Category: Business Mirror

THE Supreme Court (SC) has directed the Executive branch to comment on the petition questioning the constitutionality of Republic Act 12326 which postpones the upcoming barangay and Sangguniang Kabataan (SK) elections to November 2028.

The Court issued the order during its regular en banc session on Wednesday where it tackled the petition filed by election-lawyer Romulo Macalintal.

The comment, according to the Court, should also cover Macalintal et al’s plea for the issuance of a temporary restraining order (TRO) or a status quo ante order or both (SQAO) to stop the implementation of RA 12326.

Named as respondents in the petition were the Office of the President through the Executive Secretary, the Senate, the House of Representatives, and the Commission on Elections (Comelec).

The Court gave them a non-extendible period of five calendar days from notice to comply with the order.

RA 12326, enacted on September 24, 2026, fixed the terms of barangay officials and members of the Sangguniang Kabataan to five years and postponed the November 2026 Barangay and Sangguniang Kabataan Elections (BSKE) to November 2028.

In their petition, Macalintal, along with his co-petitioners, lawyers Antonio Carlos B. Bautista, James Kenneth P. Adolor, and William C. Kyle Santos, argued that the new law violates the electorate’s right to vote by postponing the 2026 BSKE under the guise of fixing the officials’ term of office.

He claimed that it effectively allows incumbent barangay and SK officials to ‘hold over’ their positions for three years, or from December 2025 to November 2028.

The petitioners also questioned the constitutionality of the ‘transitory provision’ of RA 12326, which will deprive incumbent barangay officials of the opportunity to run for another term.

They noted that the assailed law failed to amend Section 4 of R.A. 12232 which governs holdovers.

Section 4 provides that incumbent barangay officials ‘shall remain in office, unless sooner removed or suspended for cause, until their successors shall have been elected and qualified.’

Likewise, the petitioners said the Congress’ habit of allowing incumbent barangay officials to hold over in their positions is tantamount to a ‘legislative appointment,’ which violates the Constitution.

The petitioners also asked the Court to direct the Comelec to continue with its preparations for the November 2, 2026 BSKE elections ‘in a manner that will ensure clear, honest, and credible’ in the event that it rules in favor of his petition.

The petitioners noted that the majority of the people are against the postponement of the BSKE.

THE Korean Cultural Center in the Philippines took part in celebrating Chuseok, or Korean Thanksgiving, through Shaping Hangawi: A Hansik Workshop, offering a cultural and culinary experience on September 24 and 25, 2026, at the Korean Cultural Center in the Philippines in Taguig City.

Chuseok, also known as the Korean Thanksgiving, is one of the most important holidays of Koreans and is often celebrated on the 15th day of the 8th month of the lunar calendar. Koreans usually do various traditions during the festival, including cooking traditional food for the family.

The two-day hands-on experience was led by Korean cuisine researcher Baik Jong Ran, where invited media, cultural partners, and the public got the chance to learn how to prepare some traditional Korean food, including songpyeon and kkochi-jeon, served during the festival.

To give attendees the full Chuseok experience, they also had the opportunity to share and savor japchae and sikhye, some of the traditional dishes commonly enjoyed by Korean families during the holidays.

Offering participants a glimpse into the variety of Korean holiday cuisine, the workshop also featured a food exhibition of some more traditional dishes served during the celebration, including samsaek namul (three-color seasoned vegetables), galbijjim (Korean braised short ribs), torantang (taro soup), and gwail (fruits).

KCC director Kim Myeongjin shares the celebration with Filipinos as the center continues its commitment to connecting Filipinos and Koreans through cultural experiences.

‘This Chuseok celebration is also one of KCC’s ways to show our gratitude for the never-ending support of our partners to our initiative in sharing Korean culture, and the public who continue to join us in our activities.’

Aside from the cooking workshop, the center also offered to the public some traditional Korean games, including Ddakji, Gonggi, and Jegi Chagi, to complete the Korean cultural experience.

CALOOCAN, Las Piñas, Muntinlupa (Bilibid), and Parañaque (Don Bosco) and Parañaque (PEATC) air quality monitoring sites recorded poor air quality, considered to be very unhealthy, the Environmental Management Bureau-National Capital Region reported.

Air Quality Index in the said cities recorded AQI between 151-200 in terms of PM 2.5. Las Piñas recorded the highest at 174, and Parañaque (Don Bosco) recorded 170, according to an Air Quality Monitoring report as of 12 p.m. on September 30, the bureau said.

PM 2.5 refers to fine atmospheric particulate matter with a diameter of 2.5 micrometers or smaller, which is roughly 30 times smaller than a human hair.

The rest of NCR, including Makati, Mandaluyong, Manila, Marikina (Parang and CEMO), Muntinlupa (Filinvest), Navotas, Pasay, Pateros, Quezon City (Ateneo), San Juan City, Tauig and Valenzuela recorded AQI between 101-150, or unhealthy for Sensitive Groups.

EMB-NCR advised the public visiting areas with poor air quality to wear a mask for protection, preferably an N95 mask.

‘Meanwhile, if you live within or near these areas, it is best to stay indoors or limit outdoor time,’ the bureau added.

The EMB-NCR said that for those who belong to the sensitive group, which includes children, the elderly, and pregnant, ‘it is best to observe how you feel and adjust your activities.’

The Philippine Navy (PN) together with the Indian Navy (IN) on Sept. 28 formally opened the 2nd ASEAN-India Maritime Exercise (AIME) 2026 which will run until Oct. 2 in Subic Bay, Zambales.

In a statement Wednesday, the PN said the week-long activity will focus on practical maritime cooperation and engagement.

‘Following the ASEAN Defence Ministers’ Meeting-Plus Experts’ Working Group on Maritime Security Joint Cooperative Activity held last week, ASEAN Member States and India are once again joining efforts to strengthen maritime cooperation, mutual trust, and interoperability among participating navies,’ it added.

With the theme, ‘Anchored in Trust, United at Sea,’ AIME 2026 provides an opportunity for ASEAN Member States and India to translate their shared commitment to maritime cooperation into practical collaboration and greater mutual understanding at sea.

‘The exercise will feature a harbor phase and a sea phase from Sept. 28 to Oct. 2, with coordinated maritime security operations, joint training, and subject matter expert exchanges, providing participating personnel with opportunities to enhance coordination and share knowledge and best practices,’ the PN said.

The 2nd AIME reaffirms the decision of the 19th ASEAN Defence Ministers’ Meeting (ADMM) to deepen engagement with external partners in the maritime domain.

It also serves as a capstone activity in line with the declaration of 2026 as the ASEAN-India Year of Maritime Cooperation.

‘Through AIME 2026, the PN continues to support the country’s defense diplomacy efforts and strengthen maritime partnerships with ASEAN Member States and India, contributing to regional security, stability, and a peaceful maritime environment,’ the PN said.

ABS-CBN Corp. said on Wednesday its shareholders have approved the P6-billion fresh investment in the company, clearing the way for the issuance of additional shares to the new investors and the expansion of its board.

The new capital, announced in August, will come from Crème Investment Corp., Mantes Corp., and Presta Holding Company Inc., which represent three branches of the Lopez family, as well as from Lopez Inc. and new investor IandC Holdings Corp.

Stockholders also approved increasing the ABS-CBN Board of Directors to nine from seven members to make room for representatives of the additional investors.

The proposals were approved by stockholders representing 83 percent of ABS-CBN’s outstanding voting shares.

The approved amendments to ABS-CBN’s Articles of Incorporation, which cover the increase in the number of shares the company may issue and the expansion of its board, will be submitted to the Securities and Exchange Commission (SEC) for approval.

ABS-CBN earlier said the new investments are part of its continuing efforts to build ‘the new ABS-CBN.’

The company expects its current momentum to carry the company back to profitability after slashing its debt by more than half, cutting overhead spending by 54 percent, and rebuilding revenues to their highest level since it lost its broadcast franchise in 2020.

The media conglomerate has brought down its outstanding debt to just under P8.5 billion from P20.5 billion in 2019, excluding Sky Cable Corp.-a 58-percent reduction achieved largely through asset sales, ABS-CBN President and CEO Carlo Katigbak said.

The company has also fundamentally restructured its cost base. General and administrative expenses and manpower costs, excluding Sky, fell to a combined P6.9 billion in 2025 from P15 billion in 2019, before the franchise loss.

Revenues excluding Sky reached P12.6 billion last year, the highest since the shutdown of its free-to-air operations. This compares with P9.3 billion in 2021, the first full year without a franchise, though still well below the P33.2 billion it generated in 2019.

Recurring net loss excluding Sky, before one-time gains and losses, narrowed to P2.5 billion in 2025 from P8.3 billion in 2020, with losses shrinking every year since.

The Overseas Workers Welfare Administration (OWWA) will repatriate the remains of the two Filipino passengers who died when a bus crashed on a motorway while en route to Munich, Germany, for the Oktoberfest beer festival over the weekend.

‘Arrangements for the repatriation of the remains of the two passengers who passed away are underway, in close coordination with and in accordance with the wishes of their families,’ OWWA Administrator Patricia Yvonne M. Caunan said in a statement issued last Wednesday.

The said bus came from Milan and was at the A96 highway near Buchloe, Bavaria headed to Munich, when the incident happened last Sunday, which killed the two Filipinos and seriously injured eight other Filipino tourists.

Caunan is currently in Germany to help the Department of Foreign Affairs in assisting the Filipino victims of the said incident.

‘We extend our deepest sympathies to the bereaved families of the two Filipinos who lost their lives. You are not alone. The Philippine Government will continue to stand with you and provide the assistance you need,’ she said.

She reported the Philippine government has transported seven of the affected passengers back to Milan, while 20 others returned to the Italian city through private arrangements made by their families.

The OWWA chief said three passengers remain in hospitals in Bavaria and continue to receive medical care.

‘One passenger has been discharged from the hospital and will be transported to Milan with OWWA assistance,’ Caunan said.

The Department of Migrant Workers (DMW) and OWWA will be providing legal aid to the affected Filipino passengers.

The Department of Agriculture (DA) said only a fraction of farmlands in New Clark City, Tarlac will be affected by the United States-led Pax Silica initiative.

Agriculture Secretary Francisco Tiu Laurel Jr. confirmed to the BusinessMirror that some 266 farmers tilling 410 hectares will feel the adverse impact of the project’s planned development, citing the DA’s official assessment.

‘We will request that farmers be given an alternate planting area and support them in the first year with seeds and fertilizer,’ he recently told this newspaper.

He added that assistance would also come from the Bases Conversion and Development Authority (BCDA) and other government agencies.

‘We are hoping that they will be given regular jobs, especially in construction, for those who are not interested in farming.’

Pax Silica is a coalition focused on strengthening cooperation among participating economies in semiconductor and other critical technology supply chains.

Agriculture group Sinag called on the government to place safeguards in the proposed Pax Silica development to ensure that this would not affect the farm sector.

While not opposed to investment or economic diversification, Sinag Executive Director Jayson Cainglet said the planned Pax Silica development should not reduce the country’s capacity to produce its own food.

‘The government should not create a false choice between economic development and food security, (because) we need both,’ he said.

‘Pax Silica and other projects must not be pursued by sacrificing the country’s agricultural production capacity and rural livelihoods.’

He called on the government to put in place several safeguards before projects under Pax Silica or similar large-scale industrial initiatives are approved. This should include an impact assessment, comprehensive mapping of potentially affected farms and agricultural areas, and no displacement of agricultural livelihoods.

For the group, development should complement agriculture rather than compete with it.

While the planned Pax Silica development must proceed, the group noted that it should not be at the expense of agricultural land, irrigation water, farmers’ livelihoods, environmental quality, and food security.

WITH Taiwan among the Philippines’ closest partners in Asean, Taiwanese firms are looking to the country as a prime spot to expand their businesses, hoping to build deeper commercial and technology partnerships.

At the recent Taiwan Expo 2026, about 125 Taiwanese firms introduced their solutions and services to the Philippines, focusing mainly on potential investments in digital and physical infrastructure and addressing uneven access to essential services across the country.

In his opening remarks, Deputy Minister of the Ministry of Economic Affairs Dr. Chin-Tsang Ho said the Philippines and Taiwan already have a strong foundation, as both share important economic and industrial partnerships, especially with complementary industries.

‘Taiwan and the Philippines have long enjoyed close economic ties with…complementary industries,’ Dr. Ho said. ‘We already have a strong foundation in electronic manufacturing, ICT, semiconductors, smart technologies, and energy, creating even more opportunities for deeper industrial cooperation.’

He also hoped the linkage with Japan could include the Philippines, saying the three working together would open new opportunities to explore.

‘Through Taiwan-Japan cooperation and fair markets…we can combine Taiwan’s technology and manufacturing strength, Japan’s industrial resources, and the Philippines’ local market and talent to explore new opportunities in smart cities, bring transformation, and industrial operations,’ the official added.

He also shared that the Taiwan-Japan-Philippines Industrial Cooperation Forum took place alongside the event.

Diversifying operations

IN total, Taiwan brought 125 firms to the expo, representing the lifestyle, energy, healthcare, agriculture, and industrial sectors. Additionally, it shone a spotlight on the semiconductor sector.

James C. F. Huang, who chairs the Taiwan External Trade Development Council or TAITRA, said on the sidelines of the event that Taiwan companies are looking at the Philippines to diversify their operations.

‘Because of the restructuring of our proposed partnership, Taiwanese companies are trying to diversify their operations, and the Philippines has become one of the most favorable destinations for Taiwanese companies in electronic manufacturing and semiconductor-related industries,’ Huang explained. ‘The Philippines is our closest neighbor in terms of Asean-based countries. [It is one of the most vibrant economies in the entire region]…it also has a very young population and a huge domestic market.’

When asked which industry would benefit most from this partnership, Huang projected that technology-related industries, particularly those incorporating artificial intelligence, would see the most success, especially as they overlap with other sectors such as healthcare. According to him, ‘We are very interested in working with Filipino companies in the area of new technologies, particularly in the field of AI applications.’

He added that they ‘can be seen in… smart healthcare: they use a lot of [AI] technologies,’ and that things like edge computing, industrial PC, automation and smart manufacturing were among the beneficiaries.

Huang added that Taiwan companies are interested in working with electronic manufacturing-related industries.

He projected that the expo will bring substantial business deals: ‘We think there’s potential [in Taiwanese-Philippine cooperation]… we estimate that this year’s Taiwan Expo…will facilitate business deals for more than $100 million.’

the environmental scanning. Financial analysis and risk-based assessment is my recommendation of tools and practices that the BIR can pursue to totally reform the audit and LOA system.

What could ESFARBA change in practice?

First, focus. Revenue officer time can be concentrated on the issues with the greatest tax significance instead of giving equal attention to every account and transaction.

Second, taxpayer burden. A risk-focused audit can lead to more specific document requests and fewer repetitive submissions, thereby reducing the time, effort, and hopefully, costs.

Third, speed. When risks, procedures, responsibilities and deadlines are set out in an audit plan, supervisors can detect stalled cases earlier.

Fourth, assessment quality. Each proposed finding can be traced from risk indicator to evidence, taxpayer explanation, legal basis and computation. Unsupported risk hypotheses should be closed rather than turned into assessments merely because they looked suspicious at the start.

Fifth, supervision. Section chiefs and division heads can monitor open risks, outstanding documents, case aging, issues resolved and sustainable findings-not merely the peso value initially proposed.

There are safeguards to consider. Risk models can generate false positives. Financial ratios differ across industries. Third-party data may be incomplete. Algorithms should not become black boxes, and an unusual number should never substitute for evidence, due process, or professional judgment.

Revenue Memorandum Order 1-2026 has already changed the architecture of BIR audit through the single-instance audit framework, risk-based taxpayer selection, stronger documentation, greater accountability, and closer review of audit work. The next challenge is to transform not only who gets audited, but how the audit itself is conducted. This is where ESFARBA can make a difference. By combining Environmental Scanning, Financial Statement Analysis, and Risk-Based Audit, the BIR can move from broad, document-heavy examinations toward focused, issue-based audits that are faster, better supervised, less burdensome to compliant taxpayers, and more likely to produce assessments that are factually sound, legally defensible, and collectible.

The real test of tax administration is not how many LOAs are issued, how many documents are demanded or even how large the initial assessments appear. The better measures are whether the right taxpayers and issues were selected, whether scarce audit resources were directed to the greatest risks, whether taxpayers were treated fairly, and whether the resulting assessments can withstand protest, judicial scrutiny, and collection. The future of BIR audit should therefore not be ‘audit more,’ but ‘audit smarter.’ ESFARBA offers a practical way to do exactly that: understand first, analyze next, focus on the risks, test the evidence-and assess only what can truly be defended and collected.

In the end, the best audit is not the one with the biggest assessment-it is the one that asks the right questions, finds the right issues, reaches the right tax, and gets it right the first time.

The BIR in recent months has already changed the architecture of BIR audits: one audit authority as the general rule, risk-based selection, clearer accountability, documented taxpayer interactions, and a forthcoming measure of a stronger quality review. ESFARBA describes one possible operating methodology for carrying those reforms deeper into the actual conduct of the examination. The same analytical sequence can also be applied conceptually to customs examinations, local-government tax audits, and other revenue-compliance work where limited enforcement resources must be directed to the most significant risks.

Whether ESFARBA becomes part of the future BIR audit model is ultimately a policy and implementation choice. But the professional logic is familiar: do not begin by asking for everything. Begin by understanding the taxpayer, understanding the numbers, and identifying the risks. Then focus on the most important issues that may result in the greatest amount of tax assessments. Then, test what matters-and make every finding defensible.

Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the Chairman of the Professional Regulatory Board of Accountancy, and a partner of Reyes Tacandong and Co. and SyCip Gorres and Velayo and Co. He is a Certified Public Accountant who ranked No. 1 in the CPA Board Examination in May 1979. He provides tax practice and advisory services with his firm, JL2T Consulting. He can be contacted at joeltantorress@yahoo.com.

Bianca Pagdanganan shot a three-under 67 for a share of third spot after the first round of women’s golf in the Asian Games on Wednesday at Kasugai Country Club East Course.

Shannon Xuan Yin Tan of Singapore fired a sizzling seven-under 63 to take the lead, while Pranavi Sharath Urs of India was second at 66.

Bianca, an Olympian and Ladies Professional Golf Association player, stood four strokes off the pace and was bunched with Women’s PGA Championship winner Ruoning Yin of China, Taipei’s Hsu Wei Ling and Thailand’s Arpichaya Yubol.

Former US Girls Junior and US Women’s Amateur champion Rianne Malixi had a 70 and was tied for 14th. Pauline del Rosario, who campaigns in the US tours, shot a 78 for 36th spot.

In men’s play, Japan Golf Tour campaigner Justin de los Santos fired a two-under 68, three strokes off the pace.

Asian Development Tour winner Carl Corpus fired a 69, while Asian Tour winner and Philippine Open champion Miguel Tabuena had an even-par 70.

Japan’s Higa Kasuki and Taipei’s Wang Wei-Hsuan shared the lead with a 65, while India’s Saptak Talwar, South Korea’s Mun Doyeob, China’s Zheng Yunhe and Japan’s Keita Nakajima were tied for third place at 66.

SoKor golfers seeking military exemption

A gold medal for two South Korean golfers at the Asian Games would mean more than a chunk of metal to dangle around their necks.

For Kim Joo-hyung and Kim Seong-hyeon, winning gold at the Asian Games-in the men’s individual or team event-would excuse them from mandatory military service at home.

Kim Joo-hyung goes by Tom Kim when he plays on the PGA Tour, and Kim Seong-hyeon goes by S.H. Kim.

Under any name, they got a good start in the first round on Wednesday toward landing the exemption. The final round is Saturday.

‘I am 100% nervous,’ S.H. Kim said. ‘A lot of pressure.’ He added he’s struggling with knee and back injuries and was not optimistic about his chances in the individual event.

‘Team gold is easier,’ he said.

Japan led the men’s team competition after the first round, with South Korea and China two strokes behind.