Category: Business Mirror

THE Philippines has a strong appetite for data and was an early pioneer in using SMS for services like payments, but turning technological innovation into broader digital economy growth remains a challenge, according to the global mobile industry group.

Julian Gorman, head of Asia Pacific at GSMA, said during the Digital Nation Summit in Makati City on Thursday that the Philippines demonstrates robust demand for digital services and now ranks seventh in the GSMA’s Asia Pacific Digital Nation Index, placing it firmly among the region’s leading digital nations. Yet, he noted, complex regulations and slow site approvals have hindered the full application of technology in practical services.

‘The country is currently going through, I think a big shift, which deserves some applause,’ Gorman added, citing recent government allocations of over P72 billion for national broadband, cloud, and other digital transformation projects. The domestic digital economy contributed P2.25 trillion, or roughly 8.5 percent of GDP, with e-commerce alone surpassing P500 billion in 2023.

To illustrate how regulatory reforms can drive digital growth, Gorman cited India and Vietnam as regional examples. India, previously hindered by spectrum crises, decades-old legal disputes, and failed auctions, streamlined site approvals and reduced spectrum costs, enabling the country to build the world’s fastest nationwide standalone 5G network.

‘In the last 10 or 15 years, India has gone from being a technology importer to be a technology exporter,’ Gorman said, adding that India serves as a relevant benchmark for 5G deployment in the Philippines. He noted that, as a low- to middle-income country facing challenges similar to those in the Philippines, such as underserved or remote areas, India has managed to build a successful 5G ecosystem, albeit differently from larger markets like China or the United States.

Vietnam, meanwhile, cut spectrum reserve prices by 90 percent and offered government rebates tied to operator investments, signaling a clear commitment to using mobile technology as a driver of economic transformation, Gorman said.

‘I think a bold policy, a regulatory step by providing a rebate, but actually directly linking it to the revenue from the auction was a very clear message that the government considered they would also invest in making sure that mobile technology was a strong foundation for the transformation of the economy,’ he emphasized.

Despite regulatory hurdles, Gorman said the Philippines has advantages, including a young, digitally literate population. Yet, he noted a significant usage gap: many Filipinos covered by mobile broadband are not fully utilizing it due to device costs, lack of relevant services, limited digital skills, and issues of digital trust.

‘In the physical world, trust is the foundation to order society. trust is everything. In the digital world, trust is being attacked by the scam economy, by scammers,’ he added, highlighting GSMA’s Asia Pacific Cross-Sector Anti-Scam Task Force. The initiative brings together 35 organizations across 17 countries, including Philippine operators, Google, and Meta, to collaborate on identifying and preventing scams.

The group’s ongoing Asean consumer scam study shows that 52 percent of Filipinos have been scammed at least once, seven points above the Asean average. Eight percent reported being victimized in the past year, with exposure rising 6 percent, second only to Thailand. Two-thirds of victims lost money, 11 percent significantly, while 45 percent reported emotional stress and 28 percent spent considerable time resolving incidents. Overall, 96 percent expressed concern about scams, with 58 percent ‘very concerned,’ up seven points year-on-year.

At the summit, GSMA urged stakeholders across banking, telecoms, e-commerce, and government to standardize threat reporting, leverage telecom data for real-time fraud detection, expand public-awareness campaigns, and align data-protection frameworks to support secure cross-border services under the Asean Connectivity Strategic Plan 2026-2035.

Gorman, meanwhile, stressed the importance of preparing for the next wave of technology, including AI and 5G. With Filipinos ranking as the fifth-largest global users of ChatGPT, creating a supportive regulatory framework for AI is crucial to ensure safe online use, he said.

He added that infrastructure upgrades are needed to support AI-driven traffic, low-latency applications like live translation, and expanding the nation’s fiber network, while also considering sustainable power supply and cloud infrastructure development.

ADDITIONAL flights between Riyadh and several Philippine destinations are seen boosting the tourist arrivals from the Kingdom of Saudi Arabia.

In a news statement, Tourism Secretary Christina Garcia Frasco said, ‘Our shared values of hospitality, family, and faith make the Philippines a natural destination of choice for Saudi travelers. The Philippines expects further increases with the launch of new routes in 2025, including Riyadh-Cagayan de Oro and Riyadh-Zamboanga, complementing existing Riyadh-Manila and Jeddah-Manila connections [of Saudia Airlines].’

