Category: Business Mirror

THE Department of the Interior and Local Government (DILG), Department of Education (DepEd), and Early Childhood Care and Development Council (ECCDC) have formally signed the implementing rules (IRR) of Republic Act 12199 to promote stronger and more coordinated early childhood care and development services.

Interior Secretary Juanito Victor Remulla and Education Secretary Juan Edgardo Angara, both ex-officio co-chairmen of the ECCDC, joined the council’s vice-chairperson and executive director, Teresita Inciong, in signing the guidelines of the Early Childhood Care and Development Systems Act.

Signed into law by President Marcos in 2025, RA 12199 strengthens the ECCD system to address gaps in healthcare, nutrition, early childhood education, safety, security, and social services for children aged five and below.

The IRR establishes clear responsibilities across national government agencies and local governments (LGUs), recognizing that effective early childhood development begins in communities.

Under the guidelines, every province, city, and municipality is mandated to establish an ECCD office to oversee local programs and service delivery. LGUs are also directed to maintain functional childcare facilities, including Day Care Centers, Childminding Centers, and Health Stations, while developing childcare programs in workplaces and communities.

Local governments are tasked to provide funding for ECCD programs through available local funds, the Special Education Fund, and the Gender and Development Fund, while pursuing partnerships to expand services and reach more children.

The DILG will oversee LGU compliance with RA 12199 and provide capacity development support to strengthen local implementation.

The Department will also facilitate the integration of ECCD into the assessment criteria of the Seal of Good Local Governance (SGLG), reinforcing early childhood development as a measure of responsive and effective local governance.

Present during the signing were DILG Assistant Secretary Jesi Howard Lanete, Congressional Education Commission 2 chairman Pasig Rep. Roman Romulo and Party-list Rep. Jude Acidre of Tingog, ECCD Council members, and other government officials and partners.

HERE is how I read the University Athletic Association of the Philippines’ (UAAP) decision not to suspend Ateneo from the upcoming season in the wake of the Dipaculao tragedy that claimed the lives of two of their players.

Having read that rule book as well, there is nothing in there that should penalize Ateneo. In my opinion, the board did not find any violations to the rules and statutes. Hence, the decision to allow the Ateneo men’s basketball team to compete. Gross negligence, yes. There should be accountability, yes. The head coach, coaching staff, and the team manager were either banned or suspended.

And really, many schools and varsity teams are run either autonomously or semi-autonomously. It was a terrible and tragic accident that could have happened to anyone.

The whole affair has given every sports program in this country an opportunity to closely integrate their efforts with the school, clean up some of their messes, and be more mindful of adhering to safety above all.

Furthermore, it isn’t just that-it is also looking at protocols and responses should something untoward happen once more.

The UAAP, like the National Bureau of Investigation or even that suspicious Criminal Investigation and Detection Group investigation, have determined that the players were also victims. Hence, that decision.

Heavens, it isn’t that Ateneo is so powerful that it can buy the league’s decision. No, it is not because league’s Executive Director Rebo Saguisag graduated from Ateneo Law School and that Commissioner Jai Reyes is true blue.

If you must know, Atty. Saguisag roots for San Beda (where he went for his grade and high school education) and University of the Philippines (where he went for college). As for Jai-he is only in charge of the games and the officials and isn’t part of any voting process.

Now, having observed the board in the previous years, the adoption of the two-tier leadership has changed their decision making and approach to matters of the league.

You have the presidents of the universities who look at the league from a macro level and chart its direction, and the school representatives who are tasked with running the league.

These people have approached their discussions more methodically as they too are educators.

If you look at the decision making in previous years when it comes to rendering decisions even to erring constituents of the schools, it has changed. It isn’t the old punitive approach. If there is an individual or individuals who should be sanctioned, it is now contained to that person. It is opposed to the old way where the school’s sports programs suffered as a whole from the discretions of one.

I also gather that the people who represent the schools are no longer at each other’s throats. Gone are the days where there were boardroom shouting matches. Gone are the days when there are cliques.

I recall around 2011, I wrote a scathing article about some decision by the league. The next day, at the Big Dome, I came across three of the board members. The late Bam Paguia, then the National University representative who I had known for quite some time, took me aside and said, ‘The league is evolving.’

My reply was the league has been around for over 70 years. Why can’t the league get it right?

Mr. Paguia shrugged. ‘We’re working to make it better.’

