Category: Business Mirror

DESPITE infrastructure and warehouse damages caused by recent typhoons, the country’s buffer rice stock remains sufficient to feed Filipinos for 12 days, the National Food Authority (NFA) said.

NFA Administrator Larry Del Rosario Lacson said on Tuesday that the agency currently has 446,000 metric tons or about 8.9 million bags of milled rice, enough to last for nearly two weeks.

‘Right now, our buffer stock stands at almost 12 days nationwide. It can feed all Filipinos for 12 days,’ Lacson said in a press briefing.

According to Lacson, recent storms caused minor damage to some NFA facilities, such as leaks and flooding, but did not result in major losses and rice stocks remained unaffected.

He added that the NFA is currently assessing the volume of rice that got wet during the storms, noting that some may still be dried and recovered. Initial reports point to only a few hundred bags being affected, the agency administrator said.

‘There is nothing that needs rehabilitation. These are just minor repairs, just some leaks.The recent storm did not cause any damage to our stocks.’

P20 rice in Masbate

Lacson said the NFA started releasing P20-per-kilo rice on Tuesday in Masbate, one of the provinces hardest hit by the recent storms.

‘We also carried out an immediate dispersal in Masbate, which was severely hit by the typhoon. As of now, I think they still don’t have electricity. We are even looking for a generator there so we can run our rice mill and continue providing rice in the area,’ he added.

Under the agency’s directive to speed up augmentation, he said trucks were immediately deployed to the affected area, adding that additional supplies from other regions are also being considered.

Lacson explained that the government has been expanding the rollout of President Ferdinand ‘Bongbong’ Marcos Jr.’s P20-per-kilo rice nationwide, but because Masbate was severely affected by the calamity, it was prioritized for distribution through Kadiwa outlets.

More than 3,000 bags of rice have so far been distributed in the province, while dispersals were also conducted in Regions 8 and 4, said Lacson.

This came as the Department of Social Welfare and Development’s (DSWD) gave out relief aid to families and communities in provinces, including Masbate, hit by the recent major weather disturbances due to typhoon ‘Opong.’

The DSWD said on Tuesday that it has so far distributed more than 309,000 family food packs (FFPs) to households affected by recent typhoons. The largest share of assistance went to the Bicol Region with over 82,000 packs, followed by Western Visayas with 52,000 and the Ilocos Region with nearly 44,000.

According to Lacson, the P20 per kilo of rice in Masbate ensures that residents have an accessible food source once relief supplies and FFPs are depleted. He noted that power restoration in the province may take time, making DSWD food packs insufficient to meet daily consumption needs.

Lacson added that other provinces severely hit by typhoons would also automatically be given priority for the P20-per-kilo rice rollout.

‘Right now, we haven’t met yet with the DA and the Kadiwa team. But definitely, when it comes to the priority session, that will suddenly move up. As long as an area is hit by a typhoon, it will move up in priority. That’s for sure,’ he said.

SECURITY Bank Corp. announced last Tuesday the appointment of Victor Lee Meng Teck as its next President and CEO.

A statement issued by the lender read that Lee is set to assume the role in early January 2026, following the completion of his work permit, visa and other regulatory requirements. He will succeed Sanjiv Vohra, who will continue to lead the bank until that time. Upon stepping down, Vohra will transition to the role of Senior Advisor to the Board.

Lee is a Singaporean banker with over 30 years of leadership experience throughout Asia. Most recently, he served as CEO of CIMB Singapore and CEO of Growth Markets for CIMB Bank Berhad.

At CIMB Singapore, Lee spearheaded a period of strong growth, doubling revenue and raising return on equity to nearly 20 percent, according to the lender. Under his leadership, the bank was recognized by The Straits Times as one of the Top 3 institutions for customer experience for three consecutive years (2023-2025). He also fostered a culture where employees felt more engaged and valued, with satisfaction levels rising significantly during his tenure, the statement read.

Vohra assumed leadership of the bank just months before the onset of the global pandemic. Despite unprecedented challenges, he led the organization through transformational change-strengthening digital and customer-first strategies, building a culture that has made Security Bank an Employer of Choice, advancing its sustainability agenda, and positioning the bank for long-term profitability.

‘We’re grateful to Sanjiv for his steady leadership during one of the most challenging periods in recent history. His vision and dedication have left the bank stronger, more resilient, and well-prepared for the future,’ Security Bank Chairman Cirilo P. Noel was quoted in the statement as saying.

LOWERING the value-added tax (VAT) rate to 10 percent would trigger a chain of economic and fiscal consequences, according to a top official from the Department of Finance (DOF).

