Category: Business Mirror

THE Australian government has allocated an initial 5-year AUD45 million, or roughly P2 billion, grant to the Philippines to foster private sector growth and support key areas, including clean energy, infrastructure and inclusive economic development.

Assistant Minister for Foreign Affairs and Trade Matthew James Thistlethwaite said during a launch last Tuesday that Australia wants to help the Philippines realize its ‘enormous’ potential through its flagship economic initiative dubbed ‘Progress.’

The initiative, called ‘Promoting Growth, Resilience, Economic Stability and Sustainability,’ seeks to support the country through targeted reforms to boost investment and trade and improve the ease of doing business.

‘We see [Southeast Asia] as an economic powerhouse of the future and one that has great potential and opportunity to develop and improve the living standards of the Filipino people and Southeast Asians more broadly,’ Thistlethwaite said in a separate news briefing.

The initiative will concentrate on renewable energy development, including establishing a carbon market and developing the offshore wind industry, as well as infrastructure development and reducing red tape.

It also aims to provide equal economic opportunities for women, people with disabilities and marginalised groups, Thistlethwaite added.

While the Australian government has not disbursed funding to specific projects yet, it has begun the scoping phase and worked with various Philippine government departments to identify projects and determine whether they meet the program’s objectives and make economic sense.

The subsidiary arrangement for Progress has been signed by Finance Secretary Frederick D. Go and Australian Ambassador Marc Innes-Brown PSM last March. The funding is a grant, not a loan, so there is no repayment period or interest.

Speaking at the launch, Go said the grant is a ‘timely investment’ in the Philippines, reflecting Australia’s commitment and confidence in the country’s development priorities.

‘The Philippines has reached the threshold for the upper middle income classification, and our focus now is to attract even more high multiplier investment, build industries and create more and better jobs,’ Go said.

‘Growth must translate into opportunity. Progress can help by improving the investment environment and strengthening the government’s capacity to deliver reforms,’ he added.

Progress is part of Australia’s broader efforts to drive global economic growth. ‘Our government has developed a strategy for deeper engagement with Southeast Asia, and it’s our plan up to 2040 to expand trade, to increase investment and to enhance business,’ Thistlethwaite said.

PDIC to sell Luzon assets

THE Philippine Deposit Insurance Corp. (PDIC) is set to offer for sale 76 properties based in Luzon through electronic public bidding (e-bidding) via the PDIC Assets for Sale site with bids accepted starting at 9:00 a.m. on October 21 until 1:00 p.m. on October 22, and the opening of bids at 2:00 p.m. on October 22, In a statement, the PDIC said headlining the portfolio are 14 residential properties in Laguna. The e-bidding will also offer a dozen vacant agricultural and five vacant residential properties in Palawan. Minimum bid prices start at P64,270.00, the statement read. Other assets to be sold are 19 vacant residential properties, 13 properties classified as residential with improvements, 6 vacant agricultural properties, 5 properties classified as mixed residential/agricultural, and 2 properties classified as agricultural with improvements.

BPI touts award

THE Bank of the Philippine Islands (BPI) announced it has been recognized as the country’s ‘Best Bank for SMEs’ by the Haymarket Media Group, the privately-owned media firm behind the ‘FinanceAsia Awards 2026.’ A statement by the lender read the award ‘[affirmed] its commitment to helping small and medium enterprises (SMEs) access financing, manage their businesses, and pursue growth.’ ‘The recognition highlights BPI’s continued efforts to be a trusted banking partner for Filipino entrepreneurs through tailored financial solutions, digital innovations, and initiatives that respond to the evolving needs of businesses,’ the statement further read.

The claims for compensation of families affected by the Cebu Bus Rapid Transit (CBRT) project remain under review as Cebu City officials work to determine the payments due to private property owners, with the project’s September 30 loan deadline fast approaching.

Kenneth Siasar, chief of staff of Cebu City Mayor Nestor Archival, said some affected families have yet to receive compensation for properties used by the Department of Public Works and Highways (DPWH).

‘There are affected families that have problems because they were not given yet what is due to them,’ Siasar told reporters.

He clarified that the outstanding payments involve affected private properties under the DPWH, rather than claims being processed directly by the Cebu City government.

Siasar said the city has received communication on the matter and is now working to reconcile the concerns, including reviewing the list of affected families and the documentation supporting their claims.

He said Archival had instructed officials to look into the complaints and determine the appropriate compensation based on existing guidelines.

‘The mayor said, ‘okay, I will look at the complaints. And then, give me the list of the affected families. And then, as to the amount, as to how much, we will see if there is proper documentation. And then, if and when it is within the guidelines, we will consider it,” Siasar said.