This is not to exonerate the UAAP. Even for decisions in years past that I thought were erroneous.

I can understand that some schools and observers might feel aggrieved or even up in arms about what they feel is a poor decision too given others were previously suspended.

Again, I think that the UAAP has changed their approach in the last few years.

I think we saw some of the first signs of this during the Covid-19 lockdown when University of Santo Tomas’s then coach was likewise banned for violating the pandemic protocols. The team continued.

The tragedy of Dipaculao could have been prevented, yes. Unfortunately, history can only be learned forward. It is painful episode not only for Ateneo but also the families who lost their loved ones.

I am sure the league-as will every other one in the country-will look for ways to prevent such a tragedy from happening again.

Considered the most curated gathering of event suppliers in the country, ‘Let’s Celebrate Expo 2026’ spotlighted the industry stalwarts as well as its rising stars. Held on July 18 and 19 at Space at One Ayala, Makati City, visitors got to meet a meticulously selected mix of established names, emerging and iconic creatives, hotel and destination brands, and food and beverage preferences.

‘Anyone can organize an expo. Curating is about creating conversations between people, ideas, brands, and destinations. It’s about introducing tomorrow’s talents while celebrating the icons who built the industry,’ explained founder and lead curator Marbee Shing-Go. ‘Let’s Celebrate has never been about gathering the most suppliers. It’s about bringing together the right people. And that philosophy continues to define every edition of Let’s Celebrate.’

An innovative concept first introduced by curator Shing-Go, the ‘fair within a fair,’ returned this year. It was led by planners Bingo Flores of Sweet Comfort Events and Cat Ebuen of Events Embassy.

‘Its collaborative showcases with stylists Mc Pascual and Jacq Pascual demonstrated the strength of creative teams, bringing together planners, stylists, photographers, filmmakers, florists, and designers to present celebrations the way they’re truly created-in collaboration,’ said Shing-Go.

THE GMT TRIO AND EMERGING TALENTS

THE highlight of the affair was an immersive installation by globally recognized event stylists Gideon Hermosa, Michael Ruiz and Teddy Manuel, who have become a formidable force collectively known as GMT.

The trio’s exclusively designed installation was inspired by nature, sustainability, and Filipino craftsmanship, as it offered a glimpse into where celebration design is headed next-without giving away the surprise before visitors see it for themselves.

This year’s featured celebration designers presented their individual philosophy, each proving that every celebration could and will reflect a completely unique personality. Celebration design, after all, is never one-size-fits-all. They are May Mañalac of Eye Candy Manila, Anna Winstel of Events Central, Bhem Meijer of Il Fiore Flower Boutique, Miguel Bautista of Miel’s Event Styling, and Alden Raza of Arraza Events.

THE STORYTELLERS

THE event also gathered the ‘Storytellers Behind the Celebrations,’ the most respected names in Philippine wedding photography and filmmaking whose documentary, editorial or cinematic styles bring unique perspectives to preserving life’s most significant moments:

Jason Magbanua, who pioneered and helped redefine the Same Day Edit (SDE); Mayad Studios, renowned for its timeless wedding films; Metrophoto, acclaimed for its editorial approach to photography;

Nice Print, a favorite and trusted visual storyteller among celebrities; ProudRad, known for its heartfelt, documentary-style approach; Mico Studios, beloved for its elegant and emotive imagery; Sherard Yu, whose cinematic eye is shaping contemporary wedding storytelling; and Studio Yanagi, an emerging player gaining steam for its stylish and thoughtful narratives.

FOOD AND BEVERAGE GALORE

It’s not a Filipino celebration without sumptuous food and unlimited drinks. At Let’s Celebrate, the options are mouth-watering: Cocktail brands Manila Craft and Blackbox Cocktails; The Tastemakers, pioneers of refined zero-proof cocktails: and Diwang, crafted beverages with contemporary Filipino flavors.

The bespoke Carmelo’s Steakhouse Catering made its debut at the expo. It brings the culinary heritage of one of the country’s most respected dining institutions, Carmelo’s Steakhouse, which is widely credited with introducing Filipinos to premium Angus beef to weddings and milestone celebrations.

Two new names with fresh concepts were also at the expo: The Sundaygrams Café and Cakes, with its enticing pastries and café offerings for intimate occasions; and Molte Grazie, showcasing its appetizing aperitif and grazing experiences.

