Category: Business Mirror

More than 100 fisherfolk witnessed the turnover of a 62-footer fiberglass-reinforced plastic (FRP) handline fishing boat and livelihood assistance led by the Bureau of Fisheries and Aquatic Resources (BFAR) Region 1 on August 13, 2026, in Badoc, Ilocos Norte.

ýBFAR Regional Director Remely B. Lachica said the assistance aims to strengthen fisherfolk livelihoods and food security by improving fishing capacity.

ýThe 62-footer boat included six 15-footer FRP motorized catcher boats, 15 sets of tuna handline fishing gear, and training on boat operations, mechanics, fish handling, and catch reporting. BFAR also awarded two 24-foot motorized FRP fishing boats to beneficiaries from Badoc and Paoay, along with safety equipment.

ýFurthermore, the agency distributed 150,000 tilapia fingerlings to the LGU of Pinili and three cooking structures to salt producer groups in Badoc and Paoay. The signing of the Memorandum of Agreement for these livelihood interventions and the awarding of materials were conducted under the Development of Salt Industry Project.

ýThe turnover ceremony was attended by dignitaries and key officials, led by BFAR National Director Elizer S. Salilig and Regional Director Remely B. Lachica, together with officials from the Department of Agriculture-Region 1. Also present were 2nd Congressional District Representative Hon. Eugenio Angelo M. Barba, Ilocos Norte provincial officials, and representatives from concerned local government units.

San Miguel Corp. (SMC) President Ramon S. Ang will serve as chief executive officer (CEO) of the planned ‘mega tollway’ company that will be formed through the merger of the country’s two largest toll road operators, Metro Pacific Tollways Corp. (MPTC) Chairman Manuel V. Pangilinan said.

‘Mainly in Ramon’s hands. He will be the CEO,’ Pangilinan told reporters when asked how management of the combined entity would be divided between the two groups.

Pangilinan confirmed that San Miguel will hold a majority 55-percent stake in the merged company, with his group taking the remaining 45 percent – although he noted the split ‘could change on the final valuation.’

The MPTC chief said both camps are working to fast-track the transaction and expressed confidence it could still be concluded within the year.

‘We’re trying to expedite it. Things move slowly in this country, right? So, we’re just keeping pace,’ he said. Asked if the deal could still close in 2026, Pangilinan said: ‘Kaya pa. There’s a lot of goodwill on both sides.’

Pangilinan also reiterated that the consolidation will cover only the two groups’ domestic toll assets, excluding MPTC’s operations in Indonesia and the rest of Southeast Asia.

The disclosure firms up the leadership and ownership structure of a deal that has been in the works since November 2023, when the two conglomerates began talks to combine their tollway portfolios.

Negotiations stalled in early 2025, with Pangilinan saying discussions were being ‘deferred’ as MPTC focused on raising equity to pare down debt, before regaining momentum this year.

MPTC operates the North Luzon Expressway (Nlex), Nlex Connector, Subic-Clark-Tarlac Expressway (Sctex), Cavite Expressway (Cavitex), Cavite-Laguna Expressway (Calax), and Cebu-Cordova Link Expressway (Cclex), along with toll road investments in Vietnam and Indonesia.

San Miguel, through its infrastructure arm, runs the South Luzon Expressway (Slex), Star Tollway, Tarlac-Pangasinan-La Union Expressway (Tplex), the Skyway system, and the Ninoy Aquino International Airport Expressway (Naiax).

Ang recently announced that he acquired the 25.7-percent stake of Eugenio ‘Gabby’ L. Lopez III in Lopez Inc. (LI) via a deal with Creme Investment Corp., the holding company which owns the shares.

The SMC chief said he invested in his personal capacity through his wholly owned holding company, Illumina Investment Holdings Inc.

As the shift to online classes has become the norm in most schools with alternative delivery modes of learning kicking in each time severe weather conditions hit, a 20-percent discount on mobile prepaid load, mobile postpaid plans, and mobile internet packages for all enrolled Filipino students should be legislated to ease the learners’ burden.

With this in mind, Senator Erwin Tulfo is pushing for Senate Bill No. 2275 or the ‘Student Load Discount Act,’ to alleviate the financial burden on families struggling to keep up with the data demands of modern education.

‘We have to slash this added expense from students which too often prevents our students from keeping up with their online classes. This is our way to somehow level the playing field,’ Tulfo said. He added: ‘We cannot expect students, especially those who come from indigent families to seamlessly transition into digital learning without the government lending them a helping hand.’

