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SIAP members file CoC in Cotabato City

COTABATO CITY — Thousands of voters lined up along major thoroughfares in Cotabato City on Thursday morning, while their favored aspirants for local elective posts filed certificates of candidacy (CoC) under the banner of the Serbisyong Inklusibo, Alyansang Progresibo (SIAP) in the Bangsamoro region.

Radio stations here and in nearby Central Mindanao cities reported at noontime Thursday that no fewer than 20,000 Muslim, Christian and non-Moro ethnic Teduray residents from across the 37 barangays in Cotabato City appeared on the streets to show support for Vice-Mayor Johari C. Abu, a full-blooded Moro, who is aspiring for the city’s mayoral post in next year’s local electoral exercise.

Mr. Abu and his running mate, Bimbo A. Pasawiran, are the anointed candidates for Cotabato City mayor and vice mayor, respectively, of the SIAP Party.

SIAP Party, existing since the time of the now defunct Autonomous Region in Muslim Mindanao, is touted as the largest and most organized regional political party in Bangsamoro Autonomous Region in Muslim Mindanao. It is reported the party has around 700,000 documented supporters in the region’s five provinces and three cities. — John Felix M. Unson

House considering overhaul of ERC charter in EPIRA reforms

THE House of Representatives energy committee is considering amendments that will expand the Energy Regulatory Commission (ERC) charter, including the introduction of benchmarking in generation rate-setting while expediting the body’s ruling and appeals process.

“The Energy Regulatory Commission is hereby reconstituted as an independent, accountable, quasi-judicial, and rule-making regulatory body, with powers to promulgate and enforce rules and regulations to effectively implement the provisions of the EPIRA (Electric Power Industry Reform Act) and this act,” according to a Sept. 1 copy of the draft bill obtained by BusinessWorld.

The ERC discussions are part of a broader effort to amend EPIRA, the law that deregulated the energy industry.

The ERC will be required to publish benchmark rates, to be updated at least annually, according to the draft, which is a substitute bill amending EPIRA.

The panel is also considering a provision requiring the ERC to rule on administrative cases within 30 days, with summary and regular quasi-judicial cases given 60 to 180 days, respectively. Appeals on all cases should be resolved by the body within 30 days.

Regular quasi-judicial cases involve matters directly concerning consumer rates, with summary decisions concerning power supply agreements and benchmark cases. Administrative issues include cases that do not directly affect consumers, according to the draft bill.

Legislators are also considering expanding the number of commission seats to eight from four, adding a requirement that they have “extensive familiarity” with the energy sector.

It also expanded the number of cases the ERC en banc can take on, to include reviews of “long-term power supply agreements, setting of distribution rates and major capital expenditures” of power companies. Conflicting decisions released by lower commission divisions could also be elevated to the en banc level for review, according to the bill.

Legislators are looking to fast-track amendments to EPIRA, committing to finish power sector reforms before the Christmas break, to resolve issues like mounting energy costs.

Amendments to EPIRA have been designated as priorities of President Ferdinand R. Marcos, Jr. for the 19th Congress. Measures seeking to amend EPIRA remain pending at the House and Senate energy panels.

Speaker and Leyte Rep. Ferdinand Martin G. Romualdez in July said EPIRA “is a complicated law,” describing it as a “big piece of legislation.”

“The ERC plays a pivotal role in ensuring affordable and reliable energy. As such, strengthening its authority is essential,” Nic Satur, Jr., chief advocate officer of Partners for Affordable and Reliable Energy, said via Facebook Messenger.

He noted, however, that expanding the ERC to eight members could worsen red tape. “A larger commission could lead to increased bureaucracy, slower decision-making, and higher operational costs.”

“Any amendments to the EPIRA and the ERC should address the limited staffing problem of the current commission,” Terry L. Ridon, convener of think-tank InfraWatchPH, said via Viber. “With an expanding set of generating facilities responding to growing electricity demand, the current number of technical staff is insufficient to timely respond, review and decide on new and pending applications.”

The commission is tasked with assessing its workforce capabilities, allowing the ERC to restructure every five years “if there is a need for further… reorganization,” according to the draft measure.

Mr. Satur said granting the ERC to review power agreements and distribution rates could spur competitiveness in the power industry, ultimately benefiting consumers in the form of “competitive pricing.”

