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Built to last 50 years: The Filipino pipes and fittings manufacturer setting new standards

MIE Oro Plast Corporation, a proudly Filipino-owned manufacturer, continues to raise the bar in the local piping industry with its patented NLC™ Plastic Compression Fittings, a product line engineered for long-term reliability, ease of use, and consistent performance in demanding environments.

Designed and manufactured exclusively by MIE, NLC™ (Non-Loose Component) Plastic Compression Fittings are built to deliver secure, leak-proof connections without the need for tools or complicated installation. Each fitting is made from premium Polypropylene (PP), allowing it to withstand high water pressure, resist chemical corrosion, and maintain durability even when installed underground or exposed to direct sunlight and UV radiation.

What sets NLC™ fittings apart is their non-loose component design, which minimizes installation errors and ensures dependable water flow over time. With universal shapes and standard nominal sizes, these fittings are highly adaptable for residential, commercial, and institutional applications. Whether for new installations or quick repair and repiping needs, NLC™ fittings offer a practical solution that saves time, labor, and effort on-site.

MIE Oro Plast Corporation is also the sole local manufacturer of plastic compression-type fittings in the Philippines, making NLC™ fittings a uniquely Filipino innovation. Engineered to last up to 50 years, they provide long-term value while being approximately 40% more cost-efficient than brass fittings, which are prone to corrosion in the country’s humid climate.

Although pipes and fittings often remain unseen, their role is essential in everyday life. From commercial buildings and hospitals to hotels and large-scale developments, MIE’s products quietly ensure safe and reliable water distribution across critical infrastructures nationwide.

Located in Metro Manila with a branch in Cagayan de Oro serving Visayas and Mindanao, MIE Oro Plast Corporation efficiently supports the country’s growing construction and utilities sector.

With its patented NLC™ Plastic Compression Fittings and commitment to quality manufacturing, MIE Oro Plast Corporation continues to set new standards in pipes and fittings, proving that Filipino-made engineering solutions are truly Built to Last.

For orders and inquiries, visit the MIE Oro Plast Corporation website or connect through their Facebook and Instagram pages.

 


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Fair weather, no storms expected during Christmas, says PAGASA

Parishioners gather at the start of Simbang Gabi at the Minor Basilica and Diocesan Shrine Parish of St. Paul of the Cross in Marikina City on Dec. 16. — PHILIPPINE STAR/WALTER BOLLOZOS

Generally fair weather is expected in most parts of the country during Christmas Eve and Christmas Day according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) on Monday.

PAGASA Weather Specialist Daniel James E. Villamil said weather conditions are expected to improve over the Visayas starting Tuesday, as rains induced by easterlies are likely to decrease.

He added that during the same period, the effects of other prevailing weather systems, such as the northeast monsoon and the shear line, are also expected to weaken.

Then from Wednesday to Thursday, rain showers are expected to further decrease, with only occasional afternoon or evening rains.

“Generally sa araw po ng Pasko at bisperas ng Pasko ay generally fair weather ang ating mararanasan sa malaking bahagi ng bansa [Generally, on Christmas Day and Christmas Eve, fair weather will be experienced in a large part of the country],” Mr. Villamil said during PAGASA’s early morning weather outlook.

He added that no tropical cyclones are expected during the upcoming Christmas celebration, as no low-pressure area is threatening the country within the forecast period.

However, some parts of the country, particularly eastern sections of Luzon, may still experience rains due to the combined effects of the shear line and easterlies.

Shear line to affect Luzon

Before the Christmas festivities, large parts of Luzon and other areas are likely to be affected by the combined effects of the shear line, northeast monsoon, and easterlies from Monday to Tuesday, PAGASA said.

In a 24-hour forecast released at 4:00 a.m., PAGASA said cloudy skies with scattered rains and isolated thunderstorms due to the shear line are expected to affect areas of Isabela, Quirino, Nueva Vizcaya, Kalinga, Mountain Province, and Ifugao.

The shear line is also expected to affect Aurora, Nueva Ecija, Bulacan, and Quezon Province.

It will also be in effect over Metro Manila and the rest of Central Luzon, causing partly cloudy to cloudy skies with rain showers or thunderstorms.

Meanwhile, easterlies are likely to affect the Visayas, MIMAROPA, Bicol Region, Dinagat Islands, and Surigao del Norte, bringing cloudy skies with rains.

