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Aboitiz Equity Ventures Inc. (AEV) on Tuesday said its net income for the nine months of the year fell 8 percent to P17.3 billion from the previous year’s P18.8 billion.

Power accounted for 60 percent of the total net income contributions from AEV’s business units for the nine-month period, while the food and beverage segment accounted for 25 percent.

Net income contributions from the financial services were at 15 percent, real estate at 5 percent, and infrastructure was at -5 percent.

‘AEV’s results this quarter reflect the resilience of our portfolio and the dedication of our teams across all our businesses,’ company president and CEO Sabin M. Aboitiz said.

‘We continue to invest in growth areas that create long-term value for our stakeholders.’

On a standalone basis, Aboitiz Power Corp. had a core net income of P23.1 billion, lower by 15 percent compared to P27.2 billion last year.

The conglomerate said its core net income in January to September reflects the full impact of depreciation and interest expenses for GNPower Dinginin Ltd. Co, which AboitizPower began recognizing only in March 2024.

Union Bank of the Philippines had a net income of P3.2 billion for the period, 24 percent lower than the P4.2 billion recorded in the same period in 2024.

Aboitiz Land Inc. reported a consolidated net income of P879 million in nine months, a 69 percent increase from the P521 million in the same period in 2024. This growth was driven by the recognition of gains from asset monetization.

Net income contribution from the food and beverage segment, which includes Aboitiz Foods Holdings Inc. and Coca-Cola Europacific Aboitiz Philippines Inc. was P5.2 billion in January to September, 25 percent higher than the P4.2 billion recorded last year.

This was primarily driven by full nine-month contributions from Coca-Cola, which financially closed only on February 23, 2024, and also the strong volumes and margins of AboitizFoods’ flour, farms, livestock and trading segments.

Aboitiz InfraCapital Inc.’s income contribution to AEV amounted to P137 million for the period, a reversal of the P148-million net loss it incurred last year.

This was primarily driven by economic estates’ lot sales at TARI Estates in Tarlac, passenger traffic growth and the full nine-month contribution of Mactan-Cebu International Airport (MCIA), the continued expansion of Unity Digital Infrastructure Inc.’s co-location services and tower portfolio and the commercial ramp-up of Apo Agua Infrastructura Inc.

AEV’s share in Republic Cement and Building Materials Inc.’s loss for the nine months of the year amounted to P1.1 billion, higher from P726 million loss last year.

‘The higher net loss is mainly attributable to the continued weakness in sales volume and selling prices driven by low market demand for cement.’

TWO-TIME Olympian and Asia’s top pole vaulter EJ Obiena is locked in on defending his Southeast Asian Games title for the fourth time at the 33rd edition of the biennial meet.

With no competitions lined up before the SEA Games set for December 9 to 20 in Bangkok, Thailand, the 29-year-old Asian champion is dedicating his time to conditioning and training.

‘My last meet was in September in Makati. The next is the SEA Games. There’s no time to relax,’ Obiena told BusinessMirror.

He’s keeping a close eye on Thai rival Patsapong Amsamarng, who cleared 5.67 meters for bronze at the 2025 Asian Athletics Championships in Gumi, South Korea.

‘He’ll be competing at home, so I have to be ready. But the good thing is, I’m healthy-no pain, everything’s on track,’ Obiena said.

Obiena, who matched his season-best 5.80 meters at the Atletang Ayala meet in Makati, has since returned to Formia, Italy to continue intensive training under coach Vitaly Petrov.

Obiena is one of the country’s top gold medal bets, having won SEA Games gold in 2019 (Philippines), 2022 (Hanoi), and 2023 (Cambodia).

Petron Corp. delivered strong results in January to September driven by higher domestic sales, lower costs, and improved plant efficiency.

At-end September this year, the country’s lone refiner posted P9.7 billion in net income up 37 percent from last year’s P7.1 billion.

Petron achieved robust sales, reporting a combined sales volume of 84.7 million barrels for the Philippines and Malaysia, a three-percent increase from 2024’s 82.6 million barrels. This growth was largely driven by the 11 percent improvement in Philippine retail sales as Petron continued to corner the bigger share of the market.

