Go: Economy back on track by Q1
FINANCE Secretary Frederick D. Go is confident the economy will be back on track by the first quarter, once individuals linked to the flood control scandal are swiftly prosecuted.
In a Dec. 18 briefing with reporters, Mr. Go said government revenues may rebound in early 2026, depending on the swift resolution of cases related to the corruption mess.
“If we’re able to successfully prosecute certain personalities, then the faster the effect will be on economic growth in the first quarter. But to me, I’m confident that we will get back on track in the first quarter,” he said.
In the third quarter, the country’s economic growth slumped to 4%, the slowest expansion seen in over four years. In the nine-month period, gross domestic product growth averaged 5%, below the government’s 5.5-6.5% target.
A wide-scale controversy linking Public Works officials, lawmakers and private contractors to multibillion-peso corruption in anomalous flood control projects dragged government spending and consumption.
“The whole key to all of this is for us to get over the hump of this public works investigation. The sooner people move on from it, the better for the economy and the better, therefore, for revenue collection,” Mr. Go said.
“So, if all goes according to plan, then we should be looking at a much brighter 2026 in the first quarter.”
A decline in infrastructure spending dented government revenue collections.
Mr. Go said the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR) saw “softer” revenue collection this year due to the corruption probe, as well as the four-month ban on rice imports.
“Growth is growth. (Collections were) softer versus the DBCC (Development Budget Coordination Committee) targets,” he said.
Total revenue collection during the January-to-October period slipped by 1.13% to P3.81 trillion, which is only 84.25% of the P4.52-trillion revised full-year program. The target is 2.23% higher than the P4.42-trillion actual collection in 2024.
“For Customs, we banned, for example, the importation of rice for practically four months out of 12 months of the year. It definitely affected Customs collections,” he said.
He also attributed the lower Customs revenue to the adverse weather conditions that trimmed working days.
BoC Commissioner Ariel F. Nepomuceno last week said revenue collection may fall short of its full‑year goal.
BoC’s emerging revenue forecast for 2025 is P939.4 billion, 2% below the P958.7-billion full-year goal.
“Every time the peso depreciates, it usually results in higher Customs collections because imports are dollar-based. Maybe December should be a good month for collections,” Mr. Go said.
The peso has breached the P59-a-dollar mark several times since November and sank to a record low of P59.22 on Dec. 9.
Meanwhile, Mr. Go said the BIR’s collections for the month of December seem “encouraging.”
“For BIR, I think it was doing very well for the first half of the year and then slowly softened as time went on. But fortunately, it still records an increase in collections every month,” Mr. Go said.
In the first 10 months, BIR collections rose by 9.55% to P2.65 trillion, accounting for 82.35% of the P3.22-trillion full-year target.
Mr. Go said it is unlikely that there will be any adjustments to the revenue targets.
Economic managers met this month to review the macroeconomic assumptions and targets but have yet to release a statement.
Analysts say the economic recovery and stronger revenue collections by early 2026 remain doable if catch‑up government spending is paired with credible anti‑corruption and governance reforms.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the economic rebound next year is possible.
“(Government spending) is an important driver of faster economic growth. This was the drag in the third quarter due to political noise related to anomalous flood control projects,” he said.
Governance reforms, alongside fiscal measures, could also help narrow the budget deficit and reduce reliance on borrowing, Mr. Ricafort said.
“The revenue collection may continue to improve, given the large increases in activity during the holiday season and possibly next year as well,” Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc., said in a Viber message.
However, he flagged the loss of confidence in the government due to the corruption scandal as a potential downside risk, which could lead to lower investments.
“Households, especially those earning through the informal sector, may find it bothersome to file taxes given the damaged reputation on the public budget,” he said. — Aubrey Rose A. Inosante
PHL’s foreign debt service bill falls to $10B at end-Sept.
By Katherine K. Chan
THE COUNTRY’S external debt service burden fell to $10.08 billion as of end-September due to lower principal and interest payments, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.
Based on BSP data, the debt service bill on foreign borrowings came in at $10.08 billion in the nine-month period, dropping by 21.16% from $12.785 billion in the same period in 2024.
This was the fourth month in a row that the country’s external debt service burden posted an annual decline.
Broken down, principal payments fell by 39.05% to $4.168 billion as of September from $6.838 billion in the comparable year-ago period.
On the other hand, interest payments dipped by an annual 0.59% to $5.912 billion at end-September from $5.947 billion previously.
“Lower year-on-year foreign debt principal payments may have to do with reduced maturities of external debts (as) most have long-term maturities,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.
