Ex-DPWH Usec. Cabral found dead in Benguet ravine
TUBA, Benguet — Former DPWH Undersecretary Maria Catalina E. Cabral was found dead at a ravine along Kennon Road, Camp 5, here on Thursday evening, December 18, 2025.
Benguet police director Col. Lambert Suerte claimed Ms. Cabral’s driver, Ricardo Munos Hernandez reported the incident.
Ms. Cabral and her driver, police found out, were traveling toward La Union at around 3:00 p.m. when the former DPWH official asked to stop at Maramal, Camp 5, in Tuba.
Ms. Cabral reportedly instructed Mr. Hernandez to leave her while he proceeded to a nearby gasoline station.
Mr. Hernandez returned to the area at around 5:00 p.m. but failed to find Ms. Cabral.
He drove back to a Baguio hotel where they came from but did not find Ms. Cabral. He then drove back to the site where she left Ms. Cabral at 3 p.m. before reporting the matter to the Baguio City Police Office (BCPO) Station 8 along Camp 8 in Baguio City at approximately 7:00 p.m.
Baguio City policemen immediately conducted a search operation and discovered Ms. Cabral around 8:00 p.m. lying unconscious and unresponsive near the Bued River, an estimated 20 to 30 meters below the highway.
Members of the Tuba Municipal Police Station, Tuba Municipal Disaster Risk Reduction and Management Office (MDRRMO), and the Bureau of Fire Protection (BFP) retrieved Ms. Cabral and brought her to a funeral parlor in Irisan barangay Baguio City.
The Benguet Provincial Forensic Unit has undertaken crime scene investigation to determine the circumstances surrounding the incident.
Police has reportedly held Ms. Cabral’s driver for further questioning upon the request of her family.
Hongqi Philippines enters CAMPI, reinforcing commitment to the Philippine auto industry
EVOxTerra, Inc., the official distributor of Hongqi vehicles in the Philippines, recognized for its growing presence in the country’s premium mobility segment, marks another milestone as it officially joins the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), the country’s leading automotive association representing the industry’s foremost automotive brands and helping shape industry standards and advocacy.
This development reinforces the brand’s foothold in the local market and aligns with its commitment to responsible and sustainable mobility. As one of Asia’s emerging premium mobility brands known for its craftsmanship and focus on electrified innovation, Hongqi continues to strengthen its regional presence, and its entry into CAMPI reflects its intention to take part in initiatives that support the automotive industry’s progress.
“Hongqi Philippines is looking to conclude the year strongly by officially becoming the newest member of CAMPI,” said Hongqi Philippines President Rashid Delgado. “Joining CAMPI further reinforces Hongqi’s standing as a key player in the EV and automotive industry. Our focus and advocacies closely align with CAMPI’s priorities on EV growth, road safety, and continuous industry development. We are also preparing to introduce more electrified models to meet the rising demand for premium, reliable, and future-ready vehicles in the Philippine market.”
Hongqi’s growing momentum is underscored by the recent introduction of the E-HS7 and E-H7, two fully electrified models that embody the marque’s blend of refinement, performance, and thoughtful design for drivers seeking environmentally conscious mobility. Following the launch, Hongqi welcomed actress and sustainability advocate Alice Dixson as its brand ambassador, recognizing her timeless blend of beauty and elegance — qualities that reflect the brand’s identity — alongside her strong advocacy for clean and electric mobility.
Hongqi’s move to join CAMPI aligns with the brand’s strategic expansion plans announced at the 2025 Auto Shanghai. At the event, Hongqi outlined its transition to the World’s New Luxury positioning, emphasizing enhanced user experience, cutting-edge technology, and sustainability, along with plans to introduce 15 new models over the next three years. With this global outlook shaping the brand’s next steps, the Philippines is set to experience further developments from Hongqi beginning with this CAMPI membership, signaling a new and more distinguished Hongqi lineup in the country grounded in the marque’s vision for modern and responsible mobility.
Customers and car enthusiasts interested in experiencing Hongqi’s models may visit the brand’s showrooms in BGC, Alabang, Manila Bay, and Quezon City. To learn more, visit www.hongqi.ph or follow Hongqi Philippines on Facebook (hongqi.philippines) and Instagram (@hongqi_ph) for updates and announcements.
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Police ID suspect in Brown University shooting, probe link with MIT killing
PROVIDENCE, Rhode Island/SALEM, New Hampshire — Police have identified a suspect in last weekend’s deadly mass shooting at Brown University and are investigating a possible link to the murder of a Massachusetts Institute of Technology professor two days later near Boston, a person familiar with the matter said.
The source, who spoke on condition of anonymity as they were not authorized to discuss the matter, did not provide more details on the identification of the suspect or why investigators think the two cases may be linked.
