Category: Philippines Daily Inquirer

A surge in export growth and a slip in imports pushed the country’s trade deficit to shrink by more than a third in October, the Philippine Statistics Authority (PSA) reported on Friday.

PSA data showed that the country’s trade-in-goods deficit, or the difference between exports and imports, narrowed by 34.2 percent year-on-year to $3.83 billion from $5.81 billion in the same month last year.

This is also narrower than last month’s $4.35 billion gap.

Driving the narrower gap was a 19.4-percent jump in exports to $7.39 billion, up from $6.19 billion a year earlier.

The strong export growth was due to robust electronics exports, which recorded total earnings of $4.18 billion or more than half of the country’s total exports.

Similar to last month, the United States remained the top export market after accounting for $1.16 billion or 15.7 percent of total exports.

Tariff exemption

According to economists at Chinabank, further jumps in exports are to be expected after the US exempted approximately 46 percent of Philippine exports from tariffs on Nov. 14.

‘With the US recently exempting more Philippine goods from the 19 percent reciprocal tariff, this development could help sustain the Philippines’ export momentum and further narrow the trade deficit,’ Chinabank said.

Chinabank added that electronics exports might see more increases next year on the back of demand for new technologies such as artificial intelligence.

Meanwhile, Trade Secretary Cristina Roque said they had been ‘aggressive’ in maintaining export growth.

‘We’re still hoping that the growth will be sustained. We’re very aggressive. We’ve been really pushing for exports and really strengthening the business sector,’ she said.

Imports

Imports, meanwhile, contracted 6.5 percent to $11.22 billion from $12.01 billion last year. Still, it remained below last month’s $11.6 billion.

Electronics also dominated the import market after bringing in $2.97 billion or 26.5 percent of the total imports. But this is lower than last month’s $3.05 billion.

China remained the largest supplier of the country’s imported goods after recording $3.41 billion or 30.4 percent of the total in October.

According to Michael Ricafort, chief economist at Rizal Commercial Banking Corp., the slowdown in imports may be partly due to the recent weakening of the peso against the US dollar.

‘The relatively weaker peso made imports more expensive for local buyers, which dragged down demand,’ he said.

Still, Ricafort said import growth could pick up as export-oriented countries diversify and sell more products to the Philippines. INQ

A team of policemen and agents of the National Bureau of Investigation on Friday tried to serve arrest warrants on three persons linked to a company tagged in the flood control corruption scandal, based on a tip that they were posing as employees of a Pasay City hotel.

They failed to find their targets-Sunwest Inc. directors Consuelo Aldon, Noel Cao and Anthony Ngo-after searching the 10-story hotel, according to the Criminal Investigation and Detection Group (CIDG) of the Philippine National Police.

Aldon, Cao and Ngo are among 16 people accused of graft and malversation in the Sandiganbayan in connection with an allegedly anomalous P289.5-million road dike project in Oriental Mindoro.

Also among the accused is resigned Ako Bicol Rep. Elizaldy ‘Zaldy’ Co, whose family owns Sunwest, the contractor of the Oriental Mindoro project

Co, the former House appropriations committee chair in the past 19th Congress from 2022 to 2025, has been out of the country since July.

The arrest warrants were issued by the Sandiganbayan on Nov. 21.

‘Based on the information that we received yesterday, they were hiding here and were posing as hotel employees . Unfortunately, they were not here. But again, our search does not stop here,’ Police Lt. Col. John Guiagui, CIDG National Capital Region director, told reporters.

More than a hundred PNP and NBI personnel were mobilized for the arrest.

‘Not overkill’

Guiagui said such a number was ‘not an overkill’ considering the place to be searched.

‘First of all, how many floors does this hotel have? Ten floors. So, we have to do it in an orderly manner and fast . We’re checking them one by one-the kitchen, housekeeping. We checked all personnel there,’ he said, noting that their search was made ‘room by room, floor by floor.’

Addressing the three wanted Sunwest executives, the official said: ‘Just surrender because while you may be able to hide for a day or two, we will eventually find you.’