HOSPITALITY AS DEFINED BY FILIPINOS

FAMED for its ‘Marry Me at Marriott’ fashion spectacles, Marriott International Philippines presented all 13 of its Philippine properties, including The Westin Manila, AC Hotel by Marriott Manila, The Farm at San Benito, Courtyard by Marriott Iloilo, Fairfield by Marriott Cebu Mactan, Four Points by Sheraton Palawan Puerto Princesa, Four Points by Sheraton Boracay, Manila Marriott Hotel at Newport World Resorts, and Sheraton Manila Hotel at Newport World Resorts.

A featured international destination partner was the Spain Tourism Board. Buoyed by its recent triumph at the World Cup, Spain might inspire couples to choose Spain as a wedding destination, as we share similar culture, cuisine, and traditions.

For the adventurous and nature-tripper, planner Jomai Arnaiz, together with designers Miguel Bautista and Tiffany de Castro, showcased the charm of mountain celebrations through Itogon Mountain Village, Montesierra, and Danum, Baguio’s artisanal liquor.

There’s also the picturesque Hillcreek Gardens in Tagaytay, an integrated destination wedding venue where couples can celebrate from ceremony to after-party and even the next day’s brunch.

THE JOY OF DISCOVERY

Let’s Celebrate introduced new talents such as Always in Motion Live, LX Events Pro, 4th Wall, Forscink Lights and Sounds, and Manila Craft. They offered a new concept for the modern after-party.

‘Let’s Celebrate’s defining ideas have always been about discovery. Alongside industry veterans was a carefully curated group of emerging photographers, filmmakers, designers, stylists, content creators, and creative entrepreneurs-young talents whose work represent the future of celebrations,’ shared Shing-Go.

THE Land Bank of the Philippines (LandBank) has pushed to 2027 its bond issuance to bag over P10 billion, the state-run lender’s top executive said.

On the sidelines of the ‘2026 Outstanding BSP Stakeholders Appreciation Ceremony,’ LandBank President and CEO Lynette V. Ortiz told reporters that the state-run bank will shelve its plan to issue bonds, opting instead to return to the debt market next year.

‘I think what we’re planning to do is, I mean, the rates are quite high. So we’re planning to likely do that next year,’ Ortiz said. ‘I mean the last issuance we raised P50 billion, right? But it all depends. So for it to be worth it, I would say probably over P10 billion.’

Last February 2026, the state-run bank raised P50 billion through its ‘Agriculture, Sustainability, Environment and Socioeconomic Development,’ or ‘Asenso,’ bonds, officially listed on the Philippine Dealing and Exchange Corp. (PDEx).

Proceeds from the sale of its debt papers will bankroll green and social projects nationwide, such as renewable energy, food security, housing, employment and socioeconomic empowerment.

With the success of the Asenso bonds, the state-run lender initially planned a follow-up issuance.

However, Ortiz said they have become ‘cautious.’

‘I think there are still a lot of headwinds; as you saw our GDP [gross domestic product] growth,’ she added.

‘So we’re doing what we can within the factors and macroeconomic environment that we’re dealing with. I’d say that I think it’s really all about efficient balance sheet management; also managing our risk very cautiously, very well,’ Ortiz told reporters.

A month ago, Ortiz said while the bank is keen to go back to the market, she said ‘it will all have to be timed with general macro-environment, investor sentiment.’

‘We will go back. It’s just timing,’ she said in July.

Nestled within the cool, pine-scented breeze and rolling hills of Tagaytay, Leisure Suites North (LSN) stands as the latest architectural benchmark for Don Tim Development Corporation (DTDC), engineered to redefine low-density residential living in Tagaytay.

Following the success of Leisure Suites South, DTDC has officially launched Leisure Suites North, breaking new ground today (Aug. 8) as the newest residential cluster within Alta Monte Tagaytay. Designed around the growing demand for low-density, nature-inspired living, the development combines exclusivity, spacious unit layouts, and long-term investment value in one of Southern Luzon’s most sought-after residential destinations.

Conceived as a direct response to the modern homebuyer’s search for sanctuary, space, and understated luxury, this new enclave within DTDC’s flagship legacy project, Alta Monte, merges the tranquility of suburban mountain living with the tangible financial benefits of a prime vacation-style investment while enjoying the quiet comfort and structural reliability of a master-planned community.

