Category: Business Mirror

LANAO del Norte is mulling the development of a satellite campus of the National Academy of Sports (NAS) at the Mindanao Civic Center in Tubod.

Philippine Sports Commission chairman Patrick Gregorio, who showed Lanao del Norte Rep. Imelda Quibranza-Dimaporo and Provincial Administrator Lyndon Calica around the NAS campus at New Clark City in Tarlac, said the facility could serve as a model for a similar sports and education hub in Lanao.

‘The NAS is designed to nurture grassroots athletes and prepare them to become medal-winning national athletes. Replicating such a facility in Mindanao will give young athletes from the region the same opportunities to reach their dreams without having to leave home too early,’ Gregorio said.

‘A satellite NAS campus at the Mindanao Civic Center will be a game-changer for our youth. It will open doors for Mindanao athletes to train, study, and dream of representing the country in international competitions,” Quibranza-Dimaporo said.

The MCC is set to host the first Mindanao Youth Games from April 11 to 17, 2027, with athletes aged 18 and below from 33 local government units across six Mindanao regions taking part, and Timor-Leste participating as guest team.

The Mindanao Youth Games is expected to have 12 to 15 sports, including athletics, swimming, football, basketball, volleyball, archery, tennis, combat sports and weightlifting.

THE Manila Electric Co, (Meralco) and its power generation arm Meralco PowerGen Corp. (MGEN) have engaged US-based engineering firm Sargent and Lundy and AMH Philippines, Inc. to conduct a feasibility study on deploying small modular reactors (SMR) in the Philippines.

The comprehensive study is targeted for completion by the fourth quarter of 2027.

The study marks the next step in the $2.8-million technical assistance program funded by the US Trade and Development Agency (USTDA), which was formally announced last February. The study aims to provide Meralco with a rigorous, data-driven basis for determining whether, when, and how SMRs could form part of the country’s future energy mix. A dedicated SMR working group has been established within the Meralco group to lead the study and coordinate closely with SandL and AMH.

Sargent and Lundy will lead a vendor-neutral, US-focused SMR assessment program aligned with relevant International Atomic Energy Agency standards and international best practices. The study will examine key considerations for potential SMR deployment, including technology assessment and site selection, grid integration, financial and commercial planning, decision-making frameworks, and stakeholder capacity building through a dedicated series of workshops.

‘Partnering with Sargent and Lundy marks a pivotal step in turning our nuclear roadmap into actionable, data-driven decisions under our ‘Nest’ program,’ MGEN President Emmanuel V. Rubio said.

‘As we advance this USTDA-funded study, MGEN remains committed to exploring safe, reliable, and low-carbon technologies such as SMRs as we work to secure the Philippines’ long-term energy future and support the country’s economic growth,’ Rubio added.

The engagement will also strengthen the technical capacity of key Philippine stakeholders, including MGEN, the Department of Energy and the Philippine Atomic Energy Regulatory Authority by providing practical frameworks and tools that can support informed decision-making as the country advances its nuclear energy roadmap.

‘By bringing together a dedicated internal working group, alongside global and local experts, we are undertaking a comprehensive assessment that considers the technical, financial, and regulatory realities of the Philippine setting.

The study goes beyond identifying suitable technologies and potential sites. It will also build the technical capacity and decision-making frameworks that can support MGEN and our national stakeholders well beyond the completion of the study,’ MGEN Head of Strategic Energy Transition Felino M. Bernardo said.

SCRAPPING the 12-percent value-added tax (VAT) on system loss charge would result in revenue losses for the government, according to the Department of Finance (DOF).

On the sidelines of a news briefing by the Social Security System last Tuesday, Finance Secretary Frederick D. Go told reporters that removing the levy would cost the government P10 billion annually.

Go told reporters they are still waiting for the Energy Regulatory Commission’s decision on the matter.

System loss refers to electricity that has been generated and paid for but is physically lost during distribution before it reaches end users.

Only allowable system losses within the ERC-prescribed caps may be recovered through the system loss charge shown in electricity bills. Those exceeding the authorized caps are not recoverable from customers and are solely the responsibility of distribution utilities.