While some affected families already have places to stay, Siasar said the city recognizes the need to address the compensation that remains due to them.

Asked whether funds would be downloaded to the local government so it could directly pay the affected families, Siasar said this would depend on the applicable guidelines and whether the claims qualify.

Siasar said he had received the latest communication on the issue only last week.

He added that a meeting with the mayor is expected, following an earlier discussion with Archival on the concerns raised by affected families.

The city government is also assessing how the matter will proceed, including whether the concerns would be appealed or addressed through the existing process.

‘We will reconcile,’ Siasar said, adding that the mayor’s office, together with the legislative side of the city government or the office of the vice mayor, would work to ‘cover all bases.’

‘We are moving forward in the preparation,’ he said.

The compensation issue comes as the September 30 deadline for the CBRT loan draws near, putting added urgency on the city’s preparations for the mass transport project. CBRT, a major public transportation infrastructure project for Cebu, requires right-of-way acquisition and affects private properties along its alignment.

Compensation and relocation of affected families have been among the concerns accompanying the project’s implementation.

Siasar did not provide a specific amount or number of families covered by the outstanding claims during the briefing.

He said the city would first have to review the submitted list and supporting documents before determining which claims may qualify for payment under the applicable guidelines. Carmel Pedroza

PLEASE pray for the eternal repose of the soul of Recah Trinidad, who had passed on at 83 on Sept. 13 after a heart attack.

My mentor, idol and glass mate for the longest time, Recah was one of the best sports writers and sports columnists-if not the best-this country has ever produced.

If America had Jim Murray, Red Smith or Jimmy Cannon as icons of sports writing, the Philippines has only Recah Trinidad to match their combined talents.

Recah’s ‘Bare Eye’ columns appeared for decades at the Inquirer, chronicling, commentating on, sporting events and personalities in a unique manner that kept many readers mostly enthralled.

A rabid anti-cliché, Recah loved crafting original lines, embellishing his pieces with imagery rarely found among his peers.

His prose resembled poetry so that his brand of journalism bordered on literature. Maybe because he was a Palanca awardee in poetry in 1978?

His two books were classic examples of how to write with exactness, churning out words, sentences and paragraphs without word wastage.

His first book was about the Pasig River-the beloved river of his youth in Mandaluyong City where he was born and raised. His second book was about Manny Pacquiao’s epic rise from abject poverty to boxing stardom and unimaginable wealth.

We covered together Pacquiao’s conquest by knockout of Erik Morales in 2006 in Las Vegas, Nevada, 21 years after our coverage of San Miguel Beer’s phenomenal stint in the World Club Basketball Championship in Girona, Spain, in 1985.

Our last overseas joust together was the 2000 Sydney Olympics, where Recah brought kambing adobo for pulutan at the Olympic Village.

But the one trait that amply put Recah to a pedestal was his love for what the American Indians call the ‘crazy water’ aka alcohol. His writing skill was matched only by his drinking prowess.

There were nights when fellow sportswriter Ding Marcelo and I tried to ‘out-drink’ Recah. It was all in vain.

Only once did I beat Recah, when he simply slumped on the table and fell asleep. At maybe 4 in the morning.

Recah must have gulped all kinds of drinks the world had to offer: beer, wine, whiskey, brandy, cognac, rhum, gin, bourbon, champagne, sake, soju. Sky was the limit.

Eventually, Torres brandy of Spain became his lifetime pal.

It was through Recah that I had met and clinked glasses with literary giants like Nick Joaquin, Pete Lacaba, Greg Brilliantes, Wilfrido ‘Ding’ Nolledo and Erwin Castillo.

Danny Dalena, the quintessential painter, also became a very close friend of mine because he was friends with Recah.

Recah was tone-deaf but on drunken nights, he’d suddenly belt out Elvis Presley’s ‘Are You Lonesome Tonight’ with gusto. A ca pella.

‘Let It Be’ was his favorite Beatles song.

There will never be another Recah Trinidad. He was as original as Michael Jordan.

THAT’S IT Tickets are sold out for my good friend Richard Reynoso’s historic concert on Saturday, Sept. 26, at Teatrino, Promenade, Greenhills in San Juan City. Historic because it will mark the balladeer’s 40th year in a singing journey punctuated by unparalleled excellence in a highly-competitive world of glitz and glamor. Richard, also a distinguished Board Member of the Movie and Television Review and Classification Board, has a high-impact cast of guest singers that include Chad Borja, Andrea Guttierez, VR Caballero, Jay-R Dizon and Rannie Raymundo, among others. Show starts promptly at 8 p.m. Cheers!

