Category: Business Mirror

The proposed out-of-court comparison and stipulation for 4,492 acknowledgment receipts (ARs) during the impeachment trial did not proceed as planned after the defense panel of Vice President Sara Duterte maintained that it would be unnecessary, and that it would be properly identified and evaluated during open court proceedings.

During the Day 14 of the impeachment trial, defense counsel Kristine Ferrer likewise, said that their next available schedule to handle the matter would be on August 14.

‘The authenticity of the exhibits is something that the court will have to decide…And the court will only decide on that after the prosecution has already submitted their offer of evidence and that would be subject for our comment…And there’s no need for us to actually compare the exhibits, just so we can arrive at the stipulation that this and that are the same…,’ Ferrer explained why they are against the necessity of comparing exhibits to expedite the proceedings.

Ferrer also questioned the competence of the Commission on Audit (COA) witness Xylene May del Campo to identify certain documentary exhibits.

Ferrer said that the defense did not stipulate to her ability to do so, nor are they aware of the full extent of her examination of the documents.

‘And also, your honor, with regard to the identification of the witness of the exhibits, that goes to the witness’ competence…we did not stipulate here in open court that the witness is competent to identify the exhibits. Your honor, kasi hindi naman namin kilala ang taga COA. Pangalawa, we don’t know the extent of her examination. Pangatlo, she just assumed the work of Mr. [Roderick] Wamil,’ Ferrer stated. Wamil, who is a lawyer, is a former COA state auditor who was one of the prosecution’s witnesses.

However, Ferrer said they will not object to the implementation of Rule 130, Section 7 of the Rules of Evidence, which allows a witness to testify based on a summary of documents.

If the prosecution follows this procedure, Ferrer explained, they can efficiently identify exhibits in a short amount of time, provided they stipulate to the authenticity of the documents, ‘but subject to cross-examination.’

A COMMISSION on Audit (COA) supervising auditor on Tuesday testified that Vice President Sara Duterte and two officials of the Office of the Vice President (OVP) were held liable for the disallowed use of P73.287 million in confidential funds in December 2022.

Xylene Mae del Campo of the COA Intelligence and Confidential Funds Audit Office (COA-Icfao) told the Senate Impeachment Court that a notice of disallowance covered confidential funds used by the OVP from December 13 to 31, 2022.

Del Campo said the documents submitted by the OVP failed to provide sufficient proof that its information-gathering and surveillance activities had been successful-a requirement for paying rewards from confidential funds.

The OVP listed 105 activities in its response, but del Campo said it did not identify specific accomplishments demonstrating the success of those operations.

‘Based on this document, there was no proof showing the success of the information-gathering activities. It also included activities conducted on December 13, 15, 17, and 18, which fell outside the cash advance utilization period of December 21 to 31, 2022,’ del Campo said.

Del Campo cited Joint Circular No. 2015-01, which sets the rules governing confidential and intelligence funds. Under the circular,

the expenditure must be approved by the agency head, supported by documents proving the success of the information-gathering or surveillance activities, and directly related to the agency’s confidential operations.

Among the activities presented by prosecution counsel Lorna Kapunan were an appreciation night for Department of Education partners and Christmas activities involving transport network vehicle services, tricycle operators and drivers’ associations, Angkas riders, food-delivery workers and persons with disabilities.

COA-Icfao also disallowed P69.78 million reportedly spent on tables, chairs, desktop computers and printers. Del Campo said the submissions did not explain how the purchases were connected to confidential activities and were not supported by official receipts or sales invoices.

She added that her draft notice of disallowance was approved by COA Assistant Commissioner Nilda Plaras, then officer-in-charge of COA-Icfao.

When asked who was held liable, del Campo identified Duterte as the head of the agency who approved the transactions, including the use of cash advances.

Also named were OVP special disbursing officer Gina Acosta, who was the payee of the checks and disbursed the cash advances, and OVP chief accountant Julieta Villadelrey, who certified that the supporting documents were complete and proper.