She added, ‘With enhanced air connectivity, we aim to bring the beauty and warmth of our islands even closer to the Saudi people.’

The Riyadh to Cagayan de Oro/Zamboanga routes are actually connections from Manila. Saudia’s code-share agreement with Philippine Airlines allows the former to offer Riyadh-Cagayan de Oro and Riyadh-Zamboanga flights. Saudia flies 11 times a week on the Riyadh- and Jeddah-Manila routes.

Tourism Undersecretary Verna C. Buensuceso, representing Frasco, recently met with Saudia Airlines General Manager Abdulrahman Alabdulwahab and Riyadh Air Vice President for Network Planning and Partnerships Wolfgang Reuss on the sidelines of the 26th UN Tourism General Assembly in Riyadh. They discussed the expansion of air connectivity and the development of joint tourism promotion initiatives. Philippine Ambassador to Saudi Arabia Raymond R. Balatbat also attended the meetings.

‘As a destination, the Philippines continues to gain ground among Saudi travelers, recognized for its warm hospitality, competitive value, English-speaking service culture, and growing Halal-friendly tourism infrastructure. Saudi nationals enjoy visa-free entry to the Philippines for up to 30 days, making travel easier and more accessible,’ said Frasco.

The Middle East continues to outperform other regions in international travel, in terms of destinations and as a source market for tourists. For Saudi Arabia, specifically, its outbound tourism is projected to reach US$25.49 billion by 2027, from $10.86 billion in 2021. ‘Saudi Arabia represents not just another emerging market, but a fundamental shift in high-yield tourism,’ said travel consultant Dr. Jens Thraenhart in the Balanced Tourism website.

Saudi travelers stay up to an average of 19 nights in a destination, spending significantly above global averages. Outbound travel is driven by young professionals, with solo travelers now accounting for 78.82 percent of bookings, added Thraenhart, who also recently consulted for Saudi Tourism Authority.

Data from the DOT showed visitor arrivals from Saudi Arabia slipped by 3.25 percent to 18,237 in the 10 months to October 2025 versus the same period last year. The agency said among top destinations outside of Metro Manila by Saudi tourists were: Cebu (23.29 percent of total), Aklan/Boracay (21.92 percent), Pampanga (15.07 percent), Palawan (8.22 percent), and Cavite (1.37 percent), ‘reflecting a strong preference for premium, family-friendly beach and resort experiences.’

Saudi travelers spent US$37.86 million last year, up 46 percent from 2023, according to the DOT chief, ‘confirming Saudi Arabia’s position as one of the Philippines’s fastest-growing and highest-value markets.’

Overall, there were 70,950 visitors from the Gulf of Cooperation Council countries from January to October 2025, a 9.33 percent drop from the same period last year.

The DOT has undertaken Muslim-friendly and Halal tourism initiatives to enhance the visit of tourists from the Middle East and other other Muslim-majority countries. As per the agency’s list, there are now 14 halal kitchens among its accredited accommodation establishments, while there are 289 Muslim-friendly restaurants across the country.

Megaworld Hotels and Resorts Corp. has also opened a Muslim-friendly beach Marhaba Boracay, a first in the Philippines. Likewise, Halal-certified meals are available from Philippines AirAsia on all its routes.

In this year’s Global Muslim Travel Index (GMTI) of Mastercard and CrescentRating, the Philippines climbed to eighth place, from 12th in 2024, in the list of top 20 non-OIC (Organization of Islamic Cooperation) halal-friendly destinations.

SM Investments Corp. (SMIC), the holding firm of the Sy family, on Wednesday said it recorded a net income of P64.4 billion in January to September, up 6 percent from P60.9 billion last year.

Consolidated revenues increased 4 percent to P482.3 billion, compared with P462.5 billion a year ago.

‘The third quarter performance remained within our expectations. Despite the challenges brought about by adverse weather and flooding, we continued to see resilient financial performance across our businesses,’ Frederic C. DyBuncio, the company’s president and CEO, said.

‘While external factors may temper overall economic growth, we maintain an optimistic outlook as we move into the fourth quarter.’

Banking accounted for the largest share of SMIC’s net income at 50 percent followed by property at 28 percent, retail at 15 percent and portfolio investments at 7 percent.