The growth in domestic volumes, together with higher productivity at Petron’s refineries in Limay, Bataan and Port Dickson, Malaysia, helped minimize the impact of weak regional refining cracks, which dropped 11 percent in the first nine months.

Due to lower international prices, revenues for the three quarters slid by 10 percent to P594.9 billion from P657.9 billion the previous year.

Despite the external challenges, Petron sustained its profitability with an operating income of P26.6 billion, 20 percent higher than last year’s P22.2 billion. Furthermore, its net income growth further underscores the company’s resilience in navigating industry headwinds.

Petron said geopolitical tensions, shifting policies, and lifting of supply cuts significantly impacted oil prices. Dubai crude remained rangebound at $70 per barrel in the third quarter, following a drop to $64 per barrel in May from $80 per barrel in January this year. The regional pricing benchmark averaged $71 per barrel from January to September, marking a 13-percent decline compared to last year.

‘As a refiner, we’ve had to balance financial resilience with delivering value across every aspect of our business. This year, the market has presented even greater challenges, yet we’re proud of how we’ve stood against external pressures and even competition.

Our performance over the past three quarters has been a testament to this, and we remain optimistic about maintaining this momentum through the rest of the year,’ said Petron President and CEO Ramon S. Ang.

Within Makati City, one major thoroughfare has become a popular destination for those who want a safe and open space where they can exercise and connect with others. On weekends, Ayala Avenue transforms into a vibrant space for bikers, joggers, and wellness enthusiasts, attracting a growing community that values both productivity and healthy living.

As interest grows in promoting work-life balance in the city, PNB Makati Center is positioning itself as one of the most attractive locations for health and wellness brands looking to tap into this momentum.

Located right along Ayala Avenue, PNB Makati Center offers more than just a strategic address. Its accessibility via public transport and proximity to residences, offices, banks, and retail establishments make it a natural fit for businesses that want to serve Makati’s population. The building is also managed with a strong focus on functionality and tenant experience, offering well-maintained spaces that allow businesses to thrive in a dynamic environment.

Already anchoring its wellness ecosystem is the newly opened flagship branch of homegrown fitness brand BeFit, a 1,300-sqm facility where customers can enjoy round-the-clock access to premium equipment, group fitness classes, and other health and wellness offerings.

‘PNB Makati Center was a natural choice because of its central location and strong support for our goal of bringing accessible and flexible fitness opportunities to more people,’ said Brian Cu, Co-Founder of BeFit Philippines.’

PNB Makati Center will soon welcome one of the country’s leading healthcare providers, further solidifying its position as a hub for wellness and lifestyle brands in the area.

‘We are proud to see PNB Makati Center evolve into a destination that supports healthier lifestyles. This direction reflects our commitment to building spaces that serve both business and community needs,’ said Joselito R. Consunji, Chief Operating Officer, PNB Holdings Corp.

PNB Makati Center’s reputation as a trusted address, coupled with the shift among urban dwellers toward healthier lifestyles, makes it ideal for wellness-driven brands. It offers both visibility and community, where businesses can grow alongside the people they serve.

Through well-curated tenants and thoughtful space management, PNB Makati Center enables an environment where health and wellness can be integrated easily into the busy lives of those who work or live in the City’s bustling Central Business District.

In a groundbreaking move for local healthcare, the Province of Bulacan has inaugurated the country’s first locally funded Magnetic Resonance Imaging (MRI) facility, marking a milestone in accessible and modern diagnostics for Filipinos.

Situated at the Bulacan Medical Center, the new open MRI system, developed and powered by Time Medical Systems, a U.S.-FDA-registered and CE-marked global innovator in advanced imaging technology, represents a pivotal step toward universal and equitable healthcare across the country.

‘Ideally, every tertiary-level hospital should have an MRI for diagnostics,’ said Bulacan Governor Daniel Fernando. ‘For years, people have to travel far and spend more just to get the scans they need. Now, Bulakenyos can access world-class diagnostic services right here in our province, safely and affordably.’

A First for LGUs

While most MRI facilities in the Philippines remain privately owned, with only around 160 units nationwide as of 2022, Bulacan’s initiative stands out as the first-ever LGU-funded open MRI system.