On Thursday night, officers in SWAT gear and law enforcement vehicles, including some police cars from Providence and the Rhode Island State Police, were seen surrounding a storage facility in Salem, New Hampshire, about 30 kilometers (20 miles) north of downtown Boston. The source familiar with the probe said the police activity in Salem was related to the investigation.
The manhunt since Saturday’s shooting inside a classroom building at Brown University has left students and residents of Providence, Rhode Island, “restless and eager” for an arrest, said Mayor Brett Smiley. Two students were killed and at least eight were wounded.
Two days later, MIT professor Nuno Loureiro, 47, was fatally shot in his home in the Boston suburb of Brookline, Massachusetts, some 80 km (50 miles) north of Brown’s campus.
Earlier this week, an FBI official said authorities did not believe there was a link between Saturday’s shooting at Brown and the MIT professor’s murder. Mr. Loureiro was a member of the departments of nuclear science and engineering and physics as well as MIT’s Plasma Science and Fusion Center.
SEEKING THE PUBLIC’S HELP
Investigators in Providence said the suspect in the Brown University shooting escaped on foot into nearby streets, prompting a search that relied heavily on residential security footage because of a lack of surveillance cameras in the classroom building and surrounding area.
Police released images and video of a masked man believed to be the shooter, based on survivor accounts, and have repeatedly asked for the public’s help in identifying him. The footage showed the suspect walking in a nearby neighborhood both before and immediately after the attack, including moments when police vehicles arrived with flashing lights.
“He could be anywhere,” Providence Police Chief Oscar Perez said on Wednesday, adding that authorities did not initially know the suspect’s identity or motive.
Police also circulated photos of another unidentified man seen near the area, saying they wanted to speak with him as a potential witness who may have relevant information.
Authorities initially announced a person was in custody a day after the shooting, but later released that individual after determining he was not involved.— Reuters
Putin to talk of war and peace at marathon news conference
MOSCOW — Russian President Vladimir Putin is likely to send a signal to the United States and European powers on Friday over his appetite for peace or more war in Ukraine when he speaks at a marathon end-of-year news conference.
Russia invaded Ukraine in February 2022, after eight years of fighting in eastern Ukraine, triggering the biggest confrontation between Moscow and the West since the Cold War.
US President Donald Trump, who says he wants to be remembered as a peacemaker, has repeatedly complained that ending the Ukraine war has been one of the elusive foreign policy aims of his presidency.
Mr. Putin, Russia’s paramount leader since the last day of 1999, will lead an end-of-year news conference and call-in with the population that is due to begin at 0900 GMT (5:00 p.m. PHT) on Friday.
PUTIN DUE TO TAKE DOZENS OF QUESTIONS
At the “Results of the Year” event, which Mr. Putin has held in different formats most years since 2001, he fields dozens of questions on everything from price rises and his own future to nuclear weapons and what the Kremlin calls the “special military operation” in Ukraine.
Attendees had to undergo a COVID test – still routine for meetings involving Mr. Putin, 73, several years after the end of the pandemic.
At stake is whether Mr. Putin will agree an end to the deadliest war in Europe since World War Two, the extent to which European powers are sidelined and whether or not a peace deal brokered by the United States will fly.
Ukraine and its European allies are worried that Mr. Trump could sell out Ukraine and leave European powers to foot the bill for supporting a devastated Ukraine after Russian forces took 12-17 square kilometers (4.6-6.6 square miles) per day in 2025.
They echo former US President Joe Biden in saying the Russian invasion was an imperial-style land grab for which Moscow must be punished, a view which Mr. Trump has challenged.
Mr. Putin casts the war as a watershed moment in relations with the West, which he says humiliated Russia after the Soviet Union fell in 1991 by enlarging NATO and encroaching on what he considers Moscow’s sphere of influence.
An end to the war could reconnect Russia – which holds some of the world’s biggest reserves of natural resources from oil and gas to diamonds and rare earths – with the United States just as it seeks to refocus on competition with China, with whom Mr. Putin has forged a “no limits” partnership.
A continuation of the war would lead to many more deaths, drain the economies of Ukraine, Russia and European powers, and raise the chances of the war escalating.
US officials say that Russia and Ukraine have suffered more than 2 million casualties, including dead and wounded since the war began. Neither Russia nor Ukraine disclose credible estimates of their losses.— Reuters
Thousands rally in Bulgaria against corruption, call for judicial reform
SOFIA — Thousands of Bulgarians protested on Thursday evening against the outgoing government, calling for fair elections and judicial reform to tackle what they describe as endemic corruption in the European Union’s poorest member state.
The protests in the capital Sofia and several other towns and cities across the Black Sea nation are the latest in a series of rolling demonstrations and come as Bulgaria prepares to adopt the euro on January 1.
The outgoing government, in power since January, had looked set to oversee the transition to the euro, but Prime Minister Rosen Zhelyazkov handed in his government’s resignation last week after weeks of street protests against state corruption and a new budget that would have increased taxes.