The draft substitute bill also included a provision allowing the ERC to collaborate with the Philippine Competition Commission in cases of suspected “abuse of market power, cartelization, and anti-competitive… behavior.” It will be granted the power to impose a maximum fine of P500 million and P50 million for organizations and individuals, respectively. 

“This framework offers the potential for more effective enforcement, stronger penalties, and increased transparency,” Mr. Satur said, thereby protecting consumers from inflated electricity costs due to anti-competitive practices prejudicial to the public interest. — Kenneth Christiane L. Basilio

Expanded air services to US eyed in upcoming aviation masterplan

STOCK PHOTO | Image by L.Filipe C.Sousa from Unsplash

THE Philippine aviation industry is looking to expand air links to the US in the upcoming aviation masterplan, the Department of Transportation (DoTr) said.

“We need to do consultation meetings with the stakeholders and after that there will be air talks; in fact we are looking at the US. We want to expand our operations, through our airlines, to the US,” Transportation Secretary Jaime J. Bautista told reporters on the sidelines of an aviation forum.

The DoTr through the Civil Aeronautics Board is planning to meet with other governments in a bid to serve new destinations, Mr. Bautista said.

He said the DoTr is now conducting air service consultations with the US, Australia, Thailand, UK, Uzbekistan, Qatar, Ethiopia, India, Oman and the Seychelles.

“Through these air talks, we intend to open new international routes or have more flight frequencies to existing routes,” he said.

Among Philippine carriers, only Philippine Airlines has direct flights to the US.

Philippine Airlines recently launched nonstop flights between Manila and Seattle, which is its sixth destination in the US and its eighth in North America. 

In July, the DoTr announced that the Philippines and South Korea signed a bilateral air services agreement allowing an increase in seat entitlements for flights between the two countries.

Under the new agreement, the Philippines and South Korea will have an additional 10,000 seats per week, bringing the total to 30,000 from 20,000 previously.

Budget carrier Cebu Pacific, operated by Cebu Air, Inc. is seeking an expansion of air service agreements allowing it to increase capacity to Australia, India, and Hong Kong.

Transportation Undersecretary for aviation and airports Roberto C.O. Lim said the Civil Aviation Authority of the Philippines (CAAP) is tasked with drafting the P300-million National Aviation Master Plan.

“We have asked for a budget. For 2025, we have asked for funding to procure this plan. The existing one we have is outdated. We hope to prepare a request for proposals within the year,” Mr. Lim said.

According to CAAP, the new masterplan aims to address upgrades to aviation safety, efficiency and sustainability.

In the plan, CAAP will assess the civil aviation industry, including infrastructure, operations, regulatory framework, national and regional policy, and international standards. — Ashley Erika O. Jose

IT-BPM industry developing Asia, Australia, UK markets

STOCK PHOTO | Image by DC Studio from Freepik

By Justine Irish D. Tabile, Reporter

THE information technology and business process management (IT-BPM) industry said it is receiving growing interest from potential clients in Asia, Australia, and the UK.

Information Technology and Business Process Association of the Philippines (IBPAP) President and Chief Executive Officer Jack Madrid said North America remains the primary market for Philippine IT-BPM companies.

“We are seeing increased interest from Asia, Australia, and the UK,” he told reporters on Thursday.

“This is partly due to IBPAP’s efforts in organizing investor missions to these regions,” he added.

From Aug. 24 to 31, IBPAP joined an Australia Roadshow organized by the Philippine Economic Zone Authority to promote the Philippines as an IT-BPM destination.

According to Mr. Madrid, Australian companies such as Telstra, ANZ, QBE, Macquarie, GHD, BHP, and Pepper have successfully set up operations in the Philippines. 

“Key sectors attracting interest include banking, financial services, and telecommunications, where the Philippines’ skilled professionals and capabilities continue to be highly valued,” he added.

In the coming weeks, he said IBPAP will be participating in a mission to Japan, possibly followed by a mission to Europe to invite more global shared services companies to locate their regional back offices in the Philippines.

Despite the growing demand, Mr. Madrid said he is wary of countries that are emerging as competitors in IT-BPM.

“The industry was once dominated by just two countries — India and the Philippines. But now, we’re seeing other markets, like Poland, Egypt, South Africa, and Vietnam, emerging as competitors,” he said.