Speaking at the recent Philippine Tax Academy’s (PTA) convention, Finance Undersecretary Karlo Fermin S. Adriano said that reducing the VAT rate to 10 percent from the current 12 percent will reduce revenues to about P330 billion annually, equivalent to around 1 percent of the country’s gross domestic product (GDP).

This would widen the fiscal deficit from the 2025 target of 5.5 percent to about 6.5 percent, reversing fiscal consolidation efforts.

‘So, definitely, we will not be able to do fiscal consolidation because our fiscal deficit last year was only 5.7 percent,’ Adriano said.

‘And, if we do not do fiscal consolidation, if we cannot show that we are not capable of fiscal consolidation, what will happen? Interest payments will also increase,’ the DOF official added.

Because of this, Adriano said the country’s credit rating could be downgraded, which would then push up borrowing costs and increase debt servicing.

‘All of our debts will increase and that’s a cycle of more debt,’ Adriano said.

If the government is really keen on lowering the VAT rate, the other option, Adriano said, is to decrease government expenditures of around P300 billion a year. However, this means government programs will also be lessened.

‘Definitely, there are some positives, but there are also some negatives,’ Adriano noted.

The House Committee on Ways and Means is currently studying the proposal to reduce the VAT rate from 12 percent to 10 percent to ease inflationary pressures and give Filipino households much-needed relief.

Batangas 1st District Rep. Leandro Leviste filed House Bill 4302, or the proposed VAT Reduction Act of 2025, to help households save an estimated P7,000 annually.

‘This bill is about giving ordinary Filipinos a break. The VAT is regressive, hitting the poor and middle class the hardest. Lowering it makes our tax system more progressive,’ Leviste said.

However, Adriano said the country’s VAT system is not regressive, based on a World Bank study.

Adriano said many VAT exemptions already exist, particularly for food, which accounts for around 50 percent of the poorest of poor households’ spending.

‘That’s why it’s not regressive because we have so many exemptions,’ Adriano noted.

If the government were to actually decrease the VAT rate, Adriano said higher-income households would mostly benefit since they consume more goods and services subject to VAT.

Data from the Bureau of Internal Revenue and Bureau of Customs show VAT collections have increased nearly eightfold-from P156.67 billion in 2005, when the rate was raised to 12 percent under the Expanded VAT Law, to P1.20 trillion in 2024.

The Philippines currently imposes the highest VAT rate in Southeast Asia. In comparison, Vietnam and Cambodia charge 10 percent, Indonesia 11 percent, Singapore 9 percent (GST), and Thailand 7 percent. Malaysia, Laos, and Myanmar impose between 5 and 7 percent.

THE national government’s outstanding debt slightly dipped to P17.468 trillion as of the end of August, with the debt stock seen to increase in the coming months due to more borrowings.

Latest data from the Bureau of the Treasury (BTr) showed the outstanding debt posted a marginal drop of 0.5 percent or P95.07 billion from P17.563 trillion from end-July.

The Treasury explained this was due to the full repayment of local bonds worth P526.34 billion and a stronger peso, which reduced the value of the country’s external debt.

According to John Paolo Rivera, senior research fellow at state-run think tank Philippine Institute for Development Studies, the decline in outstanding is due to scheduled debt repayments, which are normal and expected in managing liabilities.

‘However, this does not signal a downward trend. [Year-on-year], the debt stock is still significantly higher indicating continued borrowing to finance the budget deficit and support expenditures,’ Rivera told BusinessMirror.

The outstanding debt rose by 12.3 percent from P15.550 trillion during the same period a year ago.

Of the total debt stock, 69.19 percent was borrowed locally, while 30.81 percent came from foreign sources.

The Treasury said this is a ‘generally more favorable debt position,’ since domestic debts are less vulnerable to shifts in foreign exchange movements.

‘[D]omestic borrowing is largely owed to Filipinos themselves, providing a safe and secure investment vehicle for wealth growth while also ensuring that the money circulates back into the local economy,’ the Treasury added.

Broken down, domestic debt as of end-August amounted to P12.087 trillion, up by 12 percent from P10.791 trillion in the same period a year ago.

Compared to the previous month’s level, domestic debt inched down by 0.2 percent or P21.39 billion from P12.108 trillion.

Meanwhile, external debt as of end-August increased by 13.1 percent, reaching P5.381 trillion from P4.758 trillion a year ago.

However, it declined by 1.4 percent or P73.68 billion from P5.455 trillion as of end-July.

Reinielle Matt Erece, economist at Oikonomia Advisory and Research, Inc., told BusinessMirror that the outstanding debt will increase towards the end of the year as the government continues to tap the domestic market for funds.

