Category: Business Mirror

The Philippines has agreed to open its government procurement market to foreign bidders for the first time under a landmark free trade agreement (FTA) with the European Union that will also eliminate tariffs on more than 94 percent of tariff lines covering over 97 percent of bilateral trade.

The key provisions were disclosed by the European Commission after Manila and Brussels announced the substantial conclusion of negotiations on the long-awaited trade pact, which is expected to deepen economic ties beyond current levels of pound 17.6 billion (?1.26 trillion) in goods trade in 2025 and pound 10.3 billion (?736.9 billion) in services trade in 2024.

‘Our FTA does not just remove barriers to trade and investment – it builds a modern, forward-looking partnership between the EU and the Philippines, one that will open new opportunities for our exporters and investors, strengthen our supply chains and deepen bilateral economic ties for years to come. All at a time when diversification and resilience matter more than ever,’ Maroš Šefcovic, EC Commissioner for Trade and Economic Security, said.

Among the most significant features of the agreement is a government procurement chapter that will establish clear rules for public contracts and give European firms access to the Philippine procurement market.

The move could create opportunities for EU companies supplying goods, services and technology for infrastructure, transport, energy, healthcare and digitalization projects funded by the government.

Government procurement refers to the purchase by state agencies of infrastructure, equipment, supplies and services.

In the Philippines, public contracts range from roads, bridges, railways, ports and airports to medical equipment, information technology systems, consulting services and energy projects.

The European Commission did not disclose which agencies, projects or contract thresholds will be covered by the FTA. However, the deal is expected to provide European suppliers greater access to government-funded projects under transparent and predictable bidding rules.

The agreement’s economic gains will also be driven by broad tariff liberalization and improved market access.

According to the Commission, more than 94 percent of tariff lines will be liberalized, covering over 97 percent of bilateral trade.

The Philippines’ market of 113 million people is expected to become more accessible to European exporters, while Filipino businesses will gain wider access to the EU’s nearly 450 million consumers.

European exports to the Philippines are currently dominated by machinery and appliances, transport equipment, medicines and medical devices. Major EU agricultural exports include pork, poultry, dairy products and spirits.

In 2025, the EU was the Philippines’ fourth largest trading partner, accounting for 8.3% of the country’s total trade in goods. Foreign direct investment from EU to the Philippines amounted to pound 15.4 billion (?1.10 trillion) . Philippine direct investments in EU, on the other hand, totaled pound 2.4 billion (?171.7 billion)

The FTA also provides stronger protection for intellectual property rights, including a commercially significant list of European geographical indications, which protect products associated with specific regions or production traditions.

Another major feature is a dedicated digital trade chapter that seeks to facilitate online commerce while ensuring data privacy and consumer protection.

Negotiators earlier reported substantial completion of the chapter, along with provisions covering intellectual property and final provisions.

To reduce compliance costs for businesses, the agreement will establish transparent rules on sanitary and phytosanitary measures and technical barriers to trade while maintaining high regulatory standards on food safety and product quality.

The pact also embeds sustainability commitments at the core of the trading relationship.

The Commission said respect for human rights and the Paris climate agreement will be treated as essential elements of the treaty, supported by an ambitious chapter on trade and sustainable development.

In addition, both sides agreed on provisions covering energy and raw materials designed to encourage sustainable investment and create a level playing field, particularly for renewable energy projects.

‘This major advancement with the Philippines is another mutually beneficial partnership that will strengthen our resilience and trade diversification. It is good news for European farmers. We have reached an agreement on tariff preferences on key EU export interests such as pigmeat, and secured protection for almost 200 of our Geographical Indicators. This shows our partners value our high quality and food safety standards,’ Christophe Hansen, EC Commissioner for Agriculture and Food, said.

The agreement still needs to undergo legal scrubbing, signing and ratification by the Philippine Congress and the European Parliament before it can enter into force.

