Category: Business Mirror

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.

FIDEL CONCEPCION finally turned years of promise into fulfillment after capturing his first-ever Philippine Golf Tour (PGT) crown in the International Container Terminal Services Inc. Apo Golf Classic in Davao on Friday.

But not before enduring one of the toughest, most nerve-wracking finishes in the PGT.

Concepcion, who built a commanding six-stroke lead midway through the final round of the P3.5 million championship, suddenly saw his advantage vanish.

Yet when it mattered most, the Filipino-Australian held his nerve, burying a career-defining birdie from 10 feet on the second playoff hole to edge Korea’s Jaehyun Jung and capture the long-elusive victory.

‘Honestly, it’s unreal,’ said Concepcion, visibly emotional as he struggled to find the right words. ‘It’s one of those things you never know if it will ever happen. And somehow-it did.’

For over a decade, Concepcion has lived with the label of ‘potential waiting to blossom’-near-misses, heartbreaking finishes and fleeting moments of brilliance marked his 12-year campaign.

Squandering a six-shot cushion would have broken lesser men, but Concepcion, now more seasoned and self-assured, proved that championships are won not by raw talent alone, but by patience, poise and perseverance.

Outdriven by Jung in both playoff holes, Concepcion showed that accuracy and mental toughness outweigh pure power.

On their second trip to the par-4 ninth, he calmly pulled a 4-iron from the tee and found the heart of the fairway-sa perfect setup for his trusted 8-iron.

From 160 yards downwind, he knocked it stiff, landing just 10 feet from the cup.

Jung, forced to respond, came up short, his approach stopping well shy of the flag.

The Korean missed his long birdie attempt, and Concepcion seized the moment-rolling in the winning putt and raising both arms in triumph and years of frustration finally metamorphosed into joy.

After birdies on Nos. 1 and 3, Concepcion appeared in total control at two-under through seven, six shots clear of Tony Lascuña.

But the Apo Golf and Country Club layout is unforgiving. A double bogey on the par-4 eighth and another dropped shot on No. 10 cracked the door open for the field.

‘There were a lot of ups and downs,’ Concepcion recalled. ‘I was two-under early on but lost a bit of momentum and that sort of brought the field back in. The backnine was a roller-coaster, so if there’s one highlight for me, it would definitely be that final putt.’

Jung, five shots adrift entering the day, played fearlessly as he scorched the back nine with three birdies in the last four holes, posting a tournament-best 67 to catch Concepcion, who matched par 72, at 284.

Lascuña stayed close for a while but eventually settled for third at 288 after a closing 72.

Guido van der Valk (71) placed fourth at 289, Elee Bisera birdied the last hole to finish fifth at 291, while Zanieboy Gialon (75), Elmer Salvador (78), and Koreans Dino Villanueva and Chon Koo Kang rounded out the top eight.

For Concepcion, this breakthrough victory means far more than the P630,000 champion’s purse. It’s a symbol of endurance – of countless early mornings, missed cuts and lessons learned the hard way.

‘I really didn’t know I had a six-shot lead,’ he said. ‘I just kept playing my game, focusing on hitting solid shots. But it’s really hard to avoid mistakes on this course.’

After 12 years of searching for answers, he finally found them-not through perfection, but through resilience.

Now a certified PGT champion, Concepcion no longer walks as a journeyman chasing form, but as a player reborn-one who has proven that the road to victory sometimes runs through the storm.

MORE than 200 local officials, lawmakers, and other leaders have united in expressing their strong support for the passage of Sen. Bam Aquino’s Classroom-Building Acceleration Program (CAP) Act, saying the proposed measure aims to help address the classroom backlog in public schools across the country.

Senate Bill No. 121, authored by Aquino, seeks to decentralize classroom construction by authorizing not only the Department of Public Works and Highways (DPWH) but also local government units (LGUs) and qualified non-government organizations (NGOs) with a proven track record in school-building projects to build classrooms that meet the Department of Education’s standards and guidelines within their respective jurisdictions.

The League of Municipalities of the Philippines (LMP), headed by its national president, Echague Mayor Inno Dy; Naga City Mayor Leni Robredo; Quezon City Mayor Joy Belmonte; Tampakan Mayor Leonard Escobillo; Infanta, Quezon Mayor LA Ruanto; Marikina Mayor Maan Teodoro; and Akbayan Partylist Reps. Chel Diokno and Perci Cendana, were among those who expressed support for Aquino’s measure.

Various vice governors, vice mayors, councilors, board members, and former local officials from across the Philippines also joined in expressing support for the proposed legislation.

Belmonte also encouraged fellow Local Chief Executives (LCE) to back this endeavor of building classrooms and show that ‘we are capable of upholding honest, efficient, and accountable governance.’