“Each market has its own unique value proposition, and while we are still one of the leaders, maintaining our position will require us to continually improve our skills and services,” he added.

In particular, Mr. Madrid said that the IBPAP has conveyed to Education Secretary Juan Edgardo M. Angara its wish list for addressing the workforce skills gap.

“We emphasized the need to improve basic education to better prepare talent for our sector,” he said.

“One of the key items we raised was improving the senior high school immersion program, and we’re optimistic that his team is making progress. We hope that Senior High graduates will soon be job-ready for the many companies looking to hire,” he added.

He said IBPAP has submitted proposals for skills training programs in partnership with the Technical Education and Skills Development Authority.

“These programs, including project management, data analytics, and AI, are critical to addressing the industry’s skills gap. We’ve submitted 13 to 15 proposals to different regions, and we’re hopeful that these will be rolled out soon,” he added.

PHL touted as among largest potential e-commerce markets

THE PHILIPPINES could be one of the biggest markets for e-commerce due to its demographic makeup, an online shopping platform said.

On the sidelines of the 10.10 Brand Summit, Shopee Philippines Head of Public Relations Erin M. Tagudin told reporters of the Philippines’ growth potential.

“We do think that there is a great opportunity for e-commerce now, especially now that the government is looking at it,” she said.

“We are very happy that the industry is booming, and we do feel that the Philippines is going to be one of the biggest markets,” she added.

She said that the optimism stems from the growing number of Filipinos shopping online.

“I can say that in terms of population, the Philippines is big in shopping. But of course, Indonesia is still number one in terms of population,” she added.

Citing a UK study, Ms. Tagudin said that the Philippine e-commerce market is expected to grow 19.6% this year to P1.3 trillion.

It is also expected to post a compound annual growth rate of 13.2% between 2024 and 2028.

“This surge can be attributed to the increasing preference for online shopping and more robust interest penetration bolstered by the growing middle class,” she said.

She said the 15% increase in the annual household income of Filipinos in 2023, as reported by the Philippine Statistics Authority signaled an opportunity for brands to capture a slice of the increasingly affluent market.

“This aligns with the trend we’ve observed among our users who spend more on categories that (suit) their lifestyle when shopping for branded items in Shopee Mall,” she said.

She said that the top four product segments in the Philippines are lifestyle, fashion, electronics, and beauty.

“This presents an opportunity for brands, especially in these categories, to attract these increasingly economically empowered consumers and ultimately expand their market,” she added. — Justine Irish D. Tabile

VAT on digital services law levels playing field for MSMEs, DTI says

PHILIPPINE INFORMATION AGENCY

THE Department of Trade and Industry (DTI) said newly signed legislation that will impose value-added tax (VAT) on foreign digital service providers will help level the playing field for micro, small and medium enterprises (MSMEs).

In a statement on Thursday, Acting Trade Secretary Cristina Aldeguer-Roque said the VAT on Digital Services Law will also empower MSMEs in the digital age while protecting consumers.

“This landmark legislation is a significant step towards creating a more equitable and inclusive digital economy in the Philippines,” Ms. Roque said.

“By ensuring that all digital service providers, regardless of origin, contribute their fair share to the country’s tax system, we are promoting healthy competition and supporting the growth of our MSMEs,” she added.

President Ferdinand R. Marcos, Jr. on Wednesday signed into law Republic Act No. 12023, which amends the National Revenue Code of 1997 and imposes a 12% VAT on foreign digital service providers.

Apart from the 12% VAT, the law also imposes a 5% VAT on registered foreign entities providing services to the government.

Under the law, nonresident digital service providers are required to register for VAT if their gross sales or receipts for the past year exceed P3 million.

The law covers online search engines, online marketplaces, cloud services, online media and advertising, online platforms, and digital content providers.

“This removes the unfair advantage previously enjoyed by foreign digital service providers,” Ms. Roque said.

Separately, Philippine Retailers Association President Roberto S. Claudio said the industry welcomes the law.

“On behalf of the business community and retailers in the Philippines, this now levels the business environment between local retailers and online foreign merchants,” he said via Viber.

