Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 17

SEC says unified lending ID system still under development

SEC.GOV.PH

THE Securities and Exchange Commission (SEC) said the proposed unified lending identification (ULI) system is still under development.

“The SEC cannot give a specific target at this time, as we are still in the process of developing and perfecting the system. Rest assured that we are focusing on delivering this to the public as soon as possible to ultimately improve conditions in the lending and financing industry,” the Office of SEC Commissioner Rogelio V. Quevedo said in an e-mailed reply to questions on Wednesday last week.

At a Senate hearing on Oct. 6, the SEC announced plans to introduce the ULI system to simplify credit access and curb predatory lending and abusive collection practices.

Mr. Quevedo earlier said the ULI would rely on verified data to ease credit access amid challenges in the implementation of the national ID system.

From January to Sept. 15, the SEC received 5,415 complaints, mostly involving financing and lending companies. About 66% of these were related to unfair collection practices, primarily involving unregistered firms and online lenders.

“The SEC faces difficulties in efficiently auditing all lenders in real time, which can lead to regulatory blind spots. ULI [will] ensure that all lender activities and transactions are recorded, verifiable, and accessible to regulators instantly, closing compliance gaps,” the Office of Mr. Quevedo said.

The proposed ULI system seeks to consolidate and secure verified credit data to address fragmentation, fraud, and regulatory inefficiencies, allowing faster and safer loan processing.

“The ULI will be tied to the national ID (PhilSys) or the eGov App account and stores verifiable credentials, KYC (Know Your Customer) information, credit history, and outstanding obligations of borrowers. This means borrowers won’t have to repeatedly submit the same documents to various lenders — their credentials are easily shared and instantly verifiable across institutions,” it said.

Through the ULI, lenders will be able to access verified borrower data, expediting loan approvals and minimizing fraud such as duplicate applications.

The SEC said it plans to use blockchain technology for real-time audit trails, automated compliance, and transparent oversight to ensure financial stability and borrower protection. Loan details will be securely recorded and encrypted for sharing between lenders and regulators to prevent overlapping loans and excessive credit risk, it added.

“By integrating blockchain with borrower identity, AI compliance, and real-time SEC oversight, the ULI system aims to create an efficient, transparent, and secure lending environment, supporting financial inclusion and consumer protection in the Philippines,” the SEC said. — Alexandria Grace C. Magno

How PSEi member stocks performed — October 24, 2025

Here’s a quick glance at how PSEi stocks fared on Friday, October 24, 2025.

Philippines remains steady in sustainability trade ranking

The Philippines remained in 13th spot among 30 economies engaging in sustainable trade best practices in the 2025 edition of the Sustainable Trade Index. Despite the unchanged ranking, the country’s score rose to 61.68 out of 100 points from 54.77 last year. The index, published by Hinrich Foundation in partnership with Institute for Management Development (IMD), measures an economy’s readiness and capacity to participate in the global trading system under three pillars: economic, societal and environmental.

Philippines remains steady in sustainability trade ranking

Stocks to move sideways as sentiment stays weak

PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE STOCKS may continue to move sideways this week amid weak sentiment as investors await fresh leads, particularly from the trade talks between the US and China and the US Federal Reserve’s policy meeting.

On Friday, the benchmark Philippine Stock Exchange index (PSEi) slid by 1.08% or 65.94 points to close at 5,988.02, while the broader all shares index fell by 0.81% or 29.47 points to 3,608.11.

This was the index’s worst close in nearly a month or since it finished at 5,953.46 on Sept. 30.

Week on week, the PSEi also slumped by 101.51 points from its close of 6,089.53 on Oct. 17.

“The Philippine market ended below the 6,000 mark as sellers took control of the session. The sustained depreciation of the US dollar against the Philippine peso continues to weigh on market sentiment. Moreover, market participants are likely pricing in the anticipated lower GDP (gross domestic product) forecast projected by various institutions,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message on Friday.

