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Where are the big fish?

REFERRAL DOCUMENTS given to the Office of the Ombudsman on Nov. 26. In photo are: (L-R) Ombudsman’s Jesus Crispin Remulla, Independent Commission for Infrastructure Chairman Andres Reyes, Jr. and Department of Public Works and Highways Secretary Vince Dizon. — PHILIPPINE STAR/MIGUEL DE GUZMAN

No senator has been charged with malversation.

On Sept. 23, then Justice Secretary Jesus Crispin “Boying” Remulla said that the National Bureau of Investigation (NBI) recommended the filing of charges against Senators Joel Villanueva and Jinggoy Estrada, Party-list Ako Bicol Rep. Zaldy Co, former Department of Public Works and Highways (DPWH) Undersecretary Roberto Bernardo, and DPWH Bulacan 1st District engineer Henry Alcantara for indirect bribery and malversation of public funds. He indicated that the NBI and the Anti-Money Laundering Council (AMLC) were involved in the investigation, particularly concerning the affidavit of Alcantara.

During a hearing of the Senate Blue Ribbon Committee, Alcantara signed an affidavit that alleged budget insertions and kickbacks were made by Senator Francis Escudero, former senator Bong Revilla, and senators Estrada and Villanueva. The affidavit corroborated earlier statements from former DPWH Bulacan 1st District engineers Brice Hernandez and Jaypee Mendoza.

On Sept. 25, Bernardo testified that Senator Francis Escudero, former senators Revilla and Nancy Binay, and former representative Co were involved in anomalous flood control projects. Bernardo stated that his allegations were based on personal knowledge and direct interactions with the lawmakers involved.

Now that a warrant of arrest is already out for Co, Mr. Remulla, now the Ombudsman, was asked on ANC’s Headstart on Dec. 8 if arrest warrants against senators linked to the anomalous flood control projects might be issued this Christmas, he said: “Possible. Maybe in the next two weeks.”

In a press conference last Thursday, Dec. 18, President Ferdinand Marcos, Jr. said it will be an unhappy Christmas for those involved in the flood control corruption mess. “I know their cases will be done before Christmas. The cases filed against them are complete and they will be jailed. They will not have a Merry Christmas,” the President said in Filipino.

He cited the first batch of cases against 37 lawmakers, officials, and contractors transmitted to the Ombudsman by the Independent Commission for Infrastructure (ICI). While he did not explicitly name any lawmaker or official, senators Villanueva and Estrada, and Zaldy Co are among the 37 included in the ICI’s referrals.

The Office of the Ombudsman filed one count of malversation and two counts of graft against Co before the Sandiganbayan on Nov. 19. The charges are non-bailable offenses that can warrant life in prison because the amount malversed exceeded P8.8 million. The panel of prosecutors filed a motion for the urgent issuance of an arrest warrant against him. A massive manhunt for Co, who is believed to be hiding in Europe, is ongoing.

The basis of charges against Co were the testimonies of the DPWH officials. The same testimonies implicated senators Villanueva and Estrada. Curiously, as of Dec. 19, no charges of malversation have been filed before the Sandiganbayan against the two senators.

If no senator or congressman is imprisoned today or tomorrow, the citizenry, already extremely enraged by the grand flood control scam, could turn their ire on President Marcos for failing to obtain visible accountability, real penalties, and full retribution from the senators accused of having designed the grand flood control scam.

PORK IN THE 2026 BUDGET
The proposed 2026 National Budget has been approved by the bicameral conference committee of Congress. It is expected to be signed into law by the President before the end of December.

The committee approved a P51.6-billion budget for the Medical Assistance to Indigent and Financially Incapacitated Patients (MAIFIP) program, an increase from the P49 billion initially proposed by the House of Representatives, and a major jump from the P24.2 billion proposed in the original National Expenditure Program (NEP).

Various groups — health professionals, budget watchdogs, and other civil society associations — have criticized the 2026 budget for including the MAIFIP. They brand it as a form of “soft pork barrel” or an “epal fund.” Epal is derived from the Tagalog expression pumapapel, which loosely means trying to gain goodwill.