Under the proposed legislation, the discount covers all Filipino citizens currently enrolled in authorized elementary, secondary, technical-vocational, or higher education institutions, excluding post-graduate studies.

The mandatory 20-percent price cut will remain available year-round, including weekends and holidays, ensuring continuous academic access.

To claim the discount, students need only present a valid school identification card or proof of enrollment alongside a birth certificate to verify citizenship.

Telecommunications companies will be legally required to grant the discount across all eligible services, with non-compliant providers facing strict penalties.

Tulfo, who chairs the Senate Committee on Social Justice, Welfare and Rural Development, pointed out that because of the adverse impacts of climate change and the lessons from the pandemic, the traditional concept of class suspensions has fundamentally changed.

‘Before, when classes are suspended, there were simply no classes. But this time around, most schools immediately shift to online modality to avoid academic backlogs,’ Tulfo said.

‘It is our duty in the government to guarantee access. A student’s potential to learn should never be halted simply because they cannot afford mobile data or an internet connection. No student must be left offline when everyone else should be online,’ he then concluded.

THE Department of Energy (DOE) said Monday that the yellow alert hoisted over the Visayas and Mindanao power grid will persist next week, with possible red alerts during the evening.

‘So, for next week, what we are seeing is that we will remain to have yellow alerts in the afternoon for both Visayas and Mindanao, but we might have as well red alerts during the evening time. So, it just depends on how long they are extended.

‘Normally, a red alert takes effect at 5p.m., but it may start earlier depending on power demand,’ said DOE undersecretary Mario Marasigan.

A red alert status is issued when power supply is insufficient to meet consumer demand and the transmission grid’s regulating requirement.

A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement.

As of press time, the National Grid Corporation of the Philippines (NGCP) placed the Visayas grid on red alert from 5pm. to 8pm. and yellow alert from 4pm to 5pm. and from 8pm to 9pm.

The grid’s available capacity stood at 2,334 megawatts (MW) while peak demand was at 2,413MW.

Six power plants are on forced outage this month, one plant since July, three plants since June, seven plants since May, one plant since March, three plants since 2025, two plants since 2024, two plants since 2023, and one plant since 2021, while 14 plants are running on derated capacities, for a total of 810.3MW unavailable to the grid.

‘The Visayas grid was placed under yellow and red alerts because of major generation outages and limited power transfers from neighboring grids. Several major coal-fired generating units remain unavailable.

Today, capacity support for Visayas from the Luzon and Mindanao grids i also limited-as Mindanao’s demand is high,’ said Garin. ‘Our teams are working with system operators and generators to restore available capacity, manage the tight supply situation, and keep electricity flowing across the Visayas,’ added Garin.

THE country’s general government’s (GG) debt as a share of gross domestic product (GDP) rose to 56.8 percent by the end of 2025, Finance Secretary Frederick D. Go told lawmakers last Monday.

That GG debt-to-GDP ratio level is higher than the 53.9 percent recorded by the end of 2024, when GG debt hit P14.248 trillion, Department of Finance (DOF) data showed.

The GG debt includes national government (NG) with bond sinking fund (BSF), social security Institutions and local government units (LGUs) less intrasector debt holdings.

Nonetheless, Go told congressmen during the Development Budget Coordination Committee’s briefing that the country’s debt levels ‘remain sustainable’ and is ‘within a manageable range compared to other emerging economies.’ He didn’t cite which emerging economy he is referring to.

The ratio is below the 70 percent threshold set by the International Monetary Fund-World Bank (IMF-WB) for Debt Sustainability for emerging market and middle-income economies, according to Go.

The ratio is projected to increase to 60.2 percent this year and decline gradually to 59.9 percent in 2027 and 59.2 percent in 2028, based on the IMF’s latest ‘Fiscal Monitor’ report.

Meanwhile, the NG debt-to-GDP ratio settled at 63.2 percent in end-2025.

Despite this, the level rose to a 22-year-high of 66 percent in the second quarter this year, the highest since 2004, according to the latest Treasury data.

Go said finance officials ‘have maintained a prudent debt mix, predominantly domestic debt, predominantly carrying fixed interest rates, and predominantly structured with long repayment terms.’

Broken down, 68.4 percent of the NG’s debt is sourced from domestic lenders while 31.6 percent has been sourced externally, including commercial bonds and official development assistance.

The mix, according to Go, ‘reduces our exposure to foreign exchange risks, while also supporting the continued development of our local capital market.’

About 90 percent of the government’s debt also carries fixed interest rates, providing certainty in debt servicing costs and shielding it from sudden increases or fluctuations in global interest rates, Go added.

Most, or 84.1 percent, of the government’s debt also has long-term repayment periods.

