Category: Business Mirror

Bistro Group’s beloved TGIFriday’s and Italianni’s are making their way up north! These fan-favorite casual dining restaurants will crank up the flavor and double the fun as they roll into SM City Laoag this October.

TGIFriday’s 30th Store On Its 30Th Year

American casual dining chain TGIFriday’s opened last October 8, marking its 30th location as it celebrates 30 years in the Philippines, reflecting the brand’s enduring popularity for decades. It arrives at the mall as the go-to spot for high-energy ambiance. Get your fill on the popular Fried Mozzarella, tender fall-off-the-bone Ribs, Burgers, Bottomless Mojitos, and more. Bring your friends and family and make countless memories where it’s always Friday. Have a couple of drinks by the bar and be captivated by the bartending flair or catch up with an old friend over American food that always hits the spot.

Italianni’s

Buon Appetito! Delight in delicious and hearty Italian-American dishes at the Upper Ground Level, Italianni’s SM City Laoag. Now open, the best of Italianni’s awaits you!

Start the feast with freshly baked focaccia and Tuscan bread dipped in olive oil and balsamic vinegar. Treat yourself to a wide selection of fresh salads, al dente pasta in all shapes, oils, and sauces, delectable oven-baked pizzas, and meaty mains that will satisfy your palate. Whether it’s a relaxing dinner after work, a family gathering, or a romantic date, Italianni’s is where there’s good company and dishes served with warmth and generosity.

Residents and tourists are invited to enjoy the hearty flavors and fun dining experiences in these two new vibrant gathering places.

The Philippine Embassy will launch an eVisa for Chinese nationals in China in November, as part of continuing efforts to strengthen people-to-people exchange and facilitate trade and tourism.

‘I am pleased to announce that the Philippine Embassy in Beijing, as well as our Consulates in Chongqing, Guangzhou, Hong Kong, Macau, Shanghai, and Xiamen, will soon begin issuing Philippine electronic visas to qualified applicants residing in Mainland China and its Special Administrative Regions, enabling applications to be made online and making the visa application process more convenient for those making a temporary visit to the Philippines,’ said Philippine Ambassador Jaime FlorCruz.

Chinese applicants who will visit the Philippines for tourism or business purposes can apply for the eVisa if they are travelling for a non-extendable period of 14 days. They should enter through the Ninoy Aquino International Airport in Metro Manila or the Mactan-Cebu International Airport.

The Philippine Embassy will soon provide more details about the eVisa, including the relevant websites and procedures for the submission of requirements, in collaboration with the Department of Information and Communications Technology (DICT) and VFS Global in China. FlorCruz signed on Wednesday a Memorandum of Agreement with VFS Global to implement the project.

Chinese travelers who wish to stay in the Philippines for more than 14 days, as well as other eligible nationals living in China, may still apply for the conventional visa through the nearest Visa Application Centers that will open in Beijing, Chongqing, Fuzhou, Guangzhou, Hong Kong, and Shanghai.

‘The implementation of the eVisa comes at an opportune time,’ said FlorCruz. ‘Under the leadership of Secretary Ma. Theresa Lazaro, the Department of Foreign Affairs met with the Chinese Ministry of Foreign Affairs in July 2025 for the Joint Consular Consultations,’ he added.

IT’S been five days since that unforgettable triple overtime game between the Ateneo Blue Eagles and the University of Santo Tomas (UST) Growling Tigers at the shiny and spanking clean Blue Eagle Gym.

But we’re still incredulous. And fascinated. Because it was not just the Ateneo de Manila and UST athletes who were playing that game. Our collective experience as spectators who witnessed the game and went through the rise and fall and rise and fall of every extension period, made us very much a part of the action, be it only in the fringes of the hardcourt.

It was, they said, a historical game for the University Athletic Association of the Philippines (UAAP). The first-ever triple overtime game in the men’s basketball tournament of the league has been marked and written in the annals of the league.

