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UA&P slashes Q4 growth forecast to 4.6%

UNIVERSITY OF ASIA AND THE PACIFIC

THE University of Asia and the Pacific (UA&P) cut its fourth‑quarter growth forecast to 4.6% for the Philippines from its previous view of 5.3% in November.

In The Market Call released on Thursday, UA&P said if realized, this growth level would put the government’s target for the year of 5.5-6.5% far out of reach.

Among the positive for the period were “lower inflation, increased OFW (overseas Filipino workers) remittances and exports, lower interest rates, and a rebound in government spending,” it said.

“Helping job creation, exports may continue their healthy boost into the year-end.”

A corruption scandal involving flood control projects has triggered protests, slowed economic activity, and shaken investor confidence in the country.

In the first nine month, gross domestic product (GDP) growth averaged 5%, after a 4% reading in the third quarter when government spending was largely frozen while infrastructure spending came under scrutiny.

For the first 11 months, headline inflation averaged 1.6%, slightly below the Bangko Sentral ng Pilipinas (BSP) forecast of 1.7%.

“Year-on-year growth in government spending should see consumers open their bank accounts/e-wallets more generously than in Q3,” it said.

UA&P also said it expects the peso to close near the P58.50 level, though it may depreciate further into 2026.

The peso breached the P59-a-dollar mark several times since November and sank to a record low of P59.22 on Dec. 9.

“Employment will likely rise in the last two months of 2025 to meet higher consumer demand,” he said.

The Philippine Statistics Authority reports a jobless rate of 5% in October, up from 3.8% in the previous month and 3.9% a year earlier. — Aubrey Rose A. Inosante

Air passenger fuel surcharge steady in Jan.

REUTERS

THE Civil Aeronautics Board (CAB) said it is keeping the passenger fuel surcharge unchanged at Level 4 in January, the sixth month it will be held steady.

At Level 4, the passenger fuel surcharge will range between P117 and P342 for domestic flights, and between P385.70 and P2,867.82 for international flights originating from the Philippines.

The passenger fuel surcharge has remained at Level 4 since August. For airlines collecting fuel surcharge in foreign currency, CAB said the applicable rate for January is P58.91 to a dollar.

Fuel surcharges are adjusted based on movements in jet fuel prices, using the Mean of Platts Singapore (MOPS) benchmark.

According to the International Air Transport Association, jet fuel prices declined 3% to $86.88 per barrel for the week ending Dec. 12; on a year-on-year basis, the global average jet fuel price dropped 12.3%.

In June, the trade association said airlines are projected to record a net profit of $36 billion this year, driven mainly by passenger revenue and steady jet fuel prices.

Jet fuel is expected to average $86 per barrel in 2025, below last year’s $99 average, translating to about $236 billion in fuel costs, equivalent to 25.8% of total airline operating costs. — Ashley Erika O. Jose

PHL raw sugar output seen flat at 2.09 MMT

PHILSTAR FILE PHOTO

PHILIPPINE raw sugar production will likely remain flat in marketing year (MY) 2025-2026 at 2.09 million metric tons (MMT), according to the US Department of Agriculture (USDA).

In a report, the USDA said sugar output during the MY, which runs between September 2025 and August 2026, is expected to match production levels recorded in the previous MY. The forecast represents a 12.7% increase from the USDA’s May estimate of 1.85 MMT.

The USDA also upgraded its production total for MY 2024–2025, raising it to 2.09 MMT .

Philippine production in MY 2024-2025 benefited from higher-yielding crop varieties, better soil health, and improved irrigation,” the USDA said.

Global production for the current MY is estimated to increase 4.58% to 189.26 MMT.

Meanwhile, human consumption of sugar in the Philippines is projected to rise 3.29% from the previous MY to 2.20 MMT.

Global human consumption is expected to increase 1.33% to 178.11 MMT.

The USDA also projected Philippine sugar end-of-year stocks to rise 9.7% to 1.05 MMT by the end of the current MY.