Protesters on Thursday held Bulgarian and EU flags. One sign read “This is not farce.”
“Everything about it (the government) is extremely brazen. Shameless. Such arrogant behavior defines this government,” said Shisman Nikolov, a 48-year-old salesman.
“Society does not respect people who consider themselves above others.”
The president, Rumen Radev, is holding consultations with parties, but if they refuse or fail to form the government, he will appoint an interim government and call a snap election.
Bulgaria, a NATO member state, has held seven national elections in the past four years as consecutive governments failed to keep control of a fractured parliament.
Kalina Yurukova, 21-year-old student, said: “If you steal constantly, you must think you are above everyone else. And for people who are arrogant and have not a shred of shame, I cannot have respect or associate myself with them.”
Earlier this month, the government withdrew its 2026 budget plan, the first drafted in euros, due to the mass protests. Opposition parties and other organizations said they were protesting against plans to hike social security contributions and taxes on dividends to finance higher state spending. — Reuters
Budget ratification and signing set for Dec. 29
By Kenneth Christiane L. Basilio, Reporter
PHILIPPINE LAWMAKERS on Thursday reconciled disagreeing provisions of the proposed P6.793-trillion national budget for 2026, ending Congress’ review of the spending plan marked by one of the most contentious proceedings in recent years amid a corruption scandal over flood control projects.
They aim to ratify the budget bill in the last week of December, giving President Ferdinand R. Marcos, Jr. a short window to review the spending plan despite Congress’ intention to allow the Executive more time.
Senator Sherwin T. Gatchalian, who heads the Senate Finance Committee, said the bicameral report would likely be signed on Dec. 28 and ratified by both the Senate and House of Representatives on Dec. 29, with Mr. Marcos expected to sign it that same day without vetoes.
The President has until Dec. 31 to sign the spending bill, or next year’s appropriations will automatically revert to the 2025 budget.
Congress will amend its legislative calendar to meet the ratification date, Nueva Ecija Rep. and House Appropriations Committee chair Mikaela Angela B. Suansing said, as lawmakers are set to adjourn by next week.
“I’m confident that nothing will be vetoed,” Mr. Gatchalian told reporters after the bicameral conference committee discussions on House Bill No. 4085.
Senators and congressmen in the bicameral conference committee resolved differences after six days of debates, broadcast live for the first time, with disagreements over funding for the Department of Public Works and Highways (DPWH) threatening to stall proceedings.
“This budget will truly address the needs of our people, and above all, this budget is corruption-free,” Mr. Gatchalian told the joint congressional panel. “Most importantly, this budget, I can say, will be the standard for transparency.”
The reconciliation of differing allocations between the House and Senate marks the end of their review of the Executive’s budget, submitted in August and reshaped with reforms to restore public trust after a widening multibillion‑peso kickback scheme involving anomalous infrastructure deals.
Final allocations for some line items were not immediately available, though Mr. Gatchalian said updates would be posted online for public scrutiny.
The panel agreed to trim P20.7 billion from the DPWH budget, based on adjusted material costs, rather than the P45-billion cut originally sought by senators.
“I’m confident to say that there are no overpriced materials in this budget,” Mr. Gatchalian said. Disputes over DPWH funding had stalled talks earlier in the week, with congressmen warning that drastic cuts could hinder economic activity.
Public Works Secretary Vivencio B. Dizon on Sunday urged lawmakers to restore cuts, warning that slower government spending could weigh on growth, which eased to 4% in the third quarter amid the corruption scandal.
“As much as possible, we want to avoid the economic impact of unimplementable projects,” Ms. Suansing told the same panel. “It may have a big effect on our economy.”
“It will hit our infrastructure spending and that would have a detrimental effect on our growth,” she added.
John Paolo R. Rivera, senior research fellow at the Philippine Institute for Development Studies, said lawmakers likely sought to balance support for economic growth with fiscal discipline in an agency embroiled in a widening flood control scandal.
“Maintaining the full cut would have sent a stronger signal on accountability, but a calibrated restoration recognizes the need to support activity,” he said in a Viber message. “Ultimately, the right move depends on whether lawmakers can prove value for money. Without that, higher spending risks doing more harm than good.
The bicameral panel kept the P255 billion cut for flood control works, though Mr. Gatchalian said ongoing projects already have funding under previous budgets.
“That does not mean there are no more flood control projects,” he said. “There are still around P300 billion worth of projects not yet completed.”
Lawmakers increased the Education department’s budget by 9.9% to P961.3 billion, largely to support the construction of 34,000 new classrooms in 2026, and raised the school feeding program allocation to P25.6 billion to extend coverage from 120 to 180 days.
“The reallocations are very welcome as these will help address issues of the learning crisis,” Philippine Business for Education Executive Director Hanibal Camua said in a Viber message.