“Sellers dominated local equities last week on China-US trade plus geopolitical uncertainties, as well as lack of other local catalysts,” online brokerage 2TradeAsia.com said in a market note.

For this week, Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said the market will look for new drivers.

“We may see some episodes of upticks driven by bargain hunting. However, cautious sentiment is expected to remain as investors continue to wait for catalysts while dealing with present concerns,” Mr. Tantiangco said in a Viber message.

“The local market is ultimately still bearishly biased amid lingering downside risks and lack of fresh leads.”

He added that investors are awaiting the scheduled trade talks between US President Donald J. Trump and Chinese President Xi Jinping. “Positive results from the meeting, primarily a trade deal, is expected to help in lifting market sentiment.”

“Chart-wise, the local market is still on a downtrend, forming another lower high after hitting its 50-day exponential moving average last Oct. 20… Moving forward, the market may test the validity of its breach of these lines. If the market is unable to get back above 6,000, this will be its new resistance, while the next support is seen at 5,800,” Mr. Tantiangco said.

“The Trump-Xi summit in Korea… looms as a wildcard for supply chain in tech and autos, potentially reigniting protectionist headwinds that cascade into broader sentiment erosion,” 2TradeAsia.com added.

It said the market will monitor the Fed’s Oct. 28-29 meeting, where it is expected to continue its easing cycle after delivering its first rate cut for this year last month. “This paves the way for a December follow-through that could sustain the easing cycle into early 2026 if inflation prints continue to cooperate.”

It placed the PSEi’s immediate support at 6,000 and secondary support at 5,800, while resistance is pegged at 6,200. — Alexandria Grace C. Magno

NSCR O&M auction projected to attract strong bidding interest

PHILIPPINE STAR/MICHAEL VARCAS

DOMESTIC and foreign bidders are expected to turn out in force for the operations and maintenance (O&M) contract of the North-South Commuter Railway (NSCR) project, transport analysts said.

“Roads or highways with high expected traffic will most likely be financially viable. NSCR will most likely be very attractive,” Nigel Paul C. Villarete, senior adviser on PPPs at Libra Konsult, Inc. said via Viber over the weekend.

Last week, the Department of Transportation (DoTr) officially opened the NSCR O&M contract for bidding.

According to the instructions to prospective bidders, the draft concession agreement is expected to be released on Nov. 7 while the final O&M concession agreement will be released on April 30, 2026.

Bids will be accepted on or before May 29, 2026 at 11 a.m., according to the Public-Private Partnership (PPP) Center.

Earlier this month, Transportation Acting Secretary Giovanni Z. Lopez said around five companies, including foreign ones, have expressed interest in the O&M contract.

To qualify for the project, the bidder must have a minimum net worth of P114.65 billion or its equivalent in foreign currency as of the 2024 financial year.

For consortia, the lead member of the group must have an equity interest of at least 34% of both voting and non-voting shares of the O&M concessionaire, the DoTr said.

Bidders including consortium members or affiliates must include at least one entity with 10 years of experience in rail operations, specifically in managing a rail line that handles at least 45,000 passengers per hour per direction.

Further, at least one entity must have eight years of experience in maintaining railway infrastructure and systems, including the use of a computerized maintenance management system, and another with eight years of experience in track and civil infrastructure maintenance.

“Procurement through public bidding is always anchored on getting interest from prospective investors by enticing them with a profitable rate of return coupled with minimal risk. In cases where a project has very high economic benefits but is not financially attractive (such as rail), the government may opt to subsidize,” Mr. Villarete said.

Rene S. Santiago, an international consultant on transport development and former president of the Transportation Science Society of the Philippines, expects the project requirements to be difficult to hurdle.

“The bidding is stacked against Filipino firms. Also, it would require railway O&M experience no local firm can comply with,” he said.

Philippine-based companies are capable of operating and managing the NSCR, but foreign firms may have the advantage when it comes to achieving profitability, Mr. Santiago has said.

Meanwhile, the imposition of a massive net worth qualification is expected to bring in capable bidders, Mr. Villarete said.

