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Entertainment News (08/26/25)


ONErpm expands into the Philippines

RECORD LABEL ONErpm marked its 15th anniversary with the announcement of its expansion into the Philippines. With this milestone, it aims to deliver “transformative solutions and sustainable opportunities for artists to thrive in an increasingly dynamic and competitive music market,” it said in a statement. As part of the expansion, ONErpm has announced that it has a dedicated team in the Philippines, composed of Project Manager Louie Tamon, A&R Representative Presh Ong, Marketing Manager Alyssa “Pebs” Pe Benito, and Senior Business Development Manager Clark Cunanan.


Lola Amour releases album, readies concert

FILIPINO band Lola Amour has released their sophomore album, Love On Loop, now available on all major streaming platforms. Across eight tracks, the album explores love in all its phases, from first crush to heartbreak to inevitable romance relapses. It features collaborations with New Zealand artist RIIKI REID and Japanese collective KOKORO of Psychic Fever from EXILE TRIBE, produced in collaboration with international hitmakers Hyuk Shin and Cuurley. The album will be supported by Love On Loop: The Album Concert, set for Sept. 12 at One Ayala, Makati City, which, aside from the songs in the album, will feature Lola Amour’s biggest hits. Concert tickets are available via https://lolaamour.helixpay.ph/https://lolaamour.helixpay.ph/.


Tadhana marks 8th year with special episode

GMA PUBLIC AFFAIRS’ award-winning drama anthology Tadhana, hosted by Marian Rivera, is celebrating its 8th year on air and online through a special three-part episode. Titled “Banta ng Kahapon,” the episode stars veteran actress Cherry Pie Picache and GMA Sparkle Artist Althea Ablan. It offers another story of Filipinos who triumph over great challenges. It will air on Aug. 30, and Sept. 6, 3:15 p.m. on GMA Network, and also stream on GMA Public Affairs’ social media accounts.


Rich Brian releases first album in 6 years

RICH BRIAN has dropped his most personal and self-directed album, WHERE IS MY HEAD?, out now via 88rising. It marks his first full-length album since 2019 and offers a raw, introspective coming-of-age journey that captures the singer’s evolution. The album explores themes of heartbreak and healing, ambition and alienation, memory, and self-reinvention across 15 tracks, which include features collaborations with artists such as Toro y Moi on “Body High,” Charlotte Day Wilson and DAISY WORLD on “Is It?,” and redveil on “Bumpy Road.”


FX’s Alien: Earth now on Disney+

THE hit series from creator Noah Hawley, FX’s Alien: Earth, has released its first three episodes on the Disney+ platform. The story kicks off when the mysterious deep space research vessel, USCSS Maginot, crash-lands on Earth, and Wendy (played by Sydney Chandler) and a ragtag group of tactical soldiers come face-to-face with the planet’s greatest threat. Set in the year 2120, it dials in on the sci-fi world of the popular Alien movie franchise. It is written by Mr. Hawley and Bob DeLaurentis and directed by Dana Gonzales. Future episodes of the eight-episode season will premiere every Wednesday.


Wolf Alice’s new album out now

BRITISH band Wolf Alice has released their fourth studio album, The Clearing, via Sony Music. Highlighting the focus track “Just Two Girls,” the album was written in Seven Sisters and recorded in Los Angeles with Grammy-winning producer Greg Kurstin. It is a classic pop/rock album that nods to the 1970s while remaining rooted firmly in the present, going for the sensibilities of “what if Fleetwood Mac wrote an album today in North London?”


Genie, Make a Wish on Netflix in October

THE K-drama Genie, Make a Wish, starring Kim Woo-bin and Suzy, is coming to Netflix in October. Written by Kim Eun-sook, it tells the story of Jinn (Mr. Kim), a genie who awakens after a thousand years, and Ka-young (Suzy), his new impassive master. The show blends a romantic comedy around their conflicts over three wishes, which sets the stage for a magical twist of destiny, desire, and love. The series will launch exclusively on Netflix on Oct. 3.


Laufey drops new album

THE new album by Los Angeles-based Icelandic-Chinese artist Laufey has been released. Titled A Matter of Time, the album strips back Laufey’s polished veneer of elegance to present her at her most vulnerable and unguarded. It is accompanied by the new focus track, “Mr. Eclectic,” featuring backing vocals from Clairo. The album is now available worldwide via Vingolf Recordings and AWAL.


