Category: Philippines Daily Inquirer

JG Summit Holdings Inc. saw its net income rise 5 percent year-on-year in the first nine months to reach P18.8 billion. This takes into account noncore mark-to-market and foreign exchange movements.

At the same time, the Gokongwei-led conglomerate’s consolidated core profit dipped by 5 percent to to 19.3 billion from P20.3 billion. This, considering that the group last year enjoyed a one-time gain from the merger of Robinsons Bank and the Ayala group’s Bank of the Philippine Islands.

Petrochemicals

In the third quarter alone, the company’s net income surged 23 percent year-on-year to P3.8 billion.

Meanwhile, core earnings spiked to P4.6 billion from P2.1 billion, mainly propelled by its airline and property businesses.

The group’s decision to shut down its petrochemicals business had also resulted in a ‘significant’ reduction in losses.

‘We continue to exhibit a strong upward trajectory in our recurring core profits, driven by the performance of our listed strategic business units, as well as the curbed losses from our mothballed petrochemical plant,’ JG Summit president and CEO Lance Gokongwei said.

Universal Robina

‘With 2025 serving as a rebasing year, we are currently in the process of refreshing our long-term strategy with clear five-year value creation plans coming from our food, airline and real estate units,’ Gokongwei added.

The group’s food business under Universal Robina Corp. saw a 7-percent gain in net income, growing to P8.5 billion.

Revenues went up 5 percent to P124.6 billion. This was on higher volumes and market share in the domestic branded consumer food segment, as well as its boosted international business.

Robinsons Land Corp. (RLC), which focuses on the group’s real estate and hotels, had a net profit of P10.2 billion. That was an increase of 10 percent.

RLC revenues improved by 13 percent to P35.5 billion. This was driven by the expansion of its operations, with occupancy rates increasing by 94 percent for malls and 66 percent for hotels.

Low-cost carrier Cebu Air Inc.’s earnings nearly tripled in the first nine months. This registered at P9.5 billion from P3.4 billion as the company carried more passengers during the period.

‘JG Summit is also undergoing a more deliberate portfolio review and capital allocation process with tighter governance and investment guardrails set in place,’ Gokongwei said.

Agricultural damage from the onslaught of Typhoon Tino (international name: Kalmaegi) reached P555.56 million on Thursday, up from P159.14 million reported on Nov. 8, according to the Department of Agriculture (DA).

In its Nov. 13 bulletin, the DA said the weather disturbance affected plantations tilled by 20,362 farmers in the regions of Calabarzon (Cavite, Laguna, Batangas, Rizal, Quezon), Mimaropa (Mindoro, Marinduque, Romblon, and Palawan), Western Visayas, Eastern Visayas, Central Visayas, and Northern Mindanao.

The typhoon damaged 21,971 metric tons of farm produce planted in 10,634 hectares of agricultural land.

According to the DA, losses were recorded in rice, corn, high-value crops, cassava, livestock and poultry, agricultural infrastructure, and machinery and equipment.

Rice farms devastated

Among commodities, rice accounted for 40.36 percent of the overall crop damage with P224.24 million. Most of the damaged rice crops are in their reproductive and maturity stages.

High-value crops and corn posted P189.26 million and P129.17 million in losses, respectively.

The Philippine Crop Insurance Corp. (PCIC) earlier said it had set aside around P251 million to compensate insured farmers affected by Tino, which battered the country early this month, and before Super Typhoon Uwan (Fung-wong) struck last week.

The amount covers 32,247 insured farmers in nine regions-Calabarzon, Mimaropa, Bicol, Western Visayas, Negros Island Region, Central Visayas, Eastern Visayas, Zamboanga Peninsula, and Northern Mindanao. Almost a third, or 10,352, of the affected farmers came from Eastern Visayas provinces.

PCIC president Jovy Bernabe said the overall losses were valued at P56.7 million for rice, P42.3 million for corn, and P74.3 million for high-value crops based on the state-run firm’s rapid assessment conducted from Nov. 4 to Nov. 7 in these regions.

Aside from fast-tracking insurance claims, the DA has prepared P422.8 million worth of farm inputs (rice, corn, and high-value crops); P66,990 worth of animal feed and supplements; and P1.51 million worth of ‘bangus’ (milkfish), tilapia, and carp fingerlings for affected farmers and fishers.

