of 2 to 4 percent set by the BSP.

The benign inflation environment allowed the BSP to continue reducing key policy rates. In the last Monetary Board meeting, the central bank reduced the Target Reverse Repurchase rate by 25 basis points to 5 percent in what BSP Governor Eli Remolona Jr. said was the ‘Goldilocks’ rate. Officials said more rate cuts could be implemented by the end of the year.

With the slowdown in inflation, ADB Senior Economics Officer Teresa Mendoza said household spending, one of the pillars of domestic demand, has shown resilience this year.

Mendoza noted that while there was an observed increase in the purchase of basic items, Filipino households also increased their spending on non-essentials such as domestic travel and recreation.

Earlier, ANZ Research said Filipinos swiping their credit cards and obtaining loans against their salaries are helping boost consumption spending in the country but these are deemed ‘unhealthy’ practices.

In its quarterly brief, ANZ Research noted that domestic demand has been weak in the region, except for the Philippines, which is seeing an uptick in private consumption as well as inflow of new consumption.

ANZ Research said private consumption in the country, however, was driven by credit card spending and loans against salaries. These borrowings were not being spent on asset creationMeanwhile, ADB said developing Asia’s growth forecasts were also reduced to 4.8 percent and 4.5 percent in 2025 and 2026 respectively.

The ADB cited risks that could bring growth down such as tariff and trade uncertainty, financial market volatility, geopolitical tensions in the Middle East and Ukraine, and property market fragility in the People’s Republic of China which could affect other countries.

Gigasol 1 Inc., a subsidiary of ACEN Corp., wants to increase the capacity of its solar power facility in Zambales to 225.909-megawatt peak (MWp) from 95 MWp for P13.39 billion.

The proposed expansion project will involve installation of PV modules, inverters, and main switchyard in Barangay Burgos, Botohan. Testing and commissioning of the solar project could happen in September 2027, with commercial operations expected to start by December 2027.

‘The Gigasol1 solar power plant project aims to achieve sustainable development and supply electricity to the Luzon grid to address the expected lack of supply and increasing demand for power.

Aside from employment opportunities that the project presents, the project intends to construct a means to harness clean and renewable energy for Luzon,’ the company said in a filing with the Environmental Management Bureau.

Luzon is growing at a fast pace, resulting in a projected shortfall in generating capacity, thereby creating an attractive opportunity for solar development in Zambales, added the company.

The expansion also includes the development of a 14-kilometer access road traversing barangays Poonbato and Burgos, which will support the expanded operations of the solar facility.

Gigasol1 said it will draw its expertise from previous projects in selecting technology providers and new developments in the solar technology implemented in the country in recent years.

Last August, ACEN reported that its consolidated net income declined by 88 percent year-on-year to P763 million mainly due to a P2.7-billion impairment relating to the relating to the Lac Hoa and Hoa Dong wind farms in Vietnam.

Excluding this one-off booking and the P1.35-billion valuation gain in 2024, net income fell 24 percent over the same period, due to depressed Wholesale Electricity Spot Market prices and increased depreciation effects.

‘Despite these headwinds, attributable renewables output grew 9 percent year-on-year to 3,228 GWh [gigawatt hours], driven by new contributions from international plants.’

Last December, the company said its capital expenditures (capex) for this year could increase to P70 billion from P50 billion in 2024.

‘We are forecasting P50 billion in capex across all geographies for fiscal year 2024. In 2025, we expect to spend roughly P70 billion,’ said ACEN President and CEO Eric Francia. The amount will be used to achieve its goal of having 20 gigawatts (GW) of renewable energy capacity by 2030.

The cancellation of the registration of the Duterte Youth party-list is now final and executory, the Commission on Elections (Comelec) announced on Tuesday.

This comes after Duterte Youth failed to secure a temporary restraining order (TRO) from the Supreme Court to stop the poll body from enforcing its ruling.

‘The clerk of the Commission has just issued the certificate of finality and entry of judgment in this case. Therefore, expect that by tomorrow the Comelec en banc will discuss and determine who will benefit from the three seats vacated by the party-list,’ Comelec Chairman George Erwin M. Garcia said.