SM Retail reported net income was at P12.2 billion, some 5 percent lower than last year’s P12.8 billion.

Retail revenues, meanwhile, grew 5 percent to P318.1 billion from P301.8 billion in the previous period.

‘The earlier school opening in June this year pushed some spending from the third to the second quarter. Despite this shift, specialty retail spending grew in the health and beauty, fashion and kids categories while essential spending continued to prop up growth for food retail,’ DyBuncio said.

Department store revenues grew 3 percent in the fashion and kids segments while food retail revenues increased 7 percent supported by a strong market base and store expansions.

Specialty retail revenues rose 4 percent, driven by growth in the kids and home categories.

BDO Unibank Inc., the country’s largest lender recorded a net income of P63.1 billion, an increase by 4 percent from P60.6 billion last year due to the sustained performance of its core business segments.

China Banking Corp. posted a net income of P20.2 billion for the period, up 10 percent year-on-year with core businesses delivering robust result, the company said. SM Prime Holdings Inc., the shopping mall operator, reported a nine-month profit of P37.2 billion, up 10 percent from P33.9 billion a year earlier.

The growth was driven by higher contributions from the mall and convention center segments, it said.

The portfolio investments’ performance was driven by Philippine Geothermal Production Co., which contributed 30 percent of total portfolio income, followed by NEO with 26 percent and the delisted firm 2Go Group Inc. with 12 percent.

Revenues of 2Go rose 6 percent and net income by 65 percent supported by the strong performance of its travel and logistics businesses.

DEFENDING champion Mapua took down Group A leader Perpetual Help, 77-61, on Friday in the National Collegiate Athletic Association Season 101 basketball tournament at the San Juan Arena on Friday.

Fresh off a 78-73 win over Lyceum a few days ago, the Cardinals kept their momentum going, sending the Altas to their second straight loss.

The Cardinals improved their win-loss record to 6-5 won-lost good for second spot.

Perpetual remained atop the ladder despite tripping to an 8-3 card.

Clint Escamis fired a game-high 18 points and made five assists, two rebounds and a steal.

Cyrus Cuenco added 13 points and Yam Concepcion scored 11.

Perpetual, on the other hand, had only one player breaching double digits in scoring.

Josiah Alcantara topscored for the Altas with 10 points, Patrick Sleat scored nine and Mark Gojo Cruz added eight.

PRESIDENT Marcos on Thursday assured that government spending during the last quarter of the year will be aligned with his administration’s ‘original plan’ to keep the country on track with its economic growth target this year.

‘Public spending now will be increased and-to make sure that by the end of the year, the levels of public spending are according to our original plan,’ Marcos said in a news conference in Malacañang on Thursday.

The Department of Budget and Management (DBM) earlier said it is banking on the spending of the P1.31-trillion programmed funds to boost the country’s gross domestic product during the last quarter of 2025.

Of the said fund, P9.52 billion will be used for conditional cash transfers.

The President issued the statement when asked how the government can restore investor confidence, which were apparently affected by the ongoing government probe on the anomalous flood control projects.

Amid the said investigations the value of peso reached an all-time low of P59.17 against the US dollar, while the gross domestic product (GDP) from July to September slowed down to 4 percent.

The Department of Economy, Planning, and Development (DEPDev) the ongoing investigation on anomalous flood control projects, which started last August, has resulted in a slowdown in the progress in public works, which underwent vetting from Department of Public Works and Highways (DPWH).

In a Viber message, DPWH Secretary Vivencio ‘Vince’ B. Dizon told BusinessMirror many of the said projects will resume before the end of the year.

‘We will ramp up [the construction], but with safeguards,’ he said.

Marcos, however, attributed the downturn in economic activity not just to the public works investigations.

He noted that the series of typhoons, which hit the country during the third quarter of the year has dampened local economic growth.

This was worsened, he said by the ‘prevailing global situation,’ caused by the US-imposed reciprocal tariffs and trade war with China.

‘That’s why the growth rates of all groups all around the world are falling,’ Marcos said.

‘We are not the only ones suffering the shocks that come from the new trade structure that has been imposed on the rest of the world,’ he added.

Zambales local officials said they were not aware of the 10 slope protection projects along the Sto. Tomas River in San Narciso, Zambales that resigned Ako Bicol party-list Rep. Zaldy Co listed as among the P10-billion project insertions in the 2025 budget.

