Category: Business Mirror

THE Government Service Insurance System (GSIS) asked Congress to provide a clearer policy direction on its investments, following Senator Risa Hontiveros’ concerns over its P1-billion investment in online gambling firm DigiPlus.

GSIS President and General Manager Jose Arnulfo A. Veloso emphasized that the state pension fund’s mandate is to grow and protect members’ contributions through investments that are legal and transparent.

‘We would like to get the wise wisdom of this committee and your chamber. We are just being obedient, if this is what the people want, let us change the policy so we could be guided,’ Veloso said mostly in Filipino.

‘We were told that if the company is legal and listed by the Philippine Stock Exchange, then we could invest in it.’

The pension fund chief clarified that investments are made within strict guidelines, with focus on profitability, liquidity, and security.

Veloso highlighted that the GSIS portfolio remains largely concentrated in low-risk assets, including government bonds, loans to members, and income-generating real estate properties.

Citing the pension fund’s performance, Veloso said GSIS assets reached P1.88 trillion in the first half of the year, an increase from P1.54 trillion in 2022.

Net income in the first half of the year climbed to P77.82 billion, marking a 30 percent increase from the same period last year.

He said the actuarial life of the GSIS fund is secured until 2058, reflecting the sustainability of its investment strategy and its capacity to meet the obligations of future retirees.

Still, Senator Risa Hontiveros pressed Veloso on why GSIS chose to invest in DigiPlus, despite the social costs associated with online gambling.

Veloso acknowledged these concerns but clarified that the investment decision was based strictly on financial and legal considerations.

‘I cannot impose my own moral standards because our duty is to be able to grow the fund,’ Veloso said.

Meanwhile, the Commission on Audit (COA) flagged the DigiPlus investment and recommended that GSIS prepare recovery plans for its stock exposures ‘at a term not disadvantageous to the fund.’

COA further advised GSIS to review its investment policy guidelines and align them with the GSIS Charter, which outlines limitations on fund placements.

Veloso said the fund has already drawn up recovery plans covering DigiPlus and other equity holdings identified by the audit.

However, he explained that the fund is waiting for more stable market conditions before executing any recovery plans

THE Department of Public Works and Highways (DPWH) has teamed up with the Blockchain Council of the Philippines (BCP) to roll out ‘Integrity Chain,’ a blockchain-powered platform aimed at embedding transparency and accountability in government infrastructure spending.

The initiative, formalized through a memorandum of agreement signed on September 30, will see foreign-assisted projects of the DPWH digitized and recorded on an immutable ledger.

Key details-ranging from budgets and procurement processes to construction milestones and contractor payments-will be uploaded on the system, which will be accessible to the public.

‘From the budget process to the procurement process, to the award of the contract, to the implementation of the project, to the monitoring of the project, to the payments made to the contractors, to the acceptance of the project. Everyone should be watching now, everyone,’ said Dizon.

The Integrity Chain will feature a real-time dashboard for tracking project progress, citizen feedback, and anomaly reporting. Its tamper-proof recordkeeping is designed to deter corruption and reinforce accountability in one of the most corruption-prone agencies of government.

‘For the first time, the private sector isn’t just demanding integrity-we’re building the infrastructure to deliver it,’ said BCP President Donald Patrick Lim.

As part of the pilot, BCP will provide the DPWH with a one-year complimentary subscription, including training, technical support, and cybersecurity safeguards.

Dizon has intensified anti-corruption efforts at the DPWH in the wake of the multibillion-peso flood control scandal, which exposed how public funds were allegedly siphoned off through ghost projects and collusion between contractors and agency officials.

Since taking office, he has ordered the removal of several executives and regional officers, while initiating criminal and administrative cases against erring contractors and personnel.

IN a bid to lure in more investors in the upstream petroleum industry, the Department of Energy (DOE) will extend ‘special allowance’ to operators of marginal petroleum blocks, new and frontier areas.

Department Circular no. 2025-3-17, signed by DOE Secretary Sharon Garin on September 23, provides special allowances that allow for maximum benefits to the country and, at the same time, provide reasonable returns to private companies that render financial and technical services and assume all the risk of petroleum exploration. This will make the country’s service contract regime more attractive to investments and improve the state of the oil and gas exploration.