THE Bureau of Internal Revenue (BIR) is requiring small, medium and large taxpayers engaged in online business or Internet transactions to transition to electronic invoicing systems by the end of the year.

Electronic invoicing will become mandatory by December 31, 2026, according to Revenue Memorandum Circular 098-2026. The latter also prescribes the policies and guidelines for the system.

The requirement applies to small, medium and large taxpayers operating in e-commerce or internet channels; taxpayers under the ‘large taxpayers service;’ companies classified as large taxpayers under the Ease of Paying Taxes Act; and, users of computerized accounting systems and computerized books of accounts.

All covered taxpayers, except micro taxpayers, must issue electronic invoices using an in-house or commercially-acquired electronic invoicing solution or the services of an electronic invoicing service provider.

Accounting and tax software provider Intuit Ltd., for example, offers invoicing solutions for P131 a month for a basic plan and P551 a month for an advanced plan. (See https://tinyurl.com/kfy9d46h)

‘Electronic invoicing and electronic sales reporting are separate requirements. For now, taxpayers should focus on complying with the electronic invoicing rules. Electronic sales reporting will follow once the BIR issues the separate implementing policies and procedures for it,’ Mendoza said.

For an electronic invoice to be considered valid, it must be generated in a structured digital format, electronically delivered to the buyer through email, QR codes, mobile applications or web platforms and capable of automated data extraction, according to the BIR.

Manually-generated invoices using standard office productivity applications, such as Microsoft Word, Microsoft Excel, Google Docs and Google Sheets, will not be recognized as valid electronic invoices for tax compliance purposes.

In cases of technical malfunctions, power outages or Internet disruptions, taxpayers are required to issue BIR-authorized manual invoices. Once system connectivity is restored, all manually issued invoices must be immediately replaced with corresponding electronic invoices bearing the reference numbers of the manual documents.

The BIR also imposed strict anti-tampering controls, prohibiting the deletion, alteration or modification of issued electronic invoices. Any reduction in transaction amount must be documented through a duly authorized ‘credit note/memo,’ while any increase requires issuing a new electronic invoice referencing the original transaction.

Covered businesses must file an application for a Permit to Issue Electronic Invoice with their respective Revenue District Office or Large Taxpayer Office, which the BIR will evaluate within 20 working days.

Following the permit’s approval, taxpayers will have six months to complete online testing and obtain an ‘Electronic Invoicing and Sales Reporting Certification.’ Failure to secure the certification within the six-month period will constitute grounds for revocation of the taxpayer’s permit.

‘Electronic invoicing is a huge step toward revolutionizing invoicing and tax administration in the Philippines. It will change how businesses document transactions, how tax information is generated, and how the BIR uses data to build a more modern and efficient tax system,’ Internal Revenue Commissioner Charlito Martin R. Mendoza said.

PH Resorts Group Holdings Inc. (PHR) on Wednesday said it is targeting to more than double its authorized capital stock to P20 billion from the current P8 billion as part of its restructuring plan, which aims to wipe out its capital deficit.

The company led by Davao businessman Dennis A. Uy said it plans to restore its stockholders’ equity to a positive position in two years following completion of the proposed restructuring, it said in a disclosure to the Philippine Stock Exchange.

This takes into account the planned deconsolidation of its operating units under PH Travel and Leisure Holdings Corp. and the corresponding reduction in the group’s liabilities.

The plan also banks on the continued financial support committed by parent company Udenna Corp., the reduced cost structure of PHR as a holding company and management’s ongoing efforts to identify additional equity-accretive transactions.

The company, however, said there is no assurance that the two-year timeline will be achieved as it remains subject to the completion of the proposed restructuring, the execution of definitive agreements, receipt of required regulatory, corporate, and stockholder approvals and prevailing business, market and economic conditions.

The proposed restructuring principally involves the rationalization and settlement of intercompany advances and balances, the transfer of PH Travel from PH Resorts to Udenna and the settlement of outstanding payables and other related obligations.

