Category: Business Mirror

Metro Pacific Tollways Corp. (MPTC) has received pre-effective approval from the Securities and Exchange Commission (SEC) for its proposed bond issuance of up to P20 billion, the company announced Thursday.

The tollway operator plans to offer up to P15 billion in fixed-rate bonds to the public, with an oversubscription option of up to P5 billion. The bonds will be issued in up to three series with tenors of three years, five years, and 10 years.

MPTC intends to use the net proceeds to partially finance construction and maintenance of three expressway projects: the Manila Cavite Expressway (Cavitex), Cavite Laguna Expressway (Calax), and Lapu Lapu Expressway (LLEX).

The funds will also partially refinance bridge facilities and support general corporate purposes.

‘This maiden bond offering strengthens MPTC’s liquidity and diversifies its sources of capital,’ said MPTC President and CEO Gilbert Santa Maria. ‘The proceeds will fund our ongoing investments and expansion projects, consistent with our mission to build essential infrastructure that supports nation-building and economic progress.’

Philippine Ratings Services Corp. assigned the bonds a PRS Aaa rating with a stable outlook on September 26, the company’s highest credit rating.

MPTC will accept subscriptions from November 17 to 21, with the bonds targeted for issuance and listing on the Philippine Dealing and Exchange Corp. (PDEX) on December 2. The offering remains subject to final regulatory approval and the receipt of a permit to sell from the SEC.

The bonds will be issued at par, with interest calculated on a 30/360-day count basis and paid quarterly in arrears.

BPI Capital Corp. and First Metro Investment Corp. are serving as joint issue managers for the offering. They will work alongside BDO Capital and Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. as joint lead underwriters and joint bookrunners.

OPPOSITION Sen. Ronald dela Rosa has sought refuge before the Supreme Court (SC) against the implementation by Philippine authorities of the supposed arrest warrant issued by the International Criminal Court (ICC) in connection with his alleged role in the bloody, anti-illegal drug war campaign during the term of former President Rodrigo Duterte.

In a 25-page ‘very urgent’ manifestation, dela Rosa, through his counsel, lawyer Israelito Torreon, asked the Court to compel the Department of Justice (DOJ) and the Department of Foreign Affairs (DFA) to submit within 72 hours, written certifications confirming whether or not an ICC-related warrant, note verbale or communication has been received, transmitted or processed through official channels.

Dela Rosa told the Court that aside from the alleged ICC warrant of arrest, he has received reports that the international tribunal has allegedly issued a diffusion order against him on November 9, 2025.

A diffusion request directs Philippine authorities to locate and arrest the person named in the document with a view to extradition, subject to national legal procedures and treaty obligations.

While he has already sent official communications to the DOJ and the DFA seeking confirmation of the ICC-issued arrest warrant, dela Rosa said the two agencies have yet to respond to his letters.

Despite this, de la Rosa asked the SC to issue a temporary restraining order (TRO) or a writ of preliminary injunction or both to stop government officials and law enforcement authorities from facilitating or implementing any warrant, red notice or surrender request, issued by the ICC.

He also pleaded for the Court to stop the government from extending any form of logistical, financial or protective assistance to ICC witnesses through the Witness Protection Program (WPP) or any similar office.

In addition, dela Rosa asked the Court to block the transmittal of any ICC-related communication through diplomatic or law enforcement channels pending final resolution of his manifestation.

In a separate four-page urgent motion, dela Rosa asked the Court to order Ombudsman Jesus Crispin Remulla to immediately submit a copy of the alleged ICC warrant he claims to possess on his mobile phone and direct him to explain how he obtained the alleged document.

It may be recalled that it was Remulla who publicly disclosed in his radio program over dzRH that he has it ‘on good authority’ that the ICC has already issued a warrant of arrest against dela Rosa.

In a separate press briefing held several days after, Remulla maintained the existence of the arrest warrant and that he has a copy of it on his mobile phone.