Garcia noted that since the Supreme Court did not issue a TRO within 30 days, the Comelec en banc’s August 29 ruling canceling Duterte Youth’s registration has now attained finality.

‘This means the decision is final as far as the Comelec is concerned. The decision of the Comelec en banc can now be implemented,’ he added.

The Comelec earlier barred Duterte Youth from taking its seats in the 20th Congress after the en banc voted 5-1-1 to affirm the Second Division’s ruling in SPP No. 19-009 nullifying its registration.

The poll body held that the group failed to comply with mandatory requirements under the Party-List System Act, including publication and the conduct of public hearings.

To recall, the Duterte Youth garnered 2.33 million votes in the May 2025 midterm polls, the second-highest tally among party-list groups, which would have entitled it to three congressional seats had its registration not been canceled.

Swift justice is essential not only for the law to function properly but also for maintaining the people’s faith in democracy. The recent budget hearings on the judiciary-and the emphatic calls from Senators Sherwin Gatchalian and Francis Pangilinan, as well as members of the House-underscore a simple 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. (Read the BusinessMirror story, ‘Judiciary told: Resolve corruption cases swiftly,’ September 25, 2025).

The scale of the corruption scandals now roiling the country-bluntly described by Sen. Pangilinan as ‘the largest corruption scandal’ in our history-demands a proportionate response from the institutions charged with accountability. The judiciary cannot wait on the sidelines while allegations proliferate and evidence grows cold. Speedy trials and decisive verdicts are a deterrent; delays are a license to plunder.

Sen. Gatchalian’s commitment to supporting initiatives that enhance court efficiency is a positive step: funding for judges, staff, modern case-management systems, digital filing, secure virtual hearing infrastructure, and well-equipped hearing rooms will all help reduce the average caseload of 291 cases per judge. Yet money alone cannot cure systemic bottlenecks. The judiciary must present a clear, time-bound roadmap for case disposition, as Gatchalian has urged, and be held accountable for meeting concrete milestones.

Rep. Chel Diokno’s insistence on fast-tracking corruption cases and creating a permanent monitoring database for convicted officials is precisely the kind of constructive pressure that can close accountability gaps. A national registry that tracks the status of cases, convictions, appeals, and the actual execution of sentences would address a perennial problem: convictions on paper that fail to translate into real consequences.

Reforms should also target procedural bottlenecks. The Sandiganbayan’s move to draft rules shortening corruption trials to 120 days, if crafted carefully to protect due process, could be transformative. The danger is twofold: in rushing procedures, courts must not sacrifice the rights of the accused or the thoroughness of fact-finding; nor should shortened timelines be used as a veneer to suggest action where meaningful reform is absent. Any accelerated timetable needs complementary investments-more prosecutors, better forensic capacity, judicial training, and a mechanism to prioritize complex, high-impact cases.

It is also telling that the Justice Sector Convergence Program-intended to coordinate replies across agencies and help monitor convicted officials-had its funding slashed from a proposed P475 million to P175 million. Cutting coordination tools while promising faster justice is a contradiction. If the goal is to restore trust, the state must be willing to invest in the systems that make law enforcement, prosecution, adjudication, and correctional follow-through possible and transparent.

Finally, public trust is not rebuilt by prosecutions alone. It requires consistent institutional performance, visible enforcement, and a political culture that respects outcomes even when they affect powerful actors.

The scandal of misplaced public funds has real victims: communities left vulnerable to floods and citizens deprived of services. The remedy is straightforward: equip courts to act promptly, improve inter-agency monitoring so convictions mean enforcement, and sustain the political will to let justice run its course.

Swift disposition of corruption cases is the most credible antidote to cynicism. The 2026 judiciary budget debate must move beyond rhetoric to measurable reforms: funding that matches stated priorities, enforceable timelines for case resolution that respect due process, and an integrated monitoring system that makes accountability visible and immutable. Without these, promises of reform will remain just that-promises. With them, the country can begin to recover one of its most precious assets: the public’s trust.

