Category: Business Mirror

WHILE the country’s balance of payments (BOP) recorded an eight-month-high surplus of $706 million in October 2025, persistent trade deficits, tariff policies and higher global uncertainty reversed the 10-month BOP into a deficit of $4.609 billion.

According to the Bangko Sentral ng Pilipinas (BSP), the country’s $706-million BOP surplus in October was a turnaround from the $724 million in deficit during the same month last year.

The BOP accounts for the transactions of the country with the rest of the world.

Better weather conditions, easing of political noise that previously caused volatility, seasonal tapering off of imports and an increase in remittances and export sales improved the country’s BOP, according to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation.

‘Though still offset by the continued Trump risk factor/premium that led to some market volatility worldwide,’ Ricafort said.

Robert Dan Roces, group economist at SM Investments Corporation, said the October surplus reflects strong inflows from the national government’s external financing program and the usual lift from seasonal remittances and business process outsourcing receipts.

‘On top of that, import growth has softened, which naturally narrows the trade gap and helps the balance,’ Roces added.

GIR surplus

Meanwhile, the BSP said October’s surplus reflected the increase in gross international reserves (GIR) to $110.2 billion as of end-October 2025.

This level of reserves, the BSP said, remains an adequate external liquidity buffer, equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income.

It covers about 3.8 times the country’s short-term external debt based on residual maturity.

10-month BOP: From surplus to deficit

During the January to October 2025 period, the BOP posted an overall deficit of $4.609 billion, ‘showing signs of narrowing as inflows strengthened,’ the BSP said.

This, however, is a reversal from the $4.393 billion surplus in the same period a year ago, based on BSP data.

Ricafort said this is partly due to the continued trade deficit of the country in recent months, foreign debt servicing and volatile markets due to local political noise, Trump tariff policies and higher global uncertainty.

‘Looking ahead, BOP should stay broadly stable, but foreign exchange stability will still hinge on US rate cuts, oil prices, and how quickly exports recover,’ Roces said.

He added that the risk now is less about liquidity and more about sentiment. ‘Any flare-up in geopolitics or tariffs can easily swing the monthly numbers.’

Anti-corruption measures and other reform measures, Ricafort added, will help further improve international investor sentiment on the country, which could improve the BOP data in the coming months.

The BOP accounts for the transactions of the country with the rest of the world.

GIR, meanwhile, are made up of foreign-denominated securities, foreign exchange, and other assets, including gold.

GIR help a country finance its imports and foreign debt obligations, stabilize its currency, and provide a buffer against external economic shocks.

THE human trafficking conviction is the latest in a series of legal setbacks for Alice Guo.

In June 2025, Branch 34 of the Regional Trial Court ruled that Guo, legally identified by the court as a Chinese national, had fraudulently assumed a Filipino identity to run for mayor.

The court also voided her proclamation and convicted her of usurpation of public office.

In September 2025, Branch 111 of the RTC in Tarlac City certificate of live birth, a ruling affirmed in October after her appeal was denied.

The government had also secured criminal forfeiture of Guo’s 7.9-hectare Baofu property, valued at P3.9 billion. Civil forfeiture cases involving Guo’s other assets including bank accounts, vehicles and real estate collectively worth hundreds of millions of pesos remain pending.

Businessman Ruperto Cruz, who has been repeatedly mentioned in investigations into the Porac Philippine Offshore Gaming Operations (Pogo) case, declined to comment on Guo’s conviction.

Cruz maintained that he was not involved in the Porac hub’s operations and that the property transaction was strictly a business matter.

Cruz said there are no records linking him to human trafficking and that he was unfairly singled out, while similar cases involving other landlords and local officials were not pursued.

‘I cannot comment on that. We respect the court’s judgment. But in the case filed against me in relation to human trafficking, there are no records to prove that,’ said Cruz.

‘Just like the Remullas on their Cavite property, we only sold our property, because I am a businessman. Ang lumilitaw kasi bakit ako lang ang kinasuhan sa human trafficking? Wala naman pruweba. It won’t stand in court. Naging sensationalized ang Porac case pero kung tutuusin nasi-single out lang din kami. Wala naman records,’ he added.

Cruz is the owner of the 150-hectare Royal Garden Estate in Porac town. Only about 4-hectare portion of the property was sold to Whirlwind Corporation and later leased to Pogo Lucky South 99.