Smart Communications Inc. subscribers can now use premium artificial intelligence (AI) tools for as little as P49 a week, paid through their mobile accounts instead of a credit card, after Smart Communications Inc. launched AI.Smart with Avtica.ai and Amazon Web Services (AWS).

AI.Smart, powered by Avtica, is an AI workspace that runs on AWS and draws on multiple AI models through Amazon Bedrock. Subscribers can ask questions about their own files and get cited answers, draft and summarize documents, build spreadsheets, create presentations and images, and analyze data in English, Filipino, or Taglish.

Lloyd Manaloto, FVP and head of Strategy and Corporate Brand at Smart, said in a press briefing that the company saw a gap between subscribers who pay for premium AI and those who rely on free versions.

‘A few days before that, we were actually looking at some stats, and we kind of noticed there were already millions of AI users in our network. But when we asked, most of them were using the free model. In other words, they’re not maximizing,’ Manaloto said. ‘We realized there is now a gap between those who can pay for premium services and those who just use free.’

Smart is packaging the service the way it has sold prepaid load for years, in small, time-bound bundles.

Winston Damarillo, CEO of Avtica.ai, said the product was built by Filipinos for Filipinos, with AWS as a key component.

‘We’re so blessed and happy that we’re partnering with Amazon as the key ingredient and component for what provides the intelligence for AI.Smart.’

He said the launch was ‘probably one of the fastest’ done at Smart and PLDT, and that free and low-cost access is only the first step.

‘We want to show you what we can do by ourselves. We no longer need foreign providers. We can do this ourselves,’ he said.

Avtica plans to take the same model, which combines a national mobile operator, a local cloud region, frontier models through Amazon Bedrock, and a localized workspace, to markets in Southeast Asia, Latin America, Africa, and South Asia, with the Philippines as its proving ground.

TRADE between China and the Association of Southeast Asian Nations is expected to hit another historical high this year as economic ties between the two sides continue to expand despite growing uncertainty in global trade, Chinese Vice Minister of Commerce Yan Dong said on Monday.

‘The Asean-China trade volume is expected to create another historical new high,’ Yan said during the 25th Asean Economic Ministers-Ministry of Commerce Consultation in Pasay.

The trade volume reached $1.05 trillion in 2025, crossing the $1-trillion mark for the first time. In the first eight months of 2026, Asean-China trade grew 25.6 percent, Yan said.

The continued expansion in trade comes as businesses across the region contend with higher energy and commodity costs, supply-chain disruptions, and a more uncertain global trading environment.

Trade Secretary Ma. Cristina Roque said the scale of the Asean-China economic relationship carries a responsibility for both sides to remain responsive to the needs of their economies and people.

‘For businesses, the effects appear in higher fuel and shipping costs. For families, they are felt in prices of transport, electricity, food, and other daily needs,’ Roque said.

Roque said the region cannot prevent every disruption but closer cooperation could strengthen its ability to respond and adjust to changing conditions.

Yan also called for closer cooperation between China and Asean amid what he described as growing unilateralism and protectionism in global trade.

‘China and Asean countries should work together to address difficulties and challenges, jointly defend our interests in economic cooperation and trade, promote the prosperous development of regional economy, and continuously create certainty to global economic and trade exchanges, and also create certainty,’ Yan said.

The Chinese official said additional tariffs and economic and trade frictions were affecting global economic growth, underscoring the need for greater certainty in regional trade.

The push for stronger economic ties also extends to Asean’s partnerships with Australia and New Zealand, as the bloc seeks to adjust its economic cooperation to shifting trade and investment patterns.

Trade Undersecretary Allan B. Gepty said two-way trade between Asean and Australia and New Zealand reached $153.9 billion in 2025.

The partnership has also expanded beyond traditional trade to areas such as digital trade, economic resilience, micro, small, and medium enterprises [MSMEs] development, and sustainable growth.

Gepty said Asean should make fuller use of the modernized trade framework with Australia and New Zealand while strengthening cooperation in digital trade, helping MSMEs more actively in regional and global value chains, and improving supply-chain resilience.

‘At the same time, as the global trading environment becomes more complex, our partnership can provide a platform for closer dialogue and coordination on emerging economic issues,’ he also said.

THE Philippines has exported its first-ever commercial shipment of fresh Carabao mangoes to Vancouver, Canada, further expanding access to new markets.

The 1-metric-ton (MT) shipment, comprising 250 cartons, left the Naia Complex in Parañaque City on September 18, bound for Vancouver.