Global ending stocks are expected to hit 44.53 MMT by the end of the current MY, up 5.05%. — Vonn Andrei E. Villamiel

DA calls boost to road funding ‘game-changing’

DA.GOV.PH

THE Department of Agriculture (DA) said the increase in the proposed allocation for farm-to-market roads (FMRs) to P33 billion for 2026 would be a “game-changing investment” in farm productivity.

The spending plan approved by the bicameral conference committee will increase funding for FMRs from the P16 billion initially proposed under the 2026 National Expenditure Program.

The DA said the funding will expand road access to more farming communities and boost agricultural and countryside development.

Starting next year, the DA will take over supervision of FMR projects from the Department of Public Works and Highways (DPWH).

“The transition is meant to streamline implementation and better align road construction with the needs of farmers and agricultural producers,” the DA said in a statement.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. was quoted in the statement as saying that the DA could deliver FMR projects at about 20% lower cost than the DPWH’s average of P15 million per kilometer, potentially allowing the construction of more roads.

“With a P33-billion budget, we can build about 2,750 kilometers of farm-to-market roads that will lower production and transport costs, raise farmer incomes, and help bring down food prices for consumers,” Mr. Laurel said.

The DA said it is strengthening its engineering capabilities, consulting with local government units and national agencies, and encouraging public participation to ensure projects meet technical standards and are completed on time.

It has also established a new office to oversee agriculture infrastructure projects and is rolling out a digital monitoring portal that will allow the public to track progress in real time.

Senate President Pro Tempore Panfilo M. Lacson has queried the proposed list of FMR projects, asking whether any of the expanded funding was the result of budget insertions by legislators.

The DA said it will only implement “properly vetted and justified” FMR projects.

The DA’s national FMR roadmap identifies the need for 131,000 kilometers of rural roads, more than 60,000 kilometers of which remain unbuilt. The DA said that at current budget levels, completing the network could take at least 21 years. — Vonn Andrei E. Villamiel

Figaro Culinary unit affirms exporter registration

BW FILE PHOTO

FIGARO Culinary Group, Inc. unit Figaro Innovation and Development, Inc. (FIDI) signed a supplemental agreement with the Philippine Economic Zone Authority (PEZA) reaffirming FIDI’s registration as an export enterprise at Laguna Technopark.

“This agreement supports Figaro Culinary Group’s broader vision of expanding its food platforms beyond retail, strengthening manufacturing, and positioning our brands for future growth,” FIDI Chief Financial Officer Jose Petronio Español said in a disclosure on Thursday.

The Supplemental Agreement extends FIDI’s current PEZA Certificate of Registration, which lists its toll manufacturing of coffee mixes and food products as export activities.

Figaro Group set up FIDI as its innovation and manufacturing unit to expand food production beyond its retail brands for domestic sales and future exports, using new food formats, better production efficiency, and quality standards that meet international needs.

At the Laguna Technopark Special Economic Zone, FIDI produces Anghel Kape and other Figaro Culinary Group foods.

Established in 2018 as a wholly-owned subsidiary of Carmetheus Holdings, Inc., FCG processes, manufactures, and packages food products while operating restaurants, coffee shops, and refreshment parlors through its subsidiary Figaro Coffee Systems, Inc. (FCSI).

FCSI manages and franchises chains like Figaro Coffee, Angel’s Pizza, Tien Ma’s, and Koobideh Kebabs. To date, the group runs 228 stores across these brands.

On Thursday, FCG shares rose 1.79% to 57 centavos. — Alexandria Grace C. Magno

John Hay property petitions dismissed by Baguio RTC

PHILSTAR FILE PHOTO

THE Bases Conversion and Development Authority (BCDA)said the Regional Trial Court (RTC) Branch 79 of Baguio City dismissed six petitions involving property disputes within the John Hay Special Economic Zone.

The petitions were for Quieting of Title, Recovery of Possession, and a Promissory Estoppel and were filed by private claimants.