The Ilocos Region may be affected by the northeast monsoon, while other parts of the country will continue to experience the effects of easterlies.

PAGASA cautioned residents in affected areas, except for the Ilocos Region, that flash floods and landslides may occur, especially during heavy rains. — Edg Adrian A. Eva

Australian state parliament reconvenes to push through stricter gun laws after Bondi mass shooting

People gather at the floral tribute at Bondi Beach to honor the victims of a mass shooting targeting a Hanukkah celebration on Sunday at Bondi Beach in Sydney, Australia. — REUTERS

SYDNEY — Australia’s New South Wales state parliament was recalled on Monday to vote on proposed new laws that would impose major curbs on firearm ownership, ban the display of terror symbols and restrict protests, following a mass shooting at Bondi Beach.

The state parliament was recalled for two days to debate legislation which would cap the number of firearms a person can own at four, or up to 10 for certain groups, such as farmers.

Although Australia has some of the toughest gun control laws in the world after a 1996 mass shooting that killed 35 people, the Bondi shooting has highlighted what authorities say are gaps.

In New South Wales, the most populous state, there is currently no limit to firearm ownership if the reason can be justified to police, and there are more than 70 people in the state who own more than 100 guns, a police firearms registry shows. One license holder has 298 guns.

One of the alleged Bondi gunmen, Sajid Akram, 50, was shot dead by police and owned six firearms. His 24-year-old son Naveed Akram has been charged with 59 offenses, including murder and terrorism, according to police.

Fifteen people were killed and dozens injured in the mass shooting at a Jewish Hanukkah celebration at Sydney’s Bondi Beach on December 14. The attack has shocked the nation and sparked calls for tougher gun laws and heightened efforts to stop antisemitism.

The proposed legislation would also give police more powers to remove face coverings during protests or rallies. The state government has vowed to ban the chant “globalize the intifada” which it says encourages violence in the community.

New South Wales Premier Chris Minns told reporters outside parliament that he expected opposition to the legislation, which include restrictions on public assemblies in the aftermath of a terrorism event, but they are needed to keep the community safe.

“We have got a responsibility to knit together our community that comes from different races and religions and places from all over the world. We can do it in a peaceful way,” he said.

New South Wales has said it will hold a royal commission into the attack, the most powerful type of Australian government inquiry. Jewish leaders have called for a national inquiry.

The opposition Liberal Party leader Sussan Ley backed those calls on Monday, and told a news conference that she has called on Prime Minister Anthony Albanese to meet with her to review the terms of reference for a royal commission.

ALBANESE APPROVAL DIPS

Mr. Albanese has faced mounting criticism from opponents who argue his government has not done enough to curb a rise in antisemitism. He was booed by sections of the crowd during a memorial event in Bondi attended by tens of thousands of people on Sunday, one week after the shooting.

Mr. Albanese’s government has said it has consistently denounced antisemitism and highlighted legislation passed over the last two years to criminalize hate speech and doxxing. It also expelled Iran’s ambassador earlier this year after accusing Tehran of directing antisemitic attacks in Sydney and Melbourne.

“You’ve seen us crack down on hate speech. You’ve seen us criminalize doxxing. You’ve seen us be very clear about counterterrorism laws banning Nazi salutes and so forth,” Foreign Minister Penny Wong told ABC Radio on Monday.

A poll conducted for the Sydney Morning Herald newspaper among 1,010 voters released on Monday found Mr. Albanese’s approval rating slumped 15 points to -9 from +6 at the beginning of December, the lowest since his resounding election win in May.

Authorities on Monday started clearing flowers, candles, letters, and other items placed by the public at Bondi Beach.

The tributes would be preserved for display at the Sydney Jewish Museum and the Australian Jewish Historical Society, authorities said.

Thirteen people remain in hospital, including four in critical but stable condition, health officials said. — Reuters

ArenaPlus Sportsbook expands player rewards in first-ever VIP Nights

ArenaPlus welcomed top-tier players to Champions VIP Circle Night on Dec. 12 at the Chairman’s Lounge in Okada Manila in Entertainment City.

ArenaPlus — the flagship sportsbook platform of DigiPlus Interactive Corp., the country’s pioneer and leader in digital entertainment — gathered its most loyal players last week for its first-ever back-to-back appreciation events in Pasay City, reinforcing the brand’s commitment to creating a safe, rewarding, and player-first gaming experience.