Games that go beyond the regular period don’t really come very often either. And double overtimes are even more rare. But a game that goes into triple overtime? That feels like a ‘Super Blue Blood Moon’! (A Super Blue Blood Moon is the rarest kind of moon there is because it requires circumstances for a Blue Moon-two full moons in a month-to happen together with conditions for a Blood Moon-a total lunar eclipse-for it to take place.

Super Blue Blood Moons occur only once every 37 years!

But we digress. That October 11 game was long-drawn, draining and exasperating. But at the end of it all, it was ironically, exhilarating. At times it felt like The Gunfight at OK Corral with the relentless exchange of shots from both sides of the court. It also felt like a roller coaster ride that alternately took us on loop de loops of tit-for-tat scoring, then left us suspended in midcourse brakes as the score remained tied for a seeming eternity.. Then we plummet down again into no-brakes, unscripted action.

How long will this game last? We asked ourselves. How many overtimes can the players and the crowd still absorb?

We thought: in the end it will all come down to conditioning. And then again, we surmised: it will all boil down to heart.

And that’s what we saw. The Growling Tigers led by Nic Cabañero and Gelo Crisostomo pushing, pushing, pushing-performing like a trusty tool running on Energizer batteries.

On the other side we saw cramps and injuries weighing down the Eagles’ wings, tired nerves and unaligned meridians affecting shots. But a brave Eagle named Jared Bahay carried the weight of the whole Eagle convocation on his young shoulders and let his heart rule his shots.

They found their mark too. But the Tigers always clawed back.

Then the third overtime rolled in. And big though the heart is, it was no match for the Tigers that pounced on every visible weakness or hesitation of the opponent.

Finally the game ended, to most everyone’s relief. And no matter what physical or mental state one was in after that once in a lifetime encounter-tired, spent, drained, wrung out, dejected, euphoric-all agreed it was an adventure that had no precedent in this side of collegiate basketball.

To be honest, there have been games with more than three overtimes in basketball history. An National Basketball Association game between the Indianapolis Olympians and the Rochester Royals in 1951, which Indianapolis won, 75-73, had six overtimes.

In 1981, the Bradley Braves lost to the visiting Cincinnatti Bearcats, also 75-73, in the longest men’s collegiate basketball game ever played, which had seven overtimes. A little-used bench player named Doug Schloemer scored on a 15-foot jumper with one second remaining to finally settle the score.

In hoop history the longest game ever played was one between the Boone Trail Pioneers and the Angier Bulldogs in a high school championship in North Carolina in 1964. Though the game observed unique time limits-eight minutes a quarter and three minutes of overtime-it still went overboard, time-wise.

There were 13 overtimes in this one, with both teams failing to score in nine of the 13 extensions. After three hours and 25 minutes, someone finally scored and the Pioneers won, 56-54, just before midnight. It is considered to be the longest high school basketball game on record.

Actually, there is no limit to the number of overtimes a basketball game can have. The rule says there must be continuous play until a winner scores the winning basket.

The mantra therefore in playing evenly-matched basketball should be ‘Matira ang matibay.’ And the battle cry ‘Patay kung patay.’

Modern technology and innovative solutions are our partners in economic development and we should embrace them. They are indispensable if we want to make the economy robust and move forward.

The construction industry, in particular, supports our nation’s progress, creating the essential physical assets-from roads and power plants to subways and homes-that drive our economy and provide millions of jobs.

However, to truly harness the sector’s potential and ensure that every peso invested in public works yields maximum benefit, we should address the issues of delay and waste that have eroded public trust.

The industry is at a crossroads, with new technologies offering potential for improvement in efficiency, safety, sustainability and transparency.

Persistent challenges like project delays, quality issues and financial shortage in public works slow down essential nation-building efforts. To speed up our infrastructure development while ensuring every peso of public funds is spent wisely, we should embrace innovative solutions.

I firmly believe that adopting modern, data-driven approaches is the key to overcoming these obstacles. One such powerful tool is the use of Unmanned Aerial Vehicles (UAVs), or drones, for site surveillance, surveys and monitoring.