This project exemplifies how local governments can lead the way in bridging healthcare gaps, complementing the Department of Health’s national vision for universal healthcare. Fernando’s administration spearheaded the initiative to give every Bulakenyo access to essential diagnostic services without the financial strain of traveling to private hospitals or major urban centers.

‘This project shows how public-private partnership can come together for real impact,’ said Joyce Socao, CEO and Managing Director of Time Medical Philippines. ‘We are proud to work alongside the Government of Bulacan under the leadership of Governor Fernando in delivering advanced and affordable MRI technology to the people, proving that world-class healthcare should be accessible to all.’

For many Filipinos, routine checkups stop at X-rays or ultrasounds. With this MRI now in Bulacan, residents finally have access to the gold standard in detecting critical conditions, from tumors and cysts to clots and cancers, without having to leave their province.

Technology That Works for Filipinos

The installed system, Time Medical’s PICA Open MRI, is designed specifically for patient comfort and practicality in local settings. Its open architecture reduces anxiety for claustrophobic, elderly, and pediatric patients, while its helium-free, permanent magnet technology makes it more cost-efficient, low-maintenance, and power-stable, particularly suited for provincial hospitals. For better comfort, the patient can be accompanied by a loved one while having the procedure.

In addition, the MRI’s built-in Teleradiology feature, a first of its kind in the country, allows radiologists to interpret scan results remotely and in real time, ensuring faster turnaround and expanding access to medical expertise even in remote areas.

‘Time Medical’s mission has always been clear-to make medical imaging accessible to every population, not just in major cities,’ Socao added. ‘With Bulacan taking the lead, we hope other LGUs will follow suit and make advanced diagnostics part of every Filipino’s right to healthcare.’

Setting a Model for Future Healthcare Partnerships

Former Bulacan Governor and now Time Medical Chairman Roberto ‘Obet’ Pagdanganan also expressed pride in seeing his home province lead this innovation:

‘As a Bulakenyo, I see this project as a symbol of progress, with Governor Fernando exemplifying how LGUs can embrace technology to serve their people better. This partnership proves that local government and private industry can build stronger, smarter, and more inclusive health systems together,’ he said.

The initiative also aligns with President Ferdinand R. Marcos Jr.’s Memorandum Circular No. 26, issued on July 14, 2023, which adopts the Philippine Health Facility Development Plan 2020-2040. The directive encourages local government units and private partners to collaborate through Public-Private Partnerships (PPP) to close infrastructure gaps and strengthen healthcare delivery nationwide. Bulacan’s investment in its own MRI facility demonstrates how LGUs can actively translate this policy into tangible improvements in medical access for their communities.

By establishing this LGU-funded MRI facility, Bulacan has not only brought high-quality medical imaging closer to its people but also set a benchmark for other provinces looking to modernize their public healthcare infrastructure.

‘Technology is nothing. What’s important is that you have faith in people, that they’re basically good and smart, and if you give them tools, they’ll do wonderful things with them.’-Steve Jobs

EMERGING technologies, including artificial intelligence, affect everybody.

For the professional accountant, the transformation of the environment in which he/she operates is evident from the way the clients operate and render their financial reports and the tools available to hasten tasks. The continuing rapid changes yield opportunities and challenges and at times, threats.

The International Standards Setting Bodies (ISSBs) are very much aware of robust changes in the eco-system where professional accountants operate. In a report rendered to the Stakeholder Advisory Council during its October 21 to October 22 meeting in New York, they highlighted some of the attributes of the challenges and may I focus on three.

1. Opacity. The technological tool’s logic or decision-making process is not transparent.

2. Non-determinant. Identical inputs can yield varying outputs due to probabilistic processing, contextual sensitivity or other unpredictable influences.

3. Propensity to bias. The tool may have the tendency to yield not necessarily objective results, for influences from other ’embedded’ dimensions from the tool development process may be in place.

The two ISSBs-the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants-recognize the transformative potential of technology in enhancing audit and engagement quality. At the same time, the ISSBs emphasize the importance of safeguarding the public interest through sound quality management and alignment with ethical requirements. The risks and challenges of using technological tools aside from what are cited above include misinformation, automation bias, keeping data privacy, accountability and speed of change.