The National Food Authority has prepositioned 2.57 million bags of rice stocks for distribution to local governments and other relief agencies.

President Ferdinand Marcos Jr. on Friday led the formal national launch of the Philippines’ Chairship of the Association of Southeast Asian Nations (Asean) in 2026.

Marcos said that under next year’s theme, ‘Navigating our Future, Together,’ Asean will focus on three priorities: peace and security anchors; prosperity corridors; and people empowerment.

‘These will direct Asean’s efforts to strengthen dialogue and cooperation on regional security, deepen economic integration through innovation and sustainability, and uplift the lives and resilience of our peoples,’ he said in a ceremony held at the Foro De Intramuros in Manila.

He said that the country’s chairship will focus on the responsible and ethical use of artificial intelligence (AI) for security challenges, early warning systems, maritime domain awareness, and humanitarian assistance and disaster response.

‘By promoting the safe, ethical, responsible, equitable, and sustainable adoption of AI in areas such as trade facilitation, digitalization, and innovation, we aim to enhance regional competitiveness, support micro, small, and medium enterprises (MSMEs), and unlock new opportunities for inclusive and sustainable growth,’ the President said.

Moreover, he said that the Philippines will champion the responsible use of AI to cultivate creativity among the youth and explore AI-driven solutions that will help the Asean countries advance the silver economy.

‘Of course, AI will not replace our human touch; rather, it will magnify our capacity to care, to teach, and to uplift communities across Asean,’ Marcos said.

Participants in next year’s Asean-related meetings and activities will experience the ‘spirit of the Filipino people’ as the Philippines sets the venues around the country, namely in Manila, Cebu, Bohol, Boracay, Laoag, Iloilo, Tagaytay, and Clark.

‘Each of these places will host ASEAN meetings and events that celebrate our diversity, showcase our culture, and advance our shared goals,’ Marcos said.

‘Together, these venues tell the story of a nation that mirrors ASEAN itself-diverse yet united, traditional yet forward-looking, and increasingly future-ready through innovation and technology,’ he added.

Malacañang on Friday belied the accusations made by former Ako Bicol party-list Rep. Zaldy Co against President Ferdinand Marcos Jr. and urged the ex-lawmaker to return to the country.

These remarks followed Co’s statements earlier in the day, claiming that Marcos himself ordered him to stay out of the Philippines and that he was assured that he would be well taken care of.

‘These wild accusations are completely without basis and fact. All the charges leveled against the president are pure hearsay,’ said Presidential Communications Office Acting Secretary Dave Gomez in a briefing.

‘Let us not forget – President Marcos Jr. himself exposed all these flood control anomalies and has taken numerous steps since to ensure that the guilty are brought to justice, the stolen wealth recovered, and the system is fixed to avoid any of these from happening again,’ Gomez gave the reminder.

The Palace has been maintaining this position since the start of the flood-control investigations.

Gomez then urged Co to come back to the country and sign everything he said under oath with the proper judicial authorities.

Diversionary tactics, false narratives

For her part, Palace Press Officer Claire Castro pointed out that Co’s involvement in the flood-control mess is reflected in his wealth.

The involvement of Zaldy Co’s name is a result of evidence, testimonies and his alleged enrichments that can be seen in the properties they have built,’ she said.

Since his world is allegedly getting smaller, Castro said the ex-lawmaker has no choice but to save himself and name-drop people even without basis.

‘To save himself from the accusation of stealing from the public treasury and to make it appear that he is the victim, he will fabricate a false story against someone else,’ the Palace official said.

‘He will point to someone else beside himself, even though his property and that of his family scream evidence against him,’ she added.

She also called on the ex-lawmaker to prove his statement that there is a threat to his life.

Meanwhile, Castro urged the Office of the Ombudsman to speed up the processing of complaints against Co because the government cannot cancel Co’s passport unless there is a case filed against him.

‘If they [Ombudsman] can recommend whatever they can, for dismissal or for filing of the case to the Sandiganbayan, I hope it will be expedited because the people are also waiting for quick action,’ she said.

In a video statement, Co said he was set to return to the Philippines after his medical check-up abroad but he was asked by then-House Speaker Ferdinand Martin Romualdez to remain overseas, following Marcos’ directives.