Earlier, Charlito Martin R. Mendoza, commissioner of the Bureau of Internal Revenue (BIR), said that the system loss charge is currently bundled with the gross sales of electricity distributors, causing it to be included in the tax base for VAT.

‘The BIR’s position is clear. If [system loss] is not part of their gross sales, if that is a mandated pass-through charge, then that should not be subject to VAT,’ Mendoza said.

The energy regulator’s resolution declares that the system loss charge is an inherent government-mandated pass-through cost that does not form part of the gross sales of generation companies, the National Grid Corporation of the Philippines and distribution utilities for VAT purposes.

Likewise, the ERC requires all distribution utilities to modify their billing formats to separately and distinctively reflect the system loss charge as a government-mandated line item that is not subject to VAT within 60 days from the effectivity of the resolution.

The ERC said the resolution will only be effective upon the appropriate confirmatory issuance from the BIR, an agency attached to the DOF.

Mendoza said a revenue memorandum circular will be issued soon, 15 days after the publication of ERC’s resolution.

THE Bureau of the Treasury failed to raise the full P55 billion it offered on Tuesday amid high investors’ asking yields for Treasury bills (T-bills), with the 35-day touching 5 percent, after the Bangko Sentral ng Pilipinas (BSP) raised the key policy rates.

Results were mixed during the T-bills auction, as the Treasury partially awarded bids for the 35-day cash management bill (CMB) and 91-day T-bill, while fully awarding bids for the 182-day and 364-day T-bills.

Total demand for all tenors reached P75.954 billion, or 1.3 times the P55 billion offering.

The average yield on the 35-day CMB rose to 5.036 percent, 21.3 basis points higher than the previous week’s 4.823 percent. Yields ranged from 4.9 percent to 5.050 percent. Of the P10.852 billion in bids tendered for the security, only P8.252 billion was accepted by the Treasury as borrowing costs for the ultra-short tenor reached the 5 percent level.

As for the T-bills, the 91-day yield averaged at 5.138 percent, up by 8.7 basis points from 5.051 percent last week. Awarded yields ranged from a low of 5.040 percent to a high of 5.2 percent.

The Treasury awarded P16.330 billion out of the P21.803 billion tendered for the debt papers.

Meanwhile, the 182-day average yield grew by 8.4 basis points to 5.517 percent from 5.433 percent. Yields were as low as 5.450 percent to as high as 5.585 percent. The Treasury raised the full P15 billion it intended to borrow as tenders amounted to P27.749 billion.

Lastly, average yield on the 364-day notes went up by 7.7 basis points to 5.717 percent from 5.640 percent. Yields ranged from 5.650 percent to 5.750 percent. The Treasury fully awarded its P10-billion offering from P15.550 billion in bids received.

T-bills edged higher for a second consecutive week after the BSP hiked interest rates and investors continued to factor in further monetary tightening to contain inflation, said Rizal Commercial Banking Corp. Chief Economist Michael Ricafort.

BSP Governor Eli M. Remolona Jr. has said that oil prices remain volatile, and the impact of a severe El Niño event and potential minimum wage adjustments pose further risks to inflation.

‘We will tighten as much as we need to, to bring the inflation rate down to its target,’ Remolona said.

Ricafort said the peso’s recent depreciation to above P62 against the US dollar could also raise import costs and add to inflationary pressures.

‘Sticky’ inflationary pressures could prompt the BSP to maintain a tighter monetary policy stance, while higher rates could also stabilize the peso and contain the inflationary impact of more expensive imports, Ricafort said.

This Wednesday, the Treasury will auction 5-year Treasury bonds to raise P30 billion.

For 2026, the government will borrow P2.733 trillion and will follow a 70:30 financing mix, in favor of domestic sources.

As of the first half of the year, gross borrowings rose by 14.45 percent to P1.821 trillion from P1.591 trillion in the same period a year ago.

ANALYSTS have pointed out the need to generate ample dollar earnings to meet future external debt obligations even as latest figures point to ‘responsible debt repayment’ rather than financial stress.