In the fourth quarter of the year, the Treasury plans to borrow P437 billion through the sale of government securities.

‘The strong demand for Philippine government securities and the issuance of these debt papers can further increase the country’s outstanding debt,’ Erece said.

‘We hope to see these funds put into good use, in that case the increase in debt is justified,’ he added.

Meanwhile, Rivera said that in the coming months, the government could frontload its borrowings, ramp up infrastructure spending and manage fiscal needs amidst inflation and global uncertainty.

‘The overall trend remains upward, even with temporary month-on-month dips,’ Rivera noted.

‘The Bureau reaffirmed its commitment to prudent debt management and responsible borrowing, ensuring that financing activities remain aligned with the country’s high and inclusive growth agenda, while safeguarding the welfare of future generations of Filipinos,’ the Treasury said.

By yearend, the outstanding debt is projected to reach P17.359 trillion, with a debt-to-GDP ratio of 61.3 percent.

The outstanding debt is seen to hit the P19-trillion mark, increasing to P19.057 trillion by end-2026.

THE House of Representatives on Tuesday pushed for the inclusion of eight additional reform bills in the administration’s priority legislative agenda.

In his first Legislative-Executive Development Advisory Council (Ledac) meeting, Speaker Faustino ‘Bojie’ Dy III said the House agenda for the 20th Congress is anchored on economic growth, stronger social protection, and governance reforms, with a focus on ensuring affordable food, creating sustainable jobs, expanding digital connectivity, and improving public services for Filipinos.

The meeting, held in Malacañang, was attended by House leaders, including Majority Leader Sandro Marcos.

Dy affirmed the chamber’s commitment to work closely with President Ferdinand R. Marcos Jr., Senate President Vicente ‘Tito’ Sotto III, and other government leaders to fast-track the passage of vital measures.

‘We meet today in a spirit of collaborative governance to align our legislative agenda with the Administration’s Philippine Development Plan and its 8-point Socioeconomic Agenda,’ Dy said.

According to Dy, 32 of the 33 measures identified by the executive branch have already been filed in the House, which he said ‘sets a positive tone for our productive collaboration with all branches of government.’

During the meeting, Dy presented eight new measures for possible inclusion in the Ledac priority list, among them a Disaster Risk Financing and Insurance Framework to ensure swift and transparent calamity response and a bill to strengthen the Bases Conversion and Development Authority (BCDA) by extending its corporate life and opening select lands for development.

The House is also pushing a Presidential Merit Scholarship Program to reward outstanding graduates from low- and middle-income families and a bill disqualifying relatives of officials up to the fourth degree from government contracts to strengthen integrity in public service.

To safeguard democracy, the chamber seeks to regulate digital campaigning through a fair use of social media, AI, and internet technology in elections. It also proposes to modernize the Bureau of Immigration by professionalizing its ranks, adding visa categories, and upgrading border security.

The proposed Rice Industry and Consumer Empowerment (RICE) Act, on the other hand, aims to stabilize prices and empower the National Food Authority, while the Magna Carta for Barangays will institutionalize long-overdue benefits and ensure resources for local officials and communities.

‘With the President’s leadership and the collective will of this Council, we are confident that we can achieve these legislative goals,’ said Dy.

‘The House of Representatives is responding to the call of the people by crafting laws that directly improve their lives,’ he added.

THE International Container Terminal Services Inc. Elite Junior Finals blasts off Wednesday at The Country Club featuring the best junior golfers from Luzon (North) and Visayas-Mindanao (South) in a Ryder Cup-style showdown.

The finals mirror the recently concluded Team Europe vs Team USA duel and the format includes Four-Ball (Best Ball) on Day 1, Foursomes (Alternate Shot) on Day 2 and Singles matches on the final day with 48 of the country’s top juniors competing.

Team North co-captain Ryan Tambalque laid down a simple but clear plan for Day 1’s Four-Ball format where the boys’ 7-10 division opens play from the first tee, followed by the 11-14 and the 15-18 divisions.

The girls’ teams start simultaneously on the 10th tee and the three-day event is open to the public.

‘Keep the ball in the fairway and greens in regulation,’ said Tambalque, giving concise marching orders to his 24-player squad that emerged from a grueling seven-leg qualifying series organized by Pilipinas Golf Tournaments Inc.

Team South skipper Alfred Gaccion exuded quiet confidence as he acknowledged the depth of Team North.

‘The opposing team is equally equipped, so we’re focusing on a balanced fielding of players,’ said Gaccion, who singled out the girls’ 15-18 division as a potential game-changer. ‘Fortunately, we have strong representatives in every age division.’