Fresh Makers Ltd., a Vancouver-based distributor serving supermarkets and institutional buyers, is importing the mangoes, with Air Canada handling the air transport and Airspeed Cargo providing logistics support.

Agriculture Secretary Francisco Tiu Laurel Jr. said the shipment forms part of the government’s broader strategy to open new markets for Philippine farm products and raise agricultural export earnings.

‘Opening new markets means opening new opportunities for our farmers. When we can sell more Philippine agricultural products abroad, we create opportunities to increase farm incomes, encourage more investment in agriculture, and bring greater economic activity to the countryside,’ Tiu Laurel said.

He added that stronger farm exports could generate opportunities across the farm-to-market value chain, from production and consolidation to logistics, processing, and distribution.

The sendoff was made possible by a partnership between Mensch FilAm Corp. and the Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB) under its Outbound Business Matching Mission program.

FilAm President and CEO Racquel Simon stressed the role of public-private partnerships (PPP) in bringing local farm products to international consumers.

‘This shipment represents not only the pride of Filipino farmers but also the strength of public-private partnerships in bringing our agricultural products to the global stage,’ Simon said.

For its part, the Department of Agriculture (DA) said it has been ramping up its efforts to bolster the domestic mango industry’s capacity to meet export requirements and sustain access to international markets.

The agency added that over 40 mango growers’ groups have been consolidated into a single federation to improve industry coordination, supply consolidation, and market access.

The Bureau of Plant Industry (BPI), an attached agency of the DA, is also tackling disease concerns affecting mango production and strengthening plant health measures needed to meet export market requirements.

BPI and Mitsui and Co. also forged an agreement to support the development of the Philippine mango industry, further enhancing efforts to expand opportunities for local mango growers and exporters.

‘For mango growers, the real test begins after the ceremonial send-off. Sustained orders, competitive freight costs, consistent quality, and reliable supply will determine whether Canada becomes a durable market for Carabao mangoes, rather than simply another destination on the export map.’

The Philippine National Police (PNP) on Tuesday hailed the Senate for its approval of two landmark child-protection bills aimed at boosting security in schools and online spaces.

Senate Bill No. 2426, also known as the proposed Comprehensive School Safety Act, seeks to establish a National School Safety Framework covering prevention, response and recovery from threats in schools.

It also requires localized safety plans that may include CCTV cameras, counseling services, emergency response systems, additional security and anonymous reporting. The measure also regulates the use of mobile devices during class hours.

The bill was approved amid renewed concerns over campus violence following the Sept. 18 shooting at Banga National High School in South Cotabato, where two students were killed and several others were wounded before the 16-year-old gunman took his own life.

Meanwhile, Senate Bill No. 1819, or the proposed Sagip Bata Act, aims to address online sexual abuse and exploitation as well as emerging technology-enabled threats against children.

It covers grooming, luring, sexual extortion, image-based abuse, live-streamed exploitation, and AI-generated or manipulated sexual content involving children.

The measure also requires online platforms, internet intermediaries, payment service providers and virtual asset providers to strengthen child-safety measures, reporting mechanisms and digital evidence preservation.

In the same statement, PNP chief Gen. Jose Melencio Nartatez Jr. said the police organization stands ready to support the implementation of the Comprehensive School Safety Act and the Sagip Bata Act.

He added that these measures reinforce the need for stronger protection of children in both physical and digital spaces.

‘The PNP welcomes the Senate’s approval of these child-safety measures. We stand ready to work with DepEd, local governments, and communities to ensure schools remain secure and protective environments for our learners,’ he said.

Nartatez said the PNP is also focusing on threats that reach children through the internet, particularly as offenders use digital platforms to target young victims.

‘Our Anti-Cybercrime Group is intensifying monitoring of online platforms where children may be groomed, exploited, or recruited. We are strengthening digital forensics, evidence preservation, and coordination with service providers,’ the PNP chief said.

Nartatez also called on students facing threats or abuse to seek help immediately and report incidents to authorities.

‘To students who may be experiencing threats, bullying, grooming, or abuse, we want you to know the police are here to help. Report incidents immediately so we can act to protect you,’ the PNP chief said.

THE Bureau of Customs (BOC) filed criminal complaints against the owner, representatives of an importer, a customs broker and several of its own personnel over agricultural shipments misdeclared as chicken products that arrived last June 2025.

The BOC said through a statement it filed six criminal complaints before the Department of Justice (DOJ) last Tuesday involving shipments consigned to Berches Consumer Goods Trading.