“Net worth is one of the qualifications for bidding.  It is a measure of a company’s capability to undertake projects of that size.  Construction works are paid for on a stage billing process, which means the contractor should have sufficient money to proceed with the works,” he said.

The NSCR O&M deal will cover 15 years from the signing date of the contract, the DoTr said.

The 147-kilometer NSCR will connect Malolos, Bulacan with Clark International Airport, and Tutuban, Manila with Calamba, Laguna. The P873-billion project is co-financed by the Japan International Cooperation Agency and the ADB. It will have 35 stations and three depots.

Full operations are expected by January 2032; partial operations on the Malolos to Valenzuela segment are projected by December 2027; operations on the Clark to West Valenzuela segment are expected by October 2028. — Ashley Erika O. Jose

Maharlika wraps up first full year of operations with earnings of nearly P2.7B

MAHARLIKA Investment Corp. (MIC) posted earnings of P2.682-billion last year, up from P154.3 million a year earlier, enabling a dividend declaration to the government of 75% of earnings.

In its 2024 annual report released on Friday, MIC said it remained conservative on spending while earning interest income on its startup capital.

“The healthy interest earnings, coupled with a conservative spending approach, resulted in a total income of P2.68 billion in 2024,” the MIC said. “This income enabled the Corporation to subsequently declare P1.45 billion in dividends in 2025, representing 75% of the distributable earnings, further highlighting the Corporation’s commitment to deliver returns to the government.”

In May, the sovereign wealth fund remitted 75% P1.447 billion to the Treasury.

2024 marked its first full year of operations since its establishment on July 18, 2023.

Interest income grew to P2.77 billion in 2024 from P154.3 million in 2023.

In 2024, the MIC had P127.254 billion worth of assets, up 1.7% from a year earlier.

The cash balance was P76.801 billion last year, up 2.4%.

Liabilities declined 46.6% to P668.1 million in 2024.

The MIC said the result reflects “a robust balance sheet and strong liquidity base to support its future investment initiatives and strategy.”

According to its annual report, the MIC has made three investments, in Synergy Grid & Development Philippines, Inc., CP Group Partnership and Interim Financing for Makilala Mining Co., Inc.

Until 2026, MIC said it is prioritizing energy transition and security projects, physical infrastructure and innovation, food and agriculture modernization, social infrastructure enhancement, sustainable mining and resource development as well as climate change mitigation and adaptation.

“We believe targeted investment in these priority areas will yield significant, broad-based benefits across the archipelago,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. said.

The MIC has said it also seeks to invest in five Bases Conversion and Development Authority projects including the Clark International Airport expansion; a New Clark City affordable housing project; the Clark Integrated Public Transport System; the Poro Point Seaport Modernization Program; and the Clark Central Business District. — Katherine K. Chan

Projects in green-lane pipeline valued at P5.951T

THE Board of Investments (BoI) said it certified 219 projects as of Oct. 20 for green-lane expedited-permit treatment and endorsed them to the One-Stop Action Center for Strategic Investments.

The value of the projects conferred green-lane status P5.951 trillion, the BoI said.

Foreign investments accounted for P1.684 trillion, or 28.29% of the total.

Some 169 of the projects deal with renewable energy, accounting for P5.097 trillion of the total project cost, reflecting the industry’s opening up to full foreign ownership from the previous foreign ownership cap of 40%.

Meanwhile, projects in the pipeline also include eight digital infrastructure projects, which have a total project cost of P352.13 billion.

Some 31 food security projects worth P18.7 billion were also certified, along with six manufacturing projects worth P66.96 billion, the BoI said.

Four private-public partnership, infrastructure, and water projects worth P415.87 billion and one pharmaceutical project worth P45 million were certified.

As of Sept. 30, 87 projects are registered with the Board of Investments, while one project is registered in the Philippine Economic Zone Authority.

Some 15 projects are operational, while 47 projects are under construction, four in pre-development.