Mr. Ricafort also noted that the US Federal Reserve’s rate cuts since last year has lowered the Philippines’ interest payments.
The Fed has so far delivered a total of 175 basis points (bps) in cuts since September 2024, including its 25-bp cut earlier this month that lowered its target rate to the 3.5%-3.75% range.
The debt service burden represents principal and interest payments after rescheduling, according to the BSP.
This includes principal and interest payments on fixed medium- and long-term credits, including International Monetary Fund credits, loans covered by the Paris Club and commercial bank rescheduling, and New Money Facilities.
It also covers interest payments on fixed and revolving short-term liabilities of banks and nonbanks.
However, the debt service data exclude prepayments on future years’ maturities of foreign loans and principal payments on fixed and revolving short-term liabilities of banks and nonbanks.
In the January-to-September period, the debt service burden as a share of gross domestic product (GDP) fell to 2.9% from 3.9% in the previous year.
Meanwhile, the country’s outstanding external debt reached $149.093 billion as of September, climbing by 6.77% from $139.643 billion a year ago.
Of the total, $96.298 billion came from the public sector, while $52.796 billion is private sector debt.
This brought the external debt as a percentage of GDP to 30.9% in the nine months to September from 30.6% in the same period last year.
The BSP’s external debt data cover borrowings of Philippine residents from nonresident creditors, regardless of sector, maturity, creditor type, debt instruments or currency denomination.
The central bank gathers data on external debt through reports submitted by borrowers, banks, and major foreign creditors.
Mr. Ricafort said fiscal policy and governance reforms could lessen the National Government’s (NG) reliance on domestic and foreign borrowing as a means to cover the country’s budget deficit.
“Fiscal reform, tax reform, anti-corruption (and) good governance reform measures would help narrow the budget deficit and, in turn, reduce the need for the NG to borrow more locally and from abroad to finance the budget deficit,” he said.
For this year, the NG plans to source at least 81% or P2.11 trillion of its P2.6-trillion borrowing program from local lenders, and 19% from foreign sources.
House approves amendments to bank secrecy law on third reading
THE HOUSE of Representatives on Monday approved on third and final reading a measure seeking to allow the Philippine central bank to look into the accounts of bank officers and employees involved in illegal financial activities.
During a plenary session, 270 lawmakers voted in favor of House Bill No. 6707, which aims to empower the Bangko Sentral ng Pilipinas (BSP) to investigate cases of corruption and illicit financing by amending the Philippines’ decades-old bank secrecy law.
The proposed measure also seeks to mitigate cases of tax evasion, money laundering, and other financial crimes, while addressing the unintended effects of bank secrecy.
It also aims to harmonize the country’s laws with international standards on financial transparency.
The measure allows the BSP, with the approval of the Monetary Board, to gain access to the bank deposit accounts of a stockholder, owner, director, trustee, officer or employee of a BSP-regulated entity, including any of the co-conspirators of the person involved.
The central bank is also allowed to probe the foreign currency deposits of all financial institutions in the country as well as their offshore branches. Nonstock savings and loan associations of members are excluded.
All results from bank investigations will only be made available to the BSP, Securities and Exchange Commission, Philippine Deposit Insurance Corp., Anti-Money Laundering Council, Department of Justice, and the courts.
The bill also provides a “safe harbor clause” that protects banks or financial institutions, their directors, officers, or employees from any legal action, claim, demand, or liability in complying with the BSP’s examination.
The proposed law also seeks to ban the use of the bank secrecy law as a means for harassment, political persecution, or as a tool to obstruct fair trade and market competition.
It also prohibits any official or employee of the central bank or other financial institutions from disclosing information concerning bank accounts to any unauthorized individuals.
Violators could face imprisonment of two to 10 years, along with fines ranging from P50,000 to P2 million, or both, at the discretion of the court.
The central bank has been urging Congress to pass legislation amending the Philippines’ tight bank secrecy laws and provide regulators stronger oversight to monitor financial institutions and prevent cases of insider abuse or illegal funding activities.
The bill was earlier included in President Ferdinand R. Marcos, Jr.’s legislative agenda for the 20th Congress, following a Legislative‑Executive Development Advisory Council meeting in October.
Similar measures have also been filed by Senator Joel J. Villanueva, who chairs the Committee on Banks and Financial Institutions, and Senator Erwin T. Tulfo.
Senate Bill No. 1433, filed by Mr. Villanueva, seeks to allow for the disclosure and examination of bank deposits for investigations conducted by the Office of the Ombudsman, the courts, or Congress.