This technology is not just about making construction more efficient -it is about establishing an unwavering standard of accountability and fundamentally transforming how we manage and monitor our public infrastructure projects.

We have filed Senate Bill No. 1438, or the ‘Government Construction Project Transparency and Accountability Act of 2025.’ The measure seeks to harness modern technology by mandating drone monitoring for all national government construction projects before any payments are processed.

Our proposal-applicable to agencies like the Department of Public Works and Highways (DPWH), Department of Transportation (DOTR) and the Bases Conversion and Development Authority (BCDA)-will empower citizens with tangible evidence of project progress and ensure that government expenditures correspond directly to actual, verified accomplishments.

It requires independent, accredited third-party entities to conduct aerial documentation through UAVs, providing high-resolution geotagged imagery, video footage and orthomosaic mapping of projects. The data will be uploaded to a centralized public transparency portal accessible to citizens.

Under our proposal, payments cannot be processed without the required drone verification documentation. Contractors and government personnel who submit or approve falsified monitoring data face penalties under the Anti-Graft and Corrupt Practices Act.

By establishing this system of independent documentation uploaded to a public portal, and penalizing any falsified data, the initiative will not only transform project management but also strengthen the foundation of trust between the government and the public.

The bill directs relevant agencies to set accreditation standards for monitoring entities within 60 days of enactment. The Department of Science and Technology (DOST) and Department of Information and Communications Technology (DICT) will provide technical support in drafting the implementing rules and regulations.

We need innovative solutions like this to tackle our infrastructure challenges. The Metro Manila Subway project, for example, uses state-of-the-art tunnel boring machines to build a 33-kilometer, 17-station underground line that will run from Valenzuela City to Parañaque City, ending at Bicutan Station in Taguig City with a spur line at the Ninoy Aquino International Airport (NAIA) Terminal 3 in Pasay City.

We thank the Japanese government for supporting this project, which requires expertise and modern solutions to build our first modern subway system.

By adopting innovative solutions, the construction industry will move toward a future that is more efficient, data-driven, safer and world-class. The construction sector remains a key component of our economy, as the latest Labor Force Survey (LFS) reflects a strong labor market performance.

The Philippine Statistics Authority (PSA) reported last week that the national unemployment rate eased to 3.9 percent in August 2025 from 4.0 percent in the same period last year, thanks to the addition of 942,000 jobs over a 12-month period.

Data from the PSA showed that construction added 540,000 jobs-the most of any subsector-in August 2025, proving that it remains a key component of our economy and a major enabler of growth in other sectors.

Embracing modern technology, as demonstrated by landmark projects like the Metro Manila Subway, will bring us closer to our goal of having world-class infrastructure.

By adopting new technologies, we will not only expedite our infrastructure development but also forge a stronger foundation of trust between the government and the people, proving that our commitment to national progress is both innovative and beneficial to all.

For a country that has been relying on imports to fill shortfalls in domestic output and grappling with high prices, the Philippines can be considered a paradox when it comes to food waste. In a statement on the results of the 2023 National Nutrition Survey (NNS) it published on its website on July 3, the Department of Science and Technology-Food and Nutrition Research Institute (DOST-FNRI) said food waste remains a significant issue in the Philippines. Based on the results of the NNS, there was a notable increase in plate waste in 2023, with households discarding an average of 53 grams more food per day compared to 2018-2019.

Dr. Eva A. Goyena, Senior Science Research Specialist at DOST-FNRI, explained that common cooking and preparation habits contribute significantly to this issue, making food wastage a persistent problem in many homes. Goyena said the survey focused on plate waste, which refers to food left uneaten that could still have provided nutrients but was thrown away or given to pets. She said the increase in plate waste is concerning as it does not account for total food waste, such as spoiled or rotten food.

The agency found that despite being a staple food, rice, vegetables and fish were among the wasted foods. These items are usually imported by the Philippines, particularly rice, which is bought in huge quantities by traders. Additionally, DOST-FNRI said rural households were found to waste more food than their urban counterparts, particularly rice, corn, and vegetables.

