Category: Business Mirror

AMID the growing geopolitical and geoeconomic challenges, President Ferdinand Marcos Jr. will push for maximizing free-trade agreements (FTAs) of the Association of Southeast Asian Nations (Asean) with its biggest trade partners, including China, at the regional bloc’s upcoming summit in Malaysia during the weekend, according to the Department of Foreign Affairs (DFA).

Two major economic trade-related documents-the Second Protocol to amend the Asean Trade in Goods Agreement (ATIGA) and the Asean-China Free Trade Area (FTA) 3.0 upgrade-are expected to be signed at the 47th Asean Summit, to be held from October 26 to 28.

Both agreements are part of the country’s ‘economic-related’ priorities among the 80 outcome documents from the Summit.

Another important document which is also expected to be finalized during the Summit is the Declaration on the Admission of Timor-Leste into Asean as its 11th member.

In a press briefing in Malacañang on Friday, DFA spokesperson Angelica C. Escalona said Marcos will be attending the signing ceremonies of the three documents.

‘In all these engagements, the President will advance Philippine interests in Asean by strengthening security and stability, enhancing economic cooperation, and broadening engagement with dialogue partners,’ Escalona said.

In May, Marcos pushed for updating ATIGA to increase trade in the regional bloc by further removing existing tariff and non-tariff barriers among its members countries.

Areas of cooperation

As for the Asean-China FTA, Escalona said the document is proof that the Philippines’ engagement with Beijing goes beyond disputes related to the West Philippine Sea.

China continues to encroach on the West Philippine Sea, which are parts of the South China Sea within the Philippines’ exclusive economic zone, even after it was already invalidated by the 2016 Arbitral ruling.

‘As I mentioned, the West Philippine Sea is not the sum total of our relations with China. We look at all the other areas of cooperation as well,’ Escalona said.

The DFA official, however, pointed out that the Philippines will continue to push for the pending Asean-China Code of Conduct for the South China Sea, which is being supported by Marcos for the peaceful settlement of possible maritime disputes in the important waterway.

‘As regards the Code of Conduct, well, as the incoming Chair, the Philippines will work with Asean member states in China for the conclusion of an effective, substantive, and legally binding Code of Conduct in the South China Sea,’ Escalona said when asked if the Philippines will pursue the completion of the said Code of Conduct once it takes over the Asean chairmanship next year.

Aside from China, Asean also has FTAs with South Korea, Japan, India, Australia and New Zealand.

Bilateral engagements

DFA has yet to release the list of countries that will engage Marcos in bilateral talks during the sidelines of the Asean Summit, since it is still being finalized.

However, Escalona noted that the Philippines is expected to have a constructive engagement with the United States on economic matters although she has not confirmed if it will be through a bilateral meeting between Marcos and United States President Donald Trump.

Based on international news reports, Trump is expected to attend the upcoming Asean Summit.

‘Our position is that we want to constructively engage the US and we also want to discuss with other Asean member states on how to improve the Asean trade and make use of our existing FTAs,’ Escalona said.

The President, she said, is also expected to attend the meeting on the Regional Comprehensive Economic Partnership (RCEP), an FTA signed by 15 Asia-Pacific countries, including the Philippines.

‘What will be discussed here is the leaders’ direction in enhancing RCEP implementation and exchanging views on regional and international issues, and this is what I got from the DTI [Department of Trade and Industry],’ Escalona said, partly in Filipino.

Marcos will be accompanied by Department of Foreign Affairs Secretary Maria Theresa P. Lazaro, DTI Secretary Maria Cristina Aldeguer-Roque, Department of Social Welfare and Development Secretary Rexlon T. Gatchalian, and Presidential Communications Office Acting Secretary Dave M. Gomez.

The Civil Aviation Authority of the Philippines (CAAP) has issued a Notice to Airmen (NOTAM) due to continued volcanic activity from Kanlaon Volcano.