The Agriculture department and its agencies saw a 20.7% increase to P185.77 billion for farm-to-market roads, post-harvest facilities and other modernization initiatives.
Allocations for the Philippine Health Insurance Corp. (PhilHealth) rose by 14.8% to P129.78 billion, partly sourced from DPWH savings. This includes P60 billion to be restored to the state health insurer after authorities diverted it last year to other projects, following a Supreme Court order in early December for its return through the budget.
“This is not sufficient to cover for the premiums of the 24.5 million indirect contributors,” budget watchdog People’s Budget Coalition said in a report, adding that lawmakers failed to require gambling agencies to contribute under the Universal Healthcare Act.
Funding for the Health department’s program to provide financial aid to poor patients was raised to P51 billion, up from P24.2 billion under the Executive’s proposal.
Two railway projects also had lower allocations after the joint congressional panel. Funding for the North-South Commuter Railway was cut by 50% to P28.8 billion from P57.6 billion, while the Metro Manila Subway Project’s budget was slashed by 48% to P20.4 billion from P39.2 billion, with some savings redirected to the Light Rail Transit (LRT-1) Cavite extension and Metro Manila rail improvements.
The bicameral conference committee also agreed to hike funding for the government’s cash assistance program for indigent Filipinos, long criticized as prone to politicking, by 8% to P63.9 billion from P59 billion in the budget bill.
Military base construction received an additional P2.38 billion, while modernization programs were kept at P40 billion, with another P50 billion in unprogrammed appropriations will be available if revenues permit.
Unprogrammed funds, intended for use if excess revenues or new collections arise, now total P243.4 billion, including increased incentives for vehicle manufacturing to P4.3 billion from P333 million. Mr. Gatchalian said these funds would not be used for flood control or unrelated projects.
The budget will return to each chamber for separate ratification before being sent to Malacañang for review by Mr. Marcos.
“We just want to give the assurance that the Executive has enough time to review,” Ms. Suansing told reporters after the bicameral panel discussions.
Mr. Gatchalian said Congress is working with the Budget department to ensure a timely review of the final 2026 spending bill, even as they are yet to finalize the documents that will be submitted to the Executive.
“What we are doing now is synchronized review,” he told reporters. “They have real-time numbers.”
Mr. Marcos last year vetoed P194 billion worth of line items in the 2025 P6.326-trillion national budget, saying those he removed were inconsistent with his administration’s priorities. This year’s spending plan faced controversy during 2024 deliberations over alleged blank line items filled in by the Executive and bloated standby funds.
‘PERFORMATIVE TRANSPARENCY’
Analysts said that while the budget process was livestreamed, it was largely tokenistic as lawmakers held backroom talks during long downtimes and did not provide open access to documents.
“The livestreaming of the bicameral conference was by and large performative transparency,” Joy G. Aceron, convenor-director of transparency group G-Watch, said in a Facebook Messenger chat.
“It is really not enough for only a part of the budget process to be transparent, there should be transparency, participation and accountability at all levels from preparations to implementation to accountability,” she added.
Meanwhile, AJ A. Montesa, an advisor at budget watchdog People’s Budget Coalition, said the 2026 spending plan is still saddled with “pork barrel” insertions, like those provided to the Social Welfare and Health department’s indigent aid program.
“For whatever good fixing the DPWH budget did, it seems that Congress has now resorted to parking the pork in soft programs framed as aid,” he said in a Viber message.
For his part, Mr. Gatchalian said that “no budget is perfect,” adding that people will always find shortcomings.
“You will always find areas that are lacking, but you will also find aspects that are good,” he told reporters in Filipino.
New vehicle sales down by 8.7% in November
By Justine Irish D. Tabile, Reporter
NEW vehicle sales in the Philippines continued to slump in November, amid a double-digit drop in sales of passenger cars, an industry report showed.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that 37,352 units were sold in November, falling by 8.7% from 40,898 units a year ago.
Month on month, vehicle sales also declined by 6.7% from 40,014 units sold in October.
In November, passenger car sales dropped by 24.2% to 7,456 from 9,836 units sold in the same month in 2024. Month on month, sales slid by 8.57% from 8,155 units sold in October.
Meanwhile, sales of commercial vehicles, which accounted for four-fifths of November sales, dipped by 3.7% to 29,903 from 31,062 units a year ago. Month on month, sales declined by 6.1% from 31,859 units in October.
Within the commercial segment, sales of light commercial vehicles slid by 4.4% year on year to 21,139 units, while Asian utility vehicles (AUV) inched up by 0.4% to 7,921 units. On a monthly basis, light commercial vehicles and AUV sales slipped 5.9% and 4.7%, respectively.
All truck segments saw a decline in November, with light-duty trucks and buses recording a 24.2% decrease in sales to 504 units, while sales of medium- and heavy-duty trucks fell by 8.8% and 43.2%, respectively.