The BOC said physical examinations of the shipments found 15,029 sacks of fresh white onions and 2,164 boxes of fresh carrots, despite the shipments being declared as ‘chicken lollipops.’

The agricultural products were also not covered by the required Sanitary and Phytosanitary Import Clearance issued by the Bureau of Plant Industry.

According to the BOC, the shipments allegedly violated Section 1401, in relation to Sections 1400 and 117, of Republic Act (RA) 10863, or the Customs Modernization and Tariff Act (CMTA), for fraudulent misdeclaration and importation of regulated agricultural products without the necessary clearances.

Complaints against Customs personnel also stem from Section 1431 of the CMTA, which penalizes willful neglect of duties, enabling another person to defraud the government of customs revenue and negligently or deliberately allowing another person to violate the law.

The Customs Intelligence and Investigation Service separately endorsed administrative charges against the concerned BOC officials and personnel to the agency’s Prosecution and Litigation Division for hearings under the Revised Rules on Administrative Cases in the Civil Service.

‘These enforcement actions are intended not only to hold violators accountable but also to send a clear message that attempts to circumvent customs laws and regulations will be met with decisive action,’ the BOC said.

‘The BOC continues to strengthen its enforcement presence to create a strong deterrent against smuggling and other illicit activities while ensuring that legitimate businesses and compliant stakeholders are protected,’ it added.

Customs Commissioner Ariel F. Nepomuceno said the BOC would not only come after smugglers and their accomplices but also against its own personnel found to have participated, facilitated or benefited from illegal activities.

The filing of the six complaints brings the BOC’s total number of criminal cases filed to 96, involving 288 respondents.

From 2025 to 2026, the BOC has, likewise, seized P13.7-billion worth of goods, as it steps up enforcement against illicit and misdeclared goods.

WHILE financial exclusion fell from 56 percent in 2017 to 19 percent in 2025, a central bank official pointed out that lack of access to banking and financial services remains rampant in agriculture, youth and informal sectors.

Bernadette Romulo-Puyat, Deputy Governor of the Bangko Sentral ng Pilipinas (BSP) for the Regional Operations and Advocacy Sector, emphasized that behind these numbers are millions more people who can open an account, make a digital payment, save safely and connect to formal financial services.

‘But as I mentioned before, access is only a starting point,’ Romulo-Puyat said during the ‘Asean-EU Business Summit 2026,’ thus, raising these questions: ‘Can a family meet its daily needs and still prepare for an emergency? Can a farmer recover after a bad harvest? or can workers save for old age?’

As such, another central bank official divulged which segments are still ‘financially excluded’ in the country.

Mynard Bryan R. Mojica, Director for Financial Inclusion Office at the BSP, said in terms of segments, financial exclusion is ‘still very high’ among farmers, the youth and informal workers.

‘So in terms of segments where financial exclusion is still very high, we’re looking at the agriculture sector, the farmers, where you have around 3 out of 10 farmers are [financially] included. So 7 out of 10 are excluded. You also have interestingly-the youth sector also has a large exclusion, because even if they are tech savvy, they have smartphones. They use that smartphone not for financial transactions, but basically for social media.And then you have the informal sector workers,’ Mojica said during the summit.

At the individual level, Mojica said the central bank still sees ‘lack of money’ as the main reason why many Filipinos are financially excluded.

‘So if you have a limited disposable income, where is the ownership in that puzzle? And of course, as a central bank, we can only do so much in terms of addressing that lack of money problem,’ added the BSP official.

Meanwhile, Romulo-Puyat explained that the central bank is not only working on expanding financial access in the country. Beyond this, she said the BSP also aims to ‘measure and improve financial health’ in the country.

‘Missing layer of protection’

WITH insurance remaining a ‘missing layer of protection’ among many households and businesses, the BSP deputy governor said the central bank is set to expand access to insurance through banks by updating its bancassurance guidelines.

‘Banks already have trusted relationships with their clients. By making it easier for them to offer appropriate insurance because alongside banking products and services, we can help more families get insurance. At the end of the day, this is really about giving people greater confidence in their future,’ added Romulo-Puyat.

On the sidelines of the summit, she told reporters that the updated bancassurance guidelines were slated to be released this year to give banks more options to provide insurance products outside their own conglomerates.

‘It should be this year. Now, it’s within the conglomerate but we’re expanding it. It’s really supposed to be for this year, the exposure to expand bancassurance,’ added Romulo-Puyat.

As to what has caused the delay of the issuance of guidelines, she added: ‘I’m sure not that major because we are pushing for it. I don’t think anybody will be against it. Because it’s just giving banks more options…to provide insurance.’