The revelries kicked off with the Champions VIP Circle Night on Dec. 12 at the Chairman’s Lounge in Okada Manila in Entertainment City, where top-tier players were welcomed to a curated evening of premium hospitality and direct engagement with the ArenaPlus leadership team.

The following night, Dec. 13, the Champions Prime Circle Night at the neighboring Solaire’s Baccarat Room brought together a community of high-engagement ArenaPlus users whose habits and insights continue to shape the platform’s ongoing features and rewards development.

Erick Su (right), CEO of ArenaPlus, toasting the gathered elite players for Champions VIP Circle Night

“We are the biggest sportsbook in the Philippines and we try to dedicate ourselves to bringing you the best experience,” said ArenaPlus Head Erick Su. “Im really proud that you’ve joined us and we will dedicate ourselves to provide you more this (coming) year.”

“We will have a fresh new loyalty system in the next year, and we will give you more privilege — to have access to exclusive events… all the sports tickets,” Su went on.

These gatherings highlighted ArenaPlus’ latest enhancements, with upgrades designed to reward loyalty, deepen engagement  and offer a personalized entertainment journey.

Alongside upgrades, ArenaPlus also announced strengthened responsible gaming measures. New tools now include customizable deposit limits, play-time reminders, self-exclusion features, and access to 24/7 customer support. These enhancements reflect the brand’s position that responsible gaming is integral to its identity and its long-term relationship with players.

Nina left spirits high as she came out to sing for the attendees of Champions VIP Circle Night.

Asia’s Diamond Soul Siren Nina performed her own hits and soulful covers before the Okada crowd, while popstar Joey G kept the energy high for the Solaire guests with his dynamic renditions of well-loved chart-toppers. Both nights featured a sumptuous spread, free-flowing drinks, and a lively game-floor atmosphere that also saw two major raffle winners walking away with trips to the United States and Japan.

Joey G serenaded the players in attendance for Champions Prime Circle Night.

“All this really shows that ArenaPlus really cares about their players,” said the VIP Circle winner from Manila, who will also get the chance to meet ArenaPlus ambassador and former NBA Most Valuable Player Derrick Rose.

“I also have to think carefully about what shoe I’ll have D-Rose sign on,” the 35-year-old, who has been playing on the platform for two years, added with a chuckle.

ArenaPlus Marketing Manager Hannah Bagui capped off the twin thanksgiving nights on Saturday with more prizes ranging from luxury fashion vouchers to substantial ArenaPlus gaming credits.

ArenaPlus Marketing Manager Hannah Bagui capped off the twin thanksgiving nights on Saturday with more prizes ranging from luxury fashion vouchers to substantial ArenaPlus gaming credits.

“Tonight is our way of saying thank you. You set the standard for ArenaPlus — your expectations keep us sharp, and your loyalty drives us to deliver faster, better, and with greater intention,” Ms. Bagui told the guests.

As the brand moves into 2026, ArenaPlus is gearing up to roll out even more initiatives tailored to the needs and preferences of its diverse user base, ensuring a kind of gaming that is secure, engaged, and most importantly, responsible.

“We will expand in the coming new year where you’d continue your engagement and stay with us. And in return, we will give you more and bring you more value. So, everybody, Merry Christmas and Happy New Year!” said Mr. Su.

 


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Japan prepares to restart world’s biggest nuclear plant, 15 years after Fukushima

FUKUSHIMA Daiichi Nuclear Power Station in Fukushima, Japan. — TOKYO ELECTRIC POWER CO., TEPCO/EN.WIKIPEDIA.ORG

NIIGATA — The Japanese region of Niigata is expected to endorse a decision to restart the world’s largest nuclear power plant on Monday, a watershed moment in the country’s pivot back to nuclear since the 2011 Fukushima disaster.

Kashiwazaki-Kariwa, located about 220 kilometers (136 miles) northwest of Tokyo, was among 54 reactors shut after a massive earthquake and tsunami crippled the Fukushima Daiichi plant in the worst nuclear disaster since Chernobyl.

Since then, Japan has restarted 14 of the 33 that remain operable, as it tries to wean itself off imported fossil fuels. Kashiwazaki-Kariwa will be the first operated by Tokyo Electric Power Co (TEPCO), which ran the doomed Fukushima plant.

“We remain firmly committed to never repeating such an accident and ensuring Niigata residents never experience anything similar,” said TEPCO spokesperson Masakatsu Takata.

If approved, TEPCO is considering reactivating the first of seven reactors at the plant on January 20, public broadcaster NHK reported. Mr. Takata declined to comment on timing.

RELUCTANT RESIDENTS WARY OF RESTART

TEPCO earlier this year pledged to inject 100 billion yen ($641 million) into the prefecture over the next 10 years as it sought to win the support of Niigata residents.

But many locals remain wary.

A survey published by the prefecture in October found 60% of residents did not think conditions for the restart had been met. Nearly 70% were worried about TEPCO operating the plant.

Ayako Oga, 52, settled in Niigata after fleeing the area around the Fukushima plant in 2011 with 160,000 other evacuees. Her old home was inside the 20 km irradiated exclusion zone.

The farmer and anti-nuclear activist has now joined protests against what she sees as a new threat on her doorstep.

“We know firsthand the risk of a nuclear accident and cannot dismiss it,” said Ms. Oga, adding that she still struggles with post-traumatic stress-like symptoms from what happened at Fukushima.

Even Niigata Governor Hideyo Hanazumi, who backed the restart last month, hopes that Japan will eventually be able to reduce its reliance on nuclear power. “I want to see an era where we don’t have to rely on energy sources that cause anxiety,” he said.

STRENGTHENING ENERGY SECURITY

On Monday, the prefecture’s assembly will cast a vote of confidence on Mr. Hanazumi, a de facto ballot on his support for the restart.

The vote is seen as the final hurdle before TEPCO restarts the first reactor, which alone could boost electricity supply to the Tokyo area by 2%, Japan’s trade ministry has estimated.

Prime Minister Sanae Takaichi, who took office two months ago, has backed nuclear restarts to strengthen energy security and to counter the cost of imported fossil fuels, which account for 60% to 70% of Japan’s electricity generation.

Japan spent 10.7 trillion yen ($68 billion) last year on imported liquefied natural gas and coal, a tenth of its total import costs.

Despite its shrinking population, Japan expects energy demand to rise over the coming decade due to a boom in power-hungry AI data centers.

To meet those needs, and its decarbonization commitments, it has set a target of doubling the share of nuclear power in its electricity mix to 20% by 2040.

Joshua Ngu, vice chairman for Asia Pacific at consultancy Wood Mackenzie, said public acceptance of the restart of Kashiwazaki-Kariwa, would represent “a critical milestone” towards reaching those goals.

In July, Kansai Electric Power, Japan’s top nuclear power operator, said it would begin conducting surveys for a reactor in western Japan, the first new unit since the Fukushima disaster.

But for Ms. Oga, who will join protests outside the Niigata assembly as lawmakers cast their vote on Monday, the nuclear revival is a terrifying reminder of the potential risks.

“Every news update about the restart — it’s like reliving the fear,” she said. — Reuters

ASEAN to seek resolution to Thailand-Cambodia conflict with Malaysia meeting

REUTERS

KUALA LUMPUR — Southeast Asian foreign ministers meet in Malaysia on Monday, seeking to end border clashes between Thailand and Cambodia that have killed at least 40 people and displaced more than half a million this month.

The ministers of the Association of Southeast Asian Nations will seek to revive a short-lived ceasefire brokered by Malaysia, this year’s ASEAN chair, and US President Donald Trump.

ASEAN members Thailand and Cambodia are scheduled to attend the gathering in Kuala Lumpur, the first face-to-face meeting between the governments since the fighting resumed on December 8.

Bangkok and Phnom Penh each accuse the other of moves that led to the breakdown of the July ceasefire and a wider October peace deal. Heavy exchanges of fire have occurred in many of the long-disputed areas along their 817-kilometer (508-mile) land border, from forested inland areas near Laos to coastal provinces.

MALAYSIA PM ‘CAUTIOUSLY OPTIMISTIC’

In addition to the regional push for peace, the US and China have pursued separate diplomatic efforts to end the conflict, with no signs of success so far.

The ASEAN meeting, chaired by Malaysian Foreign Minister Mohamad Hasan, will consider steps ASEAN could take to help de-escalate the situation and end the fighting, Malaysia’s Foreign Ministry said in a statement on Sunday.

Malaysian Prime Minister Anwar Ibrahim expressed hope that the meeting would enable Thailand and Cambodia to negotiate openly, resolve differences and achieve a fair and lasting solution.

“I emphasized the importance for Cambodia and Thailand to uphold the spirit of dialogue, wisdom and mutual respect in order to end the tensions and maintain peace and stability in this region,” Mr. Ibrahim said on X on Sunday, adding that he had spoken with both prime ministers.

He told reporters last week he was “cautiously optimistic” about the outcome of the meeting, adding that Thai caretaker Prime Minister Anutin Charnvirakul and Cambodian premier Hun Manet were both “keen to achieve an amicable resolution as soon as possible”.

An ASEAN team will present findings to the foreign ministers from its field observations and data captured by satellite-monitoring technology provided by the US, Mr. Ibrahim posted on social media.

Thailand has carried out airstrikes on Cambodian military positions and halted fuel shipments through a Laotian border checkpoint due to fears they were being diverted to Cambodia.

The Thai army said Cambodia had been using drones to drop bombs on Thai bases and firing rockets at civilian areas. — Reuters

Malaysia’s ex-PM Najib Razak to face two key court rulings in 1MDB saga

Najib Razak — WORLD ECONOMIC FORUM/WIKIPEDIA

KUALA LUMPUR — Malaysia’s former prime minister Najib Razak, jailed for corruption in the multibillion-dollar 1MDB scandal, will learn on Monday if he can serve the remainder of his sentence at home in the first of two rulings this week that will test current premier Anwar Ibrahim’s campaign against graft.

Mr. Razak, who has been in prison since 2022, had his 12-year jail sentence halved last year by a pardons board chaired by the country’s former king.

But he insists the monarch also issued an “addendum order” that converts his sentence to house arrest, and he has been seeking to compel the government to confirm the document’s existence and enforce its contents.

Government officials for months denied knowledge of its existence, though the former king’s office and a federal lawyer this year confirmed the royal document had been issued.

The Kuala Lumpur High Court will rule on the bid on Monday, four days before delivering its verdict in the biggest trial facing Mr. Razak over the scandal at 1Malaysia Development Berhad, a state fund he co-founded in 2009.

Any decision in favor of Mr. Razak could prove unpopular with the public, especially supporters of Mr. Ibrahim, who came to power in 2022 on an anti-corruption platform, analysts said.

“It’s a test of the prosecution, it’s a test of the judiciary, it’s a test of political will,” said Bridget Welsh of the University of Nottingham Asia.

Mr. Ibrahim has faced repeated questions about his commitment to reform as prosecutors dropped several charges against Mr. Razak. This month, prosecutors also abandoned an appeal against the acquittal of Mr. Razak’s wife Rosmah Mansor in a separate graft case.

Mr. Ibrahim has said he does not interfere in court cases, though the country’s attorney generals are appointed by the prime minister and their independence has often been questioned.

RAZAK FACES ADDITIONAL JAIL TIME

Malaysian and US investigators say at least $4.5 billion was stolen from 1MDB between 2009 and 2014, and that more than $1 billion made its way into bank accounts linked to Mr. Razak.

He was found guilty of graft and money laundering in 2020 after receiving funds from a 1MDB unit. Two years later, he became the first Malaysian prime minister to go to prison after losing all his appeals.

Voted out in 2018, Mr. Razak last year apologized for mishandling the scandal during his time in office, but he has consistently denied wrongdoing, saying he was misled about the source of the funds by fugitive financier Jho Low and other 1MDB officials.

On December 26, the court will also decide whether to convict Mr. Razak of four additional charges of corruption and 21 counts of money laundering involving the illegal transfer of about 2.2 billion ringgit ($538.69 million) from 1MDB.

If found guilty, he could face a maximum of 20 years’ imprisonment on each charge, as well as a fine of up to five times the value of the alleged misappropriations.

Mr. Razak’s lawyer, Muhammad Shafee Abdullah, said last week that the house arrest decision would not have any bearing on the 1MDB trial, though he hoped both would go his client’s way.

“We hope Monday is a good decision for us, and we hope that (December) the 26th likewise will be a good decision for us,” he told reporters. — Reuters

BoP deficit sharply narrows in Nov.

REUTERS

By Katherine K. Chan

THE Philippines’ balance of payments (BoP) deficit sharply narrowed in November amid higher remittance inflows during the holidays, the Bangko Sentral ng Pilipinas (BSP) reported late Friday.

Preliminary central bank data showed the BoP deficit stood at $225 million in November, sharply narrowing from the $2.276-billion gap seen in the same month last year.

“The Philippines’ balance of payments registered a modest deficit of $225 million in November 2025,” the central bank said in a statement.

Month on month, the BoP position swung to a deficit from the $706-million surplus posted in October.

November marked the first time in four months that the country’s BoP position fell to a deficit or since the $167-million gap in July.

BoP refers to the country’s economic transactions with other nations. A surplus indicates more funds entered the country, while a deficit shows that the country spent more than it received.

John Paolo R. Rivera, senior research fellow at the Philippine Institute for Development Studies, attributed the BoP deficit in November to increased import demand amid the holiday season, as well as debt repayments and portfolio outflows.

“While this snapped a short surplus streak, it does not signal a structural shift as remittances and services exports remain supportive,” he said via Viber.

In the January-to-November period, the country’s BoP position swung to a $4.834-billion deficit, from the $2.117-billion surfeit a year ago.

Robert Dan J. Roces, an economist at SM Investments Corp., said the country’s BoP cumulative deficit widened as “imports and financial outflows arrived earlier and faster than exports and inflows.” 

This, he noted, does not indicate a weakening of the country’s external buffers.   

“While November’s sharp narrowing was helped by seasonal remittance inflows, portfolio adjustments, and some easing in import payments, the year-to-date gap was driven by earlier front-loaded imports of capital goods and energy, a weaker trade balance amid softer global demand, and episodic portfolio outflows during periods of higher US yields and FX (foreign exchange) volatility,” Mr. Roces added in a Viber message.

In the months ahead, Mr. Rivera said reduced seasonal imports and better global financial conditions may help stabilize the country’s BoP.

“BoP may stay volatile in the near term, but should stabilize as seasonal imports ease and if global financial conditions remain favorable; sustained improvement will depend on stronger investment inflows and steady export performance,” he said.

The central bank expects the overall BoP position to end at a $6.9-billion deficit or -1.4% of the country’s gross domestic product by yearend.

MORE DOLLAR RESERVES
Meanwhile, the country’s gross international reserves (GIR) rose to $111.3 billion in the 11-month period from $110.2 billion the previous month.

As of end-November, the level of dollar reserves translated to 7.4 months’ worth of imports of goods and payments of services and primary income, exceeding the three-month standard.

“Specifically, the latest GIR level ensures availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service, in extreme conditions when there are no export earnings or foreign loans,” the BSP said. 

It also covers around 4.0 times the country’s short-term external debt based on residual maturity.

GIR comprises foreign-denominated securities, foreign exchange, and other assets such as gold. It enables a country to finance imports and foreign debts, maintain the stability of its currency, and safeguard itself against global economic disruptions.

The central bank expects GIR to settle at $105 billion this year.

Corruption issues may dampen gov’t spending until first half of 2026

WORKERS lay the asphalt along P. Burgos Street in Manila, Nov. 22. — PHILIPPINE STAR/NOEL PABALATE

GOVERNMENT spending will likely remain slow until the first half of 2026 as governance issues linger, dragging economic growth below target until 2027, ANZ Research said.

“Public infrastructure spending is unlikely to rebound until governance issues are resolved, probably in the second half of 2026,” ANZ Research economist Arindam Chakraborty said in the think tank’s Asia Economic Outlook for the first quarter of 2026.

The country’s gross domestic product (GDP) growth slumped to 4% in the third quarter after a wide-scale corruption in public infrastructure projects dampened government spending and household consumption.

This was the slowest growth seen in over four years or since the 3.8% contraction in the first quarter of 2021, during the height of the coronavirus disease 2019 (COVID-19) pandemic.

As of September, GDP growth averaged 5%, below the government’s 5.5-6.5% target.    

“The primary drag came from a contractionary fiscal stance arising from governance failures in public infrastructure projects,” Mr. Chakraborty said. “This change in fiscal stance has not only disrupted capital formation but also weighed heavily on sentiment, with businesses reluctant to commit new funds and households deferring discretionary spending.”

Government spending fell for a third straight month in October to P430.6 billion, down 7.76% from the P466.8-billion expenditure recorded a year ago.

Meanwhile, household consumption slowed down in the third quarter, growing by 4.1% from 5.3% in the previous quarter and 5.2% a year earlier, as the corruption scandal weighed on consumer sentiment.

ANZ sees the Philippine economy expanding by 4.8% this year, before gradually picking up to 5% in 2026 and 5.6% in 2027.

If all three projections hold true, the Philippines will miss its growth targets until 2027 or for five years in a row.

The government targets 6-7% GDP growth from 2026 until 2028.

Despite this, ANZ expects the Bangko Sentral ng Pilipinas (BSP) to end its current easing cycle with one final 25-basis-point (bp) cut in the first quarter of next year.

“We maintain our forecast for one additional 25-bp cut in Q1 2026, as economic momentum is expected to remain weak at least until the second half of next year,” Mr. Chakraborty said.

The Monetary Board capped off the year with a fifth straight 25-bp reduction at its December policy meeting, bringing the benchmark interest rate to an over three-year low of 4.5%. It has so far lowered key borrowing costs by a cumulative 200 bps since August 2024.

BSP Governor Eli M. Remolona, Jr. has said that they could deliver another 25-bp cut next year that would likely end the current easing cycle, depending on economic data.

The Monetary Board will hold its first meeting of 2026 in February.

Meanwhile, Mr. Chakraborty said increased remittance inflows amid the holidays failed to significantly prop up the peso, noting that the local unit may face more pressures as the remittance season nears its end.

The peso recently hit a fresh low of P59.22 against the greenback on Dec. 9, surpassing the previous record of P59.17 logged on Nov. 12.

The ANZ economist added that they expect the peso to further weaken to the P60-a-dollar level by end-March next year amid persisting domestic pressures.

“We expect the currency to depreciate to 60 against the USD (US dollar) by the end of Q1 2026 before staging a gradual recovery through the remainder of the year,” he said. “Prolonged economic weakness and a deeper-than-expected BSP rate-cut cycle represent key downside risks to PHP’s (Philippine peso’s) trajectory.” — Katherine K. Chan

Approved building permits fall 22.6% in Oct.

A BUILDING is under construction in Quezon City. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Heather Caitlin P. Mañago

APPROVED building permits declined by 22.6% year on year in October, signaling a slowdown in construction activity amid economic headwinds, the Philippine Statistics Authority (PSA) said in a report.

Preliminary data showed building projects covered by the permits fell to 12,705 in October from 16,405 a year earlier.

This was a reversal from the 23.2% expansion in October 2024 and was steeper than the revised 18.5% contraction in September 2025.

In October, construction projects covered 3.48 million square meters (sq.m.) of floor area, down 20.2% year on year from 4.36 million sq.m.

These building projects that received approval were valued at P43.63 billion, 13.5% lower than a year earlier when it reached P54.45 billion.

“The sharp drop in building permits reflects high borrowing costs and tighter liquidity, which forced developers to delay projects amid corruption-related uncertainty and softer consumer demand,” Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said in a Viber message.

Marco Antonio C. Agonia, economist at the University of Asia and the Pacific, attributed the decline to the pessimistic economic outlook after weaker-than-expected third-quarter gross domestic product (GDP) growth.

GDP expanded by an annual 4% in the three months through September, the slowest growth logged since the 3.8% contraction in the first quarter of 2021.

Mr. Ravelas warned that the slowdown in construction, a key driver of economic activity, signals a weaker project pipeline and fewer job opportunities.

The number of jobless Filipinos rose by about 570,000 to 2.54 million in October from a year earlier, even as overall employment increased by 460,000, the PSA reported.

This brought the jobless rate to 5% from 3.8% in the previous month and 3.9% a year ago. It was also the highest in three months or since the post-pandemic high of 5.3% in July.

The unemployment rate averaged 4.13% in the first 10 months from 4% in the same period a year ago.

PSA data also showed residential projects, which made up 62.2% of all permits, fell sharply by 27.4% to 7,900 in October.

These projects were valued at P15.20 billion, down from P25.10 billion a year earlier.

Single homes, which accounted for almost 87% of the residential category, fell by 17.3% year on year to 6,847.

Applications for apartment buildings also tumbled by 54.8% to 909 while applications for duplex or quadruplex homes plummeted by 78.4% to 126.

On the other hand, nonresidential projects contracted by 6.6% year on year to 3,097 permits from 3,316 in October 2024. This accounted for 24.4% of the total.