‘The current state of the oil and gas exploration in the country shows low-level investments due to the attendant high risk in petroleum operations,’ the DOE said.

‘There is a need to offer improved fiscal terms to service contractors to complement the other government initiatives in attracting more exploration and production companies to spur exploration activities leading to the discovery of more oil and gas fields in the country.’

A special allowance on marginal petroleum operations shall be granted when the annual operating expenses exceed the cost recovery allowance of 70 percent. The DOE defined operating expenses as those related to produce petroleum but excluding development and exploration cost, and capital expenditures.

Meanwhile, the DOE defines ‘new plays’ as untested geological prospects in productive basins. Under this category, a special allowance of 5 percent of the gross proceeds will be granted only to the first commercial development.

The same allowance shall be granted in frontier areas, which the agency defines as ‘basins with no significant production activity.’

For gas development in remote areas with more than 200 kilometers (km) but not less than 400km from the identified delivery market, a special allowance of 2.5 percent shall be granted. This will increase to 5 percent for areas within the 400km but not less than 800km and 7.5 percent within 800km and above.

To encourage the production of indigenous gas in new plays, frontier, or remote areas, a special allowance of 30 percent of the gross proceeds shall be granted.

The DOE said it continues to adopt new mechanisms and strategies to carry out its plans and programs mandated under PD 87.

Okada Manila proudly celebrates its second consecutive win as the Best Meetings and Conventions Hotel – Philippines at the 2025 Travel Trade Gazette (TTG) Travel Awards, organized annually by TTG Asia.

The award, decided by votes from readers across TTG Asia publications including TTG Asia, TTG China, TTG India, TTG MICE, TTG-BT MICE China, TTG Associations, and TTG Asia Luxury, underscores the resort’s standing as the country’s premier destination for meetings, incentives, conventions, and exhibitions (MICE).

Widely regarded as one of the Asia-Pacific region’s most prestigious distinctions in travel and hospitality, the TTG Travel Awards continues to honor organizations that consistently raise the bar of excellence. Okada Manila’s back-to-back recognition not only highlights its role as a leader in the industry but also showcases the Philippines’ growing prominence as a hub for world-class business events. The 2025 Awards Ceremony and Gala Dinner was held on September 25, 2025, at the Centara Grand at CentralWorld in Bangkok, Thailand.

‘Winning this award for the second year in a row is a proud milestone for our entire team,’ said Cielo Reboredo, Vice President for Sales and Marketing at Okada Manila. ‘It shows the confidence our partners and guests have in us, and it drives us to keep delivering events that bring people, ideas, and possibilities together here in the Philippines.’

A benchmark for world-class events

Since 2016, Okada Manila has built a strong reputation for hosting seamless events of every scale and a diversified portfolio of event venues. Its venues combine flexibility, tailored solutions, and professional support for everything from international conventions to private celebrations.

The Grand Ballroom accommodates large gatherings of up to 1,200 pax, while the Golden and Glass Ballrooms are ideal for mid-sized occasions good for 100 to 300 pax. The Crystal Pavilion, with its striking glass architecture, is ideal for trade shows, exhibitions, and entertainment events. Cove Manila, Southeast Asia’s largest indoor beach club can be booked for major corporate events and conventions that can accommodate up 1,500 guests offers a dynamic setting, and the Chairman’s Lounge provides exclusivity with panoramic views of Manila Bay and The Fountain.

The resort also offers versatile meeting rooms and event venues, complete with multimedia technology, curated packages, and award-winning culinary experiences designed to elevate every gathering. All venues are complemented by customizable packages and dedicated services to ensure flawless execution.

A complete resort experience

Okada Manila’s 30-hectare property offers more than event spaces. Guests can choose from 1,001 well-appointed accommodations, relax at the Forbes 5-star recognized The Retreat Spa, or recharge through extensive wellness and recreation facilities.

Dining and shopping are equally diverse, with more than 40 restaurants serving global cuisines and The Promenade offering premium retail options. This balance of business and leisure makes Okada Manila not just a venue, but a destination where every aspect of the guest journey is thoughtfully curated.

Putting the country at the center of MICE excellence

Strategically located in Entertainment City, just minutes from international airports and Manila’s business districts, Okada Manila plays an essential role in strengthening the Philippines’ standing as a competitive MICE destination in Asia. Its continued recognition by TTG Asia’s readership reflects not only the resort’s pursuit of excellence but also the country’s growing appeal to global event organizers.

