Asianet Pakistan Private Limited

CONVERGE will manage everyone’s expectations in Season 50 of the Philippine Basketball Association that starts with the Philippine Cup on Sunday at the Smart Araneta Coliseum.

Head coach Delta Pineda said most teams are competitive and could adjust to the pace of every game prompting his coaching staff to dig into the deepest details.

‘There are very strong teams and veterans so do not expect too much. We have so many young players in our team,’ said Pineda, whose team has an average age of 27 with Kevin Racal (34) and recently signed Rafi Reavis (48) as the veterans.

‘In terms of experience especially in crucial games, veteran players have the experience to take charge, but you’ll never know what may happen,’ the rookie coach who’s also the vice governor of Pampanga, said. ‘We have been together for a few years so we adjusted and corrected some of our mistakes.’

No. 2 draft pick Juan Gomez de Liaño (25) will be joining forces with Schonny Winston (27), Alec Stockton (27) and big men Justin Arana (26) and Justine Baltazar (28).

Converge swept all its four tuneup games against Meralco, Blackwater, NLEX and San Miguel Beer (114-99), but Pineda reminded his players not to be excited.

‘We need everyone’s cooperation and we are doing everything to prepare them so we can achieve our goals,’ Pineda said. ‘We need their hard work. If we do not prepare well, we cannot expect good things.’

The FiberXers couldn’t go beyond the quarterfinals-Governors Cup and Commissioner’s Cup-last year in three seasons in the league.

San Juan and Rizal Province closed their elimination round campaigns with victories over also-ran teams on Monday in the Maharlika Pilipinas Basketball League at the Marikina Sports Center.

The San Juan Knights trounced the Marikina Shoemasters, 78-61, to improve their win-loss record to 26-3 and finish No. 3 in the North Division behind the Abra Weavers (27-1) and the Nueva Ecija Rice Vanguards (27-2).

Rizal subdued Bacolod, 78-72, for a 19-10 record and third spot in the South Division led by Quezon (25-4) and Batangas City (19-10).

Arvin Gamboa scored 18, while Orlan Wamar had 10 points and nine assists for the Knights.

Karl Penano and Jay Yutuc each had 12 points for Marikina, which exited with a 4-25 record.

Michael Canete scored 14 points, while Alwyn Alday had 11 points for Rizal.

Bacolod bowed out with a 7-22 slate. John Lemuel Pastias scored 15 points, while Jan Gabriel Sobrenega and Aldave Canoy had 12 points each.

NEW DELHI, INDIA-Direct air connectivity between the Philippines and India is set to resume tomorrow, October 1, with Air India launching non-stop flights between Manila and New Delhi, a move hailed as a milestone in bilateral relations and a strategic boost to tourism and trade.

Air India Vice President Dr. Amit Kumar Pandey led a delegation to the Philippine Embassy in New Delhi on September 25 to formally brief Ambassador Josel F. Ignacio and the Embassy’s Economic Team-Second Secretary Melissa Anne M. Telan and Attaché Rachelle C. Yumo-on the upcoming service. The executives also presented a ceremonial model aircraft to mark the occasion.

The new route, tagged AI 2362 (Delhi to Manila) and AI 2361 (Manila to Delhi), will operate five times weekly-daily except Tuesdays and Thursdays-with a one-way flight time of 6 hours and 50 minutes. The inaugural flight departs Indira Gandhi International Airport’s Terminal 3 at 1:20 p.m. IST and arrives at Ninoy Aquino International Airport’s Terminal 1 at 10:40 p.m. PST. The maiden flight will be serviced by an Airbus A321, configured with 188 seats across three classes.

‘This new non-stop service represents a milestone in our aviation relations, and indeed in our overall relations,’ Ambassador Ignacio said. ‘We see this substantially driving up our tourism and business connections in line with the vision of President Marcos and Prime Minister Modi.’

The flight revival coincides with recent visa liberalization efforts between the two countries.

On June 8, the Philippines began granting 14-day visa-free entry to Indian tourists. During President Marcos’ State Visit to India last month, the Indian government reciprocated with gratis e-visas for Filipino travelers.

Ambassador Ignacio thanked Air India for restoring direct air links, emphasizing the Philippines’ readiness to welcome Indian visitors.

‘We Filipinos and our rich culture, peerless pristine beaches, incomparable dive sites, lush mountains, charming heritage sites and modern metropolises are eager to welcome our Indian friends,’ he said.

India has been identified as a priority market for Philippine inbound tourism.