Lucky South was raided by the authorities in June 2024. The hearings conducted by the Senate and the House of Representatives have revealed links between Whirlwind and Lucky South through common associates including former presidential spokesperson Harry Roque.

Cruz is also the chairman of the Pinoy Gumising Ka Movement-among the civil society groups in Pampanga pushing for the call to a Constitutional Convention (Con-Con) as a peaceful way to end the systemic corruption amid the ongoing flood control scandal.

‘First of all, I am not in their corporation [Whirlwind]. Kamukha ng kina Ombudsman [Jesus Crispin] Remulla at Secretary [Juan Victor] Jonvic Remulla, nag benta at nagpa-lease lang din kami. Kung isasali nila ako, isali nila lahat,’ Cruz said.

‘When we were having the transaction, they said they were BPOs, a call center. They were legalized under the Duterte administration. What about the mayors in Metro Manila? They were also not included. Mayor Jing Capil was also singled out,’ he added.

The Paocc said it is monitoring 55 related cases nationwide, with 33 already in active trials.

THE new chief of the Energy Regulatory Commission (ERC) said ‘internal conflicts’ and ‘weak top management’ are the primary causes of the agency’s case backlog, rather than the number of commissioners.

There was a proposal raised during deliberations on the amendments to the Epira to increase the number of commissioners to nine from the current five as part of restructuring the agency.

ERC chairman Francis Saturnino Juan said an increase in the number of commissioners does not necessarily correlate with a higher resolution rate of cases, nor does it facilitate expedited decision-making.

Instead, he pointed out, the proposal is likely to institutionalize gridlock, saying an increase in the number of commissioners may result in more protracted debates, deeper divisions, and greater challenges in achieving the majority consensus necessary for critical decisions. In a nutshell, the proposed reform addresses a non-existent problem while creating a new one.

‘We actually raised concern on the proposal for the increase in the number of the commissioners.we are not in favor of that expansion of the commission to nine. The reason why we are not in favor of that expansion is because it’s more in reaction to what was happening. And that failure is not because of the current structure but because of something else,’ Juan said.

The ERC chief believes that the challenges that have plagued the commission in recent years-case backlogs, regulatory uncertainty, and perceived indecisiveness-are symptoms of deeper, non-structural ailments.

He said the ERC’s effectiveness has been disproportionately impacted by internal conflicts and a weak top management. The problem was not the number of commissioners, but the quality of their collaboration.

‘Without clear directives and firm management from the top, operational momentum stalled, and backlogs inevitably piled up,’ a position paper drafted by the ERC stated.

Further, the ERC struggles to compete with the private sector for top-tier talent-the seasoned engineers, economists, and utility practitioners who can navigate the complex technical and financial nuances of the energy sector.

‘Similarly, an increase in the number of Commissioners does not necessarily correlate with a higher resolution rate of cases, nor does it facilitate expedited decision-making. Instead, it is likely to institutionalize gridlock.

‘An increase in the number of voices may result in more protracted debates, deeper divisions, and greater challenges in achieving the majority consensus necessary for critical decisions. This reform addresses a non-existent problem while creating a new one,’ it added.

First 100 days

Meanwhile, Juan capped his first 100 days in office with reforms aimed at strengthening transparency, accelerating regulatory processes, and improving service for electricity consumers.

Juan’s leadership has focused on addressing a major backlog: the decade-long delay in the rate reset process for private distribution utilities (PDUs) under the performance-based regulation (PBR) framework. Juan helped craft and directed the implementation of the Rationalized Rules for Setting Distribution Wheeling Rates to facilitate the restart of the reset process for all PDUs.

‘We start on a clean slate so that future rate-setting under the PBR becomes forward-looking once more, where the distribution rates will be set using forecasts of efficient costs and sound regulatory principles,’ said Juan.

The ERC also acted to sustain the renewable energy (RE) sector, approving a new Feed-in Tariff Allowance (FIT-All) rate in November 2025 to ensure timely payment to RE developers.

The ERC likewise simplified net metering procedures to four core requirements and standardized rules across DUs, allowing households and businesses to avail themselves of the benefits of the net-metering program with ease.