Mr. Tulfo filed Senate Bill No. 1405 that proposed that a competent court or investigating body should examine the bank deposits of public officials.
The bills are currently pending at the committee level.
Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said that the proposed measure would allow authorities better access to suspicious financial records.
“By allowing regulators to pierce bank secrecy in cases of suspected fraud or money laundering, it strengthens our ability to curb corruption and illegal financing,” he said in a Viber message.
John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said the proposed law can bolster the country’s efforts against corruption and illegal financing.
“It can strengthen anti-corruption and anti-illegal financing efforts by allowing authorities faster and more targeted access to suspicious financial records, making it harder to hide illicit funds,” he said in a Viber message.
Analysts said the House’s approval signals the country’s commitment to sustain efforts to curb money laundering and terrorism financing.
“This reform also aligns the Philippines with global standards, reinforcing our commitment to anti-money laundering measures and helping ensure we stay off the Financial Action Task Force’s (FATF) ‘gray list,’” Mr. Asuncion added.
Mr. Rivera likewise said that the proposed measure would help reduce the risk of the Philippines returning to the FATF’s list through continued enforcement and convictions.
Last February, the Philippines was removed from the FATF’s gray list or the list of jurisdictions under increased monitoring for “dirty money,” following a successful on-site visit and completion of recommended action plans.
The country is set to be reassessed by 2027, where the FATF will verify whether the country’s anti-money laundering measures are being sustained and are still in place. — Adrian H. Halili
Rockwell Land acquires majority stake in Alabang Town Center
LOPEZ-LED developer Rockwell Land Corp. has acquired a majority stake in the 17.5-hectare Alabang Town Center in Muntinlupa City, expanding its commercial operations in the south.
“Earlier this year, Mr. Francisco ‘Jun’ M. Bayot invited us to consider redeveloping Alabang Town Center. It presented a compelling opportunity for Rockwell Land to further expand our presence in the south of Metro Manila, particularly given the scale and long-term potential of the property,” said Rockwell Land Chief Executive Officer Nestor J. Padilla in a statement on Monday.
“We are very grateful to Mr. Bayot and the Madrigal family for this opportunity. Our immediate focus is on ensuring a smooth transition and planning its redevelopment,” he added.
Alabang Town Center currently hosts more than 500 retail and office tenants, and its size offers significant redevelopment opportunities, the company said.
Rockwell Land is known for its flagship mixed-use development, Rockwell Center Makati, anchored by the Power Plant Mall.
“Over the years, the company has enhanced its retail developments by integrating experiential and lifestyle-oriented spaces into its master planning, supported by curated tenant mixes. These efforts have enabled Rockwell Land to establish a strong track record in delivering a high-end retail experience,” it said.
The acquisition aligns with Rockwell Land’s ongoing retail expansion plans, which include Power Plant Nepo in Angeles City, Pampanga; new retail spaces within Rockwell at IPI Center in Cebu City; and Power Plant Mall Bacolod in Rockwell Center Bacolod.
Rockwell Land shares closed flat at P1.71 apiece on Monday. — Alexandria Grace C. Magno
ACEN secures up to P15-B loan to fund renewable energy projects
ACEN CORP., the Ayala group’s energy company, has secured a loan of up to P15 billion from the Metropolitan Bank and Trust Co. (Metrobank) to finance its existing and new renewable energy projects, including solar and wind farms.
The loan agreements were approved at a special board meeting on Dec. 12, the company said in a disclosure on Monday.
Last week, ACEN’s joint venture with Citicore Solar Energy Corp. also obtained a P2.6-billion loan from the Development Bank of the Philippines (DBP) to support operations of a 115.671-megawatt (MW) solar power plant in Mexico, Pampanga.
ACEN and its subsidiary ACEN Global Development Group, Inc. have signed an omnibus loan and security agreement with DBP to act as sponsor and share collateral guarantor for Greencore Power Solutions 3. Citicore Solar will serve as sponsor and collateral grantor for the loan.
ACEN currently manages a renewable energy portfolio of 7.1 gigawatts across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
For 2026, the company has earmarked more than P80 billion in capital expenditures to fund large-scale projects. Targeted completions next year include the 300-MW Palauig 2 solar project in Zambales, the 153-MW Maharashtra Hybrid project in India, and around 80 MW of solar capacity in Malaysia.
For the first nine months of the year, ACEN reported a 78% year-on-year decline in consolidated net income to P1.8 billion, citing lower spot prices in the Philippines and Australia, weaker solar irradiance in key markets, and offline wind turbines in northern Luzon.