By offering expansive footprints and low-rise density, LSN makes everyday living feel extra private and indulgent for families, investors, as well as homebuyers who are looking for a long-term place to stay in Southern Luzon.

In a press statement, Audric Leong, President and CEO of DTDC, said, ‘This premium low-rise cluster carries an estimated gross development value of ?410 million. Building on the established foundation of its predecessor, the project offers enhanced layouts, greater privacy, and a more refined living experience set within the prestigious Alta Monte community.’

‘Leisure Suites North represents the next evolution of the Alta Monte vision. We designed this community for homeowners seeking more space, privacy, and a stronger connection to nature while enjoying the long-term value that Tagaytay continues to offer,’ stressed Leong.

What sets Leisure Suites North apart is its fewer residential units per building, giving each one more breathing room. There are only six units per building to reduce congestion and increase comfort, openness, and air circulation. Each unit features contemporary space planning to allow for more natural lighting and to accommodate flexible hybrid work lifestyles.

Open-plan living spaces flow effortlessly into private balconies, allowing guests and owners alike to soak in Tagaytay’s renowned cool climate without stepping outside their front door.

Situated in an established gated community, residents enjoy immediate proximity to the city’s key dining and commercial destinations, as well as seamless connectivity via major South Luzon infrastructure corridors.

As Tagaytay continues to emerge as one of the country’s most attractive residential hubs, LSN addresses the scarce supply of premium horizontal and low-density developments while reinforcing DTDC’s commitment to building enduring communities that prioritize space, wellness, and long-term value.

‘Our goal has always been simple: to be the gold standard of trusted investments in Southern Luzon. Leisure Suites North is a testament to the quality and value that discerning buyers will get when they invest with Don Tim Development Corporation, an investment that makes a difference in how good life can be in the South,’ said Leong.

‘When you invest in the South, you are securing value. You are not only buying bricks and mortar, but you are also buying into a legacy. At the Don Tim Development Corporation, we strive to make lasting and low-density investments that yield high value in the ever-growing region, and time and time again we prove why we are one of the most reliable places to generate profitable and dependable investment in the area,’ concluded Leong.

PAX Silica will start small-at least by its 1,620-hectare footprint-with the first 500 hectares expected to accommodate around 10 to 20 companies beginning in 2028, according to the Bases Conversion and Development Authority (BCDA).

BCDA President and Chief Executive Officer Joshua Bingcang said the first phase could take three to five years to develop, with the remaining 1,120 hectares to be built out in succeeding stages.

‘The first phase, we see around 500 hectares out of the 1,620,’ Bingcang told reporters during a briefing in New Clark City on Friday.

The project will be developed in three phases, with semiconductor-related industries expected to account for a significant share of activity, given the development’s focus on advanced manufacturing and artificial intelligence (AI).

Bingcang said the initial phase is expected to require about $10 billion in investment, primarily for site development. The broader investment estimate of $40 billion to $70 billion, meanwhile, includes facilities and other infrastructure that locators would build within the development.

The BCDA projects that the fully developed 1,620-hectare site could generate as much as $200 billion in exports over the long term.

Yet, the agency chief clarified that the export and investment projections apply to the full buildout and not to the initial 500-hectare phase.

It also projects that the development could generate between 130,000 and 190,000 direct jobs, with another 500,000 to 800,000 indirect and induced jobs across supporting industries and supply chains.

BCDA uses a 30-year horizon in preparing financial models for large-scale developments, meaning the projections cover a significantly longer period than the initial construction phase, Bingcang explained.

He added the estimates were based partly on the agency’s experience in developing large infrastructure projects, including Bonifacio Global City and the Subic-Clark-Tarlac Expressway.

‘So we now have the figures for the cost per hectare and per square meter,’ Bingcang said.

The projected investments are expected to come largely from foreign companies that would finance and operate their own facilities, he reiterated.

Also, supporting utilities for the development are still being worked on, with facilities and contracts yet to be finalized. Bingcang said companies typically spend about two years planning their projects before construction and operations begin.

Controversies

THE project has faced questions over its impact on land use, water resources and indigenous communities as development in New Clark City expands.

BCDA has maintained that the land for the development is government-owned. It also said individuals interviewed in previous reports about alleged displacement were not part of the Pax Silica site.

About water use, the BCDA has estimated that Pax Silica could eventually require between 65 million and 90 million liters of water a day.