To ensure the safety of aviation operations, the following NOTAM has been released:

Kanlaon Volcano: Effective from 24 October 2025, 8:06 PM until 25 October 2025, 8:06 PM, with vertical limits from the surface up to 15,000 feet.

All flight operators are strongly advised to avoid flying close to the volcano and to continuously monitor current and future NOTAMs for updates.

CAAP remains vigilant and proactive in ensuring the safety of flight operations amid ongoing volcanic activity in the country.

THE Philippine Olympic Committee (POC) on Friday warned on withdrawing the participation of the Alas Pilipinas Women in the 33rd Southeast Asian Games unless the Premier Volleyball League (PVL) abides by a Memorandum of Agreement (MOA) that guarantees a potentially strong finish by the women’s national team in the games Thailand is hosting in December.

‘It’s about patriotism . putting flag and country above and before everything else,’ said POC president Abraham ‘Bambol’ Tolentino from Bahrain where he’s overseeing the national team in the Asian Youth Games.

‘The goal is to finish strong-and to win the gold-in all of the sports where Filipino athletes are entered in the Thailand SEA Games,’ said Tolentino, stressing that the close to 1,700-strong Team Philippines to Thailand are devoted to fight for the general championship which the country clinched in the 2019 hosting.

‘And we are all aware-after having won three Olympic gold medals-that winning involves an absolute participation and cooperation by an entire community,’ said Tolentino, adding ‘without full cooperation, we won’t accomplish our goals.’

He said: ‘But setting goals and getting everyone involved, we must train hard-and long.’

The Thailand SEA Games open in 46 days and Tolentino sees the limited window as ‘crucial in forming and strengthening chemistry in any team sport.’

The PVL, according to PNVF secretary-general Don Caringal, crafted a MOA where players from the 12 teams in the women’s professional league will form the core-with top collegiate athletes-of the Alas Pilipinas Women.

The Alas Pilipinas Women under Brazilian head coach Jorge Edson Souza de Brito has made significant strides in the last four years-or since the PNVF was established in 2021-silver in Hanoi 2025 and bronze in Manila 2024 in the Asian Nations Cup and back-to-back bronze medal in the Vietnam SEA V-League in 2024-25.

Had the MOA been bilaterally signed last August, the Alas Pilipinas Women should have had more than three months to prepare for Thailand.

The iconic souvenir shopping center here will be revived soon, three years after it was shelved to give way to a high-rise construction beside it.

The Alcantara-owned Alsons Development and Investment Corp. (Alsons Dev) announced this week it will begin the redevelopment of the Aldevinco Shopping Center site by the end of October.

‘Located at the corner of C.M. Recto and Roxas Avenue, the property has long been an iconic presence in downtown Davao. The redevelopment will usher in a new era for this historic landmark, paving the way for a modern, mixed-use destination that supports the city’s continued growth and revitalization while honoring its history and heritage,’ the company said.

The company was yet to issue the artist’s perspective of a revived shopping center but it said the aging buildings will be cleared ‘to make way for a redevelopment that continues to cultivate Davao’s growth.’

The Aldevinco used to be one-floor arcade located at the heart of downtown Davao where tenant stores display an array of indigenous items, from beads, trinklets and scarves to malong or wrap-around cloth, traditional clothes and household items. There were also imitation or replica of cultural artifacts, from hunting bows and arrows, agongs, miniature boats and hardwood furniture, to wooden arches, handcrafted boxes and cabinets, and brasswares.

Stores also offer money exchange to and from foreign currencies.

The Aldev said ‘transformation will begin with the demolition of the buildings on the premises, a necessary step due to the structure’s age and safety considerations.’

‘The work will be carried out in sections to minimize disruption and ensure the safety of pedestrians, workers, and nearby establishments. The company is also working closely with the Office of the City Building Official (OCBO) and other relevant government agencies to ensure full compliance with local regulations,’ it added.