With over 30 million outbound Indian travelers recorded in 2024 and projections placing India as the fifth-largest source of outbound tourists by 2027, the new route is expected to unlock significant growth opportunities for both countries.

AFTER quickly getting a Senate subcommittee to endorse her P902-million 2026 budget for the Office of the Vice President, Sara Duterte on Monday told a press conference her informants had told her a long time ago of the ‘luggage’ of money being delivered to former Speaker Martin Romualdez, her bitter political rival.

VP Duterte’s comments, made in a press conference after presenting the OVP’s proposed 2026 budget, quickly drew reactions from Romualdez and the Palace.

She said that recent revelations of billions in taxpayer money being wasted on ghost or substandard projects had ‘saddened’ her father, detained former President Rodrigo Duterte, and she expected him to say, ‘sinabi ko na si BBM ay hindi marunong [I told you that President Ferdinand Marcos Jr. doesn’t know how to govern].he is a weak leader,’ blaming him for the mess that has engulfed both the Executive and Congress in recent weeks.

Speaking mostly in Filipino, she said her father was sad, ‘not because of how they smeared his name, but more because of what they did to the country,’ referring to those accused of corruption in the flood projects scandal, both in the Executive branch and the lawmakers who vet and approve the annual appropriations.

She said that soon after she took office in 2022, ‘we had already heard of the ‘deliveries of money.’

However, she added, it was not only kickbacks from infrastructure projects that Romualdez allegedly got, but also from ‘illegal gambling.’

‘Pure fiction’-Romualdez

Leyte Ferdinand Martin G. Romualdez on Monday strongly rejected allegations made by Vice President Sara Duterte that he received ‘suitcases of cash’ from illegal gambling operations, calling the accusations baseless and politically motivated.

‘I hear the accusations. Let me say this directly: it is not true that I receive money from illegal gambling,’ Romualdez said in a statement. ‘These stories about ‘suitcases of cash’ are pure fiction-nothing but imagination. Until today, no evidence has ever been presented, only rumors repeated over and over.’

Romualdez dismissed the claims as recycled lies meant to discredit him. He also clarified that he has no involvement in the Okada/Delaware casino dispute that had resurfaced in public discussions, after VP Duterte also mentioned it.

‘On the Okada/Delaware issue, it is clear: I am not involved, I am not being investigated, and I am not accused. I have nothing to do with that case, which is simply a dispute between two businesses. It is only being revived now to malign me,’ he said.

Romualdez further questioned the credibility of the Vice President, who faces her own controversies.

‘It is sad that the Vice President herself-who was impeached by the House for misuse of funds-has resorted to spreading such lies. When the source itself has lost credibility, why should anyone believe these baseless claims?’ Romualdez said.

Palace on Sara: ‘Obstructionist’

Malacañang called Vice President Sara Duterte an ‘obstructionist’ who is trying to derail the government’s ongoing crackdown against anomalous flood control projects after she cast doubt on the ‘stability’ of the Marcos administration.

In her press conference at the Senate on Monday, Duterte claimed that the Marcos administration was no longer stable as the ongoing probe dragged several lawmakers in the said controversy, undermining public trust on government institutions.

She claimed the probe is being politicized and that it has yet to result in any conviction, which benefited the public.

‘Our institutions are clearly abused. They are used for personal gain.and we have already seen the testimony of witnesses about corruption and there is practically nothing happening in our country,’ Duterte said in Filipino.

Palace Press Officer Claire Castro, however, tagged the Vice President’s recent pronouncements as lies, which he said only aims to tarnish the reputation of President Ferdinand Marcos.

‘We know that our government is strong. The Marcos Jr. administration is only being destroyed by obstructionists like them,’ she told Palace reporters last Monday.

‘They probably don’t see what the President is doing because they are turning a blind eye,’ she added.

Marcos, she said, has already made significant gains in unearthing the said corrupt practices in public works through the Independent Commission for Infrastructure compared to previous administration.

‘So it cannot be said that our President is doing nothing. Let’s remember that he himself initiated this investigation,’ Castro said.

THE Bureau of Customs (BOC) has seized P34.725 billion worth of various goods, natural resources, cigarettes and illegal drugs smuggled into the country as of end-August.

In his presentation of the BOC’s accomplishment report on Tuesday, Customs Assistant Commissioner Vincent Philip C. Maronilla said the bureau carried out 653 seizure operations from January to August this year, confiscating P34.725 billion worth of illicit items.

Confiscated various goods, such as general merchandise, topped the list of the highest-valued commodities, totaling P20.156 billion as of end-August.