THE Philippines has once again secured a Tier 1 ranking in the US State Department’s 2025 Trafficking in Persons (TIP) Report, recognized for ‘serious and sustained efforts’ to combat human trafficking. But the report also warns of persistent vulnerabilities, especially in online sexual exploitation, labor trafficking, and the treatment of victims in online scam operations.

‘The Government of the Philippines fully meets the minimum standards for the elimination of trafficking,’ the report states, citing continued prosecutions, victim protection, and prevention campaigns. The Inter-Agency Council Against Trafficking (Iacat) was praised for expanding survivor-centered programs and strengthening coordination with civil society.

Tier 1 status-shared by only a few countries in Asia-offers strategic benefits. It boosts the Philippines’ international credibility, opens doors to US anti-trafficking aid, and strengthens leverage in trade and diplomatic negotiations. It also affirms the work of civil society groups and survivor advocates, often leading to increased funding and visibility.

However, the TIP Report emphasizes that Tier 1 is not a declaration of perfection. The government ‘did not identify the vast majority of potential trafficking victims among individuals exploited in online scam operations despite widespread reporting indicating these individuals faced conditions indicative of trafficking.’ Unlike in 2023, no foreign victims were reported in these operations.

Due to ‘inadequate and inconsistent screening,’ the government failed to prevent the ‘inappropriate penalization of potential victims solely for unlawful acts committed as a direct result of being trafficked.’ The report also notes that the government identified fewer victims overall, and ‘some officials did not use trauma-informed practices in victim identification.’

Corruption and official complicity ‘remained significant concerns, inhibiting law enforcement action during the year.’ In one high-profile case, authorities initiated prosecution of a former mayor under the anti-trafficking law for alleged complicity in human trafficking linked to an online scam operation in Bamban, Tarlac. In Porac, Pampanga, a mayor, vice mayor, and seven municipal council members were subjected to administrative investigation for similar allegations. The mayor reportedly received an administrative sanction, but none of the officials faced criminal investigation, and no updates were reported on the other cases.

The government also failed to report updates on the 2023 dismissal of a municipal police chief and 26 officers in Pasay, where traffickers allegedly exploited more than 730 potential labor trafficking victims. Meanwhile, two police officers continued to face prosecution-one for alleged cyber-facilitated sex trafficking, and another for allegedly helping a suspected trafficker evade justice.

Authorities arrested and investigated two public school teachers for alleged production and distribution of child sexual abuse and exploitation material (CSAEM). Six immigration personnel were investigated, and four prosecuted for trafficking-related offenses-down sharply from 103 immigration personnel investigated in 2023.

The Bureau of Immigration continued its ‘one-strike’ policy for disciplining implicated officials and rotating personnel at ports of entry. Iacat also maintained its SOPs for identifying and monitoring trafficking-related corruption, including reporting mechanisms and suspension guidelines.

The US State Department also identified other urgent challenges:

Online sexual exploitation of children (OSEC) continues to plague communities, with traffickers exploiting digital platforms and family-based abuse remaining ‘a significant concern.’

Labor trafficking is underreported, particularly among Filipino migrant workers and domestic laborers abroad. The report urges authorities to ‘increase efforts to proactively identify and assist labor trafficking victims, including victims of online scam operations.’

THE Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) has unveiled the list of non-tariff measures imposed by the European Union that Philippine agriculture exporters must comply with even with a EU-Philippines Free Trade Agreement (EU-PH FTA) in place.

In a Viber message sent to the BusinessMirror, DTI-EMB Director Bianca Pearl R. Sykimte underscored: ‘Even with a future EU-Philippines FTA, these NTMs will remain in place because they protect health and safety.’

However, she noted that the FTA can ‘ease compliance by eliminating tariffs, fostering regulatory cooperation, and enabling recognition of Philippine certifications-helping exporters reduce costs and speed up market access.’

To access the EU market, Sykimte said Philippine agriculture exporters to the 27-member bloc must comply with these NTMs:

Sanitary and Phytosanitary (SPS) requirements such as: Phytosanitary and veterinary certificates, inspections for pests and diseases, pesticide residue limits, quarantine checks and health certifications.

