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Damosa Land targets full sell-out of Samal condotel units this year

DAMOSA LAND, INC.

By Almira Louise S. Martinez, Reporter

DAVAO-BASED property developer Damosa Land, Inc. (DLI) said it is targeting a full sell-out of units in its newly launched condominium-hotel project TRYP by Wyndham Samal this year, citing growing interest in beachfront and resort-style properties in the region.

“Just for this month, I mentioned we have about 30% that’s already sold, that’s already beyond our expectation, and that’s even before doing the main project launch,” DLI President Ricardo F. Lagdameo told BusinessWorld last week.

“It’s very encouraging that we will be able to hit our 100% target this year,” he added.

Located in Samal, Davao del Norte, the project aims to offer an international hotel-style living experience in one of Mindanao’s emerging tourist destinations. It will be the second TRYP by Wyndham hotel in the Philippines.

The four-star condotel development will have 100 rooms, interactive social spaces, meeting facilities, a 250-seat ballroom, fitness amenities, an infinity-edge pool overlooking the Davao Gulf, and direct access to Azalea Beach.

The property is about 15 minutes from Davao City by private boat and 40 to 60 minutes via barge terminals.

Once completed, the Samal Island–Davao City Connector (SIDC) bridge is expected to reduce travel time from Francisco Bangoy International Airport to the island to about 25 minutes.

“When the experts talked about the trend of people wanting beachfront properties or island destination second homes, we really saw that,” Mr. Lagdameo said, citing strong demand in DLI’s separate Samal condominium project, Bridgeport Park, where about 90% of units have been sold.

Units at TRYP by Wyndham Samal will be included in DLI’s rental pool program, which the company said has been approved by the Securities and Exchange Commission. Under the program, unit owners may receive 40% of net room revenue, subject to hotel performance.

Unit prices start at P9.5 million. The company projects a potential 6% annual yield at 60% occupancy, along with 3% to 6% year-on-year capital appreciation.

“If you compare that with other investments like bonds, REITs (Real Estate Investment Trust), it’s a bit higher actually,” Mr. Lagdameo said.

“If we look at the occupancy rates here in the region, especially in the city hotels, the average for 2025 was closer to 70%.”

“We’re hoping that if our assumptions really play out and are correct, then we can give a very good return even at a modest occupancy of 60%,” he added.

The Samal condotel project is scheduled for completion in the fourth quarter of 2028 and is expected to open in the first quarter of 2029.

DLI expects most buyers to come from Davao and other parts of Mindanao.

“About 60 to 70% will come from Davao and the greater Davao region, and then we have about 20% that are OFWs (Overseas Filipino Workers),” Mr. Lagdameo said.

“Investors from other Mindanao cities like to invest back here into Davao, maybe because there’s a lot more choices, and price appreciation has been very good,” he added.

The company is also studying the possibility of developing similar projects in other cities in Mindanao.

“If this becomes very successful, and I have a good feeling about it, maybe we can replicate it in other cities in Mindanao,” Mr. Lagdameo said.

“We like Cagayan de Oro, that could be one location. For us, it’s one of the, the very fast-growing, up-and-coming cities as well here in Mindanao,” he added. “We have General Santos projects, I mean, that could be one location, since we already do have a hotel there.”

Damosa Land is the property development arm of the Anflocor Group of Companies, with projects in residential, township, mixed-use, office, commercial, and industrial developments.

On growth in 2025, the CPBRD study, and the RPA UPSE-PDE lecture

Today I will discuss three related topics, so we go straight to the numbers.

Last week the Philippine Statistics Authority (PSA) released the country’s GDP performance in the fourth quarter (Q4) and that of the full year 2025. It was a disappointing 3% in Q4 and thus, the full year growth was only 4.4% — the lowest since 2012, excluding the -9.5% contraction during the lockdown of 2020.

I checked the Q4 2025 data of our Asian neighbors. It turns out that our GDP was actually high compared to other East Asian nations except for Malaysia, Singapore, and Indonesia. It was also higher than all major economies of Europe and America except Ireland (see Table 1).

The UK has released no Q4 2025 data yet, but its GDP growth in recent years was low — 0.4% in 2023, 1.1% in 2024, and 1.5% in Q1-Q3 2025. These numbers are bordering on degrowth and deindustrialization like those of Austria, France, Germany, Italy, etc.
Thus, our 4.4% growth last year is still modest growth and hence, not a justification for economic pessimism. Our recent growth above 5% was pulled down by the continuing infrastructure corruption scandal that blew up last July. The growth slowdown is a necessary correction mechanism so that corruption and overspending can be checked. The detractors who dismiss the Philippines as “unworthy” of investments are using emotion and not reason in their arguments.

THE CPBRD STUDY
The Congressional Planning and Budget Research Department (CPBRD), the economic think tank of the House of Representatives, produced a beautiful research report, “The Limits of Expansionary Government Spending: An Initial Exploration of the Fiscal Multiplier in the Philippines,” written by David Joseph Emmanuel Barua Yap, Jr., Rutcher M. Lacaza, Jhoanne E. Aquino, and Edrei Y. Udaundo. The 30-page Discussion Paper No. 3 was published in January, just days before the PSA released the Q4 GDP data.

