Category: Business Mirror

THE Ayala Land Inc. disclosed last Monday that its income came in flat for the nine-month period ending September on weak sales from its premium residential products. The property developer’s profits for the period hit P21.38 billion from the previous year’s P21.16 billion.

In its disclosure to the local bourse, Ayala Land said revenues for the period fell 3 percent to P121.83 billion from the previous P125.21 billion, as cash from property development fell 1 percent to P75.9 billion.

Residential development fell 2 percent to P63.1 billion, while office and lots for sale rose 3 percent P12.8 billion, owing to strong lot sales in the first semester, complemented by office-for-sale bookings at Makati, Vertis North, and Arca South.

‘Ayala Land continues to navigate market challenges with discipline and focus,’ Ayala Land president and CEO Anna Maria Margarita Bautista-Dy.

‘We remain committed to expanding our leasing portfolio, enhancing property development fundamentals, and driving disciplined execution and capital efficiency. These, together with our quality improvements, are the key ingredients that will enable Ayala Land to sustain long-term growth.’ Dy said.

Total sales reservations for residential products and lots improved 3 percent year-on-year to P111.7 billion, driven by steady take-up of premium projects, improving demand for core projects and growing reservations for industrial lots.

The company launched P51.3-billion worth of property development projects in the first nine months of 2025, anchored by the firm’s ‘Premier’s Laurean Residences’ at the Makati central business district.

About 91 percent of the projects is composed of vertical and horizontal residential development while the balance of 9 percent includes commercial and industrial lots across Ayala Land estates.

Revenues from the developer’s leasing-and-hospitality portfolio rose 6 percent to P35.1 billion from topline growth across all asset classes. Notwithstanding full-swing reinvention works, shopping-center revenues increased 4 percent to P17.4 billion from increasing contributions of new malls and healthy operations of existing malls, according to the company.

Office leasing revenues expanded by 6 percent to P9 billion, supported by better-than-industry occupancy rate of the portfolio, added the firm.

Hospitality revenues, meanwhile, posted a 4-percent growth to P7.4 billion on the back of stable portfolio occupancy and the contributions of the recently acquired New World Makati Hotel, despite the temporary closure of select assets for renovation.

The United Nations General Assembly has confirmed the appointment of Shaikha Al Nowais as the new Secretary-General of UN Tourism on Friday, November 9, 2025.

Following the historic ratification of her nomination, Al Nowais will become the first woman to lead the United Nations Specialised Agency for tourism in its 50-year history when she begins her term in 2026.

Highly regarded as a distinguished leader in global tourism and hospitality, and is currently Corporate Vice President of Owner Relationship Management at Rotana Hotels. She chairs the Abu Dhabi Chamber’s Tourism Working Group and serves on the boards of the Abu Dhabi Businesswomen Council and Les Roches Hospitality Academy.

Al Nowais’ experience and expertise also include corporate governance, audit, sustainability, and economic development.

‘This is a triumph for all of us. It is a shared moment that reflects our collective vision for a stronger, more connected, and more compassionate world of tourism. Together, we represent the hopes of millions whose lives are touched by this sector. Together, we carry the belief that tourism, at its best, can uplift nations and unite humanity,’ she said in addressing the General Assembly.

In revealing her priorities as she looks forward to her mandate, Al Nowais points to ‘responsible tourism, capacity building, technology for good, innovative financing, and smart governance as she works to make the tourism sector ‘more inclusive, resilient, and human.’

Al Nowais likewise paid tribute to the incumbent Secretary-General Zurab Pololikashvili for his ‘vision, commitment, and role in strengthening UN Tourism’s voice and global presence.’

26th General Assembly advances UN Tourism vision for sector

The UN Tourism’s Executive Council nominated the new Secretary-General last May. Following protocol, her nomination was put before the 160 Member States at the 26th General Assembly for their confirmation.

