Category: Business Mirror

AUSTRALIA-BASED Celsius Resources Limited is mounting further legal action to prevent the planned September 8 auction of its 40 percent interest in Makilala Mining Company Inc. (MMCI), its local subsidiary.

MMCI’s operations in the Philippines are centered on the early development and pre-construction stages of its flagship Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Kalinga province.

The company is currently entangled in a legal dispute with Equinaire Holdings Limited over a loan and security agreement, which is moving toward arbitration.

Celsius said it will file a Motion for Reconsideration after the Regional Trial Court in Makati denied its petition seeking interim protection against foreclosure of the Omnibus Loan and Security Agreement (Olsa) and disposition of its MMCI interest.

In a statement, Celcius said that the court’s denial did not rule that a default had occurred or that Equinaire is legally entitled to foreclose on Celsius’ stake. On the other hand, the court did say the substantive issues remain disputed and should be resolved through arbitration.

The dispute stems from the purported assignment of the Olsa from Maharlika Investment Corporation (MIC) to Equinaire Holdings Limited, a wholly owned subsidiary of Kiri Industries Limited. Equinaire subsequently issued notices asserting events of default and seeking enforcement of security over Celsius subsidiary Makilala Holding Limited’s 40 percent interest in MMCI.

Equinaire has cited several alleged defaults, including the Notice of Relinquishment issued by Makilala Holding Limited to Sodor Inc., certain information-security incidents involving MMCI, and MHL’s efforts to obtain a Temporary Order of Protection from the Makati court.

Celsius has rejected the allegations, maintaining that no Event of Default occurred or continues under the OLSA. It also disputes Equinaire’s capacity to initiate foreclosure proceedings and sell MHL’s interest in MMCI, arguing that the alleged defaults do not satisfy contractual conditions required before enforcement rights can be exercised.

The legal dispute intensified after a Temporary Order of Protection previously granted by the Makati court was lifted following Equinaire’s payment of a P201-million counterbond.

Equinaire then issued a Notice of Resumption of Foreclosure and a Notice of Disposition declaring its intention to proceed with a public auction of MHL’s 40 percent interest in MMCI on September 8, 2026.

MHL subsequently petitioned the court for interim measures of protection seeking to prevent foreclosure or disposition of its MMCI interest until the conclusion of arbitration. The court denied the petition, finding that MHL had not sufficiently established irreparable injury because the potential loss from foreclosure was primarily economic and could be addressed through arbitration.

Importantly, the court expressly stated that its ruling was not a determination that an Event of Default occurred, that any alleged default was incurable, or that Equinaire is entitled to foreclose. It also recognised that the interpretation of the Olsa, the alleged defaults, and Equinaire’s enforcement rights remain open for determination by an arbitral tribunal.

Celsius said it intends to file its Motion for Reconsideration by the end of this week. If the motion is denied, MHL intends to appeal to the Court of Appeals.

At the same time, Celsius is revising its Notice of Arbitration to commence proceedings where the merits of the dispute-including the validity of the alleged defaults and Equinaire’s enforcement rights-can be fully determined.

The company also pointed to a potentially significant procedural hurdle facing any immediate transfer of the MMCI shares following an auction. Celsius said any successful buyer would need to obtain a Certificate Authorizing Registration, or tax clearance, from the Bureau of Internal Revenue before the transfer could be registered with the Securities and Exchange Commission. According to Celsius, the BIR tax-clearance process typically takes at least 27 working days, or approximately six to eight weeks. The company said this could provide additional time for it to pursue court remedies, including reconsideration and a possible appeal, as well as seek interim relief through arbitration.

For the Philippine mining sector, the dispute draws renewed attention to the ownership and financing arrangements surrounding MMCI, which holds the interests in the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Kalinga. Celsius maintains that the substantive dispute remains unresolved and that the ultimate validity of any foreclosure is a matter for arbitration.