‘To all those who may be harboring them and hiding these fugitives, it’s better that you cooperate with law enforcers because we will sue you once we arrest them and find them under your protection,’ Guiagui added.

The other Sunwest officials facing arrest are company president Aderma Alcazar and treasurer Cesar Buenaventura, whose last known locations were in New Zealand and the United States, respectively, according to Interior Secretary Jonvic Remulla.

Nine other accused, all of them former officials and employees of the Department of Public Works and Highways, were taken into government custody earlier this week.

The leadership of Police Regional Office in the Bangsamoro Autonomous Region (PROBAR) has warned its personnel against using their positions as law enforcers to pursue illicit activities.

This after Malabang municipal police station in Lanao del Sur province arrested a police officer and his companion along with the confiscation of around 50 boxes of smuggled cigarettes during a checkpoint operation in Jose Abad Santos village in the town on Thursday afternoon.

Lt. Col. Jopy Ventura, PROBAR spokesperson, identified the suspects as alias Abdul, a Police Staff Sergeant assigned in Lanao del Sur, and alias Ansary, 42, of Malabang town.

Ventura said the two were on board a white Toyota Hi-Ace with plate number NDG 3631 when they were flagged down at a police checkpoint.

They reportedly came from Barangay Banday, Malabang, and were headed toward Marawi City when their vehicle was flagged down. The suspects attempted to flee but were intercepted by the police.

Recovered from them were 2,500 reams of contraband cigarettes valued at P1,962,500.

The suspects are now in the custody of the Malabang police and will face appropriate charges.

Former Ador CEO Min Hee-jin claimed Thursday, Nov. 27, that she had been ‘a sacrifice for Hybe’s stock market debut,’ as her legal dispute with the K-pop powerhouse over a put option worth some 26 billion won ($17.7 million) continued at the Seoul Central District Court.

The court held the third hearing in two related suits in which Hybe, parent company of Ador, is seeking confirmation that its shareholder agreement with Min has been terminated and Min is demanding payment for exercising the put option.

Min argued that Hybe had used her ‘from the moment she joined the company,’ claiming that Hybe chairman Bang Si-hyuk recruited her to boost corporate value and facilitate a successful initial public offering.

She said her reputation in the entertainment industry was leveraged to strengthen Hybe’s listing narrative, but after the IPO, the company allegedly obstructed her plans to establish an independent label and instead pressured her to join Source Music.

Hybe countered by emphasizing that Min ‘was not just a creator but the CEO of a subsidiary.’ The company argued that the core issue is whether Min fulfilled her duties and responsibilities as an executive, not whether she appeals to emotion.

At the center of the trial are several key issues including whether Min violated the noncompete clause in the shareholder agreement, whether her contact with external investors constituted an attempt to undermine corporate control, the validity of her put option claim, and the alleged leakage of internal planning documents.

Last November, Min notified Hybe of her intention to exercise the put option. Under the contract, she was entitled to receive an amount equivalent to 75 percent of her stake multiplied by 13 times Ador’s average operating profit for the previous two years – a sum estimated at roughly 26 billion won.

Hybe argues that her rights no longer exist because it terminated the shareholder agreement in July.

The dispute is not merely a monetary issue but a precedent-setting case for Hybe with wide implications for its future internal governance. Given the scale of the amount, the company sees the case as symbolically significant for the entire industry.

Min said her push to apply a ’30-times multiplier,’ rather than the initial 13, was driven by ‘a profound sense of betrayal, not greed.’

The former CEO said she discovered only later that the shareholder agreement contained a noncompete clause that effectively barred her from selling shares without Hybe’s approval and prohibited her from working in the same industry for life.

‘When I realized it was essentially a lifelong slavery contract, I trembled with anger at the betrayal by the management, including former Hybe CEO Park Ji-won,’ Min said. ‘Asking for ’30 times’ was psychological compensation for the deception and the humiliation and obstruction I endured inside Hybe. It wasn’t about making money – it was about demanding accountability for the harm they caused me.’