“This major legal victory provides long-term stability for investors and partners,” BCDA Chairman Hilario B. Paredes said in a statement on Thursday.

“With the legal framework now clear, we can move forward to realize Camp John Hay’s full potential as a world-class mountain estate and a key growth driver in Northern Luzon.”

The BCDA is currently finalizing the master plan for Camp John Hay, which aims to make it a self-sustaining, mixed-use district that will be modeled on Bonifacio Global City in Taguig and New Clark City in Tarlac.

“We are now reinforcing Camp John Hay’s status as a premier investment destination,” BCDA President and Chief Executive Officer Joshua M. Bingcang said.

“The legal certainty achieved is a core component of this. It affirms that Camp John Hay offers not just its iconic beauty but a business environment fortified by law, designed for resilience, and positioned for world-class modernization,” he added.

In a separate statement, the BCDA said it leased a 1,500 square-meter commercial lot in Camp John Hay to Stern Real Estate and Development Corp. to expand the hospitality footprint in Camp John Hay.

Stern Real Estate will expand its investments in Baguio, which includes the Le Monet Hotel.

“The project will add at least 70 hotel rooms, nearly doubling Le Monet Hotel’s capacity,” the BCDA said.

“This expansion is expected to generate jobs, increase visitor arrivals, and boost commercial activity in the area,” it added. — Justine Irish D. Tabile

PCC rules flour industry acquisition not expected to affect competitive landscape

THE Philippine Competition Commission (PCC) said it cleared on Oct. 23 the proposed acquisition by Upper Pickering Holdings Ltd. of 50% of Interflour Private Ltd., citing no competition concerns.

The PCC said Upper Pickering will acquire the shares from Co-operative Bulk Handling Ltd., a cooperative owned by about 3,500 Western Australian grain growers engaged in grain storage, handling, trading, and shipping operations.

Upper Pickering is a newly established entity with no existing operations, while Interflour is engaged in wheat flour milling and related grain trading activities and operates in the Philippines through Mabuhay Interflour Mill, Inc.

The PCC said Upper Pickering’s acquisition will make it a joint venture partner of Interflour alongside Origold Profits Ltd., a private holding company.

The Commission said its mergers and acquisitions office found no horizontal overlaps or vertical relationships among the parties, given Upper Pickering’s lack of operations before the acquisition.

The transaction is also unlikely to result in a substantial lessening of competition in the Philippine wheat flour milling market, the PCC added. — Vonn Andrei E. Villamiel

Stocks go down on profit taking before US data

BW FILE PHOTO

PHILIPPINE STOCKS retreated anew on Thursday as traders pocketed their profits from the market’s recent climb amid a lack of fresh leads, with investors looking ahead to key US inflation data set for release overnight.

The bellwether Philippine Stock Exchange index (PSEi) went down by 0.78% or 47.54 points to end at 6,031.48, while the broader all shares index dropped by 0.36% or 12.49 points to 3,446.96.

“The PSE ended lower as investors engaged in profit taking despite the peso’s stability against the US dollar,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The lack of fresh catalysts kept buying interest muted, leading to a cautious trading session. As a result, market participants opted to lock in gains following recent advances,” he added.

The market dropped to follow Wall Street’s decline on Wednesday, Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

“Investors traded cautiously while waiting for the US’ November inflation data, which are expected to give clues on the Federal Reserve’s policy outlook,” he said.

Wall Street’s main indexes closed lower on Wednesday, with the S&P 500 and the tech-heavy Nasdaq sinking to three-week lows as nagging worries about the artificial intelligence trade weighed on technology stocks, Reuters reported.

The Dow Jones Industrial Average fell 228.29 points or 0.47% to 47,885.97. The S&P 500 lost 78.83 points or 1.16% to 6,721.43. The Nasdaq Composite lost 418.14 points or 1.81% to 22,693.32.

