Category: Business Mirror

PHILIPPINE business leaders reported that their companies lost P4 trillion in revenues due to fraud over the past year, according to a study by TransUnion.

The report noted that business leaders surveyed in Canada, Hong Kong, India, the Philippines, UK and US reported their companies lost on average 7.7 percent of revenue in the past year due to fraud, which is up from 6.5 percent in 2024.

This represents $534 billion of fraud losses among the 1,200 business leaders surveyed in 2025, TransUnion said.

Based on the study, the 200 Philippine business leaders surveyed said the ‘most prominent’ cause of fraud loss was scam/authorized fraud and first-party fraud, ‘reflecting a dual threat from deception and internal misrepresentation.’

Meanwhile, 56 percent of Philippine business leaders ranked identity verification as the ‘most effective technology’ for preventing fraud.

Hong Kong and India shared the same sentiment with 53 percent and 51 percent of the business leaders, respectively, saying so.

In particular, the study noted that device reputation and behavioral biometrics are ‘gaining traction,’ especially in Hong Kong (49 percent and 44 percent respectively) and the Philippines (48 percent and 41 percent, respectively).

Meanwhile, the Philippines showed stronger adoption of email reputation (44 percent), aligning with phishing being the most reported fraud scheme by Filipinos in TransUnion’s recent consumer survey.

The report also highlighted that consumer-reported fraud is highest in the Philippines but ‘widespread.’

In particular, nearly two-thirds or 65 percent of consumers reported being targeted-one of the highest globally.

Of these, 9 percent said they fell victim, in line with the global average.

‘Phishing led as the top fraud scheme. The high targeting rate underscores the need for consumer education, multi-factor authentication and real-time fraud detection tools,’ the TransUnion study noted.

Typhoon Tino caused massive flooding in some areas of the Visayas and Mindanao.

With this, the Department of Health (DOH) reminded that wading in floodwaters can pose health risk like contracting leptospirosis.

The DOH said that people may get leptospirosis due to floodwaters or handling soil/mud/dirt after a flood, with or without visible wounds, through exposed skin.

The DOH said that symptoms can take as long as one month to appear.

‘There are antibiotics available for prevention [i.e., prophylaxis], and this requires a prescription. Consult your nearest doctor or health center within 24 hours after wading through floodwaters or touching soil/mud/dirt after a flood,’ the DOH said.

Leptospirosis is a bacterial infection transmitted by many animals, such as rodents and other vermin. Waste products like urine and feces of an infected animal, especially rats, contaminate the soil, water, and vegetation.

Zoonotic disease

It is a zoonotic disease, affecting both animals and humans, caused by the leptospira bacterium found in contaminated water or soil.

Leptospira bacteria can enter the body through breaks in the skin, or through the eyes, nose and mouth. Infected animal urine like those from infected rats can mix with flood water, which then comes into contact with people wading through or playing in it.

Without treatment, leptospirosis in people can lead to kidney damage, meningitis (inflammation of the membrane around the brain and spinal cord), liver failure, trouble breathing, and even death.

Symptoms

Leptospirosis symptoms include fever, vomiting, nausea, muscle pain, and headache.

Some cases have distinct pain in the calf muscles, and reddish eyes. Severe cases may have jaundice (yellowish body discoloration), dark-colored urine, light-colored stool, low urine output, and severe headache. Many of these symptoms can be mistaken for other diseases; some people have no symptoms.

It generally takes two to 30 days to get sick after having contact with the bacteria that cause leptospirosis.

Therefore, people must consult doctors immediately after being exposed to, wading or playing in, flood waters as there is a preventive antibiotic prescription, the DOH said.

Areas struck by the red-striped soft-scale insects (RSSI) expanded to over 7,400 hectares as of October 24, according to the Sugar Regulatory Administration (SRA).

Based on the latest SRA data, 7,449 hectares have been infested with RSSI, from the initial 87 hectares recorded on May 22, when it was declared an infestation.

Of which, 7,386 hectares were standing canes, while 62 hectares were harvested canes, where production data would be recorded.

It has also affected 4,106 farmers since its detection in Negros, which makes up over 60 percent of the country’s sugar output.

Broken down, Visayas posted the largest infestation, with 5,826 hectares affected by the plant disease. This was followed by Luzon with 1,539 hectares and Mindanao with 83 hectares.

SRA Administrator Pablo Luis Azcona told the BusinessMirror that RSSI could slash the sugar content of infected canes in Negros by as much as 50 percent, citing the agency’s findings.

He said this could temper the agency’s outlook for raw sugar production in crop year 2025-2026, which started on October 1. The impact, however, may be minimal.