“This will also substantially boost tax revenue for the government’s social and educational programs,” he added. — Justine Irish D. Tabile

BIR: ‘No guarantee’ of steady prices under digital VAT law

PHILSTAR

THERE is “no guarantee” that foreign digital service providers will continue with their current pricing schemes now that they are being charged value-added tax (VAT), the Bureau of Internal Revenue (BIR) said on Thursday.

“Pwedeng hindi naman tumaas din ang presyo nila (foreign digital service providers). Pero of course, hindi natin ma-ga-guarantee na hindi tataas ang presyo,” (It is possible prices won’t rise, but there is no guarantee,” BIR Commissioner Romeo D. Lumagui, Jr. said in a television appearance.

In a statement issued separately, the BIR said Republic Act (RA) No. 12023 “is not a new tax” but “ensures that the VAT being paid by local digital businesses, will also be paid by foreign digital businesses.”

The law aims to “promote fair competition amongst businesses that are profiting from consumers here in the Philippines,” Mr. Lumagui said.

Under the new law, the government expects to collect P105 billion from digital services VAT in the next five years.

RA 12023, which amended the National Internal Revenue Code of 1997, imposes a 12% VAT on foreign digital service providers. A 5% VAT will also be imposed on registered foreign suppliers rendering services to the government.

The law requires foreign digital service providers with gross sales or receipts over P3 million in the past year to register for VAT payments.

The BIR noted that digital services delivered by foreign digital providers are considered rendered in the Philippines if the services are consumed within the country.

Foreign digital service firms should also designate a representative office or agent in the Philippines.

Nonresident digital service providers include online search engines, online marketplace, e-marketplace, cloud service, online media and advertising, online platform, or digital goods. — Beatriz Marie D. Cruz

Illicit goods seizures hit P61B — BoC

BUREAU OF CUSTOMS

THE Bureau of Customs (BoC) said it has seized P61.16 billion worth of smuggled goods as of the end of August.

“Our border enforcement actions have (resulted in the apprehension of over) P61 billion worth of smuggled goods,” Leon P. Mogao, Jr. who heads the BoC’s Intelligence Division, told reporters on the sidelines of a forum on Wednesday.

The BoC recorded a total of 1,231 seizure operations in the eight-month period, Mr. Mogao said.

The top confiscated goods include counterfeit goods, cigarettes/tobacco/e-cigarettes/vape products, vehicles and accessories, and illegal drugs.

In its mid-year report, the BoC said it seized over P29.74 billion worth of counterfeit goods in the first half.

It also condemned 83 containers of seized and forfeited goods in the first half, it added.

During the six-month period, the bureau also confiscated P2.28 billion worth of illegal drugs from 80 seizure operations.

The most confiscated drugs were shabu or methamphetamine (P1.24 billion), marijuana (P934 million), and ecstasy (P92 million).

Under its Fuel Marking Program, the BoC marked P9.89 billion liters of fuel as of the end of June, generating around P121.72 billion in duties and taxes.

Agencies use a chemical marker in petroleum products to indicate whether these shipment are tax compliant.

In the first half, Customs filed 24 smuggling cases against 94 individuals. It also revoked the accreditation of 17 importers and customs brokers during the period.

The bureau shifted to a 24-hour operating schedule beginning June 13.

“These measures have not only augmented tax collection but also effectively deterred smuggling and illegal activities,” Customs Commissioner Bienvenido Y. Rubio said in the report. 

Following its additional powers under Republic Act (RA) No. 12022 or the Anti-Agricultural Economic Sabotage Act, the BoC will enforce requirements set by regulatory agencies to curb acts of economic sabotage, Mr. Mogao said. 

Under RA 12022, the bureau is empowered to examine under a Letter of Authority corporations or entities suspected of conducting acts of economic sabotage.

The Federation for Free Farmers said however that the government has failed to imprison smugglers and hoarders.

“Currently, the BoC policing its own ranks,” Mr. Mogao said, noting that cases have been filed against staff who may have contributed to failed prosecutions.

“For this year, I think three personnel were dismissed, and cases have been filed,” he added.

Meanwhile, the Navotas City Prosecutor recommended the filing of charges in connection with smuggled fuel transported in two fuel tanker vessels.

On Sept. 18, MT Tritrust and MT Mega Ensoleilee were found carrying smuggled fuel valued at P20.35 million.

At the end of August, Customs collections rose 5.66% year on year to P614.4 billion.