The criticism stems from the program’s reliance on guarantee letters of payment by members of Congress, a program critics claim is a system of political patronage rather than universal healthcare (UHC).

Opponents, including the Healthcare Professional Alliance, urge that the MAIFIP funding be scrapped or transferred to the Philippine Health Insurance Corp. (PhilHealth) to cover the premiums of more indigent Filipinos and strengthen the UHC system.

Kalookan Archbishop Pablo Virgilio Cardinal David said that patronage-based health and social assistance programs undermine human dignity and weaken constitutional governance. “When public assistance is delivered through patronage, through discretionary lump sums, lists controlled by politicians, and post-enactment intervention, it transforms rights into favors and citizens into supplicants,” the Cardinal said.

“The poor do not need benefactors,” he added. “They need justice.” Drawing on Catholic social teaching, the cardinal said healthcare, education, and social protection are demands of justice, not acts of generosity dispensed by those in power.

Lawmakers and the Department of Health (DoH) defended the increased funding as necessary to implement the administration’s “zero balance billing” program for indigent patients in government-owned hospitals, especially since the UHC law has yet to be fully realized.

MAIFIP must have been an idea drawn from the valuable lesson learned from the 2022 senatorial election — that free or affordable healthcare is the main concern of the Filipino citizenry. In that election, Senator Bong Go, running for re-election, projected himself to the electorate as “Mr. Malasakit.” He emerged as the topnotcher among senatorial candidates, garnering 29.6 million votes out of 55.9 million total voters (53%).

But Malasakit Centers are not financial assistance units operated by Senator Go that provide financial assistance to indigent and financially incapacitated patients. They merely facilitate the discharge of indigent patients on the basis of guaranteed payment by the Malasakit Center in the hospital. They spare indigent patients the trouble of having to go out of the hospital to seek assistance from participating agencies — the departments of Health and of Social Welfare and Development, PhilHealth, the Philippine Charity Sweepstakes Office, and the Philippine Amusement and Gaming Office.

Upon Mr. Go’s election to the Senate in 2016, President Rodrigo Duterte directed him to set up a center by which financial assistance to indigent patients would be facilitated. Senator Go authored the bill that would institutionalize the Malasakit concept.

President Duterte signed the bill into law, the Malasakit Center Act, also known as Republic Act No. 11463. The law obliges the government to establish Malasakit Centers in all government-owned hospitals. It also authorizes the Philippine National Police to set up such facilities.

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Congratulations to the De La Salle University Green Archers for winning the UAAP Season ’88 Men’s basketball crown. That was no mean feat they pulled off, rising from the brink of elimination to No. 4 seed in the Final Four semifinals, first defeating the top-seeded twice-to-beat National University Bulldogs, and subsequently beating the defending champions, the University of the Philippines Fighting Maroons, for the championship.

MERRY CHRISTMAS to all you readers.

 

Oscar P. Lagman, Jr. has been a keen observer of Philippine politics since the mid-1950s.

BSP may allow banks to redeem Tier 1 debt early without regulatory approval

Bangko Sentral ng Pilipinas main office in Manila. — BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to allow banks to redeem some of their unsecured subordinated debt eligible as Tier 1 capital ahead of schedule without prior approval from the regulator.

A draft circular containing proposed amendments to the Manual of Regulations for Banks seeks to allow banks to pre-terminate unsecured subordinated capital securities and negotiated debt eligible as additional Tier 1 capital without needing to secure BSP approval when they are exercising a call option as long as they simultaneously replace the original issue with equal or better capital, “unless the issuing bank’s capital adequacy ratio remains more than adequate after redemption.”

“For this purpose, ‘more than adequate’ shall mean compliance with the minimum capitalization and risk-based capital ratios, plus additional capital buffers as the issuing bank may determine to be appropriate and sufficient in the context of its risk profile and prevailing market conditions,” the central bank said.

