Category: Philippines Daily Inquirer

Sulfur dioxide (SO2) emissions from Taal Volcano in Batangas province increased over the past 24 hours amid continued seismic unrest, the Philippine Institute of Volcanology and Seismology (Phivolcs) reported on Friday (Aug. 28).

Taal released 381 metric tons of sulfur dioxide, although the emission level remained classified as ‘weak.’ The figure was higher than the volcano’s average daily SO2 emission of 271 metric tons recorded from Aug. 20 to 27, according to Phivolcs’ morning bulletin.

The volcano also remained seismically active during the monitoring period.

Phivolcs detected 18 volcanic earthquakes, accompanied by a volcanic tremor that lasted for 504 minutes.

On Aug. 27, state volcanologists recorded 32 volcanic earthquakes and one tremor. The previous day, the agency logged 17 earthquakes and one tremor.

From Aug. 20 to 25, Taal recorded a total of 162 volcanic earthquakes and nine episodes of volcanic tremor.

Phivolcs defines volcanic earthquakes as those ‘generated by magmatic processes or magma-related processes beneath or near an active volcano.’

‘Unlike tectonic earthquakes that are produced by faulting, volcanic earthquakes are directly produced by many processes and are, therefore, much more varied in characteristics,’ the agency explained.

Volcanic tremors, meanwhile, are continuous seismic signals with regular or irregular oscillations and low frequencies, typically ranging from 0.5 to 5 hertz, that can last for more than a minute.

Phivolcs also reported no upwelling of hot volcanic fluids in the main crater lake on Volcano Island, which is located at the center of Taal Lake.

No volcanic smog, or ‘vog,’ was also observed during the monitoring period.

Taal Volcano remains under Alert Level 1, indicating a low level of volcanic unrest.

A total of 44,003 children aged 6 to 59 months in Oriental Mindoro have been vaccinated against measles and rubella as the province continues its Measles-Rubella Supplemental Immunization Activity (MR-SIA).

The figure represents 51.05 percent of the province’s target of 86,196 children, according to the Ligtas Tigdas tracker of the Department of Health in MIMAROPA as of 7 a.m. on Aug. 27.

The tracker also showed that 41,970 children, or 48.69 percent of the target, had received Vitamin A supplementation.

The vaccination campaign continues across Oriental Mindoro to reach eligible children and protect them against measles, locally known as tigdas, and rubella or tigdas-hangin.

Health workers, local governments and partner organizations are working together to bring vaccination services closer to communities, including through fixed and temporary vaccination posts.

Parents and guardians are being urged to have their children vaccinated even if they do not have vaccination records.

They may bring children aged 6 to 59 months to the nearest fixed or temporary vaccination post until Sept. 4, 2026, according to the latest advisory from health authorities.

Among Oriental Mindoro’s municipalities and cities, Bulalacao recorded the highest MR vaccination coverage at 66.49 percent, with 3,448 of its 5,186 target children vaccinated.

It was followed by Roxas with 62.80 percent (3,817 of 6,078), Naujan with 56.99 percent (5,664 of 9,938), San Teodoro with 54.24 percent (1,037 of 1,912), Gloria with 53.95 percent (2,542 of 4,712), and Victoria with 51.52 percent (2,524 of 4,899).

Calapan City recorded 6,261 vaccinated children, equivalent to 51.46 percent of its 12,167 target.

Other towns have narrowed down their vaccination coverage rates: Pinamalayan, 50.96 percent; Baco, 50.23 percent; Bansud, 49.01 percent; Pola, 49.01 percent; Puerto Galera, 48.60 percent; Mansalay, 46.72 percent; Bongabong, 35.33 percent; and Socorro, 36.80 percent.

With more than 42,000 eligible children still not recorded as vaccinated against measles-rubella as of Aug. 27, health authorities continue to appeal to parents and guardians to take advantage of the extended campaign.

One of the country’s most influential business groups is pressing the Marcos administration to take a ‘zero tolerance’ approach to dubious line items in the proposed P7.2-trillion 2027 national budget, urging it to do away with the ‘opacity’ surrounding the budget process.

In a statement on Thursday, the Management Association of the Philippines (MAP) stressed that the 2027 budget process is a litmus test for the government which is still reeling from the flood control corruption mess that has not only put graft in the public spotlight but also dampened investor confidence in the country.