This was followed by wildlife and natural resources amounting to P4.784 billion and illegal drugs valued at P4.562 billion.

The BOC also intercepted smuggled cigarettes, tobacco, e-cigarettes and vape products worth P2.104 billion.

Counterfeit goods, such as fake branded apparel and accessories, pegged at P1.041 billion, were also apprehended.

Maronilla also reported the BOC’s ‘record-breaking’ seizures during the month of July to August, conducting 128 seizure operations of smuggled products amounting to P2.390 billion.

The seizure of illicit cigarettes valued at P605.29 million in Plaridel, Bulacan, on August 2 was highlighted, which marked the largest cigarette seizure for this year.

According to the Department of Finance, the government could suffer a revenue loss of about P150 billion this year due to smuggling.

This estimated figure refers to potential revenue losses on the part of the BOC, covering foregone collections from general merchandise and oil.

Maronilla told BusinessMirror earlier that the BOC is strengthening its anti-smuggling measures to offset possible losses from illicit trade.

Maronilla said a new team at the BOC has already come up with a comprehensive anti-smuggling program focused on possible misdeclarations and technical smuggling.

The BOC is also working on revising a cooperation agreement with the Philippine Coast Guard and the Philippine Navy to effectively guard the country’s borders against smugglers.

To further plug expected losses, Maronilla said the BOC is also banking on its Fuel Marking Program as one of the agency’s main revenue drivers, as well as other revenue sources, such as cars, steel and chemicals.

The BOC has collected a total of P622.468 billion from January to August this year, higher by 1.3 percent than the P614.395 billion raised during the same period last year.

In the first seven months, the BOC collected P1.520 billion from non-traditional revenue sources through the Post Clearance Audit Group and P43.267 million from Public Auctions.

This year, the BOC will collect P958.7 billion, which makes up 21.20 percent of the government’s full-year revenue target of P4.520 trillion.

THIS here is a familiar story. The salary comes in and, for a moment, there is relief. Bills can be paid, the pantry can be restocked and, maybe, enjoying even a small treat or two. But before the next payday arrives, the money is gone; sometimes disappearing faster than expected.

Why does this keep happening even when we know the basics of personal finance? Why do so many of us feel like we are always catching up, never ahead?

The payday high

THE days right after payday often feel like a celebration. The stress of waiting is over and, finally, there is money to spend. Psychologists call this the ‘payday high,’ a temporary sense of relief that can quickly turn into overspending.

It feels good to buy the things we postponed during the tight days before payday. A meal out, a new gadget, or a flash sale on an app suddenly feels justified. We tell ourselves, ‘I deserve this.’ Some even joke that payday is the one time of the month when they feel ‘rich.’ The problem is, that feeling does not last long. By the time bills, obligations, and savings goals catch up, the budget is already stretched thin.

Why does money slip away so fast

SEVERAL common patterns make this cycle repeat:

Front-loading expenses. Rent, utilities, loan payments, and tuition often fall right after payday. What looks like a full paycheck on day one can shrink dramatically after a few transactions.

Impulse spending. Discounts and sales are everywhere, and marketing is designed to make us buy quickly. Having fresh cash makes it easier to give in to those flash deals.

Family obligations. Many Filipinos feel a strong responsibility to send money to parents or siblings first. While this comes from love and gratitude, it often leaves little for personal savings.

Untracked daily spending. Delivery fees, coffee runs, rideshares, and small ‘add to cart’ buys slowly eat away at what is left. Because they seem harmless in the moment, we only notice the impact when the account balance is nearly empty.

These habits are not just financial issues. They are also behavioral and emotional.

The hidden triggers

RUNNING out of money before payday is not always about income. Even people with higher salaries experience it because of lifestyle creep, social pressure, or stress spending. The truth is, the more we earn, the more tempted we become to increase our spending. Without limits, expenses rise to match income.

Money is also tied to emotions. We spend to celebrate, to relieve stress, or to show love. For many, generosity is expressed through treating family or friends. Cultural expectations add another layer. Saying no to a family request can feel like turning our back on our values. Declining an invitation with friends can feel like rejecting the people we care about. These triggers make it difficult to stretch the budget until the next payday, even when the math seems simple on paper.

How to break the cycle

ESCAPING this cycle does not happen overnight. It takes small, practical steps that address both the numbers and the behaviors behind them.

Pay yourself first. Set aside a portion of your income for savings before paying bills or spending. Even a small amount builds the habit of prioritizing your future.