‘A significant component of the restructuring plan involves the proposed separation of PH Travel and its subsidiaries from PHR. Under the proposed restructuring, Udenna intends to acquire PHR’s ownership interest in PH Travel through the settlement of outstanding advances payable by PHR to Udenna,’ the company said.

PH Travel fully owns the firms involved in the Mactan casino project-the LapuLapu Leisure Inc. and LapuLapu Land Corp.-Clark Grand Leisure Corp., which has already had its integrated casino-resort license revoked, DHPC, Donatela Resorts and Development Corp. and Davao PH Resort Corp.

DPRC owns 3,134 square meters of prime commercial real estate in Azuela Cove, Davao City which is planned to be developer into a mid-rise Branded Serviced Residence/Boutique Hotel.

Discussions and due diligence are underway to select a complementary property on the Island Garden City of Samal that will be planned as branded serviced residences/hotel and resort that can be reached via a short scenic boat ride and the future Davao-Samal Bridge that is currently under construction. A property for share swap is being contemplated as initial potential funding for the Davao projects.

The Department of Tourism in Central Visayas (DOT-7) is pushing schools offering tourism and hospitality programs to become more active partners in preserving and promoting the region’s cultural heritage, as the agency seeks to strengthen the industry’s workforce and visitor experience.

DOT-7 OIC Regional Director Gelena Asis-Dimpas said higher education institutions have a role beyond preparing students for tourism-related careers, particularly as many campuses are situated near historic sites and tourism attractions.

Speaking during the University of San Jose-Recoletos’ (USJ-R) celebration of the 59th ASEAN Founding Anniversary, Asis-Dimpas encouraged students and faculty members to take a more active role in welcoming visitors and telling the stories behind Cebu’s heritage sites.

USJ-R is located within Cebu City’s Heritage District, putting its academic community in close proximity to several of the city’s historic landmarks.

Asis-Dimpas suggested that students could help visitors navigate the area through informal walking tours and conversations about the history, traditions, and significance of the sites.

She said these seemingly simple interactions can contribute to the broader tourism economy.

‘Tourism is an industry where every handshake, every smile, and every story has a potential to trigger economic activity,’ Asis-Dimpas said.

The DOT-7 official also called for closer coordination between tourism industry players and academic institutions, particularly in ensuring that tourism and hospitality curricula remain responsive to changes in the industry.

She cited expanded internship and industry-immersion opportunities, along with continued DOT-accredited training programs, as areas where schools and the tourism sector could deepen their partnership.

One example is DOT-7’s Project H.A.R.A.N.A., or Hosting ASEAN with Readiness, Authenticity, Nationalism, and Agility, which brought together tourism workers, volunteers, faculty members, and students to assist in various tourism-related operations during major ASEAN activities hosted in the region.

USJ-R was among the institutions whose tourism students and faculty participated in the initiative, which provided personnel for visitor reception, billeting, arrivals, and tour operations.

The project gained added relevance as Central Visayas hosted two major ASEAN events this year-the ASEAN Tourism Forum in January and the ASEAN Leaders’ Summit in May.

The events brought foreign leaders, delegates, and other visitors to Cebu and provided an opportunity for the region to demonstrate its capacity to host large-scale international gatherings.

For DOT-7, the experience also highlighted the importance of having a tourism workforce that is trained, adaptable, and familiar with the region’s destinations and cultural assets.

Asis-Dimpas also pointed to the region’s potential to expand its position as an education tourism destination, while highlighting the contribution of tourism professionals and tour guides to the national ‘Discover More to Love’ campaign. The campaign, she said, provides an avenue for Central Visayas to build greater awareness of its destinations by creating meaningful and memorable experiences for visitors.

The DOT-7 is seeking to sustain partnerships with academic institutions as it works to position Central Visayas not only as a tourism destination but also as a hub for culture, education, and regional cooperation within the ASEAN community.