Remulla’s statements, according to dela Rosa, constitute a confession of possession of evidence which is material to the issues he raised in his very urgent manifestation, which include : (a) whether there is an actual imminent and credible threat of arrest; (b) whether Section 17 of Republic Act 9851 or the Philippine Act on Crimes Against International Humanitarian Law authorizes arrest or surrender; (c) whether the Philippine remains bound by residual obligations under the Rome Statute; (d) whether the Executive Branch is acting illegally or prematurely; and ( e ) whether the SC must issue provisional remedies.

Dela Rosa insisted that any arrest, transfer or cooperation executed by the Executive branch without the approval of the court would constitute grave abuse of discretion, violation of due process and usurpation of judicial authority.

He cited the new Rules on Extradition Proceedings issued by the Supreme Court which took effect on November 10, 2025 which mandates that the court must first determine the existence of probable cause before any warrant of arrest may be issued for extradition or surrender.

The senator added that the Rules provides that ‘no surrender or turnover shall take place unless there is final judgment by the court.’

‘Certainly, the liberty of a Filipino cannot be curtailed or surrendered to a foreign power without judicial scrutiny, emphasizing that courts, not Executive officials, determine extraditability,’ the senator stressed.

‘The rule of law demands specificity and due process in any measure that affects individual liberty. The act of surrendering a Filipino citizen to a foreign or international tribunal constitutes the gravest form of deprivation of liberty, involving physical transfer outside the jurisdiction of Philippines courts,’ the senator pointed out.

Dela Rosa also countered the claim of the DOJ that the government can invoke Section 17 or R.A. 9851 to justify his immediate surrender to the ICC without undergoing extradition proceedings.

The said provision states that the Philippines ‘may surrender or extradite a person to another court or international tribunal that is conducting the investigation or prosecution of crimes punishable under this Act, pursuant to applicable extradition and treaties.’

He argued that there is no implementing rules and regulations promulgated by the DOJ or any other relevant government agencies to effectively enforce the said provision.

‘This provision, however, is not self-executing and cannot operate independently of existing extradition laws and treaties, nor can it override the constitutional framework on due process, liberty, and judicial oversight,’ he said.

Markets are ruthless teachers. They never fail anyone- people simply fail to listen. Every boom convinces a new crowd that they have cracked the code-that this time, they are smarter than the cycle. Then the tide goes out and confidence becomes confusion. Markets always reveal who was prepared and who was pretending.

True commitment to profitable investing is not blind faith. It is readiness. It requires enough liquidity, humility, and patience to survive the parts of the cycle that do not fit your expectations. Everything else is wishful thinking dressed as courage.

Investing culture loves slogans. In the cryptocurrency world, they talk about ‘diamond hands’ (or HODLers) versus ‘paper hands’ (weak holders) as if refusing to sell through pain was proof of genius. In reality, diamond hands belong to those with unlimited money or zero obligations. Everyone else eventually finds their breaking point and it is usually the hard way.

The language changes, but the psychology does not. Stock traders boast about ‘high-conviction positions.’ Fund managers describe ‘long-term strategies.’ Both are versions of the same story: I am right; the market is wrong. The market, being patient and unbothered, eventually decides otherwise.

Every bull run produces prophets. Every correction turns them back into students.

History is full of firms with perfect models and disastrous timing- Archegos Capital, Long-Term Capital Management, Sequans Communications. Faith without contingency is pride with better public relations.

Sequans touted its Bitcoin stash as a ‘long-term conviction play,’ then two weeks ago dumped nearly a thousand coins when debt repayments loomed. That was not strategy; it was survival-no different from a developer discounting condos or a retailer’s ‘3-Day Sale’ just to make payroll. When obligations meet optimism, optimism always blinks first.

Preparation, not bravado, keeps portfolios alive. Cash, caution, and humility do not sound exciting, which is why most investors forget them right before they need them most. They are habits of survival. Markets punish pride faster than they reward patience.

That pattern is not confined to Wall Street or Paris. It echoes in Manila’s trading floors and property offices. Global leverage makes headlines, but local overconfidence writes its own tragedies.