It said the redeveloped property ‘is envisioned to become a flagship mixed-use development that reflects Alsons Dev’s vision for vibrant, sustainable, and people-centric spaces.’

The former tenants relocated to nearby locations when the old Aldevinco closed shop in 2021, many of them transferring to another Aldev-constructed shopping center The Poblacion, the City Triangle or to a new arcade just across the same Claveria Street.

While long-term plans are being finalized, Alsons Dev will temporarily use the 5,106-square-meter site into a paid parking facility by the second quarter of next year. The interim space will feature designated areas for food trucks and carts, offering convenience and new opportunities for small businesses while keeping the property active and vibrant in the heart of the city.

Miguel A. Dominguez, president and chief executive officer of Alsons Dev, said ‘our vision is to build developments that balance heritage and progress, ensuring that every project we undertake supports the city’s growth. As a homegrown developer, we take pride in helping shape Davao’s evolving environment,’

The Aldevinco Shopping Center was launched in 1965 to become the city’s earliest commercial hubs. ‘In over five decades, it transitioned from a vibrant marketplace for local traders to a cultural icon showcasing Mindanao’s rich heritage through textiles, antiques, and handicrafts. Though it ceased operations in December 2021, its legacy continues through Poblacion Market Central, where many original tenants still carry forward the spirit of culture, creativity, and commerce.’

PARIS Olympic double gold medalist Carlos Edriel Yulo looked slightly out-of-sync and scored 14.533 points for the bronze medal in the men’s floor exercise of the 53rd FIG Artistic Gymnastics World Championships in Jakarta on Friday.

Yulo, who ruled the event in the world’s 2019 edition in Stuttgart, seemed a bit rusty after a four-day break since taking second in the qualifiers over the weekend with a slightly better score of 14.566.

He was able to salvage the bronze behind the 1-2 finish of Paris Olympic bronze medalist Jake Jarman, who bagged his second world gold medal with a top score of 14.866 points, and compatriot Luke Whitehouse-both from Great Britain-who took the silver medal (14.666).

In a demanding discipline where minute increments can spell the difference between victory and defeat, the pint-sized Pinoy gymnast was penalized .333 points-the winning margin of Jarman over Yulo.

Backed by the Philippine Sports Commission, Yulo, 25, was the second athlete on the mat, seemingly lacking the same dynamic and explosive energy he showcased last year in Paris where he reigned supreme with 15.000 points.

As the second athlete to see action, he had a fleeting moment at the top with his dismal score after American Kameron Nelson opened the men’s floor exercise with 14.133 points.

But his expression flashed on the huge video monitor after his performance was hinted that it might not last, and, true enough, Whitehouse wrested it away with a solid outing that netted him 14.666 points.

The Englishman had to cool his heels for a while before Jarman, whose mother is from Cebu, took to the stage as the second-to-the-last gymnast to come up with an impressive routine that won the nod of the judges.

‘I have no regrets, I did my best and gave my all but Jarvis and Luke just happened to be better today,’ Yulo said. ‘I am grateful that I reached two apparatus and that is a big plus for me.’

‘There is still the vault finals and I aim to do better than today,’ added the gymnasts, who won the event in 2021 in Kitakyushu, just months after the Tokyo Olympics.

‘Between Carlos and me, it is like a friendly rivalry since we face each other often on the world stage. But this gold is quite special since I fancy myself to be a floor exercise guy and winning this is a validation of that,’ Jarman, a vault champion in the the previous meet held in Antwerp, Belgium in 2023, said.

Competing in his seventh straight world competition since make his debut In Doha, Qatar in 2018, Yulo still has chance to bring home the bacon on Saturday in the vault finals at the close of the meet.

He is considered the prohibitive favorite in the event after topping the qualifiers with 14.750 points.

