Category: Business Mirror

Recognizing his visionary leadership and lifelong commitment to advancing financial inclusion, resilience, and empowerment among Filipinos, Jean Henri Lhuillier, President and CEO of the PJ Lhuillier Group of Companies, was hailed CEO of the Year – Grand Winner at the Asia CEO Awards 2025.

Guided by Lhuillier’s visionary leadership, the PJ Lhuillier Group has grown into one of the country’s most diversified and purpose-driven conglomerates, with a network of companies that set the standard for innovation and accessibility in financial services and beyond. Under his stewardship, Cebuana Lhuillier has become the nation’s largest and leading microfinance provider; Cebuana Lhuillier Services Corporation (CLSC) connects Filipinos worldwide through secure, real-time remittance solutions; Cebuana Lhuillier Bank (CLB) expands access to savings, loans, and digital banking for MSMEs and underserved communities; Cebuana Lhuillier Insurance Brokers (CLIB) leads in microinsurance, delivering affordable protection designed for every Filipino’s needs; and Cebuana Lhuillier Financial Corporation (CLFC) provides accessible loan products that empower growth and stability. Lhuillier’s leadership also extends to Cebuana Lhuillier Jewelry Premium, Just Jewels, Gold Bar, and Re-Find, expanding access to investment and wealth-building opportunities for Filipinos.

Beyond business, Lhuillier is a steadfast advocate for nation-building. Through the Cebuana Lhuillier Foundation, Inc. (CLFI), he champions initiatives centered on education, disaster resilience, and community development, creating opportunities that uplift lives and strengthen communities. His passion for sports as a platform for youth empowerment is equally evident in his roles as President of the Unified Tennis Philippines (UTP) and President of the Amateur Softball Association of the Philippines (ASAPHIL).

‘For decades, we have worked to ensure that access to financial services is not a privilege, but a right-providing solutions that meet people wherever they are in their financial journey,’ said Lhuillier. ‘This honor reflects the passion and dedication of the entire PJ Lhuillier team, whose collective efforts continue to make inclusive growth a reality.’

Under his leadership, PJ Lhuillier also received multiple Circle of Excellence recognitions at the Asia CEO Awards 2025-CSR Company of the Year, sponsored by Innodata; Diversity Company of the Year, presented by PSG Global Solutions; and APEX Company of the Year, presented by Microsourcing-honoring its excellence in community engagement, inclusive workplace culture, and organizational performance.

Now in its 16th year, the Asia CEO Awards stands as the largest business awards program in the Philippines and one of the most prestigious in Southeast Asia. The event honors leaders and organizations shaping the country’s economic progress and positioning the Philippines as a premier business hub in the region.

Through Lhuillier’s steadfast leadership, PJ Lhuillier continues to champion financial empowerment-transforming lives, uplifting communities, and setting new benchmarks for inclusive financial services in the Philippines.

THE National Union of Journalists of the Philippines (NUJP) has condemned the killing of broadcaster Noel Bellen Samar in Albay, calling it another reminder of the persistent culture of impunity that continues to endanger members of the press.

The group said Samar’s death brings to eight the number of journalists killed since President Marcos assumed office in June 2022.

Of these, two have been confirmed as work-related, while six others remain under investigation.

NUJP warned that these attacks continue to erode press freedom and create a ‘chilling effect’ among journalists, campus writers, and communication students.

‘While the motive remains unclear and the investigation is still ongoing, NUJP urges authorities to carry out a thorough investigation into the Samar case and whether it links to his journalistic work,’ the group said in a statement on late Wednesday.

Samar, 54, was on his motorcycle on Maharlika Highway, Guinobatan town, when he was shot four times by a still unidentified gunman on October 20.

He was rushed to a hospital but died the following day.

Police said they are investigating the possibility that he had been followed before the shooting.

Known to his listeners as ‘Mr. Bull’s Eye,’ Samar hosted a radio program aired on 92.3 dwIZ News FM Legazpi and 95.7 dwBC FM Libon. He also managed Kadunong Internet TV.

The Presidential Task Force on Media Security (PTFOMS) has begun monitoring the case, which NUJP urged to pursue.

NUJP noted that despite government pronouncements, cases of media killings and harassment continue to rise in the regions, where journalists often work without institutional protection or legal support.