Filipino investors would rather pray for rebounds than plan for risk. In Manila, investors still believe a red chart just means it is time to ‘average down’-a phrase that has buried more portfolios than recessions ever did. A portfolio that looks sound on paper can turn illiquid the next day. Confidence may keep you calm, but liquidity keeps you solvent.

Local traders often mistake movement for progress. When prices go quiet, they get restless instead of relaxed. Preparation, in their minds, means finding the next rumor, not building a reserve. In the Philippines, we do not sell at losses; we ‘wait for recovery,’ sometimes until the company delists.

Preparation is not pessimism; it is respect for uncertainty. It means recognizing that the world does not owe you smooth returns. It is about testing assumptions, watching the ‘basket’ carefully, and accepting that even good ideas can go wrong for long stretches. The best investors are not the most assured; they are the most adaptable.

Still, markets never change their favorite lesson-optimism always overreaches before realism takes over. The ‘long-term investor’ of 2021 becomes the ‘disillusioned trader’ of 2025. People swear they will never sell, and then they do -because tuition, mortgages, and ‘investor insomnia’ are real. It is easy to preach patience when your portfolio is green, and your obligations are not calling.

The Philippines faces a familiar test. Growth is slowing, investment remains sticky, and the cost of money has not returned to pre-pandemic comfort levels. Yet optimism persists-the kind that assumes the next quarter will fix the last one. Perhaps it will. But the prudent know better than to rely on hope as a hedge.

Conviction is cheap when prices rise. Preparation costs discipline. True steadiness is not faith that markets will recover-it is readiness for when they do not. The strongest investors are not the loudest believers but the quietest survivors. ‘Diamond hands’ are not proof of courage; they are often proof of having no choice. Real strength lies not in refusing to sell, but in being able to choose when to. The market always makes that distinction-quietly, efficiently, and without sympathy.

The market never punishes courage-only carelessness.

THE Department of Finance (DOF) announced it seeks to enhance the fiscal and financial management operations of local government units (LGUs) through the integrated electronic official receipt (IEOR) project of the Bureau of Local Government Finance (BLGF).

‘When they pay taxes, all they ask for is a simple confirmation that it is correct, legitimate, and easily traceable,’ Finance Secretary Ralph G. Recto purportedly said in his keynote address during BLGF’s 38th Anniversary on November 5.

A statement issued by the DOF last on Thursday read that Recto also announced the publication of three new valuation and assessment manuals. These manuals are expected to help LGUs exercise fiscal fairness under the Local Governance Reform Project (LGRP) of the BLGF, read the statement.

For one, the ‘Local Assessment Manual’ will serve as a comprehensive reference to reinforce standardization, transparency and efficiency in the administration of real property taxation. Complementing the LAM is the ‘Mass Appraisal Guidebook,’ which outlines the mass appraisal processes and procedures that may be applied to all property types.

Finally, the ‘Philippine Valuation Standards’ manual provides guidance for valuation professionals, government agencies and stakeholders to ensure property valuations are accurate, transparent, and compliant across different sectors, according to the DOF.

‘Because when property valuation is fair, tax collection becomes credible. And when taxation is credible, the whole system gains legitimacy,’ Recto noted.

The Finance chief believes the strong finance performance of LGUs leads to public services flowing more efficiently, businesses growing, more jobs are created and every Filipino’s income increases.

‘In the end, what we are building here is not just a better way to collect taxes and manage funds. It is a stronger connection between the government and the governed,’ Recto added.

Data from the DOF showed Quezon City led the top-performing cities in terms of highest local source revenues, collecting P28.86 billion, followed by Makati City with P18.90 billion, while Taguig and Pasig recorded P16.15 billion and P14.64 billion, respectively.

Among provinces, Bulacan topped the list with P3.39 billion, closely followed by Cebu with P3.01 billion), Rizal (P2.83 billion) and Pampanga (P2.71 billion).

For municipalities, Cainta, Rizal led with P1.26 billion; trailed by Mariveles (P1.17 billion) and Limay (P992.75 million) in Bataan.