Despite the subdued performance, ACEN President and Chief Executive Officer Eric T. Francia expressed confidence in the company’s forward momentum.
“We remain focused on scaling our renewables portfolio and accelerating investments in energy storage in particular, with a long-term strategy anchored on disciplined expansion, strong partnerships, and delivering sustainable value,” he said.
At the local bourse on Monday, shares of ACEN fell 2.53% to close at P2.70 apiece. — Sheldeen Joy Talavera
Megaworld completes P1.32-B MREIT block sale
TAN-LED property developer Megaworld Corp. said it has finalized a P1.32-billion transaction on the sale of 98 million common shares in its real estate investment trust (REIT).
In a regulatory filing on Monday, Megaworld said it sold the 98 million common shares of MREIT, Inc. at P13.50 each under a block sale transaction. Proceeds from the sale are expected to be settled on Dec. 23. The company said it will submit a reinvestment plan outlining the use of proceeds from the transaction.
Aurora Securities and BDO Securities acted as brokers for the deal.
The sale comes as MREIT plans to acquire nine Grade A office buildings in Taguig City valued at P16.22 billion.
Megaworld recently announced plans to inject more office and retail assets into MREIT, which aims to expand its portfolio to one million square meters (sq.m.) of gross leasable area (GLA) by 2027.
In a separate disclosure, Megaworld said it also sold 900 million common shares in Suntrust Resort Holdings, Inc. through the open market at 60 centavos each. The shares represented a 12.41% stake in Suntrust.
Megaworld’s sister company, Travellers International Hotel Group, Inc., earlier gained majority control of the Westside Integrated Resort Project in Parañaque City through an agreement with Suntrust. The deal, announced in September, is intended to accelerate completion of the casino project, whose target opening has been moved to the third quarter of 2026.
AP Securities, Inc. Equity Research Analyst Shawn Ray R. Atienza said the sale of MREIT and Suntrust shares provides Megaworld with fresh funding for key projects.
“This could yield Megaworld with better returns and organically increase its valuation compared to the flat results produced by the listed companies in the market,” he said in a Viber message.
Megaworld earlier said it was looking to expand its portfolio to one million sq.m. of GLA by 2030.
Suntrust is a subsidiary of Fortune Noble Ltd., a unit of Hong Kong-listed LET Group Holdings Ltd.
Megaworld posted a 1.16% increase in third-quarter attributable net income to P5.23 billion, driven by sustained demand in its hotel and residential businesses.
Shares of Megaworld rose by 2.46% or five centavos to close at P2.08 each. — Beatriz Marie D. Cruz
Vitarich, AXA end insurance dispute with P400-M settlement
LISTED poultry integrator Vitarich Corp. (VITA) secured P400 million from AXA Philippines Life and General Insurance Co. (AXA Philippines) to end a long-running insurance dispute over damages from Typhoon Ondoy in 2009.
In a stock exchange disclosure on Monday, Vitarich said the Dec. 19 settlement is expected to have a material impact on its liquidity and capital resources.
In May 2023, Malolos City Regional Trial Court Branch 15 ruled AXA liable to pay the company P247.62 million in the case. AXA appealed to the Court of Appeals but settled for P400 million — nearly double the court-awarded amount — without admitting fault, in order to avoid prolonged litigation.
“The settlement will provide the company an estimated additional P196 million in net income and P267 million in net cash flow,” the company said.
Vitarich reported a P114.43-million third-quarter net loss for 2025, reversing last year’s P120.56-million net income, mainly due to falling chicken prices that hurt biological asset valuations and limited day-old chick availability in the first half.
The company’s President and Chief Executive Officer, Ricardo Manuel M. Sarmiento, accepted the settlement after board authorization, with standard provisions included.
Vitarich shares rose by 1.85% or 1 centavo to close at 55 centavos apiece on Monday. — Alexandria Grace C. Magno
Eton, PNB partner to simplify home loan financing for OFWs, locals
ETON PROPERTIES Philippines, Inc. (EPPI), the real estate arm of tycoon Lucio C. Tan, has partnered with the Philippine National Bank (PNB) to simplify home loan financing for overseas Filipino workers (OFWs) and local buyers seeking to invest in residential property in the Philippines.
Through a memorandum of agreement, the partnership aims to provide a reliable financing channel for buyers interested in Eton’s residential developments, even while abroad, the developer said in a statement on Monday.
“This partnership with PNB strengthens that journey by giving overseas Filipinos and local end-users a clear, credible path to homeownership, one they can start even while abroad,” Eton Sales Head and Senior Assistant Vice-President Robert Andrew G. Adriano said.
The partnership also offers buyers a “more guided pathway” from inquiry to purchase, EPPI said.
OFWs remain a key market for the residential sector, supported by remittances and Filipinos seeking a retirement home in the country.
For this year, EPPI noted stronger momentum in its residential sales, driven by buyer confidence in well-located developments.
“By combining Eton’s focus on well-located developments with PNB’s trusted financial solutions, we are helping more Filipino families take a confident step toward homeownership,” EPPI President and Chief Executive Officer Kyle Ellis C. Tan said.
EPPI’s residential portfolio includes Eton Tower Makati, Blakes Tower, and Eton Residences Greenbelt in Makati City; Eton Baypark Manila and One Archers’ Place in Manila City; and West Wing Residences, TierraBella, RiverBend, and South Lake Village in Sta. Rosa, Laguna.
The company’s real estate business also covers office buildings, commercial centers, and mixed-use townships nationwide.
EPPI’s parent firm, Lucio Tan Group, Inc. (LTG), reported a 15% growth in nine-month attributable net income to P22.57 billion. PNB accounted for 46% of profit (P10.4 billion), while EPPI contributed 2% (P481 million).
Shares of LTG on Monday rose by 1.67% or 24 centavos to close at P14.60 each. — Beatriz Marie D. Cruz
Asialink gets issuer ratings with ‘stable’ outlook from S&P, Moody’s
ASIALINK Finance Corp. (AFC) has received “BB” long-term and “B” short-term issuer ratings from S&P Global Ratings and a “Ba2” long-term corporate family rating (CFR) from Moody’s Ratings, with both debt watchers citing the company’s market leadership and strong capital position.
This is the first time that the two debt watchers assigned ratings for the nonbank financial institution. They both gave “stable” outlooks for their respective below investment-grade assessments, which means the ratings are unlikely to change in the near term.
“Our ratings on Asialink reflect our view that the company will maintain its leadership in Philippines’ refinancing and second-hand auto loan segments over the next 12-24 months,” S&P Global said in a statement. “The company has strong capitalization, boosted by a significant equity infusion from its financial sponsor — Creador, a private equity fund.”
In 2024, Creador invested P4 billion into Asialink to help fund its expansion plans.
“AFC’s ‘Ba2’ CFR reflects the company’s strong capitalization and profitability, underpinned by its extensive domestic franchise… AFC is one of the largest non-bank financial institutions in the Philippines, which supports micro, small and medium enterprises (MSMEs) by providing loans backed by collateral (vehicles and real estate), by revenue and number of physical branches. Its strong franchise is evidenced by its branch distribution across the country, extensive collection infrastructure and dealer partnerships, providing it with a competitive business advantage,” Moody’s Ratings said in a separate statement.
S&P Global said Asialink has a niche position in the second-hand car and truck financing market, cornering a 10-15% share.
“The market for financing used vehicles is highly fragmented with numerous small players… Asialink has a competitive advantage over its smaller peers due to its significant scale and branch network. These are important because auto financing in provincial areas requires an on-the-ground presence to be near the customer, to facilitate loans disbursement and collection,” it said.
Moody’s Ratings said the company’s strength lies in its capitalization as its tangible common equity to tangible managed assets (TCE/TMA) grew to 27.4% at the end of last year from 17.6% in 2023.
“Its high capital would provide sufficient buffers against the cyclicality of potential loan losses. We expect its TCE/TMA will remain above 21% in the next two years.”
“We forecast the company will have a risk-adjusted capital ratio of about 19% over the next two years, compared with about 20.4% as of Dec. 31, 2024… Asialink’s modest targeted dividend payout ratios of 20%-30% for 2025-2027 will also support its strong capital position,” S&P Global added.
It projects 25%-28% annual loan growth for this year until 2027, slightly slower than the 2021-2024 compounded annual growth rate of 34%.
S&P Global said “very high margins” on Asialink’s core lending book also support its profitability, with its average loan size, mainly for individuals and small and medium enterprises, at about $8,500 and having effective lending rates of 23%-30% per annum.
“The company’s return on average assets (ROAA) of 5.5% for 2024 compares favorably with the Philippines banking sector average of 1.5%, and the 2.5%-3.0% peer average for finance companies in Southeast Asia… We forecast Asialink’s ROAA will recover to about 6.5% in 2027. The projected profit levels are lower than a recent peak of 7.5% in 2022, reflecting the company’s shift toward secured lending, where yields are lower than for unsecured personal loans. Pre-pandemic, Asialink’s loan portfolio had 30% secured loans and 70% unsecured consumer loans. Today, the portfolio is 95% secured.”
Elevated credit costs seen in 2024 may continue to affect Asialink’s 2025 profit but could ease over the next two years, it added.
“Our base case assumes Asialink’s net interest margin (NIM) will improve to 24%-26% over 2025-2027, compared with 23%-24% in 2022-2024. The company’s loans predominantly have a fixed rate, while its funding costs for bank loans correlate with policy rates. Policy rates in the Philippines peaked at 6.5% in 2024, and have since been cut to 4.75%. We forecast the rates will decline to 4% by 2027, which will support NIM improvement,” S&P Global said.
“Given that its lending rates show low sensitivity to the central bank’s interest rate cuts, AFC’s NIM will benefit from lower funding costs over the next 12-18 months,” Moody’s Ratings added.
ASSET QUALITY
Meanwhile, both credit raters noted that the company faces some asset quality risks due to rapid loan growth and its focus on higher-risk borrower segments like individuals and small business owners
“Management’s steps to tighten underwriting standards, and the company’s strong capitalization and good profitability temper these risks,” S&P Global said. “Asialink’s heavy emphasis on loan collection and collateral recovery helps to control credit risks. The company leverages its extensive physical presence and network of collection agents to collect past-due loans and foreclose the underlying collateral.”
“AFC’s asset quality, while modest, benefits from an effective collateral collection process with borrowers and strong recovery rates. While AFC has a high default rate on its portfolio, in the low double-digit range, the loss given default is substantially reduced by collateral sales. We expect AFC’s asset quality to remain largely stable, with risks arising from its high loan growth and high level of defaults, balanced by its strong ability to collect and sell collateral,” Moody’s Ratings said.
Both debt watchers also flagged concentration risks in Asialink’s funding profile.
“Unlike its regional peers, AFC’s funding sources are not as diversified due to limited access to capital markets, and it has funding concentration to a single domestic bank. Regardless, the company has good access to credit lines, including access to long term funding from global development financial institutions (International Finance Corp. and Asian Development Bank), and its maintenance of P1-1.5 billion minimum cash buffer, helps to mitigate its refinancing risks,” Moody’s Ratings said.
“In our opinion, Asialink’s main funding providers are unlikely to cut or reduce credit lines. However, they could be circumspect in increasing their exposure due to single-borrower limits or concentration considerations. Asialink is seeking new funding lines from local banks, foreign banks, and multilateral agencies to diversify funding and ease concentration risks. It has had early success on this front,” S&P Global added.
It said its “stable” rating outlook shows that it expects the company to keep its market leadership and strong capitalization despite intense competition in the used vehicle financing segment.
S&P Global and Moody’s Ratings both said they could upgrade their ratings if Asialink shows improvements in its funding profile and asset quality, while significant deterioration of both could lead to a downgrade.
Moody’s Ratings added that the strength or weakness of the operating environment for Philippine financing companies could also affect its assessment of the company. — K.K. Chan
A guide to the Metro Manila Film Festival entries
THE usual dramas and comedies will be joined by a historical crime thriller, a horror anthology, and different shades of romance this year at the Metro Manila Film Festival (MMFF). Organized by the Metropolitan Manila Development Authority (MMDA), it runs from Dec. 25 to early January 2026.
The film festival celebrates its 51st year with the theme of “A New Era for Philippine Cinema.” Its Parade of Stars was held for the first time ever in Makati last week.
The festival’s Gabi ng Parangal or awards ceremony will be held on Dec. 27.
Established in 1975, the Metro Manila Film Festival aims to promote and enhance Philippine cinema. During its run, no non-festival film, local or foreign, can be screened in regular theaters nationwide.
Here are the eight official entries to the MMFF 2025 in alphabetical order:
BAR BOYS: AFTER SCHOOL
(produced by 901 Studios)
Directed by Kip Oebanda
This is a sequel to the 2017 comedy-drama Bar Boys, set 10 years after that film where a group of friends pursued their law degrees. Bar Boys: After School charts their lives as they discover the price of following their aspirations. Carlo Aquino, Rocco Nacino, Enzo Pineda, and Kean Cipriano reprise their roles in the first film.
MTRCB Rating: PG
CALL ME MOTHER
(produced by ABS-CBN Studios, The IdeaFirst Company, and Viva Films)
Directed by Jun Robles Lana
This is a comedy-drama that follows a queer single mother who plans to formally adopt her son. The plot unfolds as the appearance of the boy’s biological mother complicates the process. The film stars Vice Ganda and Nadine Lustre, co-starring for the first time since 2015.
MTRCB Rating: PG
I’MPERFECT
(produced by Nathan Studios)
Directed by Sigrid Andrea Bernardo
This romance tells the love story between Jiro and Jessica, two adults with Down syndrome. It stars Earl Jonathan Amaba and Anne Krystel Daphne Go, marking the first film in Philippine history to have leads with Down syndrome themselves.
MTRCB Rating: G
LOVE YOU SO BAD
(produced by ABS-CBN Film Productions, GMA Pictures, and Regal Entertainment)
Directed by Mae Cruz-Alviar
This romance tells the story of Savannah, a young girl who finds herself torn between two young men: bad boy LA and achiever Vic. She must decide which of the two she will dare to be with. The film stars Will Ashley, Dustin Yu, and Bianca De Vera.
MTRCB Rating: PG
MANILA’S FINEST
(produced by Cignal TV and MQuest Ventures)
Directed by Raymond Red
This crime thriller, set in 1969, follows a group of Manila police officers who strive to uphold their principles. It centers on experienced Capt. Homer Magtibay and his partner in the profession, 1st Lt. Billy Ojeda, as they navigate the power structures in the police system. It stars Piolo Pascual, Enrique Gil, Romnick Sarmenta, Ariel Rivera, and Joey Marquez.
MTRCB Rating: PG
REKONEK
(produced by Reality MM Studios)
Directed by Jade Castro
This family drama presents the parallel stories of six different families that must cope with a global internet outage 10 days before Christmas. The film’s sweeping cast includes Gerald Anderson, Bela Padilla, Andrea Brillantes, Charlie Dizon, Zoren Legaspi, Carmina Villaroel, Cassy Legaspi, Mavy Legaspi, and Gloria Diaz.
MTRCB Rating: PG
SHAKE, RATTLE, & ROLL: EVIL ORIGINS
(produced by Regal Entertainment)
Directed by Shugo Praico, Joey de Guzman, Ian Loreños
This is the 17th installment in the Shake, Rattle, & Roll horror anthology film series. Its dark themes traverse three timelines: Spanish colonial 1775, present-day 2025, and a post-apocalyptic Philippines in 2050. The film stars Carla Abellana, Janice de Belen, Francine Diaz, Seth Fedelin, Fyang Smith, JM Ibarra, Richard Gutierrez, and Ivana Alawi.
MTRCB Rating: R-13
UNMARRY
(produced by Quantum Films and Cineko Films)
Directed by Jeffrey Jeturian
This drama follows Celine and Ivan, a couple who separately process the dissolution of their marriage through annulment. It is loosely based on real-life annulment cases in the Philippines. The film stars Angelica Panganiban and Zanjoe Marudo.
MTRCB Rating: PG
— Brontë H. Lacsamana
MICT says record 3 million TEUs handled as port modernizes
MANILA International Container Terminal (MICT), the flagship facility of Razon-led International Container Terminal Services, Inc. (ICTSI), said it handled three million twenty-foot equivalent units (TEUs) this year, its highest volume in a single year.
In a statement on Monday, MICT Chief Executive Officer Christian Lozano said the record shows the terminal’s capacity to manage higher volumes while maintaining service levels during peak season.
“Handling three million TEUs shows how the MICT has kept pace with rising demand through continued operational improvements and capacity expansion,” he said.
ICTSI said the terminal’s record volume was achieved when it handled the container vessel Ever Bliss, operated by Evergreen Marine Corp., which was carrying containers for Universal Robina Corp.
In September, MICT deployed additional hybrid rubber-tired gantries and launched electric terminal tractors to support higher throughput and modernize operations.
The company said it is progressing on the terminal’s eighth berth, which includes a 300-meter quay and a combined quay and yard development covering 12 hectares. Of the total area, 6.5 hectares are already operational.
Designed with a 15-meter depth, Berth 8 will accommodate container vessels with 18,000-TEU capacities, with three quay cranes scheduled for delivery in 2027.
“Our priority is to deliver consistent and efficient service to customers and ensure cargo continues to move reliably as volumes grow,” Mr. Lozano said.
MICT handles about 70% of Manila port volumes and remains the country’s largest and busiest container terminal, serving as a primary gateway for international cargo entering and leaving the Philippines. — Sheldeen Joy Talavera
The AFP’s commitment to the Constitution amidst political turmoil
As someone who has worn the uniform of the Armed Forces of the Philippines (AFP) for decades, I have come to understand that loyalty is not just a word we recite in our oaths — it is a discipline, a way of life, and the bedrock of our profession. Today, in the midst of political turbulence and widespread frustration over corruption scandals, such as the flood control project scams, I find great importance in General Romeo Brawner’s firm statement that the AFP will remain true to its mandate and uphold the Constitution above all else.
This assurance is not mere rhetoric. It is a reminder of what the AFP has always stood for: service without partisanship, sacrifice without expectation of reward, and fidelity to the nation’s highest law, even when political storms threaten to shake its foundations.
WITNESSING THE DAMAGE OF CORRUPTION
During my years in uniform, I witnessed how corruption at the highest levels of governance drained not only resources but also the people’s trust. The recent scandals involving flood control projects are particularly painful to see. These projects are meant to protect Filipino families from the recurring devastation of floods — yet, once again, greed has found its way into what should have been a shield for the most vulnerable.
I was a witness to EDSA I and a participant in EDSA II, while still in active service. History is a testament that military intervention in both cases failed to arrest or even mitigate corruption. In fact, intervention was partially tainted with the political ambitions of some senior officers. Since then, corruption has slowly crept into our political system, like cancer cells that have metastasized. Radical change is needed — not from the military, but from the nation’s highest leadership. Initial actions may offer modest relief, but they remain far from encouraging.
What the country needs are more leaders in the mold of Vince Dizon, Benjie Magalong, and Ping Lacson. Above all, it is time for the Presidency to exercise decisive leadership by declaring the existence of a national emergency under Republic Act No. 6826, for a limited period and subject to strict restrictions. It must be done now — not tomorrow or in some distant future. Every day counts, and each day will define whether our country transitions into a failed state or begins to recover its strength.
For the ordinary Filipino already burdened by inflation, job insecurity, and natural disasters, this betrayal is disheartening. It is in times like this that the AFP’s voice matters most. General Brawner’s words reaffirm that while political leaders may falter, the military remains steadfast in its duty to the people and the Constitution.
THE MANDATE I SWORE TO DEFEND
When I entered the service, I pledged my loyalty not to any politician, but to the Republic. That same oath binds every soldier today. The AFP’s mandate is not limited to defending our borders or defeating armed threats. Equally vital is the duty to ensure that the military is never used as a political weapon or dragged into partisan disputes.
History, both here and abroad, shows us the dangers when the military abandons professionalism for politics. Coups, dictatorships, and broken democracies have all been born out of such failures. That is why General Brawner’s declaration is critical: it draws a clear line that the AFP’s loyalty is to the Constitution and the people — not to personalities or factions.
This professional distance from politics is what preserves democracy. When leaders stumble, the AFP must rise above the noise and remain a stabilizing force. That is how the AFP maintains its credibility and continues to earn the trust of the people.
STABILITY IN A DIVIDED NATION
The Philippines has endured cycles of political unrest and corruption. In these times, the AFP has always been looked upon as a stabilizing force — not perfect, but consistent in its service. Having been part of that long tradition, I know how heavy the responsibility is.
General Brawner’s reassurance should remind the public that politicians may come and go, but the AFP’s commitment to the Constitution remains constant. This is not rooted in ambition, but in discipline, sacrifice, and love of country. In a climate where anger and frustration over corruption run deep, the AFP’s neutrality and professionalism offer a much-needed anchor for the nation.
A CHALLENGE TO OTHER INSTITUTIONS
While I take pride in the AFP’s resolve, I must emphasize that fighting corruption cannot be the military’s battle alone. Other branches of government — Congress, the Judiciary, local governments — must rise to the same standard of integrity. If the AFP can uphold professionalism in the face of pressure, surely civilian leaders can do no less.
The challenge, then, is for every institution to look in the mirror. The military can shield the nation from external threats and preserve stability, but it cannot heal the wounds caused by systemic corruption. That task requires leaders of character and citizens who demand accountability.
CONCLUSION: THE OATH THAT NEVER EXPIRES
Though I am now retired, my oath to the Constitution and to the Filipino people did not end with my service. It remains a moral compass that guides how I see the challenges facing our country today.
General Brawner’s statement resonates with me deeply because it affirms what I know to be true: that the AFP will never abandon its duty to the Republic. In the face of political turmoil and corruption, this commitment shines as a beacon of hope.
The AFP’s example should not only be praised but followed. For if soldiers can uphold integrity and professionalism despite immense trials, then civilian leaders must do the same.
The Philippines deserves leaders and institutions that serve with honor — not for self, but for the country.
Gen. Jaime “Jimmy” S. De Los Santos is a member of the Management Association of the Philippines National Issues Committee. He was the 42nd commanding general of the Philippine Army.