The report of the United Nations Environment Program last year, which indicated that food waste declined compared to the 2021 level, showed that a significant quantity of produce is still being discarded by households. The 2024 edition of UNEP’s food waste index showed that each Filipino household threw away an estimated 26 kilograms of food per year or a total of 2.954 million tons for all households. The figure is lower than its estimate of 86 kilograms per capita or a total of 9.33 million tons in 2021, when UNEP said it had ‘very low confidence’ in the estimate.

The figures for food wasted by retail institutions and by food service companies are higher compared to households in the 2024 edition, at 44 kilograms per capita and 40 kilograms per capita, respectively. UNEP said, however, that it had ‘very low confidence’ in these estimates. ‘Very low confidence’ means that the Philippines had no identified estimates and the UN unit had to extrapolate the figure.

What’s clear in these findings, however, is that the Philippines has a long way to go in terms of reducing food waste. The government and the private sector must step up efforts to raise awareness on this issue, particularly since the country continues to import rice and other food items in huge quantities. The Philippines is paying foreign farmers in dollars for food that eventually ends up in landfills.

AI-powered human capital management platform Darwinbox has deepened its partnership with JG Summit Holdings Inc., which is moving to unify its people management strategy across its diverse business portfolio.

Under the expanded partnership, JG Summit will leverage the AI-driven HR technology solution of Darwinbox, allowing the Gokongwei-led conglomerate to streamline its data, transactions, and systems.

This will ‘enhance employee experience and improve organizational decision-making.’

‘Our expanded partnership with Darwinbox empowers us to harness AI-driven automation and insights, enabling greater efficiency and effectiveness as we accelerate our business objectives and transform the way we support and grow our talent,’ JG Summit President Lance Gokongwei said.

The expanded agreement builds on a successful four-year collaboration that began in 2021.

‘JG Summit has been one of our first champions in the Philippines and a cornerstone of our expansion in this vibrant market,’ said Rohit Chennamaneni, co-founder of Darwinbox.

‘While our product is built for the world, we’ve made significant investments to localize it for the Philippines-solving for unique policies and processes here. Continuing our partnership with the group, one of the most agile and forward-thinking conglomerates globally, is truly exciting for us.’

Chennamaneni noted that the partnership addresses a critical challenge for large conglomerates operating across multiple sectors: creating workforce cohesion while maintaining centralized talent visibility.

‘This also supports our talent agenda by empowering our HR teams with AI-powered insights that provide customized approaches to develop and retain talent. It will significantly reduce the administrative workload of our HR teams through automation and smart workflows,’ Gulliver Go, chief human resources officer of JG Summit, said.

Darwinbox has recently rolled out a suite of new capabilities, including a multi-country payroll solution specifically designed for the Philippines, over 45 embedded generative AI features, and the launch of its Model Context Protocol (MCP) server-making it the first HR technology platform globally to support agentic AI capabilities.

Gokongwei added that the partnership with Darwinbox ‘goes beyond digitalization.’

‘We are glad to step into the next chapter of our journey with Darwinbox and excited to harness AI-powered capabilities to elevate people management to new heights. This transformation will help us support our workforce better, empower leaders with sharper decisions, and prepare our organization for the future.’

TAKING BACK WHAT HE GAVE HER

THE powerful politician and the minor celebrity have been together for a while until the former dumped the latter. The minor celebrity likes to say that she caught him cheating but she’s just saving face. After all, she thought he would marry her. He simply grew tired of her. She was young when they met. She’s getting older now and no longer as interesting to him. Recently, the powerful man sent an emissary to retrieve the very expensive bags he gave her. People see this as a political move as these could be used against him in the future as eyes are on the minor celebrity, with people knowing she can’t afford those bags.