“At no point shall the capital adequacy ratio fall below the early warning thresholds set under the (bank’s) Internal Capital Adequacy Assessment Process or Recovery Plan,” it added.

Banks should also remain compliant with liquidity coverage and net stable funding ratio requirements even after redemption.

“The stock of liquid assets should enable the bank to withstand significant liquidity shocks for at least 30 calendar days, which would give time for corrective actions to be taken by the bank management and/or the BSP,” the central bank said.

The rules also require issuing banks to submit a written notice to the BSP within 10 banking days after approval of the redemption by their board of directors, along with a certification that their capital levels and the redemption itself are compliant with regulatory requirements. — Katherine K. Chan

Thai artist James Alyn, London-based pop band PREP team up

JAMES ALYN

Song marks their first-ever collaboration

THAI MUSICIAN James Alyn, known as one-half of the pop duo HYBS, has released his latest single as a solo artist, titled “Don’t Worry,” featuring the British pop band PREP.

The track was born after Mr. Alyn opened for PREP for their Taipei concert in May last year. They jammed for a bit at the home studio of Kuo, a member of the Taiwanese synth-pop band Sunset Rollercoaster.

“We didn’t really aim to write anything together. I recorded our jam session on my phone and forgot about it. A year later, I opened this voice memo from that day and then I thought, ‘oh, this is pretty cool,’” he said at a virtual press conference on Dec. 16.

Combining PREP’s usual smooth blend of soft pop, funk, and soul with Mr. Alyn’s warm, emotional tone resulted in the heartfelt track “Don’t Worry.” For them, it’s a reminder to “keep faith through difficult moments,” and is dedicated to their fans.

The song is also a step forward for the former HYBS member, now embarking on a solo career that he hopes will encompass a wide range of musical styles. It will be part of his debut album.

“I’m always trying to push my boundaries and work with new people. Being in a duo really pushed that type of collaboration into my working routine, so I’m working with different producers right now,” he shared.

Still, songwriting always starts with one person. “I’ve always liked to write songs on my own first, intimately, with just the guitar or an idea that I record on a voice memo. In that sense, it’s always stayed the same,” Mr. Alyn said.

He detailed the genres that he’s been listening to that may work their way into his body of work — shades of funk, a little bit of rap, and pop and jazz from the 1960s to the ’80s.

“It’s a work in progress,” he explained. “I’m getting a little bit more into weirder chords. But the genres now are very blurred. I’m not very serious about what exact genre I want to work on. I’m just always searching for something that sounds fresh, new, unfamiliar.”

Questioned on which artists he wants to work with in the future, Mr. Alyn immediately said Sunset Rollercoaster — since he and PREP had jammed in their studio. “I’m really open to working with people that I admire and I’m just a big fan of theirs,” he said.

As for Filipino artists, he expressed admiration for pop musician Zack Tabudlo, whose song “Binibini” he had covered before.

Mr. Alyn previously performed in the Philippines as part of the HYBS duo in 2023. He told the press that he would love to go back, this time as a solo artist.

“I really enjoyed my time in the Philippines,” he said. “My fans were so nice to me, the crowd was awesome, and the food was good! Any chance I can go back, I would.”

“Don’t Worry” is out now on all digital music streaming platforms. — Brontë H. Lacsamana

Air France to suspend Paris-Manila flights from May to October 2026

A VIEW of the Eiffel Tower in Paris, France, Nov. 28, 2015. — REUTERS

FRENCH CARRIER Air France will halt its direct flights between Paris and Manila from May to October next year, according to international airline route tracker AeroRoutes.

In an update on Dec. 19, AeroRoutes said Air France will not operate the Paris Charles de Gaulle-Manila route between May 4 and Oct. 12, 2026, which falls within the Northern Hemisphere summer season.

The route is being converted to a “seasonal service,” it added.

The suspension comes more than a year after Air France relaunched direct flights between Paris and Manila. The resumption marked the return of the route after 20 years.

Following the relaunch, the airline extended the Manila service beyond the initial winter season into the summer this year.