The call was made as USJ-R joined other academic institutions in marking ASEAN’s founding anniversary under the Philippine chairmanship theme, ‘Navigating Our Future, Together.’

The university’s celebration featured an ASEAN Country and Food Exhibit showcasing the cultures, traditions, and culinary practices of the bloc’s 11 member states.

The continued rise in the Philippines’s purchases of pork propelled the country’s meat imports in January to August, according to the Bureau of Animal Industry (BAI).

The latest data from the attached agency of the Department of Agriculture showed that meat imports during the 8-month period climbed by 7.6 percent to 1.14 million metric tons (MMT) from last year’s 1.06 MMT.

Pork shipments rose by 5.16 percent to 602,655 metric tons (MT), accounting for more than half of the total shipments, from 573,091 MT in 2025. The bulk of the imports were pork cuts and offals at 254,524 MT and 182,969 MT, respectively.

Imported pork products are expected to plug the deficit in domestic output caused by the deadly hog disease African swine fever (ASF), which continues to affect local hog output.

Chicken shipments grew by almost 15 percent to 369,926 MT from 322,007 MT, based on BAI data. Mechanically deboned meat (MDM) accounted for the lion’s share of the shipments at 216,427 MT, followed by chicken leg quarter at 74,915 MT.

Meat products like buffalo and lamb, also jumped on an annual basis as of August when it went up to 37,855 MT from 29,316 MT and 723 MT from 550 MT, respectively.

Meanwhile, duck imports soared by 829.07 percent to 900 MT from 96 MT a year ago, according to BAI data.

Beef imports, however, fell by 5.43 percent to 124,830 MT from last year’s 131,991 MT. Most of these shipments consisted of beef cuts at 81,540 MT, followed by fats at 23,540 MT.

Turkey shipments also dropped by 19.72 percent to 63 MT, from the 79 MT posted in the same period last year.

Brazil was still the country’s largest supplier of beef (50,526 MT), chicken (206,476 MT), and pork (284,127 MT) products in the reference period.

The country’s meat imports jumped to over 1.6 million metric tons (MMT) in 2025, a new all-time high, based on BAI data.

Data from the agency indicated that the Philippines imported 1.64 MMT of meat shipments last year, up by some 13 percent from the 1.45 MMT in 2024.

Pork, the Filipinos’ favorite protein source, drove meat imports last year. Purchases rose by 16 percent to 851,760 MT in 2025 from 733,729 MT in the previous year.

The Government Service Insurance System (GSIS) has increased its emergency loan assistance to almost ?8 billion, benefiting 317,721 active members and old-age and disability pensioners in 16 areas affected by widespread flooding and other impacts of Typhoons ‘Luis,’ ‘Maymay,’ and ‘Neneng,’ and the enhanced Southwest Monsoon (Habagat).

The expanded emergency loan program covers qualified GSIS members and pensioners working or residing in affected areas in Luzon and Mindanao, with application deadlines ranging from September 20 to November 16, 2026, depending on the area.

Qualified members and pensioners in Hagonoy in Bulacan, and Masinloc in Zambales may apply until September 20; Bulacan (except Calumpit and Hagonoy), Bataan, Zambales (except Olongapo City and Masinloc), and La Trinidad, Benguet until September 26; and Nasugbu in Batangas and Paluan in Occidental Mindoro until September 27.

For other municipalities in Benguet (except Baguio City and La Trinidad), Tarlac, and Pangasinan (except Dagupan City, Mangaldan, and Sta. Barbara), the filing deadline is on October 2; Imelda in Zamboanga Sibugay on October 3; Occidental Mindoro on October 7; and Olongapo City in Zambales on October 9.

In the province of Cavite, and Rodriguez in Rizal, application deadlines are on November 12 and 16, respectively.

The affected areas experienced flooding, property damage, and disruptions to normal community activities following the combined effects of the weather disturbances, prompting the concerned local government units to declare their respective areas under a state of calamity.