Responding to Hybe’s argument that proposing ’30 times’ itself constituted a breach of contract, Min said: ‘I’m fine with receiving it at 13 times. I’m exhausted, but Hybe crossed the line, and that’s why I had to fight.’

Regarding Min’s meetings with outside investors, Hybe said the interactions suggested ‘efforts to seek an independent structure,’ not ordinary business discussions. The controversial ‘Project 1945’ document, which referenced a potential breakaway structure, fell under her management responsibility regardless of who drafted it, the company added.

Hybe argues that the matter goes beyond creative friction and concerns actions that could fundamentally alter the company’s shareholding structure, thereby violating contractual obligations and trust.

Min concluded by criticizing what she described as Hybe’s fixation on expansion through mergers and acquisitions.

‘Chairman Bang focused on external expansion through MandA and investments rather than creative depth or internal stability,’ she said. ‘I became disillusioned with a management philosophy that treats artists and employees as expendable accessories.’

‘Hybe publicly promotes a multilabel system but in reality uses centralized control that suppresses creative autonomy,’ she added.

The court will close arguments on Dec. 18 and is expected to deliver a ruling early next year.

Government research agencies in Northern Mindanao are intensifying efforts to integrate climate-focused studies and industry-driven innovations into a unified regional research agenda.

Mae Odimyrla A. Morales, senior science research specialist at the Department of Agriculture Regional Field Office 10 (DA-10), said the region’s research portfolio is being refined to ensure it remains responsive to climate change, agricultural needs, and emerging industry demands.

Morales cited the Regional Agriculture and Fisheries Research for Extension and Development Agenda (RAFRDEA) as the central framework for setting research priorities.

The agenda outlines challenges faced by various industries, identifies ongoing and proposed studies, and recommends corresponding policy interventions. These were formulated through consultations with the DA’s Agricultural Marketing Assistance Division, the Regional Agriculture and Fisheries Council, and other sector representatives.

Morales also noted that the region has begun digitizing research outputs to make technologies more accessible to farmers, processors, and other users.

The initiative-supported by the Department of Information and Communications Technology-seeks to consolidate technology portfolios from agencies such as the DA, Department of Environment and Natural Resources, and Department of Science and Technology into a single regional database.

She said the initial phase of the digital platform will focus on technologies that have reached a high technology readiness level, meaning they have undergone adaptability trials and have proven viable under local conditions.

Maria Estela B. Detalla, director of the Northern Mindanao Consortium for Agriculture, Aquatic and Natural Resources Research and Development, said they are developing a unified regional database that will enable member institutions to share research and development information-including personnel profiles, completed and ongoing projects, laboratory resources, and institutional initiatives-to speed up data access and improve inter-agency coordination.

To be known as the Centralized Research Information and Technology Management Portal, the facility will serve as Northern Mindanao’s consolidated digital repository of research outputs and technology portfolios.

Officials said that beyond digitization efforts, agencies continue to promote available technologies through farmers’ forums, technology exhibits and other outreach activities to ensure research outputs reach their intended beneficiaries

State-run Development Bank of the Philippines (DBP) is bracing for an increase in its nonperforming loans (NPL) ratio as the fallout from the flood control corruption scandal slows government spending and delays payments.

DBP President and CEO Michael de Jesus told reporters that the bank expects its NPL ratio to rise by around 0.5 percentage point, prompting them to raise provisions that will cover 100 percent of its bad loans.

The provisioning is estimated to be P1 billion to P2 billion, and is also projected to pull down the bank’s 2025 net income by roughly the same amount.

‘The net income growth this year will have a lot of nonperforming loans. I would say big amounts, but not too many, so we have to reserve for those. That will eat up on our net income,’ he said.

NPLs are debts overdue by at least 90 days and at risk of default.

While DBP does not finance any contractors related to the flood control, de Jesus said the political noise pushed the bank to adopt a more cautious stance, especially with 50 to 60 percent of its portfolio tied to infrastructure.

‘Like many banks, we have many contractors as customers, so we’re just very careful now, make sure that there are no ghost projects, no flood control projects. We’re very strict, much stricter now than ever with regards to contractors,’ he said.