The route operates three times a week via Airbus A350-900 aircraft. Flights depart Manila every Tuesday, Thursday, and Sunday at 9:50 p.m., arriving in Paris at 5:50 a.m. the next day. Departures from Paris are scheduled at 11:20 p.m. every Monday, Wednesday, and Saturday, with arrival in Manila at 7:30 p.m. the following day.

Air France has yet to release an official statement on the flight suspension. — Sheldeen Joy Talavera

PH Resorts exploring options after Cebu casino license revocation

PHRESORTS.CO

PH RESORTS Group Holdings, Inc., the gaming company of Davao-based tycoon Dennis A. Uy, said it is considering joint venture projects following the revocation of its license for a casino project in Cebu.

In a letter to the stock exchange, the company said it is “assessing possible business plans, strategic directions, and potential opportunities that may be pursued” for its unfinished Emerald Bay integrated resort and casino project.

PH Resorts said it is exploring possible opportunities, including but not limited to reconfiguring or repurposing existing assets and pursuing joint venture projects with other entities.

The company is also considering possible mergers and acquisitions of other entities or assets, it added.

However, it noted that “no definitive plans or decisions have been determined and approved as of date.”

PH Resorts said it will announce definitive plans or courses of action on the Emerald Bay project once finalized.

It also noted that all proceeds earmarked for the Emerald Bay project have been fully utilized.

In 2020, the company generated gross proceeds amounting to P756 million from a follow-on offering for the development of the casino project. Of the total, P707.2 million was invested in the construction of Emerald Bay in Cebu, P28.8 million was spent on transaction-related costs, and P20 million was used for the company’s operating expenses.

If needed, the company said it will announce capital-raising activities or reallocate resources in relation to its casino project.

Last week, the Philippine Amusement and Gaming Corp. revoked the provisional license of PH Resorts subsidiaries for the Emerald Bay resort project amid construction delays and financial challenges.

PH Resorts reported a P6.75-billion net loss in the first half of 2025 after writing off investments in the casino project. — Beatriz Marie D. Cruz

Damosa Land upbeat on 2026 as Samal hotel launch nears

DAMOSALAND.COM

DAVAO-BASED property developer Damosa Land, Inc. (DLI) expects to enter 2026 on a strong note with the opening of its 100-room TRYP by Wyndham Samal, which is seen to boost the Mindanao island’s appeal as a leisure and business destination.

“With TRYP by Wyndham Samal launching next year, we are entering a new chapter that elevates tourism, accelerates estate development, and unlocks greater opportunities for communities and businesses across the region,” DLI President Ricardo F. Lagdameo said in a statement last week.

The four-star property is expected to generate P1.2 billion in total sales value. It will feature a 250-seat ballroom, flexible meeting spaces, upscale dining concepts, and modern recreational amenities.

The condominium-hotel project is located in Barangay Limao in Samal, Davao del Norte. The island is expected to emerge as a growing tourism hub in Mindanao, particularly with the planned completion of the Davao-Samal Bridge in August 2027.

Units at TRYP by Wyndham Samal will be included in DLI’s rental pool program, which was approved by the Securities and Exchange Commission in October.

Under a rental pool agreement, units may be rented out and managed like hotel rooms without transferring ownership.

The Samal condotel project is also the second TRYP hotel in the Philippines, following TRYP by Wyndham Mall of Asia Manila in Pasay City.

TRYP by Wyndham, the urban lifestyle boutique brand of Wyndham Hotels & Resorts, has more than 100 hotels across 60 cities in Asia, the United States, and Europe.

“The property is poised to elevate Samal Island’s positioning as both a leisure and business destination, strengthening tourism arrivals and catalyzing local economic activity,” DLI said.

“Our trajectory in 2025 reflects the confidence investors have in Mindanao and our long-term commitment to its growth,” Mr. Lagdameo added.

Damosa Land is the property development arm of the Anflocor Group of Companies.