The latest data from the Bangko Sentral ng Pilipinas (BSP) showed that the Philippines’s external debt service burden (DSB) rose by 4.78 percent in the January to May 2026 period driven by higher interest payments.

BSP data showed the debt service burden (DSB) increased to $6.208 billion in the January to May period of 2026. This was 4.78 percent higher than the $5.925 billion posted in the same period last year.

DSB is the total principal and interest payments the country has to pay after the debt has been rescheduled.

Broken down, $3.2 billion of the external DSB for the five-month period was allotted for interest payments while $3.01 billion was for principal.

Principal payments climbed by 13.55 percent year-on-year from $2.649 billion, while interest payments declined by 2.29 percent from last year’s $3.275 billion.

Jonathan L. Ravelas, senior advisor at Reyes Tacandong and Co., said: ‘The latest figures point to responsible debt repayment rather than financial stress.’

However, Ravelas emphasized that the key challenge lies in ensuring that the economy continues to ‘generate sufficient dollar earnings to comfortably meet future debt obligations while preserving fiscal flexibility.’

For his part, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC) explained: ‘This has been a function of wider budget deficits, borrowings/debt to finance the budget deficit, and higher interest rates especially higher bond yields in recent/month years that increased debt servicing cost.’

Ricafort explained further that when converted to pesos, servicing of foreign debts, both principal and interest payments increased amid higher US dollar-peso exchange rate by about 8 percent since the conflict in the Middle East which started on February 28,2026 or more than six months ago.

For the coming months, Ricafort said foreign debt servicing costs ‘would be a function of future budget deficits, interest rate hikes locally and in the US/globally, foreign debt maturities especially increased borrowings since the Covid-19 pandemic and the US dollar-peso exchange rate since foreign debts are partly paid in pesos that the government collects as taxes and other major revenue sources to service debts.’

Meanwhile, the ratio of the country’s debt service burden to its export shipments plunged to 21.6 percent in January to May 2026 from 22.4 percent in the same period a year ago.

Data from the central bank showed the DSB to Exports of Goods, and Receipts from Services and Primary Income ratio stayed unchanged at 9.3 percent in the first five months of 2026.

In terms of other ratios, that of DSB to current account receipts likewise stayed at 8.9 percent in the January to May 2026 period-also the same rate as last year’s.

BSP’s DSB data consists of principal and interest payments on fixed medium- and long-term (MLT) credits, including loans covered by the Paris Club.

It also includes interest payments on fixed and revolving short-term liabilities of banks and non-banks, but excludes prepayments on future years’ maturities of foreign loans and principal payments on fixed and revolving short-term liabilities of banks and non-banks.

As of end-March 2026, the country’s external debt reached $147.35 billion, up by 0.42 percent year-on-year from $146.74 billion.

The bulk of the external debt was accounted for by the public sector compared to the private sector.

Public external debt stood at $95.655 billion as of end-March 2026, higher by 4.50 percent than the $91.535 billion recorded in the same period a year ago.

Private external debt, meanwhile, declined by 6.35 percent year-on-year to $51.696 billion as of end-March 2026 from $55.202 billion in the same period in 2025.

Enchanted Kingdom, the first and only world-class theme park in the Philippines, is set to mark its 31st Anniversary with Fiesta ng Saribuhay, a month-long celebration that puts the country’s rich biodiversity at the heart of its enchanting lineup of exciting shows, world-class entertainment, and other anniversary experiences this October.

With this year’s theme, EK continues its mission to enrich every guest’s visit as it highlights the beauty of the Philippines through a grand showcase of its people, culture, and biodiversity, which make the country truly unique and enchanting.

The anniversary festivities officially begin on October 2, with an enchanting World Teachers’ Day Celebration, complete with insightful sessions, captivating performances, and special treats and giveaways dedicated to the inspiring educators who help nurture the next generation of Filipinos.

Guests are also invited to take a symbolic stride for sustainability, wellness, and togetherness at Run to 31: Takbo ng Saribuhay Fun Run on October 11. More details about the event, including how to register, will be released soon on EK’s social media pages.