In the exchange of views among the members of the Stakeholder Advisory Council, it was evident that all welcome emerging technologies for all the positive impact like speed and efficiency that they contribute. Key principles guiding the professional accountant were often invoked like confidentiality, professional competence, diligence, due care, managing complexity, and independence in the context of audit and assurance engagements. Not to be set aside are the need to maintain clarity, consistency, and acceptance around the application of quality management and ethics principles related to emerging technologies.

While comments from the members of the Stakeholder Advisory Council vary, one observation forwarded said, ‘Technologies are mere tools and prudent use thereof bring about more upside than downside. At the end of the day, the professional accountant is responsible for his conduct, use of tools and generated report.’

Indeed, emerging technologies do not change the responsibility of the professional accountant and his/her relationship with the client. To end this note, may I cite a quote: ‘AI can’t build human relationships like you can. Trust forged between two people-client and accountant-is a bond impossible for AI to replicate.’

Conchita L. Manabat is the president of the Development Center for Finance, a Trustee at the University of San Carlos, and San Carlos School of Cebu Inc. She is a member of the Stakeholder Advisory Council of the International Federation for Ethics and Audit. She also chairs the Advisory Council of the International Association of Financial Executives Institutes. The views she expressed herein do not necessarily reflect those of the BusinessMirror’s.

AYALA Corp. heiress Mariana Zobel de Ayala and Robinsons Land Corp.’s president and CEO Mybelle V. Aragon-GoBio landed on the Forbes magazine’s list of 20 Asia’s Power Businesswomen.

Mariana, the eighth-generation leader of the Ayala family, is shaping the future of the Philippines’s oldest conglomerate, Ayala Corp., Forbes said.

She currently handles the leasing and hospitality business of its listed property arm Ayala Land. Mariana was given a $1.5-billion fund to refresh its extensive portfolio of malls, offices and hotels.

The company’s redevelopment of eight existing malls and build of new ones is expected to increase gross leasable area by a third to 2.9 million square meters by 2028.

Mariana is also steering a $500-million hospitality capital expenditure, seen to double Ayala Land’s room inventory to 8,000 by 2030.

That includes the 578-room New World Makati, acquired in June from Hong Kong’s New World Development, the opening of new Mandarin Oriental, Marriott ‘s Moxy and Hilton’s Canopy hotels in the Makati financial district next year.

‘In March, Mariana was appointed Ayala Corp.’s managing director, 12 years after she left her job as an investment analyst at JPMorgan in New York to join her family’s 191-year-old, banking-to-property group, where her father, Jamie Augusto Zobel de Ayala, is chairman,’ Forbes said.

Mariana, a Harvard graduate who earned her Masters in Business Administration from Insead, was named senior vice president at Ayala Land in 2023.

First woman to lead RLC

Meanwhile, the Gokongwei family named GoBio as its new president and CEO of its property development arm RLC, earlier this year.

She is the first woman and non-family member to lead the developer, founded in 1980 by the late John Gokongwei, who was succeeded by his son Lance Gokongwei, executive chairman.

Gokongwei described Aragon-GoBio as ‘The best [hu]man for the job.’

GoBio joined RLC in 1993 as an administrative assistant and went on to oversee the company’s logistics business as well as residential and office projects. In May, she laid out a five-year, P125 billion expansion) plan for the company.

‘By 2030, she aims to double net income to P25 billion, boost the number of malls it operates to 69 from 55 and grow its office portfolio by 50 percent to 1.2 million square meters of leasable space.’

The roadmap also includes a 25-percent increase in hotel rooms to 5,300, doubling logistics capacity and building new mixed-use estates.

GoBio has a degree in international business from the University of Antwerp.

Forbes listed 20 accomplished leaders in the region who are at the forefront of the region’s fast-evolving business and economic landscape.

‘The roll call of trailblazers, hailing from a dozen countries and territories, includes those playing key roles in powering the AI and advanced tech boom by heading up companies in sectors such as data centers, semiconductors and rare earths,’ Forbes said.

Others are remaking family legacies, taking charge at storied enterprises in property, hospitality, retail and sports gear as they steer them toward new growth.

More than half of the women are high-performing professional managers with proven track records in fields such as banking, consumer goods and transportation. Three are first-generation entrepreneurs, including one who has launched two profitable unicorns, it said.

PHILIPPINE business leaders reported that their companies lost P4 trillion in revenues due to fraud over the past year, according to a study by TransUnion.