It manages residential, township, mixed-use, office, commercial, and industrial developments. — Beatriz Marie D. Cruz

10 facts about the ASEAN and partner countries

This coming January, the Philippines will chair the Association of Southeast Asian Nations (ASEAN) after Malaysia successfully did the job in 2025. There are hundreds of meetings scheduled in a year, mostly Ministerial meetings, and meetings on the issuance of statements and declarations on various issues.

Here are 10 facts about the organization and the Philippines’ chairmanship of the association in 2026.

1. As an economic bloc, the ASEAN is huge, with a combined population of 686 million in 2024, the third most populous area in the world after India and China. The combined GDP size at purchasing power parity (PPP) values was $12.3 trillion, the fourth largest in the world after China, the US, and India. In power or electricity production, it has a combined size of 1,362 terawatt-hours in 2024, also the fourth largest after China, the US, and India.

2. The GDP growth of many member-countries is fast. Of the top 50 largest economies in the world, among the top six fastest-growing economies are ASEAN members —Vietnam, Indonesia, the Philippines, and Malaysia.

3. When it comes to foreign direct investment (FDI) inward stock, Singapore is the favorite destination followed by Thailand, Indonesia, and Vietnam (see Table 1).

4. ASEAN’s main event for the year, the ASEAN Summit, is the gathering of all Presidents and/or Prime Ministers of the 10 member-countries who convene and sign the joint declarations. There are also many side events, like the ASEAN-US summit, the ASEAN-China, ASEAN-Japan, ASEAN-India, ASEAN-Korea, ASEAN-Australia, and ASEAN-EU summits, and the ASEAN-East Asia summit where Russia is among the participants. The presidents or prime ministers of those partner-countries will fly to Manila sometime in late October or early November for the event.

Table 2 focuses on the major ASEAN partners. For the purpose of brevity, I included only Germany among the EU countries. I added Taiwan as it is a major trade and investment partner of many ASEAN countries. For FDI, I used outward stock data to see which countries are the largest potential sources of FDI.

5. A notable thing about ASEAN partners which are also G7 member countries, like the US, Germany, and Japan, is that their economic growth slowed down after they became highly industrialized. In terms of GDP size from 2004 to 2024, during which time China’s GDP size expanded seven times, India’s expanded six times, and Vietnam’s expanded five times, the US, Japan, and Germany’s GDP sizes expanded only two times.

6. When it comes to power generation levels from 2004 to 2024, Vietnam, Indonesia, the Philippines, China, and India have expanded by two to five times. On the other hand, the US had increased its power supply slightly, while Japan and Germany even suffered a decline in their power generation (see Table 2).

7. The Philippines is in the company of dynamic, fast-growing Asian nations that attract more investments and business dynamism. Among the top 50 large economies in the world in the last three years (2023-2025), we had the third fastest growth at 5.4%, trailing India with 7.8% and Vietnam with 6.4%.

8. The Philippines’ FDI inward stock is the smallest among the ASEAN-6, but this expanded 10 times the initial level over the last two decades. There is room for further expansion as the ASEAN-6 itself is the focus of stronger FDI inward push, led by Vietnam and Indonesia.

9. The Philippines’ large and young population means we have a large number of producers and consumers, and a large pool of entrepreneurs and workers. We are the 12th largest country in population size in the world.

10. The Philippines’ archipelagic geography can be a disadvantage when it comes to large-scale manufacturing and merchandise trade, but it can be an advantage in large-scale tourism. We just have to keep improving our infrastructure and reducing the unnecessary bureaucracy to attract more visitors and investors.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Peso slips as BoJ stance drags yen to fresh lows

STOCK PHOTO | Image by iiijaoyingiii from Pixabay

THE PESO edged lower on Monday as the dollar was stronger against the yen and most regional currencies amid the Bank of Japan’s (BoJ) cautious stance.

The local unit closed at P58.73 versus the dollar, slipping by three centavos from its P58.70 finish on Friday, data from the Bankers Association of the Philippines showed.