In its presentation, the agency said the planned water system would rely on surface-water harvesting, storage, treatment and recycling, with the initial system designed for a capacity of up to 135 million liters per day.

On the other hand, during the unveiling of a marker for the planned AI hub in New Clark City in May, Bingcang said the government has also rejected proposals that would have placed portions of it outside Philippine jurisdiction.

In a televised interview in July, he said Philippine and United States officials were targeting completion of the framework within two to three months, with a possible signing before the end of the year.

The DENR-Ecosystems Research and Development Bureau (DENR-ERDB) is strengthening the decades-old Rattan Gene Bank in Bukidnon Province to help secure a sustainable supply of quality planting materials for the country’s rattan industry.

The move comes amid an 18.1 percent jump in the Value of Production Index for wood, bamboo, cane and rattan articles in April, a surge that has intensified pressure on raw material sources across the archipelago.

Livelihood opportunities, ecosystem protection

The plan boosts livelihood opportunities tied to ecosystem protection, a push that has placed greater attention on nature-based industries across the archipelago.

Operated by DENR-ERDB’s Forest and Wetland Research, Development and Extension Center (FWRDEC), the enhanced gene bank will produce quality planting materials that can be used in establishing sustainable rattan plantations, helping strengthen the supply base for furniture makers and handicraft producers while reducing pressure on wild rattan populations.

Leading the initiative is Forester Joel B. Orella, project leader of the DENR-ERDB’s Nursery and Plantation Establishment and Management of Rattan through Science and Technology-Based Approaches Project.

‘We are creating opportunities for communities while ensuring that future generations will continue to protect and benefit from our native rattan resources,’ Orella said.

‘This is exactly the kind of work that shows how environmental protection can translate into real economic opportunity,’ Secretary Cuna said. ‘By investing in science-based restoration and sustainable supply chains, we’re ensuring livelihoods endure for decades.’

Permanent nursery, rattan plantation

Orella and his research team are establishing a permanent nursery and a 10-hectare rattan plantation within the experimental forest.

The project also includes training people’s organizations, local government units, DENR field offices, Indigenous Peoples communities, and private stakeholders in seed collection, nursery management, and plantation establishment.

Among the project’s primary beneficiaries is the Woodstock Forest Stewards Association in Bukidnon. Members will learn to propagate rattan wildlings and seedlings that can be supplied to plantation developers, government greening programs, and private buyers, providing them with an additional source of livelihood while supporting the expansion of sustainable rattan plantations.

Investment in PHL forest

Department of Environment and Natural Resources (DENR) Secretary Juan Miguel ‘Mitch’ Cuna said strengthening the Rattan Gene Bank is an investment in the country’s forests, communities, and the future of an industry that has long been part of the country’s identity. ‘President Marcos Jr. has been clear that caring for our ecosystems must also create opportunities for our people. Every forest we protect and every coastline we restore, strengthens communities and builds a more resilient future for the country,’ he stated.

Established in 1992, the five-hectare rattan gene bank is located inside the Malaybalay Experimental Forest. The facility conserves 30 native rattan species and serves as the country’s living repository of rattan genetic resources. The Philippines is home to about 64 to 80 rattan species and varieties, and ERDB has maintained a living collection representing most of this diversity through decades of conservation work.

DENR-ERDB Director Lormelyn E. Claudio said research creates lasting value when it responds to the needs of communities and industries alike.

‘The true value of research is realized when it improves lives. Partnerships with communities allow us to ensure that our research addresses actual needs on the ground while empowering them to become active stewards of our natural resources,’ Claudio said.

THE US-led Pax Silica initiative could be a ‘game changer’ for the Philippine electronics sector if it helps attract investments in more advanced semiconductor manufacturing and other higher-value industries, Socioeconomic Planning Secretary Arsenio M. Balisacan said.

In a chance interview with reporters recently, Balisacan said the proposed 1,620-hectare development in New Clark City could help move the country into higher-value segments of global technology supply chains.

‘This Pax Silica, if we succeed in attracting this kind of industry, is going to be a game changer for that sector to become more robust,’ Balisacan said.

See related story in Second Front Page, A13, ‘Pax Silica starts at 500 has, up to 20 firms in 2028-BCDA.’

He said the country’s semiconductor and electronics industry has struggled to keep pace with newer technologies, with much of its existing manufacturing base built around investments made years ago.