Besides the approved resolutions on PBR, FIT-All, and net metering rules amendments, the ERC initiated development of other key resolutions. These include the rules to govern the review process for the Ancillary Services Procurement Agreements procured by the National Grid Corporation of the Philippines, and the proposed resolution to expand the coverage of the lifeline program.

DigiPlus Interactive Corp. said the P12 billion it needs for the acquisition of Hong Kong-listed International Entertainment Corp. (IEC) will be internally funded, as the company forays into land-based gambling arena.

DigiPlus President Andy Tsui said the company may also tap bank financing for a portion of the amount, but the company, he said is ‘sitting on a cash pile of over P19 billion.’

‘So, we do expect that we have sufficient internal funds but if we need it we can also explore some short-term financing.’

Tsui said DigiPlus expects to complete the arrangement with IEC within eight to nine weeks as its shareholders approve the agreement. The first payment will then be made in early January 2026 and the second payment in April, according to Tsui.

DigiPlus announced that it has signed a HK$1.6-billion (approximately P12 billion) convertible notes agreement with IEC.

The five-year notes carry an interest rate of 3 percent, and the rights to acquire a 53.89 percent economic stake in IEC.

If DigiPlus chooses not to convert, the notes will instead be redeemable at 108 percent at the end of the five-year maturity, it said.

Tsui said if DigiPlus manages to acquire IEC, it will further establish its foothold in the mass market gaming in the Philippines, as New World Hotel Manila’s location is in the heart of Manila.

‘Number two, we see the competition in the Entertainment City is getting very intense and the growth rate is kind of declining as well. So we think that if we position ourselves in like Malate area, we could achieve much stronger growth because there’s only one casino or integrated resort in that area,’ he said.

‘Of course, the cost of investment is much lower to enter into a land-based casino in the Malate area versus anyone else in the Entertainment City. It will cost at least $1 billion or more for the entire complex in Entertainment City. So, I think that’s why we decided to go with IEC because we will have a chance to own the majority ownership around 53.9 percent.’

Tsui said DigiPlus is working with a lawyer to apply for a whitewash waiver that will allow its IEC acquisition without triggering a tender offer to other investors of the company.

Eusebio H. Tanco, the company’s chairman, said they went for the IEC deal instead of pursuing the City of Dreams (COD) Manila, which is reportedly is up for sale.

The IEC deal will have assets instead of the COD Manila where they can only rent the place for a certain period as the current owners, the SM Group, does not intend to cede control of the property.

On DigiPlus eventually becoming a dual listed company, since IEC is also listed in Hong Kong, Tsui said, ‘we don’t have that idea yet’.

‘But we’re open because the benefit of having a Hong Kong-listed company it will enlarge our investor base we can tap into a lot of international investor with higher liquidity so now we’re focusing on the integration first.’

DigiPlus said the first HK$800 million tranche, will be completed upon satisfaction of customary conditions, while the remainder will follow within three months of the first completion, subject to mutually agreed terms between the parties.

‘At the same time we also have to obtain approval from PCC [Philippine Competition Commission] for the acquisitions. So, that might take maybe six to nine months, we still don’t know what the time is on that one. So, until we finish the payment and the approval process then we can consider to convert.’

IEC owns and operates the 203-key New Coast Hotel Manila, an integrated hotel and casino complex located in Malate, licensed by the Philippine Amusement and Gaming Corp.

Formerly known as New World Hotel Manila, it rebranded to its new name in in 2020. New Coast Hotel Manila also operates 96 gaming tables, 495 slot machines and a range of other gaming amenities.

NEWLY-APPOINTED Finance Secretary Frederick D. Go vowed to translate government policies into ‘real, tangible progress that every Filipino can feel,’ as he formally took the helm of the Department of Finance (DOF).

In a statement, the DOF said Go’s entry into the Finance department comes at a crucial time when Filipinos are in the process of rebuilding and relying on the government for action.

‘We find ourselves at a very challenging moment. Many of our fellow Filipinos need our help to rebuild and to look for solutions, accountability, and hope,’ Go said in his speech during the turnover ceremony.

‘With this comes a profound responsibility to steer the Philippine economy towards greater heights while ensuring that the government delivers on its promises,’ he added.

The Filipino people, Go said, deserve no less as every commitment the government makes must translate into real, tangible progress that every ordinary Filipino can feel. ‘I am confident that together we can meet these challenges.’