It likewise described the 2027 budget as an opportunity for both Mr. Marcos and Congress to confront corruption concerns head-on.

As such, MAP said both the executive and legislative branches, along with government agencies involved in preparing and implementing the budget, should uphold the ‘highest standards of transparency, integrity and accountability in the use of public funds.’

‘The national budget is not government money. It is the people’s money. It comes from taxes paid by Filipino workers, consumers, and businesses, as well as from debt that will ultimately be borne by present and future generations,’ its statement read.

Follow every peso

‘The government therefore has an obligation to account for how every peso is allocated, spent, and translated into actual benefits for the Filipino people,’ it added.

MAP, a 1,400-member group comprising some of the Philippines’ top business executives, called for ‘zero tolerance’ for hidden insertions, questionable appropriations, favored contractors, ghost or substandard projects, unexplained realignments and the use of public funds for political accommodation or personal gain.

Such items have ‘no place in a government that claims to uphold good governance and fiscal responsibility,’ it said.

In particular, MAP wants greater scrutiny during congressional deliberations and the bicameral conference, where changes to the spending plan can be introduced before the final budget is submitted to the President for signing.

All material amendments and insertions should also be fully disclosed, including their proponents, amounts and intended purposes, it said.

‘The complexity of the budget process must never become a shield against public scrutiny or accountability,’ it said.

But transparency should not end once the General Appropriations Act is signed, MAP stressed.

The business group wants Filipinos to be able to trace public funds from appropriation and release through procurement, contract award, implementation, completion and eventual audit.

Blockchain technology

For major infrastructure and government projects, MAP said the public should be able to determine how much was appropriated, which contractor received the award, how much was actually disbursed and whether taxpayers ultimately received what was promised.

One way to achieve this, MAP said, is through the proposed Citizen Access and Disclosure of Expenditures for National Accountability Act, which seeks to use technology, including blockchain, to make government spending more transparent and traceable.

Only when the government drops its ‘business as usual’ approach to the budget process can it truly rebuild public trust and restore confidence in the integrity of government spending, according to MAP.

The Philippine junior fencing team is turning its attention to next year’s Asian and world championships after collecting individual medals and valuable ranking points at the 2026 Southeast Asian Fencing Federation Championship in Kuala Lumpur, Malaysia.

Eight Filipino fencers from different clubs reached the podium, led by 16-year-old Oscar Del Castillo, who won gold in the men’s cadet epee and silver in the junior division.

Willa Galvez, 15, added a bronze in junior women’s foil, while Hagia del Castillo took silver in cadet women’s foil. Yuna Canlas, Victoria Ebdane, Papina Torre, Jethro Chan and Don Reyzel Geronimo also earned bronze medals in their respective events.

The results gave the young fencers ranking points that will count toward their overall standings, along with points earned from international competitions such as the Asian Cadet Cup and Philippine Fencing Association junior and cadet tournaments.

‘It’s not just the medals. Equally important are the points we’ll get from the SEAFF because they will be added to our overall ranking points,’ Del Castillo said recently at the Philippine Sportswriters Association Forum.

The ranking race resumes Aug. 29 and 30 with the third and final leg of the PFA Junior and Cadet tournament at the Rizal Memorial Coliseum.

‘It’s going to be an exciting third leg because it’s the final leg, and the points every fencer will get are very crucial,’ Galvez said.

Ebdane, 16, said competing internationally is also important for the experience gained against foreign opponents.

‘It’s important as an athlete to compete in as many international competitions as we can,’ Ebdane said. ‘Playing against players from other countries will push me to be better, both locally and internationally.’

In previous years, the top four fencers in the cadet and junior rankings represented the Philippines in the Asian and world championships.

Flag carrier Philippine Airlines (PAL) will begin flying daily to Melbourne in November as it seeks to capture stronger demand during the year-end travel season and further strengthen its foothold on the Philippines-Australia market.

This will mark an increase from the current five weekly flights that PAL operates to Melbourne and make the route its third daily service to Australia, alongside Sydney and Brisbane. The airline also operates three weekly flights to Perth.

PAL’s daily Melbourne service will begin on Nov. 19.