The appointment of the new Secretary-General for the term 2026-2030 was the highlight of the first day of the UN Tourism General Assembly in Riyadh. Over the course of the Assembly, delegates will participate in four plenary sessions, numerous meetings of seven specialized committees.

The start of the General Assembly came directly after the conclusion of the 124th session of the UN Tourism Executive Council – the organization’s highest executive body – which provided Members with an update on the shared Programme of Work, ‘built on the pillars of boosting investments, supporting innovation, and widening education and opportunity in the sector.’

THE Bureau of Internal Revenue’s (BIR) Run After Fake Transactions, or ‘Raft,’ program buttressed the agency’s collections, netting P7.01 billion as of September while combating fraudulent transactions and improving tax compliance.

Briefing lawmakers last Tuesday, Internal Revenue Commissioner Romeo D. Lumagui Jr. said that for the first nine months, the BIR has filed with the Department of Justice (DOJ) a total of 46 cases, or an average of five cases a month. Six of the total cases were against fake receipt sellers while 40 cases were against fake receipt buyers, Lumagui told members of the House Committee on Ways and Means.

He explained that the BIR’s fraud detection model are currently enhanced and modified by interns from the Math Department of the Ateneo de Manila University (ADMU). The tax collector’s partnership with the ADMU, which began in April last year, involved work on a proprietary system to systematically discover sellers and buyers of ghost receipts.

Lumagui said BIR personnel and ADMU interns use advanced mathematical models. He explained that the system is continuously fed with data from the BIR and the Securities and Exchange Commission to see if the previous ghost corporations using ghost receipts have the same characteristics as existing corporations using their income, reportorial data and financial statements.

Meanwhile, asked how the BIR manages to nearly meet its revenue targets despite an underperforming economy, Lumagui pointed to the bureau’s ‘aggressive’ stance on illicit trade, the ‘Raft’ program and the ‘Run After Tax Evaders, or ‘Rate,’ program.

‘We are able to see an increase in collections of value-added tax (VAT) since we started the ‘Raft’ program,’ he added. ‘I’ve talked to a lot of business groups and they stopped using these ‘ghost receipts’ ever since we launched that program. And we’ve seen a successful implementation in the sense that we’ve seen a drastic increase in our VAT collections.’

Meanwhile, under the BIR’s ‘Rate’ program, the number of cases filed before the DOJ from January to October this year has hit 415, with tax liabilities estimated at P26.65 billion. During the same period, the BIR filed 22 cases before the Court of Tax Appeals, with total estimated liabilities of P9.15 billion.

On October 8, seven criminal cases were filed against Pacifico and Cezarah Discaya, as well as a corporate officer of Saint Gerrard Construction Gen. Contractor and Development Corp., covering a combined tax liability of P7.18 billion.

The BIR also reportedly filed on November 6 criminal cases involving total tax liabilities of P1.68 billion against former officials of the Department of Public Works and Highways, namely, Brice Ericson D. Hernandez, Henry C. Alcantara and Jaypee D. Mendoza.

Meanwhile, under the BIR’s ‘Rate’ program, the number of cases filed before the DOJ from January to October this year has hit 415, with tax liabilities estimated at P26.65 billion. During the same period, the BIR filed 22 cases before the Court of Tax Appeals, with total estimated liabilities of P9.15 billion.

On October 8, seven criminal cases were filed against Pacifico and Cezarah Discaya, as well as a corporate officer of Saint Gerrard Construction Gen. Contractor and Development Corp., covering a combined tax liability of P7.18 billion.

The BIR also reportedly filed on November 6 criminal cases involving total tax liabilities of P1.68 billion against former officials of the Department of Public Works and Highways, namely, Brice Ericson D. Hernandez, Henry C. Alcantara and Jaypee D. Mendoza.

As of end-September this year, the BIR has collected P2.322 trillion, which is 10.88-percent higher than the P2.094 trillion collected in the same period last year. However, this was short of 2.55 percent or P60.666 billion from the BIR’s collection goal of P2.383 trillion during the nine-month period.