Go urged the men and women of the DOF to share their ideas, specifically actionable ideas, and speak freely, candidly and boldly.

‘As Executive Secretary Ralph G. Recto said, challenge me or us whenever necessary so that we can arrive at the best solutions,’ Go said.

Go said he and former Finance Secretary Recto agree on almost everything. ‘I’m struggling to think of a moment where we had a difference in opinion-in what needs to be done or what the strategy is.’

The new Finance chief called on the DOF to recommit themselves to serving not just the institution, but more importantly, the people.

‘Our mandate is bigger than any one individual. We are here to take action, improve lives, and make a difference through a government that is responsive and efficient,’ Go added.

‘We are here to take action, improve lives, and make a difference through a government that is responsive and efficient,’ Go said.

Prior to assuming his role as Finance Secretary, Go served as Special Assistant to the President for Investment and Economic Affairs.

Go also headed the Economic Development Committee, supervising and monitoring developments in key government agencies.

Go also led several business ventures where he served as chairman, vice-chairman, president, CEO, and director of six listed companies and a number of corporations.

His experience spans 35 years across various industries including media, retail, real estate, food, banking, finance, airline, airport, petrochemicals, gaming and power.

TO prevent its use in criminal activities, the acting National Police (PNP) chief, Lt. Gen. Jose Melencio Nartatez Jr., on Thursday ordered the implementation of stricter measures against the unauthorized use, manufacture and sale of police uniforms to protect the integrity and credibility of the service.

‘Our uniforms are not only a symbol of authority. They also represent the honor, integrity and professionalism of the organization which we represent. It is the obligation of every police officer to protect and wear them with pride and dignity,’ he said.

Nartatez has tasked PNP units to intensify the measures to protect police uniforms in order to ensure that law enforcement authorities maintain public trust and that official symbols of authority are safeguarded against misuse.

The first targets of the operation against the unauthorized sale of police uniforms and accessories are the stores surrounding the PNP National Headquarters at Camp Rafael T. Crame, Quezon City. Those stores sell uniforms, shirts, insignias and other pieces of police clothing to all comers without asking questions or demanding idenfication cards.

The order came as the National Police Commission convened its accredited uniform suppliers to discuss stricter measures and accountability against the illegal sale of police uniforms.

Authorities have noted an increasing prevalence of unauthorized sellers, both near the PNP headquarters in Camp Crame, Quezon City and across various online selling platforms.

Nartatez stressed that the PNP will actively collaborate with online selling platforms to curb illegal sales and will conduct inspections of physical stores, including those within and near the vicinity of Camp Crame, to verify authorization for uniform production and sale.

‘We will work with online selling platforms to thwart any illegal sale of police uniforms and we will also inspect stores to check if they are authorized to produce and sell these uniforms,” he said.

He explained that the PNP, as an organization, has gone through a long transformation to do away with negative public perceptions against the police force.

He then urged all policemen to be active in protecting PNP uniforms, insignias and all other accoutrements.

‘A number of policemen before us invested so much hard work and sacrifices for the Philippine National Police to become what it is now. Let us honor them by properly wearing them and doing nothing to compromise the integrity and honor of the police force,’ Nartatez added.

THE European Union (EU) and the Philippines sealed a new cooperation agreement to accelerate the country’s digital transition and technology innovation, backed by a pound 22.6-million Digital Economy Package.

In a statement on Thursday, the DOF said the package covers 5G development, cybersecurity, artificial intelligence (AI) for earth observation and digital connectivity and infrastructure.

The EU-Philippines Digital Economy Package is funded by a pound 20 million contribution from the EU, complemented by an additional pound 2 million from Finland and pound 600,000 from France.

Newly-appointed Finance Secretary Frederick D. Go said the project will provide the Philippines with a secure and reliable digital connectivity infrastructure by enabling high-speed and real-time access to Copernicus data.

‘This will allow the government to better prepare for natural disasters, respond faster in times of crisis, and provide immediate relief to Filipino families. And we need this now more than ever,’ Go said.

A key component of the partnership will be strengthening the ongoing EU Copernicus Philippines programme, which uses earth observation data for disaster risk reduction, environmental monitoring and private-sector productivity.