AT the recently held World Financial Innovation Series (WFIS) Philippines 2026, themed ‘Expanding Financial Capability Across the Philippines,’ industry leaders converged to innovate the future of finance.

Philippine Business Bank (PBB) President and CEO Rolando R. Avante delivered a compelling keynote on ‘Open finance,’ emphasizing its role as a growth engine for new revenue, partnerships, and customer value. His powerful message urged transformative leadership, digital innovation, and responsible lending to foster sustainable growth in the Philippine banking sector.

Transformative banking

AVANTE outlined the remarkable potential of ‘Open finance.’ It transcends being merely a regulatory framework; it serves as a dynamic growth engine that unlocks new revenue streams, fosters partnerships, and enhances customer value. ‘The future of banking is here,’ he declared.

He highlighted the vital role of AI, cloud-native systems, and open finance frameworks in revolutionizing customer experiences and expanding access to underserved communities. This is not just about technology; it’s about creating opportunities.

Avante also called on financial institutions to pursue sustainable profitability, anchored in trust and resilience. By integrating the National ID system through authentication services, he envisions secure identities for all Filipinos – enabling faster SME onboarding, stronger fraud prevention, and inclusive access to finance.

Aligning with the central bank’s ‘National Strategy for Financial Inclusion 2022-2028,’ Avante urged banks, regulators, and fintechs to unite in bridging gaps in access and literacy. ‘Identity alone isn’t enough; we must empower our people with financial literacy,’ he stressed. With a National ID linked to Open Finance, every Filipino can gain not just access to accounts but also the knowledge to manage credit, savings, investments, and digital tools. Financial literacy, he emphasized, is the bridge between identity and true empowerment.

One of the most riveting moments came when Mr. Avante highlighted the perils of high-interest lending. He poignantly warned, ‘Borrowers can easily get buried under debt when interest charges are excessive.’ He rallied financial institutions to adopt fairer, more inclusive lending models that empower rather than exploit individuals.

Indelible mark

IN his closing remarks, Mr. Avante left an indelible mark on the audience: ‘Ang nagigipit, sa utang kumakapit. But that should not be the case.’

He urged the financial industry to create pathways that prevent borrowers from falling into unsustainable debt traps and empower them to thrive through responsible and inclusive banking.

Mr. Avante’s keynote reinforced his role as a leader in transformative banking and emphasized a moral imperative in the WFIS agenda. His advocacy for ethical lending and financial inclusion reminded attendees that innovation should prioritize people over profits.

The impact of his words was palpable; two panelists, the CIO of GSIS and the Sustainability Office Head of EastWest Bank, echoed his messages in their own keynotes. Mr. Avante’s powerful reminder-‘Ang nagigipit, sa utang kumakapit.’-resonated throughout the event, amplifying his call for responsible banking and a brighter financial future for all.

The headline panic over the Philippine peso passing 61, touching 62, and trending toward 63 against the US dollar typically triggers a familiar story. Standard commentary habitually points outward-citing high interest rates set by the US Federal Reserve, global oil market spikes, and geopolitical conflict in the Middle East.

While global dollar strength affects emerging markets across the board, chalking the currency drop up to external turmoil overlooks an uncomfortable reality: the domestic economy is operating on a fragile foundation. The peso’s slide isn’t merely a byproduct of international market shifts; it reflects deep-seated structural dynamics within the local economy.

In the Philippines, domestic capital tends to go where the returns are more familiar and predictable. That is why so much of it goes into malls, property, retail, tollways and other businesses serving the local market. Export manufacturing is a tougher proposition. Power and logistics are expensive, connectivity is still a problem, skilled workers are leaving, and Philippine companies have to compete for FDI with countries that have spent decades building their industrial base. So, it is understandable why many large Filipino companies hesitate to put big investments into factories, supply chains, technology development, and industries that can compete globally.