Every weekend of October, the Fiesta ng Saribuhay streetdance performances will set the stage for the country’s vibrant culture and festive spirit to shine across the Park. EK’s very own Storyverse characters will also add their magical touch into the festivities through their spectacular nighttime parade.

On October 17, EK will put Filipino music, talent, and pride in the spotlight at the Fiesta ng Saribuhay Concert, with RandB hitmaker Dionela set to headline the star-studded lineup of OPM acts that will surely make the anniversary festivities even more unforgettable.

The celebration continues on October 18 with another exciting set of Fiesta ng Saribuhay performances featuring more OPM artists, all of which will be revealed soon.

Explore the archipelago through food as EK’s newest Saribuhay Menu serves up healthy and hearty local dishes from the featured destinations in the AGILA The EKsperience: SARIBUHAY film, available soon at LaunchTime and Amazon Grill restaurants.

Further expanding its wide selection of in-park food and dining options, EK will also welcome new tenant partners in the coming months, including Pepper Lunch at the EK Portico, Minimelts, Stroop and Zo, and Mango Royal.

AGILA The EKsperience: SARIBUHAY 2.5

One of the highlights of EK’s 31st anniversary is the launch of AGILA The EKsperience: SARIBUHAY 2.5 this October, featuring new immersive pre- and post-show experiences that bring more enchanting stories of biodiversity to life. It introduces a new multi-sensory walkthrough upon entry that reveals the inspiration, symbolism, and making of the attraction.

Delving deeper into the walkthrough, guests are brought into the natural habitat of the Philippine eagle, offering a glimpse into its lifecycle and the eye-opening plight of one of the most iconic and critically endangered birds in the country.

Additionally, EK will elevate the retail experience at Pugad, AGILA’s in-house concept store, with displays and experiences that incorporate retail, education, innovation, and sustainability. Guests can take home not just souvenirs, but also a deeper appreciation and understanding of their overall AGILA experience.

Relaunched in October 2025 with a renewed mission that goes beyond tourism to champion sustainability, AGILA The EKsperience: SARIBUHAY was notably named as the Best ASEAN New Tourism Attraction by the ASEAN Tourism Association (ASEANTA) last January.

Extending its advocacy beyond the Park, EK has tapped its homegrown P-pop girl group, SMS, to take on the role of Saribuhay Explorers, serving as ambassadors for biodiversity. Through short-form digital content, the group will spread greater awareness about AGILA and the local biodiversity among audiences inside and outside the Park.

*Schedules are subject to change with prior notice.

For more information and updates on EK’s 31st Anniversary Celebration and its other events and offerings, visit https://www.enchantedkingdom.ph and EK’s official social media accounts @enchantedkingdom.ph for Facebook and TikTok, and @ek_philippines for Instagram.

Filipino basketball fans got a rare chance to meet two of the sport’s biggest names as NBA champion Jason Kidd and WNBA legend Lauren Jackson came together for an intimate vivo x NBA meet-and-greet at the vivo Concept Store in SM Megamall.

Held on August 28, the gathering brought Kidd and Jackson closer to 30 selected fans for an afternoon of basketball stories, career insights, and personal interactions.

The two Hall of Famers opened up about the experiences behind their decorated careers, from handling pressure early on to learning from failure, finding great teammates, and continuing to grow beyond the court.

Lessons from basketball legends

For Kidd, who went from NBA champion and 10-time All-Star to Olympic gold medalist, Hall of Famer, and coach, one of the biggest lessons came from learning to embrace every stage of the journey.

‘Enjoy it. A lot of times, you’re in the moment, you’re so competitive trying to figure out how to win, and sometimes don’t take a second just to enjoy it,’ Kidd shared.

He also shared a simple reminder about dealing with setbacks, something that applies both on and off the court.

‘It’s alright to fail. We’ve all missed the shots, we’ve all turned the ball over, we’ve all made mistakes, but you learn from those mistakes and own those mistakes. I think that’s the key in life,’ he said.

For Jervey Limjoco of Mandaluyong, a self-proclaimed No. 1 Jason Kidd fan in the Philippines, it was Kidd’s leadership and ability to elevate the players around him that made him a standout.

