Category: Business Mirror

Jollibee Foods Corp. (JFC) on Tuesday said its net income fell 17 percent to P4.92 billion in the first semester from the previous year’s P5.91 billion despite its solid performance in April to June.

Systemwide sales for the period rose 12 percent to P244.67 billion from the previous year’s P217.73 billion.

For the second quarter alone, the company posted an income growth of 3 percent to P3.52 billion from the previous year’s P3.41 billion. Systemwide sales jumped by 14 percent to P130.8 billion from the previous year’s P114.54 billion.

‘Our second-quarter results demonstrate the continued strength of the Jollibee Group’s global brand portfolio and the resilience of consumer demand across our key markets. We delivered healthy system-wide sales growth across all regions, supported by strong contributions from both our Philippine and international businesses, continued same-store sales growth, and ongoing expansion of our global store network,’ Ernesto Tanmantiong, the company’s CEO, said.

The company said its second-quarter figures indicate that it has been able to adjust to the cost pressures in January to March.

Reported profitability for the quarter was affected by the P239-million in transition-related costs, covering store closure and lease termination costs associated with the ongoing turnaround of Yonghe King and Smashburger toward predominantly franchised business models, it said.

‘The second quarter represents an important step forward in our earnings momentum. Pricing actions implemented beginning in April, together with productivity, sourcing and cost discipline initiatives, contributed to the recovery in gross profit margins and supported stronger operating income and NIAT [net income after tax] margins,’ Richard Shin, the company’s chief financial and risk officer, said.

Jollibee maintained its guidance for a systemwide sales growth of 8 percent to 12 percent and store network growth of 5 percent to 10 percent for the entire year, supported by continued demand across key markets and disciplined execution across its global brand portfolio.

Full-year same-store sales growth guidance is being revised to 3 percent to 4 percent, while the gross new store opening target is being updated to 1,000 to 1,100 stores. Despite the lower gross opening target, Jollibee said it expects overall store network growth to remain in line with its previous guidance, reflecting ongoing portfolio optimization and the timing of store openings and closures.

Capital expenditures are now expected to be in the range of P13 billion to P15 billion. Operating income growth guidance is revised to 10 percent to 15 percent, reflecting the updated same-store sales assumptions, the revised expansion assumptions, continued transition-related costs for China and Smashburger, and the still-dynamic cost environment.

The Department of Transportation (DOTr) reported that the Philippine Coast Guard has rescued and assisted more than 8,000 people across six provinces, even as transport services in storm-hit areas stayed functional. Field personnel have remained deployed throughout the southwest monsoon (habagat) and tropical cyclones ‘Luis’ and ‘Maymay.’

Coast Guard teams were sent to Romblon, Batangas, Cavite, Laguna, Rizal and Pampanga for rescue and relief operations. The agency also ran free rides, or Libreng Sakay, for stranded passengers in Cavite and Batangas.

Along the Edsa Busway, personnel from the Special Action and Intelligence Committee for Transportation (SAICT) were posted around the clock to assist passengers and keep the corridor running.

Field personnel from SAICT, the Land Transportation Office (LTO), the Land Transportation Franchising and Regulatory Board (LTFRB) and the PCG were also tasked to monitor road and terminal conditions, assist stranded commuters, and support relief and rescue efforts.

‘Muling ipinakita ng ating mga personnel mula sa SAICT, LTO, LTFRB, PCG at iba pang DOTr frontliners, kung ano ang ibig sabihin ng paglilingkod ng higit pa sa tawag ng tungkulin,’ Transportation Secretary Giovanni Lopez said. ‘Nagpapasalamat ako sa kanilang tapat na dedikasyon at patuloy na paglilingkod para sa kapakanan ng ating mga komyuter.’

Free rides were likewise mounted by the Office of the President (OP), the Department of Energy (DOE), the Department of Environment and Natural Resources (DENR), the Department of Public Works and Highways (DPWH), the Philippine Charity Sweepstakes Office (PCSO), the Department of Economy, Planning, and Development (DEPDev), the Department of Labor and Employment (DOLE), the Philippine National Police (PNP), the Philippine Ports Authority (PPA), the LTFRB and the LTO.