The report noted that business leaders surveyed in Canada, Hong Kong, India, the Philippines, UK and US reported their companies lost on average 7.7 percent of revenue in the past year due to fraud, which is up from 6.5 percent in 2024.

This represents $534 billion of fraud losses among the 1,200 business leaders surveyed in 2025, TransUnion said.

Based on the study, the 200 Philippine business leaders surveyed said the ‘most prominent’ cause of fraud loss was scam/authorized fraud and first-party fraud, ‘reflecting a dual threat from deception and internal misrepresentation.’

Meanwhile, 56 percent of Philippine business leaders ranked identity verification as the ‘most effective technology’ for preventing fraud.

Hong Kong and India shared the same sentiment with 53 percent and 51 percent of the business leaders, respectively, saying so.

In particular, the study noted that device reputation and behavioral biometrics are ‘gaining traction,’ especially in Hong Kong (49 percent and 44 percent respectively) and the Philippines (48 percent and 41 percent, respectively).

Meanwhile, the Philippines showed stronger adoption of email reputation (44 percent), aligning with phishing being the most reported fraud scheme by Filipinos in TransUnion’s recent consumer survey.

The report also highlighted that consumer-reported fraud is highest in the Philippines but ‘widespread.’

In particular, nearly two-thirds or 65 percent of consumers reported being targeted-one of the highest globally.

Of these, 9 percent said they fell victim, in line with the global average.

‘Phishing led as the top fraud scheme. The high targeting rate underscores the need for consumer education, multi-factor authentication and real-time fraud detection tools,’ the TransUnion study noted.

LIV Golf, the Saudi-funded league known for its 54-hole events with shotgun starts, is expanding to 72 holes for the 2026 season and adding a few extra qualifying spots in a move that could boost its bid to be recognized by the Official World Golf Ranking.

The name of the league-the roman numeral for 54-was built around its faster pace over three rounds instead of the traditional four on most other circuits.

The shotgun start will remain for a league that is likely to see 57 players. LIV previously said it would take the leading two available players from the International Series ranking on the Asian Tour, and two players from the qualifying tournament in January.

Scott O’Neil, the LIV Golf CEO, did not mention the OWGR in the announcement Tuesday, saying only the move to 72 holes marks a ‘pivotal new chapter’ that strengthens the league and challenges the players.

‘The most successful leagues around the world.continue to innovate and evolve their product, and as an emerging league, we are no different,’ O’Neil said. ‘LIV Golf will always have an eye towards progress that acts in the best interest of LIV Golf and in the best interest of the sport.’

Bryson DeChambeau, the two-time US Open champion and one of the top figures in LIV Golf, got straight to the point on what the change to 72 holes will mean.

‘Everyone wants to see the best players in the world competing against each other, especially in the majors, and for the good of the game, we need a path forward,’ DeChambeau said in a statement released by LIV.

‘By moving to 72 holes, LIV Golf is taking a proactive step to align with the historic format recognized globally. This is a fantastic evolution of the LIV Golf product, showing how our League listens and adapts to create the best possible experience.’

LIV Golf Promotions is set for Jan. 8-11 at Black Diamond Ranch in Lecanto, Florida, a Tom Fazio design with a dramatic stretch of closing holes built around a quarry.

It will be the first qualifying event held in North America-the other two were in Saudi Arabia and Abu Dhabi-and the PGA Tour pushed back by saying there would be repercussions for any of its players who try to qualify.

The tour said any member from the PGA Tour or developmental tours who play in LIV Golf Promotions would not receive a release because of the media rights involved with a competing tour in North America. It did not say what the punishment would be, citing its longstanding policy of not disclosing disciplinary matters.

The tour also said anyone who is not a member, such as an amateur or someone whose status has not been determined on the PGA Tour Americas, would be banned from any PGA Tour competition for one year.

The Promotions event is January 8 to 11, which now is one week before the start of the PGA Tour season now that The Sentry has been canceled because of water issues at Kapalua in Hawaii.

It was not clear if LIV Golf was going to add a 14th team to its league. The team competition will be unchanged and all four rounds will count. It has not said how the team championship at the end of the season will be determined.