Established through Executive Order No. 18 in February 2023, the green lane scheme aims to accelerate and simplify the permit and licensing processes for strategic investments. — Justine Irish D. Tabile

P20/kilo rice launched in Davao City

DA.GOV.PH

THE P20 per kilogram subsidized-rice program has been launched in Davao City, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said.

In a statement, Mr. Laurel said the government’s flagship food-security program combines social protection for consumers from vulnerable segments of society with support for producers.

Speaking at the Bureau of Plant Industry (BPI) compound in Bago Oshiro, Mr. Laurel said the subsidized rice supports senior citizens, solo parents, persons with disabilities, minimum wage earners, farmers, fisherfolk, and transport workers.

The subsidized-rice program is now available in over 376 sites in partnership with local government units, national agencies, and private sector groups.

In the Davao Region, P20 rice is now sold in Hagonoy, Digos, Bansalan, Mati, Panabo, Tagum, and key NFA and DA offices.

The program releases inventory from National Food Authority warehouses and frees up space for the grains agency to buy more of the domestic rice crop at far more than the price being offered by private traders.

The NFA buys clean and dry palay (unmilled rice) for P23-30 per kilo depending on the grade of the grain and on location, as opposed to offer prices as low as the single digits from rice traders.

Tetra Pak calls for upgrades to PHL waste management infra

REUTERS

THE GOVERNMENT needs to improve the country’s waste management infrastructure to help companies execute their sustainability initiatives, food packaging solutions company Tetra Pak said.

“The government plays a key role in creating an environment where circularity can thrive,” the company told BusinessWorld in an e-mail.

“An important area is infrastructure — from improving collection and segregation facilities to supporting transport networks that make recycling more efficient, especially in areas outside major cities — followed by enforcement of such processes to ensure the outcome is maximized,” it added.

Compared to its regional counterparts, the Philippines is still developing the systems that support large-scale recycling.

“Unlike some neighboring countries where infrastructure is more centralized, the Philippines’ archipelagic setup means we need stronger local partnerships to connect collection points, recyclers, and communities,” Tetra Pak said.

“That’s why collaboration is at the heart of how we operate here — it’s the only way to build reach across islands and regions,” it added.

In its sustainability report for 2024, Tetra Pak said there has been a 25% reduction of greenhouse gas (GHG) emissions across its value chain since 2019.

Within its operations, the company achieved a 54% reduction in GHG emissions since 2019, while it is targeting net-zero GHG emissions by 2030.

Meanwhile, the company said that the government could also help companies in their sustainability initiatives through data and coordination.

“Consistent waste-management data across local government units allows us to see where cartons are being recovered and where we need to build new capacity,” it said.

“We’re ready to share our learnings with local governments that want to integrate carton recycling into their solid-waste programs,” it added.

According to Tetra Pak, the direction for packaging materials today is to increase renewable content while lowering the carbon footprint.

“Consumers are hyperaware enough to take action and lead in finding improvements and solutions based on a study commissioned by Tetra Pak in 2023,” it said.

“With this strong pull, food & beverage companies as well as packaging companies will need to secure the sustainable architecture of their product offerings,” it added. — Justine Irish D. Tabile

Farmers question EOs’ effectiveness in boosting incomes, food security

Farmers are seen in a rice field in Bustos, Bulacan, Oct. 17, 2023. — PHILIPPINE STAR/KJ ROSALES

FARMER organizations raised questions about two executive orders (EO) signed by President Ferdinand R. Marcos, Jr., which are touted to raise increase rural incomes and boost food security.

EO No. 100 will set a yet-to-be-determined regional floor price for palay (unmilled rice) while EO No. 101 directs all government agencies, state universities, and local governments to purchase food directly from accredited farm and fisherfolk cooperatives.

The Kilusang Magbubukid ng Pilipinas (KMP) criticized EO No. 101 for focusing too much on procurement, saying via Viber that “procurement does not guarantee food sufficiency or fair pricing for staple crops.”