The paper examines fiscal multipliers — pesos of GDP generated or contracted per peso of expenditure. They used the Vector Autoregression (VAR) model estimated through quarterly data from 2010 to 2025, and focused on government expenditures, household consumption, gross capital formation or investments, and GDP.

Their research showed that every P1 of government expenditure generated only P0.15 of GDP in Q0, then reduced the GDP by P0.42 in Q1, and then a P1.70 reduction in GDP for the year, suggesting crowding-out effects.

For every P1 of household expenditure, the GDP increased by P1.44. And for every P1 in investment or gross capital formation, the GDP increases by P0.64. The CPBRD also correctly predicted that Q4 growth would be 3%. Their prediction of 2026 GDP growth is 4.62% in Q1 and 4.14% for the full year (see Table 2).

The report’s implications? If we want higher growth, we should cut government spending and borrowings, cut taxes to promote more household spending, and promote more investment and businesses. This was sensible research with sensible proposals.

The CPBRD used to be called the Congressional Planning and Budget Office (CPBO). I worked there as a junior economist from 1991-1999 before I joined the private consulting Think Tank, Inc. of former Congressman Gary Teves in 2000, before he became Finance Secretary.

THE 4TH RPA ANNUAL LECTURE
The 4th Ruperto P. Alonzo (RPA) memorial lecture will be held this coming Friday, Feb. 6, at 3 p.m., at the UP School of Economics in Diliman, Quezon City. It is sponsored by the UPSE Program in Development Economics (PDE) Alumni Association and the Philippine Center for Economic Development (PCED).

The main speaker is the acting secretary of the Department of Budget and Management, Rolando U. Toledo, who is a PDE alumnus from batch 29. The most recent Budget and Management Secretary, Amenah F. Pangandaman, is a PDE alumna from batch 33. The theme of the lecture is “Protecting Fiscal Integrity: Fighting Corruption in Public Finance.”

The two discussants after Mr. Toledo’s presentation will be Dr. Cielo Magno, UPSE faculty member and former Finance undersecretary, and Dr. Romulo Emmanuel “Jun” Miral, Jr., Deputy Secretary General of the House of Representatives and head of the CPBRD. The moderator will be Dr. JC Punongbayan, also a UPSE faculty member.

Prof. Ruping Alonzo was a beloved faculty member of UPSE for 45 years (1968-2013), the Director of PDE for many years, occasional drinking buddy of our PDE batch 33, and my wedding godfather. His wife, Zorayda Amelia “Mel” Alonzo who was former President and CEO of Pag-Ibig Fund, will give the closing remarks after the lecture.

The lecture is free, open to the public. So come dear readers, and catch these three brilliant officials discuss public finance intelligently and quantitatively.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an internationa fellow of the Tholos Foundation.

minimalgovernment@gmail.com

IC eyes higher penetration with takaful, microinsurance push

PHILSTAR FILE PHOTO

THE INSURANCE COMMISSION (IC) is stepping up efforts to raise insurance penetration in the Philippines by approving more Islamic insurance (takaful) products and promoting microinsurance to reach underserved sectors.

Insurance Commissioner Reynaldo A. Regalado said penetration, measured as premiums relative to economic output, rose to 1.78% in 2025 from 1.67% a year earlier, but a “big gap” remains.

“We’ve been targeting this for decades — surpassing the 2% [penetration rate],” he told reporters on Friday. “There’s still a big gap that we should be addressing.”

The regulator has approved six takaful products from four insurers — Etiqa Life & General Assurance Philippines, Pru Life Insurance Corp. of UK Philippines, Stronghold Insurance and CARD Mutual Benefit Association, which will offer a micro-takaful product.

Takaful is a Shari’ah-compliant insurance model in which members contribute to a shared pool to cover losses collectively, avoiding interest, gambling and excessive uncertainty.

Operators manage the funds, charging fees for sales, underwriting and claim administration. The IC issued takaful licenses to Pru Life UK and Etiqa in 2024.

Mr. Regalado said the IC is also encouraging the industry to offer more microinsurance products, particularly through cooperatives and mutual benefit associations, since life insurers often avoid microinsurance due to small margins. Microinsurance is very effective for financial inclusion, he pointed out.

To expand its reach, the IC is strengthening regional offices in Cebu and Davao and will open a Baguio office on March 2.

Meanwhile, the regulator is reviewing insurance policies frozen by the Anti-Money Laundering Council (AMLC) over links to the flood control scandal. AMLC last week froze 10 more policies, adding to 394 accounts worth P490 million already frozen.

The IC is also set to implement three circulars this year: adjustments to compulsory motor vehicle liability insurance premiums, final coverage rates for electric and hybrid vehicles and premium and benefit rates for passenger personal accident insurance for motorcycle taxis.