Jeremy Zucker returns to Asia for world tour

MULTI-PLATINUM singer, songwriter, and producer Jeremy Zucker is set to return to Asia this year for his 2025 World Tour. Kicking off this November, the tour will bring Mr. Zucker to Seoul, Singapore, Kuala Lumpur, Manila, Taipei, and Tokyo. Jeremy Zucker – World Tour 2025 in Manila will take place on Nov. 29 at the New Frontier Theater in Cubao, Quezon City. Tickets are priced starting at P2,500 and will be available via Ticketnet.


Prime Video announces Fallout season 2

THE global hit series Fallout will premiere its second season on Dec. 17, according to Prime Video, with new episodes dropping weekly until the finale on Feb. 4, 2026. The teaser trailer has unveiled key details: a new cast member, Justin Theroux as Robert House, and the appearance of the highly anticipated Deathclaw, one of the Fallout universe’s most iconic creatures. This season takes the story to the post-apocalyptic city of New Vegas, picking up where the first season’s finale left off.

RCBC expects double-digit growth in credit card receivables

RCBC/BW FILE PHOTO

THE CREDIT CARD arm of Rizal Commercial Banking Corp. (RCBC) expects sustained double-digit growth in loans over the next two years, driven by strong consumer spending amid low inflation and easing interest rates.

RCBC Credit Cards President and Chief Executive Officer Arniel Vincent B. Ong said they expect their cards business to continue growing by about 30-40% until next year.

“We are growing by more than 40% year on year so far. We are growing faster than the industry. My outlook is that by the end of the year, we will continue to be at that range… And we expect that to continue to be faster than the industry,” Mr. Ong said on the sidelines of a recent event.

“Next year, I think with the relatively benign inflation rates, the low interest rates…, I think consumption will continue to grow.”

RCBC’s credit card receivables surged by 48% year on year in 2024 as cards in force increased by 21% and billings rose by 41%.

Inflation eased to a near six-year low of 0.9% in July, which brought the seven-month average of 1.7%, a tad higher than the central bank’s 1.6% forecast for the year but below its 2-4% annual target.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. has said that another rate cut is “quite likely” at the Monetary Board’s Aug. 28 meeting as they expect inflation to remain within target this year.

All 20 analysts in a BusinessWorld poll are penciling in a third straight 25-basis-point (bp) reduction this week to bring the policy rate to 5% from the current 5.25%.

Mr. Remolona also said that the central bank could deliver only two more reductions this year, including this week’s potential easing move.

The BSP has lowered benchmark interest rates by a cumulative 125 bps since August 2024, with the policy rate now at 5.25%.

After this week’s review, the Monetary Board’s remaining meetings for this year are scheduled for Oct. 9 and Dec. 11.

Mr. Ong said the bank is targeting to grow its credit card base to about 1.5 million by yearend, supported by products like its recently launched cobranded product, the AirAsia Platinum credit card.

“For RCBC, it’s really about targeting the right customer base, targeting the right segments. We have been very deliberate in attracting premium or affluent customers,” he said when asked what will drive credit growth this year.

The bank’s digitalization efforts, particularly in its mobile application, can also boost loan demand, he added.

RCBC’s net income jumped by 29.89% year on year to P2.92 billion in the second quarter amid higher net interest earnings.

For the first semester, its net profit climbed by 20.18% to P5.35 billion. — Aubrey Rose A. Inosante

Can domestic savings cover the country’s increasing investment needs?

In the second quarter of 2025, the country’s savings rate — defined as gross domestic savings as a percentage of gross domestic product (GDP) — grew 10.9%, reaching P760 billion. Meanwhile, the investment rate was 26.1% of GDP, or P1.82 trillion, resulting in a P1.06-trillion gap. The savings-investment gap (S-I) gap — the difference between gross domestic savings and gross capital formation — shows a country’s ability to finance its overall investment needs. An S-I deficit occurs when a country’s investment expenditures exceed its savings, resulting for a country to borrow money to fund the gap.

Can domestic savings cover the country’s increasing investment needs?

PSEi to rise on dovish Powell speech, BSP bets

BW FILE PHOTO

SHARES may continue to climb this week following dovish comments from the US Federal Reserve chief over the weekend and as the Bangko Sentral ng Pilipinas (BSP) is expected to deliver a third straight rate cut on Thursday.