The BoC surpassed its P609.592-billion collection goal for the period by 0.85%, it said. — Beatriz Marie D. Cruz

Meat imports up 7.84% by volume in first 7 months

REUTERS

THE volume of meat imports rose 7.84% in the seven months to July, led by beef, chicken, and pork, the Bureau of Animal Industry (BAI) reported.

The BAI said on Thursday that imports rose to 757.3 million kilograms. 

Agriculture Assistant Secretary and spokesman Arnel V. de Mesa said that the increase in meat imports was driven by the anticipated low supply of pork due to the resurgence of African Swine Fever (ASF).

As of Sept. 20, 125 municipalities across 31 provinces had active ASF cases, the BAI reported.

“Expect higher imports versus last year,” Mr. De Mesa said via Messenger chat.

Meat imports in July declined 1.72% to 109.55 million kilos.

Accounting for about 49.25% of all imports, pork shipments rose 7.54% to 372.94 million kilos for the first seven months.

Spain supplied around 80.73 million kilos of pork, followed by Brazil (71.96 million kilos) and Canada (46.75 million kilos) during the period.

Shipments of chicken totaled 255.38 million kilos in the seven months to July. Shipments rose 2.41% and accounted for 33.72% of meat imports.

Brazil remained the top supplier of chicken with 121.14 million kilos, followed by the US (67.48 million kilos) and Australia (9.17 million kilos).

Beef imports increased 30.9% to 101.69 million kilos during the seven months, accounting for 13.43% of total meat imports.

Beef from Brazil amounted to 30.52 million kilos, followed by Australia (24.2 million kilos), and Ireland (7.7 million kilos).

Imports of turkey meat more than doubled to 897,369 kilos during the period.

Meanwhile, shipments of buffalo, duck, and lamb declined during the seven-month period.

Shipments of buffalo dropped 8.7% to 25.89 million kilos.

Imports of duck and lamb fell during the period by 51.32% to 97,270 kilos and by 17.33% to 401,066 kilos, respectively. — Adrian H. Halili

AI could be a ‘cost center’ if not aligned with business goals

FREEPIK

COMPANIES pursuing artificial intelligence (AI) initiatives could end up with AI being a cost center in the absence of alignment with their business goals, a data science professor said.

“The AI problem that they are pursuing is not aligned with the business goals. As a result, the company will not adopt it,” according to Professor Christopher P. Monterola, who holds the data science chair and heads the Aboitiz School of Innovation, Technology, and Entrepreneurship (ASITE) at the Asian Institute of Management (AIM).

At the 56th FINEX Conference, Mr. Monterola warned of situations where culture and people are not ready to adopt the technology being developed.

He cited success stories such as an AI application used by the Bangko Sentral ng Pilipinas (BSP) to monitor financial accounts that reduced the review process from 20,000 man-hours per month to 11 minutes.

Mr. Monterola also noted a project by a conglomerate that can forecast the movement of people and wealth up to 20 years ahead.

“It’s important that we continue educating business leaders, and decision-makers on the technology and the benefits of AI, helping our organizations and even governments in improving productivity and efficiency,” Reynaldo C. Lugtu, Jr., the founder and chief executive officer of Hungry Work Horse Consultancy, Inc., said.

Mr. Lugtu said a distinction must be made between businesses that are service-oriented or product-oriented.

Service-oriented businesses require more people, a more human touch, empathy, collaboration, and other human elements, he said.

“The value proposition there is humans being assisted by AI. So AI can definitely help augment customer service,” he said.

Mr. Lugtu said the main impact of AI on product companies is in design and content, with the roles reversed — AI will be assisted by humans.

He cited the Work Trend Index 2024 report by Microsoft and LinkedIn, which found that 89% of leaders in the Philippines believe their company needs to adopt AI to stay competitive.

Nevertheless 55% of such leaders worry that their organization lacks a plan to implement AI. — Aubrey Rose A. Inosante

BCDA to explore zero-emissions aircraft development in Clark via Australian tie-up

THE Bases Conversion and Development Authority (BCDA) said it signed a partnership with Australia’s AMSL Aero to explore the development of low-cost, zero-emission, and hydrogen-powered aircraft in New Clark City.