VARIOUS jails will soon have ‘illustrious’ denizens as the suspects in the massive graft and corruption that were allegedly committed in the implementation of flood-control projects are expected to be detained soon.

President Marcos on Thursday said there will be no Merry Christmas for some of those charged for their alleged involvement in flood-control project corruption and they are expected to be detained in the next few weeks.

In a news conference in Malacañang, the Chief Executive said the Ombudsman is expected to issue resolutions on some of the filed cases before the end of the year.

‘Before Christmas, many of these people named here I think will be in what. Their cases will be over, the cases will be complete [filed in court]. They will be locked up. They won’t have a Merry Christmas. Before Christmas, they will be locked up,’ he said in Filipino after presenting slides containing the names of accused of being involved in flood control anomalies.

The slide included the names of the 37 individuals, including lawmakers, former Department of Public Works and Highways (DPWH) officials and contractors, who are part of the first batch of case referrals to the Ombudsman.

The list included the names of Sens. Joel Villanueva, Jinggoy Estrada, former representative Zaldy Co, former Caloocan Rep. Mitch Cajayon-Uy, Commission on Audit Commissioner Mario Lipana, former DPWH Secretary Manual Bonoan, former DPWH Undersecretary Roberto Bernardo, and former DPWH undersecretary Maria Catalina Cabral.

They are facing criminal charges for graft and corruption, malversation, falsification, and plunder, as well as administrative charges for public officers.

Marcos made the assurance amid growing public pressure for the government to hold accountable the people linked to public works irregularities.

He explained it took the government some time to file the charges to make sure these will be airtight and not dismissed by the Ombudsman.

‘You know, we all want justice to be served quickly. But if we’ve learned anything from the past, it’s that it’s better to be careful and take a little longer than to rush and make mistakes,’ Marcos said.

‘With every second we give to the investigation, we make sure that every case filed against the abusers has sufficient evidence and will not lead to the dismissal of the case,’ he added.

Designed to inspire aspiring creatives and showcase their artistry in diverse fields, the Benilde Animation Festival (BAF) featured a series of activities such as film screenings, expert talks, a competition, and an exhibit which encouraged learners to pursue their passion and fostered industry connections.

Led by the Animation Program of the De La Salle-College of Saint Benilde (DLS-CSB) as the students’ culminating activity, the week-long event spotlighted their own capstone projects. It likewise presented the experiences of professionals in the fields of animation, gaming, direction, and other creative disciplines.

Ten finalist films were screened. Memories in Plastic by Sean Edrice Vallidos touches on a modern-day toy collector in search for his long-lost childhood toy.

Paradise by Rose Cruzat follows a reserved college student who finds solace in a famous movie star. Kiampong by Elyza Cua revolves around a Chinese-Filipino high school fresh graduate surrounded by persons coming from both ethnicities and cultures.

On the other hand, Neil, who is endowed with angel wings, gets overwhelmed by calls for help in the film Are U Busy? by Ryann J Tortor. This prompts him to fly as far as he can, face his own demons, and reassess his life.

Alumana by Anna Katrina Villaruz is a 2D animated short film on a young girl’s career day in a magical world. Starkeeper by Ice Gallardo tackles the protagonist’s dilemma on whether she should follow her parents’ aspirations for her or pursue her own passion as an artist.

L by Kiana Betina de Persia is centered on an art college student with difficulties to seek a muse for her final exhibition piece. The Runaways by Kayla Palacios navigates an enchanting world where mages can only use pure light magic and never wield any of the seven forbidden magic practices.

Fidem by Ric Moldez III shows the protagonist going after a mechanical sect of monks as they wreak havoc on a ‘heretic’ town.

The story of a little mouse exploring her old house, filled with childhood memories with her late grandmother, is portrayed in the film In This Home by Charlize Ong.

In addition to the film showings, a series of career talks and roundtable discussions delved into the present landscape of the creative sector and some practical strategies to navigate its challenges and opportunities. The participants likewise gained insights on the industry and how to break into the scene.