The OVP filed a petition for review on February 5, 2025. On April 10, 2026, the COA Proper upheld the notice of disallowance and the demand for the return of P73.287 million.

Del Campo said the OVP subsequently filed a motion for reconsideration, which remains pending before the COA.

DEL Campo said the OVP used confidential funds for Christmas events, gift-giving, tree planting and other activities not allowed under government rules.

The listed activities included Christmas events in Tondo, Manila; a meeting with a tricycle operators’ group; tree planting; wheelchair distribution; gift-giving; and medical missions.

Del Campo said these were not authorized uses of confidential funds under Joint Circular No. 2015-01.

‘Based on the joint circular, these are not included among the activities under Section 4.8 for which confidential funds may be used,’ she said.

When Kapunan asked specifically whether Christmas activities, tree planting and gift-giving were allowed, del Campo answered, ‘No.’

The auditor also questioned the dates of some activities. Several reportedly took place from December 13 to 18, 2022, although the OVP’s cash advance covered only December 21 to 31.

Del Campo said funds released on December 21 could not be used to reimburse expenses incurred before that date.

The findings led COA’s Intelligence and Confidential Funds Audit Office to issue a notice of disallowance covering P73.287 million. Of this amount, P69.787 million was reportedly spent on rewards, while P3.5 million covered tables, chairs, desktop computers and printers without proof that they were intended for confidential operations.

The OVP challenged the disallowance, but the COA Commission Proper upheld the entire P73.287-million amount in a decision dated April 10, 2026.

Del Campo’s testimony formed part of the House prosecution panel’s evidence concerning Duterte’s alleged misuse of confidential funds.

August 11, 2026 – OMODA and JAECOO Philippines reinforces its commitment to nationwide accessibility with the opening of two new dealerships in Davao City and Cebu City, in partnership with MG Gateway South Corp., expanding the footprint of OMODA and JAECOO in Visayas and Mindanao. The new facilities provide customers with full sales and after-sales services-from vehicle inquiries and test drives to ongoing maintenance support. This dual inauguration marks another milestone in the brand’s ongoing nationwide expansion, strengthening its ability to serve Filipino motorists with smarter, more accessible, and technology-led mobility.

Meanwhile, the inauguration of the OMODA and JAECOO Davao Matina dealership was attended by representatives from various financial institutions, together with representatives from OMODA and JAECOO Philippines.

With a rapidly expanding dealership network, a growing portfolio of electrified vehicles, and continued innovation in intelligent mobility through initiatives, from the AIMOGA humanoid robot to its Smart Cockpit technology released in Indonesia, OMODA and JAECOO Philippines is bringing smarter, more accessible, and technology-driven mobility closer to Filipino drivers across the country. More than just new vehicles and showrooms, these efforts translate into a seamless ownership experience-from intelligent in-car features to reliable after-sales support-ensuring that Filipino drivers can embrace the future of mobility with confidence and ease.

Philippine National Police (PNP) chief Gen. Jose Melencio Nartatez Jr. on Tuesday said the police force has committed to beefing up security measures in 108 areas tagged by the Commission on Elections (Comelec) as ‘areas of concern’ for the first-ever parliamentary polls in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) scheduled this coming Sept. 14.

‘Ensuring the peaceful elections in BARMM is a continuing process. Security measures are in place, but regular monitoring and real-time adjustments are being done based on the situation on the ground,’ he added.

The classification covers areas facing varying levels of security risks that could affect the conduct of the polls.

Comelec classifies red zones as areas marked by severe risks and previous violent incidents that may warrant increased election oversight, while orange zones are areas confronted with serious armed security challenges.

Yellow zones are areas with a documented history of election-related disturbances, while green zones are considered secure localities with no identified security threats.

Lanao del Sur has the highest number of red zones with 21, followed by Maguindanao del Sur with 11 orange zones. Maguindanao del Norte and Basilan have areas classified from low to high risk, while Tawi-Tawi remains relatively secure and stable.