‘Those sugarcanes whose infestation was not that severe, the minimum drop in yield was 20 percent,’ Azcona said. ‘But those with severe infestation in the north of Negros, specifically in the Silay area, the drop in yield reached 50 percent.’

While the impact of RSSI on sugar content was the easiest to monitor, Azcona warned that the insect could potentially affect the growth if canes.

‘In the North, they said canes that were infected at their early stage didn’t seem to grow. So, maybe there’s also an effect on tonnage.’

The SRA said raw sugar output in the current crop year could fall by nearly 8 percent to 1.92 million metric tons (MMT) from the previous crop year’s 2.085 MMT.

However, the agency noted that the initial forecast may be adjusted downward owing to the potential impact of RSSI infestation on yield.

‘It’s an estimate based on the heavy rainfall experienced in the north of Negros, and [there] might be a small drop considering the presence of RSSI,’ Azcona said.

Under Sugar Order 1, the raw sugar allocation for the new crop year would be classified as ‘B,’ which means all sugar produced until September 30 next year will be sold for domestic consumption.

Figures from the SRA showed that the country’s raw sugar output settled at 2.085 MMT in crop year 2024-2025.

The Department of Agriculture (DA) noted that since 2022, the sugar industry has seen a steady expansion in planted areas-from 380,000 hectares to 409,000 hectares this year.

Last month, the DA said the government would not allow sugar imports until the second quarter of 2026 due to concerns over the decline in the farmgate prices of the sweetener.

A MORE gradual and flexible tariff adjustment on rice shall be adopted starting January 1, 2026 depending on the change in international prices, according to the Economy and Development (ED) Council chaired by President Ferdinand R. Marcos Jr., the Department of Economy, Planning, and Development (DEPDev) announced Tuesday night.

This, the Council said, after it approved the recommendation of the Tariff and Related Matters Committee (TRMC) to maintain the tariff rate on rice imports at 15 percent until December 31,2025, for both in-quota and out-quota imports.

‘Starting January 1,2026, a more gradual and flexible tariff adjustment shall be adopted, with adjustments by 5 percentage points per 5 percent change in international prices, subject to a minimum rate of 15 percent and a maximum rate of 35 percent,’ the DEPDev statement read.

The socioeconomic planning body said the TRMC’s recommendation is part of a ‘broader’ government strategy to ensure ‘stable’ rice prices and protect both farmers and consumers, while safeguarding macroeconomic stability.

For his part, DEPDev Arsenio M. Balisacan underscored that the recent decision made by the President-upon the Department of Agriculture’s (DA) recommendation-to extend the rice import ban until the end of December ‘renders the rice tariffs redundant,’ adding, ‘they no longer affect local market prices.’

In an interview with reporters on Monday, Balisacan said DA’s assessment is that there is ‘good enough supply’ for the rest of the year.

‘Our data also shows that there is good enough supply to prevent increases in retail prices,’ the DEPDev secretary also noted.

He pointed out that the overall goal is to protect farm gate prices from further falling.

‘Because in the past almost a year now, farm gate prices have dropped by more than 30 percent. It is quite sharp. I’ve seen that kind of decline in recent years, many years. So it’s a concern that our poorest of the poor which is in the rural communities are hitting such a .’ Balisacan noted.

He emphasized the importance of using a ‘combination of tools to achieve both the farm problem and the consumer problem’ to make food prices affordable to consumers while at the same time preventing any upward pressure on inflation and hurting the economy in the longer term.

‘So those things will require different tools and the import ban is very temporary,’ the DEPDev chief said, adding, ‘We are setting in place a more permanent ecosystem for the rice sector and the food sector in general.’

Apart from the rice tariff, the ED Council approved other key programs on Education, Water Access, and Social Protection.

Among the approved measures is the Program for Learning Upgrading and School Development (PLUS-D) of the Department of Education (DepEd), with a total cost of P38.27 billion.

Proposed for official development assistance (ODA) loan financing from the World Bank, PLUS-D seeks to enhance learning outcomes and strengthen education management and delivery systems nationwide, DEPDev said.

The agency said PLUS-D, which is scheduled for implementation from 2026 to 2032, will introduce ‘system-level’ interventions, provide targeted support to schools, and establish monitoring and evaluation mechanisms.

The program aims to improve literacy and numeracy among Kindergarten to Grade 6 learners, and boost reading and math proficiency for students in Grades 7 to 10.

Balisacan said this project ensures that education reforms reach every Filipino learner, especially those in disadvantaged areas.

‘By strengthening schools and supporting teachers, we hope to create better learning environments that enable every child to achieve their full potential,’ Balisacan noted.

