Category: Business Mirror

AT least 240,550 pieces of illicit vape products with an estimated tax liability of P1.539 billion were destroyed by the Bureau of Internal Revenue (BIR) as part of its crackdown on illegal trade.

A statement issued by the BIR on Tuesday read that the BIR’s Revenue Region 6-Manila and Palawan carried out the destruction on August 24 at the Digama Waste Management Facility in Porac, Pampanga.

Revenue Region 6 Director Remir Macatangay said the BIR has expanded its enforcement operations, covering retail establishments to warehouses.

‘We started with retail stores and expanded to warehouses. This led to our operation against Tap Fog Philippines, the largest single illicit vape enforcement operation conducted by the BIR to date,’ Macatangay was quoted as saying.

Some of the vape products destroyed were those seized during the BIR’s enforcement operations against Tap Fog Philippines, which was found liable for tax evasion and whose owners were subsequently issued arrest warrants by the Court of Tax Appeals and the Metropolitan Trial Court in 2024.

‘Enforcement does not end with seizure. We must permanently remove illicit vape products from the market and hold accountable those behind their illegal manufacture, importation, distribution and sale,’ Commissioner Charlito Martin R. Mendoza said.

The BIR said the destruction was part of its efforts to curb the sale of illicit vape products and protect government revenues and businesses that comply with tax regulations.

The government lost an estimated P23 billion from illicit vape products over the past two years, according to findings from the European Union-Association of Southeast Asian Nations (EU-Asean) Business Council (EU-ABC) and Euromonitor International’s report.

Among Asean countries, the Philippines recorded the highest government revenue loss from e-vapes in 2025 at P12.1 billion.

Currently, nicotine salt and conventional freebase or classic nicotine vape products are taxed at P60.20 per milliliter and P6.95 per milliliter, respectively.

Illicit vape trade is rampant in the Philippines, with 85.6 percent of electronic vapes sold in the Philippines being illicit, outnumbering legal sales at only 14.4 percent.

Bill Gates has spent decades as technology’s most influential optimist. When the man who helped put a computer on every desk warns that we’re stumbling blind into an abyss, the world ought to pause and listen. Gates’ recent essay represents something rare in Silicon Valley: a founding father of the digital age admitting that the monster he helped create may be outpacing our capacity to control it. His assessment is brutal in its clarity. We face ‘one of the most turbulent times in human history,’ yet there is ‘not even a plan to have a plan.’ This isn’t mere technocratic hand-wringing-it is an admission that the very structure of how societies prepare for disruption has broken down. Gates recognizes what policymakers refuse to: AI is not merely another industrial revolution happening faster. It’s something categorically different, a technology that adapts to us rather than requiring us to adapt to it, collapsing the historical buffer zones that once gave societies time to adjust.

The most unsettling aspect of Gates’ warning isn’t the litany of risks-job displacement, bioweapons, eroded social trust-but his resignation that slowing development is impossible. When a man of his resources and influence concedes that the US-China AI arms race makes global coordination a fantasy, we’re forced to confront an uncomfortable truth. We have built a system where competitive advantage trumps collective survival, where the race to the bottom is the only race that matters.

Gates’ proposed solutions-new coordinating institutions, international inspection frameworks, ‘Human Reserved’ jobs-deserve serious consideration, but they also reveal the magnitude of the challenge. Creating new bureaucracies to oversee AI requires political will that shows no signs of materializing. Taxing robots sounds elegant in theory but faces immediate opposition from industries already salivating over labor cost reductions. The ‘Human Reserved’ concept, while poetic, assumes democratic societies can agree on which jobs merit protection-a tall order in an era of fractured consensus.

What makes Gates’ intervention significant is not the novelty of his warnings-think tanks and academics have sounded similar alarms for years. It’s the source. When one of capitalism’s greatest success stories starts questioning whether capitalism can survive AI’s disruption, the critique carries weight that ivory tower theorists cannot match. Gates understands the incentives driving this train forward, and he knows they won’t be stopped by ethical appeals or white papers.

The essay ultimately serves as both warning and indictment. It indicts a political class that has spent a decade watching AI advance while offering nothing but platitudes. It indicts an industry that privately acknowledges risks while publicly racing to maximize shareholder value. And it indicts all of us for accepting the narrative that technological progress is inevitable, that we must adapt to the machines rather than demanding they adapt to us.

Gates offers a narrow window for action ‘before unemployment rises sharply, communities are hurting, and public trust has eroded.’ History suggests we’ll miss that window. The question is not whether Gates is right-he is. The question is whether being right matters when there’s still no plan to have a plan.

THE Court of Appeals (CA) has affirmed a Manila court’s denial of the petition for bail filed by Alan Dennis Sytin, the alleged mastermind in the November 2018 killing of his businessman-brother Dominic Sytin inside the Subic Bay Freeport Zone.