On the monetary policy front in the US, Federal Reserve Governor Christopher Waller, who is expected to be interviewed by US President Donald J. Trump as a candidate for the next Fed chair, said the central bank has room to cut interest rates amid signs of job market weakness.

Investors were also watching out for a US inflation report for November later in the day that will not include the month-on-month measure since a record government shutdown prevented data collection for October.

Forecasts are centered on an annual rise of 3% in core inflation last month.

All sectoral indices closed in the red on Thursday. Property sank by 1.61% or 36.94 points to 2,245.43; holding firms dropped by 0.91% or 43.53 points to 4,710.15; industrials fell by 0.43% or 37.83 points to 8,659.91; mining and oil went down by 0.4% or 57.97 points to 14,283.24; financials decreased by 0.33% or 6.86 points to 2,034.98; and services retreated by 0.32% or 7.82 points to 2,400.87.

Decliners narrowly beat advancers, 95 to 91, while 66 names closed unchanged.

Value turnover went up to P12.82 billion on Thursday with 1.34 billion shares traded from the P5.99 billion with 1.56 billion issues that changed hands on Wednesday.

Net foreign selling went down to P361.16 million from P706.91 million. — Alexandria Grace C. Magno with Reuters

Philippine women’s football team the new queens of SEAG

AGAINST VIETNAM, the Filipinas leaned on the go-ahead spot kick of sixth taker Jackie Sawicki and the great save of Liv McDaniel against Tran Thi Thu in the shootout to complete their rise. — FACEBOOK.COM/PILIPINASWNFT

CHONBURI — Just before lights out at the Chonburi Daikin Stadium on Wednesday, the powerful bright bulbs shone on the Philippine women’s football team.

The Filipinas, in their latest groundbreaking act, took their coronation as new queens of the Southeast Asian Games (SEAG).

It was a sparkling moment for a country once considered a football minnow, one that used to savor moral victories in scoring a goal in the tournament or, during the worst of times, simply getting the ball into the final third.

After decades of trying and watching Vietnam or Thailand seize the tiara, the Philippines finally sat on the SEAG throne.

“Anytime we can put our country on a pedestal and make it the talking point and make sure people are talking about us and know how strong we are I think that’s the most important,” vanguard Liv McDaniel said after the Filipinas met their date with history by beating five-peat-seeking Vietnam on penalties, 6-5, after a 0-0 draw at the end of extra time.

“I’m so proud of this team, so proud to be a Filipino and playing for our country. People are doubting us, saying we don’t belong here. But we belong in this conversation, we belong at the top and we’re just continuing to prove ourselves again and again and we want to be regulars at the top,” she added.

The road to the summit was a rough one for the Filipinas.

They started on the wrong foot, losing to Myanmar in pool play, 2-3. But they struck back hard, beating the Vietnamese to stay alive, 1-0, then routed Malaysia, 6-0, to secure a seat to the semis. That led them to a duel with the host Thais, where they fought back from 0-1 to take the five-time champs to penalties and eventually won the shootout, 4-2, to reach the finals for the first time ever.

Against Vietnam, the Filipinas leaned on the go-ahead spot kick of sixth taker Jackie Sawicki and the great save of Ms. McDaniel against Tran Thi Thu in the shootout to complete their rise.

“We never wanted to end on a loss, we’re going to win gold or we’re going to win bronze, we gave ourselves no choice so the gold was ours for the taking,” said skipper Hali Long, who played her 101st match with the team in the clincher.

“We didn’t lose our first game to lose in the end. We dug out of the hole we put ourselves in and we fought and we crawled and we did everything we could in our power to get to the semifinals, to get finals and put it away. As soon as we went to PKs (penalty kicks) I knew it was ours.”

Ms. McDaniel credited the team’s character for this new feat, which followed their celebrated 1-0 victory over host New Zealand in their smashing debut at the FIFA Women’s World Cup in 2023 and their milestone triumph at the Asean Championships in 2022 in Manila.