On Friday, the bellwether Philippine Stock Exchange index (PSEi) edged up by 0.05% or 3.71 points to 6,281.58, while the broader all shares index rose by 0.06% or 2.44 points to 3,737.58.

Week on week, however, the PSEi was down by 0.54% or 34.35 points from its 6,315.93 finish on Aug. 15.

The stock market was closed on Monday for National Heroes’ Day. 

“Local equities went sideways through a shortened week as investors turned cautious ahead of Fed Chairman Jerome H. Powell’s remarks at Jackson Hole summit,” online brokerage 2TradeAsia.com said in a market note.

Mr. Powell, in a closely watched speech at the Fed’s annual Jackson Hole symposium on Friday, opened the door to an interest rate cut at the central bank’s meeting next month, Reuters reported.

Mr. Powell’s dovish change of course has seen futures price in an 84% chance of a quarter-point rate cut in September, and at least 100 basis points (bp) of easing to 3.25-3.5% by the middle of next year.

2TradeAsia.com said Mr. Powell’s speech could set the tone for this week’s trading and pegged the PSEi’s support at 6,300 and resistance at 6,600. 

Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message that Mr. Powell’s dovish tilt could fuel buying activity at the stock market this week.

“Hopes of a rate cut by the Bangko Sentral ng Pilipinas in their Monetary Board meeting [this] week may also lift sentiment. Investors are also expected to look for clues on the BSP’s policy outlook at the said meeting,” he said.

All 20 analysts in a BusinessWorld poll expect the Monetary Board to reduce the target reverse repurchase rate by 25 bps to 5% from the current 5.25% at its policy meeting on Thursday.

This would be the BSP’s third consecutive 25-bp cut since April. It has lowered benchmark interest rates by a total of 125 bps since it began its easing cycle in August 2024.

Mr. Tantiangco put the PSEi’s major support at 6,150 and major resistance at 6,400.

“Chart-wise, the local market remains bearishly biased as it continues to form lower highs… This week, the market is expected to continue testing these lines,” he said. “Taking these lines under strong trading activity is seen as the market’s primary objective to be able to rise further moving forward.”

For his part, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort placed the index’s support at 6,204.04 and resistance at 6,370.

Mr. Ricafort said the market will monitor policy hints from both the BSP and the Fed as potential rate cuts by the US central bank would also support further easing at home. — R.M.D. Ochave with Reuters

Work on final stations of MRT-7 to start next year

PHILSTAR FILE PHOTO

THE Department of Transportation (DoTr) said civil works for the last two stations of the Metro Rail Transit Line 7 (MRT-7) will start next year.

“Civil works for the Tala Station and San Jose del Monte Station are expected in 2026 and will be completed in the fourth quarter of 2028,” DoTr Spokesperson for Business Infrastructure Maricar L. Bautista said at a forum last week.

The DoTr and the city government of San Jose del Monte, Bulacan agreed in March to the new location of the MRT-7 station in that city.

The San Jose del Monte stop will now be located near the boundary of San Jose del Monte and north Caloocan, instead of the initial site, which was near the Muzon-Tungkong Mangga Road intersection.

Last year, the DoTr said the MRT-7, a project of San Miguel Corp. (SMC), is experiencing delays due to the right-of-way issues in San Jose del Monte.

MRT-7, which will have 14 stops, will run from Quezon City to San Jose del Monte, and is expected to carry 300,000 passengers daily in its first year, and up to 850,000 passengers a day by the 12th year.

The first 12 stations of the MRT-7 will be fully operational by 2027, Ms. Bautista said.

SMC is financing the construction and will operate the 23-kilometer commuter rail system under a 25-year concession agreement.

In April, SMC, through its wholly owned unit SMC MRT-7 Corp., signed an operations and maintenance services deal with Korea Railroad Corp. to fast-track the development of MRT-7.

According to the Public-Private Partnership Center, the project was originally scheduled for completion in 2019.

This timeline was delayed, and partial operations were then targeted for the fourth quarter of 2021, a deadline which was not met. — Ashley Erika O. Jose

Tourism continues to lag but holds potential to rebound

PHILIPPINE STAR/MIGUEL DE GUZMAN

By Justine Irish D. Tabile, Reporter

TOURISM continues to track below its pre-pandemic performance, with the accommodations sector continuing to lag the rest of the industry, giving it some potential for an upside surprise, according to Unicapital Securities, Inc.