The DOTr said it will continue monitoring weather conditions and coordinating with concerned agencies to safeguard both commuters and personnel.

ACEN Corp., the listed energy platform of the Ayala Group, said its net income surged by 411 percent year-on-year to P3.9 billion in the first half, driven by a 21-percent rise in renewable energy (RE) generation to 4,024 gigawatt hours (GWh).

The company’s attributable renewables portfolio expanded to 7,517 megawatts (MW), with 57 percent of the portfolio now operational, alongside a 40-percent increase in its

earnings before interest, taxes, depreciation, and amortization (EBITDA) to P14.7 billion.

‘ACEN’s performance in the first half of 2026 underscores our recovery from the challenges of the previous year while reflecting the company’s transition into a phase of measured growth.

Amid a continually uncertain environment, our priorities remain clear-protecting our balance sheet, growing our contracted energy sales, and expanding our energy storage asset base,’ said ACEN President Eric Francia.

In the Philippines, the company’s RE portfolio generated 1,091 GWh, representing a 17-percent increase year-on-year, due to the improved availability of its Pagudpud and Capa 2 wind assets in Ilocos Norte.

Revenues jumped by 41 percent year-on-year to P23.6 billion while its attributable EBITDA climbed by 48 percent to P6.6 billion. Results were bolstered by higher contracted energy sales, driven by the sustained expansion of the retail electricity supply business (ACEN RES)-which grew its portfolio to 587 MW, an increase of nearly 22 percent from end-2025-and the full effectivity of the company’s 160-MW Meralco mid-merit contract.

In Australia, attributable revenues and EBITDA soared by 59 percent and 35 percent, to P2.2 billion and P1.2 billion, respectively. These were driven by the full operational contributions from Stubbo Solar and reduced grid curtailment at New England Solar (NES) 1.

Work continued to progress on the 200 MW/400 MWh New England Solar Battery Energy Storage System (NE BESS), which is set for full operationalization by the end of the year, while the 102-MWdc Jinbi Solar Phase 1 also broke ground during the period and is expected to be completed in late 2028.

ACEN Australia delivered 862 GWh during the period.

In India, attributable output remained stable at 476 GWh, reflecting contributions from the commissioning of the 153 MW Maharashtra hybrid project. Amid stable generation, attributable EBITDA rose 31 percent to P764.4 million on the back of lower operating costs.

Other projects under construction are the 350 MW Tejorupa Solar, 120 MW Bijapur Wind, 389 MW Sheo 1 Hybrid, and 399 MW Sheo 2 Hybrid projects.

ACEN’s Mekong operations delivered 996 GWh of attributable output, brought about by the first full half-year contribution of Monsoon Wind in Lao PDR and improved solar resource conditions. This translated to a 35 percent increase in attributable EBITDA to P4.2 billion.

Attributable output from the rest of ACEN’s international markets reached 196 GWh in the first half.

In Indonesia, generation from the Salak and Darajat Geothermal plant grew 6 percent year-on-year, while the 40 MW Salak Unit 7 expansion reached 67 percent completion and is expected to be operational in 2027.

‘The growing global emphasis on indigenous renewable energy presents significant opportunities for ACEN. We intend to benefit from this growth while maintaining a prudent, financially disciplined path forward, including continued focus on cost management across all our businesses,’ said Jonathan Back, ACEN chief financial officer and chief strategy officer.

NICOLE ROJO announced her arrival as a rising force in Philippine triathlon after becoming the first Filipina finisher in the Ironman 70.3 Lapu-Lapu while multi-titled Irienold Reig Jr. continued his remarkable run of form with another age-group victory in Cebu last Sunday.

Rojo final struck big after a string of victories in smaller endurance races to finish her first Ironman with a flourish in five hours, 15 minutes and 27 seconds.