Mr. Regalado said the motor vehicle premium revisions aim to update rates set in 2006, increase third-party liability to P400,000 and expand benefits per incident. Premium rates for motorcycle taxis are awaiting approval from the Land Transportation Franchising and Regulatory Board. Coverage for electric and hybrid vehicles is still under review amid rising battery costs. — Aaron Michael C. Sy

Entertainment News (02/03/26)

Filipino debut film Filipiñana wins at Sundance

FILMMAKER Rafael Manuel’s debut film Filipiñana recently won the World Cinema Dramatic Special Jury Award for Creative Vision at the 2026 Sundance Film Festival. Screened at the festival in Utah, United States, from Jan. 22 to Feb. 1, the film was lauded for its creative achievement. It follows a young Isabel (played by Jorrybell Agoto), who works as a tee-girl at an elite local country club. When she draws closer to the president, Dr. Palanca (played by Terry Guzman), she uncovers the violent and exploitative underbelly underneath the club’s luxurious front.

EuroXtreme Circus goes to Central Luzon

THE live spectacle EuroXtreme Circus can now be seen at Robinsons Starmills, Pampanga, in Central Luzon. Ongoing until Feb. 22, the Philippine leg of the traveling circus’ tour offers a fast-paced two-hour show featuring comedic clown performances, visually stunning acts, and adrenaline-charged stunts. Signature attractions include the Wheel of Suspense, where performers test balance and bravery at extreme heights; the Globe of Terror, featuring motorcycle riders racing at full speed inside a steel sphere; the Flying Trapeze, a showcase of aerial artistry; and high-energy FMX stunts with gravity-defying motorcycle tricks. The international touring production is presented by Art Box Entertainment. Tickets, ranging from P650 to P3,200, are available online via artboxentertainment.com.

Prime Video brings new and returning series, films

THIS February, many movies and series are back on the Prime Video streaming platform. One is the epic conclusion of Season 2 of the acclaimed series Fallout, which is based on the iconic video game of the same name. It follows survivors navigating a post‑apocalyptic world. Another newly dropped show is Relationship Goals, a romantic comedy starring Kelly Rowland and Method Man, centered on former lovers competing for the top job in morning television.

Clara Benin releases new single

AFTER staging a two-night concert honoring the 10th anniversary of her records, Human Eyes and Riverchild, Clara Benin is kicking off 2026 with a new single. Titled “muscle memory,” it dwells on quiet moments and restraint, dealing with the lingering presence of lost love. She will also release a new song, “the one to blame,” next month in anticipation of her upcoming EP, slated for release later this year. To mark the live debut of the new song, Ms. Benin will perform the song at the Valentine’s Day show at Eastwood City on Feb. 14. In the meantime, “muscle memory” is out now on all digital music platforms worldwide via Sony Music Entertainment.

Korean action-comedy The Informant now in cinemas

SQUID GAME breakout star Heo Sung-Tae is in a new action-comedy that has arrived in Philippine cinemas. The Korean film The Informant is a buddy cop romp screening exclusively at Ayala Malls Cinemas, and it has Mr. Heo play a detective entangled in a chaotic, larger‑than‑life conspiracy filled with high‑speed chases, slapstick comedy, and outrageous twists. It is presented exclusively through A-Reel Asia, Ayala Malls Cinemas’ showcase celebrating some of the best of Asian cinema.

SB19 releases concert album

P-POP group SB19 has released Simula At Wakas: Kickoff Concert Album, a live recording of tracks from their two-day concert at the Philippine Arena in Bulacan on May 31 and June 1 last year. Mixed and mastered by Radkidz, with live arrangements by Jem Florendo, the 19-track album features songs from the albums Simula At Wakas (2025), Pagtatag! (2023), and Pagsibol (2021), alongside the concert version of the fan-favorite single “Moonlight.” In addition to the album release, SB19 announced the official conclusion of their world tour with the Wakas At Simula: The Trilogy Concert Finale, on April 18 at the SMDC Festival Grounds. Tickets are anticipated to go on sale sometime this month.

Cinema One spotlights Donny Pangilinan films

NEW GEN actor Donny Pangilinan is leading Cinema One’s Blockbuster Sundays this month with the airing of some of his notable films, in time for the season of love. Airing every Sunday at 7 p.m., the next one on the lineup is An Inconvenient Love, where he plays a boutique plant owner and social activist alongside his love team partner Belle Mariano. It airs on Cinema One on Feb. 8. Coming after that on Feb. 15 and 22 is He’s Into Her: The Moviecut, a film version of a popular series again starring the DonBelle love team. In it, Mr. Pangilinan is a basketball captain to Ms. Mariano’s leading lady character. The first part airs on Feb. 15 and the second part airs on Feb. 22.

