Category: Business Mirror

Executive Secretary Ralph G. Recto welcomed Japan’s Senate Vice President Tetsuro Fukuyama. During his visit to Manila, Fukuyama advanced parliamentary exchanges and reaffirmed the Comprehensive Strategic Partnership between the Philippines and Japan. Building on the momentum of President Ferdinand R. Marcos Jr.’s State Visit to Japan last May, both sides reaffirmed their commitment to deepen cooperation in defense and maritime security, energy, infrastructure and development, trade and investment, and people-to-people ties.

At Makati Medical Center’s Skin and Laser Hub, dermatologists say aesthetic treatments should be about enhancing-not changing-a person’s natural appearance

The conversation around aesthetic medicine is changing.

For many patients, the goal is no longer necessarily to look younger at all costs. Increasingly, it is about looking refreshed, addressing early signs of aging and maintaining a natural appearance without dramatically changing the way they look.

That philosophy is at the heart of Makati Medical Center’s Skin and Laser Hub, which recently introduced Ultherapy Prime, a non-invasive ultrasound-based treatment designed for lifting and tightening.

But for the dermatologists behind the new service, the technology is only part of the story.

The more important conversation, they say, is about choosing the right treatment for the right patient-and knowing when a treatment may not be appropriate.

‘We augment, we highlight, but we definitely would not want the patient to look different,’ said Dr. Malou de Veyra, head of the Skin and Laser Hub.

Not every patient needs the same treatment

ULTHERAPY Prime is one of several options available to patients seeking a more lifted or rejuvenated appearance without surgery.

Dr. Jose Giovanni Dimayuga, assistant head of the Skin and Laser Hub, explained that patients have different choices, ranging from minimally invasive procedures such as neuromodulators and fillers to non-invasive technologies such as radiofrequency and ultrasound.

Ultherapy uses high-intensity focused ultrasound, or HIFU, to deliver energy to targeted layers of tissue. The Prime system, according to the doctors, allows them to visualize the treatment area and personalize the depth and placement of the energy based on the patient’s anatomy.

That personalization is important because there is no single treatment setting that works for everyone.

Dr. Donna Sarossa, chair of the Department of Dermatology, said a younger patient, for example, may have thicker skin and require a different approach from someone with more pronounced signs of aging.

The objective, she said, is not simply to follow a preset machine parameter but to understand the patient’s anatomy and determine what is appropriate.

For Dr. Dimayuga, this also means being honest about what a non-invasive procedure can and cannot achieve.

He pointed out that a patient with significant facial sagging may not be the ideal candidate for Ultherapy. In some cases, a facelift may provide a better result, provided the patient is medically suitable and willing to undergo surgery.

‘If the sagging is too much, I don’t want to promise,’ he said.

That may be one of the more important messages for patients navigating an increasingly crowded aesthetic market: the most popular treatment is not necessarily the most appropriate one.

The technology is only as good as its user

THE doctors also emphasize that the equipment does not replace clinical judgment.

Dr. De Veyra described the appeal of Ultherapy Prime as its precision and ability to visualize the treatment area. The device targets the superficial musculo-aponeurotic system, or SMAS, a layer of tissue also involved in surgical facelift procedures.

The treatment creates microscopic areas of thermal injury, which trigger the body’s healing response and stimulate collagen production, according to Dr. De Veyra.

Because the process is gradual, patients should not expect an instant transformation.

Changes may begin to become noticeable after several weeks and develop over the succeeding months. Dimayuga said patients generally should not rush into another treatment simply because they do not see immediate results.

‘Management of expectations, realistic expectations,’ he said, is one of the most important things patients should understand before undergoing the procedure.

For some patients, treatment may be performed about once a year, although the appropriate interval depends on the individual.

Subtlety is part of the goal

PERHAPS the biggest difference between the doctors’ approach and the image often associated with aesthetic medicine is the emphasis on subtlety.

Dr. Sarossa said patients can leave after the procedure without obvious signs that they have undergone treatment, while changes appear gradually.

Dr. Dimayuga said some of his patients initially do not notice a difference themselves. Months later, however, someone who has not seen them for a while may comment that their face looks more defined, particularly around the jawline.

That subtle progression is precisely what the doctors want.