‘Travelers from the Philippines and across PAL’s international network will enjoy easier access to Melbourne, while Australian travelers can connect seamlessly via Manila to destinations throughout the Philippines, Asia, North America and the Middle East,’ PAL said in a statement on Thursday.

Melbourne is an important part of PAL’s international network, having been among its earlier overseas destinations when the flag carrier began serving the Australian city in 1971.

To date, PAL operates the most flights and serves the most destinations linking the Philippines and Australia.

Under the expanded schedule, PAL will depart Ninoy Aquino International Airport at 8:20 p.m. daily and arrive in Melbourne at 7:30 a.m. the following day. The return flight will leave Melbourne at 9:20 a.m. local time and arrive in Manila at 2:25 p.m.

Apart from boosting passenger capacity, PAL said the additional flights would provide more cargo space, helping support Philippine exports and strengthen trade links between the two countries.

In July, the Lucio Tan-led carrier also announced it would add flights to Perth during the holidays and deploy larger aircraft on selected Sydney and Brisbane services.

‘These seasonal enhancements are designed to support the strong demand from Filipino communities in Australia, holiday-makers and visiting friends and relatives traveling during the year-end peak season,’ the carrier said.

In the first half of 2026, PAL’s passenger volume fell 3.1 percent to 8.2 million, while its passenger load factor eased to 78.9 percent from 81.6 percent a year earlier.

Over the same period, the carrier swung to a net loss of $25.1 million as fuel expenses surged to $674.5 million, driven primarily by higher jet fuel prices amid the Middle East conflict.

Yet behind that progress is a less visible challenge: while paying digitally has become increasingly seamless for consumers, the processes businesses rely on to manage those transactions have not necessarily kept pace.

This emerging disconnect will take center stage on September 8, 2026, at ‘Your payments went digital. Your back office is paying for it,’ an upcoming webinar on Zoom hosted by SwiftPay for CFOs, finance heads, treasury leaders, and other enterprise decision-makers.

The gap behind the digital payments boom

The scale of the country’s payments transformation is significant. Combined InstaPay and PESONet transfers reached Php24.7 trillion in 2025, equivalent to nearly 90 percent of nominal GDP.

But the growth is not happening evenly.

BSP data shows that payments made by individuals reached 74.91 percent digital by volume in 2025, while payments made by businesses stood at only 18.75 percent, down from 19.8 percent the previous year.

The gap between consumer and business payment digitalization consequently widened from 52 to 56 percentage points in the same year the country reached its national adoption target. The implication is operational: as payment acceptance digitizes faster than business payment processing, the burden shifts downstream to reconciliation, exception handling, and accounting integration.

The numbers point to a new question for enterprises: What happens after a customer completes a digital payment?

A business may now receive money through QR Ph, e-wallets, cards, bank transfers, over-the-counter channels, and other methods. But behind that convenience, finance teams may still need to consolidate information from different providers, settlement schedules, reports, and systems before a transaction is fully accounted for.

When payment confirmation is only the beginning

SwiftPay’s Beyond Payment Acceptance insights report describes this as the ‘reconciliation gap’, the distance between a payment being confirmed and the cash becoming properly recorded, visible, and actionable within an enterprise’s core systems.

For finance teams, that gap can carry costs in three areas: labor, liquidity, and error exposure.

Manual reconciliation can consume time that could otherwise be spent on higher-value financial work. Delays between payment confirmation and ledger visibility can affect how quickly businesses act on available cash. And as transaction volumes grow, manual matching can increase the likelihood of exceptions, disputes, and errors.

At the same time, developments around fraud monitoring, consumer redress, transaction traceability, and ISO 20022 are placing greater importance on accurate and accessible transaction information across the payments ecosystem.

For enterprises, the next stage of digital payments may therefore be less about adding another payment method and more about ensuring that transactions can move efficiently from payment to reconciliation to the ledger.

What finance leaders need to consider next

The webinar will unpack this changing landscape and explore what the widening divide between payment acceptance and back-office operations means for Philippine enterprises.

Hosted by Mike Valera, the session will feature Aya Montebon, Chief Marketing Officer of SwiftPay, and Genella Malang, Sales Director of SwiftPay, discussing the operational pressures created by fragmented post-payment processes and how enterprises can think about modernization without necessarily replacing their existing financial stack.