Meanwhile, the ‘Technical Barriers to Trade [TBT]’ that Philippine exporters would have to comply with are: Accurate labeling, proper packaging, compliance with product standards and ‘robust’ traceability systems.

Sykimte revealed these non-tariff measures after the Tariff Commission held last week the Public Consultation on Philippine Participation in the Philippines-European Union (PH-EU FTA).

In the consultation, Philippine agriculture groups expressed concern on the non-tariff measures that may prevent exporters from utilizing the free trade deal with EU, given the 27-member bloc’s stringent requirements.

Imelda J. Madarang, CEO of Fisherfarms Inc., an aquaculture processor and a pioneer innovation of farm-raised seafood products in the Philippines, pressed DTI on whether the agency is monitoring the non-tariff measures which the local industry is currently experiencing.

‘We’re very happy that we are still with the GSP [EU GSP+], although we are a little bit afraid that we might graduate but again, we have to be prepared for that. But at the moment, we’re very happy. As far as tariff is concerned. I was just wondering if you are also focusing or really monitoring the non-tariff measures which we are actually experiencing, because it’s very, very steep,’ Madarang, who also chairs the Philippine Export Development Council-Networking Committee on Agri-Policy (NCAP) said during the hearing.

‘We are just wondering because these were the issues raised by the industry, but we didn’t know where to go-whether it’s the Tariff Commission or somewhere else because it’s really, really steep,’ added the representative from the aquaculture industry.

The industry representative aired the concern during the tariff hearing as she shared that Indonesia and India complained at the Shrimp Global Forum about the new regulations being imposed by the 27-member bloc European Union.

‘It says that all animal-based food products will be covered, and that will include us. I suppose they are now requiring a list of antibiotics that we do not use. And again, a guarantee from the Philippine government or from the governments about the compliance and the control system which is very, very steep,’ Madarang explained.

She also cited issues on packaging certifications, ingredients in terms of color, additives, among others.

Through the lens of the local sugar industry, Philippine Sugar Millers Association (PSMA) executive director Jesus ‘Cocoy’ Barrera said during the hearing: ‘I echo the statement of Ms. Madarang regarding the availability of NTMs being imposed by the EU, particularly in agricultural imports.’

Barrera underscored that since the negotiation focuses on tariffs, ‘We may get market access, or we may appear to get market access because of the reduced tariff, the presence of NTMs may prevent us from having that market access.’

Data obtained by the BusinessMirror from DTI-EMB showed that the top Philippine food exports to EU in 2024 were: Coconut (copra), coconut oil and its fractions, prepared or preserved fish, caviar and caviar substitutes prepared from fish eggs; Desiccated coconuts; Fruit, nuts and other edible parts of plants, otherwise prepared or preserved; Bread, pastry, cakes, biscuits and other bakers’ wares; Pineapple juice; Flours, meals and pellets of meat or meat offal, of fish or of crustaceans, molluscs or other aquatic invertebrates.

The top 10 food exports of the Philippines to the EU amounted to $1.45 billion in 2024.

Newly minted Mister International 2025 Kirk Bondad is back in the homeland to a hero’s welcome. The gorgeous Filipino-German supermodel, businessman and wellness director won the Philippines’ second Mister International title after ‘Gwapulis’ Neil Perez’s triumph in 2014.

‘It’s like a fever dream so far. Non-stop. I’ve been mobbed in Thailand, which was to me very surprising. I was about to go to the gym and then somebody recognized me and I, you know, I’m in my mode. I’m going to the gym for the first time [after winning in Bangkok] and then suddenly people are doing pictures and they congratulate me and I wasn’t expecting that to be honest,’ Kirk, 28, exulted at his victory presscon at Holiday Inn Express Manila Newport City in Pasay, on September 29.

‘And honestly, the feeling that I’m getting from being Mister International right now, it’s like when you walk in the park and suddenly a fresh breeze hits you and it goes like, I’m still catching up to the feeling. I have nothing but love in my heart,’ a grateful Kirk smiled.