The irony is that electronics already make up more than half of our exports, yet much of the industry operating inside our economic zones is still tied to foreign multinational companies and global supply chains. At the same time, many of the engineers, technicians and other skilled Filipinos needed to build these industries are working abroad. We export the products and we export the people, because we still own too little of the industries that put the two together.

There is another side to this. Much of the business of our large local conglomerates is still tied to the domestic consumer. They generate strong revenues in pesos, but that does not necessarily bring in the dollars the country needs to pay for imported fuel, machinery, components and other goods. So, while the domestic economy keeps generating pesos, a significant part of the dollar earnings that support the economy comes from OFW remittances and the BPO industry.

This capital structure creates a core problem when the exchange rate changes: the economy cannot quickly stop buying foreign goods when import prices go up.

Usually when a currency weakens, the price of imported goods rises. In theory this should cause people and businesses to buy locally made items. This shift can help reduce the trade deficit. The trade deficit may shrink when the currency weakens. But that only works if the country has something to buy locally. The Philippines has not invested enough in agriculture for decades, and we still depend to some extent on imports for basic needs such as rice, meat and fertilizer. Then, when the peso falls, we cannot simply switch to cheaper local alternatives. We still have to buy from abroad, only now we pay more pesos for the same goods. The same problem applies to energy. We import much of the oil and fuel needed to keep transport, factories and businesses running. A weaker peso therefore does more than make imports expensive. It makes the country spend even more of its scarce foreign exchange just to keep the economy moving.

When the exchange rate moves toward 63, demand for these essentials cannot drop significantly. The country spends more local currency simply to acquire the same volume of basic necessities, turning currency weakness directly into higher domestic living costs rather than an improved trade balance.

At the same time, the mechanics of foreign exchange entry have evolved. Historically, dollar earnings from overseas workers or BPO services moved through standard banking channels and were immediately converted into local currency, offering steady liquidity to the spot market.

Today, a growing segment of tech contractors, remote freelancers, and digital service workers receive compensation in foreign currency via digital financial platforms and multi-currency accounts. Rather than converting these earnings into pesos right away, many retain their funds in foreign currency, converting only as needed for local expenses. As a result, even when foreign earnings grow, the velocity at which those dollars flow into local banking channels slows, leaving domestic spot markets more sensitive to supply pinches.

Meanwhile, OFWs’ remittance inflows act as a double-edged sword. While they provide essential household support and sustain domestic retail trade, they also offer policymakers a buffer. Because billions in foreign currency enter the economy annually to support private spending, structural reforms in key areas-such as agricultural supply chains, energy costs, and industrial capability-are frequently delayed.

Deploying central bank foreign reserves to support the peso at 61 or 62 offers temporary relief from volatility, but it does not fix the underlying structural trade imbalance.

Without policy incentives that redirect domestic capital into export-generating production and farm productivity, the currency remains exposed to external shocks. Under these structural conditions, a move toward 63 represents a predictable outcome of the economy’s current framework.

The Commission on Elections (Comelec) said the dismissal of Senator Rodante Marcoleta’s election case does not clear the three donors linked to the P75-million controversy.

The poll body said it has already settled the election-offense issue involving Marcoleta.

However, Comelec firmly said proceedings involving the donors remain ongoing.

Marcoleta is facing a separate plunder case before the Sandiganbayan over the P75 million he received from former lawmaker Michael Defensor and businessmen Joseph Espiritu and Aristotle Viray.

His camp has argued that the controversy falls under Comelec jurisdiction because it involves campaign contributions.

Comelec said its mandate covers election offenses, including matters involving the Statement of Contributions and Expenditures (SOCE).

The poll body added it already exercised that jurisdiction in determining Marcoleta’s liability.

The case was dismissed after Comelec found that Marcoleta’s failure to disclose the contributor information was no longer a criminal offense under the amended election law.

Meanwhile, the 1991 amendment removed the criminal penalty for a candidate’s failure to report the names of contributors.