‘The goal has always been to provide the safest environment for all our kababayan in the area to freely choose their next leaders, and eventually prove that BARMM is way different now compared to what it was known in the past, especially during elections,’ Nartatez stressed.

He also said the PNP will also strengthen coordination with the Armed Forces of the Philippines as part of its election security preparations.

‘We call on the public to remain alert and vigilant and report to authorities if they find any suspicious individuals or groups that may threaten security,’ he added.

Around 400 candidates are vying for 86 positions in the autonomous region’s first parliamentary elections.

The elections will be held in Basilan, Lanao del Sur, Maguindanao del Norte, Maguindanao del Sur and Tawi-Tawi, Cotabato City and more than 63 barangays in Cotabato classified as special geographic areas.

AMID concerns that the proposed tax relief package could stoke inflation, the government has assured the public that it would seek to make the measure ‘as fiscally neutral as possible.’

Department of Economy, Planning, and Development (DepDev) Secretary Arsenio M. Balisacan explained that the proposed comprehensive tax reform package, dubbed the ‘Progress Bill,’ could only add to inflationary pressures if the increase in purchasing power is not accompanied by measures to expand the supply of goods and services.

‘We will look for offsetting revenue measures because there will be foregone revenues as a result of that. That will be part of the measures to make it as fiscally neutral as possible,’ Balisacan told reporters in a recent interview.

Balisacan said the government is also working to strengthen the supply side of the economy by improving competitiveness and productive capacity, particularly by addressing bottlenecks in agriculture, logistics and energy.

Under the Promoting Growth, Revenue, Equity toward Socio-economic Sustainability (Progress) Bill, individuals earning no more than P350,000 annually would be exempt from personal income tax, raising the tax-free threshold from the current P250,000.

The second and third brackets would also see adjustments, with individuals earning between P350,000 and P450,000 paying 15 percent of the excess over P350,000. Those earning between P450,000 and P800,000 would also face a reduced fixed base tax of P15,000 plus 20 percent of the excess over P450,000.

The proposed package would also exempt qualified small businesses from corporate income tax and grant amnesty on unpaid income, estate, donor’s and value-added taxes, including related penalties and fees.

Earlier this month, the Department of Finance (DOF) said it would seek congressional approval for higher levies on sweetened beverages, tobacco and alcohol, single-use plastics and wealth to offset an estimated P326.92 billion in revenues that could be foregone due to the proposed tax relief package.

The revenue measures, which include higher taxes on sugar-sweetened beverages, distilled spirits, e-cigarettes and novel tobacco products, as well as new levies on plastic products and higher automobile taxes, are expected to generate up to P518.71 billion from 2027 to 2030.

Balisacan, for his part, said the proposed higher taxes on sweetened beverages and other affected products are unlikely to have a significant impact on overall inflation because these account for only a small share of the average household consumption basket.

‘If you average it across the entire population, the share is quite small,’ he added.

YIELDS on the 7-year Treasury bonds (T-bonds) were lower than comparable secondary-market rates as the auction drew strong demand from investors pricing in lower chances of an aggressive rate hike from the central bank as weak economic growth persisted.

The Bureau of the Treasury finally awarded in full the bids for 7-year securities as tenders reached P51.920 billion, or 1.7 times the P30 billion offering.

Total bids were much higher compared to the P18.057 billion tendered during the previous auction for the 7-year T-bonds last July 14.

The Treasury has been rejecting bids for 7-year T-bonds recently and last made a full award for the tenor last June 16 when the yield averaged at 6.779 percent due to the US-Iran interim deal back then, which lowered world oil prices.

The T-bonds, which have a remaining life of seven years and six days, fetched an average yield of 7.182 percent.

Investors’ asking yield ranged from a low of 7.1 percent to a high of 7.182 percent.