Automate good habits. Schedule a savings transfer or an investment top-up as soon as you get paid. If money leaves your account immediately, you are less tempted to use it on non-essentials.

Limit variable spending. Allocate a fixed amount for food, transport, or leisure using cash or a separate e-wallet. Having a boundary makes it easier to see where your money is going and stops overspending before it happens.

Track the little things. A few pesos for delivery fees or snacks may not seem much, but over weeks they create holes in the budget. Writing them down or using a simple app helps you see patterns and adjust.

Build a cushion. Even P500 a week in savings creates breathing room and reduces the anxiety of running out before the next paycheck. Small wins build confidence, and confidence builds momentum.

Create a plan for fun. Overspending often comes from feeling deprived. Instead of avoiding all wants, include a ‘fun fund’ in your budget. Having a small, guilt-free allowance helps control bigger splurges later.

Toward financial wellness

THE struggle of running out of money before payday is not about intelligence or effort. It is about habits, triggers, and the way we relate to money. Financial wellness means managing not just the technical side of budgeting, but also the emotional and cultural factors that influence our choices.

When we begin to shift small behaviors, we move closer to balance. And when money becomes less about stress and more about security, we discover that the true goal is not just making it to the next payday, but building peace of mind in between.

THE Asian Development Bank (ADB) is open to the possibility of including firms linked to the flood control controversy to its debarment list to prevent them from participating in its current or future projects.

In a briefing on Tuesday, ADB Country Director for the Philippines Andrew Jeffries said under its rules, ADB can only debar firms that participated in its projects.

ADB also implements cross-debarment with other multilateral development banks in the world. Under this policy, debarred firms in these institutions are also debarred from participating in their projects in the region.

‘If there is an officially sanctioned government blacklist, we would honor such a list and take that into account. But it would need to be, you know, kind of officially sanctioned and not just a list of firms in the press, so to speak,’ Jeffries told reporters.

Currently, Jeffries said the ADB has implemented strict technical and financial requirements for all contractors bidding for ADB-funded projects.

These include having a proven track record in undertaking a project as well as possessing the technical capability of implementing specific projects.

Jeffries also mentioned that they have a strict oversight when it comes to loan disbursement to make sure that funds are released based on achieved milestones set by ‘legal construction contracts.’

Apart from the procurement of contractors, Jeffries said ADB also has a post-implementation evaluation process that scrutinizes financial statements, final project costs, and the explanation of any cost overruns and changes that were made in the course of project implementation.

‘Regarding our lending, we take the corruption and public financial management very, very seriously. [Public Works and Highways] Secretary Vince Dizon has stopped progress on domestically funded flood protection projects, for example, but he has not stopped foreign funded flood protection projects because of the strict oversight that ourselves and other development partners give,’ Jeffries said.

In 2010, ADB and multilateral development banks such as the World Bank Group, the African Development Bank Group, the European Bank for Reconstruction and Development, and the Inter-American Development Bank Group entered into a mutual enforcement agreement on debarment decisions.

The agreement covered the harmonization of debarment rules across the multilateral development banks and mutual enforcement of debarment decisions, which required the banks to debar the firms.

In most cases the names of the firms and their violations as well as the period of their debarment are made public by the multilateral development banks.

In a joint statement in 2010, the multilateral development banks stated that the collective enforcement action validated the institutions’ September 17, 2006 commitment as part of the International Financial Institutions Anti-Corruption Task Force.

The 2006 accord committed MDBs to further explore how compliance and enforcement actions taken by one institution could be mutually recognized. Under the 2006 agreement, the institutions agreed to harmonize their definitions of sanctionable practices and to share greater investigative information among the Banks.

ADB’s public debarment list currently includes 14 Filipinos and firms; some are debarred indefinitely while others are debarred ‘until further notice’ for committing various integrity violations. Some of the firms are cross-debarred with the World Bank as a result of the agreement between the multilateral banks.

Newly minted Mister International 2025 Kirk Bondad is back in the homeland to a hero’s welcome. The gorgeous Filipino-German supermodel, businessman and wellness director won the Philippines’ second Mister International title after ‘Gwapulis’ Neil Perez’s triumph in 2014.

‘It’s like a fever dream so far. Non-stop. I’ve been mobbed in Thailand, which was to me very surprising. I was about to go to the gym and then somebody recognized me and I, you know, I’m in my mode. I’m going to the gym for the first time [after winning in Bangkok] and then suddenly people are doing pictures and they congratulate me and I wasn’t expecting that to be honest,’ Kirk, 28, exulted at his victory presscon at Holiday Inn Express Manila Newport City in Pasay, on September 29.