‘When you see your face every day, you don’t notice,’ Dr. Dimayuga said, describing how patients may only recognize the change when they compare themselves with older photographs or receive comments from friends.

For Dr. De Veyra, however, the goal goes beyond the technology.

Patients should first accept their own individuality, she said, rather than come into a consultation wanting to resemble a celebrity or follow a particular beauty trend.

‘We are not here to make another person look like Kim Kardashian,’ she said.

Instead, she said, dermatologists should help patients enhance their existing features while preserving their identity.

Knowing when to say no

THAT philosophy also means that doctors sometimes have to tell patients no.

Dr. De Veyra said responsible aesthetic practice requires doctors to recognize when a procedure will not suit a patient or when the patient’s expectations are unrealistic.

Dr. Sarossa similarly stressed that Ultherapy is not appropriate for everyone. The Skin and Laser Hub has other technologies precisely because different skin concerns require different approaches.

This broader perspective is also how the doctors envision the role of the Skin and Laser Hub-not simply as a place where patients can undergo a particular aesthetic procedure, but as a setting where different concerns can be assessed and addressed according to individual needs.

For patients considering non-invasive lifting, Dr. Dimayuga’s advice is straightforward: start with a consultation, understand what the treatment can realistically deliver, and have the procedure performed by a trained physician in an accredited setting.

Makati Medical Center formally launched Ultherapy Prime at the Skin and Laser Hub on September 10, 2026. The launch program introduced the technology as the latest addition to the center’s range of aesthetic services.

THE National Grid Corporation of the Philippines (NGCP) clarified that its contracted ancillary services (AS) in the Visayas are active and fully deployed, but are insufficient to cover the simultaneous outages of several power plants in the region.

Ancillary services are support services necessary to maintain the reliability and security of the power grid by helping balance electricity supply and demand. They are provided by qualified generating plants and procured and managed by NGCP as system operator.

NGCP spokesperson Cynthia Alabanza likened ancillary services to a ‘spare tire’ for the power grid, saying the problem in the Visayas is that too many generating plants broke down at the same time and exhausted available backup capacity.

‘What is happening in the Visayas is that three tires went flat at the same time,’ Alabanza said during a hearing.

Even with ancillary services ‘installed, running, utilized, and being deployed to different parts of the Visayas,’ she said the simultaneous outages created a shortage too large for available reserves to cover.

‘So it is running, but it is still not enough,’ Alabanza said.

She stressed that the Visayas needs additional replacement power to stabilize the grid, but there is currently no alternative generation supply available.

‘What we need is replacement power, but there is really nothing available to replace it,’ she said.

NGCP also addressed the Batangas-Mindoro interconnection project, saying it originally filed an application with the Energy Regulatory Commission (ERC) to include the project in its capital expenditure program in 2011.

NGCP said final regulatory approval came only in February 2023.

‘In 2023, we got our resolution. I think it was approved in February 2023, dated November 2022,’ Alabanza said.

She said NGCP had already undertaken pre-construction activities while awaiting approval, allowing work to proceed continuously once the ERC resolution was issued. Construction is ongoing.

ERC Chairman Francis Saturnino Juan acknowledged the length of the regulatory process but noted that NGCP subsequently filed an application involving a different line capacity.

‘That is a matter of record, but after the original filing, there was a new filing for a different capacity for the lines, and we’ve acted on this capex proposal of NGCP,’ Juan said.

NGCP also said a two-year timetable for completing the Batangas-Mindoro interconnection project would be unrealistically short based on international construction averages.

‘We do not know where that 2025 timeline originated. I think that was a requirement of the DOE then, but we were saying two years is too short to build such a facility,’ Alabanza said.

She said NGCP nevertheless tried to meet the timetable but could not commit to completing the project within two years.

‘Even based on global averages for more developed countries, you will see that the gestation period for a transmission facility takes seven to 10 years,’ she said.

NGCP Systems Operations Manager Erwin Bugawisan earlier warned that Mindanao’s electricity supply and demand could reach equilibrium by 2028, potentially leaving the region without excess power to send to the Visayas.

‘If that happens, it will no longer have any excess power to share with the Visayas,’ Bugawisan said.

Mindanao is currently able to supply electricity to the Visayas because several new generating plants came online after 2019.

Bugawisan said electricity demand in the Visayas has increased by as much as 165 percent since 2009, while supply has risen by only as much as 130 percent.