The group said that in many areas, reporters and broadcasters face intimidation when covering corruption, criminality, or local rivalries.

‘No journalists should face death by simply performing their duty in reporting the truth. The threats and other forms of attacks will not persist if the Marcos administration is serious about ending impunity,’ it added.

In a statement on Thursday, Legazpi (Albay) Bishop Joel Z. Baylon also condemned the killing of Samar.

Baylon said the attack was a ‘senseless act of violence’ that must not be justified under any circumstance.

Baylon urged the public to defend life and truth, saying Samar’s death should strengthen efforts to seek peace founded on justice and compassion.

‘Nothing can ever justify murder-not personal disputes, not political differences, not even appeals to public order or national security,’ he said.

The Warsaw Stock Exchange eyes ditching its emerging-market status and an upgrade to developed markets within three to five years, according to Chief Executive Officer Tomasz Bardzilowski.

His prospective timeframe for the reclassification by index provider MSCI Inc. gives Poland time to revive public interest in stocks and bring more companies to the region’s biggest capital hub, the CEO said in an interview.

The desired move would be the first among stock exchanges in formerly communist eastern Europe, opening over 400 Warsaw-listed firms to more investors, including funds tracking developed-market indexes. The comments come amid a rally in Polish shares, with the benchmark WIG20 gauge up 50 percent in dollar terms this year.

‘We are quite aware that in the emerging market universe we are a much bigger fish than we would be in MSCI’s developed basket,’ he said. ‘We need to work to avoid staying below the radar screens of the vast majority of investors.’

Bardzilowski has an ally in trying to lure people back to equity investing. Finance Minister Andrzej Domanski, a former stock fund manager, in August unveiled tax incentives based on a Swedish model, seeking to rekindle an ‘equities culture’ that thrived in past decades.

Seven years ago, Poland was upgraded to a developing market by another index provider, FTSE Russell, which granted Warsaw-listed stocks a weighting of 0.1 percent. Meanwhile, the nation’s shares currently account for 1.1 percent of the MSCI emerging-market stock index.

Nearly zero

A potential weight close to zero could cause make it difficult for meaningful flows to reach Polish equities, according to Pawel Wieprzowski, a stock-fund manager at PKO TFI SA, the country’s largest mutual fund.

Assets under management by exchange-traded funds that use MSCI developed-market indexes are roughly three times as large as those that track emerging-market gauges, according to data from the company.

The market value of stocks with primary listings in Warsaw tops 1.05 trillion zloty ($287 billion). That’s more than the firms traded in Prague, Budapest and Bucharest combined and twice as big as in Vienna. Liquidity is still low but it’s increasing, especially during this year’s rally.

In its latest review in June, MSCI pointed to the lack of English-language information from Polish issuers, the scarcity of stock lending and short selling as well as inadequate rules regarding the registry representation for foreign owned shares.

The bigger problem for Bardzilowski, who’s been at the helm of the Warsaw stock exchange since March 2024, is enticing companies to list in Warsaw. Appetite for selling state assets has faded, with politicians from across the spectrum talking up the merits of state ownership.

Bardzilowski is betting on the government’s tax plan to widen the domestic investor base, which will make the stock exchange more resilient to global flows. This in turn will lure more companies to float in Warsaw and boost the market’s capitalization beyond roughly a quarter of the country’s gross domestic product.

With eastern Europe quickly ramping up military spending following Russia’s full-scale invasion of Ukraine three years ago, Bardzilowski expects more defense-focused firms to list in Warsaw. The exchange is meeting entrepreneurs across Poland to drum up interest in listings.

The record scale of secondary offerings this year is a key argument, according to Bardzilowski, showing that once a company is listed, it may repeatedly raise capital through the bourse.

THE government should allocate P3 billion from the competitiveness enhancement measures fund (CEMF) to bankroll programs for the local coffee sector in 2026, according to industry leaders.

Sources, however, called for the revision of the coffee industry roadmap set to end this year, since it would serve as a ‘basis for funding.’

Philippine Chamber of Agriculture and Food Inc. (PCAFI) President Danilo Fausto said the current balance of CEMF at the end of last year stood at P5.16 billion.