“We think this is one of the sectors that we need to watch because they offer a strong opportunity to rebound,” Jemimah Ryla R. Alfonso, equity research analyst at Unicapital said.

Tourism gross value added remains below its pre-pandemic level of P2.51 trillion because of the “continued underperformance of the accommodation services segment, weighed down by the sluggish recovery in international tourist arrivals that remain well below pre-pandemic levels,” Unicapital said in its Midyear Outlook.

Last year, Ms. Alfonso said the tourism industry accounted for 8.9% of gross domestic product (GDP), contributing P2.4 trillion to the economy.

“In 2019, the tourism direct gross value added accounted for P2.51 trillion. Five years after that, we still hover below that threshold of P2.51 trillion,” she added.

Unicapital said tourist arrivals in 2024 amounted to 5.9 million, well below the pre-pandemic 8.3 million.

“The slow momentum continues into 2025, with data from January to April showing arrivals trailing 27% below pre-COVID levels for the same period,” it said.

“In our view, this shortfall reflects more than just a delayed return to travel. International travelers remain hesitant, as infrastructure hasn’t fully caught up yet, making it harder to move people comfortably and confidently,” it added.

Unicapital noted that the Philippines’ tourism story is getting lost in the noise as other countries ramp up efforts to grab global attention, leaving the Philippines with the lowest tourist arrivals in the region.

“We think our policymakers have stressed their support for the industry. However, we think that the initiatives or the efforts are too underpowered to steer a full recovery,” Ms. Alfonso said.

“We think we need to have a sharper brand. We need to have tourist-friendly policies as well as a seamless travel experience,” she added.

Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said his outlook for tourism in the second half remains cautiously optimistic.

“With international arrivals gradually recovering and strong domestic demand, we can still approach pre-pandemic levels by 2026 if no major external shocks occur,” he said via Viber.

“The opportunities lie in high-value segments such as ecotourism, cultural and culinary tourism, medical and wellness travel, and cruise tourism, especially if we focus on improving the visitor experience, connectivity, and sustainability,” he added.

However, he said the government needs to streamline the investment and accreditation process for tourism enterprises and strengthen local government capacity for planning and crisis management.

He also cited the need to improve tourism infrastructure through public-private partnerships and adopt a smarter, data-driven approach to marketing and product development.

“A shift from quantity to quality tourism, anchored on sustainability and inclusive growth, is what will make Philippine tourism a powerhouse in Asia and one that is globally competitive and future-proof,” he added.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the lagging performance of tourist arrivals can be framed as an opportunity to catch up.

“Philippine foreign tourism numbers are still three to five times lower than other major ASEAN or Asian markets, so there are still opportunities to catch up,” he said.

“It is important to further develop infrastructure to support or sustain increased tourism numbers and revenue,” he added.

He said that it is important to develop airports, accommodation facilities, meetings, incentives, conferences, and exhibition facilities, and mass transport.

“Another source of growth is the diversification of foreign tourist sources, such as from India, which is the world’s largest in terms of population,” he added.

Tariff damage to furniture industry downplayed

PHILSTAR FILE PHOTO

US PRESIDENT Donald J. Trump’s proposed tariff on furniture imports won’t be as damaging as the tariff on garments, the Foreign Buyers Association of the Philippines (FOBAP) said.

“Luckily, we have taken all these remedial measures. To us, this threat is not as grave as the threat in the other industries, such as garments,” FOBAP President Robert M. Young said in a phone interview. 

“Within the next 50 days, (the US) investigation will be completed, and furniture coming from other countries into the US will be tariffed at a rate yet to be determined,” Mr. Trump said in a social media post.

“This will bring the furniture business back to North Carolina, South Carolina, Michigan, and states all across the Union,” he added.

Mr. Young said Philippine furniture exporters will just need to find other markets for their exports.

“If that happens in 50 days, we will look for other markets. We are already shipping to Russia and to the Middle East now,” he said.

“This is, I think, a good sign for the Philippines that we have developed the furniture business ahead of time by shipping to countries other than the US,” he added.

The difficulty in exporting to the US market includes obtaining forestry certificates, he said.

US business “went down by 50% since the pandemic; it became like $600 million; at present, I think it is less than $300 million,” he said.

“This may still go down because most of the orders were transferred to Indonesia… the Philippines has no wood resources, and we also have the problem with the forestry registration certificate,” he added.