‘If you observe from 2019 towards 2026, the supply has become stagnant. As a result, demand growth has now outpaced supply. Visayas really lacks generation,’ he said.

A similar gap is emerging in Luzon, where demand has increased by 118 percent since 2009 while generating capacity has grown by only 110 percent.

‘Supply is falling behind as well,’ Bugawisan said.

Energy Secretary Sharon Garin, however, expressed confidence that additional generating capacity would become available before 2028.

‘We have incoming power plants. We also have incoming renewables,’ Garin said.

She said the government is also conducting green energy auctions, particularly for Mindanao, and holding discussions with developers planning to build new generating facilities.

‘So, we’ll talk to NGCP about it. We’ve been talking to them about it already,’ Garin said.

GLOBE Fintech Innovations Inc. (DBA Mynt) is positioning digital wallets as ‘financial first responders’ in emergencies, arguing that access to financial services during a crisis is as critical as food and shelter.

‘During times of crisis, access to financial services becomes just as important as access to food, shelter, and other forms of assistance,’ said Mynt Chief Regulatory And Compliance Officer Maria Ceferina M. Sison.

Sison said a digital financial tool must serve as an agile financial lifeline, especially when conventional channels break down. She described digital financial tools as part of a broader shift in how fintech supports disaster and crisis response.

The approach, Sison said, was tested during the Middle East crisis, when traditional financial channels in the region faced heavy disruption.

During that period, the platform waived remittance fees to and from affected countries, allowing families in the Philippines to send financial assistance to relatives abroad at no cost.

It also streamlined onboarding and know-your-customer (KYC) checks by accepting government IDs issued in the Middle East. This helped overseas Filipinos receive emergency government aid and family support faster through digital disbursement, according to Sison.

The interventions, she added, were made possible by its existing digital infrastructure, strong public-private partnerships, and an enabling regulatory environment.

Sison said reliable cross-border payments are tied to both immediate safety and financial survival for overseas Filipino families.

Any disruption in remittances directly affects their ability to afford essential care and maintain stability at home during an emergency.

Part of the first-responder role, Sison said, is making funds immediately usable rather than simply moving them across borders. Recipients can pay bills, buy essentials, purchase mobile load, and access other financial services as soon as the money arrives.

The Philippines and the United Kingdom are firming up a regionalization agreement for African swine fever (ASF) to sustain the pork trade despite disease outbreaks.

During the second Joint Economic and Trade Committee (JETCO) meeting last Tuesday, Department of Trade and Industry (DTI) Undersecretary Allan Gepty and UK Minister of State for Trade Anas Sarwar underscored the ‘robust’ collaboration between the two nations for the agriculture sector.

They pointed to the support provided by the Department of Agriculture (DA) and its UK counterpart, the Department for Environment, Food and Rural Affairs (DEFRA), to develop regionalization guidelines for ASF in the Philippines, which would be ‘vital for protections of UK pork exports.’

Securing a regionalization agreement means the UK can continue to export pork products to the Philippines from specific areas proven to be free of the deadly hog disease, even if outbreaks occur elsewhere within its borders.

This deviates from imposing a country-wide ban, which the DA said could disrupt trade and prompt an increase in prices, thus ensuring more stable and diversified supplies.

At present, the UK has only been granted a bilateral regionalization for Highly Pathogenic Avian Influenza (HPAI) or bird flu.

Government data showed that the UK exported 19,918 metric tons (MT) of pork to the Philippines in 2025.

Gepty and Sarwar said both agencies are also working on capacity building on precision breeding, anti-microbial resistance, fisheries, and food safety, among others.

Against this backdrop, they agreed to continue their collaboration in facilitating market access for key agricultural exports and expanding cooperation to aquaculture, biotechnology, animal and plant health, and climate-resilient agriculture.

With this, Manila and London are set to ink a memorandum of understanding (MOU) on agriculture, trade, and cooperation. This will consolidate all agricultural initiatives under a dedicated framework.

‘More than export, it’s very important that we have collaboration with our partners in the United Kingdom when it comes to smart agriculture,’ Gepty said.

‘We look forward to formalizing our collaboration and partnership on certain identified areas or sub-sectors in moving forward a strong agri-sector market in the UK.’