TOUTED as the No. 1 Fintech Ecosystem and No. 1 Digital Bank in the Philippines, Maya just dropped its newest Pink Glitter Edition Maya Visa Card, and everyone is raving about it. This isn’t just another card in your wallet-it’s the card you’ll want to carry, use, and show off every single day. The Pink Glitter Edition Maya Visa Card delivers on all fronts: design, function and benefits. Its matte glitter finish gives it a premium, polished look while ensuring it slides smoothly into ATMs and payment terminals for easy, worry-free transactions.

It’s the perfect mix of style and smarts: cool enough to match your everyday aesthetic, practical enough to keep your finances on track, and designed so that even the little things-including your daily coffee run, a grocery haul, or weekend shopping spree-actually work for you. The globally accepted debit card lets you pay, shop, and withdraw anywhere Visa is accepted, all while helping your money grow with up to 15 percent p.a. interest on Maya Savings.

Using the Pink Glitter Maya Visa Card doesn’t just reward you financially; it could literally take you places. Ongoing until November 11, every swipe with this glittery card could take you straight to the BLACKPINK [DEADLINE] World Tour in Manila. Thanks to Visa and Maya, your everyday spending might just score you VIP fan packages or even daily ticket giveaways.

With Maya, your everyday doesn’t have to stay ordinary. It’s your go-to that makes spending smarter, saving easier, and moments more rewarding, whether you’re chasing miles, cashback, or the concert of your dreams.

SARI-SARI stores are rapidly digitalizing their operations, driven by a significant increase in e-wallet use, according to a new report from Filipino tech startup Packworks.

The report used their internal transaction records as the starting point to conduct a direct survey of more than 2,000 sari-sari store owners within Packworks’ nationwide network of 300,000+ stores from January to August 2025.

According to the data, half of the store owners surveyed reported a 75-percent increase in e-wallet usage in their store operations between January and August. The remaining respondents also saw substantial growth: 20 percent experienced a 100-percent increase in usage, another 20 percent saw a 50-percent increase, and 10 percent reported a 10-percent rise.

Store owners largely attribute this growing adoption to increased consumer demand, as their customers are also turning to e-wallets to buy goods, access funds, and settle bills at their local stores.

‘Maraming nang nagpapa-cash-in at cash-out at bumibili gamit ang mga e-wallet. Dahil dumarami, gusto namin masabayan ang pangangailangan nila. Nakakatulong din naman ito sa amin para magkaroon kami ng dagdag kita,’ [A lot of our customers are making cash-in and cash-out transactions aside from buying products with e-wallets. Since more customers are using them, we want to keep up with their needs. It also helps us earn a little extra), said Marijane Rea, a sari-sari store owner from Laguna.

Store owners are using e-wallets for a variety of business operations. About 40 percent use the platforms for in-store payments, 30 percent for bill payments, and the remaining 30 percent for cash-in and cash-out transactions.

This digital shift is quickly becoming a critical source of revenue. Around 13 percent of store owners say their e-wallet earnings equal their revenue from physical goods. Among the rest of the respondents, e-wallets still contribute significantly: 66 percent say that about 20 percent of their revenues come from e-wallet use, and the remaining 21 percent say their e-wallet earnings account for 10 percent of their total revenue.

GCash and Maya are the widely used e-wallets, with 85 percent of store owners reporting using GCash for their business transactions and 15 percent using Maya.

‘Bukod sa kita namin sa tindahan, nagkaroon kami ng dagdag kita sa paggamit sa mga e-wallet kasi meron kaming tubo na PHP 10 hanggang PHP 20 sa pag-cash-in at cash-out, o di kaya tuwing nagbabayad ng kuryente, tubig, o internet ang mga customer,’ (Besides the income we earn from the store, we also get extra earnings from using e-wallets because we earn a profit of PHP 10 to PHP 20 from cash-in and cash-out transactions, or whenever customers pay for electricity, water, or internet bills), said Rachel Miguel, a store owner from Bacolod.