Singer dwta produces anti-Valentine’s show

SINGER-SONGWRITER dwta will be headlining her self-produced music gig, Where Do Broken Hearts Go? Sa Gig ni dwta, on Feb. 13 at 123 Block in Mandaluyong City. Billed as an anti-Valentine’s show, it features a special extended set from the Bicol-born artist, whose body of work has redefined romantic and anti-romantic storytelling. The evening will also feature guest performers, including shirebound, Janine Teñoso, Jan Roberts, Kenaniah, and LEYO. The latest release of dwta, a cover of “Ang Pag-ibig Kong Ito,” originally performed by Lea Navarro and written by Carlos Agawa and Ernie Dela Pena, is also available on digital music streaming platforms.

Wuthering Heights hits cinemas for Valentine’s

THE forbidden romance film Wuthering Heights, directed by Emerald Fennell and starring Margot Robbie and Jacob Elordi, is opening in cinemas on Feb. 11, just in time for Valentine’s Day. It is meant to be “a bold and original imagining of one of the greatest love stories of all time,” based on the novel of the same name by Emily Brontë. It centers on themes of forbidden passion, lust, love, and madness, described as an homage to how it felt like reading the novel as a teenage girl, rather than a loyal adaptation of the original material.

Manila to host ASEAN-Korea music festival in April

A TWO-DAY free concert will be the centerpiece of the regional music calendar this year, organized by the National Commission for Culture and the Arts (NCCA) and KBS WORLD TV. Titled the 2026 ROUND Festival, the musical exchange is set to take place on April 18 and 19 at the Araneta Coliseum in Quezon City. It will be hosted by Korean singer-songwriter 10CM and will showcase a roster of international talent. Representing the Philippines on the main stage are Ben&Ben, TJ Monterde, Cup of Joe, and HORI7ON. Meanwhile, artists from other countries are MeloMance from Korea, Syafiq Abdilah from Brunei, G-Devith from Cambodia, Pamungkas from Indonesia, JoJo Miracle from Lao PDR, Mimifly from Malaysia, Velocity from Myanmar, Regina Song from Singapore, Tilly Birds from Thailand, and Chillies from Vietnam. Ticket reservation will open soon.

SEC complaint vs Villar Land under review, says DoJ

BW FILE PHOTO

THE DEPARTMENT of Justice (DoJ) on Monday said the criminal complaint filed by the Securities and Exchange Commission (SEC) against Villar Land Holdings Corp. will first undergo evaluation to determine whether it is ready for preliminary investigation (PI).

“It has to go through evaluation,” Prosecutor General Richard Anthony D. Fadullon told reporters on Monday. “Remember that when cases are filed here, it’s not immediately for preliminary investigation… it’s as if no case has yet been filed technically because it still has to go through study and scrutiny by the panel to determine whether it is appropriate for PI.”

Under the Philippine Rules of Criminal Procedure, a preliminary investigation is an inquiry conducted to determine whether there is sufficient ground to engender a well-founded belief that a crime has been committed and that the respondent is probably guilty thereof and should be held for trial.

“There are ongoing evaluations but as far as the department is concerned, no pronouncements can be made just yet because we do not want to pre-empt the results of the evaluation,” Mr. Fadullon added.

The respondents in the complaint include Villar Land Holdings Corp., its officers and related entities. They face potential charges for alleged violations of Sections 24.1(d) and 26.3 of Republic Act No. 8799, or the Securities Regulation Code, over accusations of market manipulation, insider trading, and misleading disclosures that distorted the company’s share prices and misled the investing public.

On the Philippine Stock Exchange (PSE), Villar Land’s last recorded closing share price was P933 on Jan. 30, before trading was disrupted amid the regulatory developments.

In a statement over the weekend, Villar Land said it has not yet received a copy of the complaint and would respond to all allegations once it formally does.

“Villar Land and its directors will answer all the allegations leveled against them after formal receipt of the alleged complaint,” the company said.

Justice spokesperson Raphael Niccolo L. Martinez told reporters that the SEC may be asked to submit additional evidence “to satisfy sufficiency” requirements if the complaint is found lacking for preliminary investigation.

“If, after submission of additional evidence, it is still not found sufficient, it (the complaint) will then be denied,” Mr. Martinez added.

Villar Land Holdings did not immediately respond to an e-mail seeking comment. — Erika Mae P. Sinaking

Pueblo De Oro bets P13.5B on high-end projects in Cagayan de Oro

PUEBLODEORO.COM

REAL ESTATE developer Pueblo De Oro Development Corp. (PDO) said it has invested P13.5 billion in mixed-use and residential developments in Cagayan de Oro, targeting the higher-end market segment.

In an e-mail to BusinessWorld, PDO President and Chief Operating Officer Prim B. Nolido said the company has 10 active projects this year, covering residential communities and mixed-use townships nationwide.

“PDO is expanding further into vertical developments and integrated mixed-use townships, anchored on its “Gold Standards” — green living, strategic location, award-winning design, reputable development, and value for money,” he said.

In Cagayan de Oro, PDO’s projects include Southridge Residences, a lots-only subdivision with a planned five-year development timeline. It is located within a 31-hectare mixed-use development envisioned to include office, retail, and leisure spaces.

The company’s investment in the city also covers Masterson Mile North, a five-tower residential project with a projected completion period of up to 12 years.