In response, GSIS ensures access to essential social insurance services by providing timely financial assistance through its Emergency Loan Program to qualified members and pensioners whose homes, livelihoods, and communities have been affected by the disasters.

Under the GSIS Emergency Loan Program, qualified active members and old-age and disability pensioners may avail of a ?20,000 emergency loan. Those with an existing emergency loan account may avail of up to ?40,000, with the outstanding balance of their existing emergency loan deducted from the proceeds.

The emergency loan carries an interest rate of 6% computed in advance, payable over 36 monthly installments. The monthly amortization is ?655.56 for a ?20,000 loan and ?1,311.11 for a loan of up to ?40,000.

To qualify, active members must be bona fide employees of an agency located in or residents of the declared calamity area; must not be on leave without pay; must have paid the required 3-month premium contributions within the prescribed six-month period; must have no unpaid loans for more than six months; must have no pending administrative or criminal case; and must maintain the required minimum take-home pay of ?5,000 after loan availment.

Old-age and disability pensioners must be residents of the declared calamity area and retain at least 25% of their basic monthly pension after emergency loan availment.

Members and pensioners may apply for the emergency loan through the GSIS Touch mobile app.

Loan proceeds will be directly credited to the borrower’s accredited eCard or UMID card.

For more information on the GSIS Emergency Loan, visit the GSIS website and official social media accounts, email gsiscares@gsis.gov.ph, or call the GSIS Contact Center at 8847-4747 in Metro Manila; 1-800-8-847-4747 for Globe and TM subscribers; or 1-800-10-847-4747 for Smart, Sun, and TNT subscribers.

The defense and the prosecution clashed anew regarding the terminology to be used to address Vice President Sara Duterte during the Day 29 of the impeachment trial.

Defense lead counsel Sheila Sison argued with House prosecutor Manuel ‘Chel’ Diokno after he challenged the defense’s use of the term ‘accused.’ Diokno said that an impeachment trial is sui generis or unique and not a criminal proceeding.

Diokno expressed concern that using ‘accused’ might mislead the public and unfairly imply criminal nature.

‘The defense, or the counsel for the respondent did not refer to the respondent as accused by itself but as respondent-accused, Your Honor. If the prosecution wishes a clarification why the defense refers to the Vice President as respondent -accused in this proceeding even though the prosecution feels that this is not a criminal action per se, the articles of impeachment will show that the charges are criminal in nature, Your Honor,’ Sison said.

Diokno responded by saying, ‘This is clearly not a criminal case, by any stretch, there is no criminal liability involved in this case. This is a case involving the fitness of the Vice President to continue in office and as we all know sui generis. Therefore it would be improper and may even lead to misconceptions if the respondent’s counsel will refer to the Vice President as the accused.’

However, Sison said that records of the trial will show that ‘at no point in time, from the start of this hearing until today that the defense referred to the Vice President as accused alone.’

‘In fact we are consistent in referring to the Vice President as respondent-accused if the worry of the gentleman is supposed a misconception of the use the term accused in conjunction with the term respondent -accused then I think there is no greater danger than a misconception in the idea that the constitutional presumption of innocence does not apply in this impeachment proceeding or that the Bill of Rights under which that guarantee is imbedded does not apply to this impeachment case,’ Sison explained.

Presiding officer Francis ‘Chiz’ Escudero sided with the defense and rejected the motion of Diokno to delete or have it stricken from the record.

Mega Prime Foods Inc. (MPFI), owner of Mega Sardines, said surging diesel is putting pressure on its production costs, which could make it challenging for the firm to maintain current prices.

MPFI Chief Executive Officer Michelle Tiu Lim-Chan told the BusinessMirror the surging costs of fuel necessary to run its boats is weighing on the company, which produces the Philippine sardines brand.

‘Our problem right now is the soaring diesel prices, since we use it to catch (fish),’ she told this newspaper on the sidelines of MPFI’s museum relaunch in Sto.Tomas, Batangas on Wednesday.