It’s not easy completing the 1.9-km swim, 90-km bike and 21-km run race but Rojo got off to a strong start in the swim and sustained her charge through the bike and run legs with split times of 19:16 and 2:59:38, respectively before making it in1:49:37 in the run.

The South Cotabato pride beat Melona Yucot (6:06:54) and Rachel Wong (7:38:52) to dominate the women’s 18-24 age-group in the 12th staging of the premier endurance race presented by Megaworld and organized by Sunrise Events Inc.

Reig, meanwhile, further cemented his status as one of the country’s most promising young triathletes by ruling the men’s 18-24 division in 4:23:03 on splits of 18:24, 2:26:00 and 1:32:49.

He beat Dutchman Rik Beugel, who clocked 4:34:28, and fellow Filipino Eryk Omandam who placed third in 4:45:41.

The victory came months after Reig also topped the Ironman 70.3 Davao, giving further weight to the Quezon City standout’s emergence as a potential next big name in Philippine triathlon.

Jewin Ochea provided another local highlight after he ruled the Elite Category put up by the Philippine Sports Commission in 4:26:10-splits of 20:09 in the swim, 2:27:55 on the bike and 1:32:38 in the run.

The specialized Elite Category featured top-tier athletes, including members of the national pool as well as high-performing local elites, placing them in a separate division from the standard age-group competition while running parallel to the international professional fields.

The race drew more than 1,400 triathletes from 48 countries, with South Africa’s Henri Schoeman and Natalie Van Coevorden of Australia taking the professional men’s and women’s titles, respectively.

Schoeman captured his second title in the event, while Van Coevorden won for the first time.

Japan’s Kazuhiro Oishi topped the men’s 25-29 division in 4:03:39, beating Frenchmen Fabien Celeste (4:10:07) and Sebastien Refane (4:19:12) and multi-titled Bea Quiambao ruled the women’s side in 5:22:12, ahead of Aira Lopez (5:37:02) and Cynthia Ras (5:39:54).

Another Japanese standout, Maeda Ryosuke, topped the men’s 30-34 division in 3:56:26, beating Julian Teves (4:26:36) and Mervin Santiago (4:29:48) as Canada’s Casey Logan claimed the women’s crown in 5:20:59, ahead of Nicole Andaya (5:30:34) and Pauline Fornea (5:34:35).

Hong Kong’s Ho Tin Kwok ruled the men’s 35-39 division in 4:34:40, beating Britain’s Matthew Gibson (4:40:06) and Junrey Cabarrubias (5:55:20). Malaysia’s Eva Wong took the women’s title in 5:21:25, edging Japan’s Yui Matsumoto (5:23:30) and ultrawoman Jennifer Uy (5:50:15).

Other age-group winners were Japan’s Ryosute Ohata (4:12:51) and Yuko Takahashi (5:16:35) in the 40-44 divisions; Germany’s Andreas Wuestenberg (4:57:03) and Ines Santiago (5:20:54) in the 45-49 categories; Singapore-based Australian Assad Attamimi (4:19:07) and Japan’s Masami Suzuki (5:46:15) in the 50-54 divisions; Dutchman Marnix Beugel (4:40:13) and Australia’s Michelle Boyes (5:37:11) in the 55-59 categories; and Britain’s David Boyes (5:33:20) and Celma Hitalia (5:59:19) in the 60-64 divisions.

Japan’s Yoshihisa Takase topped the men’s 65-69 division in 5:36:40, while compatriot Toshikazu Kobayashi won the 70-74 category in 6:41:21.

Workers who continue to sustain the economy during calamities deserve stronger protection, according to Senator Loren Legarda, as she stressed the need for fair compensation, safe working arrangements, and adequate support for the added risks and expenses they face.

Legarda made the call following the release of the June 2026 Labor Force Survey, which showed that the number of employed Filipinos rose to 50.66 million as the services sector accounted for the largest share of employment at 62.7 percent, followed by the agriculture sector at 20 percent and the industry sector at 17.3 percent.