The peso opened Monday’s session flat at P58.70 against the dollar. Its intraday best was at P58.63, while its worst showing was at P58.75 against the greenback.

Dollars exchanged fell to $869.5 million on Monday from $1.38 billion on Friday.

“The peso weakened as the latest rate hike from the Bank of Japan likewise supported the dollar’s strength,” a trader said in an e-mail.

The yen languished near record lows to the euro and Swiss franc on Monday as the lack of hawkish signals from the Bank of Japan emboldened traders, even as Japanese officials stepped up warnings about currency intervention, Reuters reported.

The Japanese currency also loitered near an 11-month trough against the US dollar and was just shy of a 17-month low on the Aussie.

On Friday, the central bank raised the policy rate by a quarter point to a three-decade peak of 0.75%, in a clearly telegraphed move. But while the accompanying statement signaled a readiness to continue tightening policy, BoJ Governor Kazuo Ueda stuck to his usual cautious rhetoric in his news conference.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the peso weakened slightly on Monday after the country’s balance of payments (BoP) position posted a deficit in November, breaking a three-month streak of surpluses.

The Philippines’ BoP deficit sharply narrowed to $225 million in November from the $2.276-billion gap recorded a year ago, central bank data showed. This was a reversal from the $706-million surplus seen in October.

For Tuesday, the trader sees the peso moving between P58.55 and P58.80 per dollar, while Mr. Ricafort expects it to range from P58.60 to P58.85. — Katherine K. Chan with Reuters

Dining In/Out: Tasting Christmas

City of Dreams

CITY OF DREAMS (COD) Manila’s signature restaurants — Crystal Dragon, Haliya, Nobu Manila, and The Café — are bringing holiday cheer through special menus that evoke the season’s festive flavors. Crystal Dragon, the resort’s Cantonese and regional Chinese restaurant, blends signature dishes in its Festive Season Family Set Menu. The seven-course menu, good for four to six persons includes a combination platter of Wok-fried Green Lobster with XO sauce and Stuffed Tiger Prawn with spinach and crabmeat egg white sauce; Double-boiled Abalone, Fish Maw, Dry Scallop and Stuffed Morel Mushrooms with chrysanthemum tofu in consommé; and Steamed Live Sea Grouper in sour broth with fresh enoki mushroom. Available for lunch and dinner until Jan. 1, the family set menu costs P36,000++. Crystal Dragon is open from noon to 11 p.m. daily. Haliya, COD’s go-to restaurant for reimagined Filipino cuisine, presents ala carte seasonal favorites that evoke the Filipino noche buena feast, including Morcon Embotido and Peras and Kastanyas. Haliya’s Christmas menu is available on Dec. 24 from 5 to 11 p.m., and on Christmas Day, from noon to 11 p.m. For one-of-a-kind Christmas dinners, Nobu Manila highlights a special Christmas Omakase menu available on Dec. 24 and 25. The special five-course tasting menu is available for P6,653.57 net per person. Hyatt Regency Manila’s interactive show kitchen, The Café, has a festive buffet spread for celebratory lunch (noon to 3 p.m.) and dinner (5:30 to 11 p.m.) on Dec. 24 and 25. Lunch is at P3,150, while the dinners are at P4,288 on Dec. 24 and P3,250 on Dec. 25, which already includes free-flowing house red and white wines, draft beer, soda, iced tea, juices, coffee, and tea. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com. For more information, visit https://www.cityofdreamsmanila.com/en/whats-on.

Gringo rolls out party trays

GRINGO is making holiday gatherings more festive with the launch of its party trays and holiday sets, designed for potlucks, Christmas parties, and Noche Buena feasts. Made for sharing, each party tray serves six to eight people. These include the Angus Bolognese Linguine Party Tray (P950), the Bacon Cream Fusilli Party Tray (P970), and the Shrimp Bisque Pasta Party Tray (P1,250); BBQ Southern Boneless Fried Chicken with Mac and Cheese Party Tray (P980), Char-grilled Chicken and Ribs Party Tray (P1,280), Chicken Tenders with Fries Party Tray (P1,200), the Garlic Calamari Party Tray (P1,050), and the Grinchos Party Tray (P1,050). For hosts looking for convenient bundles, Gringo offers its holiday sets: the Party Starter Set (P3,280) includes Grinchos, Angus Bolognese, Chicken and Ribs party trays, and two liters of soda; the Fiesta Grande Set (P5,250), comes with Grinchos, Garlic Calamari, Angus Bolognese, BBQ Chicken with Mac and Cheese, Chicken and Ribs party trays, plus two liters of soda. For bigger celebrations, the Boss Feast Set (P6,450) includes Grinchos, Garlic Calamari, Angus Bolognese Linguine, Shrimp Bisque Pasta, Chicken Tenders with Fries, Chicken and Ribs party trays, along with two liters of soda. Gringo Party Trays and Holiday Sets are available via gringo.ph, in all Gringo branches nationwide, and through GrabFood and Foodpanda. Gringo branches are located at Ayala Malls Feliz, Bonifacio Global City, Dela Rosa Street, Festival Mall, Greenhills, SM Mall of Asia Arena, SM Fairview, SM Manila, SM Megamall, SM North EDSA, and SM Sucat. Provincial branches include SM Baguio, SM Dasmariñas, SM Legazpi, SM Marilao, and SM Sta. Rosa.

Goldilocks offers Christmas specials

FROM festive cakes to hearty food trays, Goldilocks has what one needs to celebrate. Now available are its Signature Chocolate and Luscious and Classic Greeting Cakes which feature special holiday toppers. Goldilocks also has a wide selection of Christmas food trays featuring all-time favorites like Lumpiang Shanghai, Fresh Lumpia, Pancit Canton, Pancit Malabon, Pancit Palabok, Pancit Sotanghon, Lasagna, and Chunky Pork BBQ, starting at P490. Visit Goldilocks stores nationwide, order through Goldilocks Delivery, or food delivery apps.

Lexus Mitsukoshi has new items for December

LEXUS MITSUKOSHI has a fresh lineup of menu items from Key Coffee. The new offerings draw from familiar comfort food. A bowl of Kaarage Udon is steaming in a savory dashi consommé, with karaage. Their version of Omurice has chicken fried rice wrapped in scrambled eggs, finished with a tomato demi-glace. The Pomodoro Toast offers thick-cut shokupan layered with savory tsukune, bright tomatoes, bell peppers, and melted cheese. As a sweet ender, there is the Berry Parfait which presents a buttery crumble, smooth vanilla diplomat cream, and a mixed berry compote, finished with balsamic and fresh berries. As for drinks, the Velvet Peach & Toffee pairs ripe peach with brown toffee crumble, milk foam, and ginger ale. The Chili Mint Nama Latte has silky Nama chocolate and No. 18 espresso. A Melon Citrus Cream Soda combines melon and lime with milk foam and soda water. These are available exclusively at Key Coffee within Lexus Mitsukoshi.

Vista Land settles P3.5-B retail bonds

VISTAESTATES.VISTALAND.COM.PH

VILLAR-LED property developer Vista Land & Lifescapes, Inc. said on Monday it has settled P3.5 billion in peso retail bonds.

The bonds were settled using proceeds from advances provided by the company’s majority shareholders, it said in a stock exchange disclosure.

The retail bonds, which were issued on Dec. 21, 2018, matured on Dec. 22.

Vista Land posted a 4% increase in its first-half net income to P6.71 billion from P6.44 billion a year earlier.

Shares of Vista Land rose by 2.27% or two centavos to close at 90 centavos apiece. — Beatriz Marie D. Cruz

Filinvest to dissolve dormant Mimosa unit to streamline operations

PHILSTARLIFE.COM/FILINVEST

GOTIANUN-LED developer Filinvest Land, Inc. (FLI) is closing its dormant subsidiary Filinvest Lifemalls Mimosa, Inc. (FLMI) to simplify its corporate structure and focus on subsidiaries that are actively generating value, the company said.