Balisacan argued that some of these facilities remain concentrated in older-generation chips and technologies, limiting the country’s ability to capture growing demand linked to artificial intelligence and advanced electronics.

The challenge, he said, is to attract investments that would upgrade the country’s existing manufacturing capabilities and allow it to produce higher-value exports.

Balisacan noted that exports have recently grown faster than imports, with electronics and semiconductors accounting for a significant share of outbound shipments.

Philippine Statistics Authority (PSA) data showed merchandise exports rose by 24.1 percent to $8.77 billion in June from $7.06 billion a year earlier. Imports increased by 19.6 percent to $13.71 billion from $11.46 billion.

Balisacan said the gains from the development should also extend beyond higher export receipts, particularly through the creation of higher-quality jobs and stronger demand for more advanced skills.

‘This should bring high-quality jobs, this should improve the innovation ecosystem of the country…. If you look at it that way, it’s a positive force for development,’ he added.

Data from the Bases Conversion and Development Authority (BCDA) estimates that Pax Silica could attract US$70 billion in investments, create 130,000 to 190,000 direct jobs, and generate 500,000 to 800,000 indirect jobs.

He added that workers would need to undergo upskilling and reskilling to meet the requirements of more technologically advanced manufacturing activities.

The Bases Conversion and Development Authority has estimated that the Pax Silica-linked development could attract as much as $70 billion in investments and generate between 130,000 and 190,000 direct jobs, along with 500,000 to 800,000 indirect jobs.

Over a 25-year period, BCDA projects the development to generate P60 billion in lease income, while annual withholding tax collections could reach P68 billion to P75 billion.

Its export potential has been estimated at as much as $200 billion annually once fully operational.

Access, sovereignty questions

Amid concerns over how the initiative could affect the country’s natural resources and economic sovereignty, Balisacan said details of the arrangement are still evolving and the public should just ‘wait for what will happen there.’

The country’s chief economist also rejected the idea that industries established under Pax Silica would necessarily direct their output solely to the United States, saying production would form part of a wider global supply chain involving several participating economies.

He said the Philippines should instead focus on what it intends to gain from the partnership, particularly investments that would increase the amount of value created domestically.

Under that approach, the government would seek investments that upgrade the semiconductor and electronics industry and establish local processing facilities for critical minerals to increase domestic value.

‘It’s not just about what America or others want us to do. It’s also a question of what we want to bring to the table. That’s why we are very aggressive in pushing for what we want,’ he said.

Balisacan also maintained that the government would retain control over the types of investments allowed into the country, although attracting higher-value facilities would depend on whether the Philippines could provide a competitive environment for investors.

Ayala Land Inc. said Monday its income June fell 19 percent to P11.5 billion in the first half from the previous year’s P14.17 billion on jittery market conditions caused by the war in the Middle East.

‘We are building a more resilient Ayala Land through disciplined capital allocation, a growing recurring income base, and a strong balance sheet,’ Anna Ma. Margarita Bautista-Dy, the company’s president and CEO, said.

‘Supported by our integrated estate model and diversified platforms, we are confident in Ayala Land’s ability to deliver sustainable growth and to remain well positioned for the opportunities ahead.’

Revenues for the period fell almost 10 percent to P75 billion from the previous P83.06 billion.

Dy said the company had a ‘challenging’ first quarter and Ayala Land had to stabilize its business in the second quarter through the reduction in its inventory to 15 months, cutting additional costs and halting projects so as not to clog the market with unsold units.

She said the company is still on track in delivering its projects, as Ayala Land will launch mostly horizontal residential projects.

Sales for the second quarter fell to P26 billion from the P27 billion in the first quarter. This was done without any launches, which would have given the company a bump in its revenues, Dy said.

Ayala Land’s property development business had P41 billion in revenues for the first half, buoyed by second-quarter revenues of P20.6 billion, flat compared to the first quarter of the year.

The leasing and hospitality businesses continued their growth trajectory with first-half revenues reaching P25.2 billion, 9 percent higher than the previous year, lifted by positive contributions across each asset class.

Revenues from shopping centers reached P12 billion, up 4 percent year-on-year, anchored on higher occupancy, increasing foot traffic, growing merchant sales and early returns from the completion of reinvention works across flagship malls.