The BIR’s full-year revenue collection target is set at P3.219 trillion by the Development Budget Coordination Committee.

Over 340 overseas Filipino workers (OFW), who fell victims to scam hubs in Myanmar, are set to be repatriated on Wednesday by the Department of Migrant Workers (DMW) and other concerned government agencies.

President Ferdinand Marcos ordered the said agencies to prioritize bringing home the said distressed OFWs to help them recover from their ordeal in Myanmar.

The said OFWs were among those, who were rescued by law enforcement authorities in scam hubs compounds in Myanmar last month.

‘This is in line with President Ferdinand R. Marcos Jr.’s directive to prioritize the repatriation of OFWs, including their health and welfare upon their arrival in the Philippines,’ Palace Press Officer Clair Castro said in a press briefing last Tuesday.

Upon the arrival of the said OFWs, they will receive assistance from DMW, Department of Foreign Affairs, Overseas Workers Welfare Administration, Department of Social Welfare and Development, and the Department of Health.

Citing DMW Secretary Hans J. Cacdac, Castro said the OFWs will arrive via Philippine Airlines Flight PR 8502 at the Ninoy Aquino International Airport (NAIA) Terminal 1 in Pasay City from Bangkok, Thailand.

DMW earlier announced it has ongoing initiatives to stop more OFWs from ending up in scam hubs by working with social media platforms.

The said coordination has resulted in 70,000 social media accounts, which were linked to illegal recruitment of OFWs bound to Myanmar, Laos and Cambodia, to be taken down by the said platforms.

DMW and other concerned government agencies have already rescued 1,154 OFWs from scam hubs in the three Southeast Asian countries.

When taxpayers question a tax assessment and avail themselves of the remedies provided under the Tax Code, they do so with the expectation that the law will protect them. They hope that once an assessment is under valid protest or appeal, the Bureau of Internal Revenue (BIR) will refrain from collecting the disputed amount until the case is finally resolved. After all, the purpose of judicial and administrative remedies is to allow taxpayers a fair opportunity to contest an assessment before it becomes final, executory, and demandable.

Unfortunately, this is not always the case. There remain instances where the BIR proceeds with collection activities-even while the disputed assessment is still pending before the courts. This practice has understandably caused concern among taxpayers and practitioners alike. It undermines confidence in the fairness of the tax system and contradicts the very principle of due process that underlies tax administration. If the government aims to build a tax bureau that is both credible and just, this practice must be decisively addressed and discontinued.

In a very recent and significant decision, the Supreme Court in Stradcom Corporation v. Commissioner of Internal Revenue emphasized that the BIR may initiate collection proceedings only when an account is already delinquent. The Court defined a ‘delinquent account’ as an amount of tax due from a taxpayer who failed to pay the same within the period prescribed by law. This delinquency may arise from two circumstances:

(1) a self-assessed tax, whether or not a return has been filed; or

(2) a deficiency tax assessment that has already become final and executory.

Simply put, the BIR cannot treat a disputed assessment as a delinquent account while it remains under protest or appeal. Until the assessment has attained finality, there exists no enforceable obligation for the taxpayer to pay, and therefore, no legal basis for collection.

This principle is not new. In Light Rail Transit Authority v. Commissioner of Internal Revenue, the Supreme Court held that a Warrant of Distraint and/or Levy (WDL) issued on the basis of an assessment that has not yet become final is void and without legal effect. The Court stressed that the administrative remedies for tax collection-such as distraint, levy, and garnishment- are not to be used arbitrarily or prematurely. These summary remedies may be employed only when the taxes sought to be collected have already become delinquent, whether by the taxpayer’s own admission or through a final and demandable assessment.