“Farmers do not just need a buyer for their produce. They need the means to produce in the first place — control over the land, capital, equipment, insurance, protection. This order fails to provide those,” KMP Chairman Danilo Ramos said in the statement.

The KMP recommended that the government shift its focus on strengthening farmer cooperatives, make it the government’s mission to achieve food self-sufficiency, and offer interest-free credit, production subsidies, and debt condonation.

Federation of Free Farmer Chairman Leonardo Montemayor said via Messenger that the impact of EO No. 100 will only show up starting next year.

“Most crops have already been harvested meaning the effects will only be felt starting February 2026.”

He said that the floor price mandate is misleading as it only applies to national agencies and local government units only, whose buying power is not enough to persuade traders to raise palay prices.

Mr. Montemayor added that most LGUs do not have the funds to buy directly from farmers, rendering the EO useless if the National Food Authority (NFA) remains the main buyer and sets its own price.

AMIHAN Secretary General Cathy Estavillo said via Viber that EO No. 100 fails to address problems caused by the Rice Tariffication Law, which she said allowed traders to import an excessive amount of grain.

Ms. Estavillo said the Rice Tariffication Act must be repealed if farmgate prices are to rise. — Andre Christopher H. Alampay

Animal health, dairy singled out as areas of collaboration with EU-ASEAN biz council

REUTERS

THE European Union-ASEAN Business Council (EU-ABC) and the Department of Agriculture (DA) said they have identified animal health, dairy development, agricultural mechanization, organic and regenerative agriculture, and climate-resilient farming practices as possible areas of collaboration.

In a statement issued by the DA, following a meeting with the council last week, EU-ABC Executive Director Chris Humphrey also highlighted his organization’s ongoing engagement in ASEAN through the Health Summit in Kuala Lumpur and the annual Sustainability Summit hosted by its Philippine Chapter.

He reaffirmed the Council’s commitment to forging partnerships with rural communities, promoting inclusive and sustainable agriculture, and supporting the conclusion of the EU–Philippines Free Trade Agreement.

Undersecretary Roger V. Navarro was quoted as saying: “This cooperation between the Philippines and EU-ASEAN Business Council will continue to enhance productivity, competitiveness, and food security not just in the Philippines but across the Southeast Asian region.”

Mr. Navarro also noted the EU-ABC’s active participation in the 47th ASEAN Ministers on Agriculture and Forestry Meeting and its interest in supporting ASEAN’s 2026 Priority Economic Deliverable on the Implementation Plan for Regenerative and Resilient Agriculture.

The Philippines is set to assume the ASEAN Chairmanship in 2026.

Leading with sustainability in mining

IN BRIEF:

• The Towards Sustainable Mining (TSM) initiative is a crucial framework for the Philippine mining sector, linking operational resilience to eight interdependent sustainability protocols that address various challenges.

• Recent evaluations show mixed performance among the TSM protocols, with high ratings in Safety and Health but low ratings in Climate Change and Water Stewardship, highlighting the need for improved implementation and collaboration.

• The initiative encourages mining companies to engage with stakeholders and share leading practices, driving change and fostering a more sustainable mining ecosystem in the Philippines.

As the mining and metals industry grapples with operational complexities, the need for sustainable practices has never been more pressing. The Towards Sustainable Mining (TSM) initiative emerges as a vital framework for the Philippine mining sector, emphasizing that the operational resilience of mining companies is closely linked to the eight protocols it encompasses. This article delves into the TSM initiative, examining its impact on sustainability commitments and the challenges that lie ahead.

OPERATIONAL RESILIENCE AND TSM PROTOCOLS
The TSM initiative is designed to guide mining companies in their sustainability efforts, focusing on critical areas such as Safety and Health, Community Outreach and Social Development Management, Climate Change, Water Stewardship, Biodiversity Conservation Management, Tailings Management, Preventing Child and Forced Labor and Crisis Management and Communications Planning. Each protocol addresses specific issues, yet they are interdependent, highlighting the need for a holistic approach to sustainability.