The OWGR rejected LIV’s request for world ranking points when it began, primarily concerned over the closed shop of the league-it had the same 54 players all year except for alternates replacing injured players-and the concerns that team competition could affect the integrity of the individual competition since it was based on the same scores.

The 54 holes also was a concern, though there are other tours that receive world ranking points for 54-hole competitions.

LIV Golf submitted a new application in June, before its decision to expand to 72 holes.

The OWGR is seen as critical because the four majors use the ranking to help determine the field. The US Open and British Open have created a separate qualifying category for LIV players, while the PGA Championship has leaned on its vague ‘special invitations’ to create an opportunity for LIV. The Masters, too, has said it could use its invitations at its discretion to get LIV players it feels is worthy of a spot.

The LIV events will be Thursday through Sunday, with the exception of events in Saudi Arabia that end on Saturday.

‘This is a win for the league, and the players,’ said Jon Rahm, who has won the individual title in each of his two years with LIV. ‘Moving to 72 holes is the logical next step that strengthens the competition, tests us more fully, and if the growing galleries from last season are any indication, delivers more of what the fans want.’

Dustin Johnson said a 72-hole event ‘just feels a little more like the big tournaments we’ve all grown up playing.’

LIV Golf begins its fifth season on February 4 to 7 in Saudi Arabia. Still be determined are players switching teams or trying to play their way onto the league that offers $20 million purses and no cuts.

SHIPPERS are being advised to plan ahead, book early and monitor as ports are now seeing cargo buildup with the holiday season around the corner, global logistics provider Dimerco Express Group’s Asia Pacific Freight Report for November 2025 reported.

For Southeast Asia and India, the logistics firm said: ‘Air freight space and rates may fluctuate due to holiday demand, capacity limits, and fuel cost changes.’

Placing the Philippines under the microscope, Dimerco noted that the country’s capacity for air freight is expected to ‘tighten’ in November due to peak season demand.

For goods being shipped by sea, Dimerco pointed out that demand is rising but equipment and space may be limited in the Philippines, so early booking is recommended.

The logistics firm also said inbound container demand for Philippine goods is expected to increase in November, especially for retail and consumer goods.

‘With November starting the holiday buildup, rate increases and limited space for late bookings are expected. Early booking is recommended,’ the Dimerco report advised Philippine shippers.

The report of the logistics firm bared that freight rates for Philippine goods being shipped by the sea, bound for the European Union and the United States, are seen to increase in November.

As to capacity, the freight report noted that market is picking up but demand of space can still be met by current supply for the Philippines.

Dimerco Express Group illustrated the picture for air freight market this month.

The global logistics provider said peak season from Asia to North America through the end of November is driven by several factors.

For one, it said a shortage of aluminum coil in the US market has led to a surge in export demand for this product.

‘High-tech and consumer electronics product launches, together with e-commerce promotions ahead of Black Friday [Amazon’s cut-off date is November 13], are further boosting air freight volumes,’ said Dimerco.

With ongoing ‘blank sailings,’ the logistics firm explained that demand continues to shift from ocean to air transport.

In addition, the temporary pause on US-China tariffs until November 12 has prompted shippers to front-load shipments by air.

Kathy Liu, VP for Global Sales and Marketing at Dimerco Express Group, noted that the surge in air export demand is expected to continue until mid-November, driven by the ongoing Transpacific peak season, a shortage of aluminum coils in the US and the recent launch of high-tech consumer electronics.

‘Continuous monitoring of ocean freight capacity and tariff negotiations between China and the US is recommended, as both will influence market trends from late November through year-end,’ Liu said.

As to the situation of the ocean freight market, Ted Chen, Director for Ocean Freight Global Sales and Marketing at Dimerco Express Group said: ‘Until the dust settles, most importers are adopting observer mode, having already increased shipment volumes earlier this year to stock up on inventory.’

Chen said the remainder of the year is expected to be ‘slow,’ with a chance of inventory replenishment in early 2026.

‘Whether this rebound will hold depends on how tariff developments, geopolitical risks, and carriers’ ability to maintain disciplined capacity evolve in the coming weeks,’ added Chen.

In its statement, Dimerco advised shippers to plan ahead, book early, and monitor ongoing tariff negotiations and geopolitical developments closely in order to ready options for supply chain disruptions.