‘To every Filipino, I know your anger toward me is strong right now. I also understand why, especially with so much at stake. But before you judge, allow me to explain the full truth,’ Co said in a video, speaking in Filipino.

‘I stayed silent for a long time because I was given a direct order: ‘Do not return to the Philippines and just stay quiet,’ the resigned lawmaker had revealed.

‘I left on July 19, 2025, for my medical check-up, planning to return after the president’s SONA. But as I was about to come back, former Speaker Martin Romualdez called me and said to stay out of the country, and that I would be well taken care of as instructed by the president,’ he added in Filipino.

Co said he broke his months-long silence, as he feels he is being used as a scapegoat.

Vice President Sara Duterte on Friday expressed skepticism over the current administration’s claim that the country’s economy can recover by the fourth quarter of 2025, calling whoever came up with the plan to be ‘out of their mind.’

Duterte made the pronouncement after President Ferdinand Marcos Jr. recently declared that the government intends to recover the economic losses the country sustained during the third quarter of 2025 through increased public spending.

In a chance interview on the sidelines of the Office of the Vice President’s 90th anniversary celebration in Makati Shangri-La, Duterte laughed off Marcos’ plans.

‘Daydreaming wide awake! Whoever says the economy can recover by the fourth quarter of this year is literally daydreaming,’ Duterte told reporters.

‘They must be out of their mind,’ she said.

The Philippine peso dropped to a new record low against the US dollar – P59.17 to 1 US dollar.

The vice president observed that these developments are primarily due to investors’ loss of confidence in the country and the lack of incoming investments.

She made these comments after the Philippines recorded its slowest economic growth since 2021 at only 4 percent during the third quarter of 2025 – much lower than the Marcos administration’s target of 5.5 percent to 6.5 percent.

Finance Secretary Ralph Recto on Thursday welcomed the appointment of one of his undersecretaries, Charlito Martin ‘Charlie’ Mendoza, as the new commissioner of the Bureau of Internal Revenue (BIR), saying the agency is ‘in good hands’ under his leadership.

‘We will miss Usec Charlie at the DOF (Department of Finance), but I believe the BIR needs him more at this time. I trust that under his leadership, the BIR will meet and even exceed our revenue targets,’ Recto said. ‘Above all, I trust that he will always keep the well-being of our taxpayers at the heart of all your efforts.’

Mendoza, who served as finance undersecretary for the revenue operations group since April 2024, was appointed Wednesday,by President Ferdinand Marcos Jr., replacing Romeo Lumagui Jr.

As undersecretary at the DOF, he had been supervising both the BIR and the Bureau of Customs (BOC).

A key part of his role was leading the BRAVE campaign that sought to curb smuggling and illicit trade through digitalization. The initiative helped the DOF exceed its revenue target in 2024, reaching a 27-year high of P4.42 trillion, or 16.7 percent of the country’s gross domestic product.

BRAVE stands for border security enhancement, revenue collection and revenue-based protection, adaptive regulations and compliance monitoring, vigilant enforcement operations and vigorous intelligence gathering activities, and effective engagement with stakeholders and interagency cooperation.

Customs stint

Before his DOF stint, Mendoza served as customs district collector for the Port of Cebu from July 2019 to October 2022. During his term, the Port of Cebu became the first customs collection district to have its main port and all subports get ISO 9001:2015 certification, the international standard for a quality management system that helps organizations consistently meet customer and regulatory requirements.

Mendoza earned his law degree from San Beda University and finished third in the 2004 bar exams.

He was also the founding partner of the law firm Palafox Patriarca Romero and Mendoza. He was an associate lawyer at the Angara Abello Concepcion Regala and Cruz Law Offices (Accralaw) and the Suarez and Narvasa law office.

The reason for Lumagui’s exit from the BIR remains unclear, even as Recto thanked him ‘for being a great partner and a fearless leader in our shared effort to ensure a reliable revenue flow for our people and to reform the tax system.’

‘Under his leadership, we have seen a stronger and more credible BIR,’ Recto added.

Lumagui, who was appointed in November 2022, oversaw a 13.29-percent increase in BIR collections, which reached a record-high P2.85 trillion in 2024.