The development, also in Cagayan de Oro City, will offer 946 residential units ranging from 32 square meters (sq.m.) to 177 sq.m. It was designed by Gensler and Associates, a US-based architectural firm.

Nationwide, PDO said it has 10 active and upcoming projects, with a focus on regional growth areas such as Batangas, Pampanga, Cebu, and Cagayan de Oro.

“Investments worth P18 billion will support master-planned townships; horizontal and vertical residential developments; commercial zones; and its sustainability and ESG (environmental, social, and governance)-driven infrastructure,” Mr. Nolido said.

In Batangas, PDO’s residential developments include the 10-hectare Courtyards Lipa and the 12.7-hectare Westwoods Heights.

Also in its pipeline are PDO Luxescapes Ibaan, a 77-hectare mixed-use township with residential and commercial components, and PDO Townscapes – The Enclave, which forms part of a 295-hectare township in Malvar, Batangas.

The company also has residential and retail projects in Cebu — PDO Townhomes Carcar, PDO Storeys Lapu-Lapu, and PDO Townsquare Cebu — and in Pampanga, including LAF Unihomes (Greige Series).

PDO is the property development arm of Investment & Capital Corp. of the Philippines, a diversified group with interests in investment banking, venture capital, and real estate. — Beatriz Marie D. Cruz

Loob-tanaw and love for country

STOCK PHOTO | Image by Vectorjuice from Freepik

February is the month when I usually write about love in the View from Taft column. But this year, I want to write about something that might be love in its truest form: the capacity to see what is real.

The Filipino language has many words that touch on insight. Kaalaman for knowledge. Pananaw for perspective. Paliwanag for explanation, from liwanag, light. But I want to propose another: loob-tanaw.

Tanaw is to look outward, to gaze at the horizon. Loob is the interior self, the seat of will and feeling. Together, loob-tanaw suggests insight as seeing from within. Not information arriving from outside, but meaning emerging from engaged interiority.

This matters because insight is not the same as data. We can have all the reports, all the audits, and all the numbers, and still fail to see.

The flood control scandal did not erupt because Filipinos suddenly received new information.

The budgets were public. The projects were listed. The contractors were named. The marches at Luneta and EDSA were not demands for more reports. They were acts of collective loob-tanaw. We allowed the reality to enter our loob, and from that interior engagement, we finally saw what indifference had obscured. A student who begins to inquire, “If there’s budget for ghost projects, why is there no budget for the education sector?” is speaking from loob-tanaw. She has connected her experience of wading through floods to the billions of pesos that have vanished. The insight was not given to her. She drew it from her own loob.

This is why insight has that hugot quality. Hugot means to draw from within, to pull something true from lived experience. A borrowed opinion is not hugot. A copied slogan is not hugot. Genuine insight emerges from wrestling with reality, not from forwarding someone else’s conclusions.

The scandal persisted for 15 years because too many people’s loob was closed. Not ignorant, but indifferent. Not uninformed, but uncaring. Contractors knew exactly what they were doing when they mixed sand with cement. Politicians knew exactly what they were approving when they inserted projects into districts they had never visited. Their loob was oriented toward personal gain, sealed against the suffering of kapwa.

A closed loob cannot see truly. It perceives only what serves its interests.

Here is where love enters.

Why is love necessary for seeing clearly? Because attention requires care. We look closely only at what matters to us. Indifference produces glances, not gazes. When we care about nothing beyond ourselves, we see nothing beyond ourselves.

Insight also requires vulnerability. To grasp a situation truly, we must let it affect us. A closed loob, busy protecting itself from being moved, cannot perceive what is real. It mistakes its defenses for clarity.

And insight about human situations requires malasakit. Without care for the people involved, we see only abstractions. The flood control budget is just a number until we allow ourselves to be immersed in the pain of our neighbors’ loss of lives and homes.

Love, then, is not sentiment. Love is the orientation of the loob toward kapwa. When our interior is oriented toward others, we gain the capacity to see what a self-enclosed loob cannot perceive. Using this lens, corruption is not a failure of intelligence. It is a failure of love.

This brings us to tough love — the love our country needs now. Not sentimental nationalism. Not flag-waving and anthem-singing. But the harder work of opening our loob to realities we would rather not see. The poverty we drive past daily. The systems we benefit from without questioning. The small corruptions we tolerate because confronting them costs us something.

Tough love for country means refusing comfortable blindness. It means practicing loob-tanaw even when what we see disturbs us. It means allowing malasakit to crack open our interior so that we perceive not just private interests, but also our place in the larger whole.

This February, perhaps the love we need the most is not romantic. It is the love that moves the loob so that we can finally see. The love that refuses comfortable ignorance. The love that holds the nation accountable because it actually cares what the nation becomes.

Loob-tanaw. Insight begins with love.