Kirk’s victory follows an exceptional streak by the Mister Pilipinas Worldwide kings this year. Kenneth Cabangcal placed fifth at Mister Supranational in Poland on June 28, while Kenneth Marcelino finished first runner-up at Mister Cosmopolitan in Thailand on September 7.

The two Kenneths, Mister Pilipinas-Manhunt International 2025 Raven Lansangan, Mister Pilipinas-Man of the Year Michael Angelo Toledo and Mister Pilipinas-Eco International 2025: Kitt Cortez ecstatically welcomed Kirk at the pressscon. Also making a surprise appearance was our first Mister International, Neil Perez.

Jether Palomo is currently in Bangkok aiming for a back-to-back victory for the Philippines at Mister Global.

‘You are loved even before the pageant. Your moment of victory, you’ve inspired a lot of Filipino men who are joining beauty pageants, especially me. And I’m sure that I’m speaking on behalf of our reigning kings as well. Look at their smiles right now,’ said Kitt, who hosted the presscon.

‘I’m glad that you’re here, guys. Thank you so much,’ Kirk beamed.

‘How crazy is that?’ asked Kitt.

‘It’s surreal,’ replied Kirk.

Kitt countered: ‘What does this victory mean to you, Kirk, personally?’

A still-overwhelmed Kirk, who bested 41 contenders, answered:

‘Well, it’s interesting since when I won Mister Pilipinas Worldwide and I got the title of becoming Mister Philippines International, it is something that you know will happen, you know, just day X, you prep, you train, day by day, and then suddenly it happens and you realize all the pressure that I didn’t feel before.

‘To be honest, I didn’t feel the pressure until I actually got the crown because I sat down alone in my hotel room after everything was done and I was munching on snacks already. But in that moment, I realized I worked so hard for this and honestly, it feels hard to describe the feeling because it’s overwhelming. I haven’t got time for myself to catch up, to be honest.

‘So, it feels like a sand clock, right? Like all the sand of my emotions is buckled up and just a tiny bit of sand is being metabolized, meaning my emotions, and day by day, I just realize how much attention I need to put in.’

THE Philippine Economic Zone Authority (Peza) has approved P154.70 billion worth of investments in the January to September 2025 period, up 33.50 percent compared to the P115.87 billion approved in the nine-month period last year.

The investment promotion agency said these approved investments in the nine-month period this year are seen to generate 50,430 jobs.

Meanwhile, Peza said these investments may result in $4.49 billion worth of export revenues.

The approved investments in the January to September 2025 period comprise 215 newly approved projects spread across various sectors.

Of the 215 approved projects, Peza said 98 are into Manufacturing; 55 are in the IT and Business Process Management (IT-BPM) sector; 18 are into Domestic ecozones; 16 are Facilities; 17 are into Ecozone Development; 7 into Logistics and 4 are into Utilities.

As for the location of these investments, Peza said 178 projects are set to rise in Luzon; 29 in Visayas and 8 in Mindanao.

By source of investments, Peza pointed out that Japan has ‘reemerged’ as the top investing nationality of Peza. From January to September 2025, Japanese firms chipped in P14.78 billion in new and expansion projects, accounting for 9.55 percent of the investments generated by the investment promotion agency in the nine-month period.

According to Peza, at the ‘forefront’ of this resurgence is the registration of a domestic market enterprise in Tarlac City which is set to manufacture food products and processed foods inside the Tari Estate.

‘Valued at over P9.1 billion, this Japanese flagship food processing facility, one of September’s big-ticket approvals, will cater to both domestic and export markets and anchoring industrial growth in the Luzon Economic Corridor [LEC],’ Peza said.

In September 2025 alone, the investment promotion agency was able to greenlight 36 new and expansion projects worth P48.87 billion. These investments are seen to be generating $1.11 billion in export revenues and creating 10,312 jobs.

For his part, Peza Director General Tereso O. Panga said: ‘Japan’s return as our leading partner reflects the fruit of our investment missions and strong collaborations with stakeholders. With nearly 10 percent of this year’s total project approvals coming from Japanese companies, we see undeniable proof of the Philippines’ standing as a trusted and highly competitive hub in Asia.’