Comelec Chairman George Erwin M. Garcia said the violation may still carry administrative liability.

‘Whether they submit or not, reveal the name of the donor or contributor or not, it remains as a criminal case,’ Garcia said.

‘The amendment changed the law concerning the failure of the politician or candidate to report, but not the failure of the donor or contributor of the candidate to report,’ he added.

Comelec said it must first complete its proceedings against the donors before determining whether any administrative liability remains.

‘The administrative liability, if any, will only be determined after we complete the criminal determination or election-offense proceedings involving the donors or contributors,’ the poll body chief said.

Comelec’s position comes as the Sandiganbayan considers Marcoleta’s argument that the case should instead be handled by the poll body.

The poll body said it would still exercise its jurisdiction if the matter is eventually returned to it.

‘If it is suddenly returned to us, there is no problem,’ Garcia said.

ADVERSE weather conditions, a still-elevated inflation environment which could continue to weigh on prices of food such as rice, and the recent depreciation of the Philippine peso will likely prompt the central bank to deliver rate hikes in its last two policy meetings this year.

Alongside oil, the biggest risk to inflation in the coming months is the potential super El Niño, according to Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri Jr.

‘The full impact of this phenomenon may only materialize in the first quarter of 2027, with food prices remaining the most vulnerable among consumer items,’ Neri said in a commentary over the weekend.

Neri explained that rice prices are ‘particularly sensitive to adverse weather conditions, and rising fertilizer costs could further amplify the effect of poor weather on food supply by raising farmers’ production costs.’

Against this backdrop, he said the Bangko Sentral ng Pilipinas (BSP) may continue to deliver rate hikes in the last two policy meetings of 2026, likely 25 basis points each, which would bring the policy rate to 5.50 percent.

‘Additional hikes later on will depend on the severity of El Niño,’ added Neri.

Meanwhile, he said the central bank will likely keep rates steady for most of 2027, with further increases possible should the impact of El Niño prove more severe than currently anticipated.

Peso depreciation

Aside from oil and potential super El Niño, Neri said the recent slump of the local currency likely signals the market’s view that additional rate hikes may be needed given the risks to inflation, as well as other external headwinds such as the recent surge in global bond yields.

‘With inflation still elevated and the outlook uncertain, keeping the door open to further rate adjustments may be necessary to keep inflation expectations anchored,’ the BPI lead economist said.

He said the central bank may also need to preserve ‘policy flexibility’ in case the US Federal Reserve delivers a rate hike.

‘If currency weakness due to Fed tightening materially adds to inflation, the BSP may have to respond with a rate adjustment of its own,’ added Neri.

The Philippine peso plunged to a fresh record low of P62.59 against the dollar on Friday, data from the Bankers Association of the Philippines (BAP) showed.

Analysts have recently cited the growing expectations of a Federal Reserve rate hike as one reason behind the dollar’s strength, which has contributed to the weakening of the peso. (See: https://businessmirror.com.ph/2026/09/01/peso-hits-new-all-time-low-on-global-jitters/)

Economic recovery

Meanwhile, the private bank’s lead economist pointed out that should the economy prove to have recovered in the second half of 2026, this could give the central bank more room to adjust its policy rate further if needed.

‘Favorable base effects in government construction, following the decline in public spending that began in the third quarter of 2025, may support a better year-on-year growth rate and reinforce the cast for keeping the door open to additional tightening,’ Neri said.

Neri laid out these potential scenarios against the backdrop of headline inflation easing to 6.1 percent in August from 6.2 percent in the previous month. This was the fourth consecutive month that headline inflation softened.

Meanwhile, core inflation also slowed to 4.1 percent from 4.2 percent.

Year-to-date, the average headline inflation is at 5.2 percent, which is still above the central bank’s 3 percent full-year inflation target and the tolerance range of plus or minus 1 percentage point.