As digital payment volumes continue to grow, the question is no longer simply whether businesses can accept digital payments. It is whether their operations can keep up with what happens next.

For CFOs, finance heads, treasury leaders, and enterprise decision-makers looking to understand what this shift means for their businesses, register for SwiftPay’s upcoming webinar:

The mammoth Tampakan copper-gold project is moving closer to becoming part of a publicly listed company after the Philippine Stock Exchange (PSE) formally classified its planned merger with Dominion Holdings Inc. as a backdoor listing.

The PSE said on Wednesday Dominion’s planned merger with Indophil Resources Phils. Inc. and Sonar Holdings Inc. falls under its revised rules on backdoor listing. This is primarily because the transaction would result in a ‘substantial change’ in the business of the Sy- and Consunji-backed Dominion.

Once the proposed merger has been completed, Dominion will survive as the listed entity.

Avenue for unlisted firms

Backdoor listing is when a listed company, directly or indirectly, acquires the shares of assets of an unlisted company or person or group of persons, or vice versa. This process allows an unlisted firm to become publicly listed without going through the initial public offering process.

It can also happen when there is a significant change in control, composition of the board and business.

In this case, Indophil and Sonar together hold 100 percent of the voting rights in Sagittarius Mines Inc. The latter holds the financial and technical assistance agreement that covers the Tampakan copper-gold project in South Cotabato.

Southeast Asia’s biggest

Tampakan is touted as the largest underdeveloped copper-gold mining project in Southeast Asia.

After determining that the transaction is tantamount to backdoor listing, the PSE suspended trading of Dominion shares on Wednesday morning pending the company’s compliance with requirements under the revised backdoor listing rules. It did not provide a timetable for when trading will resume.

Recently, Dominion has been repositioning itself as an investment holding company focused primarily on mining.

The company earlier acquired subscription rights equivalent to a 20.43-percent stake in listed Atlas Consolidated Mining and Development Corp. It is also considering acquiring SM Investments Corp.’s roughly 34-percent stake in Atlas.

Also to support the Tampakan merger and future expansion, Dominion is seeking to raise its authorized capital stock nearly ninefold to P30 billion from P3.42 billion.

The Bangko Sentral ng Pilipinas (BSP) is among a small group of Asian central banks still maintaining some interest rate differential with the US Federal Reserve (Fed) , as policymakers move to contain inflation and support a weakening currency, Bank of America (BofA) said.

The Philippines, Indonesia and India are the only major Asian economies that have maintained a positive policy-rate differential with the United States, even as the Federal Reserve has narrowed its gap with central banks across the region, BofA said in a note to clients on Wednesday.

The shift marks a reversal from much of the past 15 years, when Asian emerging-market central banks generally maintained higher policy rates than the Fed. That changed during the Fed’s aggressive rate-hiking cycle in 2022 and 2023, when central banks across Asia largely followed suit to limit pressure on their currencies.

The United States has retained a yield advantage over much of Asia even after the Fed began cutting rates, as inflation has remained stubbornly above its target. That advantage continues to weigh on Asian currencies, BofA said.

The Philippines, however, is among the countries moving ahead of the Fed as policymakers seek to shore up their currencies against pressure from higher oil prices and current-account deficits, the bank said.

The peso has since recovered since nearly falling to the 62-per-dollar level last week.

‘India, Indonesia and Philippines managed to hike their rates enough to stay above Fed’s, suppressing capital outflows and depreciation pressure on their currencies,’ BofA said.

‘Notably, only these three countries in our universe, currently enjoy a policy rate advantage over US. On the other hand, Thailand and China have widest negative spreads with the US relative to narrower differentials of Malaysia and Korea,’ it added.

Since April, the BSP has raised its policy rate by a total of 50 basis points to 4.75 percent as it seeks to tame an inflation flare-up tied to the Middle East conflict.

Data showed consumer prices rose 6.2 percent year-on-year in July, easing from the prior month’s pace of 6.4 percent but still above the official target of 3 percent.

An Inquirer poll of 15 economists showed 11 expect the Monetary Board to deliver a quarter-point rate hike at its meeting today. The remaining four forecast the benchmark rate to be unchanged.