“It was really a hard-fought game (finals). Some of us have played five 90-minute matches plus two extra times and PKs so there were definitely heavy legs. But every single team we played against, they were always on the ground, none of us sat down, none of us were tired, none of us were cramping,” she said.

“We had that mentality to go forward and to keep going. I think what brought us to this gold medal and brought us to the end is that mentality of not stopping and not quitting.” — Olmin Leyba

Naomi and Malea — the two golds of the Cesar family

NAOMI CESAR — POC

CHONBURI — Two Cesars, two historic triumphs.

A couple of nights after Naomi Cesar took a bow as champion in the women’s 800-meter run in athletics, her elder sister Malea appeared at the center of the podium, too, as member of the triumphant Filipinas.

Not only are the girls members of Team Philippines’ winners’ club, they’re part of the history-makers’ group, as well.

Naomi, at 16, became the youngest Pinoy to win a Southeast Asian Games (SEAG) athletics mint. Malea, 22, helped the country to its first-ever SEAG football crown.

“It’s not something that we really, like, talked about but we both knew it’s a possibility,” said Malea of the double gold.

“So we don’t really visualize it for ourselves, visualize for each. We just both knew we’re cheering each other on,” she added.

With football action based in Chonburi and the Pinay booters through to the knockout stages, Malea couldn’t be in Bangkok, located some 119 kilometers away, for Naomi’s golden run. She watched the live broadcast of the race at the team’s hotel and was captured on video crying in joy when her kid sister won.

With her competition over, Naomi made sure to be at the stands when Malea and the Filipinas collared coveted gold on Wednesday night.

Malea went up to their seats to give Naomi, Dad Ben and Mom Christie a big hug.

“It’s surreal, super special to have my sister there with me and have my parents in the crowd,” she said.

“It’s something that I’ve been dreaming about and all my teammates are dreaming about and to have this moment with everybody that’s here is really special,” she added.

It was extra special for Ben, who competed in the SEA Games during his time as a trackster in the 1990s but didn’t medal.

Now there’s not one, but two, golds in their hands. — Olmin Leyba

It’s a historic SEAG gold for Alex Eala in singles tennis

CHONBURI — A milestone ending to a milestone-filled year.

Tennis sensation Alexandra “Alex” Eala relished the experience of standing on the Southeast Asian Games (SEAG) podium clad in her Team Philippines uniform, gold medal on her neck while the country’s anthem was played and flag was raised.

She was visibly emotional during the victory ceremony.

“So I’m so thankful and so humbled to be able to represent the country.”

The year 2025 was a witness to Ms. Eala’s rise to global prominence. She became the first player from the Philippines to win a Grand Slam main draw match (US Open), reach a WTA Final (Eastbourne), win a WTA125 title (Guadalajara) and crack the Top 50 in WTA rankings.

In the Thailand SEAG, Ms. Eala did the honors of carrying the Philippine flag in the parade of teams.

After starting her campaign with bronze in the women’s team and mixed doubles event, the 20-year-old Ms. Eala roared to victory in the women’s singles at the expense of Mananchaya Sawangkaew, 6-1, 6-2.

In doing so, she ended long years of futility since Maricris Fernandez last won the event in 1999 — six years before she was born.

“It’s a huge thing (SEAG gold). I think this whole week was a very emotional kind of rollercoaster (ride), just being surrounded by all these athletes,” she said.

When it was time for a family hug, Ms. Eala lovingly gave the mint to her mom, Rizza, a former swimmer who won the SEA bronze in 1985.

“It’s so special. As I said so many times before, we as Pinoy we’re so family-oriented and I think that’s a part of our culture,” she said.

“And the SEA Games, I think, it’s very different than the tour because it’s very personal to us, and it’s special in that way. It’s unique and it doesn’t happen everytime.

“Of course, my mom was a medalist also,” she added. — Olmin Leyba

Student-coach Robinson nets another UAAP crown for La Salle

DE LA SALLE University’s (DLSU) author to essaying another UAAP championship wasn’t just a mere coach. Like all of his players juggling mid-terms and finals in classrooms and arenas, the man behind was a winning student-coach.