The Council likewise approved the Accelerating Water Supply and Sanitation for the Poor and Lagging Areas (AWSPSA) project, with a total cost of P14.98 billion.

Also proposed for ODA loan financing from the World Bank, AWSPSA aims to improve access to safe water supply and sanitation services in underserved communities, addressing public health and local development challenges, DEPDev noted.

The country’s agricultural imports continued to outpace exports in September but the trade gap was narrower, based on data from the Philippine Statistics Authority (PSA).

PSA figures showed the country’s agricultural trade deficit shrank by 15.7 percent to $932.15 million in September, from $1.11 billion a year ago.

While agri goods purchased abroad continued to outstrip shipments of farm products in the reference month, PSA data indicated that exports grew by 19.1 percent to $794.46 million from last year’s $667.05 million.

Imports continued to dominate the country’s farm trade, despite slipping by 2.6 percent to $1.73 billion in September from $1.77 billion in the previous year.

Overall, the country’s total agricultural trade inched up by 3.3 percent to $2.52 billion, a slowdown from the 5-percent increase recorded in August and the 26.1-percent surge posted in September 2024.

Animal, vegetable, or microbial fats and oils were the country’s top agricultural export, earning $297.51 million or 37.4 percent of total farm export receipts.

This was followed by edible fruit and nuts; preparations of vegetables, fruit, nuts, or other parts of plants; and preparations of meat, of fish, of crustaceans, molluscs, or other aquatic invertebrates or of insects.

The top 10 export groups altogether contributed 97.8 percent of total farm export earnings, collectively growing by 20 percent.

Within the Asean region, Malaysia emerged as the Philippines’ leading buyer of farm goods, purchasing $26.34 million worth of exports, or more than a third of total agricultural shipments to Southeast Asian neighbors.

Meanwhile, the Netherlands remained the country’s biggest agricultural trading partner in the European Union (EU), accounting for $142.82 million or 61.1 percent of exports to the bloc.

Cereals led the country’s farm imports in September with a value of $361.26 million, representing 20.9 percent of total agricultural imports. The top 10 import groups reached a combined $1.46 billion, down 1.9 percent from the same month of last year.

Among its Asean partners, Indonesia was the country’s leading source of agricultural imports, supplying $190.86 million worth of goods or 28.3 percent of the Philippines’ total agricultural imports from the region.

Spain was the Philippines’s main supplier of agricultural goods in the EU, accounting for $44.51 million or 28.1 percent of total imports from EU member states.

RESIGNED Ako Bicol Party List Representative Zaldy Co has engaged the services of veteran lawyer Ruy Alberto Rondain to defend him over possible criminal charges that may be filed against him for his alleged involvement in the multi-billion anomalous flood control projects of the government.

Rondain, who co-founded the Rondain and Mendiola law firm, was a graduate of the University of the Philippines’ Bachelor of Arts in Philosophy and Bachelor of Law.

He was also a former associate at the ACCRA law and served as legal counsel for former Pampanga Rep. Juan Miguel ‘Mikey’ Arroyo in a tax case.

On Wednesday, Rondain appeared for the first time before the media on behalf of Co, who left the country last August 8 to purportedly undergo medical treatment in the United States.

Rondain said he last spoke to Co on Tuesday night but did not discuss his whereabouts.

‘I’m curious personally, but I can’t be curious as a lawyer because it is not relevant. And I don’t want to lie to you if you’re asking me now. I’m looking at you in the eye. I’m telling you honestly that I don’t know because I never asked him,’ he said.

However, the lawyer said Co has no intention of returning to the country despite the subpoena issued by the Independent Commission for Infrastructure (ICI) for him to appear before the investigating body on November 11 and 12 and shed light on accusations that he received huge kickbacks from anomalous flood control projects of the government.

Co, who previously served as chair of the appropriations committee, is also being required by the ICI to bring various documents in relation to flood control projects undertaken by companies where he or his family have beneficial interest.

‘I don’t think there’s any intention to come home.A subpoena has to be served, you cannot subpoena a person who is not here,’ Rondain said.

The lawyer said Co’s main consideration in refusing to come back home was his safety.

‘He’s deathly afraid of coming home because there are serious threats that one half of the country wants to throw him in jail and throw away the key, the other half wants to string him up by the nearest tree,’ Rondain said.

The lawyer said he would not even persuade Co to immediately return, fearing possible ‘vigilante attacks’ against him.

Rondain also noted that there are no criminal charges filed against Co before yet before any court.

‘For me, personally, my bigger fear is vigilante violence, everyone hates him. That’s the reason I’m here.The reason I’m here is because maybe we can tone down the temperature, we can lower it a little bit,’ Co’s lawyer said.