THE Chamber of Mines of the Philippines (COMP) said the group condemns all killings and denounces violence in any form.

COMP issued the statement in response to the latest Global Witness Report on killings linked to activists defending land and environment against destructive activities, including mining.

‘We do not support or endorse any acts of intimidation or direct harm to individuals or groups who disagree with mining operations,’ COMP, which represents some of the country’s big players in the mining industry, said.

The latest Global Witness report said a total of 124 were killed, including 12 in the Philippines. Colombia reported 39 mining-related killings, while Brazil recorded 26. Aside from the Philippines, Honduras also recorded 12 deaths last year. Mexico recorded 10 deaths while Guatemala recorded eight.

‘At least 124 land and environmental defenders were killed in 2025 for standing up to protect their lands and livelihoods from destruction,’ the report said.

This figure is lower compared to recorded deaths in 2024 at 142, including four disappearances.

Nevertheless, Global Witness acknowledged that this figure brings the total number of killings and disappearances it documented since the group began work in 2012 to 2,375.

The report said that the Philippines saw the highest number of killings of defenders outside Latin America in 2025, with 12 cases recorded.

‘State actors continue to play a central role in this violence. We identified five killings involving the suspected participation of the Philippine military,’ the report said.

COMP, however, was quick to distance itself from the alleged incidents.

COMP said one of its primary advocacies ‘is the conformance of our members with the highest standards of responsible and sustainable mining, which includes respecting human rights and ensuring the health, safety, and security of our stakeholders.’

‘We subscribe to laws that require Free, Prior and Informed Consent and regular consultations with host communities and authorities in every phase of the mining process.’

COMP said the fair and honest engagements with community leaders and advocates ‘help us ensure and ascertain that gainful mining activities are done with the recognition of the mutual benefits that responsible mining can provide to mining communities and the nation.’

‘We guarantee our full support and cooperation with proper authorities on any inquiry related to alleged acts of crime against persons or property,’ COMP ended.

THE British Chamber of Commerce Philippines (BCCP) lauded the Bangsamoro Autonomous Region in Muslim Mindanao’s progress in digitalization, citing its continued efforts to strengthen digital governance following the first parliamentary elections there.

For the chamber, a successful and secure election can help bring opportunities in strengthening investor confidence and creating conditions for more economic activity and investment within the region.

In an interview, Executive Vice Chairman Chris Nelson expressed the BCCP’s support for the electoral exercise and emphasized the need for stability to attract investment to the region.

According to Nelson, ‘This will drive investments because I think livelihood and economic growth [are keys] to the whole going forward, not just for Bangsamoro, but also for the whole Philippines.’

The chamber’s emphasis on digitalization stems from the ongoing expansion of digital governance initiatives within the region by BARMM government agencies and international development partners. Key programs such as the Localizing e-Governance for Accelerated Provision of Services, or ‘LeAPS,’ support the region’s digital transformation by using information and communications technology (ICT) to improve public services and automate paper-based processes.

Through a partnership between BARMM’s Ministry of the Interior and Local Government and the United Nations Development Program, the initiative has created the Bangsamoro Digital Center in Cotabato City, centralizing online government services and improving public access. The region also holds ICT training programs for micro, small, and medium enterprises, supporting the Philippine national government’s directive to advance digitalization.

The BARMM economy expanded by 5 percent in 2025-up from 3.5 percent in 2024. The region’s economy sits at P266.59 billion, with health and social services (13.9 percent), education (12 percent), and public administration (9.6 percent) leading the region’s industries.

Nelson underscored the importance of continuing electoral reforms to make the Philippines more attractive to foreign investors as global economic pressures continue to weaken foreign direct investment sentiment. He pointed to the Cybersecurity Act, Digital Payments Act, and Open Finance Act as key legislation that could help strengthen the country’s digital economy and support consumer activity.

As the newly elected BARMM parliament begins its term, the chamber sees the region’s major step as an opportunity to advance politically by strengthening economic foundations, attracting investments, creating livelihoods, and connecting Bangsamoro communities to the larger digital economy.

The BARMM’s parliamentary elections on September 14 marked a significant milestone for its transition toward an elected regional government. With around 2.4 million registered voters participating in the region’s first electoral polling, the exercise marked an important step toward stronger regional governance, stability, and long-term economic development.