In his speech, Benilde Animation Program Chairperson Patrick Astilla shared a quote from American author Kent Nerburn, whom he encountered in a leadership workshop by Br. Mike Valenzuela FSC: ‘Work is never just work. No matter how much you might believe that your work is nothing more than what you do to make money, your work makes you who you are because it is where you put your time.’

An art market gathered several merchants and sponsors. The students participated in a gamified activity packed with mini-games, challenges, and rewards.

Outstanding works showcased in this year’s BAF were recognized in the awards ceremony.

Filinvest Land Inc. (FLI), the listed property development arm of the Gotianun Group, said its net income went up by 5 percent to P3.64 billion in January to September from the previous year’s P3 billion fueled by sustained leasing momentum from its retail and office investment properties.

Consolidated revenues grew 9 percent to P20.08 billion from the previous year’s P18.43 billion.

Leasing revenues inched up by 7 percent to P6.13 billion, supported by steady tenant demand and improved occupancy across the company’s office and retail mix.

Real estate revenues also rose by 8 percent to P12.86 billion, led by the strength of its residential business which increased 5 percent to P12.44 billion, alongside continued contributions from industrial lot sales reaching P357 million.

‘Building on its previous quarter’s momentum, the company delivered its strongest performance to date in the third quarter, posting a P7.8 billion in total revenues (a 26 percent increase), led by the residential segment with P5.1 billion,’ the company said.

‘Our focused rent strategies continue to bear fruit as we see improved occupancy rates for our malls and offices. While our recurring income portfolio will continue to provide growth in the coming quarters, we are also excited about the accretive potential from the opening of our new malls in Cubao and Mimosa Leisure Estate in Clark,’ the company’s president and CEO Tristan Las Marias, said.

Retail leasing revenues and other income reached P2.01 billion on the nine-month period, a 9-percent increase year-on-year. Growth was propelled by the continued strength of Festival Mall, complemented by improving occupancy across regional malls including Il Corso in Cebu, Main Square in Bacoor, and Filinvest Malls Dumaguete.

In the third quarter alone, over 8,000 square meters of tenant space began operations, while more than 12,000 square meters were newly leased.

Total operational gross leasing area across the retail portfolio now stands at 258,017 square meters with an occupancy rate of 78 percent, an increase of 10 percent from the previous year.

Office leasing revenues, including contributions from both REIT and non-REIT, or real estate investment trust, portfolios, grew by 5 percent to P3.68 billion, supported by a higher occupied gross leasable area of 419,481 square meters.

Among the new tenants welcomed by FLI are the Department of Information and Communications Technology at Studio 7 in Quezon City and Concentrix at Filinvest Cyberzone Cebu.

Residential revenues, meanwhile, increased by 5 percent to P12.51 billion, backed by project completions, steady collections, and strategic focus to meet the demand for ready-for-occupancy units.

The middle-income segment remained a core strength of Filinvest Land’s residential portfolio that accounted for 73 percent of total residential revenues.

Filinvest Land’s industrial business reflects a growing demand and rising investor interest in this sector. The segment contributed P385 million in revenues during the first nine months of 2025, comprising P357 million from the sale of an industrial lot and P28 million in recurring revenues from rental of ready-built factory units.

FORMER world champion Jerwin ‘The Pretty Boy’ Ancajas is hoping to secure a world title shot next year after a successful 2025 campaign as a super bantamweight.

The 33-year-old former International Boxing Federation (IBF) super flyweight champion is preparing for a challenging first quarter in 2026 that includes a fight against young Japanese Ryosuke Nishida in a world title eliminator ordered by the IBF to determine Naoya Inoue’s next opponent.

‘Just patiently waiting for the right opportunity, but I must keep my body in good condition and my weight,’ Ancajas-who served as assistant to trainer and manager Joven Jimenez during Eumir Felix Marcial’s fight last month-told BusinessMirror on Thursday.

Ancajas and Jimenez helped Marcial train en route to his majority decision win against Venezuelan Eddy Colmenares in the ‘Thrilla in Manila 2’ at the Smart Araneta Coliseum.