SETTING AFFAIRS IN ORDER

THE successful businesswoman sold part of her empire allegedly because she is sick and wanted to set her affairs in order. This is not the first time that the businesswoman became seriously sick. She’d been such before but recovered. This time, she is older and wiser so she wants her children to not have any money problems when she is gone. However, the conglomerate that purchased a stake in her business seems to have unsound practices such as not paying suppliers on time and not prioritizing the company’s clients. Because she is busy putting her affairs in order, the businesswoman seems unaware of this.

CONNECTIONS

THERE are rumors that a certain celebrity sought the help of an unsavory character in order to break into the international fashion scene. The said unsavory character is very much well-connected so the celebrity spent a lot of money for media mileage. Despite her popularity in the Philippines, the celebrity wants more, including international recognition. While her recent efforts have gotten a lot of attention here, she is still considered an unknown abroad.

MEDIA TRAINING

THE starlet has apparently received the much-needed media training from her home network and she conducts herself with more grace in public than before. It’s important to remember that the starlet is very young and naive in terms of things related to her career. The starlet is actually a nice girl. Yes, she may have stumbled a few times but the network apparently believes that she is a good person and that’s why they gave her a another chance.

THE Commission on Elections is seeking an additional P1.3 billion to fund the Bangsamoro parliamentary elections next year, after over a billion pesos in preparatory expenses went to waste when the Supreme Court’s halted this year’s polls.

Comelec Chairman George Erwin M. Garcia said on Tuesday that the poll body will write to Senate Committee on Finance Chairman Sherwin Gatchalian to request the increase as senators begin deliberations on Comelec’s 2026 budget.

‘We will try to convince Congress about what we still need now that the elections have been reset.Every postponement-whatever type of election-comes with a cost. When you reset one, some expenses are wasted, so you’ll have to ask for a new allocation. We estimate we’ll need about P1.3 billion more,’ Garcia told reporters in Pasay City.

Garcia explained that about P1.2 billion worth of election-related spending was rendered useless when the Supreme Court declared unconstitutional the two laws that served as the legal basis for the polls.

To recall, the High Court voided Bangsamoro Autonomy Act (BAA) No. 77, or the Bangsamoro Parliamentary Redistricting Act of 2025, and BAA No. 58, or the Bangsamoro Parliamentary Districts Act of 2024, saying both violated the Bangsamoro Organic Law (BOL).

With no valid enabling law, the Comelec had no legal basis to push through with the parliamentary elections this year.

‘Remember, we had already deployed equipment and based our preparations on BAA 58, which the Supreme Court later struck down,’ Garcia said.

‘We had deployed election paraphernalia, machines, ballot boxes, and transmission devices. We also entered into lease contracts for all those materials and we’re still obligated to pay for them even if the elections didn’t proceed.’

Asked whether the polls would push through before March 31, 2026, Garcia said the Comelec would ‘comply with the directive of the Supreme Court,’ but emphasized that the timeline will depend on the actions of the Bangsamoro Transition Authority (BTA).

‘Our compliance is anchored on the actions of the Bangsamoro Parliament, with all due respect. We can’t implement an election without the necessary law,’ Garcia said.

The Supreme Court earlier ordered the BTA to determine, by October 30, 2025, the parliamentary districts for the first regular election of Members of Parliament in accordance with the BOL.

However, Garcia said that based on Comelec’s dialogue with BTA members and other regional leaders, Congress must first pass a law setting the exact date of the Bangsamoro polls before the BTA can enact its own redistricting law.

‘It’s a bit complicated, and we don’t want this issue to turn into a blame game among institutions. We have to coordinate closely because this is about peace,’ Garcia said.

Despite the legal hurdles, Garcia assured the public that the Comelec is doing its best to comply with the Court’s directive to conduct the Bangsamoro parliamentary elections next year.

‘March 31 is our working timeline and as far as the Comelec is concerned, we will proceed,’ he said, adding that the poll body is also willing to assist in redistricting and amending the Bangsamoro Election Code if necessary.

INSTEAD of literally removing ‘dirty money’ from circulation through demonetization, bank-secrecy reform, digitalization and transparency measures are more targeted and capable of real change, according to the Bangko Sentral ng Pilipinas (BSP).