‘Sa likod ng bawat numero ay isang manggagawang Pilipino na bumabangon araw-araw para kumita at may maiuwi sa pamilya. Isipin natin ang isang empleyadong kailangang humanap ng masasakyan sa baha, magbayad ng mas mahal na pamasahe, at bumiyahe nang mas matagal habang nangangamba kung ligtas ba siyang makakauwi skanyang pamilya,’ Legarda said, citing the workers in transport, food supply, healthcare, utilities, media retail, construction, agriculture, education, public services, and other onsite sectors who continue to perform duties despite severe weather and transport disruptions.

Legarda earlier filed Senate Bill 520 or the proposed Calamity Work Compensation Act, which would grant covered private-sector employees required to report on-site an additional 30 percent of their daily wage during Signal No. 3, No. 4, or No. 5, or an equivalent level of calamity.

The proposed additional compensation recognizes the additional burdens faced by workers, including limited transportation, increased commuting costs, restricted access to food and necessities, and heightened safety risks.

Legarda clarified that the measure does not encourage workers to put themselves in danger, nor does it replace hazard pay or any other legally mandated benefit.

The bill also allows employers to implement a Calamity Work Contingency Plan in lieu of monetary compensation, subject to the approval of the Department of Labor and Employment and the concurrence of workers’ representatives, where applicable. Such arrangements may include safe transportation, food, temporary shelter, and occupational safety measures.

‘Kung kinakailangang pumasok ang manggagawa sa gitna ng bagyo o baha upang mapanatiling bukas ang operasyon at maipagpatuloy ang serbisyo, nararapat lamang na kilalanin at tumbasan ang dagdag na panganib at gastos na ipinapasan sa kanya Dapat may kaakibat itong makatarungang dagdag na kompensasyon at sapat na proteksyon,’ Legarda said.

Legarda, likewise, underscored the need to strengthen protection for informal, platform-based and self-employed workers, including delivered drivers, vendors, and other daily earners whose livelihoods often require them to remain on the road or in public spaces despite dangerous weather.

She cited the recent death of a delivery rider in Antipolo City, who died after a tree and utility pole fell on him he sought shelter amid heavy rain, as a painful reminder that worker protection must also extend to those outside traditional employer-employee arrangements.

‘Maraming delivery rider, driver, vendor, at iba pang-arawang kumikita ang patuloy na naghahanap-buhay kahit masama ng panahon dahil kapag hindi sila kumita ngayong araw, maaaring walang panggastos ang pamilya kinabukasan,’ Legarda said.

‘Hindi dapat limitado ang usapin ng proteksyon. Kailangan natin palakasin ang safety measures, emergency assistance, insurance, at social protection para sa lahat ng manggagawa, anuman ang uri ng kanilang hanapbuhay,’ Legarda added.

The four-term senator stressed that worker protection must form part of disaster preparedness and climate adaptation, especially as ‘extreme during bad weather.’ ‘Hindi dapat kapalit ng isang araw na kita ang kaligtasan ng isang manggagawa. Araw-araw, lalo na sa panahon ng kalamidad, dapat lang na tiyakin ang dignidad at proteksyon ng bawat isa, at mabigyan sila ng katiyakan na may masasandalansaorasng pangangailangan,’ Legarda concluded.

THE Department of Justice (DOJ) on Tuesday confirmed that it has filed grave threats charges against Vice President Sara Duterte before the Regional Trial Court (RTC) of Quezon City.

‘We confirm that the complaint for Grave Threats against Vice President Sara Duterte was filed today, August 11, 2026, at around 1:30 p.m. with the Office of the Clerk of Court of the Quezon City Regional Trial Court,’ DOJ spokesman Polo Martinez.

Martinez said investigating prosecutors found prima facie evidence with reasonable certainty of conviction to indict Duterte for the crime of grave threats under Article 282 of the Revised Penal Code in relation to Section 6 of Republic Act 10175 or the Cybercrime Prevention Act of 2012 which punishes ‘any person who shall threaten another with the infliction upon the person, honor or property of the latter or of his family of any wrong amounting to a crime.’

The DOJ recommended a bail of P120,000 for the charge.