‘We need to access that money because 60 percent of that money is collected from the tariffs of coffee that should be flown back to the industry,’ Fausto told reporters on the sidelines of the 1st Philippine Coffee Sustainability Congress organized by the Philippine Coffee Board (PCB) in Makati City on Thursday.

‘But the fund can only be accessed if it is included in the GAA [General Appropriations Act],’ he added.

Under the 2026 National Expenditure Program (NEP), the CEMF was allocated only P25 million, or a tenth of the P250 million allotted in the previous NEP. In the 2025 GAA, the fund is at P1.25 billion.

Agriculture Secretary Francisco Tiu Laurel Jr. earlier confirmed to the BusinessMirror that the DA had yet to use the fund earmarked for the CEMF in the 2025 GAA.

Because of this, the DA chief said the agency did not request an additional budget for CEMF for next year. He added that the agency is revising the policy that would ease farmers’ access to the fund.

The CEMF is established under Republic Act 8800, wherein 50 percent of revenues collected from fees, charges, and safeguard duties on imported goods would be earmarked for this fund.

Industry sources said the CEMF consists mostly of safeguard duties collected from coffee and poultry imports.

With this, Fausto noted that the earmarked fund should be allotted to the Bureau of Plant Industry (BPI), whose mandate was to distribute seeds.

‘The problem in every crop in the Philippines is [lack of farmers’ access to] seeds and planting materials. Without these, you have no crops,’ Fausto said.

‘All we have to do is put the fund in the GAA, give it to the BPI, so that support for seeds and planting materials can be provided.’

‘Lack of coffee trees’

For PCB Chairperson Chit Juan, planting materials are critical in the industry, given the lack of coffee trees in the country.

As such, Juan said the new targets outlined in the coffee industry roadmap set to run from 2026 to 2030 should zero in on changes in the supply of seedlings.

‘There are not enough accredited nurseries, so we need to localize the nurseries and teach farmers how to have their own community nurseries,’ she said, noting that they were in talks with the BPI about whether this could be realized.

Juan added that the BPI should have centers around the country that would boost the competitiveness of coffee farmers.

‘We want to have centers through the BPI because currently, if a farmer wants to get their soil tested, they have to go all the way to Diliman. They don’t have access to services that will make them more competitive,’ she said.

IN 2024, it was reported that the Philippine financial services industry experienced about 38,370 phishing attacks.

The attacks are part of the 83-percent year-over-year global rise in financial related scams that utilize fake banking websites, fraudulent investment portals, phishing SMS messages to obtain customer information or mislead users to unauthorized transactions. It is estimated that 23 percent of ransomware attacks on financial services organizations were due to compromised credentials.

Financial services professionals were the most likely to open phishing email with a global click rate of over 26 percent in opening phishing emails recorded. The global average cost of the data breach in the financial services industry stood at $6.08 million on the same year.

BSP Circular 1213

TO address tighter security regulation, the Bangko Sentral ng Pilipinas (BSP) issued Circulars 1213, 1214, and 1215, laying out measures that banks, e-wallets and other financial institutions must take to combat mule accounts, phishing schemes and other forms of digital fraud. This followed after the enactment of the Anti-Financial Account Scamming Act (Afasa) in 2024.

The BSP’s directive focused on making all types of local biometric-based passkeys stronger. BSP Circular 1213 mandates a shirt toward secure, user-friendly cybersecurity alternatives as it observed limitations on the use of interceptable authentication mechanisms such as One-Time Pins (OTPs) via SMS and email. With the increasing prevalence of social engineering attacks aimed at obtaining login credentials, banking, financial services, and insurance institutions should limit the use of authentication mechanisms that can be shared to, or intercepted by third parties unrelated to the transaction.

BSP Circular 1213 cites the use of modern authentication standards such as the Fast Identity Online (FIDO), a technical specification for online user identity authentication that allows biological features or a security key to log in to online accounts. It encourages financial institutions to adopt phishing-resistant methods such as:

Biometric and behavioral biometrics

Cryptographic authentication

Hardware tokens and passwordless solutions

The circular further adds that proposed liability shifts mean that institutions persisting with outdated methods like SMS OTPs may be held financially accountable for resulting fraud losses.