By applying AI to earth observation, the programme will help the Philippine government develop new smart solutions for food security to mapping infrastructure.

The agreement will also foster collaboration between EU and Philippine universities on science and technological research and innovation.

In addition, the digital partnership will focus on policy support for 5G rollout, enhancing local and international digital connectivity and developing innovative applications requiring ultrafast connectivity to access Copernicus data.

The Philippine Space Agency, the Department of Science and Technology, the Department of Information and Communications Technology and the Office of Civil Defense will spearhead the execution of this partnership with European partners.

THE Civil Aviation Authority of the Philippines (Caap) has taken a significant step in fortifying the country’s aviation safety framework by successfully conducting a three-day workshop focused on international oversight standards.

Caap conducted the workshop in preparation for the coming 2026 International Civil Aviation Organization (Icao) Universal Safety Oversight Audit Program (Usoap).

The Usoap Continuous Monitoring Approach Workshop, held from November 17-19 in Parañaque City, was a key initiative designed to deepen the agency’s grasp of global safety standards and ensure the Philippines’ continued compliance with international aviation safety benchmarks.

The workshop underscored the commitment of the national leadership to elevate the country’s aviation safety profile. It reflects explicit directives from President Ferdinand Marcos Jr. and Transportation Secretary Giovanni Lopez to the Caap leadership, headed by Director General Raul del Rosario, to bolster aviation oversight capabilities and ensure strict adherence to international safety regulations.

To ensure the highest level of instruction, Caap enlisted the expertise of two distinguished ICAO officials:

Jerome Guevin, Chief of Oversight Support Unit at Icao’s Air Navigation Bureau.

Junjian Nie, Chief of the Safety and Air Navigation Oversight Audit Section at Icao.

Progress, competence

IN his address, Caap Deputy Director General for Operations Rozzano Briguez framed the impending 2026 Icao audit as a crucial opportunity for the Philippine aviation sector.

‘The upcoming ICAO audit is an opportunity for the Philippines’ aviation sector to demonstrate the nation’s progress, competence, and strengthened safety framework,’ Briguez said.

He also highlighted Caap’s ongoing dedication to modernization, saying, ‘Caap continues to invest in systems and capabilities that will make our oversight more efficient, more risk based, and more data driven.’

Caap concluded the event by affirming it’s dedication to achieve long term safety and resilience.

The completion of the workshop marks a pivotal moment in the country’s journey towards maintaining the highest international civil aviation standards as it gears up for the critical 2026 Icao audit, Caap said in a statement.

Prime Infrastructure Capital, Inc. (Prime Infra) borrowed P47 billion from local banks to partly finance its gas deal with First Gen Corp.

The Razon-led firm said Thursday it signed last November 12 an omnibus loan and security agreement with BDO Unibank, Inc. and Bank of the Philippine Islands (BPI) to fund its acquisition of a 60-percent ownership stake in First Gen’s gas assets in Batangas.

It later on conducted a separate ceremonial signing attended by Prime Infra Chairman Enrique K. Razon Jr. and President and CEO Guillaume Lucci, along with BDO Chair Teresita Sy-Coson and Executive Vice President Charles Rodriguez, BDO Capital President Eduardo Francisco, and BPI Senior Vice President and Institutional Banking Head Luis Cruz.

BDO Capital as mandated lead arranger and bookrunner.

‘This partnership with our banking institutions reflects their confidence in Prime Infra’s long-term strategy on energy security. This financing strengthens our position in natural gas and supports our goal of building an integrated energy platform that the country can rely on for decades,’ said Lucci.

The financing deal supports Prime Infra’s acquisition of a controlling stake in the 1,000-megawatt (MW) Santa Rita power plant, the 500-MW San Lorenzo power plant, the 450-MW San Gabriel power plant, the 97-MW Avion power plant, and the proposed 1,200-MW Santa Maria power plant, solidifying its presence in the Philippine natural gas industry and supporting the country’s energy security goals. First Gen maintains a 40-percent interest in the assets.

Prime Infra now also holds a 60-percent stake in the offshore liquefied natural gas (LNG) terminal, with First Gen and Japan’s Tokyo Gas owning 20 percent each.