While the firm could still absorb the added cost, Lim-Chan said a prolonged upsurge in pump prices could squeeze its margins, which could prompt them to eventually pass the cost to consumers.

‘As of now, we’re trying to absorb it as much as possible because we really don’t want to pass it (on to consumers), but at a certain point, if (diesel costs) really get too high, we won’t be able to handle it either, so maybe (we’ll raise prices).’

Meanwhile, Lim-Chan said the company also wants to penetrate other markets, such as India and Mexico. The MPFI currently exports to 40 countries.

‘I’ll be going to India where we’ll offer curry masala sardines at the end of this month,’ she said. ‘While we have (exports) to Central America, it’s still small. So, we want to explore other markets like Mexico.’

The company recently expanded into the mainstream United States grocery market, with Lim-Chan noting that products cover Kroger and its banners Mariano’s, Fry’s, Dillons and Pick ‘n Save.

MPFI said its sardines brand has also recently entered Azerbaijan, Kenya and Jordan.

The pressure is everywhere. Instagram tells you that you need this. TikTok tells you that you need that. Your friends are trying something, and suddenly you’re wondering if you’re falling behind. The aesthetic world moves so fast that staying informed feels impossible.

And that’s exactly the problem.

Aesthetic choices shouldn’t be made hastily. They shouldn’t be made because you saw a before-and-after on your feed. They shouldn’t be made because everyone else is doing it. But that’s how most people end up booking treatments-rushed, uncertain, following someone else’s blueprint instead of their own.

Here’s what I’ve learned building Le Meur in the Philippines for five years: my global MBA gave me business tools, but what running a clinic taught me is that aesthetic choices shouldn’t be made in a panic. They shouldn’t be made because you saw a before-and-after on your feed. They shouldn’t be made because everyone else is doing it.

After five years building Le Meur with three locations across Metro Manila, I’ve learned that the women and men who are truly satisfied with their aesthetic choices aren’t the ones who did the most treatments. They’re the ones who did decided on the right treatments for them.

That requires a different approach entirely.

What ‘reverse aging’ actually means

Let’s be honest: reverse aging is a loaded term. It implies you can turn back time, and that’s not true. But what is true is that you can restore what time has taken-and understanding that difference matters.

When we talk about visible aging, we’re usually talking about three things happening simultaneously.

Your skin is losing structural support. The collagen and elastin that kept everything lifted and firm are breaking down. This is why faces start to look tired or hollow, not just lined.

Your skin’s surface quality is degrading. Sun damage, environmental stress, hormonal changes, and the simple passage of time all show up as texture, tone changes, and cumulative damage.

And most critically, your skin’s regenerative capacity is declining. It’s not bouncing back as quickly. It’s not responding to damage as efficiently. It’s not rebuilding itself the way it used to.

Most aesthetic treatments address one or two of these. The best ones address all three. And that’s where informed decisions become crucial.

The trend trap

I notice a pattern in my clinic consultations-women coming in with a treatment they saw online, convinced it’s what they need, only to discover it’s not addressing their actual concern.

Someone comes in wanting the hottest new laser because they saw it on Instagram, but what they actually need is structural rebuilding. Someone else wants injectables because their friend got them, but their real issue is skin quality and texture. The treatments are good; they are not just for them.

Trends are efficient marketing. They’re not efficient aesthetics.

Here’s what trends do well: they create excitement, they democratize conversation about beauty, and they make aesthetic choices feel accessible. But here’s what they don’t do: they don’t assess you. They don’t look at your specific skin, your specific goals, your specific timeline, and recommend accordingly.

Informed decisions do that. And that’s a completely different conversation.

The protocol that made sense

When we were sourcing the latest aesthetic technologies, we noticed something consistent in clinical data and real-world results: the most dramatic reverse aging outcomes weren’t coming from single treatments. They were coming from specific combinations, done in a specific order, by providers who understood the full picture of what their clients actually needed.