Anticipating sophisticated cyber threats

THE BSP, through Circular 1213, wants financial institutions to be prepared as cyber criminals continue to mount more sophisticated and frequent attacks. Prone to these attacks are banking, payment services, insurance and fintech, among others. Even QR-code phishing and AI-driven phishing have increased in the past years. Philippine banks must be aware and adopt

The Bank Marketing Association of the Philippines (BMAP) affirms its commitment to help communicate the BSP’s directives to help keep financial institutions and consumers safe.

THE MARIVELES Power Generation Corp. (MPGC) was allowed by the regulators to put up a dedicated facility to connect its 1,200 megawatt (MW) coal-fired power plant to the Luzon grid via the National Grid Corporation of the Philippines’ (NGCP) Alas-asin 500 kiloVolt (kV) substation for P1.8 billion.

‘The resolution of MPGC’s application.will redound to the benefit of the electricity consumers in terms of continuous, quality, reliable, and efficient power supply as mandated by Section 2 of the EPIRA,’ the ERC decision stated.

The approval of the Energy Regulatory Commission (ERC), however, covers only the connection of MPGC’s 600MW coal power project, which represents phase 1. MPGC may file a similar application for Phase 2, which remains listed under the committed power projects of the Department of Energy (DOE).

The 8x150MW coal power plant project In Mariveles, Bataan will be put up in two phases, each will be composed of 4x150MW generating units. This coal power project is not affected by the moratorium policy issued by the DOE.

MPGC has engaged the service of Meralco Industrial Engineering Services Corp. (MIESCOR) for the supply, construction, and installation of the dedicated transmission facility.

The ERC order also requires MPGC to pay P13.5 million to the ERC for permit fees and charges.

West Zone concessionaire Maynilad Water Services Inc. has started its initial public ofering (IPO) on Thursday after the company secured a permit to sell from the Securities and Exchange Commission.

The offer period will run through October 29.

Maynilad’s IPO would be the country’s second largest at P34 billion in terms of proceeds, and only the second maiden offering for the year.

Maynilad, whose offer price is P15 per share, is expected to list its shares on the Philippine Stock Exchange on November 7,under the trading symbol MYNLD.

BPI Capital Corp. serves as the domestic lead Underwriter for the IPO, while The Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley Asia (Singapore) Pte. and UBS AG, Singapore Branch act as the international underwriters.

The International Finance Corp. and Asian Development Bank are the lead cornerstone investors of the IPO. The domestic and international cornerstone investors that have confirmed their participation include BDO Capital, BPI Asset Management and Trust Corp., Metropolitan Bank and Trust Company-Trust Banking Group, Security Bank Corporation -Trust and Asset Management Group.

International cornerstone investors, meanwhile, include abrdn Malaysia Sdn. Bhd., The United Kingdom Foreign, Commonwealth, and Development Office, Maven Investment Partners Ltd-Hong Kong Branch, Maybank Asset Management Singapore Pte. Ltd., Robeco Switzerland Ltd. and QRT Master Fund SPC-Torus Fund SP.

Maynilad hopes to sell 1.66 billion common shares to the public, and to 24.9 million primary shares to First Pacific Co. Ltd., with an overallotment option of up to 249.04 million primary common shares and subject to the exercise of an upsize option of up to 354.7 million secondary common shares to be offered by shareholder, Maynilad Water Holdings Co. Inc. (MHWCI).

Proceeds from the offer will be used to fund Maynilad’s capital expenditures requirements and for general corporate purposes. Maynilad will not receive any proceeds from the sale of MWHCI’s shares in the event that the upsize option is exercised.

THE International Series Philippines is a powerful platform that will help the current crop of Filipino talent by testing their skills against the best in the world and exposing them to the highest level of competition.

So said Angelo Que, 46, and a three-time winner on the Asian Tour, including the Philippine Open in 2008.

The 46-year-old, soon to be a legendary name in Philippine golf and a stalwart of the Asian Tour for over two decades, understands better than most how transformative the tournaments can be.

‘Especially for the younger players, it gives them a sense of the competition level out there,’ he said. ‘The International Series is on a different level in terms of the field, camaraderie, and quality of play.’

He added: ‘These players are used to playing bigger tournaments, so it’s great for the guys to experience that. For us, yes, it feels like a Major, but at the end of the day, it’s still a tournament. If you play your normal game, you can compete with them.’