In the first nine months of 2025, BIR collections rose 10.88 percent to P2.32 trillion from the same period last year but were still slightly lower than the P2.38 trillion target for the third quarter.

The former BIR chief also spearheaded the agency’s efforts to streamline and modernize tax administration through a digital transformation program, which introduced the Online Registration and Update System (Orus), a web-based platform for taxpayer registration and management.

He also led the agency’s crackdown on the illicit trade of excisable goods, including cigarettes and vapes, conducting operations on 378 stores across Luzon, Visayas, and Mindanao in the first-ever nationwide raid in 2023.

Suing Discayas

Civil, criminal, and administrative cases against sellers, users, and professionals involved in the sale and use of ghost receipts were also filed during his tenure through the Run After Fake Transactions (RAFT) drive.

Under his leadership, the BIR filed tax evasion charges against contractor couple Pacifico ‘Curlee’ Discaya II and Cezarah Rowena ‘Sarah’ Discaya in connection with P7.18 billion in tax liabilities from 2018 to 2021.

But Lumagui admitted a decline in tax collections due to the infrastructure corruption scandal.

At least two college professors found a flaw in former Ako Bicol party-list Rep. Elizaldy Co’s claims that President Ferdinand Marcos Jr. himself ordered insertions in the 2025 budget, noting that the Chief Executive had all the chances to do it himself if he wanted to.

Both political science Professor Antonio Contreras and economics Professor Cielo Magno shared their views over social media on Friday, noting that Marcos could have made the insertions himself at the National Expenditures Program (NEP) level, instead of asking Co to do it later on.

The NEP is the compilation of all government agencies’ budgets for a subsequent year, crafted by the executive branch and submitted by the Department of Budget and Management (DBM) to the House of Representatives within 30 days after a president’s State of the Nation Address. The House then deliberates the NEP, and makes amendments – either by deduction or augmentation of funds for projects.

‘The President has full control of the NEP through the DBM. Why would he insert during the legislative phase, and needed Zaldy Co to do the dirty job, when he can very well include whatever he wanted to insert at the time the NEP is still being prepared for submission to Congress?’ Contreras said. ‘I think Zaldy Co owes us an explanation.’

Magno – a former undersecretary at the Department of Finance during Marcos’ first year, who has been critical of the President’s several policies – said that a Chief Executive can put the so-called ‘insertions’ while crafting the NEP.

According to Magno, Marcos does not have to wait for the bicameral conference committee to make the insertions.

Under the current budget process, the House submits its version of the proposed budget or the General Appropriations Bill (GAB) to the Senate for its own deliberation. The Senate then makes its own amendments, eventually prompting the creation of the bicam – a small group of House and Senate members who meet around November or December to thresh out differences in their GAB versions.

‘My question to Zaldy Co is, why does he make it seem that BBM (Marcos) would do something dumb to wait for the bicameral conference to insert ng 100B (billion pesos) when he can make that at the NEP level already?’ she asked in Filipino.

Earlier, Senator Panfilo ‘Ping’ Lacson who chairs the Senate blue ribbon committee – which held a hearing earlier regarding the flood control issue – shared the same sentiments as Contreras and Magno.

According to Lacson, he is not defending Lacson, but one pressing question that must be asked of Co is why Marcos refrained from making the alleged insertions himself.

Also, Lacson asked why Marcos vetoed the insertions made at the bicameral conference committee if the President really wanted it.

‘I’m not defending the President, (but) why would he insert P100 million at the bicam when he can do that at the NEP already?’ Lacson asked.

‘Second, why did he veto the insertions? Why were the other items considered FLR (for later release)? I’m not saying it’s unbelievable, but at face value, we can say that based on common sense – only because I know the budget process, that it starts with the NEP that the President has complete control over what should be inserted – why would he wait for the bicam to make insertions?’ he added.

Co in a video statement earlier claimed that key administration officials – particularly Budget Secretary Amenah Pangandaman and Presidential Legislative Liaison Office Undersecretary Adrian Bersamin – told him that Marcos wants P100 million worth of insertions placed in the 2025 budget.