As a result, Philippine furniture manufacturers buy wood and raw materials from Malaysia and Indonesia, piggybacking on the permit of the Malaysian or Indonesian supplier in exporting to the US.

“That is very tedious, so that makes the buyers think (about going directly to) Indonesia,” he said.

“We are not giving up. Of course, America is still a market. So, we will continue,” he added.

INVESTMENTS
Associate Professor of the University of Asia and the Pacific George N. Manzano said US reciprocal tariffs could also impact investment in the Philippines’ exporting industries apart from disrupting trade.

“There is no upside. All the tariffs are up in the US. We have not seen a substantial tariff reduction in any part of the world. This is really a very great disruption,” he said in an interview on the Money Talks with Cathy Yang program on One News.

“More than that, it is not only the increase in tariff but also its effect on investments in the Philippines’ exporting industries, especially if the market is the US,” he added.

He said that if factories choose not to locate in the Philippines because of doubts about market access to the US, the flow of investments might not match the “fervor” of the past.

“This is simply because demand has, by a stroke of a pen, diminished. We only hope that semiconductors will still be accepted because that is really one big chunk of our exports to the US,” he added. 

Meanwhile, he said the zero duty on some US goods may result in an increase in the share of US goods in Philippine imports.

However, he said that it will not necessarily translate into higher import bills, as the duty-free entry of US imports will just crowd out other exports to the Philippines.

Aside from merchandise trade, he said a cloud is hanging over business process outsourcing due to artificial intelligence and the proposed Keep Call Centers in America Act.

“So certainly, if the Keep Call Centers in America Act comes to fruition, we expect a lowering of demand for that industry,” he said.

“However, the demand will not be across the board, meaning not all industries will leave the Philippines, because the Act, I think … only affects those US companies that get federal grants or contracts, and those which are private sector-owned firms will be less hit in that sense,” he added.

Nevertheless, he said the law will put pressure on the industry to diversify markets and to upskill. — Justine Irish D. Tabile

Revenue impact of rice import suspension seen at P4.3 billion

REUTERS

THE Bureau of Customs (BoC) estimated that the suspension of rice imports will result in foregone revenue of more than P4.3 billion.

Customs Commissioner Ariel F. Nepomuceno told BusinessWorld that the estimate is based on the BoC’s year-earlier collections of P1.64 billion in September and P2.68 billion in October.

“The total is around P4.3 billion. But if we factor in growth in volume for this period, foregone revenue could be higher,” Mr. Nepomuceno said via Viber.

The temporary ban is set to begin on Sept. 1, after President Ferdinand R. Marcos, Jr. ordered the halt to rice imports to provide relief for farmers during the harvest.

Some farmers are being offered prices for their grain below the cost of production.

Rice tariffs remain among the BoC’s top revenue sources.

After Executive Order 62 slashed rice import tariffs to 15% from 35% in June 2024, the Department of Agriculture called for a “gradual hike” to return to the original rate.

Assistant Commissioner Vincent Philip C. Maronilla has said that the rice tariff reduction led to about P20 billion in foregone revenue last year.

Finance Secretary Ralph G. Recto said he expects a “slight drop” in Customs revenue due to the two-month ban but still expects the collection target to be met.

In July, Customs collections rose 6.4% year on year to P80.36 billion, bringing the seven-month total to P544.23 billion.

This year, the BoC has been set a target to collect P958.7 billion. — Aubrey Rose A. Inosante

Geothermal de-risking plan expected within the year

EDC

THE Department of Energy (DoE) said it hopes to submit its $250-million geothermal resource de-risking facility (GRDF) proposal to the Department of Economy, Planning, and Development Investment Coordination Committee (DepDev ICC) within the year.

“We are almost done with the preparations to seek DepDev ICC approval,” Energy Undersecretary Mylene C. Capongcol told BusinessWorld.

The DoE has tapped the Asian Development Bank (ADB) for technical assistance to develop and implement the de-risking facility. 

According to the ADB, the GRDF aims to “reactivate greenfield investment in geothermal,” which has been stranded since 2001, by reducing investment risk during the pre-development stage through sharing exploration costs and risk with the private developers.

“The facility will fund or co-share the cost of exploration and drilling which is the riskiest part of the development,” Ms. Capongcol said.

“If they succeed, they will pay back the money extended to them. If not, it will be a grant,” she added.

The funding will be provided $60 million by the ASEAN Catalytic Green Finance concessional funds and $190 million by the ADB.