NexGen Energy Corp.’s wind development subsidiary, Airstream Renewables Corp. (ARC), told the Department of Energy (DOE) that it will surrender its exclusive rights to two wind farm projects due to technical and safety limitations discovered during site assessments.

In a disclosure to the stock exchange on Wednesday, the company cited rapid residential expansion, creating space limitations, environmental worries, and heightened safety and navigational hazards as reasons why it will give up wind energy service contract (WESC) no. 2023-12-356, or the Asisan wind farm project, covering portions of Tagaytay City, Mendez, and Alfonso, Cavite.

For WESC No. 2024-02-373, or the Sambong wind farm project located across Tagaytay City and Alfonso, Cavite, as well as Laurel and Nasugbu, Batangas, the company cited hollow bedrock terrain, making wind turbine generator (WTG) installation structurally challenging and financially unviable. ARC is currently awaiting the DOE’s official acceptance of the relinquishment and the termination of both WESCs. Because both projects are still in their early pre-development stages, this termination will have no impact on NexGen’s financial condition or ongoing operations.

In December 2025, NexGen announced that ARC bagged onshore wind energy service contracts (WESC) with a total capacity of 1.7 gigawatts from the DOE.

These are the 600-megawatt (MW) Pangasinan Onshore Wind Power Project, 600-MW Samar Onshore Wind Power Project, and the 500-MW Nueva Ecija Onshore Wind Power Project. The projected investment amounts to $2.5 billion.

NexGen raised some P504 million in gross proceeds from its initial public offering in July 2024.

The company is using the funds to carry out its growth plans. It also allocated capital to develop and acquire renewable energy projects.

THE Philippines, as Asean Chair, continued to advance regional cooperation through the back-to-back Asean Senior Officials’ Meeting (SOM) and Asean Plus Three Preparatory Senior Officials’ Meeting (APT Prep-SOM).

The meetings build on the momentum of the 59th Asean Foreign Ministers’ Meeting and Related Meetings, as well as the commemorative activity for the 50th anniversary of the Treaty of Amity and Cooperation in Southeast Asia (TAC) in July.

Chaired by Undersecretary for Policy and Philippine SOM Leader Leo M. Herrera-Lim, the meetings brought together the region’s member states, as well as Japan, China, and the Republic of Korea (South Korea). They discussed key regional developments, bolstered cooperation, and prepared for the upcoming 49th Asean Summit and Related Summits in November 2026.

During the SOM, Asean Senior Officials discussed pressing regional developments and key initiatives to advance regional community-building, including the implementation of the Asean Community Vision 2025, which entered its first year of implementation this year. The meeting also addressed applications to accede to the Treaty of Amity and Cooperation in Southeast Asia and the implementation of the Five Point Consensus, or 5PC, on Myanmar.

Herrera-Lim underscored the importance of complementing capacities and harnessing the region’s collective potential to respond to common challenges and strengthen resilience. He said, ‘Several issues have called for us to innovate, be more agile, yet all the more grounded in our shared values and principles.’

Bolstering regional cooperation

FOLLOWING the SOM, the undersecretary chaired the APT Prep-SOM with Japanese Deputy Director-General Hokugo Kyoko. The meeting reviewed recent developments within the APT Cooperation and discussed preparations for the upcoming 29th Asean Plus Three Summit this coming November.

In his opening statement, Herrera-Lim underscored the value of APT Cooperation as a key action-oriented platform for strengthening the region’s shared resilience and advancing collective prosperity. He mentioned that, ‘Across our…Chairship, the Philippines has consistently called on Asean to be strategic, pragmatic, and resolute, especially in the face of external shocks.’

Created in 1997, the APT aims to bolster regional cooperation in East Asia in areas such as food and energy security, supply chains, and people-centered linkages.

Preparing for summits

THE back-to-back meetings formed part of the Philippines’ ongoing preparations as chair for the 49th Asean Summit and Related Summits in November 2026.

Discussions among the Asean and APT Senior Officials advanced preparations for key documents and outcomes to be considered by Asean Foreign Ministers and Leaders in November, building on the progress and momentum of the Philippines’ Asean Chairship.

THE Philippine economy may once again fall short of the Marcos administration’s growth ambitions, as two international organizations cut their 2026 forecasts amid weaker investment and household spending.