Co released the list on Friday, claiming it as proof that President Marcos allegedly ordered the insertions.

‘Narito po ang listahan ng mga proyekto na inutos ni PBBM na i-insert sa 2025 Budget na may kabuoang halaga na 100 billion pesos,’ Co captioned in his Facebook post Friday afternoon.

The list included five projects for the construction of slope protection structure along the Sto. Tomas River at the north approach and another five slope protection projects at the south approach.

All projects, worth more than P955 million, were awarded to ADSL Construction and Trading based in Sta. Maria, Bulacan.

The five projects in the north approach were supposedly 98 percent completed, while those at the south approach ranged from 47 to 49 percent completed.

However, both Gov. Hermogenes Ebdane Jr. and San Narciso Mayor La Rainne Sarmiento told BusinessMirror they did not know about the supposed dike projects.

‘Sad to note, hindi dumaan sa atin (the projects did not pass through us),’ Ebdane said.

Asked if she was aware of the 10 projects in her municipality, Sarmiento flatly denied knowing so, adding that the Department of Public Works and Highways (DPWH) has not informed her of any such project.

‘Ang na-inspect naming ay projects ng 2024. ‘Yang 2025, wala kaming info. Ngayon ko lang nakita ng list, kaya hindi ko alam kung totoo rin ang list (What we inspected were the projects in 2024. These in 2025, we don’t have any information about. It’s only now that I saw the list, so I don’t know whether it is true),’ Sarmiento said.

A check with the DPWH website showed a copy of a contract awarded by DPWH Zambales 1st District Engineering Office to ADSL on April 2, 2025.

This was for the Phase 4 construction of slope protection structure along Sto. Tomas River (Maculcol dike) north approach in San Narciso, with total project cost of P95.53 million and a completion target of 330 calendar days.

The contract was signed by OIC Assistant District Engineer Dennis A. Nacin and ADSL Managing Officer Aris DC. San Luis.

The contract noted that ADSL Construction and Trading submitted the lowest offer among the three bids submitted on March 19, 2025 for the said project.

Tokyo, a bustling metropolis and capital city of Japan is the big winner of the first TOURISE Awards with three major honors, namely Best Entertainment Destination, Best Food and Culinary Destination, and the coveted Best Overall Destination.

Tokyo was the only finalist in the Best Overall Destination category as it is recognized by TOURISE for offering ‘a well-rounded, exceptional travel experience across multiple categories.’

Held in Riyadh amidst a well-received global tourism summit that drew over 8,000 delegates, 140 speakers, and over 400 members of the media from all over the world, the TOURISE Awards also coincides with the celebration of the 50th Anniversary of United Nations Tourism.

In handing out these honors, the TOURISE Awards aim to recognize ‘leading global destinations who are rewriting the very definition of exploration.’ A total of 12 finalists were announced last October, selected ‘from a wide array of nominations submitted by passionate globetrotters, travelers, industry experts, and organizations across the world.’

TOURISE drumbeaters say that together, the 12 finalists, including the eventual winners, ‘represent places from across the world that are not just changing the game of destination excellence; [but] are setting entirely new rules to cater to the demands of the modern traveler.’

The TOURISE Awards 2025 jury panel is composed of former CEO of Forbes Travel Guide Filip Boyen, former Managing Director of Conde Nast Albert Read, former Global Director of Michelin Guides Michael Ellis, former Chair of World Travel Market and Tourism of Tomorrow Fiona Jeffery Obe, former President and CEO of Dior Americas Renaud de Lesquen, former Managing Director of Tate Modern Lars Nittve, former CEO of Kempinski Hotels Bernold Schroeder, former CEO of British Fashion Council Caroline Rush, and UN Goodwill Ambassador, Mountaineer and Polar Explorer Omar Samra.

As per TOURISE’s official website, the TOURISE Awards are also built on principles that ensure the highest levels of integrity, inclusion, and independence.

Integrity: Every stage of the Award is guided by a rigorous framework rooted in global best practices, with data-driven assessments ensuring objective, fair and consistent evaluation.

Inclusion: Participation in the TOURISE Award is open to all and is completely free of charge. By removing financial barriers, we ensure that every destination-regardless of size or resources-can compete on a level playing field based solely on merit. A single valid nomination is all that’s needed for a destination to be considered.