During the Monetary Board’s August 27 monetary policy meeting, the highest policy-making body of the BSP opted to raise the key interest rate by 25 basis points for the third meeting in a row, this time as a ‘preemptive move’ against the threat of El Niño, which could worsen in the fourth quarter and drive up food prices.

Education Secretary Juan Edgardo ‘Sonny’ Angara on Monday appealed for a P145-billion supplemental fund to cover key ‘unbudgeted’ programs, as the Department of Education (DepEd) presented its proposed P975.96-billion budget for Fiscal Year (FY) 2027 before the House Committee on Appropriations.

‘For next year, we aim to build on the progress we have achieved over the past four years,’ Angara said.

While the budget proposal under the 2027 National Expenditure Program (NEP) safeguards key operations, Angara urged lawmakers to fill funding gaps for learning recovery, personnel hiring, and heightened school safety and security.

Our FY 2027 budget proposal builds on the reforms we have already started and focuses on key investments needed to further improve the quality, accessibility, and efficiency of basic education for every Filipino Angara said, thanked President Ferdinand R. Marcos Jr. and Congress for the previous year’s historic P1.015 trillion allocation, which enabled DepEd to pursue critical reforms to improve learning outcomes and strengthen basic education support.

Under the proposed NEP allocation, Personnel Services increased by 8.64 percent to P766.74 billion to cover salaries and career progression, while Maintenance and Other Operating Expenses (MOOE) declined by 15.94 percent to P174.32 billion, and Capital Outlay fell by 67.49 to P32.34 billion.

The remaining P2.56 billion is divided among six attached agencies, including the National Museum of the Philippines at P1.56 billion; the Teacher Education Council at P360.28 million; National Academy of Sports at P258.48 million; the National Book Development Board at P169.96 million; the Philippine High School for the Arts at P135.28 million; and the National Council for Children’s Television at P76.01 million.

Under the core thrusts of the proposed 2027 budget, P12.09 billion is earmarked to promote over 135,000 teachers and school heads under the Expanded Career Progression (ECP) system; P17.31 billion to construct over 4,900 new classrooms; and P7.33 billion for 11,100 classroom repairs.

DepEd has allocated P6.4 billion for textbooks and instructional materials; P10.81 billion for learning recovery under the Project for Learning Upgrade Support and Decentralization (PLUS-D) program; and P2.63 billion for Inclusive Education programs.

For learner support and well-being, P11.43 billion is designated for the School-Based Feeding Program for 3.69 million learners including all Kindergarten learners and wasted/severely wasted learners from Grade 1 onwards, while P38.12 billion will support 2.32 million private education voucher and subsidy grantees.

Meanwhile, P801.5 million will fund the hiring of 1,800 School Counselor Associates and 221 Schools Division Office Counselors.

Angara highlighted that several critical programs remain unfunded under the 2027 NEP, prompting an appeal for P145.19 billion in additional funding for DepEd and P1.74 billion for attached agencies.

‘Ito po ang mga priority interventions na hindi na-accommodate sa FY 2027 NEP level budget ngunit mahalaga upang mas mapabilis ang ating mga reporma at mas mapabuti ang learning outcomes ng ating mga mag-aaral,’ Angara explained.

Primary among these is the Academic Recovery and Accessible Learning (ARAL) Program, which received no funding in the 2027 NEP despite its positive results during School Year 2025-2026, which saw the number of struggling readers decrease from 6.7 million to 2.2 million, and the number of learners reaching grade-level reading readiness rise from 3.3 million to 5.8 million.

Angara requested P15.98 billion for the ARAL Program to cover honoraria for teaching overload, training for DepEd tutors, external tutors’ compensation, learning resources, the ARAL Summer Program, learning recovery and remediation consultations, and program management, as well as P50 million for the Bayang Bumabasa initiative.

In addition to learning recovery, DepEd’s supplemental request seeks P49.16 billion to hire 14,274 new teachers and around 59,000 non-teaching staff while providing teacher benefits, training, laptops, and other support mechanisms that will enable teachers to focus on teaching.