The Philippines’ installed geothermal energy capacity was 1,952 megawatts (MW) in 2023, making it the third-biggest geothermal producer.

As of April, 31 geothermal service contracts are being monitored by the DoE, which have a total potential capacity of 1,077.22 MW.

In June, the DoE issued notices of award to three geothermal power project bids with a combined capacity of 30.89 MW, part of the third round of green energy auction.

The GEA program is designed to help the Philippines achieve its renewable energy (RE) goal of increasing the share of RE in the power generation mix to 35% by 2030 and 50% by 2040. — Sheldeen Joy Talavera

Agri dep’t to digitally track rice supply, prices

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE Department of Agriculture (DA) said on Monday that it will launch a command center to track the rice supply chain in November.

The facility, fed with trade data primarily from the Osiris system of the Bureau of Plant Industry, will initially focus on the rice value chain — “an essential but challenging staple in the Philippines,” the DA said in a statement.

“Wild swings in rice prices could unsettle economic assumptions, particularly those tied to inflation,” it said.

The digital nerve center will consolidate critical data including production, imports, stock levels, various types of products and wholesale and retail prices.

It will also collect data on consumption rates, production and post-harvest infrastructure, utilization, irrigation coverage, spoilage, and global market trends.

“The DA has most of these data, but they are scattered across various agencies,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said.

“We must bring them together and make market sense of them, plus gather additional data that we lack, so we can use our limited resources more efficiently and productively,” he added.

The DA said “sharper forecasting” of supply and demand will be provided by the command center — facilitated by the expected restoration of regulatory powers over the rice industry to the DA and National Food Authority through amendments to the Rice Tariffication Law.

Improved forecasting accuracy will provide “much-needed predictability” and improved incomes for rice farmers, it added.

The command center model will later be applied to high-value crops, livestock, poultry, and fisheries. — Kyle Aristophere T. Atienza

Mushroom waste being tested as fish feed

PHILIPPINE STAR/ MICHAEL VARCAS

THE Department of Science and Technology (DoST) said it is funding a project that seeks to turn mushroom farming waste, known as spent mushroom substrate (SMS), into fish feed for tilapia aquaculture.

The DoST’s Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (PCAARRD) said tilapia farmers face rising feed costs, one of the most expensive inputs.

“Traditionally, fish feed is made using fishmeal or plant-based ingredients like soybean meal,” it said.

“However, the cost and environmental concerns tied to these ingredients have prompted a search for more sustainable alternatives,” it added.

PCAARRD said SMS could be a sustainable and cost-effective fish feed ingredient due to widespread availability from a “booming mushroom industry.”

Now on its second year, the project, being conducted by researchers from the Partido State University in Bicol, has developed five types of fish feed with varying amounts of SMS replacing soybean meal.

The experimental feed was evaluated for key qualities such as durability in water, safety, nutritional value, and fish acceptance.

The project team collected two types of SMS, freshly harvested and aged from mushroom farms to determine which version is more suitable for feed use. The samples were then analyzed at the University of the Philippines Los Baños to assess their nutrient composition, including protein, fiber, fat, and moisture content.

The analysis also identified 12 types of beneficial bacteria from the Bacillus family living in the SMS. These microbes are known for their ability to survive in tough environments and even improve gut health in animals.

“Results from the project showed significant differences in their proximate compositions, microbial loads, and functional characteristics, each influencing their suitability for different applications,” PCAARRD said.

“But generally, aged SMS was found to be more suitable as an aquafeed ingredient as it has higher protein and fiber levels, lower fat and moisture, and showed better stability, making it a good option for feed formulation,” it added.

By repurposing SMS, the initiative supports a circular economy, “turning what was once discarded into a useful resource while also reducing the cost of aquafeeds,” PCCARD noted.

“In the long run, the project seeks to achieve improved tilapia production, less waste from mushroom farms, and more affordable fish farming across the region,” it added. — Kyle Aristophere T. Atienza

The Advance Pricing Agreement: What it means for businesses

The Bureau of Internal Revenue (BIR) has announced that it will conduct a public consultation on the draft Revenue Regulations governing the Advance Pricing Agreement (APA) on Aug. 28, 2025. This marks a significant step forward in the Philippines’ efforts to modernize its transfer pricing framework and align with international best practices.