Currently leading the Philippine Golf Tour Order of Merit, Que has been in fine form this season with consecutive high finishes on the Asian Development Tour-a T3 at the Ciputra Golfpreneur Tournament and T5 at the ADT Players Championship presented by The R and A.

Joining him this week in the event presented by BingoPlus are several of the country’s brightest young talents, eager to showcase their abilities on home soil.

Among them is Aidric Chan, who sits fourth on the Asian Development Tour Order of Merit with two victories this season-at the Lexus Challenge and the Morocco Stars Marrakech, the latter earning him a start in the International Series Morocco.

‘I’m really excited. It’s something we all look forward to,’ said Chan. ‘Not many golfers get the chance to compete with major champions – players we grew up watching. Hopefully, I can make the weekend and maybe even play alongside one of them. That’s something to really aim for. It’s inspiring and motivates me to push harder this week.’

Also representing the next generation is Sean Ramos, who has been turning heads in his first full season on the Asian Tour with a string of strong performances: tied 22nd at the International Series Morocco, tied 19th at the Jakarta International Championship, and a tied 7th finish at the SJM Macao Open.

‘I think recently my ball striking has been a lot better, and mindset-wise, I’ve been playing with more freedom,’ Ramos said. ‘Last week was a big confidence booster. Before, it felt like I was reaching for the stars, but now I know I can compete and do it again.

‘I’m very honored to compete on home soil with massive names in golf like Dustin Johnson, Patrick Reed, Charl Schwartzel, and Louis Oosthuizen. I think it’s the first time they’ve ever played here, so I’m really proud to see where my game stands alongside theirs.’

Enrico Gallardo earned his place in the field by finishing as highest non-eligible local in the ADT qualifier, highlighting the important pathway created for Filipino golfing talent.

‘It’s a real honor to be here,’ Gallardo said. ‘I’m very glad I was able to earn my slot – the last one in, actually. I’m just grateful for the opportunity and hopeful to play my best this week.’

When asked about his goals, Gallardo revealed his hopes of earning a place on the Asian Tour next season. He said: ‘This is a big step for my career. I plan to go to Q-School in Thailand this December for the Asian Tour, and I hope this event gives me more confidence heading into that and future tournaments.’

Home favorite Miguel Tabuena, a three-time Asian Tour champion, is also ready to embrace the challenge.

‘Of course, you always want to perform well in your home country,’ Tabuena said. ‘But at the same time, you have to treat it like any other event. These guys (Dustin Johnson, Patrick Reed, Louis Oosthuizen and Charl Schwartzel) are major winners – they can adapt to anything. So course knowledge isn’t a huge factor this week. Still, I’m going to give it my best shot and try to keep the Philippine flag on top of the leaderboard.’

The International Series Philippines presented by BingoPlus is one of nine elevated events on the Asian Tour this season, offering players from around the world a pathway into the LIV Golf League through the season-long International Series Rankings.

This week’s tournament will blend elite-level competition with vibrant entertainment, including headline concerts, premium hospitality, live music, gourmet dining, and immersive fan experiences-making it one of the standout sporting and lifestyle events of the year.

JAMES RYAN LAM and Fidel Concepcion carved out similar 70s to seize the joint lead midway through the P3.5-million International Container Terminal Services Inc. Apo Golf Classic in Davao on Wednesday.

Facing the punishing demands of the fabled Apo Golf and Country Club layout, Lam and Concepcion again matched outputs for the second straight day in separate flights, tallying identical 141s over 36 holes-a rare return to the top of the Philippine Golf Tour leaderboard for both.

Lam showed grit and poise while playing alongside veteran Elmer Salvador as he fired three birdies against a lone bogey, nearly adding another on No. 2, before a failed up-and-down on the par-3 fourth slowed his charge.

He scrambled through the rest of the round, settling for a 36-34 card.

‘It’s a day-long grind,’ said Lam, visibly spent after his round. ‘You really need to hit it better on this course. I’m just lucky I managed to keep my score together.’

Concepcion, who struggled with three costly three-putts in the opening round, avoided that pitfall this time.

‘I didn’t have any three-putts today, so that’s a plus,’ he said. ‘My birdie putts were much closer, and I even holed a long one-about 25 to 30 steps-on No. 8.’