‘It’s his leadership, how he breaks down the game and makes everyone around him better. His passing, his ability to make a pass that leads to another pass that eventually helps his team score. That’s what really stands out to me about Jason Kidd,’ Limjoco shared.

Jackson, meanwhile, reflected on her own journey as a three-time WNBA MVP, two-time WNBA champion, Olympic medalist, and Hall of Famer, including her return to basketball after an eight-year break.

For young athletes dreaming of following in her footsteps, her message was simple: make room for the game and, most importantly, enjoy it.

‘Create a space for them to exist and enjoy and love it,’ Lauren shared. For both legends, basketball was never just about trophies. It was about the people, experiences, setbacks, and moments that shaped their careers.

The QandA then led into the highlight many fans had been waiting for: the meet-and-greet itself.

Selected fans got to meet Kidd and Jackson up close, receive exclusive posters, and take an official photo with the two basketball icons.

For fans who have spent years watching their careers from afar, the experience offered a rare chance to stand beside the legends they grew up watching.

Moments worth keeping with basketball legends

The afternoon also highlighted how technology has changed the way fans experience and preserve basketball moments.

When asked what they would have loved to capture if today’s smartphone camera technology had been available during their playing careers, Kidd pointed to how smartphones now help people stay connected with the people who matter.

‘To capture something, I love that we have it now, to be able to stay in touch with family and friends,’ Kidd shared.

Jackson reflected on how technology can make even distant games feel close. ‘You could be playing miles and miles away but it could be right here, right on your phone. I think that’s pretty crazy,’ Lauren mentioned.

That idea came to life during the event as the vivo X300 Ultra captured Kidd and Jackson alongside Filipino fans and livestreamed the event using the vivo X300 Ultra itself.

Rewatch the experience here: vivo Philippines Facebook livestream

With its Triple ZEISS Master Lenses and telephoto capabilities that can extend up to 400mm with ZEISS Telephoto Extenders, the X300 Ultra is designed to bring distant moments closer and preserve them in detail.

The vivo X300 Ultra is available for Php 109,999 at vivo concept stores nationwide and the vivo e-store.

Chess Olympiad-bound Janelle Mae Frayna and Ruelle Canino head the 14-player field in the Philippine National Women’s Invitational Chess Championship starting on Tuesday in Alicia, Isabela.

Frayna, the country’s first and only Woman Grandmaster, and Woman International Master Canino are the favorites to rule this round-robin format event.

Shania Mae Mendoza and Mhage Sebastian, also bound for the Olympiad set Sept. 15-27 in Samarkand, Uzbekistan, are seeing action.

Also seeing action are Bernadette Galas, Jemaicah Yap Mendoza, Marie Antoinette San Diego, Jersey Marticio, Allaney Jia Doroy, Francois Marie Magpily, Cherry Ann Mejia, Kate Nicole Ordizo, Franchesca Largo and Diana Ramos.

Alicia is also hosting the National Junior Championships, National Children’s Championships, Philippine Youth selection tournament and the FIDE classification tournament, backed by the Philippine Sports Commission and the National Chess Federation of the Philippines.

National Master titles are at stake in the FIDE selection meet.

WHEN I open my daily newspapers (yes, I still read at least two!), I now start with the technology news.

One AI headline follows another. There is talk about rapid developments in stock prices and about AI companies promising enormous productivity gains and, as a result, massive reductions in staff.

What do you think? Where and for what do we still need people?

AI can analyze huge amounts of data. This makes it possible to identify patterns and connections from virtually unlimited numbers of examples. Many of the AI applications we know today are based on so-called Large Language Models. These language models can scan texts and generate coherent answers.

The texts analyzed contain what is called codified-or explicit-knowledge: things that we can write down, such as process descriptions, work instructions, recipes, or scientific analyses.

AI can therefore not only take over some tasks from us but can also access more codified knowledge than any individual person ever could. That is enormously helpful.

But what makes us humans go far beyond this?

We can do more than simply apply explicit knowledge, because we also possess so-called implicit (tacit) knowledge. It develops through experience, practice, intuition, and values.

Many years ago, I asked a welder how he knew when a weld would hold. He answered: ‘I can feel it.’