Compared with October, sales of light-, medium-, and heavy-duty trucks decreased by 23.8%, 17.6%, and 36.4%, respectively.
CAMPI President Rommel R. Gutierrez said that November sales data reflected “steady market participation as brands continued to roll out new models and year-end promotions.”
“Commercial vehicles contributed 29,903 units, maintaining their strong market presence, while passenger cars recorded 7,456 units, supported by ongoing demand for fuel-efficient and entry-level models,” he said in a statement on Thursday.
“The industry remains optimistic as manufacturers prepare for the traditional surge in consumer activity during the final month of the year,” he added.
For the January-to-November period, new vehicle sales dipped down by 1% to 420,776 units from 425,208 units a year ago.
The 11-month figure represents only 84.15% of the industry’s 500,000 sales target for the year.
Passenger car sales fell by 23.3% to 84,917 units in the first 11 months from 110,645 units in the same period last year.
Meanwhile, sales of commercial vehicles, which account for 79.82% of the total sales, grew by 6.8% to 335,859 units in the January-to-November period from 314,563 units a year ago.
“The double-digit drop in passenger car sales reflects tighter household budgets and shifting priorities,” said Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas in a Viber message.
“High interest rates and inflation have made big-ticket purchases less attractive, while buyers lean toward more practical options like commercial vehicles,” he added.
However, Mr. Ravelas said that he expects a rebound in sales when “financing costs ease and consumer confidence improves.”
Despite the annual decline, Mr. Gutierrez said the sales data shows the industry’s “continued resilience and adaptability amid evolving market conditions.”
“The industry remains on a solid footing, supported by robust commercial vehicle demand and the accelerating shift toward electrified mobility,” he added.
The report also showed that 3,837 units of electrified vehicles (EVs) were sold last month, accounting for 10.27% of the total industry sales and reflecting “rising consumer interest in cleaner and more efficient mobility options.”
Of the total, 2,648 were hybrid EVs, accounting for 69.01% of the total EV sales in November. The industry sold 869 units of plug-in hybrid EVs and 320 battery EVs.
In the January-to-November period, the industry sold 28,102 EVs, accounting for 6.68% of the total industry sales. These are comprised of 22,027 units of hybrid EVs, 4,261 battery EVs, and 1,814 plug-in hybrid EVs.
“CAMPI remains confident in the industry’s upward trajectory as manufacturers continue to expand their product offerings, enhance supply availability, and support the country’s transition toward sustainable mobility,” Mr. Gutierrez said.
“The Chamber reaffirms its commitment to working closely with government and private sector partners to sustain market growth, strengthen consumer confidence, and accelerate the adoption of innovative and energy-efficient vehicle technologies,” he added.
Meanwhile, Toyota Motor Philippines Corp. remained the market leader, with sales of 205,552 units in the January-to-November period, up 3.9% from 197,756 units a year ago. It accounted for 48.85% of the market share.
Mitsubishi Motors Philippines Corp. had the second biggest market share at 18.83% despite posting a 2.6% dip in sales to 79,252 units in the first 11 months from 81,401 units a year ago.
In third spot was Ford Motor Co. Phils., Inc., whose sales dropped 22.4% to 20,007 units with a market share of 4.75%.
Rounding out the top five were Suzuki Phils., Inc. which saw a 7.9% increase in sales to 19,982 units, and Nissan Philippines, Inc., which saw a 21.6% decrease in sales to 19,225 units.
Customs chief expects revenue collection to hit P939 billion this year
By Aubrey Rose A. Inosante, Reporter
THE Bureau of Customs (BoC) said revenue collection may come in below target this year due to slower import activity amid the rice import ban and the corruption scandal.
According to a document obtained by BusinessWorld, the BoC collected P898.75 billion in revenues as of Dec. 16, which is equivalent to 94% of the P958.71-billion full-year target.
For the first half of December, Customs revenues reached P39.25 billion, just 51% of the P77.91-billion monthly goal, with two weeks remaining.
Customs Commissioner Ariel F. Nepomuceno said the agency’s emerging revenue forecast for 2025 is at P939.4 billion, 2% lower than the full-year target.
“From the P958-billion target for this year, it was adjusted after considering all external factors,” he said in an interview with BusinessWorld at the Port of Manila on Dec. 16. “From P958 billion, it became P939 billion. So the revenue losses have already been taken into account.”
Mr. Nepomuceno said a technical working group has submitted the latest 2025 revenue projection to the Development Budget Coordination Committee (DBCC).
For 2026, Customs is now targeting P1.003.8 trillion in revenues, 0.99% lower than the previous goal of P1.013 trillion. The collection target for 2027 was also reduced by 1.70% to P1.054 trillion.
Mr. Nepomuceno said improved collection efficiency has helped sustain revenue performance this year even as import volumes continue to decline.