In a research blog, BSP officials Maria Margarita Debuque-Gonzales, Mamerto E. Tangonan and Eloisa T. Glindro wrote that financial transparency reforms offer far greater promise in combating corruption.

Among the reforms proposed is changing the country’s Bank Secrecy Law, which remains one of the strictest in the world, according to the BSP.

Amending the law, the authors said, would empower investigators to trace illicit funds, match deposits to asset declarations and build prosecutable cases.

They also recommended digitalizing and streamlining procurement to minimize discretion and leakage, and strengthening anti-money laundering and counter-terrorism financing enforcement, particularly for politically exposed persons.

Promoting broader financial inclusion through publicly supported digital payment systems to lessen reliance on physical cash was also among the measures highlighted.

‘As international experience shows, denomination or payment-system reforms are most effective when sequenced with broader structural shifts-such as digital adoption, transparency initiatives and institutional strengthening-rather than pursued in isolation,’ the authors wrote.

Although removing the highest denominations from circulation to flush out ‘dirty money’ from the banking system to confront graft may be ‘tempting,’ cash is still king in the Philippines.

The P1,000 bill dominates daily transactions and is preferred for regular and recurring transactions by Filipinos, according to the BSP.

‘The P1,000 bill, in particular, is the economy’s workhorse,’ they said.

Citing the BSP’s Currency Policy and Integrity Department (CPID) draft working paper, the P1,000 bill accounts for 83 percent of the total value and 40 percent of the volume of all banknotes in circulation.

The CPID estimates that replacing the P1,000 and P500 notes, or about 2.5 billion pieces worth P2.2 trillion, would absorb 93 percent of the value and 51 percent of the volume of all notes in circulation.

This would cost around P11.5 billion just in printing, excluding replacement, storage, transport and destruction costs, according to CPID.

It would overload automated teller machines and cash drawers, and require expanded armored car logistics and more vault space for banks and businesses.

‘The logistical cost would far outweigh any potential benefit,’ the BSP officials said.

Moreover, they cited an analysis by the BSP suggesting that the P1000 bill remains appropriate for current price levels, and an even larger denomination might be justified.

During the 2020 pandemic, withdrawals of P1,000 notes hit P1.3 trillion, showing public reliance on cash as a safe asset.

‘Eliminating this denomination could disrupt liquidity, particularly for households and small firms that remain outside the formal financial system,’ they said.

Retiring high-value notes may appear as a ‘clean break with the past’ by removing ‘tainted’ money from circulation, but it is ‘deceptive,’ the authors added.

‘As seen in some developing economies, sudden demonetization can erode confidence in the central bank and fuel suspicion of political motives,’ they noted.

In developing economies where institutional trust still needs to be nurtured, credibility is hard to regain once lost, they added.

Palace has no stand yet

Despite the BSP’s opposition to the proposal to ‘demonetize’ P1,000 and P500 bills, Malacañang has yet to rule out the said measure.

Palace Press Officer Claire Castro said the Marcos administration is still open to the proposal made by Former Finance Secretary Cesar V. Purisima to phase out said bills and make P200 the highest circulating bill.

Purisma claimed the measure will discourage corrupt officials from moving large amounts of illicit cash. Legislative hearings on the raging flood-control fund anomalies have unearthed practices of physically withdrawing boxes of cash, loading them on to ordinary cars and stocking them in mini-warehouses or even condo units of syndicate cohorts.

‘So, we will study it, because if it is not good and has a negative effect [on the public], we will study it to balance the pros and cons of what is being suggested.’ she said in Filipino in a press briefing Tuesday.

BSP Governor Eli M. Remolona, Jr. earlier expressed his reservation on the measure since it will cause inconvenience the public, when it comes to using bills.

Currently, BSP mandates banks to report transactions, which involve P500,000 or more.

Castro said the economic managers will still look into the matter.

‘I will first ask the DOF [Department of Finance] [about the] question so that the answer is more detailed,’ she said.