To clarify, taxes become delinquent only when a tax liability has become final, executory, and demandable, and the taxpayer fails to pay within the period prescribed by law. This occurs in the following instances:

(a) when the taxpayer fails to pay the amount stated in the Final Assessment Notice (FAN) or Final Letter of Demand (FLD) and does not file a valid protest within 30 days from receipt thereof;

(b) when the taxpayer fails to appeal to the Court of Tax Appeals (CTA) or to file an administrative appeal with the Commissioner of Internal Revenue (CIR) within 30 days from receipt of the denial of its protest; or

(c) when the taxpayer fails to file a petition for review with the CTA within 30 days from receipt of the CIR’s denial of its administrative appeal.

Taxes also become delinquent when a self-assessed tax is not paid on time or when a deficiency assessment, having become final and executory, remains unpaid. Only in these situations may the BIR lawfully resort to the summary remedies of distraint, levy, or garnishment.

In the absence of these circumstances, an assessment cannot be considered a delinquent account. Therefore, any collection effort- such as the issuance of a WDL-has no valid legal basis. Proceeding with collection while an appeal remains pending effectively disregards the taxpayer’s right to contest the assessment and prematurely deprives them of their judicial remedy.

Beyond being a procedural misstep, such premature collection constitutes a violation of due process and property rights. The taxpayer is entitled to a fair and orderly process before being compelled to part with property. When the BIR undertakes collection despite an ongoing dispute, it not only undermines judicial authority but also erodes public trust in the fairness of tax enforcement.

The Supreme Court’s consistent pronouncements in Stradcom and Light Rail Transit Authority serve as a timely reminder that tax collection, while vital to government, must always be exercised within the bounds of law. Respect for due process is not an obstacle to revenue generation; rather, it strengthens the legitimacy of tax administration.

Ultimately, the government’s ability to collect taxes depends not only on its power to enforce but also on the public’s trust that such power will be exercised with fairness and restraint. When taxpayers see that the BIR respects the finality of assessments and the judicial process, voluntary compliance naturally follows. This, more than any aggressive enforcement measure, is what builds a strong and credible tax system.

The Philippine Red Cross (PRC) is intensifying its efforts to provide relief to families and communities severely affected by Super Typhoon ‘Uwan,’ which exited the Philippine Area of Responsibility early Tuesday morning.

The Philippine Red Cross (PRC) is ramping up its efforts to provide relief for families and communities heavily affected by the typhoon after Super Typhoon ‘Uwan’ left the Philippine Area of Responsibility early morning of Tuesday.

PRC’s Safety Services established 46 first aid stations spread across affected provinces, taking the vital signs of 692 individuals, treating 21 injured patients, transporting 4 patients to hospitals, and deploying 8 ambulances for medical transport, as of 8 a.m. of November 11.

PRC’s Emergency Response Units (ERU) have assisted a total of 247 individuals in Batangas and Negros Occidental, taking them from at-risk areas to nearby evacuation centers. Further reports from PRC’s Operation Center stated that they have finished 2 clearing operations in Nueva Ecija and Nueva Vizcaya.

PRC’s Disaster Management Services (DMS) have provided 65 shelter strengthening kits to families in Isabela and Quirino. They have also supported evacuations and preparedness efforts in Olongapo, Aurora, Masbate, Abra, Cagayan, and Kalinga. OpCen reports also stated that DMS has given out food rations across Tarlac.

Lastly, DMS conducted 22 rapid damage assessment and needs analysis in areas such as Camarines Sur and Catanduanes.

PRC’s Welfare Services set up 41 welfare desks across evacuation centers from different affected provinces. They have provided psychological first aid for 1,234 individuals and reached 2,700 children with their child-friendly spaces.

As of current reports, 21 food trucks have been mobilized, serving 24,124 hot meals for individuals and families in need. Aside from this, 2,399 bread donations were also distributed.

PRC’s Health Services have also been very active during operations for Typhoon Uwan. 7 doctors and 31 nurses have provided medical consultations and distributed medicine to 284 individuals.

Likewise, PRC Health teams also conducted disease prevention sessions, reaching 6,388 individuals across multiple provinces.