DepEd is also requesting P37.75 billion to construct 1,500 new classrooms, repair and rehabilitate school buildings, provide learning materials, and undertake disaster preparedness. This includes P8.68 billion dedicated to school safety and security, which allocates P5.05 billion for school security guards, PH2.31 billion for metal detectors and walkthrough scanners, and P1.5 billion for perimeter fences.

DepEd also requested P40.33 billion to expand the School-Based Feeding Program, learner assistance and subsidies, health and mental health services, guidance programs, and sports development.

DepEd also requested P983.8 million to expand support for learners with special needs, learners in Madrasah schools, indigenous peoples learners, and those in hard-to-reach communities.

Berong Nickel Corp. (BNC), a unit of DMCI Mining Corp., is nearing completion of the rehabilitation of the depleted Berong Mine in Palawan, with only 13 percent of the mined-out areas remaining idle.

‘We measure our success by the forests we rebuilt, lives we empowered, communities we left stronger, and the lesson we learned moving forward,’ DMCI Mining President and CEO Tulsi Das C. Reyes said.

Since mining activities at the Berong Mine in Quezon, Palawan concluded in 2021, BNC has shifted its focus from mineral production to implementing a six-year Final Mine Rehabilitation and Decommissioning Plan. DMCI said this plan is the country’s first for a shuttered nickel mine and could become a benchmark on how to restore mined lands.

Berong Mine covers a 288-hectare Mineral Production Sharing Agreement (MPSA) area. Of this, 130 hectares were previously utilized for mining operations, 7 hectares housed ancillary facilities, while the remaining 151 hectares were left undisturbed.

To date, 112 hectares have already been rehabilitated, with restoration work continuing across the remaining disturbed areas including 18 hectares of idle mined-out areas.

The mining firm has invested approximately P160 million in rehabilitation activities, planted nearly 352,000 seedlings, with a 97 percent survival rate, and produced more than 497,000 seedlings in its nurseries, exceeding its year four targets under the six-year rehabilitation program.

The program remains on track for completion in 2027, after which the rehabilitated area will be formally turned over to the government.

In addition, it remitted P161 million in royalties to indigenous peoples, supporting the development of their communities.

‘Today, Berong’s rehabilitation demonstrates that responsible mining extends beyond mineral production. Through environmental restoration, biodiversity conservation, and investments in education, healthcare, livelihoods and essential infrastructure, BNC

aims to leave behind safe, stable and productive lands that continue to benefit both people and the environment in Palawan,’ Reyes said.

PRESIDENT Marcos’ infusion of a fresh P1 billion funding for Project Nationwide Operational Assessment of Hazards (Noah) will bolster government’s capacity to respond effectively to typhoons and floods made worse by climate change.

Executive Director Mahar Lagmay of the University of the Philippines Resilience Institute (Upri), said that with the additional funds, Project Noah can focus on strengthening flood management, hazard monitoring, and disaster-risk-reduction systems as the country confronts the effects of climate change.

In interviews with state and private broadcast media over the weekend, Lagmay, a UP geology professor, said he hopes that the government’s funding for ‘Project Noah will continue to transform scientific knowledge into practical action that protects lives and helps build safer, more resilient, and sustainable communities.’

Marcos ordered the release of P1 billion for Project Noah, which Upri manages, to boost impact-based forecasting developed by Project Noah researchers using years of historical information, satellite images, rainfall data, and other datasets.

The President’s directive to the Department of Budget and Management (DBM) is another critical move in his data-driven governance, which recognizes the vital role of hard science in statecraft, notably the national infrastructure spending of the Department of Public Works and Highways (DPWH) being guided by scientific data from Upri’s Noah.

Founded in 2012, Noah seeks to assist the government in disaster-risk reduction and management, climate-change adaptation and mitigation efforts, and related activities through research, development, and extension services.