“The agreement with AMSL Aero will build a strong partnership with a world-leading sustainable aviation manufacturer,” BCDA President and Chief Executive Officer Joshua M. Bingcang said in a statement on Thursday.

“We look forward to progressing this partnership to achieve positive technological, economic, and social outcomes for the Philippines,” he said.

Aside from exploring opportunities in zero-emission aircraft, the BCDA said that the partnership with the Australian aircraft designer and manufacturer will also help start up the hydrogen production industry in the Philippines.

Under the partnership, BCDA and AMSL Aero will collaborate in developing an ecosystem for low-cost zero-emission aircraft and hydrogen energy.

“(This) has the potential to connect the archipelago of the Philippines by passenger and freight carriage air bridges, coupled with strategically located hydrogen production plants for clean energy production,” the BCDA said in a statement.

The partnership will generate a study evaluating the feasibility of developing the project within BCDA properties.

Max York, chief executive officer of AMSL Aero, said that the partnership with the BCDA can help drive the future of aerospace and clean energy production, as well as support economic development for the Philippines.

“The partnership agreement with BCDA … clearly demonstrates the global demand and opportunity for hydrogen-powered vertical takeoff and landing (VTOL) technology,” Mr. York said.

“(This) will enable AMSL Aero to further develop our innovative Vertiia technology to support multi-national requirements for passenger, cargo, air rescue, aeromedical, and military air operations,” he added.

AMSL Aero produces a world-leading long-range hydrogen-electric VTOL aircraft known as Vertiia. It takes off like a helicopter and flies fast and smoothly like a fixed wing airplane at very low cost per hour.

“The aircraft will be a highly efficient long-range zero-emissions VTOL, with a range of up to 1,000 kilometers and cruising speeds of 300 kilometers per hour,” the BCDA said. — Justine Irish D. Tabile

PSE index ends lower on last-minute profit taking

BW FILE PHOTO

THE MAIN INDEX slipped on Thursday as investors booked profits amid the escalating conflict in the Middle East and ahead of the release of September Philippine inflation data.

The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.18% or 13.89 points to 7,388.92 on Thursday, while the broader all shares index rose by 0.29% or 11.80 points to 3,982.66.

“The local market closed lower this Thursday. The bourse was in positive territory for the most part of the day but was dragged by last-minute profit taking,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

The PSEi opened at 7,406.79 and reached a high of 7,470.39 before succumbing to profit taking.

“Philippine shares ended slightly lower on rising Middle East tensions, following Iran’s missile attack on Israel. Investors are bracing for more uncertainty as Israel starts a ground operation in Lebanon and tensions escalate with Hezbollah,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Israel bombed Beirut early on Thursday, killing at least six people, after its forces suffered their deadliest day on the Lebanese front in a year of clashes with Iran-backed Hezbollah, Reuters reported.

Israel said it had conducted a precise air strike on the Lebanese capital. Reuters witnesses reported hearing a massive blast, and a security source said it targeted a building in the district of Bachoura near parliament, the closest an Israeli strike has come to the central downtown district of Beirut.

“Locally, easing inflation expectations and strong manufacturing growth kept the market from drifting lower,” Mr. Limlingan added.

A BusinessWorld poll of 15 analysts yielded a median estimate of 2.5% for the September headline inflation.

If realized, this would be the slowest print in nearly four years or since 2.3% in October 2020. This would also be slower than 3.3% in August and 6.1% in the same month a year ago.

September consumer price index data will be released on Friday (Oct. 4).

Sectoral indices closed mixed on Thursday. Services dropped by 0.34% or 7.82 points to 2,274.57; holding firms went down by 0.24% or 15.03 points to 6,256.11; and property slipped by 0.02% or 0.62 point to 2,995.66.

On the other hand, mining and oil surged by 2.57% or 229.50 points to 9,146.91; industrials climbed by 0.38% or 37 points to 9,744.87; and financials rose by 0.23% or 5.57 points to 2,358.49.

Value turnover went up to P7.38 billion on Thursday with 1.01 billion shares traded from the P4.33 billion with 1.16 billion issues changing hands on Wednesday.

Advancers outnumbered decliners, 124 versus 83, while 49 names were unchanged.

Net foreign buying went down to P287.5 million on Thursday from P540.05 million on Wednesday. — R.M.D. Ochave with Reuters

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