‘This longer maturity profile reduces our refinancing risks and gives us greater predictability in managing our debt obligations,’ Go told lawmakers.

For 2027, the government will allocate P1.143 trillion for debt servicing, covering interest payments on outstanding obligations and net lending to government corporations, among others. This is higher by 17.3 percent from this year’s P974 billion allotment.

‘A higher interest bill does not by itself mean that our debt has become unmanageable. Our debt remains manageable,’ Budget Secretary Kim Robert C. De Leon echoed Go during the same briefing.

‘We are pursuing a strategic and gradual fiscal consolidation path that allows us to honor our obligations, maintain fiscal credibility, and continue investing in our people and our economy,’ De Leon added.

THE volume of digital payments already reached 64.7 percent of retail transactions in 2025, surpassing the targets set under the government’s economic blueprint, according to the Bangko Sentral ng Pilipinas (BSP).

At the Development Budget Coordination Committee (DBCC) briefing before the House Committee on Appropriations last Monday, BSP Deputy Governor for Monetary and Economics Sector Zeno Ronald R. Abenoja said the central bank has observed that more Filipinos continue to participate in the formal financial system.

According to Abenoja, central bank data shows increasing use of payments through InstaPay, PESONet, and person-to-merchant QRPh. He said the increased use highlights the ‘continued momentum’ on the adoption of electronic payments channels in the country.

Equally important, Abenoja said, is that the growing adoption of digital payments generates what the BSP called ‘network externalities.’ He explained the latter means that the value and convenience of domestic electronic payment channels increase as more consumers, more merchants, and more financial institutions participate in the financial ecosystem.

The chart presented by Abenoja during the briefing showed that the share of digital payments to total retail payments by volume grew from 20.1 percent in 2020 to 30.3 percent in 2021, 42.1 percent in 2022, 52.8 percent in 2023, 57.4 percent in 2024 and 64.7 percent in 2025.

Under the Philippine Development Plan (PDP) 2023-2028, the government set the following targets for the share of volume of digital payments to total retail transactions: 50 percent for 2023; 52 to 54 percent for 2024; 54 to 58 percent for 2025; 56 to 62 percent for 2026; 58 to 66 percent for 2027; and 60 to 70 percent for 2028.

A separate statement issued by the central bank Monday afternoon quoted BSP Governor Eli M. Remolona Jr. as saying that ‘a lot of the growth is due to our insistence on interoperability, ensuring that a growing number of businesses and service providers are on one system.’

‘That brings in more users, which makes the network more valuable for everyone in it, including consumers, businesses, banks, e-wallets, and other platforms,’ Remolona added.

Data from the BSP’s ‘2025 Report on the Status of Digital Payment in the Philippines’ showed that the continued growth of digital payments in the country was supported by a 69.4-percent increase in digital payment accounts and a 36.3-percent rise in merchant locations or business outlets that accept digital payments.

Likewise, the central bank said that QR Ph transactions exceeded debit and credit card transactions for the first time in 2025, ‘reflecting a growing preference for interoperable, account-based payments.’

A total of 2.47 billion QR Ph transactions worth P1.16 trillion were processed during the year, the BSP statement read.

The BSP added that PESONet transactions have surpassed check payments, reflecting the ‘growing use’ of electronic fund transfers for business and personal transactions.

‘The BSP expects the momentum for digital payments to continue, aided by policies meant to make electronic payments more accessible and affordable,’ read the central bank’s statement.

One of these policies is embodied in BSP Circular 1238. The latter pushes for reasonable transfer fees, requiring that fees charged for transferring funds from one bank or e-wallet provider to a different financial institution ‘should not be materially different’ from the fees charged for transfers within the same institution.

Remolona said the BSP continues to work closely with industry and government partners to expand digital payments ‘to benefit more Filipinos and the economy as a whole.

Traditional locks have served Filipino homes for generations, but in today’s fast-moving world, they’re simply not enough.

Burglaries, lost keys, unauthorized copies, and no way to monitor who enters your home are all limitations of the old-fashioned key lock. More and more Filipinos are waking up to the fact that it’s time to upgrade, and MGS is making that transition easier, smarter, and more reliable than ever.

Here are 7 compelling reasons to make the switch today.

1. You’ll Never Get Locked Out Again

With multiple unlocking methods- fingerprint, PIN code, face recognition, RFID card, remote app unlock, and a mechanical key backup-an MGS smart lock gives you so many ways to access your home that being locked out becomes virtually impossible. No more calling a locksmith at midnight because you lost your keys.