‘And honestly, the feeling that I’m getting from being Mister International right now, it’s like when you walk in the park and suddenly a fresh breeze hits you and it goes like, I’m still catching up to the feeling. I have nothing but love in my heart,’ a grateful Kirk smiled.

Kirk’s victory follows an exceptional streak by the Mister Pilipinas Worldwide kings this year. Kenneth Cabangcal placed fifth at Mister Supranational in Poland on June 28, while Kenneth Marcelino finished first runner-up at Mister Cosmopolitan in Thailand on September 7.

The two Kenneths, Mister Pilipinas-Manhunt International 2025 Raven Lansangan, Mister Pilipinas-Man of the Year Michael Angelo Toledo and Mister Pilipinas-Eco International 2025: Kitt Cortez ecstatically welcomed Kirk at the pressscon. Also making a surprise appearance was our first Mister International, Neil Perez.

Jether Palomo is currently in Bangkok aiming for a back-to-back victory for the Philippines at Mister Global.

‘You are loved even before the pageant. Your moment of victory, you’ve inspired a lot of Filipino men who are joining beauty pageants, especially me. And I’m sure that I’m speaking on behalf of our reigning kings as well. Look at their smiles right now,’ said Kitt, who hosted the presscon.

‘I’m glad that you’re here, guys. Thank you so much,’ Kirk beamed.

‘How crazy is that?’ asked Kitt.

‘It’s surreal,’ replied Kirk.

Kitt countered: ‘What does this victory mean to you, Kirk, personally?’

A still-overwhelmed Kirk, who bested 41 contenders, answered:

‘Well, it’s interesting since when I won Mister Pilipinas Worldwide and I got the title of becoming Mister Philippines International, it is something that you know will happen, you know, just day X, you prep, you train, day by day, and then suddenly it happens and you realize all the pressure that I didn’t feel before.

‘To be honest, I didn’t feel the pressure until I actually got the crown because I sat down alone in my hotel room after everything was done and I was munching on snacks already. But in that moment, I realized I worked so hard for this and honestly, it feels hard to describe the feeling because it’s overwhelming. I haven’t got time for myself to catch up, to be honest.

‘So, it feels like a sand clock, right? Like all the sand of my emotions is buckled up and just a tiny bit of sand is being metabolized, meaning my emotions, and day by day, I just realize how much attention I need to put in.’

GLOBAL uncertainties and the ‘broad impacts’ of corruption could further weaken the country’s economic growth this year and next year, according to the Asian Development Bank (ADB).

In its Asian Development Outlook (ADO) for September, ADB said it now expects the country’s GDP growth to slow to 5.7 percent in 2026 from the 5.8 percent estimate for 2026 it made in July 2025. The forecast for this year pegged at 5.6 percent was the same estimate in July but was slower than the 6 percent estimate it released in April.

ADB Country Director for the Philippines Andrew Jeffries said the global uncertainties stemmed from the impact of higher US tariffs on the economy. However, while ADB did not yet account for its impact, the controversy surrounding flood control projects could further undermine economic growth.

‘We didn’t see a reason to reduce GDP projections due to that issue [flood control], but it’s certainly a heightened risk; between now and our December update there may be more quantifiable data available that may alter our projections,’ Jeffries said during a media briefing.

Higher United States tariffs imposed on various commodities worldwide have created global policy uncertainty which has slowed down growth, particularly in advanced economies.

The impact of higher tariffs, which the Philippines has not escaped, and the impact on advanced economies could also dim the economic prospects of the country.

The United States slapped a tariff of 19 percent on all Philippine goods entering the American market beginning in August 2025. This new rate was a result of negotiations between Washington and Manila which occurred in July.

Nonetheless, ADB said, the impact of these uncertainties may be cushioned by the country’s strong domestic demand given the slowdown in inflation. The increase in commodity prices remained below the 2 to 4 percent target set by the Bangko Sentral ng Pilipinas (BSP).

ADB projected that inflation could average 1.8 percent this year and pick up to 3 percent next year. Both forecasts are within the inflation target of 2 to 4 percent set by the BSP.

The benign inflation environment allowed the BSP to continue reducing key policy rates. In the last Monetary Board meeting, the central bank reduced the Target Reverse Repurchase rate by 25 basis points to 5 percent in what BSP Governor Eli Remolona Jr. said was the ‘Goldilocks’ rate. Officials said more rate cuts could be implemented by the end of the year.