The Treasury said the average rate is ‘broadly in line with the prevailing secondary market benchmark rate’ as this is slightly lower by 1.5 basis points than the 7.197 percent yield for the 7-year tenor.

However, the average auction yield is higher than the government security’s original coupon rate of 6.625 percent.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said yields eased as investors saw less need for aggressive rate hikes.

Ricafort was referring to the signaling by Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona of reduced pressure for the central bank to raise the key interest rate as second-quarter economic growth was weaker-than-expected.

Remolona said last Monday that the BSP could still tighten monetary policy ‘as much as necessary’ to bring inflation back down to its target range of 2 to 4 percent.

July inflation eased to 6.2 percent from 6.4 percent in June, extending the downtrend from the 7.2-percent peak in April.

The Monetary Board, the highest policy-making body of the BSP, will hold its next rate-setting meeting on August 27.

Next week, the Treasury will auction 91-, 182- and 364-day Treasury bills, as well as 4-year and 10-year T-bonds.

This is part of the government’s P2.733 trillion borrowing program this year, which follows a 70:30 financing mix.

The national government’s outstanding debt ballooned to a new record high of P19.065 trillion as of end-June, or 66 percent of the gross domestic product in the second quarter.

THE House of Representatives will formally receive the proposed P7.2-trillion National Expenditure Program (NEP) for fiscal year 2027 on Tuesday, August 11, marking the beginning of congressional deliberations on the government’s spending plan for next year as the chamber vows to further strengthen safeguards protecting the integrity of the national budget.

The House Committee on Appropriations chairperson, Nueva Ecija Rep. Mikaela Suansing, said the turnover ceremony will be held at 11 a.m. at Romualdez Hall in the House of Representatives.

The Department of Budget and Management will transmit the NEP, which details the proposed funding for government departments, programs, and projects. It will serve as the basis for the General Appropriations bill that Congress must examine and approve before the start of 2027.

The proposed budget is equivalent to 21.7 percent of the country’s projected gross domestic product and is about 6 percent higher than the P6.793-trillion national budget for 2026.

Budget officials earlier said the spending plan underwent one of the government’s most rigorous reviews in recent years. The evaluation sought to eliminate redundant or poorly designed expenditures, strengthen safeguards against corruption and ensure that public funds are directed toward programs with clear and measurable benefits.

Following the turnover, the House Committee on Appropriations is expected to begin reviewing the funding proposals of national government agencies. Department officials will be called to explain their requested allocations and demonstrate how their programs support economic growth, employment, social services, and national development.

The House’s examination of the NEP will be a critical stage in determining how the government balances development priorities with fiscal discipline and accountability.

The proposed budget must pass both chambers of Congress and be signed by the president before it becomes the General Appropriations Act for 2027.

Earlier, Speaker Faustino G. Dy III said that lawmakers would build on the reforms and transparency measures introduced last year to ensure that the spending plan is responsive, accountable and focused on the needs of the Filipino people.

Dy said the House was ready to fulfill its constitutional duty to scrutinize the P7.2-trillion NEP.

Dy said public consultations conducted through the newly launched LegisHear program would complement the budget process by helping lawmakers better understand the priorities and concerns of communities nationwide before government appropriations are finalized.

‘I believe we will introduce even stronger safeguards to ensure that the 2027 budget we pass is properly prepared and implemented,’ he added.

Dy said the House remained committed to preserving the reforms introduced by the chamber to strengthen transparency and accountability throughout the appropriations process.

He added that lawmakers would continue improving safeguards designed to protect the integrity of the national budget.

During the 2026 budget deliberations, the House has pursued several budget reforms aimed at making the appropriations process more open and accountable. These include the creation of the Budget Amendments and Review Subcommittee and the livestreaming of bicameral conference committee deliberations on the national budget.

THE state-run Home Development Mutual (Pag-IBIG) Fund ruled out further cuts to its subsidized socialized housing loan rate amid a slowdown in demand after the Middle East war erupted.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta told the BusinessMirror that lowering the 3 percent rate further is not feasible as the financial impact will be negative for the fund itself as early as the first year of its implementation.