However, Martinez said the case for inciting to sedition against the Vice President was dismissed after the panel of prosecutors found the evidence insufficient to file the case.

The case stemmed from Duterte’s statement made in during an online press briefing in November 2024 claiming that she had hired someone to assassinate President Ferdinand ‘Bongbong’ Marcos Jr, First Liza Araneta-Marcos and House Speaker Martin Romualdez if a purported plot against her life succeeds.

In a statement, Duterte’s lawyer Paul Lawrence Lim said three counts of grave threats were actually filed against the Vice President before the QC RTC.

President Ferdinand Marcos Jr. is eyeing to start the construction of the P90-billion Parañaque spillway and the creation of a comprehensive waste management system to further enhance flood control mitigation measures in Metro Manila.

Speaking during the inspection of the deployment of a high vacuum self-priming drainage trailer pump at the Alido Bridge in Las Piñas last Tuesday, the Chief Executive highlighted the importance of the completion of the spillway, which he said was shelved for over a decade.

‘So, I have instructed [Public works] Secretary Vince [Dizon] to review the plans first. Let’s see if anything needs to be changed. But whatever needs to be done, we must get it finished. Let’s put the spillway in place. That is a huge factor in addressing flooding in the NCR [National Capital Region],’ Marcos said.

Last Monday, the Department of Agriculture and Laguna Lake Development Authority announced the revival of the 10.5-kilometer spillway, which was first proposed in the 1970s.

It will connect the Laguna de Bay to the Manila Bay and pass through Muntinlupa, Parañaque, Las Piñas, and Bacoor City.

DPWH Secretary Vivencio ‘Vince’ B. Dizon said they will engage the affected local government units to finally implement the delayed project.

‘I think that is the issue there-there are some questions from local government units. But this is something that is important, but this is something that we will need the cooperation of the local government units,’ Dizon said in Filipino in a press briefing last Monday.

The project, which is expected to take more than 10 years to complete, drew concerns from residents in Muntinlupa City and Bacoor City that it can lead to displacement.

Marcos said the spillway will augment the ongoing dredging activities of DPWH to raise the capacity of waterways.

He attributed the swift drop in the floodwater ways from the recent weather disturbances from the said dredging activities.

‘So, even though there is still some flooding, the water level has significantly receded-it is no longer as deep as before. Secondly, the water drains away faster because we have already opened up the drainage canals,’ the President said.

Proper garbage disposal

The Chief Executive, however, expressed his dismay on the tons of garbage which clogged waterways in Paranaque after the heavy rainfall caused by Tropical Storms ‘Maymay’ and ‘Luis,’ as well as, the Southwest Monsoon.

‘But since the drainage canals had been opened, everything flowed into them; this coincided with high tide, causing the trash to get trapped there,’ he added.

To help manage the country’s garbage problem, Marcos reiterated his endorsement for the passage of the Waste Treatment Technology bill, which is now part of the priority pieces of legislation of his administration.

In his explanatory note for House Bill (HB) No. 3913, the Lone District of Muntinlupa City Jaime R. Fresnedi said the piece of legislation will repeal ‘outdated prohibition on incineration’ allowing the safe disposal of waste, while also generating energy.

‘It would be a huge help if our barangay personnel-who we know are already hardworking-would double their efforts to prevent this; after all, we will all end up as victims of the very trash we throw away-it will inevitably come back to haunt us,’ she said in Filipino in a press briefing last Tuesday.

The value-added tax (VAT) system is built on the principle that tax should ultimately be borne by the final consumer. Businesses merely act as collection agents, remitting to the government the VAT they collect from customers after deducting the VAT they themselves paid on business purchases. This is the essence of the tax credit, or invoice, method adopted under the Philippine VAT system.

Because of this structure, even the input VAT is not intended to become an additional cost to the buyer. Instead, it is designed to be recovered either by offsetting it against output VAT or, in specific situations, through a refund. The refund mechanism is therefore not a tax incentive or a special privilege. It is an essential feature of the VAT system that preserves its neutrality.