Ancajas is coming off a majority decision win over Uruguay’s Ruben Dario Casero last August in Long Beach, California, that boosted his confidence since losing to Takuma Inoue for the World Boxing Association bantamweight belt in Tokyo in February 2024.

He defeated Thailand’s Sukpasried Ponphitak via disqualification in Mandaluyong City in September 2024 and fellow Filipino Richie Mepranum via second round knockout last January in Iligan City before crushing Casero last August.

Now on his third straight victory at 122 lbs, Ancajas (37-4-2 win-loss-draw record with 24 knockouts) is focusing on returning as a world champion.

Nishida, 29, is sporting a 10-2 win-loss record with two knockouts.

The reigning undisputed super bantamweight Naoya Inoue (31-0 record with 27 knockouts) will be fighting Mexican David Picasso (32-0-1 with 17 knockouts) on December 27 in Riyadh, Saudi Arabia.

‘Jerwin will be fighting for sure by early next year at 122. Let us see what opportunity comes,’ Pacquiao’s MP Promotions head Sean Gibbons said. ‘He’s a true professional and hard worker. He will train hard and be in a top condition when that day comes.’

Renewable energy (RE) provider GreenHeat Corp. is set to inaugurate the 1.35-megawatt (MW) solar rooftop power system it installed for Honda Parts Manufacturing Corp.’s (HPMC) facility in Biñan, Laguna.

GreenHeat installed 2,180 units of 620-watts-peak solar panels and 11 sets of 100-kilowatt grid-tie inverters, integrated with advanced monitoring systems and multiple layers of electrical protection. It fully complies with the Philippine Electrical Code and National Structural Code of the Philippines (NSCP 2015).

Designed to generate 1,547,452 kilowatt hours of clean power in its first year-equivalent to about 30 percent of the facility’s total electricity demand-the system will offset approximately 773,726 kilograms of carbon dioxide annually or 19.3 million kilograms over 25 years.

The solar rooftop power system was developed, installed, and operated by GreenHeat under a 10-year solar service agreement with HPMC.

‘This partnership is a clear example of how two companies can align business performance with environmental responsibility,’ GreenHeat Managing Director Glenn Tong said. ‘Our goal is to support forward-thinking companies like Honda transition smoothly to renewable energy solutions that not only cut costs but also contribute meaningfully to a sustainable future.’

Since its founding in 2010, GreenHeat has over 35-megawatts-peak of installed solar rooftop capacity across commercial and industrial sites. It operates 68 solar projects, including installations for factories, malls, schools, cold storage facilities, and the first operating commercial floating solar project in Bohol.

THE Department of Labor and Employment (Dole) is recalibrating its labor and employment targets after completing regional consultations for the midterm review of the Labor and Employment Plan (LEP) 2023-2028.

Dole said the review assessed progress made since the plan was launched three years ago and examined areas where program implementation needs to be strengthened.

The agency said the exercise will guide adjustments to its job-generation and labor protection strategies for the remaining half of the LEP.

‘The midterm review will allow the department to reflect on its achievements, identify areas for improvement, and ensure that its strategies truly respond to the realities faced by Filipino workers and enterprises,’ it said.

In a statement, the deparment said the review looked at key priorities of the LEP, including the creation of more productive and sustainable jobs, the promotion of fair labor practices, and the expansion of social protection.

It also examined how current programs are addressing ongoing challenges such as unemployment, informality, and the growing mismatch between available jobs and workers’ skills.

The agency said emerging issues-like the rise of the platform economy and the adequacy of existing wage-setting mechanisms-were also factored into the assessment.

Dole said the midterm review findings will help shape the national progress report, including updated targets and program adjustments up to 2028.

‘The report will also serve as a reference for Dole’s policy directions in ensuring decent work, inclusive growth, and social protection aligned with the vision of a ‘matatag, maginhawa, at panatag na buhay para sa lahat,’ it said.

The report, the agency added, will serve as the basis for aligning the LEP with broader government strategies, including the Trabaho Para sa Bayan Plan and the Philippine Development Plan 2023-2028.