The Fund saw demand for housing loans slow after the US-Iran war escalated, but uptake has started to recover, Acosta told the BusinessMirror.

As of July, Pag-IBIG’s housing loan takeouts reached P85 billion, driven by the availability of units under the government’s ‘Pambansang Pabahay para sa Pilipino Housing,’ or 4PH,’ program and socialized horizontal housing projects.

Pag-IBIG Fund offers a subsidized 3-percent rate for eligible social housing loans under the ‘Expanded 4PH’ program, as well as promotional rates of 4.5 percent for low-cost housing loans and 5.75 percent for medium-cost housing loans until the end of 2026.

‘[This is] just so our members can still borrow despite the crisis because we have to infuse funds into the economy,’ Acosta told the BusinessMirror.

The rates are lower than those offered in the market, where housing loan rates can reach as high as 8 percent, she added.

However, Acosta said the Pag-IBIG Fund also needs to carefully manage its asset allocation to ensure that the returns from its investments can offset the low yields from its lending programs and to provide competitive dividend rates to its members.

Around 10 percent of Pag-IBIG members are housing loan borrowers, while the remaining 90 percent are savers, she explained.

‘It is also incumbent upon us that we give competitive dividend rates higher than the inflation rate. Otherwise, their savings will lose value,’ Acosta said.

Under its charter, the Fund returns at least 70 percent of its annual net income to members in the form of dividends, which are credited to their savings every year.

Pag-IBIG Fund is expecting member savings to reach around P240 billion this year, higher than the P160 billion it collected in 2025, Acosta said.

The savings will be deployed across the Fund’s various programs, including short-term loans, housing loans and investments. It has also invested in housing projects that are expected to generate affordable housing units.

In the first quarter of 2026, Pag-IBIG Fund’s net income grew by 11.27 percent to P16.771 billion from P15.072 billion in the same period last year.

The Fund’s income from investments jumped by 50.67 percent year-on-year to P3.033 billion from P2.013 billion.

Pag-IBIG’s total assets also rose by 3.40 percent to P1.276 trillion as of March 2026 from P1.234 trillion at year-end 2025.

Listed natural resources company Nickel Asia Corporation (NAC) has officially launched ‘Project APEX – AI and Productivity Excellence,’ a company-wide initiative aimed at equipping its entire workforce with artificial intelligence (AI) technologies to modernize its expanding regional operations.

Timed with the company’s 18th anniversary, the initial phase of the digital shift focuses on executive and officer-level training. This approach is designed to drive the responsible use of AI and establish a unified framework for technology adoption across the organization, in line with its tagline and philosophy of ‘Nurturing AI Competency.’

Under NAC President and CEO Martin Antonio G. Zamora, the digital transition is a key component of a long-term strategy that began last year following the establishment of the company’s specialized Technology Management and Transformation department.Project Apex serves as the blueprint for reducing manual tasks, optimizing data connectivity across various departments, and improving overall operational efficiency.

‘AI will change tasks and workflows. Something you do today will be done differently, or faster, tomorrow,’ said Joselito G. Calpito, NAC Vice President for Technology Management and Transformation. ‘This is not about replacing our people with technology. It is about giving our employees the right tools and training so they can work smarter, make better decisions, and focus on higher-value tasks.’

Calpito added that driving the digital transformation from the leadership level ensures that teams are responsibly guided through the transition.

Following the executive sessions, the program will scale across the organization. The rollout will be managed by a dedicated internal AI team, supported by OneNAC Academy, legal and cybersecurity experts to ensure data privacy, alongside a network of ‘AI Ambassadors’ tasked with helping employees in every department adapt to the new digital tools.