To increase their transaction capacity and meet surging customer demand, sari-sari stores are strategically using up to five e-wallet accounts. According to the report, with each account having a monthly limit of P100,000 to P500,000, the combined monthly transaction capacity is up to P3.5 million.

This trend supports the 30 percent of store owners’ interest in upgrading their e-wallets to business accounts to maintain a higher monthly limit of P1 million.

Data from the Bangko Sentral ng Pilipinas indicated that approximately 57 percent of total retail transactions were cashless in 2024, highlighting the increasing use of digital payments for everyday purchases and financial transactions.

Packworks Chief Platform Officer Hubert Yap highlights that sari-sari stores are rapidly embracing digital tools such as e-wallets to diversify their services and grow their businesses.

‘The surge in e-wallet use proves that sari-sari stores are rapidly evolving into vital digital hubs for their communities. Aside from simply selling ‘tingi’ physical items, they are now diversifying their product range, offering high-margin, value-added financial services and integrating digital tools such as our app to fundamentally improve their operations and function as near-frictionless nano-banks for the neighborhoods they serve. These findings show that sari-sari stores have been at the forefront leading this digital transformation at the grassroots level,’ cited Yap, ‘And there’s an urgent need to support these micro-entrepreneurs with the right fintech to ensure they can fully capitalize on this opportunity, as they often say in sari-stores, a peso saved is a peso earned!’

THE Clark Development Corporation (CDC) was among 59 government agencies honored for exemplary public service during the 2025 Report Card Survey (RCS) Awards of the Anti-Red Tape Authority (ARTA) held on October 23 at Conrad Manila.

CDC received the Silver Award after earning a ‘Very Satisfactory’ rating in the 2024 RCS 2.0 1st Cycle Implementation. The survey assessed 904 government offices nationwide, measuring compliance with Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.

CDC President and CEO Atty. Agnes VST Devanadera accepted the award on behalf of the corporation, joined by Vice President for Business Development and Business Enhancement Group Atty. Noelle Mina Meneses, Vice President for Legal Affairs Group Atty. Gloria Victoria Taruc, and Vice President for Security Services Group PMGen. Lina Sarmiento (Ret.)

In her message, Devanadera underscored the role of ARTA reforms in improving governance and investor confidence.

‘Now, we see and appreciate how ARTA has transformed governance and service delivery. The first thing that our investors and locators look for is the ease of doing business,’ she said.

‘In fact, that is the competitive edge of other countries over the Philippine economic zones. It is ARTA that spells the difference in making a decision for foreign investors-whether they will invest in the Philippines or in other parts of the world,’ she added.

ARTA Secretary Ernesto Perez lauded the awardees for institutionalizing reforms and enhancing frontline services.

‘With this milestone, I extend my heartfelt congratulations to all participating agencies and offices that rose to the occasion and delivered with excellence,’ Perez said.

‘This brings some goodness, some bright light in the darkness that surrounds our nation today. Let us all celebrate tonight and recognize those who live up to the expectations,’ he added.

Under Devanadera’s leadership, CDC has implemented digital platforms, streamlined permitting processes, and automated revenue monitoring systems to improve ease of doing business. These include online registration tools, centralized service hubs, and compliance tracking mechanisms designed to simplify transactions and enhance investor experience.

The ARTA RCS Awards recognize agencies that demonstrate integrity, innovation, and excellence in public service, values CDC continues to uphold in its operations within the Clark Freeport and Special Economic Zone.

DESPITE the increase in cash releases, state agencies utilized P3.619 trillion, recording a utilization rate of 97.3 percent.

The utilization rate was also lower compared to the 99 percent posted during the same period a year ago.

A higher NCA utilization rate indicates stronger fund absorption and timely program implementation among agencies.

Of the total NCAs released, line departments obtained 73.88 percent or equivalent to P2.748 trillion.

These agencies disbursed P2.654 trillion or 96.6 percent, posting a 96.6-percent utilization rate, slower than last year’s 98 percent.