Science-backed infra projects

THE Department of Public Works and Highways has begun laying the technical foundation for future, science-backed flood-management infrastructure to strengthen long-term disaster preparedness and climate-change-risk response nationwide.

At Marcos’s directive to enhance nationwide flood resiliency, Public Works Secretary Vivencio Dizon has ordered the updating of all flood-management master plans to protect Filipinos from massive flooding year after year.

To ensure these master plans reflect current climate realities, the agency is collaborating with UPRI’s Project Noah, local government units, and key partner agencies to integrate detailed hazard mapping and scientific data before their implementation.

On September 2, the President said the government is now implementing a flood-control master plan that has been waiting for implementation for decades.

‘We already have a master plan. It’s just never been executed. We are only executing it now,’ Marcos told reporters after inspecting repair works at a collapsed bridge in Tarlac.

‘We have had a master plan for decades pero walang ginawa. Ngayon lang natin sinisimulan [but nothing was done. We are only starting it now],’ the President said.

The President’s remarks came as Central Luzon, Metro Manila, and other parts of Luzon grappled with widespread flooding brought by heavy monsoon rains.

The administration has repeatedly called on national government agencies to implement long-term flood-control measures, including de-clogging and dredging waterways, improving drainage systems, and proper land-use planning, as the government responds to increasingly intense rainfall linked to climate change.

Noah aims for faster, more accurate forecasting

Lagmay said Noah’s impact-based forecasting system is projected to forecast, one day in advance, where flooding may occur and its impact on roads, homes, buildings, and vehicular flow.

‘The P1 billion allocation for Upri will be measured by better information, transparency, evidence-based governance and decision-making, effective flood management, and reduced disaster risks and losses,’ Lagmay said.

Of the total allocation, P935 million will support research services, while P65 million will fund general management and supervision of Noah’s implementation. The allocation is part of the UP System’s built-in appropriation under the 2026 General Appropriations Act.

Lagmay said Upri’s budget will fund high-resolution mapping of major river basins, hazard assessments, land-use planning, and Oplan Kontra Baha initiatives, in coordination with the DPWH, Metropolitan Manila Development Authority, local governments, and private-sector partners.

The allocation will also support Light Detection and Ranging (LiDAR) drone topographic surveys, capacity-building programs with state universities and colleges, native tree mapping, sediment erosion assessments, mapping of hidden waterways, nature-based solutions, and the use of artificial intelligence and analytics for disaster-risk management.

UP President Angelo Jimenez said the Marcos administration’s funding for Upri is ‘an investment in the power of research and innovation to serve the nation.’

‘We do research because knowledge matters, and knowledge matters most when it can help us make better decisions, solve real problems, and improve the lives of our people,’ Jimenez emphasized.

THE Tourism Promotions Board (TPB) has been able to raise the profile of the Philippines and a number of local destinations through its recent travel fairs.

At last month’s Philippine Business Mission (PBM) in Japan, 1,284 strategic business-to-business (B2B) meetings were held in Osaka, Nagoya, and Tokyo and generated some P1.08 billion in sales leads, according to a news statement. The TPB said this was a 168.63 percent increase from the leads secured in the same event last year.

TPB is the marketing arm of the Department of Tourism (DOT), and Japan is among the board’s 13 key source markets for tourists. Under the General Appropriations Act of 2026, the TPB is targeting the arrival of 6.98 million foreign tourists from these 13 markets this year.

Arrivals up from Japan

The PBM was held from August 3 to 7 to strengthen tourism linkages and drive visitor arrival growth from Japan. Of the total sales leads generated, Tokyo delivered the highest at P596.31 million from 600 sessions.

The business mission also highlighted 70 years of diplomatic relations between the Philippines and Japan, which underscored tourism as a pillar of the two nations’ bilateral relations.