Blazing a path like no other in the collegiate world filled with student-athletes, here comes a student-coach in Topex Robinson savoring another UAAP title not only with his DLSU Green Archers — but more importantly with his classmates.

And for him, the bond that extends from the roaring and gargantuan domes to the solemn, intimate four-sided classrooms in Taft was the secret as La Salle capped a sweet redemption over University of the Philippines in the UAAP Season 88 finals.

“It’s really hard to juggle studying and coaching but just like our players who also sacrifice attending classes and being basketball players everyday, I also make my sacrifices,” Mr. Robinson, still in tears, told The STAR after an emotional 80-72 win in Game 3 before 24,339 fans at the Smart Araneta Coliseum to go 2-1 in their trilogy as the country’s new rivals.

At the buzzer, the 48-year-old Mr. Robinson didn’t join the on-court celebration with the Green Archers coaching staff and players under the bright lights, thousands of fans and confettis, to let it all out just outside the locked dugout — sitting, crying, praying with his head down basked alone in emotions and fulfillment.

A third-year student of sports management in La Salle, Mr. Robinson sacrificed taking a leave of absence this term to focus on La Salle’s redemption tour.

To say that it paid off was an understatement as Mr. Robinson put a premium on being a “La Sallian.” More than just coaching a La Salle squad in any sport, being a Green Archer for him requires being one — literally on court with a playboard and basketball and inside the classroom with his pen and notebooks.

Unknown to most pundits and fans, Robinson enrolled as a student right after signing as the new head coach of La Salle in 2023, two decades after failing to finish his Mass Communication degree in San Sebastian College-Recoletos for a chance to earn for his family in the PBA.

The Olongapo native, a 44th pick in the 2001 PBA Draft, has won two titles for La Salle since then but the bigger feat was continuing his studies in the middle of it all, sharing the classroom with two-time MVP Kevin Quiambao, EJ Gollena and Earl Abadam in his first year.

Last term, among his classmates were Jacob Cortez and Mason Amos, two of his trusted guns after transferring from San Beda University and Ateneo de Manila University, respectively, this season.

“It’s an enjoyable journey. It’s never easy but I’m happy that I get to be part not only of their basketball career but also their college life,” he beamed after delivering La Salle’s 11th title in its 19th finals appearance, the most in the league.

“We really enjoy being with each other, trying to play around and at the same time, being serious in our classes. We also make sure na we compete also in our attendance.”

Mr. Robinson only won one championship as a student-athlete during the Golden Stags’ historic NCAA five-peat in the late 90s. As a student coach, he has already clinched two after failing to win a single title as coach as well for Baste (San Beda University) and Lyceum (Lyceum University of the Philippines) in the NCAA.

The ultimate goal off the court for the father of three kids, however, is finally holding that La Salle diploma and hoisting his toga up in the air like a jump ball.

“It’s been my dream ever since. I’m now studying at my dream school and I want to get a degree. It’s really gonna be something not only for me but for my generations to come,” added Mr. Robinson, wishing to finish his degree in two years for a fitting simultaneous graduation with his youngest son also in La Salle.

Before the UAAP Season 88, Mr. Robinson — also a former coach in the PBA with Alaska and Phoenix — signed a fresh three-year extension in July as La Salle’s coach, earning the nod and trust of the Green Archers management to win as many titles as he can, including a title defense in Season 89.

But that can wait as Mr. Robinson, with six terms left before graduating, has already enrolled for the next term in Taft starting in January to become a full-time student anew in a bid to earn the nod of his La Salle professors this time around.

And that’s what makes him a bona fide La Sallian student-coach. Well, now a two-time champion student-coach.

“I embrace the community and the culture of the school. I have to make sure that I belong. I’m honored and grateful to be part of it,” he smiled. — John Bryan Ulanday

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