In its note, BofA said the BSP may hike the key rate by another 25 basis points today, which could mark the central bank’s last tightening move under its current anti-inflation campaign after economic growth moderated to a new postpandemic low in the second quarter.

‘Markets are pricing higher for longer Fed policy path or high real rates rather than a major resurgence in long-term inflation in the US,’ BofA said

‘This demands Asian central banks to be selective in hiking or be in a wait-and-watch mode as they continue to be exposed to risks from oil price swings, El-Niño related shocks, hawkish Fed and a likely broad-based US dollar strength,’ it added.

It entered from a substantial base: data from the Philippine Statistics Authority (PSA) show that Davao grew by 5.1 percent in 2025, bringing its gross regional domestic product (GRDP) to approximately PHP 1.14 trillion at constant 2018 prices. Services accounted for 62.1 percent of output, while transportation and storage grew by 8.2 percent. Wholesale and retail trade was the largest contributor to overall growth, followed by financial and insurance activities and public administration.

The composition of the local economy is essential to real estate development: transport, services, healthcare, and personal activities expand enterprise, create employment, and increase demand for residences linked to tourism destinations, growth centers, infralink projects, and retail parks. Davao Region also represents a sizable property market: the 2024 Census of Population placed it at 5.39 million, equivalent to about 4.8 percent of the national total. Household population reached 5.37 million, increasing by nearly half a million people between 2015 and 2024.

Enterprise drives residential demand

Davao City’s expanding urban landscape reflects the region’s sustained economic growth, strengthening its role as a key center for commerce, tourism, and residential development.

Robust business activity across the Davao Region is directly strengthening its real estate market. As of March 2025, the region’s 19 operating economic zones hosted 55 companies, employing over 50,000 people and generating more than USD 275 million in export revenue during the first half of the year.

Total regional employment reached 2.48 million individuals, with the services sector comprising 56.4 percent of the workforce. This consistent enterprise and job growth broadens the property market, fueling strong demand for residential developments situated near core workplaces, commercial centers, and emerging business hubs.

Tourism transforms the regional economy

Davao City welcomed over two million visitors in 2025, according to the City Tourism Operations Office. Kadayawan Festival alone attracted more than 206,000 guests in August, demonstrating how major celebrations generate activity for hotels, restaurants, retailers, transport providers, and local enterprises.

Across Davao Region, nearly 2.9 million overnight travelers were recorded during the first three quarters of 2025, representing an 11-percent increase from the comparable period a year earlier. Improved air connectivity, stronger domestic travel, private-sector investment, and a range of tourism products were among the factors supporting the increase.

The region offers a diverse portfolio, home to attractions such as the Philippine Eagle Center, Malagos Garden Resort, Eden Nature Park, cultural destinations, museums, and major celebrations. Nearby Samal Island adds beaches, resorts, marine recreation, and island experiences.

For the property sector, tourism contributes more than visitor spending. A larger hospitality and leisure economy sustains job creation, stimulates surrounding businesses, strengthens the movement of goods and services, and raises the residential relevance of well-connected, well-planned locations.

Connectivity creates new corridors

This economic and demographic base is supported by a transport network undergoing considerable modernization.

Established arteries such as Daang Maharlika, Davao-Bukidnon Road, and Davao-Cotabato Road link regional cities and growth centers across Mindanao. Road rehabilitation, widening, bridges, bypasses, and complementary infrastructure are further improving momentum.

Among the most significant is the 45.5-kilometer Davao City Bypass Construction Project, designed to connect Toril in southern Davao City with Panabo City in Davao del Norte. The four-lane corridor includes the first twin-tube mountain road tunnel in the country. Upon completion, the Department of Public Works and Highways (DPWH) estimates that travel time between Toril and Panabo could decrease from one hour and 44 minutes to approximately 49 minutes.

Closer to the coast, the Davao River Bucana Bridge and adjacent roads forming Segment B of the Davao City Coastal Bypass Road opened to vehicles in December 2025, providing another route between areas traditionally dependent on inland thoroughfares.

Across Davao Gulf, construction also continues on the nearly five-kilometer Samal Island-Davao City Connector Bridge. The project is expected to modernize movement between the two locations, strengthening linkages between the metropolitan center and one of the premier regional leisure destinations.

Such infrastructure carries implications beyond shorter journeys. Better roads and bridges can expand catchments, improve logistics, and allow residential demand to extend beyond established epicenters.

A broader employment base, active visitor economy, and expanding transport network are widening the range of locations that can support residential demand across Davao. These conditions provide the context for Camella, which has built alongside the region as its cities, markets, and communities have evolved.

More than three decades of building homes in Davao Region

Camella, the Philippines’ most trusted and preferred housing brand, has grown with Davao Region for more than 30 years, leaving a footprint alongside its demographic, commercial, and physical progress.

Camella, the flagship housing brand of Vista Land, the country’s leading integrated property, has created communities across Davao City, including Toril, and Tagum, bringing lifelong homeownership closer to Overseas kababayans and established Filipinos. This geographic reach reflects a long-term approach, serving urbanizing districts while extending into emerging locations as the region expands.

Shifting residential priorities reinforce this direction: for homebuyers and investors, location is measured not simply by distance from the metropolitan center, but by proximity to employment, education, and everyday essentials. These considerations gain importance as public works improve mobility between municipalities, businesses build beyond city limits, and tourism stimulates local enterprise.

Camella continues to move with this progression: its communities are supported by an inclusive economy, stronger connections, urbanizing livelihoods and lifestyles, and ongoing investment by public and private institutions. As Davao develops into a more integrated regional network, residential opportunities are rising with it -as prosperity produces possibilities, mobility multiplies markets, and communities contribute to sustained growth.

The Philippines’ largest homebuilder

For nearly five decades, Camella has delivered over 600,000 homes in more than 1,250 communities across 49 provinces and 147 key cities and municipalities in the country. Crafted for the upper- to middle-income segment, it places family and community life at the center-creating a legacy of value for generations of Filipinos.

Learn more about Camella communities nationwide. Visit www.camella.com.ph and follow @CamellaOfficial for news and offerings. Make your dream home a reality today!

Philippine banks reduced their exposure to the property sector to the lowest level in more than seven years, as higher borrowing costs and economic uncertainty weighed on demand for real estate.

Real estate loans accounted for 18.72 percent of banks’ total lending portfolio as of June, the latest data from the Bangko Sentral ng Pilipinas (BSP) showed. That was the lowest share since December 2018, when property loans made up 18.65 percent of the industry’s loan book.

In peso terms, banks and their trust units lent P3.2 trillion to the property sector, nearly 7 percent more than a year earlier.

Residential loans rose 3 percent to P1.2 trillion, while commercial real estate loans grew 5 percent to nearly P2 trillion.

The latest figure remained well below the BSP’s 25-percent limit on real estate exposure. The central bank raised the ceiling from 20 percent in 2020 to give financial institutions more room to support economic activity during the pandemic.

At the same time, regulators have imposed safeguards, requiring banks to demonstrate that they could maintain adequate capital even if a quarter of their property loans turned sour.

The decline in property lending as a share of total loans comes as the sector contends with the economic fallout from the prolonged conflict in the Middle East. Higher oil prices have squeezed household budgets, while developers have focused on strengthening balance sheets and supporting share prices rather than taking on new debt to finance projects.

The war has also prompted the central bank to tighten monetary policy. Since April, the BSP has raised its benchmark interest rate by half a percentage point to 4.75 percent, increasing the cost of borrowing for households and businesses.

Signs of stress have emerged in some parts of the property loan book. Nonperforming residential mortgages accounted for 6.2 percent of banks’ home loans as of June, the highest since September 2025, when the ratio was 6.39 percent.

The share of nonperforming commercial real estate loans, meanwhile, eased to 2.07 percent, the lowest since the 1.95 percent ratio in December 2025.

Cid Terosa, an associate professor at the University of Asia and the Pacific, said elevated borrowing costs and uncertainty over the economy had prompted banks to become more cautious in extending credit to the property sector.

‘Economic uncertainties forced banks to set up higher credit standards and created strong disincentives to withhold purchase, weakening demand. Also, property prices went up, tightening demand for condominium units,’ Terosa said.

Overall, it was the combination of higher prices, higher interest rates, economic pessimism and consumer aversion to risk that negatively affected real estate loans,’ he added