The ICI earlier recommended before the Ombudsman the prosecution of Co and together with 17 other individuals for criminal and administrative charges in connection with the P289.5 million anomalous flood control project in Naujan, Oriental Mindoro implemented by the Department of Public Works and Highways.

Among the charges recommended against Co and other DPWH officials were violation of the provisions of Republic Act No. 3019 or the Anti-Graft and Corrupt Practices Act, malversation of public funds under Article 217 of the Revised Penal Code (RPC) in relation to Article 171 of the RPC or falsification of public documents by a public officer

The recommendation stemmed from the inspection conducted by DPWH Secretary Vince Dizon of the project that was undertaken by Sunwest, Inc., the construction firm being linked to the family of Co.

The project involves the construction of a road dike along Mag-Asawang Tubig River.

The Office of the Ombudsman has already issued an order for Co to answer the charges against him.

But Rondain said their camp would likely waive the filing of a counter-affidavit, as he believes that the Ombudsman has already pre-judged this case.

‘My thinking is the Ombudsman has already pre-judged this case. And this is bolstered by the statements of [DPWH] Secretary Vince Dizon, who said 60 people will be in jail before Christmas,’ Rondain said.

‘Under these circumstances, there’s really no tactical benefit to filing a counter-affidavit. So the answer is, at this time, the way things are going, no, he does not intend to file a counter-affidavit,’ he added.

AYALA Corp. heiress Mariana Zobel de Ayala and Robinsons Land Corp.’s president and CEO Mybelle V. Aragon-GoBio landed on the Forbes magazine’s list of 20 Asia’s Power Businesswomen.

Mariana, the eighth-generation leader of the Ayala family, is shaping the future of the Philippines’s oldest conglomerate, Ayala Corp., Forbes said.

She currently handles the leasing and hospitality business of its listed property arm Ayala Land. Mariana was given a $1.5-billion fund to refresh its extensive portfolio of malls, offices and hotels.

The company’s redevelopment of eight existing malls and build of new ones is expected to increase gross leasable area by a third to 2.9 million square meters by 2028.

Mariana is also steering a $500-million hospitality capital expenditure, seen to double Ayala Land’s room inventory to 8,000 by 2030.

That includes the 578-room New World Makati, acquired in June from Hong Kong’s New World Development, the opening of new Mandarin Oriental, Marriott ‘s Moxy and Hilton’s Canopy hotels in the Makati financial district next year.

‘In March, Mariana was appointed Ayala Corp.’s managing director, 12 years after she left her job as an investment analyst at JPMorgan in New York to join her family’s 191-year-old, banking-to-property group, where her father, Jamie Augusto Zobel de Ayala, is chairman,’ Forbes said.

Mariana, a Harvard graduate who earned her Masters in Business Administration from Insead, was named senior vice president at Ayala Land in 2023.

First woman to lead RLC

Meanwhile, the Gokongwei family named GoBio as its new president and CEO of its property development arm RLC, earlier this year.

She is the first woman and non-family member to lead the developer, founded in 1980 by the late John Gokongwei, who was succeeded by his son Lance Gokongwei, executive chairman.

Gokongwei described Aragon-GoBio as ‘The best [hu]man for the job.’

GoBio joined RLC in 1993 as an administrative assistant and went on to oversee the company’s logistics business as well as residential and office projects. In May, she laid out a five-year, P125 billion expansion) plan for the company.

‘By 2030, she aims to double net income to P25 billion, boost the number of malls it operates to 69 from 55 and grow its office portfolio by 50 percent to 1.2 million square meters of leasable space.’

The roadmap also includes a 25-percent increase in hotel rooms to 5,300, doubling logistics capacity and building new mixed-use estates.

GoBio has a degree in international business from the University of Antwerp.

Forbes listed 20 accomplished leaders in the region who are at the forefront of the region’s fast-evolving business and economic landscape.

‘The roll call of trailblazers, hailing from a dozen countries and territories, includes those playing key roles in powering the AI and advanced tech boom by heading up companies in sectors such as data centers, semiconductors and rare earths,’ Forbes said.

Others are remaking family legacies, taking charge at storied enterprises in property, hospitality, retail and sports gear as they steer them toward new growth.

More than half of the women are high-performing professional managers with proven track records in fields such as banking, consumer goods and transportation. Three are first-generation entrepreneurs, including one who has launched two profitable unicorns, it said.

Jan Cadee Dagoon and Jonathan Higa head the field in the premier 18-and-under division of the Philippine Tennis Association-sanctioned Mayor Edwin Olivarez National Open Juniors Tennis Championships firing off on Thursday in Parañaque City.