2. Know Exactly Who Enters Your Home

Traditional locks can’t tell you who used them or when. MGS smart locks keep a detailed access log on the MGS SMART App; every entry is recorded with a timestamp. Whether it’s your household helper, your kids coming home from school, or a delivery person, you’ll always know what’s happening at your door.

3. Grant and Revoke Access Remotely

Away on a business trip? Need to let a repairman in? With MGS’s remote unlock and user management, you can open your door from anywhere in the world using your mobile phone. You can also add new users or remove old ones in seconds; no need to change locks when a helper leaves your employ.

4. Eliminate the Risk of Duplicate Keys

Traditional keys can be copied at any hardware store without your knowledge. Smart locks eliminate this risk. Access is managed digitally; fingerprints, PINs, and cards can be added or removed only by authorized administrators. Your security stays in your hands.

5. Perfect for Multiple Users and Properties

Managing a family home, a rental property, or a business? MGS smart locks are designed for multi-user environments. You can set different access levels for different people, schedule access windows (e.g., people can only enter between 8am-6pm), and manage multiple properties from one app.

6. Backed by Lifetime Technical Support and a Two-Year Warranty

Most traditional locks come with zero after-sales support. MGS gives you lifetime technical support and an up to two-year product warranty, so you’re never alone if something goes wrong. Their professional installation team, nationwide delivery network, and responsive customer service set a standard that the traditional lock market simply cannot match.

Explore and make a switch to MGS Smart Locks today by visiting mgshome.ai or MGS Philippines on Facebook, Instagram, and TikTok for more smart lock tips and recommendations.

THE Department of the Interior and Local Government (DILG) has ordered all its offices nationwide to put up prominent displays of ‘Bawal ang Red Tape’ materials where business transactions are being facilitated.

The directive is in support of the Anti-Red Tape Authority’s (Arta) intensified campaign against fixers and fixing activities.

Through a memorandum, the DILG directed the display of the anti-red tape signage in strategic and conspicuous areas of its central and regional offices, as well as on the Department’s website and official social media channels, as part of a broader information campaign against fixing and illegal government transactions.

‘Red tape has no place in the DILG. We, therefore, want these signages seen by everyone as part of our commitment to efficient public services,’ the DILG said.

Following Arta’s latest directives on the Campaign Against Fixers and Client Satisfaction Measurement, DILG offices were also urged to intensify public awareness of existing anti-red tape policies, particularly measures against fixers, while strengthening transparency in government transactions.

The Department likewise ordered the display of updated anti-fixing information, education, and communication (IEC) materials and the official harmonized Client Satisfaction Measurement (CSM) survey in conspicuous areas to encourage the public to provide direct feedback on government services.

‘As the government heightens awareness of safeguards against corruption, we also encourage the public to report incidents of illegal transactions to combat fixing through Arta’s channels,’ the DILG said.

The intensified campaign comes as the DILG recorded a 99.50-percent client satisfaction score in its 2025 CSM Report, reflecting positive public reception of the Department’s implementation of streamlined services for both internal and external clients.

The DILG said strict compliance with the guidelines forms part of Arta’s Report Card Survey (RCS) 2.0, which measures government agencies’ implementation of Republic Act No. 11032, or the Ease of Doing Business Law, and their compliance with service procedures under their respective Citizen’s Charters.

‘All of these will be tracked by the Compliance Monitoring and Evaluation Office [CMEO] through surprise inspections and spot monitoring to ensure sustained compliance with the law and the related guidelines,’ the DILG said.

The Department said the campaign aims to make legitimate government transactions easier and more transparent while closing opportunities for fixers and other illegal practices.

‘With these mechanisms in place, we remain committed to safeguarding public trust in government through upholding swift, hassle-free, and customer-friendly service delivery for the Filipino people,’ the Department added.

WITH the economy’s gears moving far from full capacity and inflation expectations remaining anchored, Standard Chartered Bank expects monetary authorities to keep policy rate unchanged for the rest of the year, but noted that the central bank may be leaning towards a hawkish hold, rather than completely relaxing given upside risks to inflation.

‘In terms of the [Bangko Sentral ng Pilipinas] BSP itself, at the moment, my call, which I think is probably non-consensus, is I don’t expect the BSP to hike in August or for the rest of the year, for this year,’ Standard Chartered Bank Plc Senior Economist Jonathan Koh said during a virtual briefing last Friday.

While Koh expects the key interest rate to be kept unchanged at 4.75 percent, he recognizes ‘that it’s going to be a very close call.’

‘I think the BSP is still going to remain hawkish,’ added Koh, also the lender’s foreign exchange analyst for Asean.