The Department of Public Works and Highways (DPWH) and the Department of Education (DepEd) remained the top recipients of NCAs, with P684.86 billion and P542.24 billion, respectively.

Both, however, reported slightly lower utilization rates-95.6 percent for DPWH and 97.7 percent for DepEd-compared with 100 percent and 98 percent a year earlier.

Meanwhile, the Office of the Vice President, the Judiciary and the Office of the Ombudsman recorded a 100-percent NCA utilization rate among line departments.

At the other end, the Department of Energy posted the lowest utilization rate at 68.3 percent, followed by the Department of Information and Communications Technology at 71.6 percent.

Furthermore, the government-owned and -controlled corporations received P92.504 billion in budgetary support, of which 99 percent or P91.587 billion was utilized.

Local government units (LGUs) were also allocated P878.790 billion, spending P874.179 billion or 99.5 percent of the amount.

As of end-September, government agencies and LGUs still have a total of P99.433 billion in unused NCAs.

DBM data showed the government released P6.120 trillion of the record P6.326-trillion national budget for 2025 as of end-September.

For 2026, the proposed national budget stands at P6.793 trillion, 7.4 percent higher than this year’s level.

FOREIGN borrowings greenlit by the Monetary Board plunged by over 70 percent in the third quarter, according to the Bangko Sentral ng Pilipinas (BSP).

On Friday, the BSP said the Monetary Board approved $1.10 billion worth of proposed public-sector foreign borrowings in the third quarter of the year.

This represents a 71.13-percent decrease from the $3.81 billion in approved foreign debt in the same period a year ago.

The Central Bank said the loans, which have medium- to long-term maturities, were intended for social protection projects.

According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation, the drop in foreign borrowings shows the government’s strategy to rely less on external financing.

This year, the government’s financing mix is set at 81:19, in favor of domestic sources. This means P2.106 trillion will be borrowed from the local debt market, while P494 billion will come from foreign financiers.

Moreover, Ricafort said the lower external borrowings also reflect cautiousness amid heightened foreign-exchange risks.

Ricafort told the BusinessMirror that it was part of the ‘learning from the lessons from past crisis periods, as foreign loans could lead to foreign-exchange losses for those borrowers that are not hedged.’

The peso traded near nine-month highs against the US dollar and close to the record P59 level that was sustained for more than three years already, Ricafort added.

‘Thus, lower amount of approved foreign loans reflected that cautiousness vs. potential forex losses that entail US dollar and other foreign loans,’ Ricafort said.

Ricafort also noted that since the start of the Russia-Ukraine war in February 2022, the US dollar has appreciated by around 15 percent, making foreign borrowings more expensive not only in terms of interest costs but also potential forex losses.

From January to September this year, public-sector foreign borrowings reached $12.28 billion.

Under Section 20, Article VII of the 1987 Constitution of the Republic of the Philippines and as mandated under Letter of Instructions No. 158 dated January 21, 1974, the BSP is tasked to approve the government’s foreign loans.

‘Under the law, all foreign borrowing proposals by the national government, government agencies, and government financial institutions, as well as loans to be guaranteed by the national government require prior approval of the BSP’s Monetary Board. This is in line with the BSP’s tasks of ensuring that the country’s foreign debt remains manageable,’ the BSP said.

The government’s outstanding debt reached P17.468 trillion as of end-August, up by 12.3 percent from P15.550 trillion during the same period a year ago.

Of the total debt stock, 69.19 percent was borrowed locally, while 30.81 percent came from foreign sources.

The Bureau of the Treasury said this is a ‘generally more favorable debt position,’ since domestic debts are less vulnerable to shifts in foreign-exchange movements.

‘Domestic borrowing is largely owed to Filipinos themselves, providing a safe and secure investment vehicle for wealth growth while also ensuring that the money circulates back into the local economy,’ the Treasury added.