Among the taxpayers entitled to this remedy are those engaged in zero-rated or effectively zero-rated transactions. Since these transactions generate little or no output VAT, there may be no tax liability against which the corresponding input VAT can be credited. Recognizing this, our tax laws allow qualified VAT-registered taxpayers to recover creditable input VAT attributable to zero-rated sales through a refund or the issuance of a tax credit certificate.

The provision on refund rules appears to be very clear and unambiguous. In reality, however, some of its parts had been inconsistently applied-causing disputes between the tax authority and the taxpayers, with some unfortunately resulting in the denial of refund claims. Even interpretations by the Courts in some areas had not been consistent.

For example, the law states that the claim should be filed within two years after the close of the taxable quarter when the sales were made. Despite this seemingly clear language, disputes have arisen over what constitutes the ‘close of the taxable quarter.’ At one point, different interpretations even emerged from judicial decisions regarding the reckoning of the 2-year prescriptive period for filing a claim for refund. One refers to the date of filing of the quarterly VAT return and payment of the tax and another referring to the exact last day of the three-month period constituting the quarter to which the transactions occurred. Also, for a while, there were conflicting declarations on whether the 2-year prescriptive period should apply only to the application with the BIR or should it also apply to the filing of the judicial claim with the Court of Tax Appeals.

Although subsequent jurisprudence had largely settled many of the issues and a number of legislations had modified portions of the refund provisions making them easier to understand and apply, these earlier confusions illustrate how varying applications and interpretations of procedural rules can significantly affect taxpayers’ substantive rights. In fact, there are still parts of the law that need further clarity. Otherwise, taxpayers would continue to encounter uncertainty in asserting what should otherwise be a straightforward statutory right.

Absence of zero-rated sales in the same period the input tax was incurred. One area of concern involves the relationship between zero-rated sales and the input VAT being claimed. It is undisputed that a refund cannot be granted in the absence of zero-rated transactions. After all, the law allows the recovery only of input VAT attributable to such sales. The more important question, however, is whether the zero-rated sales must occur during the same taxable period in which the input VAT was incurred.

The law does not expressly require this. In many businesses, purchases necessarily precede sales. Raw materials, inventories, equipment, and services are acquired before the resulting products or services are eventually sold. Consequently, input VAT is often incurred in one taxable period while the corresponding zero-rated sales occur in a later period. Yet, in some instances, refundability of input taxes had been raised when no zero-rated sales occur during the quarter in which the input VAT was incurred. Such an interpretation appears inconsistent not only with ordinary business operations but also with the very purpose of the VAT system.

2-year period counted from when purchase/input tax was incurred or when sales occurred? Another question in relation to the 2-year prescriptive period is whether it should be reckoned from the taxable quarter when the zero-rated sale was made or from the quarter when the input VAT was incurred? The language of the law strongly supports the former. In fact, in a number of cases (e.g., GR 180345, November 25, 2009), the Courts counted the 2-year prescriptive period for filing a claim from the end of the quarter where the zero-rated sale was reported, and not from the end of the quarters where the input taxes were incurred. But there are also cases (e.g., GR 172129, September 12, 2008) where the phrase ‘when the sales were made’ was considered as pertaining to the input tax. In fact, a number of claims are denied simply because the claim is filed beyond two years from the close of the period the input tax was incurred. Indeed, there are practical considerations on why the reckoning should be from the point of purchase.

These issues demonstrate that the challenge does not necessarily lie in the existence of the refund mechanism itself but in the manner in which it is understood and applied. A statutory right becomes less meaningful when taxpayers cannot predict with reasonable certainty how the governing rules will be administered. This is why the laws on VAT refund claims deserve another careful review. Refining the statutory language, harmonizing administrative interpretations with judicial pronouncements, and adopting consistent standards in evaluating refund claims would benefit not only taxpayers but also the tax administration. Greater clarity reduces disputes, shortens processing time, and strengthens confidence in the tax system.