With the slowdown in inflation, ADB Senior Economics Officer Teresa Mendoza said household spending, one of the pillars of domestic demand, has shown resilience this year.

Mendoza noted that while there was an observed increase in the purchase of basic items, Filipino households also increased their spending on non-essentials such as domestic travel and recreation.

Earlier, ANZ Research said Filipinos swiping their credit cards and obtaining loans against their salaries are helping boost consumption spending in the country but these are deemed ‘unhealthy’ practices.

In its quarterly brief, ANZ Research noted that domestic demand has been weak in the region, except for the Philippines, which is seeing an uptick in private consumption as well as inflow of new consumption.

ANZ Research said private consumption in the country, however, was driven by credit card spending and loans against salaries. These borrowings were not being spent on asset creationMeanwhile, ADB said developing Asia’s growth forecasts were also reduced to 4.8 percent and 4.5 percent in 2025 and 2026 respectively.

The ADB cited risks that could bring growth down such as tariff and trade uncertainty, financial market volatility, geopolitical tensions in the Middle East and Ukraine, and property market fragility in the People’s Republic of China which could affect other countries.

First Gen Corp. (FGen) and the Manila Electric Co. (Meralco) are currently in talks for another extension of their gas deal that will eventually pave the way for the continued supply of electricity being sourced from FGen’s gas plant in Batangas.

‘You know that the Sta. Rita was extended up to January, but we’re hoping that will also be extended beyond. But that’s work in progress,’ said First Gen President Francis Giles Puno.

The Energy Regulatory Commission (ERC) had granted a five-month extension, or until January 2026, of their power purchase agreement (PPA), effectively averting the shutdown of the 1,100-megawatt (MW) Sta. Rita gas power plant.

Puno, however, could not yet say how long First Gen and Meralco want the gas deal to remain in effect. ‘That’s currently in negotiation.’

Meralco utility economics head Lawrence Fernandez had said that during this period both parties will continue negotiations on the PPA extension and will have to go back to the ERC after the negotiation.

Without the extension, First Gen would likely be constrained to shut down the Sta. Rita plant, the biggest among the four-gas fired power plants it operates in its Clean Energy Complex in Batangas. However, the extension may result in higher generation rates, the ERC noted in its previous decision.

‘Although the motion evidently impacts Meralco’s generation charge.there exist other equally compelling and urgent reasons that justify the proposed extension,’ the ERC said.

‘The issue transcends mere rate concerns and becomes a matter of energy security. Such a scenario could lead to widespread blackouts, with repercussions extending beyond potential increases in Meralco’s generation charge. Ultimately, the resultant blackouts could severely impact the national economy. In the end, this is what the commission is asked to reconsider and rule upon.’

These reasons, added the ERC, are anchored in policy considerations, such as ensuring grid and supply security and reliability, which fall more appropriately within the purview of the Department of Energy (DOE).

The DOE, for its part, told the ERC that the interim extension will not violate any DOE policy, particularly the competitive selection process (CSP) requirement because the Sta. Rita PPA was approved pre-Electric Power Industry Reform Act (Epira). Hence, the PPA is beyond any CSP policies issued by the DOE under Epira.

First Gen’s PPA with Meralco involving the 420-MW San Gabriel gas plant already expired last year while a similar agreement involving the 500MW San Lorenzo gas plant will expire in 2027.

Last August, First Gen said it recorded a slight increase in its net income at $151 million (P8.6 billion) in January to June from $150 million (P8.4 billion) a year ago due to lower revenues. Revenues stood at $1.213 billion (P69.3 billion), down 5 percent from $1.278 billion (P72.1 billion) because of lower electricity volumes, particularly in the gas platform, sold during the period.

The natural gas portfolio accounted for 66 percent of the company’s total consolidated revenues, while 30 percent came from the geothermal, wind and solar plants of Energy Development Corp. (EDC). The balance of 4 percent comes from the company’s hydroelectric power plants.

Meanwhile, Meralco reported last July that it will close the year with about P50 billion in consolidated core net income (CCNI), higher than last year’s P45.1 billion, after posting a CCNI of P25.5 billion in the first half.

In the first half, Meralco’s CCNI stood at P25.5 billion from P23.2 billion in the same period last year, with the distribution business accounting for the largest share of 54 percent or P13.7 billion. It also realized significant contribution from the growing power generation business with its share now at 37 percent to P9.4 billion of the CCNI.

The retail electricity supply and non-electricity businesses, meanwhile, brought in a combined P2.4 billion or 9 percent.