The journey toward an APA regime has been long. In 2013, the BIR issued Revenue Regulations (RR) No. 2-2013, formally introducing the concept of APAs through its Transfer Pricing Guidelines. However, progress since then has been limited, with few public developments on APA implementation.

Despite the delay, the BIR has taken several measures to strengthen transfer pricing compliance and safeguard the tax base against profit shifting. These include Revenue Audit Memorandum Order (RAMO) No. 1-2019, which established standardized audit procedures for related party and intra-firm transactions and RR No. 34-2020, along with its subsequent amendments, which require taxpayers to file BIR Form No. 1709 (Information Return on Related Party Transactions).

Currently, the Philippines remains one of the few Southeast Asian countries without a fully operational APA program. In contrast, Singapore (the first in the region to implement APA in 2006), Indonesia, Vietnam, Malaysia, and Thailand have developed and/or established active APA regimes.

WHAT IS AN APA?
RR No. 2-2013 defines APA as a facility available to taxpayers engaged in cross-border transactions. It is an agreement entered into between the taxpayer and the BIR to determine in advance an appropriate set of criteria (e.g., transfer pricing method, comparables and appropriate adjustments thereto) to ascertain the transfer prices of controlled transactions over a fixed period. The purpose of an APA is to reduce the risk of transfer pricing examinations and double taxation.

There are two kinds of APA: unilateral APA, and bilateral or multilateral APA. A unilateral APA involves only the taxpayer and BIR, while a bilateral/multilateral APA involves the Philippines and one or more of its treaty partners. A bilateral or multilateral APA is authorized under the Mutual Agreement Procedure (MAP) Article of the 37 Philippine tax treaties.

It is not a mandatory requirement for taxpayers to avail of an APA for their controlled transactions. If a taxpayer avails of an APA, it may choose freely between a unilateral and bilateral/multilateral APA. If a taxpayer does not choose to enter into an APA and its transactions are subject later to transfer pricing adjustments, it may still invoke the MAP Article to resolve double taxation issues.

APA PROCESS
As of writing, the draft Regulation on APA is not yet available. However, the APA process typically follows a structured, multi-phase approach. While the exact steps may vary slightly by jurisdiction, the following outline reflects best practices from Southeast Asian countries and international standards: pre-filing consultation; formal application submission; acceptance and review; information gathering and analysis; negotiation; agreement and execution; implementation and monitoring; and renewal or revision.

The BIR is expected to adopt a similar phased approach.

DURATION OF APA
The time it takes to finalize an APA can vary significantly depending on the jurisdiction, complexity of the transactions, and whether the APA is unilateral, bilateral, or multilateral. Based on OECD statistics, the global average for a bilateral APA to finalize is just over three years. Similarly, in the ASEAN region, the average duration to finalize an APA is two to five years.

WHAT’S IN IT FOR THE TAXPAYERS
The implementation of an APA program by the BIR offers Philippine taxpayers several meaningful benefits. First and foremost, it provides certainty and predictability in how transfer pricing methods will be treated, thus, helping businesses avoid unexpected tax assessments. By agreeing on pricing methods in advance, taxpayers can significantly reduce the risk of audits and adjustments.

For multinational enterprises, APAs also help prevent double taxation, which ensures that income isn’t taxed more than once across jurisdictions. While the APA process requires upfront effort, it ultimately leads to lower compliance costs, as annual reporting becomes more streamlined and focused.

Finally, the APA program positions the Philippines more competitively within the region. As neighboring countries already offer APAs, having a robust program in place can boost investor confidence and make the country a more attractive destination for cross-border investments.

TAKEAWAY
With the holding of public consultation, the Philippines is a step closer to moving toward implementing a formal APA program. This consultation signals a shift toward aligning with international best practices and offers taxpayers a valuable opportunity to shape the framework that will govern how transfer pricing is managed in the country. For businesses, it’s a chance to engage early, prepare strategically, and potentially benefit from a more predictable and cooperative tax environment.

We hope the upcoming public consultation on the APA will serve not just as a procedural formality, but as a meaningful dialogue between the BIR and stakeholders. This is a valuable opportunity for businesses, tax professionals, and industry groups to share insights, raise concerns, and help shape a framework that promotes fairness, transparency, and certainty in transfer pricing compliance.

Let’s Talk TP is an offshoot of Let’s Talk Tax, a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

Paul Vinces C. Leorna is a manager from the Tax Advisory & Compliance Practice Area of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.com