THE steady stream of cash remittances into the country from overseas Filipinos continues to support households, with inflows expected to rise further as families recover and prepare for more disasters.

According to the latest data from the Bangko Sentral ng Pilipinas (BSP), cash remittances grew by 3.2 percent to $2.98 billion in August 2025 from $2.89 billion in the same month a year ago.

From January to August this year, cash remittances rose by 3.1 percent to $22.91 billion from $22.22 billion in the same period last year.

‘Whether there are external threats or not [from pandemics to inflation pressures], expect more foreign currency from Filipinos abroad that addresses family seasonal needs and now due to disasters,’ Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano told BusinessMirror.

The growth in remittances is expected to persist, with monthly increases likely to remain stable within 3 percent, Opiniano added.

Nevertheless, Opiniano expressed concern that remittance-receiving households focus mainly on meeting daily needs rather than saving or preparing for rainy days.

Ateneo de Manila University economist Leonardo A. Lanzona shared Opiniano’s sentiments and told BusinessMirror that remittances sent back home are not intended for investments, but to support families in meeting basic day-to-day needs.

‘We cannot always rely on overseas employment prospects to ensure that money flows from abroad remains high,’ Opiniano told this newspaper. ‘The concern is building more assets in aid of international migration, or else there will still be the itch to rely on dollars from, and jobs found, abroad.’

Meanwhile, Lanzona said Filipinos abroad will send more money back home due to the ongoing flood control fiasco in the country.

‘[Remittances are] bound to increase as the country’s economy weakens because of the flood control scandal,’ he said.

The United States remained the top source of remittances to the Philippines during the eight-month period, followed by Singapore and Saudi Arabia, BSP data showed.

However, BSP noted that it is a common practice of remittance centers in various cities abroad to course remittances through correspondent banks, most of which are located in the US.

Remittances coursed through money couriers cannot also be disaggregated by actual country source and are lodged under the country where the main offices are located, which, in many cases, are also in the US.

‘Therefore, the US would appear to be the main source of [overseas Filipino] remittances because banks attribute the origin of funds to the most immediate source. The countries are listed in order of their share of cash remittances, i.e., from highest to lowest,’ BSP said.

Although cash remittances dipped by 6.2 percent from $3.18 billion in July 2025, this reflects seasonal normalization after back-to-school spending and a less volatile peso, Unionbank Chief Economist Ruben Carlo O. Asuncion said.

‘With year-to-date growth slightly ahead of target and holiday inflows ahead, remittances remain on track to meet BSP’s full-year growth forecast,’ Asuncion told reporters in a message.

SM Investments Corp. Chief Economist Robert Dan Roces added that remittance flows in August have some resilience despite global headwinds, and reflect a lower comparative base or mild fluctuations in monthly flows.

‘The ‘ber’ months, when remittances traditionally rise, may buoy the remainder of the year,’ Roces told reporters.

Still, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort warned that global growth could slow down due to Trump’s tariffs, trade wars and protectionist policies.

‘This, thereby, could slow down global trade, investments, and employment, including some OFW jobs in the global supply chains,’ Ricafort said.

A possible US Federal Reserve rate cut could support global economic activities, but may weaken the dollar against major global currencies, Ricafort added.

‘OFW remittances and conversion to pesos seasonally increase in the fourth quarter, especially during the Christmas holiday season towards the end of the year, especially within a week before Christmas to finance the surge, if not the peak, in holiday-related spending,’ Ricafort noted.

Moreover, Ricafort said the proposed 1 percent US tax on OFW remittances could reduce inflows to the Philippines, translating to P8 billion to P9 billion in foregone domestic spending annually.

BSP data further showed that the increase in cash remittances also boosted personal remittances, including money sent through banks and informal channels, along with remittances in kind.

Personal remittances rose by 3.2 percent to $3.31 billion in August from $3.20 billion in the same month last year.

Cumulative personal remittances also increased by 3.1 percent to $25.51 billion in January to August from $24.74 billion recorded in the same period a year ago.