(A small side note: he and his colleagues welded better than the machines.)

The philosopher Michael Polanyi explained this as early as the 1960s: ‘We know more than we can say.’

But what is never written down cannot become part of AI training data. Consequently, a great deal is lost if we leave out the ‘human dimension.’

Especially when it comes to assessing complex situations and making well-founded decisions, we need both: the interaction between explicit and implicit knowledge.

Do you remember how you accumulated your implicit knowledge for your current job? What have you tried yourself? What experiences did you gain abroad or learn from more experienced colleagues? Did you observe others, work alongside them, or receive unsolicited advice?

Probably it was a mixture of all these things.

This is particularly important in education and during the first years of a career, but it also plays an important role when people move into new jobs. A handover document is usually not enough. And there is a reason why the success of the dual vocational training system is based on two components: theory and practice.

At present, however, we are seeing fewer and fewer young people being trained and fewer and fewer internship opportunities being offered because AI is taking over traditional entry-level jobs. I definitely don’t think this is a smart strategy.

In the short term, it may save costs. But where will the experienced employees for the first levels of management come from in a few years – people who have the necessary judgment to make the right decisions in the interests of the company?

Those who save money in the short term will later pay a high price for the resulting vacuum.

And remember: An AI strategy without strategic workforce planning therefore carries a significant risk.

The future of work is already shaped in classrooms long before the first job begins. It starts in homework, in internships, and in the moments when students begin to test what they know against what the real-world demands.

I hope your company has already taken this into account. Otherwise, you may have impressive AI pilot projects and measurable KPIs-but you may not know how to transfer these successfully into the organization in a way that creates value.

To do that, you need to understand and manage the interaction between AI and humans. AI won’t make us obsolete – it will make us superhuman!

Let me close with the encouraging statement of Labor Secretary Tolentino:

AI offers significant opportunities to improve productivity, innovation, public service delivery and economic growth. However, he cautioned that the AI technology could also disrupt labor markets and displace workers if safeguards are not put in place. He added that AI must complement human labor, not replace human dignity and judgement. Technology must move the country forward, but it must never leave workers behind.

Secretary Tolentino, please see to it that the Philippine Central Government and the Local Governments follows your ideas!

A top official of Shopping Center Management Corp. (SM Supermalls) said last Tuesday the company’s shopping malls will continue to evolve to meet customer needs, as higher consumer prices push people to become more picky in their spending.

Steven T. Tan, the company’s president, said SM will keep building business momentum through the introduction of new brands, cinema and entertainment acts, as well as leisure offerings that will sustain market interest.

Tan said the company is opening its 91st mall, SM Nuvali, later this year.

‘We are expanding our business footprint in the emerging growth corridor of South Luzon and Calabarzon with an innovative upscale mall concept never experienced in the Philippine market before,’ he said. ‘Our growth plan for the rest of 2026 and beyond is to continue evolving for our customers.’

SM Supermalls delivered record revenues in the first half the year, expanding 8 percent to P41.8 billion from P38.6 billion, driven by higher leasable space and tenant sign-ups, along with steady foot traffic.

Total gross leasable area grew 3 percent to 5.1 million square meters from 5 million square meters, while the number of tenants rose 4 percent to 23,174 from 22,192. Average daily foot traffic was steady at 3.7 million.

‘This gives us confidence to keep investing in spaces and experiences that respond to their changing needs,’ Tan said.

The mall operator sustained foot traffic through the addition of 41 pickleball courts in its first-half inventory, bringing up the number of its courts to 102 courts across 32 properties nationwide.

On June 12, SM Supermalls also co-hosted the Galaxy Manila Marathon, the first-ever full marathon to take over EDSA, drawing over 25,000 runners across multiple categories.

On top of these, SM also emphasized its corporate purpose of driving value to its surrounding communities through sustainable facilities developed in its malls.

From 100 megawatt peak (MWp) solar power generated through its mall rooftop solar PV system, SM has increased its capacity to 122 MWp with further plans on expansion until the end of the year. SM also recently reached 100 percent coverage for free electric vehicle charging stations across all 90 of its malls at 203 EV charging stations.