This led us to develop and offer the Density Noir x Ultherapy PRIME protocol-two FDA-approved technologies combined in a way that addresses all three dimensions of aging simultaneously.

Density Noir rebuilds collagen density at the deepest level, restoring structural support and firm, lifted contours. Ultherapy PRIME stimulates elastin regeneration, which improves both the lift and the skin’s ability to regenerate itself going forward. Used together, in sequence, they create a reverse aging effect that neither can achieve alone.

But-and this is important-this isn’t a trend. It’s not something you get because everyone’s doing it. It’s something you get because your assessment shows it’s what your skin needs, your goals align with what it delivers, and you’re ready for the timeline and commitment involved.

What informed means (and why it matters)

Informed decisions in aesthetics mean a few specific things.

Someone actually assesses you. Not a generic treatment menu, but a real consultation where someone looks at your skin, understands your concerns, and recommends based on your reality, not a preset package.

You understand what you’re treating. Not just ‘I want to look younger’ in a vague way, but something concrete-here’s the specific thing I see that’s bothering me, and here’s why this treatment addresses it.

You know what’s realistic. Not miracle claims, but honest timelines. Month one results versus month three. What aftercare actually involves. What you can maintain versus what requires ongoing commitment.

You understand what you’re not doing. Sometimes the smartest aesthetic decision is not getting something. Maybe you don’t need a full combination protocol. Maybe you start with one treatment and assess before proceeding. Maybe you focus on quality over quantity. Informed means understanding your full plan, including the gaps.

This approach takes more time. It requires more conversation. It’s less transactional and more relational. But it works.

Moving forward

Le Meur’s Greater Le Meur campaign-which held a technology reveal at our Greenhills flagship location on September 17, 2026,-embodies this philosophy.

We introduced Density Noir and Préime Dermfacial, not as trend-following additions, but as carefully selected technologies that address the full spectrum of reverse aging. The event wasn’t a promotional push; it was an invitation to think differently about aesthetic choices.

What made the event different wasn’t the machines. It was the conversation. Patients talked openly about their aesthetic concerns. Doctors explained the science without the sales pitch. Attendees asked real questions and got honest answers about timelines, expectations, and what they should not do.

This campaign isn’t about doing more. It’s about doing what actually works.

If you’re considering any aesthetic treatment, ask yourself these questions:

Am I doing this because I actually want it, or because I saw it online? Huge difference.

Does the provider know me, or are they selling me a package? Assessment matters. A lot.

What’s the realistic timeline and aftercare? If you’re not hearing specifics, keep asking.

Do I understand what this is actually treating? You should be able to explain it clearly.

Reverse aging that works isn’t about doing the most. It’s about doing the right things for you, in the right order, with the right support.

Le Meur was built on that belief. We’re not here to sell you treatments. We’re here to help you make informed decisions about your aesthetic goals. If that leads to a treatment, great. If it leads to a wait-and-see, or a staged approach, or something completely different-that’s good too.

Because the best aesthetic decision is always the informed one.

Mae Ng, MBA, is Founder and CEO of Le Meur Aesthetics. Operating since 2021 across Ayala Makati, Greenhills San Juan, and Banawe Quezon City in the Philippines, Le Meur specializes in patient-centered treatment protocols and advanced aesthetic technology. Visit lemeuraesthetics.ph to learn more.

LIVING and doing business in the Philippines means learning to live with typhoons, floods, earthquakes and other calamities. We prepare as much as we can but, when disaster strikes, damage to property and business operations can still be difficult to avoid.

Once everyone is safe, businesses begin counting the cost. There may be damaged equipment, flooded inventories, repairs to buildings and days or even weeks of interrupted operations.

For an insured business, there is at least some comfort in knowing that part of the loss may be recovered. But this brings up an accounting question that is easy to overlook: If the business is insured, can it immediately record the amount it expects to receive from the insurance company? The answer is not always yes.

Insurance doesn’t erase the loss

IMAGINE a company whose warehouse is flooded during a typhoon. A machine with a carrying amount of P5 million is badly damaged and can no longer be used. Fortunately, the machine is insured.

It may be tempting to say, ‘There is no problem. Insurance will pay for it.’ Accounting looks at it differently.

The damage to the machine and the possible insurance recovery are two separate matters. The company must first account for what happened to the asset. Depending on the condition of the machine, this may involve recognizing an impairment loss under IAS 36 or removing the asset from the books under IAS 16 if it has been destroyed or can no longer provide future benefits.

Having insurance does not allow the company to keep a damaged or destroyed asset in its books as though nothing happened.

A claim is not yet cash

SUPPOSE the company files a P5-million insurance claim the day after the typhoon.

Does this mean it can immediately record a P5-million receivable? Not necessarily.

Filing the claim is only the start of the process. The insurer may still need to inspect the machine, review the policy and confirm whether the damage is covered. There may be deductibles, limits or exclusions. The insurer may also approve an amount lower than what the company originally claimed.

IAS 16 provides that compensation from third parties for property, plant and equipment that has been impaired, lost or given up is recognized in profit or loss when the compensation becomes receivable.

Until then, management needs to look carefully at the facts rather than simply assume that every peso claimed will eventually be collected.

What if the recovery is still uncertain?

THIS is where IAS 37 on provisions, contingent liabilities and contingent assets may also become relevant.

When a possible insurance recovery remains uncertain, the company may be dealing with a contingent asset. A contingent asset is not recognized in the financial statements.

As the claim progresses, however, circumstances may change. If the inflow of economic benefits becomes probable, appropriate disclosure may be needed. Once the inflow becomes virtually certain, it is no longer considered a contingent asset, and recognition becomes appropriate.

In practical terms, there is a big difference between ‘We filed a claim,’ ‘The insurer will probably pay,’ and ‘The insurer has confirmed what it owes us.’ Those statements may sound similar in ordinary conversation, but they can have different accounting effects.

Insurance may not cover everything

LET us go back to the P5-million machine.

After completing its review, suppose the insurer confirms that it will pay only P4.5 million because part of the loss is not covered by the policy.

The accounting for the damaged machine and the insurance compensation remains separate. The company recognizes the effect of losing the machine and accounts for the P4.5-million recovery when the requirements for recognition are met.

The example shows an important point: being insured does not always mean being fully protected from loss.

What if the typhoon comes after year-end?

THERE is another issue when a calamity happens shortly after the reporting date.

Suppose the company’s year-end is December 31, but a major typhoon strikes in January before its financial statements are authorized for issue.

IAS 10 on events after the reporting period generally considers a new event arising after year-end as non-adjusting. The company does not go back and change its December 31 figures simply because the typhoon happened in January.

However, if the damage is material, the company may need to tell readers of the financial statements what happened and provide an estimate of the financial effect, when this can be reasonably determined.

Telling the financial story properly

INSURANCE can be a lifeline after a calamity. It can provide funds to repair buildings, replace equipment and help a business reopen.

But insurance coverage does not make a loss disappear, and filing a claim does not automatically create income or a receivable.

Financial reporting should tell the story in the order it actually happens: something was lost, a claim was made, the claim was assessed, and eventually, an amount may be recovered.

After a calamity, rebuilding the business may take time. The accounting should not rush ahead of that reality.

Floyd C. Paguio, CPA, MBA, is the chairman of Paguio, Dumayas and Associates, CPAs, (PDAC), the Philippine member firm of PrimeGlobal International. He is also the president of KCD College of Accountancy in Alaminos, Laguna, the co-chairman for students and faculty affairs of the Picpa Metron Manila Region FY 2026 – 2027. The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the official positions of these organizations and the BusinessMirror.