“In spite of the decrease in the volume of imports, collections still increased. This means that over the last four months, we’ve shown that collection efficiency can be used as a measure,” he said.
However, Mr. Nepomuceno noted that importers have been buying less over the past three to four months, citing broader economic factors.
“It could be the external factors — maybe the confidence level of importers, how much they decide to stock, and how much they expect consumers will buy,” he said.
A corruption scandal involving flood control projects has dampened investor and consumer confidence, and slowed government spending and economic activity.
Mr. Nepomuceno said the decline in infrastructure spending may have led to a slowdown in imports of construction materials in recent months.
The government’s ban on rice imports, which began in September and is set to end in December, may have also affected BoC’s ability to reach its revenue target this year.
Customs Assistant Commissioner Vincent Philip C. Maronilla said Philippine import volumes have been “fluctuating” throughout the year after the rice import ban.
He noted that overall volumes have inched up in recent days, but were still down by an annual 2–3% in early December.
“But if you look at the volume for consumption entries, the ones that are being paid, it’s a bit down, more substantial. With that, we’re still reeling from the effects of the rice ban,” he told BusinessWorld on the sidelines of an event on Dec. 18.
Mr. Maronilla still expects the broader economy to gradually regain momentum.
“We’re averaging, for the past few days, about P4 billion a day, P4.5 (billion). We’re hoping that we can be able to sustain the momentum to catch up for at least the December revenue target and bring that momentum going to 2026,” he said.
PESO WEAKNESS
Customs officials also saw the recent peso’s weakness as a factor shaping import behavior.
“How currency exchange rates affect the behavior of importers is the number one consideration. They try to predict the consumers’ buying power. That’s the indirect impact on volume,” Mr. Nepomuceno 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.
“But the direct impact on collection, a weaker peso means more pesos for every dollar,” the BoC chief said. “From a revenue standpoint, that’s maybe favorable.”
Mr. Maronilla said that the currency’s depreciation is “supposedly positive for the Bureau” when converting dollar‑denominated valuations into pesos.
“A weaker peso will mean higher peso value of imports and therefore increased Customs duties collections,” Foundation for Economic Freedom President Calixto V. Chikiamco said in a Viber message.
He said the same applies to higher oil prices, which would raise the value of imports and therefore customs collections, assuming import volumes remain unchanged.
Grade 5 students in Philippines trail Southeast Asia in reading, math proficiency
By Almira Louise S. Martinez and Aubrey Rose A. Inosante, Reporters
GRADE 5 students in the Philippines continue to fall behind most Southeast Asian neighbors in terms of proficiency in reading and mathematics, a learning assessment program by the United Nations Children’s Fund (UNICEF) and the Southeast Asian Ministers of Education Organization (SEAMEO) showed.
The 2024 Southeast Asia Primary Learning Metrics (SEA-PLM) showed the 14% of Grade 5 students in the Philippines were considered to have “high proficiency” in reading, an improvement from the 10% in the 2019 study.
However, this was second lowest among the six countries in the study, after Vietnam, where 66% of Grade 5 students had high proficiency in reading. The Philippines was also behind Malaysia (49%), Myanmar (31%) and Cambodia (18%), but ahead of Lao (4%).
In the Philippines, 13% of Grade 5 students were considered to have reached the minimum proficiency level for reading, where they can connect related information across sections of texts to understand key ideas. This was slightly higher than 12% in 2019.
On the other hand, 27% of Grade 5 students in the Philippines have very low reading proficiency or are able to associate one of four given words to an illustration of a familiar object, place, or symbol. It was unchanged from 2019.
The study also showed a modest gain in reading performance of Filipino students, with the national average nearly flat at 289.5 in 2024 from 287.7 in 2019.
Meanwhile, neighboring countries such as Cambodia and Myanmar had increased their national average by 6.3 and 13.6 points, respectively.
Vietnam had the highest reading score at 323.5, followed by Malaysia at 313.6.
Education Secretary Juan Edgardo “Sonny” M. Angara on Thursday said that the Philippines is doubling its efforts to boost the proficiency level of students nationwide, amid the decline of learning outcomes in international assessments.
“Let us not be worried, scores are dropping worldwide, but since we are trying to catch up with other countries, we need to work double time,” Mr. Angara told reporters in Filipino at the sidelines of an event.
“Actually, even if we don’t know the result yet, we are already focusing on literacy and numeracy,” he added.
In mathematics, the study also showed only 26% of Grade 5 students in the Philippines demonstrated high proficiency, an improvement from the 17% in 2019.
However, Filipino students were the second worst in the region, trailing Vietnam (88%), Malaysia (53%), Myanmar (51%), and Cambodia (40%) but ahead of Lao (17%).