THE prolonged temporary import ban on rice will have only a minimal impact on the government’s tariff take, according to the Bureau of Customs (BOC).

Customs Assistant Commissioner Vincent Philip C. Maronilla said the rice import ban extension will have an impact, but the revenue shortfall the BOC will suffer will be ‘very minimal.’

‘Based on our analysis, we can make do. We’re talking about a three-month sacrifice for better stabilization of the prices and helping out our farmers,’ Maronilla told reporters on the sidelines of a convention last week organized by the Philippine Tax Academy (PTA).

President Ferdinand R. Marcos Jr. has ordered the extension of the rice import ban, which began on September 1 and is supposed to end on November 2, to support Filipino farmers and stabilize rice pricesMaronilla said the BOC will put in additional work to search for other sources of revenue to cover any deficiencies in its collections caused by the rice import ban.

This year, the BOC is tasked to collect P958.7 billion, which makes up 21.20 percent of the government’s full-year revenue target of P4.520 trillion.

‘We look into tightening our assessment procedures so that certain loopholes can be plugged and maybe help out in the deficiencies that we will experience because of the rice importation ban,’ he said.

The BOC is also anticipating collections to improve during the ‘ber months,’ when demand for food, not only rice but also alternatives such as corn and bread, typically rises, Maronilla added.

‘Every time you plug one item, an alternative item comes up,’ she said, explaining that it may lead to increased consumption or importation of alternatives, offsetting the impact on revenues.

Finance Secretary Ralph G. Recto said earlier that collections on rice tariffs are going down because world market prices are also declining.

Theoretically, Recto said the government suffers a loss of about P2 billion every month from the rice importation ban.

‘Last year, we reduced the tariff, but the volume of imports went up. So we almost had no losses last year,’ Recto said.

To recall, President Marcos signed Executive Order 62 in June 2024, reducing the rice tariffs from 35 percent to 15 percent starting July 2024.

The lowering of the rice tariff rate has already resulted in around P14 billion in revenue loss for the BOC as of July this year.

Customs Commissioner Ariel F. Nepomuceno said earlier that excise taxes on petroleum products and pick-up trucks will drive the BOC’s collections this year to meet its revenue target.

THIS here is a familiar story. The salary comes in and, for a moment, there is relief. Bills can be paid, the pantry can be restocked and, maybe, enjoying even a small treat or two. But before the next payday arrives, the money is gone; sometimes disappearing faster than expected.

Why does this keep happening even when we know the basics of personal finance? Why do so many of us feel like we are always catching up, never ahead?

The payday high

THE days right after payday often feel like a celebration. The stress of waiting is over and, finally, there is money to spend. Psychologists call this the ‘payday high,’ a temporary sense of relief that can quickly turn into overspending.

It feels good to buy the things we postponed during the tight days before payday. A meal out, a new gadget, or a flash sale on an app suddenly feels justified. We tell ourselves, ‘I deserve this.’ Some even joke that payday is the one time of the month when they feel ‘rich.’ The problem is, that feeling does not last long. By the time bills, obligations, and savings goals catch up, the budget is already stretched thin.

Why does money slip away so fast

SEVERAL common patterns make this cycle repeat:

Front-loading expenses. Rent, utilities, loan payments, and tuition often fall right after payday. What looks like a full paycheck on day one can shrink dramatically after a few transactions.

Impulse spending. Discounts and sales are everywhere, and marketing is designed to make us buy quickly. Having fresh cash makes it easier to give in to those flash deals.

Family obligations. Many Filipinos feel a strong responsibility to send money to parents or siblings first. While this comes from love and gratitude, it often leaves little for personal savings.

Untracked daily spending. Delivery fees, coffee runs, rideshares, and small ‘add to cart’ buys slowly eat away at what is left. Because they seem harmless in the moment, we only notice the impact when the account balance is nearly empty.

These habits are not just financial issues. They are also behavioral and emotional.

The hidden triggers

RUNNING out of money before payday is not always about income. Even people with higher salaries experience it because of lifestyle creep, social pressure, or stress spending. The truth is, the more we earn, the more tempted we become to increase our spending. Without limits, expenses rise to match income.