The event features 270 young tennis players from across the country and will be staged at the Olivarez Sports Center and nearby Parañaque courts to accommodate the huge turnout.

The tournament will run for two weeks and culminate in the Open Championship.

Dagoon faces stiff opposition in the girls’ singles with Joy Ansay, Mikaela Ngu, Izabelle Camcam, Sabine See and Dania Bulanadi all aiming for the top prize.

On the boys’ side, Antonio Ng Jr., Gavin Kraut, Troan Vytiaco, Felizardo Lota III and Karl Almiron are among the key challengers looking to dethrone Higa.

Dagoon is also bidding for a double title as she joins the fray in the 16-and-under category, where Ayl Gonzaga is the top seed, with Maria Ataiza, Astrid Cablitas, Camcam and Bulanadi also seeking the title.

Ella Paglaluan braces for a duel with Gonzaga in the 14-and-under class, which also features Shaner Gabaldon, Francine Wong, Cablitas and Ataiza. Kyla Caguioa, Amanda Barrido, Tesinha Calingasan and Abby Castigador are among the favorites in the 12-and-under girls’ division.

In the boys’ 16-and-under, Krelz Gecosala carries the momentum of recent triumphs, while also seeking the title are Anthony Cosca, Antonio Bengzon, Vytiaco and Almiron.

Gecosala also holds the top seed in the 14-and-under class, where Cosca, Cristiano Calingasan, Jairo Flores and Tyronne Caro are expected to challenge his dominance.

Leading the 12-and-under boys’ field are Jan Villeno, Yuan Torrente, Gabriel Vitaliano, Liam Harrow, Raven Licayan and Caro, while Harrow headlines the 10-and-under unisex division, joined by Raven de Guzman, Terrence Battalones, Maximus Calingasan and Matias Aguilera in the tournament held under the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) program, held in honor of Mayor Edwin Olivarez and backed by Universal Tennis, Dunlop, and Icon Golf and Sports.

THE Land Bank of the Philippines (LandBank) reported posting a P35.65-billion net income as of the third quarter of the year.

A statement issued by the state-run lender last Wednesday read that Landbank’s earnings rose by 42 percent year-on-year and exceeded its full-year earnings of P35.36 billion in 2024.

The bank also recorded P3.45 trillion in total assets, which was largely driven by expansion of loan and investment portfolios, read the statement of the country’s second-largest universal and commercial bank.

The bank’s loan portfolio climbed to P1.70 trillion, following higher lending volumes across all client segments. Recently, Landbank launched a new lending program for micro-sized, small-scale and medium-sized enterprises.

The LandBank continues to push its developmental mandate, with loans to agriculture, fisheries, and rural development totaling over P812 billion, representing 47 percent of its total loan book, the statement read. The bank has released P1.95 billion in loans to over 12,300 borrowers, primarily small farmers and fishermen.

A total of 25,296 small farmers and fishers have also undergone training through the program’s capacity-building initiative.

Digital transactions through the bank’s platforms hit 550.73 million valued at P3.14 trillion as of end-September, marking a 51-percent increase in transaction volume from the previous quarter.

Meanwhile, deposits also improved to P3.07 trillion as both government agencies and private sector clients continued to park funds with the bank.

‘LandBank’s strong performance as of the third quarter underscores our prudent management, operational efficiency, and continued investments in digital innovation,’ the lender’s President and CEO Lynette V. Ortiz was quoted in the statement as saying.

‘We remain steadfast in our mission to drive inclusive growth, empower the agriculture sector, and deliver innovative financial solutions for all Filipinos,’ Ortiz added.

The Department of Education (DepEd) will be needing nearly P14 million for the immediate minor repairs, and clean-up and clearing operations for 76 schools across six regions after sustaining structural damage due to typhoon Tino.

Initial data from DepEd Disaster Risk Reduction and Management Service (as November 5, 10.a.m.), showed that these 76 schools with damages are located in Region VIII, Region VII, Negros Island Region (NIR), Region IX, Region X, and Region VI.

DepEd said that P2.11 will be spent for clean-up and clearing operations while P11.6 million for the immediate minor repairs of the schools.

DepEd reported that 64 classrooms are totally damaged; 91 classrooms with suffered major damage; 237imor damaged classrooms.

Meanwhile, DepEd said that 20,681 schools have suspended face-to-face classes due to Tino in some regions in the Visayas and parts of Mindanao.

DepEd added that evacuees sought temporary shelter in 522 schools or a total of 2,507 classrooms in Region VII, NIR, Region VIII, CARAGA, Region VI, and MIMAROPA.