 

Dr. Patrick Adriel H. Aure (Patch) is the founding director of the PHINMA-DLSU Center for Business and Society and an associate professor at the Department of Management and Organization, Ramon V. del Rosario College of Business, De La Salle University.

patrick.aure@dlsu.edu.ph

How PSEi member stocks performed — February 2, 2026

Here’s a quick glance at how PSEi stocks fared on Monday, February 2, 2026.

Manufacturing PMI rises to 9-month high in January

PHILIPPINE FACTORY activity in January expanded at its fastest pace in nine months amid an increase in production and new orders, S&P Global said on Monday. Read the full story.

PSEi slips to 6,200 on weak GDP, profit taking

BW FILE PHOTO

By Alexandria Grace C. Magno

PHILIPPINE EQUITIES retreated to the 6,200 level on Monday as investors reacted to weaker-than-expected economic growth and booked profits ahead of key inflation data.

The benchmark Philippine Stock Exchange index (PSEi) dropped 0.5% or 31.89 points to close at 6,297.08. The broader all-share index fell 2.05% or 73.71 points to 3,509.52.

“The local market declined as concerns over the economy’s momentum weighed on investor sentiment following the dismal GDP (gross domestic product) growth in the fourth quarter,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

Market sentiment turned cautious after data showed the economy expanded by just 3% in the fourth quarter of 2025, slowing from 5.3% a year earlier and 3.9% in the previous quarter.

This was the weakest quarterly growth in almost five years, excluding the pandemic period, and the softest since the global financial crisis-era slowdown in 2009.

Full-year economic growth settled at 4.4%, missing the government’s 5.5% to 6.5% target and easing from 5.7% in 2024. The figures also came in below market forecasts, reinforcing concerns about fading economic momentum.

Investors also took profits after gains in the previous session, while positioning cautiously ahead of the release of January inflation data.

A BusinessWorld survey showed economists expect inflation to remain unchanged at 1.8%, keeping it below the Bangko Sentral ng Pilipinas’ 2% to 4% target.

“The PSEi ended lower amid cautious trading as investors awaited the inflation print,” Luis A. Limlingan, head of sales at Regina Capital Development Corp., said via Viber. He added that sentiment was further dampened by reports of sluggish economic growth and a sharp sell-off in precious metals.

Most sectoral indexes ended lower. Mining and oil stocks plunged 13.6%, dragging the market, while financials fell 2.62%.

Property shares declined 1.17%, industrials dropped 0.6% and holding companies slipped 0.12%. The service index was the lone gainer, rising 1.43%.

Among individual stocks, RL Commercial REIT, Inc. outperformed, climbing 4.85% to P7.57. Bank of the Philippine Islands weighed most on the index, sliding 6.61% to P115.80.

Market breadth was negative, with 128 decliners against 79 advancers, while 56 stocks were unchanged. Trading value fell to P9.11 billion from P14.58 billion in the previous session, reflecting lighter participation.

Foreign investors remained net buyers, with net inflows rising to P291.04 million from P41.01 million on Friday.

The weak growth data have heightened expectations that policymakers may need to provide support to the economy. However, investors remain wary, balancing hopes for monetary easing against uncertainty over the pace of recovery and earnings prospects in the months ahead.

Marcos impeachment raps advance in House panel; VP faces fresh ouster bids

PHILSTAR FILE PHOTO

By Kenneth Christiane L. Basilio, Reporter

PROCEEDINGS to remove President Ferdinand R. Marcos, Jr. advanced in the House Justice Committee after lawmakers found the two impeachment complaints against him sufficient in form on Monday, the same day the panel received fresh ouster raps against Vice-President (VP) Sara Duterte-Carpio.

Batangas Rep. Gerville R. Luistro, who chairs the panel, said the committee will determine next whether the complaints against Mr. Marcos have merit and are worthy of a full-blown inquiry.

“When we say sufficiency in form, it merely pertains to the formalities such as verification, notarization and endorsement,” she said in a media briefing after the committee hearing, noting the documents were signed by all complainants, endorsed by congressmen, sworn under oath and based on authentic government records.

“That’s it.”

The panel’s approval of both complaints could raise the political heat on Mr. Marcos, whose administration has struggled to contain the fallout from a widening graft scandal involving substandard or missing flood control projects.

The complaints alleged the President benefited from shady government contracts and allowed corruption to fester through a budget allocation formula for congressional districts, accusing Mr. Marcos of graft, constitutional violations and betrayal of public trust.

Ms. Luistro said the House Justice Committee will assess whether the complaints, separately filed by a private lawyer and activists, justify calls for Mr. Marcos’ removal from office and if the allegations amount to impeachable offenses.

“When we say substance, it should be based on the impeachable official’s wrongdoing, and they must constitute the offense which is a ground for impeachment,” she said. “The recital of facts must constitute an offense.”

The first complaint cites Mr. Marcos allegedly received benefits from the graft scandal, bypassed domestic legal processes by sending former President Rodrigo R. Duterte to The Hague, while also making claims that an independent panel formed to investigate massive corruption shielded his political allies.

A second complaint was filed shortly after the first filing, amid speculations that the initial case was deliberately weak and was intended only to trigger the one-year bar on impeachment proceedings against the same official.