Loan demand

De Jesus added that they are still ‘anxious’ in terms of outlook on loan demand.

‘The whole environment is just wait and see. There’s a lot of anxiety. There’s definitely an effect in terms of loan demand and new business,’ he said.

‘Even the good contractors are having problems with some of their receivables. We haven’t seen it yet but we expect to see that some of our borrowers will be affected in terms of loan repayments.’

This confirms an earlier warning from Fitch Ratings, which said the probe into the anomalous flood control projects may hurt the asset quality of Philippine banks as contractors face tighter cash flows.

Further, de Jesus said that they placed legitimate flood control projects on hold until a national coordinating body is formed.

Despite the short-term pressures, he expects the strain on repayments and income to ease once infrastructure spending normalizes. DBP is anticipating a stronger rebound in the first quarter of 2026. INQ

The Roman Catholic Church’s Diocese of Pagadian is bracing for the second round of the ‘Trillion Peso March’ on November 30, Sunday.

The rally here will be held at the city plaza where thousands are expected to converge to show their continuing disgust against the scourge of corruption and demand accountability.

In an advisory, the diocese encouraged the faithful to wear white shirts ‘as a symbol of unity and integrity,’ adding that the event will begin with the celebration of the Holy Eucharist and followed by a peaceful rally advocating transparency, justice, and good governance.

The Catholic church explained that the movement aims to bring the community together to stand for truth and accountability, reinforcing the role of citizens in promoting ethical governance.

‘Let us unite as one community in promoting transparency, justice and good governance,’ the statement from the diocese said.

The local action will be in support to the call of the Church Leaders Council for National Transformation inviting dioceses nationwide to participate in peaceful, prayer-bsed activities ‘as a moral stand against corruption and in favor of justice and renewal.’

Broadcast journalist Atom Araullo finally confirmed that he is in a relationship with a long-time girlfriend he did not immediately name, further declaring he is ready to settle down.

Araullo, who has long been rumored to be in a romantic relationship with fellow broadcast journalist Zen Hernandez, made the revelation in a ‘Fast Talk with Boy Abunda’ interview on Friday, Nov. 28.

The conversation started with show host Abunda asking Araullo about the latter describing himself as ‘torpe,’ and how he did not have girlfriends when he was in high school and college.

‘Siguro I was just having so much fun doing different things and I had a lot of friends both girls and boys, so the idea of having a girlfriend never really – it wasn’t something that I was looking for,’ Araullo said.

Araullo and Abunda then talked about going public with relationships, with the former saying he would do such but that he would maintain a ‘nice balance’ of keeping some things to himself.

‘Some things are not for public consumption, pero it’s not like parang tinatago mo,’ he noted.

When asked outright by the show host if he currently has a girlfriend, Araullo answered affirmatively.

‘Yes. Matagal na. How many years? See, we don’t even count years. It’s been a while,’ he revealed.

Araullo also disclosed that his partner is ‘public’ but opted not to drop any names.

‘I think people know. People on social media know. They see us outside,’ he added.

Further delving on the topic, Abunda followed up with a question about settling down.

‘That’s always in someone’s mind when they’re in a serious relationship. Definitely, it’s something you think about, something that you’re ready for-but you know, I’m not setting a deadline or a timeline for it,’ he said, adding he hopes his partner is on the same page.

Araullo also reiterated during the ‘Fast Talk’ segment of the interview that he is ready to be a husband.

Meanwhile, Araullo has been spotted in several instances with Hernandez, with the former even sharing a photo of them together to greet the latter on her birthday in 2022.

It wasn’t a coincidence that the two most emotional players after Thursday’s game were libero Alyssa Eroa and veteran hitter Jovelyn Gonzaga.

Long before ZUS Coffee became the PVL’s newest finalist, Eroa and Gonzaga spent years climbing their own mountains-journeys marked by setbacks and detours.

‘I’m really at a loss for words,’ Gonzaga said after the Thunderbelles stunned two-time champion PLDT, 25-22, 28-26, 25-22, to fulfill a long-awaited finals dream. ‘We had no expectations. We were just there to guide the younger players.’