The Philippines saw its mathematics score improve by 4.9 points to 292.8 from 287.9 in 2019. Myanmar, which had a similar score to the Philippines in 2019, increased its score by 19.2 points in 2024, while Cambodia gained 12 points. Vietnam still has the highest ranking in mathematics in the region, with a score of 334.6, followed by Malaysia with a score of 309.9.
SEA-PLM is a regional assessment launched by the SEAMEO Secretariat and the UNICEF EAPRO, designed to measure the learning outcomes of Grade 5 students, particularly in reading and math. There were 5,070 learners from 156 schools in the Philippines who participated in the 2024 SEA-PLM.
ACCESS TO TEXTBOOKS
The UNICEF-SEAMEO study linked higher scores in both reading and mathematics with Filipino students who have access to textbooks, highlighting socioeconomic status as one of the primary drivers of the learning differences in the country.
Data from the report found that the Philippines have 52% of students with one textbook, 23% share one textbook with two students, 19% share one textbook with two or more students, and 7% have no textbook.
The Alliance of Concerned Teachers (ACT) Chairman Ruby Bernardo raised concerns about the availability of textbooks, underscoring the importance of funding literacy interventions in public schools.
“This is a damning indictment. More than 131 schools need deeper support,” Ms. Bernardo said in a Facebook message, citing the 131 schools nationwide that are expected to receive funding under the Batang Bumabasa Initiative by the Department of Education (DepEd) to boost literacy rates.
“All of the roughly 48,000 public schools are affected by shortages of teachers, classrooms, books, and learning materials,” she added. “Literacy will not improve without the most basic necessities.”
The Education department reported earlier this month a 289% surge in textbook procurement following a decade-long stagnation in learning resources.
Citing the Second Congressional Commission on Education (EDCOM 2), the agency said it has procured and passed 105 titles within a year, a stark difference from the 27 textbook titles procured from 2012 to 2023.
MISALIGNED POLICIES
Analysts said misaligned policies of the DepEd and chronic underfunding are the key factors behind the weak performance of Filipino students.
“The problem is due to DepEd policies which are not attuned to the needs of the children,” Leonardo A. Lanzona, an economics professor at the Ateneo De Manila, said in a Messenger chat on Thursday.
He called for a more decentralized education system, to address the conditions that stifle the progress of students.
University of the Philippines School of Labor and Industrial Relations Assistant Professor Benjamin B. Velasco said the country’s education outcomes reflect its relatively low public education budget.
“We fall significantly below the recommended 6% of GDP (gross domestic product). This translates to lack of books, gadgets, rooms etc.,” he said in a Messenger chat on Thursday.
The education sector received a P1.055-trillion allocation in the 2025 national budget.
Analysts also warned that deteriorating learning outcomes threaten the Philippines’ workforce development, and raises the risk of producing a larger pool of unskilled workers.
“The workers become vulnerable to newer technologies, creating pool of unskilled and untrained workforce,” Mr. Lanzona said.
Mr. Lanzona added that without proper training and education, the country cannot fully participate in the global market as the workforce may fail to meet the demands of international competition.
For his part, Mr. Velasco said the lack of foundational skills, from basic to higher education, directly undermines the country’s ability to build a digitally capable workforce.
He warned that the business process outsourcing industry, as well as professions such as nursing and seafaring, could face long‑term disadvantages if reading and comprehension levels continue to lag.
“Teachers are trained through the current education system which is under performing. Thus, we produce less than satisfactory teachers who will fail in properly educating the next generation. So this is a vicious cycle,” Mr. Velasco said.
Aboitiz-led group secures P70-B financing for CBK hydro takeover
AN ABOITIZ-LED consortium has secured loan commitments totaling up to P70 billion from BDO Unibank and Metropolitan Bank & Trust Co. to finance part of its takeover of the Caliraya-Botocan-Kalayaan (CBK) hydropower facilities in Laguna.
In a regulatory filing on Thursday, the company said each bank has committed up to P35 billion, which the consortium may draw down to fund the transaction.
The financing follows the Philippine Competition Commission’s approval of the acquisition of the CBK power plant complex on Dec. 1.
Thunder Consortium — composed of Aboitiz Renewables, Inc., Japan’s Sumitomo Corp., and Electric Power Development Co. — won the privatization of the large-scale hydropower asset after submitting a P36.266-billion bid.
Aboitiz Renewables, Inc., a subsidiary of Aboitiz Power Corp., serves as the group’s platform for investments in renewable energy, with projects spanning solar, geothermal, hydropower, wind, and battery energy storage systems.
The company said the CBK power plants are expected to contribute to earnings immediately upon turnover.
The CBK complex consists of the 39.37-megawatt (MW) Caliraya plant in Lumban, the 22.91-MW Botocan plant in Majayjay, and the 366-MW Kalayaan I and 368.36-MW Kalayaan II pumped-storage facilities, all located in Laguna.