Hospitality revenues grew 28 percent year-on-year to P6.3 billion, lifted by the solid performance of renovated facilities and the contribution of New World Makati Hotel to the topline.

The offices segment generated revenues of P6 billion on the back of healthy above-industry occupancy rates and contracted escalations from existing leases.

The company’s board has approved the infusion of four malls and three hotels with an

aggregate amount of P20 billion to Areit Inc. This infusion would expand Areit’s assets under management to P179 billion, but also further diversify its asset base across malls, offices, hotels and industrial land.

The company’s capital expenditures for the first half stood at P39.5 billion, a decline of 2 percent year-on-year. Capex for leasing businesses grew 17 percent from a year ago to P13.2 billion, directly supporting the completion and ramp-up of key recurring-income assets this year.

Dy said the company targets to spend P60 billion this year, higher than the company’s earlier pronouncements.

PALAWAN has landed on a popular global travel search engine’s list of ‘hot’ islands to visit this year.

In a post on its website, Expedia ranked Palawan in sixth place on its ‘2026 Island Hot List: The Next Wave of Trending Islands,’ after travel interest grew by 40 percent, year on year (yoy).

It is only one of two islands in Southeast Asia that made the list, the other being Phu Quoc in Vietnam, which recorded a 25 percent increase in travel interest, (yoy). This placed the island in ninth place of Expedia’s 10 hot islands this year.

The travel engine described Palawan as the ‘Best for Natural Wonders’ and explained why the island was included in the next wave of island destinations: ‘Palawan continues to rise for its dramatic limestone cliffs, clear waters and pristine ecosystems. It’s a natural fit for travelers chasing awe-inspiring scenery and discovery-led adventure.’

Last year, Palawan received some 2.13 million tourists, up 8.12 percent, yoy. According to the Provincial Tourism Office, of the total visitors in 2025, domestic travelers accounted for 52 percent or nearly 1.1 million, a 13.4 percent growth from 2024. Foreign tourists accounted for 48.4 percent of total, having reached 1.03 million, up nearly 25 percent, yoy.

Capital captures chunk of visitors

Palawan’s capital of Puerto Princesa welcomed the most number of visitors at 821,504 last year; followed by El Nido at 642,385; Coron at 336,304; and San Vicente at 97,096. No comparative figures were available for 2024.

Puerto Princesa may be reached via nonstop flights from airports in Manila, Cebu, Iloilo, and Davao, while its northern destinations such as Coron and El Nido may be accessed via flights from Clark International Airport in Pampanga and Mactan-Cebu International Airport.

Local tour operators have warned that the transfer of turboprop flights to Clark will likely reduce the desirability of El Nido as a tourism destination, as they will have to charge additional expenses to foreign tourists for their travel from Manila, where most of the latter land, to Clark in Pampanga. (See, ‘Tourism braces for move of turboprop flights to Clark,’ in the BusinessMirror, Jan. 26, 2026.)

The list of hot islands was topped by St. Lucia in the Carribbean region with 125 percent increase in traveler interest on Expedia’s site; followed by Porto Santo, Madeira in Portugal (+85 percent); Praslin, Seychelles (+80 percent); Syros, Greece (+60 percent); and Lofoten Islands, Norway (+50 percent).

Expedia said it released its ‘Next Wave’ of island destinations after searches for islands gained ‘global momentum’ rising an average of 55 percent, yoy, alongside social media mentions, which were up 20 percent.

Alternatives to the traditional

Now in its second year, ‘Expedia’s Island Hot List highlights 10 fast-rising islands offering travelers an alternative to traditional hotspots, combining natural beauty, cultural depth, and sometimes better value,’ said the online travel platform.

In a note on the site, Melanie Fish,Head of Expedia Group Brands Public Relations said, ‘Islands don’t just satisfy the urge to get away, they can also be one of the smartest vacation values, thanks to all-inclusive resorts and bundle savings on [our site].’

Expedia said the islands were chosen based on the platform’s global flight search data made on its point-of-sale allocation from Sept. 22, 2025, to March 22, 2026, for travel any date in 2026, compared to searches made from Sept. 22, 2024, to March 22, 2025, for travel dates in 2025.

The metric on social media mentions covers the period March 10 to June 10, 2026, versus the same period the previous year.

Earlier this year, popular UK-based magazine Business Traveller and the acclaimed US travel guide Frommer’s also named Palawan and its islands among their best destinations to go this year.