SandP Global Ratings on Wednesday lowered its 2026 gross domestic product (GDP) growth forecast for the Philippines to 2.9 percent from 4.1 percent previously, a 1.2-percentage-point downgrade.

The Asian Development Bank (ADB), meanwhile, trimmed its growth forecast to 3.3 percent from 3.8 percent, or a 0.5-percentage-point reduction.

If either forecast materializes, the Philippines would miss the Development Budget Coordination Committee’s (DBCC) annual growth target for the fourth consecutive year since President Marcos Jr. took office.

‘We have lowered our growth forecast for 2026, reflecting the weaker-than-expected first-half growth and a more gradual recovery trajectory,’ SandP Global economist Vishrut Rana told the BusinessMirror in an email interview.

The Philippine economy grew by just 2.6 percent in the first half of 2026, sharply slower than the 5.4 percent expansion recorded in the same period last year.

According to SandP, the Philippines was a ‘notable exception’ to the resilience in domestic demand seen across Asia and the Pacific, pointing to continued weakness in investment.

Data from the Philippine Statistics Authority (PSA) showed that gross capital formation, which measures investment in the economy, contracted by 9.2 percent in the second quarter of 2026.

This marked another quarter of contraction after gross capital formation shrank by 2 percent in the third quarter of 2025, 9.4 percent in the fourth quarter, and 3.1 percent in the first quarter of 2026.

Fixed investment also contracted by 13.7 percent in the second quarter, widening from the 2.5 percent decline in the first quarter. Construction likewise contracted by 14.8 percent, compared with a 4.3 percent contraction in the previous quarter.

Rana said the recovery in investment would take time, with public capital expenditure expected to gradually normalize as infrastructure projects resume.

‘Given strong reforms in the space to increase transparency and efficiency, it will take time for disbursements to ramp up,’ he added.

Data from the Department of Budget and Management showed that infrastructure and capital outlays, a measure of government capital spending, fell to P367.14 billion in the first half of 2026, down 40.8 percent from P620.2 billion in the same period last year.

The DBM earlier said infrastructure disbursements by the Department of Public Works and Highways (DPWH) were affected by tighter payment validation, audit and documentary requirements aimed at ensuring that releases are made only for properly documented and verified projects that comply with government rules.

Meanwhile, ADB Philippines Senior Economist Teresa Mendoza also identified weaker household spending amid elevated inflation and weak consumer confidence as another drag on growth this year.

‘The impacts increasingly spread to the broader economy, including a slowdown in several services subsectors,’ Mendoza said during a briefing.

PSA data showed household consumption grew by just 2.8 percent in the second quarter, the slowest since the pandemic-induced first quarter of 2021, when household spending contracted by 4.8 percent.

Excluding the pandemic period, household spending growth was the weakest since the third quarter of 2010, when it expanded by 2.6 percent.

El Niño poses risk to inflation

Although the ADB expects Philippine growth to recover in 2027, it warned that the outlook remains vulnerable to the effects of a potentially strong El Niño from late this year through 2027.

‘Key risks stem from worsening of geopolitical tensions and extreme weather shocks, including worse than expected El Nino impacts, which could intensify further inflationary pressures,’ ADB Philippines Senior Economist Teresa Mendoza said.

The ADB expects growth to rebound to 5.1 percent in 2027, although this is slightly lower than its previous forecast of 5.3 percent.

On inflation, the bank retained its 5.9 percent forecast for 2026, while raising its 2027 projection to 4.4 percent as food prices, particularly rice, are expected to remain elevated amid El Niño.

SandP Global also expects the Philippines’s growth to recover next year, although it trimmed its 2027 forecast to 5.4 percent from 5.8 percent previously.

‘Elevated energy and food prices, together with the resulting tighter monetary policy, will continue to weigh on domestic demand. Amid these factors, we have also lowered our 2027 growth projection modestly,’ Rana said.

SandP Global expects Philippine inflation to average 5.5 percent this year before easing to 3.6 percent in 2027.

Earlier, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) warned of a 60 percent or higher reduction in average monthly rainfall in some areas through the end of the year.

The government also reactivated the Task Force El Niño in June to coordinate measures aimed at mitigating the phenomenon’s impact on agriculture and vulnerable communities.