Co claimed that Pangandaman asked him in 2024 to confirm with Bersamin as to whether the President really ordered putting P100 billion worth of insertions in the 2025 General Appropriations Bill. After getting the confirmation, Co said he told former House Speaker Ferdinand Martin Romualdez about this instruction.

After getting these confirmations, Co said he appealed to Pangandaman and Bersamin to just put half of the P100 billion to unprogrammed funds so that funds for DPWH would not exceed the allocation for DepEd. Co also said he is surprised as to why Marcos is saying that he cannot recognize the 2025 budget.

These claims from Co came as the former lawmaker faces several issues regarding the 2025 national budget and the infrastructure project scandal.

At one of the Senate blue ribbon committee hearings, contractor-couple Curlee Discaya and Sarah Discaya named several lawmakers – including Co – who allegedly asked for and received kickbacks from infrastructure projects, after their firms were able to bag government contracts.

Henry Alcantara and Brice Hernandez, former officials of the Bulacan first district engineering office, tagged Co and other lawmakers as allegedly involved in the kickbacks scheme for infrastructure projects.

Co is also accused by Navotas City Rep. Toby Tiangco of mangling the 2025 budget. Tiangco claimed that party-lists affiliated with Co received more than P4 billion worth of allocations – P2.23 billion for Ako Bicol, P2.06 billion for Barangay Health Workers which was represented by her niece, former Rep. Natasha Co, and P13 billion under Elizaldy Co himself.

As early as August, Tiangco has been asking Co to reveal all the amendments made by the small committee for the 2025 budget, to show that the House leadership is truly serious about its push for reforms.

Co went out of the country while he was still a lawmaker of the 20th Congress, for a medical procedure. He was asked by the House to return, as Romualdez’ successor, Speaker Faustino ‘Bojie’ Dy III, revoked his travel authority.

But instead of returning, Co resigned from his post, saying that he is being prejudged. Co also said he fears for his safety.

Senate President Pro Tempore Panfilo Lacson said ex-Ako Bicol Partylist Rep. Zaldy Co’s bombshell testimony lacked probative value, considering that the latter was not under oath when he made the expose.

Co on Friday broke his silence, admitting to inserting P100 billion in the budget, claiming that it was done under the directive of President Ferdinand Marcos Jr. and House Speaker Martin Romualdez.

But speaking to reporters in an ambush interview also on Friday, Lacson described Co’s testimony as a mere story or narration.

‘Nothing. It’s just narration – a story. It’s not under oath. If he comes here, takes an oath, and states his testimony – then that’s what will have probative value,’ said Lacson, speaking in Filipino, when he was asked how he views Co’s testimony.

According to Lacson, it is hard to speculate whether or not Marcos maneuvered for a P100 billion worth of insertion in this year’s budget.

‘Why would he? I’m not defending the President. Why would he insert P100 billion in the bicam, when he could already do that in the National Expenditure Program? Second, why would he veto it? Why would he put it under ‘For Later Release?’ Lacson pointed out.

The Senate’s second top leader said he is not saying that Co’s testimony is unbelievable. He, however, pointed out that at face value, it appears hard to decipher.

‘We’re talking about something that’s really just common sense, because I know the budget process. The budgeting process starts with the NEP, where the President has complete control over what should be included in it. So if that’s the case, why would he still ask for insertions during the bicam?’ asked Lacson.

But in a separate statement also issued on Friday evening, Co responded to Lacson, directing the Senate President Pro Tempore to first review the full list of alleged ‘insertions’ done under the directive of President Marcos.

Co pointed out that these were clearly reflected in the General Appropriations Act of 2025.

‘You may cross-check the NEP 2025 to verify if the same line items appear there. To assist you, I have attached the list with the exact page references from the GAA 2025,’ said Co.

‘I suggest that before making statements that may unfairly prejudice the issue, the Senator should examine the documents in full,’ he added.

Co said the public deserves a ‘fair, complete, and evidence-based investigation, not conclusions drawn without first seeing the whole picture.’

Co has recently been implicated on alleged anomalous infrastructure projects, particularly flood control works in Bulacan. Former district and assistant engineers testified that he was involved in budget insertions that ballooned to at least P35 billion from 2022 to 2025.

They further claimed that kickbacks were delivered to Co, including one alleged delivery of P1 billion in cash packed into more than 20 suitcases and transported in several vans to his penthouse unit at a luxury hotel in Taguig.