Because growth is ‘really slow’ and demand inflation is soft, Koh said the central bank could look past supply-side driven inflation as long as inflation expectations remain anchored.

‘So from that perspective, because the output gap is negative, I do expect the BSP to remain on hold,’ added Koh.

Output gap

AS earlier explained by the central bank, output gap-measured as the difference between the actual and potential output-is a summary indicator of the relative demand and supply. That gap is being monitored by the BSP to assess the degree of demand-based inflation pressure.

The central bank explained that if the output gap is positive over time, prices will begin to rise in response to demand pressures. Similarly, if actual output falls below potential output over time, reflecting ‘economic slack,’ prices will begin to fall to reflect weak demand relative to supply.

In his explanation during a forum last Friday, BSP Governor Eli M. Remolona Jr. cited the 3.2 percent gross domestic product growth in the second quarter, which is way below the 2.3 percent outturn.

‘What’s also true is we’re below potential. Our potential [growth] may be 5 percent to 6 percent; close to 5.8 percent. Because we’ve been doing 5.8 percent in recent years, …we have what’s called an output gap: the difference between our potential and our actual growth. That matters for monetary policy.’

Remolona thus noted that with a negative output gap, this means that monetary authorities have ‘become less aggressive in terms of raising the policy rate in order to tame inflation.’

‘So we take account of both the weakness of our growth as well as our expectations of inflation,’ the BSP chief added.

According to Koh, the weak second-quarter GDP outturn points to increasing downside risks to domestic demand and raises the potential growth cost of further tightening.

Meanwhile, July inflation provided ‘nascent’ signs that price pressures may be moderating, with headline inflation easing to 6.2 percent year-on-year from 6.4 percent and core inflation moderating to 4.2 percent from 4.4 percent.

Toss-up

KOH opined, however, that one month of softer inflation ‘does not yet establish a sustained disinflationary trend, particularly as both measures remain above BSP’s target range.’ ‘We therefore expect a close decision between a hike and a pause,’ he added.

Koh said the August decision may depend on global oil prices and the performance of the Philippine peso in the upcoming weeks, ‘as renewed pressure on either could worsen the inflation outlook and increase the risk of second-round effects.’

At the June meeting of the Monetary Board (MB), he said the BSP governor noted that de-anchoring of inflation expectations was not a ‘significant’ concern at that time.

As such, Koh said the recent slight moderation in inflation may provide the BSP some room to assess the effects of its April and June rate increases.

‘However, persistent above-target inflation and upside risks to inflation from El Niño and minimum wage increases (suspended until 13 August) mean its communication is likely to remain hawkish,’ he added.

Unpredictable opponent

DURING the same forum last Friday, Remolona said the central bank is looking at inflation expectations and how other items in the consumer price index respond to the continuing global shocks.

He said these will affect the central bank’s policy strategy.

But with the growth and inflation numbers, Remolona said he thinks monetary officials ‘need a more convincing downward trend for inflation before we can relax.’

‘Of course the weaker growth that we’re seeing means we can be less aggressive in trying to tame inflation. But in the face of an unpredictable opponent, oil prices for example, we need to keep our eye on the ball,’ the central bank governor added.

The BSP has raised the key interest rate by a total of 50 basis points since the start of the conflict in the Middle East on February 28, delivering two separate quarter-point rate hikes at the MB’s rate-setting meetings held on April 23 and June 18.

These policy actions brought the target reverse repurchase rate to 4.75 percent.

Ralph Lauren welcomed guests to The Ralph Lauren Centre Court Suite at The Championships, Wimbledon, in July.

Guests were invited to experience the newly debuted The Polo Bar by Ralph Lauren at Centre Court, bringing the sophisticated warmth of the New York institution to the tournament’s historic grounds for the first time. Guests enjoyed classic cocktails and thoughtfully curated details throughout while watching the Gentlemen’s Singles Semi-finals.

Notable guests include, Dustin Hoffman, Keira Knightley, Richard E. Grant, Kento Kaku, Lesley Manville, Felicity Jones, Luke Thompson, Joe Locke, Rashida Jones, Ezra Koenig, Ananya Panday, Mia Armstrong, Bassel Khaiat. All the guests were dressed in Ralph Lauren.

In the Philippines, Polo Ralph Lauren is exclusively distributed by Stores Specialists Inc., and is located at Shangri-La, Greenbelt 5, Rustans Makati, Solaire, and the newly opened Rustans Cebu Store.

Polo Ralph Lauren is also available online through www.lazada.ph, www.shopee.ph, www.zalora.ph, and www.rustans.com.