Management assured employees that the program prioritizes career growth over headcount reduction. Zamora emphasized that the company remains fully committed to a people-first approach, promising that no personnel decisions will be made without first providing extensive training, skills updates, and clear reassignments for affected workflows.

With leadership alignment sessions completed earlier this month and the full company launch underway, NAC is set to deploy the training to its departmental ambassadors next. The final phase will scale the new digital systems across the entire company, with the goal of leveraging AI to optimize everyday mining operations, strengthen risk management, and more accurately track environmental sustainability targets.

At the SM Mall of Asia Complex, ICE Tower by SMDC Heights redefines what a business address can be with a purpose-built Residential Office that supports the way people live, work, and build value today.

The traditional office isn’t disappearing. It’s simply evolving.

For today’s entrepreneurs, consultants, freelancers, and growing businesses, success is no longer defined by having a large office with a long-term lease. Many businesses now operate with leaner teams, digital platforms, and more flexible ways of working. Meetings happen in person or online, while teams collaborate from different locations.

As the workplace changes, so do expectations from real estate.

For some entrepreneurs and professionals, this is also changing what they look for in a property-particularly when home and work no longer need to occupy completely separate spaces.

That is the opportunity ICE Tower was designed to meet.

More Than Another Condominium

In today’s competitive property market, buyers have no shortage of residential condominiums to choose from.

ICE Tower offers something different.

As a purpose-built Residential Office development within the SM Mall of Asia Complex, ICE Tower gives owners the flexibility to use their property according to their professional or business needs. A consultant can meet clients, an entrepreneur can establish a headquarters, a growing company can maintain a satellite office, while independent professionals can have a dedicated workspace without taking on a conventional office lease.

The difference is not simply where people work, but how much more they can do with the property they own.

One Address. More Possibilities.

For many entrepreneurs and professionals, operating a business can mean paying separately for a residence, office, meeting facilities, or coworking memberships.

A Residential Office offers another option.

By bringing different functions into a single property, owners can reduce their dependence on separate spaces while retaining flexibility as their business requirements change.

For entrepreneurs and independent professionals who do not require a traditional corporate office, this can mean fewer separate space requirements and greater control over how much they spend on where they work. Ownership also offers an alternative to continually paying for office or coworking space that may no longer match the way the business operates.

At the Center of Business Activity

While flexibility is reshaping the way people work, location remains an important consideration.

ICE Tower stands within the SM Mall of Asia Complex, with access to SM Mall of Asia, the SMX Convention Center, the E-Com office buildings, Mall of Asia Arena, IKEA, hotels, retail destinations, restaurants, and Manila Bay.

Directly across ICE Tower rises SMXCITE (SMX Center for International Trade and Exhibitions), an upcoming international exhibition and convention venue scheduled to open in 2027. Together with the continued growth of the E-Com office district, these developments are expected to bring more business activity, professionals, entrepreneurs, exhibitors, and visitors into the area.

For Residential Office owners, this means being close to the businesses, clients, events, and services that can support their work.

Built for the Way Business Grows

For entrepreneurs and growing businesses, space requirements rarely stay the same.

A business may begin with one person, expand into a small team, or eventually require another location. ICE Tower gives owners a property that can remain useful through these different stages.

The space can support an owner-operated business today, serve as a satellite office as the company expands, or be leased to another professional or enterprise in the future.

That ability to respond to change is increasingly relevant as businesses become leaner, more mobile, and less dependent on traditional office setups.

A New Kind of Business Address

For generations, a business address meant an office: a dedicated space where people worked, clients met, and companies established their presence.

That definition is changing.

As businesses become more digital, mobile, and flexible, what matters is no longer simply having an office, but having a space that supports how the business actually operates.

ICE Tower represents one response to that shift-a purpose-built Residential Office within an established business district that gives owners greater flexibility in how they use their property over time.

The traditional office will continue to have its place. But for a new generation of entrepreneurs, professionals, and growing businesses, the best business address may no longer have to be an office at all.

And that may be where the next chapter of the workplace begins.