The resigned lawmaker was supposed to be invited in the Senate panel on blue ribbon’s hearing into anomalous flood control projects on Friday, but panel head Lacson he dropped the plan to do so, fearing that allowing the Co to participate virtually in the hearing might give him a ‘platform to say anything he wants, with his testimony lacking probative value – or worse, ‘propaganda’ without the risk of being cited in contempt.

The Majority of the around 150 flood control projects in Ilocos Norte were secured by the companies of contractor-couple Pacifico and Sarah Discaya, according to Independent Commission for Infrastructure (ICI) special adviser Rodolfo Azurin Jr.

On Thursday, Azurin and Department of Public Works and Highways (DPWH) Undersecretary Arthur Bisnar inspected four flood control sites in Ilocos Norte, the home province of President Ferdinand R. Marcos Jr.

In an interview with reporters, Azurin said the approximately 150 flood control projects in Ilocos Norte amounted to around P9 billion.

‘Apparently, yung sabi ng mga engineers natin dito is majority dito ay Discaya. So, iba-ibang company [ng mga Discaya],’ he said.

(Apparently, what our engineers here say is that the majority are under the Discayas, different companies of the Discayas.)

According to Azurin, all of the projects they inspected in Nueva Era town were secured by the Discaya couple.

‘Lahat ng project na inikot natin dito ay Discaya,’ the ICI special adviser said.

(All the projects we looked at here are handled by Discaya firms.)

Meanwhile, when asked why the Discayas secured the majority of flood control projects in Ilocos Norte, Bisnar replied, ‘Hindi pa po natin masabi.’ (We can’t say right now.)

‘Kasi ang tanging basis po natin sa ngayon ay yung mga records na nasa database po ng central office at yung mga records ng ating regional and district offices,’ Bisnar explained.

(Because the only basis we have right now is the records in the central office database and the records of our regional and district offices.)

‘Kung bakit sila ang nanalo sa bidding ay hindi po natin masabi sa ngayon,’ he added.

(We can’t say right now why they won the bidding.)

Bisnar said the flood control projects in the province were implemented by various levels of the DPWH, ranging from the district to regional offices.

The ICI and DPWH officials noted that they would continue their investigation into the flood control projects in Ilocos Norte and other parts of the country.

Earlier, DPWH Secretary Vince Dizon said the Discayas were among the first to be held accountable over the flood control scandal, specifically due to irregularities in five projects in Bulacan.

The province of Bohol has delivered a second round of aid to Cebu, reaffirming its commitment to support communities recovering from Typhoon Tino (international name: Kalmaegi).

This newest assistance includes P5 million in financial help and two wing vans containing relief supplies.

Governor Aris Aumentado on Friday led the turnover of P1 million each to Talisay City Mayor Samsam Gullas, Consolacion Mayor Nene Alegado, Compostela Mayor Felijur Quiño, and Danao City Vice Mayor Ivy Durano. Liloan’s allocation was accepted by a representative from its Treasurer’s Office.

Friday’s assistance follows Bohol’s initial P5-million donation to Cebu on Oct. 6 for towns in northern Cebu affected by a magnitude 6.9 earthquake.

Aumentado emphasized that mutual aid is a core value shared by both provinces.

‘We really need to help each other because there are only two provinces left in Region 7. Cooperation is truly important,’ he said.

The governor also recalled how Cebu was among the first to extend assistance when Bohol was struck by the 2013 earthquake and found itself in urgent need of help.

Provincial administrator Ace Durano witnessed the turnover and expressed Cebu’s gratitude.

‘(Cebu) Governor Pam (Baricuatro) is deeply grateful to Bohol. Your support is a tremendous help to the affected families,’ he said.

As part of the relief effort, Bohol also gathered donations that filled two wing vans with rice, clothing, hygiene kits, and other essentials.

The Bohol Provincial Health Office reinforced the mission by deploying a 10-member nursing team to Danao City that will be conducting psychosocial first aid and trauma assessments in DOH-identified evacuation centers throughout the weekend.

As of November 6, the total deaths in Cebu province due to Typhoon Tino rose to 108 based on the latest data from the Emergency Operations Center. There were 63 people reported missing