Money is also tied to emotions. We spend to celebrate, to relieve stress, or to show love. For many, generosity is expressed through treating family or friends. Cultural expectations add another layer. Saying no to a family request can feel like turning our back on our values. Declining an invitation with friends can feel like rejecting the people we care about. These triggers make it difficult to stretch the budget until the next payday, even when the math seems simple on paper.

How to break the cycle

ESCAPING this cycle does not happen overnight. It takes small, practical steps that address both the numbers and the behaviors behind them.

Pay yourself first. Set aside a portion of your income for savings before paying bills or spending. Even a small amount builds the habit of prioritizing your future.

Automate good habits. Schedule a savings transfer or an investment top-up as soon as you get paid. If money leaves your account immediately, you are less tempted to use it on non-essentials.

Limit variable spending. Allocate a fixed amount for food, transport, or leisure using cash or a separate e-wallet. Having a boundary makes it easier to see where your money is going and stops overspending before it happens.

Track the little things. A few pesos for delivery fees or snacks may not seem much, but over weeks they create holes in the budget. Writing them down or using a simple app helps you see patterns and adjust.

Build a cushion. Even P500 a week in savings creates breathing room and reduces the anxiety of running out before the next paycheck. Small wins build confidence, and confidence builds momentum.

Create a plan for fun. Overspending often comes from feeling deprived. Instead of avoiding all wants, include a ‘fun fund’ in your budget. Having a small, guilt-free allowance helps control bigger splurges later.

Toward financial wellness

THE struggle of running out of money before payday is not about intelligence or effort. It is about habits, triggers, and the way we relate to money. Financial wellness means managing not just the technical side of budgeting, but also the emotional and cultural factors that influence our choices.

When we begin to shift small behaviors, we move closer to balance. And when money becomes less about stress and more about security, we discover that the true goal is not just making it to the next payday, but building peace of mind in between.

Acting Philippine National Police (PNP) chief Lt.. Gen. Jose Melencio Nartatez Jr. has ordered local police units to coordinate with concerned agencies in the conduct of search and rescue missions for all the missing persons as a result of the series of weather disturbances that hit the country last week.

He also said that he understands what it feels to have missing relatives and family members and emphasized the need to show them that the national government, including the PNP, will exhaust all the measures to locate their kin.

‘I have already ordered our territorial forces to assist in the operations to locate those in the missing list,’ Nartatez said.

Based on the latest National Disaster Risk Reduction and Management Council (NDRRMC) situational report, 12 of the missing persons were in Eastern Visayas, two in Oriental Mindoro, and one each in Bicol Region and Western Visayas.

Meanwhile, Nartatez said the PNP remains in full coordination with the NDRRMC and local government units in relation to the post-disaster response in Masbate, the Mindoro provinces and other areas severely affected by ‘Opong.’

He said the coordination includes deployment of personnel and PNP resources needed in relief distribution and rehabilitation programs of affected areas.

Filipino domestic workers in Hong Kong will get a 2.2-percent increase in their monthly allowable wage in the special administrative region of China, according to Department of the Migrant Workers (DMW).

The Hong Kong government decided to raise the monthly salary of foreign domestic workers from HK$4,990 (equivalent to P37,329.64) to HK$5,100 (equivalent to P38,152.64).

The new salary adjustment will apply to employment contracts, which were signed starting September 30, 2025. However, contracts, which were signed under the previous wage level will still be accepted by the Hong Kong Immigration Department until October 27, 2025.

DMW Secretary Hans J. Cacdac lauded the development since it exceeded DMW’s proposed new monthly minimum wage for domestic workers.

‘The wage increase surpasses the Philippines’ US$500 [equivalent to P29,098.75] z minimum wage standard for domestic workers as outlined in DMW Advisory No. 25, Series of 2025,’ he said in a statement.

The new wage adjustment will cover majority of the over 190,000 overseas Filipino workers (OFW) in Hong Kong, who are mostly domestic workers.

DMW said its Migrant Workers Office (MWO) in Hong Kong will assist OFWs in enforcing contracts and reporting any cases of non-compliance.

It said it will continue to push for better benefits for Filipino domestic workers in Hong Kong such as raising their food allowance, which remained at HK$1,236 (equivalent to P9,246.40).

‘The DMW stressed the importance of ongoing discussions to address additional issues, like the unchanged food allowance despite rising living costs,’ the agency said.