Independence: Led by Global Tourism Icons-Shortlisted destinations, Finalists and winners are selected by an independent jury of globally recognized tourism leaders, critics, and former heads of world-class organizations. Their decisions are guided solely by expertise and a rigorous evaluation framework, with no influence from popularity or vote count.

To be eligible for nomination, a destination must demonstrate the following core attributes:

Defined geographic scope. Physical area, which can be a town, city, region, or specific site with recognized boundaries;

Distinct identity and character. Unique character and appeal stem from culture, landscapes, and attractions, shaping how travelers perceive the destination; and

Responsible governing body. Backed by a tourism governing body responsible for ensuring a destination is effectively managed, developed, and promoted;

While a Philippine destination did not make the shortlist of the first TOURISE Awards, it may be eligible to be nominated in most, if not all, categories in subsequent editions.

AS part of its ongoing crusade to end systemic corruption in public works, the Marcos administration will be tapping new smart technologies, including artificial intelligence (AI), to boost transparency and uncover irregularities.

President Marcos made the announcement in a news conference in Malacañang on Thursday, when he presented the developments in the government’s campaign against allegedly anomalous flood-control projects.

During his presentation, Marcos highlighted how the initiative resulted in the vetting of 9,855 flood control projects to determine if they were substandard, overpriced, or non-existent.

Of the said projects, 735 were non-existent or unlocatable, 84 were non-operational, and 191 were ineffective.

It also resulted in the reorganization with the Department of Public Works and Highways (DPWH) and the creation of the Independent Commission for Infrastructure (ICI) to facilitate the investigation of those involved in the said irregularities.

The investigation has resulted in the filing of charges against 37 individuals, including lawmakers, former DPWH officials, and contractors.

The Anti-Money Laundering Council (AMLC) has frozen P6.3 billion worth of assets of parties suspected of involvement in the flood-control project corruption.

Marcos said he is determined to institutionalize the said reforms by using new technology to make public works-related processes more accessible to the public through a transparency portal, which will feature details on the contractor, location and status of the said projects.

‘We will monitor every step of this process carefully so that if we see something that is not right or against the rules and regulations, we will see it immediately and it will not be exposed only after two, three years like what is happening now,’ he said in Filipino.

The President said they will also tap smart technologies to help in screening of public works contracts and structural integrity of the said projects.

‘We have smart technology to check what the standard really is, if the construction is good. This is checking if the rebar is really being put in, if the concrete is really-if the cement is really thick, if the cement is to the right specification,’ Marcos said.

‘The other smart technology that we will use, the one I mentioned, will look at the contract process so that if we see something that is not right, we will see it immediately. We will list it, we will see it, we will go back and investigate why it happened that way,’ he added.

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SUN Life of Canada (Philippines) Inc. topped the list of life insurance companies in the country for the third quarter of the year, maintaining its lead in the industry.

A statement issued by the insurer read that Sun Life has secured the spot it consistently held in recent years as its premium income reached P44.73 billion.

The firm said that its steady growth was due to its client-centric approach, the commitment of its advisors and the dedication of its employees.

To meet the changing demands of Filipino families in a financial landscape that is becoming more dynamic, Sun Life Philippines said it continues to grow the range of products it offers and improve its services.

According to Sun Life, it remains ‘committed’ to its long-term strategy of sustainable growth and leaving a positive impact on the communities it serves.

The company added that it is dedicated to maintaining its leadership position while continuing to innovate and adapt to the shifting needs of its clients and the Philippine market.

Data from the Insurance Commission showed Sun Life Philippines booked a net income of P10.679 billion as of the end of December 2024, the highest among 31 life insurance companies.

Its net worth stood at P51.551 billion during the same period, while its paid-up capital amounted to P500 million.

Sun Life Philippines’s new business annual premium equivalent (the universally-accepted performance metric for evaluating sales within the life insurance industry in the Philippines) reached P8.956 billion.

‘At Sun Life, our commitment goes beyond providing financial solutions,’ Sun Life Philippines CEO Benedict C. Sison was quoted as saying in the statement.

‘As we celebrate our 130th anniversary, we strive to be the Filipinos’ Partner for Life in their journey towards brighter futures. We will continue to innovate and deliver services that empower them to achieve their goals and dreams,’ Sison added.