The interconnection between operational resilience and the eight TSM protocols is crucial for the long-term sustainability of the mining industry. They collectively form a comprehensive framework that enhances a company’s ability to adapt and thrive in a complex environment. For instance, effective Water Stewardship not only ensures the responsible use of water resources but also mitigates risks associated with climate change, which can impact water availability and quality, both of which are crucial for mining operations.

Similarly, strong Safety and Health practices contribute to a more engaged and productive workforce, directly influencing operational efficiency. When companies recognize that these protocols are not standalone issues but rather interconnected elements of a larger system, they can develop strategies that address multiple challenges simultaneously. This holistic approach fosters greater resilience, enabling mining operations to navigate uncertainties while meeting stakeholder expectations and regulatory requirements. Ultimately, embracing this interconnectedness is essential for building a sustainable future in the mining sector.

Recent evaluations of the TSM protocols, as I presented in the session on “Benchmarking Mining Sustainability: Validated TSM Results and Potential ESG Policy Implications” at Mining Philippines 2025, reveal a mixed performance landscape. The verification of the various mining companies were conducted by their respective TSM verifiers, the reports of which are posted in the Chamber of Mines of the Philippines website.

Notably, the protocols on Safety and Health and Community Outreach and Social Development Management received the highest verifier ratings. This success can be attributed to stringent regulations and recognition through various awards, which have incentivized companies to prioritize these areas. However, the same cannot be said for Climate Change and Water Stewardship, which have consistently ranked as the lowest-rated protocols for two consecutive years.

The Climate Change protocol, in particular, has seen minimal progress, with many companies only recently beginning to embrace both concepts of climate change mitigation and adaptation. The upcoming adoption of the IFRS Sustainability Reporting Standards for publicly listed companies and large companies (of a certain revenue threshold) may prove to be a significant driver for the changes that can be seen in the future for this protocol. Similarly, the Water Stewardship protocol suffers from low ratings, primarily due to insufficient information on watershed management for some mining companies, as the Philippines adopts a ridge-to-reef approach to sustainably manage its natural resources.

Another area of concern is the Tailings Management Protocol, where companies that align with international standards, such as the Global Industry Standard on Tailings Management (GISTM), tend to perform better. The GISTM not only provides guidance on managing tailings facilities but also addresses critical stakeholder issues, including human rights, environmental protection, governance and public disclosure and transparency aimed at building trust with local communities and regulators. As such, the adoption of standards, such as the GISTM, becomes more critical as it would help to address previous failures that have hounded the industry.

OPPORTUNITY FOR ENHANCED COLLABORATION
It should be noted that there remains a significant variability in the scores among mining companies. While some excel in the TSM protocols, others find some protocols to be a continued struggle. This disparity presents a valuable opportunity for enhanced collaboration within the Chamber of Mines of the Philippines (Chamber), where companies can thrive by sharing leading practices and supporting one another in their pursuit of higher ratings.

Unfortunately, external stakeholders often generalize the industry’s practices based on the shortcomings of a few, undermining the efforts of those committed to sustainable mining. As such, collaboration is even more crucial for the Chamber and its member mining companies.

Understanding the critical role of stakeholders, value chains, and transparency is essential for fostering a sustainable mining ecosystem. The TSM initiative serves as a guiding light, encouraging companies to engage with their communities and stakeholders openly.

DRIVING CHANGE IN THE MINING INDUSTRY
In conclusion, while there is still much work to be done as the Philippine mining industry continues to adopt the TSM Protocols, the initiative is clearly facilitating transformation within the sector.

Adapting the TSM Initiative’s tagline, the Philippine Mining Industry is changing, and TSM is helping to drive change. By embracing this transformative journey, the industry can enhance its sustainability commitments and secure a more resilient future.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

 

Katrina F. Francisco is a sustainability partner of SGV & Co.

1...161718...13,459Page 17 of 13,459
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube