Facebook Instagram Linkedin X Youtube
Home Blog Page 14

Group urges disclosure of PH-US drills spending

US MARINES haul the Navy-Marine Expeditionary Ship Interdiction System (NMESIS) off a C-130 aircraft for the Maritime Key Security Operations-North on April 26, as part of the Balikatan exercises.

An ALLIANCE of fisherfolk on Wednesday called on the government to disclose the expenditures of the 2026 Philippines and US drills, denouncing the military exercise amid the oil crisis.

In a press statement, the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (PAMALAKAYA) condemned the Balikatan (shoulder-to-shoulder) exercises, which will deploy 17,000 troops from various countries.

The group argued that the budget for the drills could have been redirected to subsidize fuel for the agriculture sector to boost food production.

“The grand and expensive Balikatan exercises between Filipino and American troops is an insult amid the rising oil prices,” PAMALAKAYA Chairman Fernando L. Hicap said in Filipino. “They say the government has no funds for the fuel subsidy for farmers and fisherfolk, but they have funds for firearms, ammunition, missiles, and operating warships.”

The 2026 military exercises will see thousands of troops from the Philippines, the US and partners Australia, New Zealand, Japan, France, and Canada, making the drills an “expanded multilateral engagement.”

This year’s military drills will deploy 3,000 more troops compared to the 2025 exercises where 14,000 personnel took part.

It is set to run from April 20 to May 8, with multilateral maritime events, integrated air and missile defense, counter-landing live-fire drills, and humanitarian civic assistance to be held in Ilocos Norte, Palawan, and Zambales.

PAMALAKAYA said they have already coordinated with the coastal communities that will be affected by the maritime drills.

The 41st Balikatan exercise will start on Monday at Camp Aguinaldo in Quezon City, coinciding with the 75th year of the Mutual Defense Treaty between the Philippines and the US. — Kaela Patricia B. Gabriel

SEC flags fake Facebook page impersonating a lending firm

SEC.GOV.PH

THE Securities and Exchange Commission (SEC) has warned the public about a fraudulent Facebook page falsely claiming to represent H.K.K. Lending Co., Inc., a financing firm registered with the SEC.

In an advisory, the regulator said the page is using the company’s name, logo, and branding without authorization and is allegedly offering loan services through social media, redirecting users to messaging platforms such as Telegram.

“Based on the company’s confirmation, H.K.K. Lending Co., Inc. does not transact or deal with clients through online platforms, messaging applications, or other digital modalities. The company said its legitimate transactions are conducted only in person at its official principal address,” the SEC said.

“The legitimate company has categorically denied any connection with the said page,” it added.

The SEC emphasized that these activities are unauthorized and not part of the company’s legitimate operations.

The public is advised not to transact, send money, submit documents, or share personal, financial, or identification information with entities operating through the said Facebook page.

Engagement with the page may expose users to risks such as financial loss, identity theft, data misuse, and other forms of fraud, the Commission said.

“This scheme bears the hallmarks of a well-documented online lending scam, deliberately designed to exploit borrowers by misrepresenting affiliation with a registered financing company and by creating a false sense of legitimacy,” it added.

The SEC also reminded the public to watch for common red flags of online lending scams, including fake or unverified social media pages, unsolicited loan offers, requests for advance fees, and instructions to send payments through personal or untraceable accounts.

It added that legitimate lending companies do not operate solely through social media, do not require advance fees, and do not collect sensitive information through informal messaging platforms.

Transactions showing these signs should be considered likely fraudulent, the SEC noted.

BusinessWorld could not reach H.K.K. Lending Co. for comment, as no public contact information was available. — Alexandria Grace C. Magno

DA breaks ground on P366-M Surigao farm road project

DPWH.GOV.PH

THE Department of Agriculture (DA) said it has begun construction of a P365.9-million farm-to-market road (FMR) in Surigao del Norte to improve agricultural logistics and reduce transport costs in the region.

In a statement on Wednesday, the DA said the project is implemented under the Philippine Rural Development Project, with funding support from the World Bank, the DA, and the Surigao City local government.

The 6.51-kilometer road, which will include more than six kilometers of concrete pavement and three bridges, is expected to be completed by 2027.

The DA said the project will connect 10 barangays in Surigao City and the nearby town of Sison, benefiting nearly 2,900 households, including 1,200 farming families.

The agency said the FMR project is expected to improve the supply chain for coconuts, a priority commodity in the area, by cutting hauling costs and travel time.

According to the DA, transportation, which currently costs as high as P190 per sack, could be reduced by more than a quarter to about P140 per sack.

“Average travel time across the 2,182-hectare road influence area — covering coconut, rice, corn, and banana production zones — is projected to drop from 43.5 minutes to just over 10 minutes,” the DA added.

The DA also expects the project to enable agricultural expansion of up to 103 hectares over 20 years and encourage investment in coconut processing and value-adding enterprises.

Meanwhile, the DA said complementary investments in fisheries infrastructure are also underway in Surigao City to further strengthen the region’s food supply chain.

These include the ongoing development of the Surigao City Fish Port Complex, implemented in two phases by the Philippine Fisheries Development Authority.

The DA said the first phase of the project, with a budget of P193.6 million, is already 56% complete and is targeted for completion by October. It will include key facilities such as a landing pier, a market hall, and an administration building.

The department said a second phase worth P172.39 million is also in progress. It covers the installation of cold chain systems, including refrigeration, ice-making, and storage facilities, to improve the preservation and handling of fishery products. — Vonn Andrei E. Villamiel

APECO expects locators to speed up Casiguran investment after Customs nod

THE Aurora Pacific Economic Zone and Freeport Authority (APECO) expects locators in its Casiguran special economic zone (SEZ) to fast-track their investments after a Bureu of Customs order that authorizes it as an accrediting agency for the government’s client profiling system.

Under Customs Memorandum Order (CMO) No. 05-2026, APECO is now authorized to directly facilitate the Customs Client Profile Registration System (CPRS) for importers and exporters within its SEZ.

The order also lists APECO as a recognized free zone authority, aligning it with the country’s other ecozone regulators.

The CMO amends provisions under the CMO No. 19-2019, which decentralized the activation of the CPRS of entities accredited by other government agencies.

In a statement, APECO President and Chief Executive Officer Gil G. Taway IV said the move is expected to unlock pending investments and fast-track decision-making for its prospective locators.

“Some investors have been waiting for this formal recognition before proceeding with their projects, particularly those with import-export requirements,” he said.

The CPRS is a mandatory registration system for importers and exporters transacting with the Bureau of Customs.

Previously, locators needed to coordinate with multiple agencies to complete their accreditation, which could delay timelines.

Under the new policy, APECO is authorized to facilitate CPRS accreditation, enabling faster CPRS activation and smoother customs transactions.

APECO is a state-owned firm that manages a 496-hectare special economic zone in Casiguran, Aurora. — Beatriz Marie D. Cruz

PSF Board approves P127-M climate resilience projects

THE People’s Survival Fund (PSF) Board has greenlit P127 million in funding for climate resilience projects in Iriga, Ormoc, Kidapawan, and Camarines Sur, the Department of Finance (DoF) said on Wednesday.

The funding, which was approved on March 31, will support a range of community-based projects, including ecosystem restoration, sustainable livelihoods, and disaster readiness programs.

In Ormoc City, a P42.35-million grant will finance the restoration of rivers and watersheds, and improvements in drainage systems, while supporting sustainable livelihoods for residents prone to floods and typhoons.

Meanwhile, funding worth P32.48 million will go toward restoring and strengthening the ecosystem services and watershed functions of Mt. Iriga.

“The project will establish demonstration farms for organic vegetable production, provide training to more than 2,000 farmers, and set up tree nurseries to support climate-resilient farming and sustainable livelihoods,” the DoF said.

A P27.74-million funding was also approved for the “Canopy ’25 Ecosystem Restoration Program and Installation of Early Warning Systems” project in Kidapawan City, which is eyed to address its vulnerability through reforestation and improved early warning systems.

The PSF set aside a P24.73-million grant for the implementation of the “Electronic System for Inter-Connected Transformative Information On-Demand (e-SITIO) Emergency Operations Center” project in the Municipality of Goa, Camarines Sur.

Established under Republic Act No. 10174, the PSF provides financing for climate adaptation programs and projects of local government units and accredited organizations.

To date, the PSF is supporting 28 projects with total financing commitments of P1.549 billion, covering both full projects and project development grants. — Justine Irish D. Tabile

Dubai International Chamber opens Manila office

THE Dubai International Chamber has opened its Manila office on April 13, as it seeks to boost trade and investment ties with the Philippines.

The office aims to support Dubai-based companies looking to expand to the Philippines through market insights, investment opportunities, and linkages to local partners.

“The Manila office will support Filipino companies in exploring opportunities in Dubai and expanding their international presence,” Dubai Chambers President and Chief Executive Officer Mohammad Ali Rashed Lootah said in a statement on Wednesday.

As of last year, Filipino companies that are members of the Dubai Chamber of Commerce reached 2,592, representing a 23.3% annual increase. In 2025 alone, 856 new Filipino companies joined the group.

The chamber’s Manila office will seek to help Philippines- and Dubai-based firms grow their cross-border operations through public-private collaborations, providing market intelligence, and partnerships.

In 2025, non-oil bilateral trade between the Philippines and Dubai grew by 17% to AED3.58 billion.

The United Arab Emirates is the Philippines’ 17th largest trading partner. Goods traded between the two markets include crude petroleum, refined petroleum, delivery trucks, industrial printers, asphalt, fruits, and baked goods.

Last year, the chamber signed a memorandum of understanding with the Philippine Chamber of Commerce and Industry to strengthen cooperation, boost trade relations, and explore new areas for collaboration.

The launch of the Dubai chamber’s Manila office aligns with the “Dubai Global” initiative — which aims to establish 50 representative offices worldwide by 2030 and support the expansion of its companies into 30 priority markets. — Beatriz Marie D. Cruz

Shares rebound on optimism over US-Iran talks

REUTERS

PHILIPPINE STOCKS rebounded on Wednesday on optimism over a possible resolution to the Middle East conflict and as investors picked up bargains after the market’s two-day drop.

The Philippine Stock Exchange index (PSEi) rose by 0.83% or 50.25 points to close at 6,063.35, while the broader all shares index went up by 0.58% or 19.76 points to end at 3,396.88.

“Philippine equities tracked regional gains as improving risk sentiment, driven by optimism over a potential resumption of US-Iran peace talks, lifted the global markets today,” AP Securities, Inc. said in a market note.

“The Philippine market rebounded, tracking gains in global markets and improved investor sentiment. Buying pressure emerged after a series of declines, with bargain hunting also driving the recovery,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “Optimism was further supported after the US President Donald J. Trump signaled that the war may be nearing an end, with talks potentially resuming this week.”

World shares edged towards record highs on Wednesday after Mr. Trump said talks with Iran could resume over the next two days, with hopes for an end to the Iran war capping oil prices at under $100 a barrel, Reuters reported.

The MSCI All-Country World Index rose 0.1%, within sight of its all-time top and on course for its ninth straight day of gains.

Signs that diplomatic engagement would continue in the Middle East helped calm markets.

Asian shares outside Japan had earlier gained 1.5% to hit the highest level in six weeks. Japan’s Nikkei climbed 0.9% while South Korea’s KOSPI index added 3%.

Brent crude futures bounced 1% to $95.77 a barrel after slumping almost 5% overnight.

With the flow of oil still effectively cut off through the Strait of Hormuz, the International Monetary Fund on Tuesday lowered its growth outlook and warned that the global economy would teeter on the brink of recession if the conflict worsens.

All sector counters ended higher on Wednesday. Financials jumped by 1.23% or 23.12 points to 1,902.16; services advanced by 1.20% or 33.67 points to 2,827.36; industrials increased by 0.62% or 54.66 points to 8,832.25; property went up by 0.61% or 12.27 points to 2,017.98; mining and oil rose by 0.32% or 59.34 points to 18,083; and holding firms inched up by 0.03% or 1.75 points to 4,648.54.

Market breadth was positive as advancers outnumbered decliners, 112 to 73, while 63 names closed Wednesday’s trading session unchanged.

Value turnover increased to P8.16 billion on Wednesday with 1.45 billion shares traded from the P5.92 billion with 1.48 billion issues that changed hands on Tuesday.

Net foreign selling increased to P1.37 billion from P446.77 million in the previous session. — Alexandria Grace C. Magno with Reuters

BIR March collections top P198 billion, up 11.87%

PHILIPPINE STAR/RUSSELL PALMA

THE Bureau of Internal Revenue (BIR) said gross collections hit P198.755 billion in March, up 11.87% from a year earlier.

“Our March 2026 collection performance is encouraging, especially at this time of economic strain,” BIR Commissioner Charlito Martin R. Mendoza said in a statement on Wednesday.

“We at the BIR heed the directive of President Ferdinand R. Marcos, Jr. and Finance Secretary Frederick D. Go to help ensure that the government has steady revenues to fund essential services and provide timely support, especially to those who need it most,” he added.

In March, the BIR also released P11.368 billion in tax refunds, more than five times the amount released in March 2025.

“As a result, net collection for the month reached P187.387 billion, up 6.68% year on year. While the higher level of refunds tempered net collection growth, it also meant more funds were returned to taxpayers and businesses during the ongoing energy crisis,” the BIR said.

For 2026, the BIR’s revenue collection target set in the 2026 Budget of Expenditures and Sources of Financing was P3.46 trillion, of which P357.82 billion is expected to come from excise taxes. — Justine Irish D. Tabile

Maharlika says talks ongoing for petroleum storage project

PHILCOASTAL.COM

By Justine Irish D. Tabile, Senior Reporter

THE MAHARLIKA Investment Corp. (MIC) said it is in talks with the government to finance a fuel storage facility, and is working to provide working capital to fuel importers to address their ability to maintain adequate inventory.

At the Legislative Energy Action and Development (LEAD) Joint Committee hearing on Wednesday, MIC President and Chief Executive Officer Rafael D. Consing, Jr. called fuel storage one of the major challenges during the energy emergency.

He said Maharlika has been in week-long discussions with the Philippine National Oil Co. (PNOC) on building a tank farm.

“The best way to be able to participate, help and also, at the same time, generate guaranteed returns is by building the tank farm to be able to support the inventory,” he said

“If we do it that way, we are not going to take market risk on the price of the fuel, but rather we will be receiving our returns on the long-term lease,” he added.

The PNOC and Maharlika are forming a technical working group on the storage project, with Maharlika to invest in the physical facility while outsourcing operations to the private sector.

On the working capital aspect of maintaining fuel inventory, he noted that existing storage capacity is not even fully taken up.

“Whether or not that is fully utilized, we actually don’t have data. But intuitively, it could be in the area of about 60%… Now, the question is this: Why is it that knowing already that there’s a potential shortage, yet we are only utilizing 60% of the storage?” he said.

Mr. Consing added that unused storage reflects an issue with working capital on the part of fuel importers.

He added that the sovereign wealth fund manager is looking to disburse working capital assistance within 30 days at the earliest.

“We are going to the investment committee soon; maybe in about 30-45 days, we will have released the working capital facility,” he said.

He said working capital is directly tied to the industry’s ability to amass adequate supply because maintaining fuel inventories “has a financing cost,” which is why Maharlika is directing its efforts there.

“The price of landed refined fuel has gone up by about 60-70%, which means that for these retailers, just to be able to retain the old inventory, they actually have to cash out 60-100% more in working capital,” he said.

Distribution starts for P10 billion in cash aid for farmers, fisherfolk

PHILIPPINE STAR/MICHAEL VARCAS

THE Department of Agriculture (DA) said it will start distributing this week a P10-billion cash assistance package for farmers and fisherfolk, citing the need to provide relief as fuel costs rise.

In a statement on Wednesday, the DA said the Presidential Assistance for Farmers and Fisherfolk Program (PAFFP) will provide P2,325 each to more than 4.17 million beneficiaries.

The target beneficiaries are rice farmers cultivating up to two hectares of farmland, as well as corn and sugarcane farmers enrolled in the DA’s Registry System for Basic Sectors in Agriculture.