The majority owners of Coal Asia Holdings Inc. has signed a share purchase agreement with Pure Energy Holdings Corp. to sell as much as 71.68 percent of the company.

In its disclosure, Coal Asia’s majority stockholders Dexter Y. Tiu, Eric Peter Y. Roxas, Gertim G. Chuahiong, Alexander Y. Tiu, and John L. Capinpin have agreed to sell their ownership to Pure Energy, Pure Water Corp. and Quadwater Corp.

The deal involved some 28.67 billion common shares of Coal Asia. The total transaction value is P220.91 million.

Under the agreement, Pure Energy acquired 4.99 billion common shares, representing 12.48 percent of the company’s issued and outstanding capital stock. Pure Water and Quad each acquired 11.84 billion shares, representing 29.6 percent.

‘The selling shareholders currently expect to finalize this transaction before year-end 2025, subject to the satisfaction of various pre-completion conditions, including, but not limited to, the fulfillment of any mandatory tender offer requirement by the buyers to the shareholders of COAL,’ the company said.

Pure Energy is a holding company, and its first tier subsidiary, Pure Water, together with Quad Water, has an equity participation in Tubig Pilipinas Group Inc.

Pure Water is a unit of Pure Energy, while Quad is not affiliated with either of the two companies.

Pure Energy and Pure Water and Coal Asia have interlocking directors, such as Tiu, Roxas and Chuahiong.

Coal Asia’s shares closed at P0.026 apiece on Monday.

Coal Asia was incorporated on June 11, 2012, primarily to be the holding company of Titan Mining and Energy Corp., a company engaged in the operations of coal mining and energy-related business.

Titan Mining owns coal operating contracts (COC) in Davao Oriental and Zamboanga Sibugay. In 2016, preliminary mine development activities commenced at the Davao Oriental project, although Titan Mining is still awaiting the conversion of the COC from exploration to development and production.

It submitted a five-year work program with a feasibility study for the Zamboanga Sibugay project to the Department of Energy (DOE) in August 2016.

Last January 22, the DOE terminated Titan Mining’s COC No. 166 for failing to submit complete requirements for conversion from exploration to development and production phase, requiring Titan Mining to vacate and restore the contract area.

The company received DOE approval to convert COC No. 159 to development and production phase, subject to obtaining either a certificate of precondition or certificate of non-overlap from the National Commission on Indigenous People.

The Department of Labor and Employment (DOLE) and the Commission on Higher Education (CHED) has recently signed a memorandum of agreement (MOA) to jointly address the persistent mismatch between graduates’ skills and labor market demands.

Labor Secretary Bienvenido E. Laguesma and CHED Chairperson Shirley C. Agrupis formalized the, which seeks to ensure that higher education programs respond more closely to evolving industry needs.

The MOA outlines mechanisms for better labor market information, curriculum alignment with emerging skills, and bolstered youth employment initiatives, including the Government Internship Program (GIP) and the Special Program for Employment of Students (SPES).

Under the agreement, DOLE regional offices will deliver labor market data and career guidance, while CHED will support in raising awareness of employment services and share monthly reports on its own job placement efforts.

The partnership comes as the country faces a sudden spike in joblessness.

In July 2025, data from the Philippine Statistics Authority (PSA) showed that the national unemployment rate climbed to 5.3 percent, or 2.59 million Filipinos without work.

This was 1.6 percentage points higher than the 3.7 percent (or 2.38 million individuals) recorded in the same month last year.

Meanwhile, the number of unemployed Filipinos aged 15 to 24 rose to 1.08 million in July 2025 from 1.02 million a year earlier.

This pushed the youth unemployment rate to 18.1 percent, up from 14.8 percent in July 2024.

The proportion of youth not in education, employment, or training (NEET) also rose to 15.9 percent from 13.9 percent, while labor force participation among young people dropped to 29.5 percent from 34.2 percent year-on-year.

DOLE Undersecretary Carmela I. Torres said the agreement with CHED is meant to directly confront the country’s employment challenges by aligning education with labor market needs.

‘This partnership turns the policy goals initiated by the President into concrete actions for stronger employment and workforce readiness with the adverse effects of climate change, rapid technological developments, and the persistent challenges posed by job skills mismatches,’ Torres said.