From January to August this year, visitors from Japan reached 350,191, up 0.76 percent, year on year, as per DOT data from e-travel forms. These are arrivals by country of residence and includes Filipinos living in Japan. Based on their passports of nationality, Japanese tourists from all parts of the globe reached 310,196 in the same period. No comparative data was available.

Aside from the B2B meetings, PBM also featured destination seminars and networking receptions. ‘As one of the TPB’s flagship tourism initiatives in Japan for over 16 years, the PBM plays a vital role in positioning the Philippines as a top-of-mind destination for Japanese travelers,’ said TPB Chief Opearting Officer Ma. Margarita Montemayor-Nograles.

Sixty-five delegates representing 39 Philippine sellers attended the PBM. These included major hotel chains, luxury resorts, integrated properties, destination management companies, and airlines.

The Visayas region was the most represented among the participating sellers, as per the TPB. Japanese travelers buyers were offered a diverse number destinations such as Manila, Cebu, Bohol, Boracay, Palawan (including El Nido, Coron, and Puerto Princesa), Siargao, Ilocos Sur, and key hubs for MICE (Meetings Incentives Conventions Exhibitions).

Empowering local biz

‘PBM in Japan 2026 has proven to be a powerful driver of growth in one of our key source markets,’ said Nograles. ‘By generating over P1 billion in sales leads, our private and public sector partners have demonstrated the immense potential of Philippine tourism. As we commemorate 70 years of diplomatic relations with Japan, these meaningful B2B connections reinforce our commitment to deepening partnerships and welcoming more Japanese travelers to discover more reasons to love our islands.’

The country’s four operational urban and commuter rail lines keep 74,781 tons of carbon dioxide (CO2) out of the atmosphere each year, the Department of Transportation (DOTr) said. That’s about half the emissions the same passenger volume would have generated if commuters had taken private cars.

The agency said the reduction covers the Metro Rail Transit Line 3 (MRT 3), Light Rail Transit Line 1 (LRT 1), Light Rail Transit Line 2 (LRT 2) and the Philippine National Railways (PNR), using private car travel as the baseline.

Bigger cuts are expected once the government’s pipeline of rail projects comes online. The North-South Commuter Railway (NSCR) is projected to trim CO2 emissions by more than 150,000 tons annually-over twice the combined savings of the four existing lines.

The Metro Rail Transit Line 7 (MRT 7), set to open in the second quarter of 2027, is expected to deliver a net reduction of around 58 percent, or more than 60,000 tons, against over 105,000 tons of car-generated CO2 per year.

The Metro Manila Subway Project (MMSP), for its part, is seen cutting emissions by as much as 63 percent, equivalent to more than 70,000 tons of CO2 yearly.

‘Ang bilin ng Pangulo, gawin nating sustainable ang ating transportasyon. Kaya tayo sa DOTr, isinusulong natin ang tinatawag na commuter-centric transport gaya ng mga tren kung saan mas marami ang nakakasakay,’ Transportation Secretary Banoy Lopez said. ‘Kung mas maraming sasakay sa tren kaysa private vehicles, malaki ‘yung mababawas sa carbon emission sa kalsada.’

The computations draw on National Rail UK’s Greener Travel data, which pegs car travel at 167 grams of CO2 per kilometer against 35 grams per passenger-kilometer for rail. Even at an average of two passengers per private vehicle, car travel emits roughly 83.5 grams of CO2 per passenger-kilometer-more than double that of rail.

A case study on Metro Manila by the Association of Southeast Asian Nations (Asean) Climate Change and Energy Project said private car emissions in the Philippines ‘significantly worsen urban air quality, accelerate climate change, and pose severe public health risks, particularly in congested metropolitan areas like Metro Manila.’

Citing a study by the Japan International Cooperation Agency (Jica), Lopez said the economy loses an estimated P3.5 billion a day to traffic, a figure that could climb to as much as P5.4 billion daily by 2035 absent government intervention.