‘The 15-18 girls will definitely be on top,’ he added, referring to his powerhouse lineup of Tashanah Balangauan, Crista Miñoza, Precious Zaragosa and Mikela Guillermo.

Team North’s counterpart in the girls’ 15-18 division are Rafa Anciano, Levonne Talion, Tiffany Bernardino and Chloe Rada.

The complete rosters:

Team North-Zoji Edoc, Zach Guico, Asher Abad and Halo Pangilinan (boys’ 7-10); Ronee Dungca, Mavis Espedido, Winter Serapio and Tyra Garingalao (girls’ 7-10); Vito Sarines, Zianbeau Edoc, Ryuji Suzuki and Jacob Casuga (boys’ 11-14); twins Lisa and Mona Sarines, Kendra Garingalao and Alexie Gabi (girls’ 11-14); Patrick Tambalque, Zachary Villaroman, Jose Carlos Taruc and Kristoffer Nadales (boys’ 15-18); and Rafa Anciano, Levonne Talion, Tiffany Bernardino and Chloe Rada (girls’ 15-18).

Team South-Ethan Lago, Lucas Revilleza, Kvan Alburo and James Rolida (boys’ 7-10); Denise Mendoza, Soleil Molde, Claren Quiño and Francesca Geroy (girls’ 7-10); Ralph Batican, Ken Guillermo, Jared Saban and Marcus Dueñas (boys’ 11-14); Brittany Tamayo, Kimberly Baroquillo, Zuri Bagaloyos and Rafella Batican (girls’ 11-14); Alexis Nailga, along with Luciano Copok, Mhark Fernando III and Eric Jeon (boys’ 15-18); and Tashanah Balangauan, Crista Miñoza, Precious Zaragosa and Mikela Guillermo (girls’ 15-18).

THE tournament is young but already, three schools are showing signs of dominance in Season 88 of the University Athletic Association of the Philippines (UAAP) men’s basketball championship.

Surprisingly, Ateneo is on top with an unbeaten 3-0 win-loss slate going into the fourth day of first round eliminations.

I can only think of Kymani Ladi as the significant power behind Ateneo’s resurgence.

At 6-foot-7, Ladi can shoot threes with the ease of a gazelle about to soar. The 23-year-old is from Vallejo, California, whose Filipino father is of Puerto Rican descent.

‘He is also a smart defender,’ Ateneo coach Tab Baldwin said of Ladi in a recent interview with Spin.ph columnist Homer D. Sayson. ‘He plays offensively, with perimeter skills. He is a smart defender.’

But while Ladi may emerge as Ateneo’s savior and prove to be the key to the Blue Eagles’ redemption mission, I have to concede that University of Santo Tomas is also armed this time with a reinforcement looking every bit as a complete package.

I refer to Collins Arkowe, the massively built Nigerian, whose 6-foot-10 frame is packed with 260 pounds of pulverizing power.

In just two games, Arkowe is already producing statement stats that could yet translate into serious title hopes for the Growling Tigers from España.

First, he debuted with 29 points and 17 rebounds in University of Santo Tomas’s (UST) ghastly 87-67 rout of defending champion University of the Philippines, playing practically unstoppable in the shaded lane and transforming the boards into his own private domain.

And then in his second game, he fired 20 points and grabbed 19 rebounds, sparking a rally that erased a 12-point deficit en route to UST’s 93-84 spanking of De La Salle.

At the rate he’s been playing, Arkowe might yet shoulder the Tigers into greater heights-if not into the championship-given that he’s got great back-up in both Nic Cabanero and Forthsky Padrigao.

In both wins of UST, Cabanero and Padrigao dished off their usual deadly sting-with Cabanero continuously carving baskets even on tight situations and Padrigao also firing triples and unleashing his trademark assists in abundance.

I won’t be surprised if, this early, UST coach Pido Jarencio is dreaming to finally end a title drought of 19 years-and duplicating his 2006 victory as a rookie coach.

Jarencio faces another acid test today when UST battles National University (2-0) in a battle of unbeaten teams at 4:30 p.m. at UST’s Quadricentennial Pavillion on España.

It could be an emotional game for Arkowe as he squares off for the first time with the school where he first honed his skills as a junior player at NU.

The game is preceded by the match between La Salle (1-1) and winless Far Eastern U (0-2) at 2 p.m.

THAT’S IT Also unfolding today is the duel between Luzon/ICTSI and VisMin junior teams at the windswept but beautiful The Country Club in Santa Rosa, Laguna. The boys and girls golf skirmishes in the Ryder Cup-style competition is in 7-10, 11-14 and 15-18 age groups. Good luck to Francis Talion, who is Luzon team captain where his daughter, Levonne, is a mainstay in Luzon’s 15-18 division.