Lucci also highlighted the synergy of the gas assets with Prime Infra subsidiary Prime Energy Resources Development B.V., operator of the Malampaya deep-water gas-to-power project, the country’s only indigenous gas field. Together with the Malampaya consortium, Prime Energy is undertaking Phase 4 drilling and exploration to maximize the country’s indigenous gas resources.

The company has formed Prime CoreGen to manage the gas assets. It will be led by former energy undersecretary Emmanuel de Dios, who will retire as President and CEO of Manila Water Company, Inc. on December 31, 2025.

De Dios brings extensive experience in energy. From 2001 to 2004, he was Undersecretary of the DOE under then-President Gloria Macapagal-Arroyo, where he established the Natural Gas Office. He later chaired the Philippine National Oil Company – Exploration Corp. and led Australian oil exploration company Nido Petroleum Ltd. Prior to joining the Prime Infra Group, he was CEO of GE Philippines, managing diverse businesses including power generation, industrial solutions, and aviation.

The inaugural Terra Madre Asia and Pacific 2025 (TMAP) formally opened on Wednesday at the Negros Occidental Provincial Capitol Lagoon, with a gathering of over 2,000 delegates not just from the region, but from other corners of the globe as well.

Hosted by the Philippines for the first time, TMAP is one of the world’s largest sustainable food gatherings attended by farmers, organic agriculture businesses, slow food enthusiasts and experts, and innovators from across Asia and the Pacific.

In an interview with the BusinessMirror, Slow Food International International General Director Paolo di Croce expressed satisfaction over the first regional gathering outside of Turin, Italy, where the movement’s main event, Terra Madre Salone del Gusto, is usually held every two years.

‘After the first day, we are very happy. So I think that the potential and the opportunities that we have seen here in the past to decide to come here are confirmed. And so we see very bright and interesting opportunities for our future,’ he said. The next TMAP will be in 2027.

In the Philippines, where close to 20 million families are steeped in poverty, however, how does one persuade them to consume only slow food products, which are often more expensive than their usual meal of instant cup noodles and soda? Di Croce admitted this was a ‘complicated issue and it’s almost everywhere.And you know, what we always say is we want to advocate for good food for everyone.[But] we need the intervention of the government to help the good clean and fair producers and not the others [e.g. industrial food makers].’

He said organic farm producers in the country, for instance, have to pay costly amounts to be certified by the government.

Also, Di Croce said, awareness must be created to make Filipinos realize ‘that good food doesn’t necessarily come from abroad, like potato chips and Coca-Cola. We buy many things that are not sustainable. It’s cheap but it’s not good for the health. It [raises] the cost of health care.’

According to PhilHealth, which administers the national health insurance program, it paid out over P217.93 billion in total benefit claims to healthcare facilities nationwide in the first nine months to September this year, a 94.18-percent jump from the same period last year.

Many of these claims include hypertension emergencies and chronic kidney diseases, a likely complication from long-term diabetes. Both are preventable with lifestyle and dietary changes.

The five-day TMAP features an incredible array of slow food products from across the Philippines and Asia Pacific; cooking demonstrations by well-known chefs here and abroad; talks and presentations on agroecology, mushroom foraging, slow food travel, artisanal salt; food tastings; and discussions on the growing coffee culture in the region.

For her part, Tourism Secretary Christina Garcia Frasco spoke of the goal of the regional gathering: ‘[We] are bound by a common mission: our love for the environment, our desire to have a more meaningful engagement and of course, the aspirations to ensure that our food systems can last for generations to come.’

She underscored how vital the gathering is in supporting local communities, empowering producers, and ensuring that tourism delivers tangible benefits while preserving food heritage.

‘Through these efforts, we do more than celebrate cuisine; we create opportunities for communities to empower our local producers, and ensure that tourism generates tangible benefits for our people as well as sustain our food heritage,’ she said.

Aside from being the hub of the Philippines’s largest slow food community, Bacolod is home to some of the best culinary creations in the country-from the celebrated chicken inasal to the sweet piaya, and the delectable kansi, a bulalo-like concoction with beef shanks or ribs, with batwan fruit as souring agent for the broth.

Negros Island also produces sustainable coffee beans, organic fruits and vegetables, coconut products such as virgin coconut oil and coconut vinegar, among others.

Held alongside TMAP is the 18th Negros Island Organic Farmers’ Festival, with some 50 farmers and exhibitors showcasing their diverse products.