There may also be value in revisiting earlier versions of the VAT law, which contained distinct refund rules for specific situations, including importations, capital goods, and newly established businesses. Ultimately, the objective of the VAT system is not merely to collect revenue but to do so in a manner that is fair, neutral, and predictable. Input VAT attributable to zero-rated transactions should not become an unrecoverable business cost because of inconsistent interpretations of procedural rules. If the law is not written in a way that would achieve its real purpose, then perhaps the time has come to revisit and refine its provisions. Otherwise, differing interpretations would continue to surface, resulting in unnecessary disputes that could be avoided through clearer provisions and more consistent implementation.

REVENUES to be collected by the government are seen to reach P5.205 trillion in 2027 amid expectations of a recovery in economic growth, weighed down by the flood control corruption scandal and the Middle East crisis.

Next year’s revenue goal is equivalent to 15.7 percent of gross domestic product (GDP) and is higher by 8.28 percent than this year’s reduced target of P4.807 trillion, based on the Budget of Expenditures and Sources of Financing for 2027 released on Tuesday.

Of the projected amount, P4.851 trillion will come from tax revenues, up by 9.21 percent from this year’s target of P4.441 trillion.

These will be sourced from taxes on net income and profits, property, domestic goods and services and international trade and transactions.

The Bureau of Internal Revenue (BIR) will contribute most of the levies with P3.736 trillion, a 10.10-percent increase from its tempered goal of P3.393 trillion this year.

The Bureau of Customs (BOC), meanwhile, will collect an estimated P1.074 trillion, up by 6.29 percent from the increased P1.011 trillion target this year.

In contrast, non-tax revenues are expected to drop by 22.66 percent to P252.9 billion in 2027 from the current goal of P327 billion.

These will come from fees and charges, income from Treasury operations, income collected by the Treasury and other sources.

Revenues from privatizing government assets were also increased to P101.5 billion next year, a 166.40 percent growth from this year’s revised P38.1 billion target.

Moreover, the passage of tax reform measures is seen to contribute a total of P31.956 billion in revenues for the government in 2027.

The value-added tax on digital service providers is expected to yield P24.673 billion, while the rationalization of the mining fiscal regime will generate P6.104 billion. Excise tax on pick-up trucks will also bring in P7.443 billion.

However, the Capital Markets Efficiency Promotion Act and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy or Create More will result in P4.614 billion and P1.650 billion in revenue losses, respectively.

The Cabinet-level Development Budget Coordination Committee (DBCC) expects GDP growth to accelerate to 5 to 6 percent in 2027 from 3.5 to 4.5 percent in 2026.

Climate-related disruptions, concerns over anomalous flood control projects, and broader global economic uncertainties, which dampened construction activity and private consumption, prompted the DBCC to temper this year’s growth target and the fiscal program.

THE Filipino-Chinese Veterans Basketball Association (FCVBA) is out to reassert its class in the Asean Seniors Basketball Tournament that tipped off last Tuesday in Kuching, Malaysia.

With the inclusion of former Philippine Basketball Association stars Elmer Reyes, Aries Franco and Benjie Poblete, the FCVBA Bearcats are confident of regaining the 70 years division title after losing to ZAAP of Bangkok last year.

The other members of the team are Rain or Shine co-team owner Terry Que, Ironcon Builders’ Jimi Lim, Eduard Tio, Danny Ching, Andrew Ongteco, Julio Cruz, Amang Santos, James Chua, Med Sultan and Achit Kaw.

Former Adamson University player Chingka Lee is the team’s coach.

‘With Reyes and Franco around, I think we have a good chance of winning the title again,’ said Que, one of the team’s godfathers along with Lim and Tio.

FCVBA will also competing in the premier 50-year’s division for the first time in a long while with former Ateneo star Jean Alabanza, team captain Edster Sy, Dexter Quan and Oliver Choa leading the team.

Completing the 50-years cast supported by ITG/Triangle Tires are Kerby Chua, Kenneth Lim, Calvin Li, Francis Sy, Edwin Herrera, Edwin Yap and Sherwin Yao.