Members of the 39-man House Justice Committee will vote on the impeachment complaints in their entirety, rather than on individual grounds, said Ms. Luistro, meaning a single deficiency could lead to the dismissal of the whole case.

“It depends on the assessment, appreciation and the judgement of the individual member whether they will consider the entirety of the complaint as sufficient in substance,” she said. “When we vote, we treat the complaint as one, not per ground.”

Ms. Luistro said complaints that present a compelling impeachment case against Mr. Marcos would be elevated to full committee hearings to assess their merit, with the President, complainants and their witnesses invited to attend.

Palace Press Officer Clarissa A. Castro said the Palace respects the process but maintained confidence the President did not commit any wrongdoing.

“Even before, the President already said he knows he did nothing wrong, committed no violation of the law and no impeachable offense,” she said in a briefing in Filipino on Monday.

NO ‘EXCUSE TO BE CORRUPT’
Meanwhile, two impeachment complaints were filed against Vice-President Duterte before the same committee, reviving efforts to remove her from office over corruption allegations after a bid last year stalled when the Supreme Court halted its proceedings.

The first complaint, filed by activists affiliated with opposition groups, accused Ms. Duterte of misusing hundreds of millions of pesos in confidential funds, ordering subordinates to falsify reports to conceal alleged misuse, and repeatedly skipping congressional hearings on her office’s budget.

Ms. Duterte is prepared to answer the allegations, her defense spokesman Michael T. Poa said in a statement. She is confident that an impartial review would find the accusations “devoid of both factual and legal basis.”

“The people already know what happened in the past, and we will not give the second-highest official of the land any excuse to be corrupt,” former congresswoman Arlene D. Brosas told a news briefing in Filipino after the complaint was filed at the House of Representatives.

The accusations echo similar claims raised two years ago, when calls for Ms. Duterte’s impeachment intensified after a congressional inquiry that found she might have misused more than P612.5 million in confidential and intelligence funds.

“The Constitution does not permit such cynical disregard for public trust,” according to a copy of the complaint, alleging betrayal of public trust — one of the five constitutional grounds for impeachment, along with bribery, treason, graft and corruption and culpable violation of the Constitution.

It added that the Vice-President had treated public funds as a “personal war chest” while evading legislative oversight.

The complaint was endorsed by Party-list lawmakers Antonio L. Tinio, Sarah Jane Elago, and Renee Louise M. Co.

A second impeachment complaint was later filed by civil society and religious leaders, accusing Ms. Duterte of corruption, unexplained wealth, and betrayal of public trust.

“The impeachment complaint is not that different from the previous one,” complainant Francis Joseph “Kiko” Aquino Dee said, noting that the Supreme Court had not cleared the Vice-President of the earlier allegations.

Ms. Duterte was impeached by the House last year after more than a third of lawmakers backed a fourth complaint, which was transmitted directly to the Senate. She later won a Supreme Court ruling that voided the proceedings, with the High Court saying lawmakers violated constitutional rules by bypassing earlier complaints.

The court barred impeachment moves against the Vice-President until Feb. 6, though its recent ruling allowed new complaints to be filed starting Jan. 15.

Renewed impeachment efforts risk reopening a bitter political feud between the Duterte and Marcos camps, whose alliance in the 2022 elections has since unraveled.

Also on Monday, House Senior Deputy Majority Leader and Iloilo Rep. Lorenz R. Defensor said the chamber will revise its impeachment rules to comply with the High Court ruling that distinguished between a calendar and session day.

Session days normally refer to days when the House floor is in session, while calendar days mark regular passing days at a congressional session.

The Supreme Court ruled that, for impeachment proceedings, session days are to be counted as regular calendar days.

“Our rules will be revised to make it clearer and more definitive in accordance with the provisions and the intent of the Constitution,” Mr. Defensor told reporters.

DIVERGING PUBLIC TRUST
Moves to oust the country’s top official comes as trust in Mr. Marcos waned in the final quarter of 2025, in contrast with his former ally, Ms. Duterte, who posted gains in both trust and performance ratings, according to a nationwide survey by OCTA Research released on Monday.

The Tugon ng Masa poll, conducted from Dec. 16 to 20, showed trust in Mr. Marcos slipped 9 percentage points from the previous quarter to 48%, with 31% saying they distrust the President and 22% undecided.

His performance rating remained above the majority threshold but edged down to 51% from the third quarter of 2025, with 27% dissatisfied and 22% undecided.

By contrast, Ms. Duterte recorded a majority trust rating of 53%, up 2 percentage points quarter on quarter, while her performance approval rose 5 percentage points to 54%.

The Vice-President also posted lower undecided responses than the President, indicating firmer public sentiment, the survey showed. About 26% expressed distrust in her, while 21% were undecided.

Regional data highlighted diverging trends, with Mr. Marcos’ trust and performance ratings falling most sharply in the National Capital Region and Balance Luzon, while Ms. Duterte registered strong gains in the capital and maintained overwhelming trust in Mindanao, her family’s bailiwick.