As a means to prevent leptospirosis cases, 1,248 individuals received doxycycline prophylaxis. 1,613 face masks were also distributed in Pasay, Pangasinan, Laguna, Rizal, and Kalinga.

PRC’s National Blood Services deployed 223 blood units across La Union, Quirino, Cagayan, and Nueva Vizcaya for augmentation. It’s Water, Sanitation, and Hygiene (WASH) unit provided 754 bottles of water for Ilocos Sur and Pangasinan and over 300 hygiene kits across Ilocos Norte, Pangasinan, and Tarlac.

Furthermore, they have also conducted hygiene promotion activities, reaching 1,915 individuals. PRC’s WASH unit has also started water distribution in affected communities, starting with 692 liters in Valenzuela.

As of today, 949 volunteers have been mobilized to support ongoing operations.

Communication lines through different PRC Chapters remain open through 18 radios operating without Wi-Fi or data, supported by satellite phones and Starlink units to ensure coordination even in remote areas.

Throughout the operations, PRC teams are continuing to monitor potential river overflows and shelter damages, especially in priority areas like coastal communities.

PRC Chairman and CEO Richard Gordon reminded everyone that while Typhoon Uwan has left the Philippine Area of Responsibility, there is still much work to be done.

‘The typhoon may have left PAR but there are still many parts of the country reeling from its effects. PRC’s work isn’t done until the affected are fully safe and are capable of standing back up again on their own two feet,’ he said.

The Philippine Sustainability Movement is looking at helping more organizations in the local hotel, restaurant, and catering (HORECA) sector adopt responsible and traceable food systems.

Celebrating its 10th anniversary, the movement focused on advancing organic practices, promoting certified responsibility, and strengthening traceability across the entire value chain.

It brought together leaders from the hospitality, retail, and advocacy sectors to set the direction for the next decade of responsible and traceable food systems.

‘Over the past ten years, the movement has grown into a collaborative platform for businesses, NGOs, and government agencies committed to environmental stewardship, ethical sourcing, and transparency in food systems,’ Christian Schmidradner, founder of Pristine Solutions and initiator of the Philippine Sustainability Movement, said.

‘Our goal for the next decade is to make sustainability more achievable for all by helping more organizations adopt responsible practices, so that we may continue to create tangible impact for our communities, people, and the planet,’ he added.

The event featured a series of discussions on organic transformation, plastic reduction, animal welfare, and ESG (environmental, social, and governance) integration in the hospitality and retail industries.

Among the event’s highlights was the launch of PYC Foods and One World Deli’s ESG and Sustainability Framework, which aims to integrate environmental and social accountability into everyday food operations.

‘Trust and traceability are now at the heart of how we build food businesses,’ Roscila Anne Baylon, Head of Nutrition and Wellness at PYC Foods, said.

‘Through our ESG program, we’re ensuring that what we serve is not only safe and nutritious, but also responsibly sourced and transparently produced, because consumers deserve to know where their food comes from.’

Over the past decade, the Philippine Sustainability Movement said it has gathered businesses, hotels and restaurants, NGOs, and government agencies to bolster environmental stewardship and responsible food production through collaboration and education.

It added that the movement has helped raise awareness and adoption of sustainable practices in the country’s hospitality and food sectors, moving supply chains toward more environmentally responsible practices.

Looking forward, the Philippine Sustainability Movement said it aims to build more resilient and responsible food systems rooted in accountability, transparency, and a shared commitment.

Merriment and magic begin at Solaire Resort North marked by the brilliant lights that shone during its recent Christmas Tree Lighting Ceremony. Laughter and cheer echoed through the Atrium Lobby as residents of Quezon City and beyond gathered for this special celebration.

Guests of honor who graced the event were Quezon City Mayor Joy Belmonte, Philippine Amusement and Gaming Corp. (Pagcor) Chairman and CEO Alejandro Tengco, Department of Tourism-National Capital Region assistant regional director Ivan Agote, Bloomberry Resorts Corp. vice chairman for construction and regulatory affairs Donato Almeda, and Solaire Resort North’s very own chief operating officer Damian Quayle.