The asset is operated under a 25-year build-rehabilitate-operate-transfer agreement between CBK Power Co. Ltd. and the National Power Corp. (NPC).
State-run Power Sector Assets and Liabilities Management Corp. (PSALM), which led the privatization, is targeting the turnover of the power plant complex in February 2026.
PSALM is mandated to privatize the government’s power assets to help settle NPC’s financial obligations. — Sheldeen Joy Talavera
MREIT to acquire P16.22-B office towers in Taguig via share swap
By Beatriz Marie D. Cruz, Reporter
MREIT, INC., the real estate investment trust (REIT) arm of listed Megaworld Corp., is set to acquire P16.22 billion worth of nine Grade A office buildings in Taguig City through a property-for-share swap transaction, a move expected to expand its income-generating asset base.
The infusion will add 165,477 square meters (sq.m.) of gross leasable area (GLA) to MREIT’s portfolio, bringing its total office GLA to 646,891 sq.m., the company said in a disclosure to the stock exchange on Thursday.
As part of the transaction, Megaworld subscribed to 996.87 million MREIT shares, with payment settled through the transfer of the nine office buildings and a cash component of P187.5 million.
“This latest infusion reflects MREIT’s continued focus on scaling up with high-quality, income-generating assets in prime locations,” MREIT President and Chief Executive Officer Jose Arnulfo C. Batac said.
Assets covered in the transaction include Science Hub Towers 1, 3, and 4; 8 Campus Place Buildings A, B, and C; One Campus Place Buildings A and B; and the South East Asian Campus (SEAC), all located within McKinley Hill in Taguig City.
All the properties are Grade A office buildings situated in Philippine Economic Zone Authority (PEZA)-registered zones.
Megaworld said it will assign to MREIT the existing leases covering portions of the properties leased to third parties, including the rights to receive and collect rentals, taxes, utilities, association dues, other assessments, and security deposits.
“We expect these asset infusions to be dividend-accretive in nature as office assets established within Taguig City typically logs a higher occupancy rate relative to other cities within the capital,” AP Securities, Inc. Equity Research Analyst Shawn Ray R. Atienza said in a Viber message.
“The kicker, though, is their office-heavy portfolio which subjects them to a much larger concentration risk relative to their peers — especially with their huge exposure to IT-BPM tenants,” he said, adding that Megaworld’s planned retail asset infusions should help improve portfolio diversification.
For 2026, Megaworld Investor Relations Head Andy Dela Cruz earlier told reporters that the company plans to infuse around 250,000 sq.m. of office and mall assets into MREIT.
These planned infusions are expected to increase MREIT’s portfolio to about 750,000 sq.m. of GLA next year, in line with the company’s target to reach one million sq.m. of GLA by 2027.
“As previously disclosed, the next tranche is expected to include select mall assets, further diversifying MREIT’s income base,” the company said.
MREIT’s portfolio currently includes mall and office assets within Megaworld’s townships, such as Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District.
Megaworld reported a 16% increase in its nine-month net income to P15.9 billion, while MREIT’s distributable income rose by 27% to P2.8 billion over the same period.
PAGCOR revokes PH Resorts Mactan casino license
PH RESORTS Group Holdings, Inc., the gaming company owned by Davao-based tycoon Dennis A. Uy, has received a notice from the Philippine Amusement and Gaming Corp. (PAGCOR) revoking its casino license for a project in Cebu.
In a stock exchange disclosure on Thursday, the company said PAGCOR notified its subsidiaries, LapuLapu Leisure, Inc. and Lapulapu Land Corp. (LLI-LLC), that it had revoked the provincial license for the unfinished Emerald Bay integrated resort project in Mactan, Cebu.
PH Resorts said the suspension of its provincial license will not “materially impact the company’s financial position.”
“The revocation of the provisional license is not expected to materially impact the Company’s existing financial position,” it added.
Following the cancellation, the company said it will continue to explore other opportunities to expand its business.
“The company will continue to explore other business opportunities and shall make the appropriate disclosures to keep the public informed of developments, including its future plans, as and when these are determined, in accordance with applicable laws, rules, and disclosure requirements of the Philippine Stock Exchange and other relevant regulatory authorities,” it said.
PH Resorts also confirmed that it has ended talks with listed construction firm EEI Corp. for the Emerald Bay project. The firm noted that its partnership discussions with EEI “have not ripened to the execution of definitive agreements.”
In August, PH Resorts wrote off investments in the Emerald Bay casino project, resulting in a P6.75-billion net loss for the first half of 2025.
Earlier this year, Sy-led China Banking Corp. (Chinabank) said it planned to sell the Mactan property it acquired from PH Resorts after a sale-and-leaseback arrangement expired in March. Chinabank Chairman Hans T. Sy said that a buyer for the unfinished project was still being sought. — Beatriz Marie D. Cruz