Despite the demanding conditions, Concepcion said he has no plans to adjust his strategy.

Salvador matched the leaders’ two-under card after opening with a 72, using his experience to navigate the treacherous layout. He finished at 142, just a shot off the lead, and now stands alone in third.

Defending champion Jhonnel Ababa, who nipped van der Valk in a playoff last year, posted a 71 to tie Korean Jaehyun Jung (70) at 145-just four shots off the pace.

Fellow local bets Elee Bisera, Zanieboy Gialon and Tony Lascuña, along with Nilo Salahog and Guido van der Valk, were bunched at fourth with 143s, just two strokes behind the leaders.

Lascuña, seeking to end a lengthy title drought, produced a bogey-free 70 to stay within striking distance.

Bisera dazzled with back-to-back birdies on No. 13 and 14, but faltered with bogeys on the front nine, closing with a 72. Gialon had a rollercoaster round-overcoming three early bogeys with four birdies across nine holes, only to bogey the ninth for an even-par finish.

Salahog and van der Valk both turned in resilient 71s to stay in the mix, showing composure on a course that continues to test every facet of a golfer’s game.

With a mere four-stroke gap separating the leaders from ninth place and 40 players surviving the cut at eight-over 154, the stage is set for a wild and unpredictable finish.

Lam, whose last win came at Luisita in 2018, admitted the long wait for another title has reignited his hunger-but he knows rest is key. ‘Nothing different,’ he said of his approach. ‘I’m just gonna take some rest. Hopefully, I’ll wake up fresh and hit it better-which is what’s needed on this course.’

At Apo, where patience is as valuable as power, the leaderboard remains volatile. Any lapse in focus can lead to a swift downfall.

Those securing the final slots for the last two rounds with eight-over totals included Korean Tae Won Kim (74), Michael Bibat (75), Mars Pucay (75), Tom Marcelo (76), and Dan Cruz (78).

Missing the cut were 2024 Palos Verde leg winner Lloyd Go (79-153), rising junior star Ralph Batican (75-154), and multi-titled local ace Jay Bayron (73-155).

On a course that rewards patience as much as power, and punishes lapses in focus, the only constant is change. And as the players gear up for the final stretch, the leaderboard is sure to see more drama unfold.

THE Philippine Competition Commission (PCC) and the Department of Public Works and Highways (DPWH) have signed an agreement to ‘safeguard’ competition in public infrastructure.

Signed on October 23, PCC noted the Memorandum of Agreement (MOA) ‘formalizes’ cooperation between the PCC and DPWH in detecting and addressing anti-competitive behavior in public works projects, including bid-rigging and abuse of dominance.

‘The agreement establishes mechanisms for case referrals, joint investigations, policy coordination, and capacity-building programs,’ the country’s competition watchdog said.

The PCC said entities found to have engaged in anti-competitive agreements such as bid-rigging may face administrative fines under the Philippine Competition Act (PCA).

For the first offense, a fine of up to P110 million may be imposed. For the second offense, the fine ranges from P110 million to P275 million. For the third and succeeding offenses, the fine increases to a range of P165 million to P275 million.

Under the agreement, both agencies commit to ‘timely notification of relevant concerns, proactive monitoring of market conduct, and collaborative review of DPWH policies to ensure alignment with the PCA, the National Competition Policy, and other applicable laws.’

PCC said the MOA also enables the formation of joint task forces and logistical support for investigations, including access to procurement data and field coordination.

PCC Chairperson Michael Aguinaldo explained that the agreement between PCC and DPWH represents a ‘shared commitment’ to make the country’s public infrastructure not only strong and resilient but also fair, transparent, and competitive.

‘This MOA is about more than policy coordination. It is about nation-building through fair competition. It is about ensuring that our roads and bridges are built not just with concrete and steel, but with integrity and trust,’ added the PCC chief.

In addition, the country’s competition watchdog noted the MOA outlines protocols for information sharing, including access to bid documents, procurement reports, and market assessments, subject to confidentiality and data privacy safeguards.

‘It provides for joint capacity-building activities such as trainings, roadshows, and the development of educational materials for procurement officers and contractors,’ added PCC.

The MOA was signed by PCC Chairperson Michael Aguinaldo and Public Works Secretary Vivencio Dizon.