Mayor Escobillo, who also serves as president of the League of Municipalities of the Philippines (LMP)-South Cotabato chapter and LMP vice president for the Mindanao cluster, said local governments are ‘more than willing and ready to take on this role and work with the national government to address the classroom backlog.’

Mayor Teodoro, for her part, shared the same sentiment and joined the growing clamor to transfer classroom construction functions to LGUs.

‘Local governments are ready to build and complete more classrooms. We join the call of PBBM and Sen. Bam Aquino to devolve classroom construction to LGUs, ensuring faster implementation, better cost efficiency, and stronger accountability at the local level,’ Teodoro said.

‘It is critical that we prioritize the learning environments for the next generation. We fully support Senator Bam Aquino’s Classroom-building Acceleration Program [CAP] Act, which will empower LGUs to build classrooms,’ Ruanto said.

‘Ang pagbibigay-kapangyarihan sa DepEd, LGUs, at NGOs na umaksyon at itayo ang mahahalagang espasyong ito ay hindi lamang tungkol sa imprastraktura. Ito ay tungkol sa pamumuhunan sa mas magandang kinabukasan para sa bawat batang Pilipino, na nagbibigay sa kanila ng pantay na pagkakataon na matuto at umunlad,’ he added.

Diokno and Cendana also expressed support for the measure, saying it will empower LGUs in constructing quality and safe classrooms.

‘The Administration should prioritize the welfare of our youth and certify this proposed measure as urgent so we can provide every Filipino student with a safe, complete, and conducive place to learn. Once enacted into law, this measure will empower local government units [LGUs] and qualified non-government organizations to take part in building classrooms efficiently and transparently,’ Diokno stressed.

‘We need the Classroom-Building Acceleration Program Act championed by Sen. Bam Aquino upang pabilisin ang pagpapatayo ng mga classrooms. Ma-e-empower natin ang mga local governments and NGOs na magtayo ng dagdag na silid aralan,’ Cendana said, adding that quick action is needed to save the country’s education from the brink.

Leaders, fellows, and members of the Kaya Natin! Movement for Good Governance and Ethical Leadership and the Jesse M. Robredo Foundation, led by Naga City Mayor Leni Robredo, also added their voice to the growing clamor for Aquino’s measure, calling on the Chief Executive to certify this vital bill as urgent.

‘The nation faces a significant, crisis-level shortage of classrooms and learning spaces, directly impacting the quality of education for millions of Filipino children. This legislative measure is crucial for immediately addressing this gap,’ the group said.

Aquino, chairperson of the Senate Committee on Basic Education, earlier urged President Ferdinand Marcos Jr. to certify the proposed measure as urgent to accelerate efforts to eliminate the country’s classroom backlog.

If passed into law, Aquino said Senate Bill No. 121 will complement President Marcos’ directive to directly channel funds to LGUs to help speed up the construction of much-needed classrooms.

During the Senate hearing on the DPWH budget, Public Works Secretary Vince Dizon expressed full support for Aquino’s proposal, saying the agency is open to partnerships that will help accelerate the construction of much-needed classrooms nationwide.

DEFENSE Secretary Gilberto Teodoro Jr. has called for a stronger collaboration with the European Chamber of Commerce of the Philippines (ECCP) to promote transparency, trust, and shared growth in defense and industrial development.

Speaking before the ECCP in Makati City, Teodoro also said the Philippines is ‘at the spearhead’ of current threats to the international order and cited China’s latest illegal actions in the West Philippine Sea.

‘The President has instructed us to be unyielding and to reshape our defense ecosystem as quickly as possible into a multi-threat, multi-domain system,’ he said.

With this in mind, Teodoro said the DND is pursuing two key thrusts: building internal defense resilience and expanding strategic engagements with like-minded nations.

He cited as example the Philippines’ advanced talks for Visiting Forces Agreements with France and the United Kingdom.

Teodoro, added, that the country is pursuing a similar arrangement with Canada.

‘The more convergence of like-minded countries at the spear’s tip, the better,’ he added.

‘We must resist and deter any attempt to change the international order to the detriment of our people and future generations,’ the DND chief pointed out.

Teodoro also underscored the need to reform the country’s defense acquisition and funding systems, noting that defense spending has long been ‘miserably low.’

He said the DND will prioritize the development of strategic bases and adopt government-to-government arrangements for defense procurements and joint industrial production.

‘We will focus on what we truly need, not just what’s available,’ he said, adding that defense self-reliance will depend on reliable, diversified, and secure supply chains aligned with the Philippines’ national interests.

Teodoro likewise expressed the DND’s readiness to engage the ECCP in a structured partnership rooted in transparency and trust.

‘For many a times, even with partner government agencies, we have always been the whipping boy. And that ended when Ferdinand Marcos took o?ce and when he appointed me as the Defense Secretary,’ Teodoro said.

‘And I think that is the obligation I owe to the Filipino people, and that is the standing order of the President,’ he added.