Among socioeconomic groups, Mr. Marcos saw the steepest drop in support among higher-income respondents, while Ms. Duterte posted double-digit increases in trust within the same segment.

The survey covered 1,200 adult Filipinos nationwide through face-to-face interviews and carries a margin of error of ±3 percentage points.

OCTA Research said the poll was non-commissioned and released as a public service. — with Chloe Mari A. Hufana

Chinese forces hold ‘combat readiness patrol’ near Scarborough Shoal

A LANDSAT 7 image of Scarborough Shoal in the South China Sea. — WIKIPEDIA

CHINESE forces carried out a “combat readiness patrol” around the disputed Scarborough Shoal over the weekend, its Southern Theater Command said in a statement published by Chinese state-run media on Monday, days after the Philippines and US militaries held joint drills there.

The People’s Liberation Army (PLA) deployed a YJ-12 heavy bomber armed with anti-ship missiles and a Type 055 destroyer, along with military jets and other warships, China Military Online reported.

“The theater command has continuously strengthened naval and air patrols in the waters and airspace around the island, resolutely countering provocations and infringements by individual countries in the region,” it said.

Scarborough, known as Panatag in the Philippines and Huangyan Dao in China, is claimed by both nations. Beijing has effectively controlled access to the feature since 2012, barring Filipino fishermen from accessing the resource-rich region.

“After H-6K bombers and fighter jets from the PLA Southern Theater Command flew into the airspace over China’s Huangyan Dao in formation, they conducted a patrol toward the southeastern sector,” the report said.

It added that the Philippines’ designating parts of Scarborough as a “military exercise zone” infringes on China’s sovereignty, as Beijing claims most of the South China Sea based on a “nine-dash line” map. A United Nations-backed arbitral tribunal ruled in 2016 that China’s claim is illegal, a decision China has rejected.

“By organizing military aircraft to pass through the area designated by the Philippines, the PLA Southern Theater Command demonstrated China’s effective jurisdiction over the territorial waters and airspace of Huangyan Dao,” the report said.

The patrol followed the Philippines and the US’ joint naval exercises at Scarborough last week, the first such exercise between the close allies this year as both seek to deepen their ties amid increasing Chinese assertiveness in the strategic waterway, where trillions of dollars worth of trade passes through annually.

In recent years, Chinese vessels have increasingly confronted Philippine ships near disputed features prompting Manila to seek joint patrols and exercises with allies.

CHINA’S ‘DISINFORMATION’ CAMPAIGN
Meanwhile, a Philippine senator on Monday called for a deeper probe into alleged Chinese disinformation operations in the Philippines, warning that coordinated influence campaigns by Beijing threaten national security.

“This is a national security issue. That is why there must be further investigation into this coordinated effort to influence and interfere in our domestic affairs,” Senator Risa Hontiveros-Baraquel told a forum by the Foreign Correspondents Association of the Philippines on Monday.

The Chinese Embassy in Manila did not immediately reply to a Viber message seeking comment.

She added that government inquiry must determine the scope of Beijing’s disinformation operation in the country.

“We need to know whether, beyond conventional public relations, this project crossed the line into manufacturing and manipulating Filipino public opinion using the Chinese government’s lies,” Ms. Hontiveros said.

She added that there is also a need to identify and hold accountable individuals spreading Chinese propaganda on social media.

“It is time to expose the individuals behind this coordinated disinformation machinery. It is time to identify who, exactly, is amplifying and circulating the Chinese government’s fabrications,” the senator said. “And it is time to hold accountable those who betray our country.”

She cited findings from a Senate hearing where a Makati-based public relations (PR) firm was found to be colluding with the Chinese Embassy in Manila to undertake PR work.

“We need to know whether, beyond conventional public relations, this project crossed the line into manufacturing and manipulating Filipino public opinion using the Chinese government’s lies,” she added.

Authorities have claimed that the Chinese government has been conducting a massive disinformation campaign in the Philippines using social media and public relations efforts to undermine Manila’s stance on the South China Sea dispute.

“We see posts that downplay, dismiss, or outright deny the harassment and intimidation experienced by our own Navy, Coast Guard, and fisherfolk. We see a growing number of social media pages relentlessly amplifying Chinese government propaganda,” Ms. Hontiveros added.

The Chinese Embassy in Manila has also been in a heated verbal exchange with Philippine politicians and security officials who have taken a more vocal stance in asserting the country’s maritime claims.

This had prompted calls from several lawmakers to declare the Chinese Ambassador to the Philippines as persona non grata.

Palace Press Officer Clarissa A. Castro said that Congress can pursue its agenda as it sees fit, noting the President and the Foreign Affairs department opt to settle issues through dialogue.

“They can pursue them if that is what they see fits. But as for the President, we know his policy and the Department of Foreign Affairs is through dialogue and diplomacy for these kinds of issues with China,” she told a news briefing, in Filipino. — Kenneth Christiane L. Basilio and Adrian H. Halili

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