“Since FLMI has no assets, operations, or employees, its closure allows us to focus on subsidiaries that are actively driving value and development,” FLI President and Chief Executive Officer Tristaneil D. Las Marias told the stock exchange on Monday.

FLMI has filed an application with the Securities and Exchange Commission to shorten its corporate term, a procedural step that allows FLI to streamline its internal structure.

“This step ensures that all corporate entities within the group remain aligned with long‑term strategic and operational priorities,” the land developer said.

FLI said that the dissolution will not affect ongoing projects within the Filinvest Mimosa+ Leisure City in Clark, Pampanga.

For instance, the construction of Mimosa Lifestyle Mall — also known as Filinvest Malls Mimosa — remains on track, with completion targeted for 2026, according to the company.

“This development is progressing as planned, and once completed, it will serve as a dynamic commercial anchor for the Filinvest Mimosa+ estate,” Mr. Las Marias said.

The mall, located within the 201-hectare Filinvest Mimosa+ property, is expected to boost commercial and retail demand in the province.

The mixed-use estate is also home to Quest Plus Conference Center Clark, Work Plus Office Campus, Mimosa Plus Golf Course, and the upcoming Crimson Clark Hotel.

FLI’s portfolio includes residential, township, mixed-use, retail, office, and leisure developments. Its townships include the 300-hectare Havila, 677-hectare Timberland Heights, and 60-hectare Manna East in Rizal; 335-hectare Ciudad de Calamba in Laguna; 51-hectare Palm Estates in Negros Occidental; and 58-hectare City di Mare in Cebu City.

For the first nine months, FLI posted a 5% increase in consolidated net income to P3.64 billion, driven by strong performance in its real estate and leasing segments.

At the local bourse on Monday, FLI shares declined by 1.30% or one centavo to close at 76 centavos each. — Beatriz Marie D. Cruz

Pru Life UK posts P7.38B in new business premiums at end-September 2025

PRULIFEUK.COM.PH

PRU LIFE Insurance Corp. of UK Philippines (Pru Life UK) booked a new business annual premium equivalent (NBAPE) of P7.38 billion in the first nine months of 2025, it said on Monday.

The insurer said this result came as it expanded its distribution network and enhanced its digital capabilities to cater to its clients’ protection needs.

It added that its “strong performance” bolsters its market leadership.

“Strong performance is only meaningful when it reflects the impact we create for our customers. We continue to see growing awareness among Filipino families on the importance of protection and long-term financial planning. Our role is to help them act on that awareness with greater clarity, confidence, and support,” Pru Life UK Chief Finance Officer Francis P. Ortega said.

“Pru Life UK continues to invest in advisory capability, digital access, and customer support to help more Filipino families plan for the future and protect the value they work hard to build,” the company added.

The life insurer recently launched PRULove Wealth Direct, a single‑pay traditional endowment plan.

The product offers guaranteed net annual cash payouts equivalent to 4% of the single premium for seven years along with a full return of premium at the end of the term, and life insurance coverage worth 125% of the single premium.

“Loanable cash values also allow policyholders to access their funds for emergencies or major expenses,” the insurer said.

“Customers are looking for solutions that are dependable and aligned with their priorities. PRULove Wealth Direct enables them to make the most out of life, while securing protection for their families, wherever they are in their financial journey,” Mr. Ortega added. “As the aspirations of Filipino families evolve, our promise remains the same. We are here to help them protect what matters, prepare for the future and move forward with peace of mind.”

Pru Life UK booked a premium income of P48.15 billion and a net income of P3.72 billion in 2024, Insurance Commission (IC) data showed.

Meanwhile, the life insurance industry booked a premium income of P299.45 billion in the first nine months of 2025, up from P263.21 billion in the comparable year-ago period, according to the latest IC data. This was mainly driven by the 15.96% increase in variable life premiums to P198.36 billion.

Life insurers’ NBAPE also rose by 11.49% to P55.13 billion in the nine-month period. — Aubrey Rose A. Inosante

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