In an 11-page decision penned by Associate Justice Germano Francisco Legaspi, the CA’s Eleventh Division held that the Regional Trial Court (RTC) of Manila did not commit grave abuse of discretion in denying Alan Dennis’ petition for bail in connection with the murder and frustrated murder charges against him.

The trial court, in its July 21, 2025 order and Dec. 23, 2025 resolution, denied his plea for bail after finding that the evidence of guilt for murder was strong.

The RTC also considered Alan Dennis a flight risk after he admitted evading arrest for five years by fleeing to Malaysia despite outstanding arrest warrants and a hold departure order against him.

In his petition before the CA, Alan Dennis argued that the Manila RTC’s denial of his bail plea was void for being defective in form and substance.

He said the order failed to contain a summary of the evidence presented during the bail hearings.

Alan Dennis also insisted that the testimonies of gunman Edgardo Luib and alleged co-conspirator Ryan Rementilla identifying him as the mastermind were not corroborated by independent evidence.

He pointed to inconsistencies in the sworn statements of Luib and Rementilla, particularly on the dates of their alleged meetings, the source of the murder weapon, the promised payment and details of the getaway vehicle.

Alan Dennis also argued that it was physically impossible for him to have attended an alleged meeting with Luib and Rementilla in Subic on Nov. 4, 2018 because he was in Metro Manila with his family celebrating his son’s birthday.

He further maintained that his flight to Malaysia should not be construed as an indication of guilt, saying he left the country to protect his family and continue running his business.

The CA, however, held that the inconsistencies in the statements of Luib and Rementilla ‘are minor and insufficient to discredit the testimonies.’

It said the inconsistencies ‘do not negate the positive identification of petitioner nor weaken the strong evidence of guilt against him.’

‘It is settled that as long as the testimonies of the witnesses corroborate one another on material points, minor inconsistencies therein cannot destroy their credibility,’ the CA ruled.

‘Further, issues revolving on matters of credibility of witnesses, the findings of fact of the trial court, its calibration of the testimonies of the witnesses, and its assessment of the probative weight thereof, as well as its conclusions anchored on said findings, are accorded high respect, if not conclusive effect because the trial court has the unique opportunity to observe the demeanor of witnesses and is in the best position to discern whether they are telling the truth,’ it added.

Court records showed that Rementilla was formerly employed by United Auctioneers Inc. (UAI), which was headed by Dominic, before he was fired for allegedly embezzling P1 million from the company.

According to the prosecution, Rementilla introduced Luib to Alan Dennis, who allegedly wanted his brother killed.

During a meeting with Alan Dennis, Luib allegedly agreed to carry out the killing in exchange for payment.

Dominic was shot and killed on Nov. 28, 2018.

Luib was arrested in Sto. Tomas, Batangas, on March 5, 2019 on outstanding warrants in several murder cases, including the killings of journalist Mae Magsino and Bauan, Batangas Municipal Councilor Michael Caringal.

He subsequently executed an extrajudicial confession identifying Alan Dennis as the alleged mastermind in Dominic’s killing.

In 2019, the Olongapo City RTC sentenced Luib to reclusion perpetua for murder and a prison term of six to 12 years for frustrated murder over the injuries sustained by Dominic’s bodyguard, Efren Espartero.

Luib also implicated Rementilla in the killing.

Following his arrest, Rementilla admitted acting as a middleman between Alan Dennis and Luib.

Alan Dennis was arrested in Malaysia on March 22, 2025 and subsequently returned to the Philippines to stand trial for the killing of his brother.

THE Philippine sepak takraw and women’s baseball teams will be featured in the Philippine Sportswriters Association Forum in its first session for the month of September at the Philippine Sports Commission media room.

The sepak takraw team bound for the Asian Games and the Filipinas who are coming off a stint in Group B of the Women’s Baseball World Cup, grace the PSA Forum on Tuesday.

Pilipinas Sepaktakraw Association Inc. president Karen Tanchanco-Caballero is expected to talk about the national team’s chances in the coming 20th edition of the quadrennial meet in Nagoya, Japan.

Sepak takraw action in the Asiad kicks off on Sept. 20.

Meanwhile, coach Isaac ‘Saki’ Bacarisas joins team captain Veronica Velasco, Martine Francisco, team manager Michael Asuncion, and four other team members in the discussion on the country’s stint in the Tainan Group of the Women’s Baseball World Cup in Taiwan.

The Philippines went 2-3.

The public sports program is presented by San Miguel Corporation, PSC, Philippine Olympic Committee, Milo and sports app ArenaPlus.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

AGILA The EKsperience: SARIBUHAY 2.5

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

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

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

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

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

*Schedules are subject to change with prior notice.

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