Hosted by Carla Guevara Laforteza, the ceremony encapsulated the true meaning of Christmas with performances by the country’s premiere dance company, Ballet Philippines, as well as the breathtaking music the Ambassadors for Christ Chamber Singers. The presence of patrons and passersby amplified the reveling as the Christmas Tree lit the lobby up alongside the elegant Mangrove of Solaire Resort North.

During the ceremony, the Department of Tourism (DOT) awarded Solaire Resort North with a plaque officiating its status as a 5-star property. The Quezon City-based integrated resort earned its title from the DOT in July 2025, solidifying its reputation as the premiere luxury destination in Northern Metro Manila. With a commitment to exceptional service, refined elegance, and globally competitive standards, each holiday celebration at Solaire Resort North is made special.

For the festive season, Solaire shines even brighter alongside South Korean actor Hyun Bin as its newest brand ambassador. From exclusive holiday dining options, festive activities for the whole family, and luxurious staycations, the next Christmas celebration is guaranteed to be full of joy and fulfillment for everyone.

Feel the warmth from the captivating choir performances at the Atrium beginning November 15, every weekend until Christmas Day. Make a wish with Santa Claus on Christmas Eve and Christmas Day as he roams the halls with his jolly laugh for all.

More information is available via sn.solaireresort.com/all-i-want-for-christmas or 8888-8888.

NET foreign direct investments (FDI) inflows have fallen by double digits both in August 2025 and in the first eight months of the year due to a mix of trade uncertainties and local political noise that weighed on investor sentiment.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed FDI net inflows plunged by 40.5 percent to $494 million in August 2025 from $830 million in the same month a year ago.

During the month, most of the net FDIs came from Japan, with manufacturing as the leading recipient.

Broken down, nonresidents’ net investments in debt instruments plummeted by 73.8 percent year-on-year to $145 million in August 2025 from $553 million.

Net investments in debt instruments consist mainly of intercompany borrowing and lending between foreign direct investors and their subsidiaries or affiliates in the Philippines.

The remaining portion of net investments in debt instruments pertains to investments made by nonresident subsidiaries/associates in their resident direct investors, such as reverse investment.

Reinvestment of earnings also dipped by 3.6 percent year-on-year to $203 million in August 2025 from $210 million.

Meanwhile, nonresidents’ net investments in equity capital rose by 121 percent year-on-year to $146 million from $66 million.

Jan-Aug inflows down 22.5%

FROM January to August this year, FDI net inflows declined by 22.5 percent to $5.2 billion from $6.7 billion during the eight-month period last year.

The central bank said that equity capital placements were sourced primarily from Japan, United States, Singapore, and South Korea for the first eight months of the year.

Industries that received most of these investments were manufacturing, wholesale and retail trade and real estate, the BSP added.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation, traced the drop in FDIs to the mix of trade uncertainties stemming from US tariffs and protectionist policies, recent local political noise affecting investor confidence, and disruptions caused by typhoons in recent months.

Ricafort said higher US import tariffs and trade wars led to a wait-and-see stance on global investments and for some manufacturers and exporters in terms of their production and capacity.

Some local political noises, including geopolitical risks such as the China-Philippine tensions in disputed waters, ‘could weigh on market and investor sentiment until anti-corruption measures/reforms are taken seriously, going forward,’ Ricafort added.

FDI includes investment by a nonresident direct investor in a resident enterprise, where the equity capital in the latter is at least 10 percent. It also includes investments made by a nonresident subsidiary or associate in its resident direct investor.

FDI can be in the form of equity capital, reinvestment of earnings, and borrowings.

University of the East’s (UE) high school girls athletics team settles for the bronze medal this time in University Athletic Association of the Philippines Season 88 at the New Clark City Stadium behind firsttime overall champion Adamson University and University of Santo Tomas with 13-year-old Shaira Fantiliaga earning the Rookie of the Year honors.