Permits for nonresidential projects were valued at P22.84 billion, slipping by 23.2% from a year earlier.

Meanwhile, approved commercial construction applications contracted by 10.9% to 2,032. These made up 65.6% of all nonresidential projects.

Industrial permits fell by 3.1% to 253, while institutional projects were flat at 614 approvals.

There were 127 permits for agricultural projects that were approved, up by 86.8%, while 17 permits for other nonresidential works fell by 22.8%.

Approved permits for additions, or construction that increases the height or area of an existing building, also plunged by 54.1% to 196.

On the other hand, approved alteration and repair permits totaled 1,103 in October 2025, 14.6% lower from a year earlier, and were valued at P4.27 billion.

Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) had the most approved construction projects during the period, accounting for almost 20% of the total with 2,514 permits.

This was followed by Central Luzon (13.4% share with 1,699 permits), and Ilocos Region (9.2% share with 1,172 permits).

Mr. Ravelas attribute the resilience of these regions “to strong housing demand, proximity to Metro Manila, and industrial growth.”

Meanwhile, Mr. Agonia said that “developers are likely spreading out of Metro Manila into neighboring, higher-growth potential regions.”

In the second quarter, the Bangko Sentral ng Pilipinas’ (BSP) Residential Property Price Index (RPPI) showed housing prices nationwide went up by 7.5%.

Home prices in the National Capital Region (NCR) went up by 2.4% in the second quarter, slowing from 13.9% in the previous quarter and 9.3% last year.

The BSP will release the RPPI for the third quarter on Dec. 26.

Analysts expect a lukewarm performance in the construction industry for the rest of the year.

“Full-year permits will likely finish below 2024 levels as high interest rates and cost pressures as well as corruption related issues continue to weigh on sentiment,” said Mr. Ravelas.

Mr. Agonia said that “the construction industry will likely see lukewarm performance through the rest of the year, given major local headwinds weighing on appetite.”

He added that after the third-quarter growth slowdown, government spending may fall short, and private firms continue to tread carefully.

The PSA said construction statistics are compiled from the copies of original application forms of approved building permits as well as from demolition and fencing permits collected monthly by the agency’s field personnel from the offices of local building officials nationwide.

Employers group hopes for investor recovery in 2026

JOBSEEKERS attend a job fair at a mall in Antipolo, Rizal — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Employers Confederation of the Philippines (ECoP) expects economic growth to fall below 5% this year amid weak investor confidence, but noted that prospects could improve in 2026 if the government succeeds in restoring trust and pushing through reforms.

In a statement on Friday, ECoP President Sergio R. Ortiz-Luis, Jr. was quoted as saying that this year is shaping up to be “disappointing” for the economy, as investors have become more cautious following corruption and flood control controversies.

In the third quarter, gross domestic product grew by 4%, the slowest in over four years, bringing the nine-month average to 5%. This was below the government’s revised full-year growth target of 5.5% to 6.5%.

Mr. Ortiz-Luis, who is also the president of the Philippine Exporters Confederation, Inc., said subdued investor sentiment is reflected in the sharp decline in investment-related visits to the Philippines, which he said will further put the country behind its regional peers.

Looking ahead, Mr. Ortiz-Luis said the Marcos administration needs to intensify efforts to rebuild investor confidence to support job creation, particularly as an estimated 800,000 to one million new graduates are expected to enter the labor force next year.

“Winning back capitalists can be done mainly by focusing on important matters, such as the national budget, and refusing to get sidetracked by or to react to irrelevant issues that detract from the main challenges that need swift resolution in order to stabilize the economy in 2026,” ECoP said in the statement, quoting Mr. Ortiz-Luiz.

The unemployment rate rose to 3.8% in September from a year earlier, equivalent to 1.96 million jobless Filipinos, reflecting the impact of recent natural disasters.

Mr. Ortiz-Luis also called on the government to grant greater authority to the Independent Commission for Infrastructure so it can fully investigate alleged corruption, irregularities, and misuse of funds in flood control and other major infrastructure projects.

The commission was created through Executive Order No. 94 amid a scandal involving lawmakers and public works officials accused of siphoning billions from flood control projects.

Mr. Ortiz-Luis said the business sector is awaiting the identification and arrest of those behind the alleged irregularities as proof of the government’s commitment to addressing corruption. — Vonn Andrei E. Villamiel