While they harbored little expectations, there was something Gonzaga and Eroa carried inside them that burst out after the final point.

For Eroa, the victory was like watching a promise fulfilling itself. At 29, she had seen her career swing between triumph and uncertainty. The reigning Best Libero had already ascended Olympus when she won a title with BaliPure during the PVL’s semi-pro days in 2017.

A year later, she reached the finals again with PayMaya. But her team’s disbandment in 2022 left her in limbo just as the league was turning pro. And she missed that milestone season, finding herself bolstering Marikina in the Maharlika Pilipinas Volleyball Association.

She returned to the PVL when Galeries Tower tossed her a lifeline. But joining ZUS Coffee felt different.

‘Our team is really tough and we all share the same mindset,’ Eroa said in Filipino. ‘I’m more at ease because I’m not alone on defense anymore. It feels so good when everyone is aligned.’

Gonzaga’s road back also had its own redemption arc. The 34-year-old opposite had stepped away from volleyball after a Cignal stint in 2023, unsure what was left for her in the sport she had played since the Shakey’s V-League era.

But when ZUS Coffee needed a veteran anchor, she returned. And somehow, something clicked. With star rookies like Thea Gagate, AC Miner and Mycah Go, steady setter Clo Mondoñedo and an explosive reinforcement in Anna DeBeer, the Thunderbelles transformed from former cellar-dwellers to dark-horse contenders.

‘It’s really the attitude of the team-how committed and how selfless everyone is,’ Gonzaga said. ‘We play for each other.’

Now, the two stalwarts will have to bottle up all that emotion again.

ZUS Coffee will battle Petro Gazz, a team that has won two Reinforced crowns and just seized the All-Filipino title last May, for the championship.

For Eroa, this Finals run is a second chance she isn’t taking for granted.

‘There’s pressure now because volleyball is different compared to before,’ she said. ‘But we’ll see. It’s all about mental toughness.’

Gonzaga agreed.

‘We’re here for a reason,’ she said. ‘You can expect us to give our best again. God gave us this opportunity, so we’ll give everything we have.’

Inflation in the country may have stayed below the central bank’s target in November, despite upward pressure from recent typhoons and a weaker peso, strengthening the case for another interest rate cut before the end of the year.

The consumer price index likely rose between 1.1 percent and 1.9 percent last month, the Bangko Sentral ng Pilipinas (BSP) said on Friday.

If confirmed, the figure, due from the Philippine Statistics Authority on Dec. 5, may beat the 1.7 percent clip in October.

Even so, the central bank’s forecast suggested that price gains may have settled below the official 2 to 4 percent target range for the ninth straight month.

The BSP said the impact of powerful storms that battered the country late in the season may have made rice, fish and fruits costlier this month.

It also did not help that a weak peso, which sank to new record lows, pushed up prices of key imports like oil.

But the central bank said these factors were ‘partially offset by lower prices of meat and vegetables.’

Overall, tame inflation could give the BSP enough room to further cut borrowing costs and support the economy amid mounting challenges at home and abroad.

In October, the Monetary Board cut the key interest rate by 25 basis points to 4.75 percent, aiming to steady business sentiment shaken by a widening probe into allegedly dubious flood control projects.

Government spending

The central bank had also warned that the corruption scandal could limit the ability of government spending to support growth.

True enough, the state’s economic managers already acknowledged that hitting even the lower end of the government’s growth target for 2025 would be very challenging, after the economy expanded 4 percent in the third quarter, the weakest pace in four years.

BSP Governor Eli Remolona Jr. earlier said another rate cut in December was ‘possible,’ but ruled out any aggressive easing that could fuel concerns the economy is careening toward a hard landing.

Remolona added that the economy may ‘more than catch up’ with the momentum lost by 2027, believing that the slowdown may prove to be short-lived. The pace of that rebound, he said, would determine how much further the central bank could ease policy in the months ahead.

‘Going forward, the BSP will continue to monitor evolving domestic and international developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation,’ the central said.