The DA said municipal fisherfolk enrolled in the National Program for Municipal Fishing Vessels and Gear Registration are also eligible.

The DA said initial disbursements will begin in the Ilocos, Cagayan Valley, Central Luzon, Western Visayas, and Zamboanga Peninsula regions.

It added that efforts are ongoing to finalize master lists and distribution systems, which have posed challenges in previous large-scale government cash aid programs.

The DA said the fuel crisis affects operators of farm machinery, irrigation systems, and fishing boats.

“This financial assistance, while admittedly small, provides a lifeline for over 4.1 million Filipino farmers and fisherfolk hit hard by soaring petroleum product prices,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in the statement.

Funded by the 2026 General Appropriations Act, the PAFFP is typically used to aid agriculture after calamities.

However, the DA has said that the ongoing conflict in the Middle East can also be considered a trigger event to unlock the assistance. — Vonn Andrei E. Villamiel

NFA to auction older rice stocks in May

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE National Food Authority (NFA) said its council has approved for auction up to 62,890 metric tons (MT) of ageing rice stocks this year, with initial volumes to be offered in May.

NFA Administrator Larry R. Lacson said the approved volume covers all rice inventories that are three months or older, eliminating the need for repeated council approvals for each auction round.

However, he said the NFA will not dispose of the entire aging stock at once.

“We will prioritize the oldest stocks first, then proceed gradually to the newer ones,” he told reporters by phone on Wednesday.

For May, the NFA is targeting to auction about 5,000 to 20,000 MT of rice, which includes stocks aged 12 months and older. Pre-auction conferences and related processes will begin this month.

Mr. Lacson said the timing and volume of succeeding auctions will depend on the extent of palay (unmilled rice) procurement, with the NFA seeking to maintain at least a nine-day reserve.

“If procurement is strong, we can speed up auctions. If purchases are limited, we will also limit the volume we release,” he said.

Mr. Lacson said the NFA Council also approved 232,141 MT of ageing palay for disposal, although these will not be included in the initial auction.

He said the NFA will first conduct test milling on older palay stocks to assess quality before deciding on the mode of disposal.

“We will conduct test milling first. If the results show that the quality of rice is good, we may just mill and sell them as milled rice,” Mr. Lacson said.

The NFA said the auction is intended to free up storage space, prevent the further deterioration of stocks, and ensure these are disposed of before becoming unfit for human consumption.

The auction also serves as an additional revenue stream for the NFA, helping generate funds to support its operations and future palay procurement. — Vonn Andrei E. Villamiel

PEZA registers P370‑million manufacturer of solar modules targeting European markets

SCIENCEPARK.COM.PH

THE Philippine Economic Zone Authority (PEZA) said it approved a P370‑million investment by a renewable energy manufacturer seeking to produce solar photovoltaic modules at a Batangas facility for export to European Union.

In a social media post on Wednesday, PEZA said it registered Genuine Renewable Energy and Eco-Friendly Energy Network Corp. (GREEENC), as an economic zone enterprise on April 13.

The plant is expected to generate about $132 million in export sales, PEZA said.

It will focus on the manufacture, assembly, and export of high-quality solar photovoltaic modules for residential, commercial, industrial, agricultural, utility-scale, and off-grid applications.

GREEENC’s plant will be located at the Light Industry and Science Park III Special Economic Zone, a 124-hectare industrial park in Sto. Tomas, Batangas.

PEZA Director General Tereso O. Panga said the investment aligns with the need for alternative energy sources as the Iran war fuels volatility in global oil prices.

“As nations grapple with energy insecurity, rising fuel costs, and climate-related disruptions, initiatives in renewable energy manufacturing strengthen long-term resilience,” he said.

Global oil prices have risen since the outbreak of fighting in the Middle East, with Brent crude averaging around $105.53 per barrel as of April 13.

The Philippines, whose power network is still reliant on coal and gas, sources about 26% of its power from renewables.

“By enabling local solar manufacturing, the project supports national sustainability targets and reinforces efforts to build a climate-resilient, future-ready Philippines,” PEZA said. — Beatriz Marie D. Cruz

1...131415...14,238Page 14 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube