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House OKs estate tax amnesty extension on final reading 

BW FILE PHOTO

The House of Representatives on Tuesday approved on third and final reading a proposal extending the estate tax amnesty to 2028, as the government seeks to encourage the settlement of outstanding liabilities. 

Lawmakers voted 280-0-0 to approve House Bill No. 6614, which extends the estate tax amnesty to Dec. 31, 2028, also allows taxpayers to opt for installment payments, with the initial payment covering at least 25% of outstanding liabilities. It also required payments to be made within two years. 

Heirs of properties of individuals who died on or before Dec. 31, 2024 will be eligible to avail of the amnesty, based on the third reading copy of the proposal. 

“The executor or administrator of the estate… the legal heirs, transferees or beneficiaries, who wish to avail of the Estate Tax Amnesty… shall file either electronically or manually, with any authorized agent bank, Revenue District Office… or authorized tax software provider,” the bill read. 

The estate tax amnesty extension is among President Ferdinand R. Marcos, Jr.’s legislative priorities, with the Finance department last week backing the proposal, saying it could help boost the productivity of idle lands. 

Marikina Rep. Miro S. Quimbo last week said in his sponsorship speech that the Bureau of Internal Revenue collected P15.5 billion from 2019 to June 2025 under the previous tax amnesty. 

The Philippines imposes a 6% estate tax on the net value of inherited assets. — Kenneth Christiane L. Basilio 

Marcos names officials under Office of Executive Secretary

PHILIPPINE STAR/NOEL PABALATE

PRESIDENT Ferdinand R. Marcos, Jr. named seven appointees in the Office of the Executive Secretary as he reshuffles his inner legal and administrative team.

Palace Press Officer Clarissa A. Castro said the President tapped lawyer Anna Liza G. Logan as the new chief presidential legal counsel, replacing the late Juan Valentin F. Ponce Enrile, Sr., who died last month.

The appointments place Ms. Logan, 51, at the helm of the President’s legal advisory office at a time when the administration is navigating budget negotiations, legislative priorities and ongoing governance reforms.

She also served as executive secretary for legal affairs at the Office of the President, prior to her appointment.

According to her profile on the Transportation department website, Ms. Logan has extensive law practice in Civil and Criminal Litigation; Family, Labor, and Human Settlements Adjudication Commission Cases, Corporate and Commercial practice for financial technology companies, real estate development, entities and nongovernmental organization as partner of Logan Masukat Ronulo Huang, as Junior Partner of Marcos Ochoa Serapio and Tan (MOST), as associate of Agabin Verzola Hermoso Layaoen & De Castro.

The President also named Maria Luwalhati C. Dorotan Tiuseco as senior deputy executive secretary, while Danielle Marie Rieza-Culangen was named deputy executive secretary for general administration.

Ms. Dorotan Tiuseco was formerly a Finance undersecretary, while Ms. Rieza-Culangen was a Finance assistant secretary.

Joseph Irvin A. Obenza was appointed deputy executive secretary for financial affairs.

The Palace also named former Justice Undersecretary Jesse Hermogenes T. Andres as deputy executive secretary for legal affairs, former Deputy Treasurer and World Bank Executive Director Erwin D. Sta. Ana as undersecretary for economic affairs, and Alemar I. Mosquito as assistant secretary, who also came from the Finance department.

They will join the Office of the Executive Secretary headed by former Finance Chief Ralph G. Recto, who was appointed to the top Cabinet post last month.

Their appointments followed Mr. Marcos’ second Cabinet reshuffle due to the controversial flood control scandal.

Mr. Recto replaced former Executive Secretary Lucas P. Bersamin, while former economic czar Frederick D. Go succeeded him as Finance chief. — Chloe Mari A. Hufana

New NAIA facilities to boost tourism

PRESIDENT Ferdinand R. Marcos, Jr. led the launch of newly installed immigration e-gates at the Ninoy Aquino International Airport (NAIA) Terminal 3 in Pasay City. — REVOLI CORTEZ/PPA POOL

PRESIDENT Ferdinand R. Marcos, Jr. expects to uplift Philippine tourism as he launched new facilities in the country’s busiest airport on Tuesday amid a slowing arrival of foreign visitors for the year.

In a launch at the Ninoy Aquino International Airport (NAIA) Terminal 3 in Pasay City, Mr. Marcos said the 42 new e-gates in the arrival area will bring down immigration time to as fast as 20 seconds.

“Passengers can now clear in as little as 20 seconds. Not 20 minutes, 20 seconds — with further improvements expected as the system continues to learn and begins to stabilize,” he said.

The launch comes as the Department of Tourism (DoT) on Monday reported a 2.16% decline in the country’s visitor’s arrival for the year.

Dubbed as the world’s worst airport in 2024 by Australian firm Compare the Market, the government has since partnered with private operator New NAIA Infra Corp. (NNIC) to develop the country’s busiest airport.

Angelito A. Alvarez, general manager of NNIC, said there will be a phased rollout of the use of e-gates for departures.

In two to three weeks’ time, overseas Filipino workers (OFWs) can start using the new service, but the general Filipino public will have to wait until the first quarter of 2026 for a full rollout.

He said this is due to strict border control following reports of human trafficking and other forms of illegal work.

“For the time being, we’re focusing first on OFWs because many systems are linked to their system to ensure there are checks and balances,” he told reporters in Filipino. 

The President also unveiled the Tambayan food hall, Mezzanine food hall and Dignitaries Lounge.

The Tambayan food hall consists of homegrown food and beverage brands, with about 50-70 concessionaires. It will accommodate about 2,000 people.

The Mezzanine food hall has 17 commercial establishments, including international brands. It can accommodate about 600 customers; while the Dignitaries Lounge can accommodate about 60 people. The launch is timed as the country prepares to host the Association of Southeast Asian Nations (ASEAN) next year.

Meanwhile, Tourism Secretary Ma. Esperanza Christina G. Frasco said the negative perceptions stemming from botched public infrastructure projects may be weighing travel confidence, underscoring the government’s push to restore the country’s image among visitors.

She made the remarks when asked whether flawed public works — including flood control projects — had contributed to a drop in tourism this year.

She said any adverse view of the Philippines can have a ripple effect on visitor sentiment, even if the issues are not directly tied to tourism facilities.

“Any negative perception of the Philippines has a tendency to affect travel confidence,” she told BusinessWorld on the sidelines of the launch, adding the DoT is focused on countering such views by highlighting new programs aimed at improving the visitor experience and demonstrating greater care for tourists.

She remained optimistic the new facilities in NAIA would bring in more tourists. — Chloe Mari A. Hufana

Ex-DPWH official returns P40M

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FORMER Department of Public Works and Highways (DPWH) regional director for the National Capital Region Gerard P. Opulencia returned approximately P40 million to the Department of Justice (DoJ) on Tuesday.

According to Acting Justice Secretary Fredderick A. Vida, this is only a portion of the total P150 million Mr. Opulencia committed to return.

“This is part of his bigger commitment to raise P150 million. He declared that he earned this from various projects that he didn’t get legally,” Mr. Vida told reporters during the turnover.

Mr. Vida said that while he did not testify in the Senate Blue Ribbon Committee hearings, his cooperation has been crucial to strengthening the department’s ongoing cases of anomalous flood control and infrastructure projects.

“We were able to verify his statements, and his knowledge will be material for us to pursue the cases that really need to be pursued,” he said.

The cash turnover was conducted with representatives from the Bureau of the Treasury and Independent Commission for Infrastructure present to ensure proper verification and handling of the restitution.

Meanwhile, the DoJ confirmed that other former DPWH officials — Engineer Henry C. Alcantara and Usec. Roberto R. Bernardo — along with Mr. Opulencia, are currently provisionally admitted to the Witness Protection Program.

“We are not privy to discussions regarding other individuals previously mentioned. As of today, the only three individuals under a memorandum of agreement are the ones mentioned,” Justice spokesperson Raphael Niccolo L. Martinez told reporters.

Also on Tuesday, the DoJ said government contractor Cezarah “Sarah” C. Discaya requested temporary release from the National Bureau of Investigation to attend a hearing at the Office of the City Prosecutor Malabon.

“She requested temporary release to attend the hearing and to secure all documents necessary,” Mr. Martinez said via Viber group chat adding that Ms. Discaya’s hearing is connected to a case filed by the City Government of Malabon for alleged violations of Republic Act 3019 and theft. — Erika Mae P. Sinaking

SEC authority over auditors affirmed

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THE Supreme Court rejected 1Accountants Party-List, Inc.’s motion for reconsideration, affirming the Securities and Exchange Commission’s (SEC) power to accredit certified public accountants (CPAs) as external auditors for companies issuing registered securities or holding secondary licenses.

In an en banc resolution dated Oct. 14, the court said it found no substantial grounds to overturn its prior decision supporting the SEC. It also barred further pleadings and ordered an immediate entry of judgment.

“The external auditors subject to accreditation deal with corporations imbued with public interest. Accordingly, as the Supreme Court has noted, requiring their accreditation could help the commission enhance its regulatory oversight, reinforce investor protection in the securities market, and promote the integrity of the financial sector,” SEC Chairperson Francisco Ed. Lim said in a statement on Tuesday.

The legal dispute originated from 1Accountants Party-List’s petition challenging SEC Rule 68, Paragraph 3 of the Securities Regulation Code’s Implementing Rules and Regulations (SRC IRR) (Republic Act No. 8799), along with SEC Memorandum Circular No. 13 (2009), which cover accreditation for auditing firms and external auditors of covered entities.

The group said the commission overstepped its role since the Board of Accountancy (BoA) runs the accounting field, and the extra rules “limited CPAs’ practice.”

In 2022 and 2023, the Supreme Court sided with 1Accountants Party-List, saying that SEC’s auditor accreditation rules is “invalid and unconstitutional.”

The commission appealed, and in January this year the court reversed its prior ruling, saying the accreditation rules are valid and constitutional. 

“Rule 68 of the SRC IRR requires accreditation only to CPAs who are independent auditors of the covered entities. The high court added that the BoA remains as the main regulatory agency for accountancy profession in the country,” the SEC said.

The court said SEC, as a corporate watchdog, can oversee its regulated companies and their auditors, both firms and individuals, and enforce accreditation.

“We welcome the decision of the Supreme Court, which we believe further strengthens our thrust toward promoting transparency, accountability and good governance, in general, both in the private and public sectors,” Mr. Lim said. — Alexandria Grace C. Magno

Over 960,000 register for BSKE

PHILSTAR FILE PHOTO

THE Commission on Elections (Comelec) reported that registered Filipino voters for the 2026 Barangay and Sangguniang Kabataan Elections (BSKE) reached 962,615, as of Dec. 14.

Data shared by Comelec showed that Region 4-A (Calabarzon) recorded the highest number of registrants at 203,438, followed by the National Capital Region with 114,820 and Region 3 (Central Luzon) with 114,628.

Of the total, 223,282 are Sangguniang Kabataan registrants aged 15 to 17, with 218,801 registering as new voters through new applications, record transfers, and corrections.

While 262,974 applications were filed by new regular voters, total registrants aged 18 years old and above numbered 739,333.

“We will continue and exert more efforts to increase the number of Filipinos who wanted to exercise their right of suffrage. No stones will be left untouched so to speak,” Comelec Chairman George Erwin M. Garcia told BusinessWorld via Viber.

Voter registration runs daily from 8 a.m. to 5 p.m. at local Comelec offices and satellite registration sites until May 18, 2026. Village and youth elections will be held on Nov. 2, 2026. — Erika Mae P. Sinaking

Stocks edge lower on last-minute profit taking

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PHILIPPINE SHARES inched down on Tuesday on last-minute profit taking and as concerns over the economy continued to affect market sentiment.

The bellwether Philippine Stock Exchange index (PSEi) slipped by 0.03% or 2.34 points to end at 6,055.68, while the broader all shares index decreased by 0.1% or 3.57 points to 3,452.26.

“The local market was in the positive territory for the most part of the day, carried by hopes of another Bangko Sentral ng Pilipinas (BSP) rate cut next year. However, last-minute profit taking sent the local market lower by the close,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

“The local bourse ended lower as profit taking emerged following a series of sessions in the green. Sentiment was weighed down by recent reports pointing to a softer growth outlook,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “Concerns over slower remittance growth also added pressure to the market.”

The BSP last week lowered benchmark rates by 25 basis points (bps) for a fifth meeting in a row to bring the policy rate to 4.5%. It has now delivered 200 bps in reductions since starting its easing cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. said that the central bank has room for one last 25-bp cut next year as the inflation outlook remains benign and with the economy’s recovery likely to take longer than expected.

Meanwhile, cash remittances coursed through banks climbed 3% to $3.171 billion in October from $3.079 billion in the same month last year, the BSP reported on Monday. This was the slowest growth since May’s 2.9%.

For the first 10 months of 2025, cash remittances reached $29.202 billion, up 3.2% from the $28.304 billion seen a year ago. This is slightly faster than the BSP’s 3% full-year growth forecast.

Most sectoral indices ended lower on Tuesday. Mining and oil dropped by 1.56% or 226.78 points to 14,259.01; services retreated by 1.83% or 44.64 points to 2,384.9; holding firms went down by 0.25% or 12.00 points to 4,712.23; and industrials declined by 0.21% or 18.97 points to 8,668.27.

Meanwhile, financials rose by 1.64% or 33.03 points to 2,036.64, and property went up by 0.75% or 17.30 points to 2,312.53.

“ACEN Corp. was the day’s top index gainer, climbing 4.04% to P2.83. DigiPlus Interactive Corp. was the worst index performer, dropping 3.83% to P16.58,” Mr. Tantiangco said.

Decliners outnumbered advancers, 101 to 81, while 57 names closed unchanged.

Value turnover went up to P7.69 billion on Tuesday with 1.66 billion shares traded from the P6.41 billion with 749.33 million issues dealt on Monday.

Net foreign selling went up to P399.92 million from P348.5 million. — Alexandria Grace C. Magno

NTF-ELCAC downplays CPP holiday truce

BAGUIO CITY — The National Task Force to End Local Communist Armed Conflict (NTF-ELCAC) has downplayed the Communist Party of the Philippines’ (CPP) declaration of a unilateral holiday ceasefire, saying it lacks credibility and does not show a real commitment to peace during the Christmas and New Year season.

In a statement, NTF-ELCAC said the ceasefire was announced without any coordination with the government and has no clear system to ensure it will be followed. The task force said this makes the truce unreliable and difficult to verify.

NTF-ELCAC also noted that CPP orders reportedly keep New People’s Army (NPA) units on “active defense mode” and “high alert,” which it said goes against the idea of a ceasefire and could still endanger communities and local officials.

The task force stressed that public safety is not limited to the holiday season.

It said the Armed Forces of the Philippines and the Philippine National Police will continue to perform their duty to protect the public, especially as people travel and gather during the holidays.

NTF-ELCAC pointed out that the NPA is now much weaker compared to its strength in the 1980s, citing sustained government efforts, better governance, and the choice of many former rebels to return to peaceful civilian life.

According to NTF-ELCAC, real progress toward peace is seen in the thousands of former rebels who have surrendered and are now being reintegrated into society through government programs.

Executive Director Undersecretary Ernesto C. Torres, Jr. again urged remaining NPA members to lay down their arms and choose peace, saying lasting peace must be based on sincerity, accountability, and justice, not on temporary gestures. — Artemio A. Dumlao

Rice imports expected to dip below 4 million MT next year

REUTERS

RICE IMPORTS in 2026 are expected to fall below 4 million metric tons (MMT), with the Philippines ordering less from foreign suppliers due to strong domestic production, the Department of Agriculture (DA) said on Tuesday.

In a statement, the DA said rice import volumes next year will likely come in at between 3.6 MMT and 3.8 MMT, levels which the department said are sufficient to meet demand without depressing prices earned by domestic farmers for their crop.

The DA said the import projection assumes domestic production of 20.3 MMT of palay (unmilled rice) next year, which if realized would be slightly lower than the record 20.06 MMT in 2023.

The Bureau of Plant Industry (BPI) is set to begin processing applications for Sanitary and Phytosanitary Import Clearances covering about 500,000 metric tons, including the 50,000 metric tons reserved for government agencies.

To ease cash-flow pressures on importers, the DA said it will waive the usual 10% down payment requirement for obtaining clearances.

The DA said all shipments must arrive by mid-February to prevent imported rice from weighing on palay prices at the start of the summer harvest.

It said tariffs will be increased to 20% from 15% when imports resume next year, following discussions among the government’s economic managers.

“The tariff increase reflects several realities — the recent depreciation of the peso and the likelihood of higher global prices once the Philippines reenters the market,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. was quoted as saying in a statement.

According to the DA, rice imports during the January-February window will be directed to 17 ports: Manila, Batangas, Tacloban, Bacolod, Iligan, Cagayan de Oro, Davao, Zamboanga, Cebu, Iloilo, Capiz, Tagbilaran, Dumaguete, Subic, Calbayog, General Santos, and Tabaco.

Meanwhile, Mr. Laurel urged importers to diversify their sources. “Instead of relying almost entirely on Vietnam, we encourage importers to consider Cambodia, Myanmar, and other non-traditional suppliers,” he said.

In 2024, the Philippines imported a record 4.8 MMT of rice, as traders accelerated purchases amid concerns over weaker harvests caused by El Niño and La Niña. The BPI’s own estimate for rice imports this year is around 3.5 MMT due to the four-month import freeze that began in September.

Mr. Laurel said the high volume of imports in 2024, combined with large shipments in early 2025 before the ban took effect, dragged down palay prices and hurt farmer incomes.

The US Department of Agriculture projected Philippine rice imports of 5.5 MMT for the marketing year 2025-2026, but the DA said this level is unlikely to be realized given the import ban and tighter volume controls. — Vonn Andrei E. Villamiel

ERC on track to complete NGCP rate reset next year

THE Energy Regulatory Commission (ERC) is on track to complete next year its evaluation for the rate reset of the National Grid Corp. of the Philippines (NGCP) for the fifth regulatory period (5RP), spanning the years 2023-2027.

“If we are able to issue the decision on the 5RP by next year, there will be at least two years of the 5RP that are based on forecasted costs or expenses,” ERC Chairman and Chief Executive Officer Francis Saturnino C. Juan told reporters.

NGCP’s rate reset process faced years of delays, with the fourth regulatory period (4RP), covering the years 2016-2022, only finalized this year.

In April, the ERC rendered its decision on NGCP’s 4RP, allowing the grid operator to collect a total under-recovery of P28.3 billion from consumers.

“We actually now in the process of reviewing, evaluating the rate reset filing of the NGCP for the 5RP because we are targeting to make the reset as updated as possible,” he said.

The NGCP is the country’s sole grid operator, holding a 50-year franchise. The company has the right to operate and maintain the transmission system and related facilities.

Under the Electric Power Industry Reform Act, the ERC is responsible for establishing a method for setting transmission and distribution wheeling rates. The rates must be set in a way that allows the recovery of “just and reasonable costs and a reasonable return on rate base” to enable the entity to operate viably.

The rate reset process is usually a forward-looking exercise that requires the regulated entity to submit forecast expenditures and proposed projects.

The ERC has directed all private distribution utilities (PDUs) to file their respective actual weighted average tariff applications for the lapsed period or the years when the ERC was not able to conduct a rate reset on their rates.

The Commission resolved to adopt a confirmation and true-up process in determining the rate of the PDUs to address the lapsed period for the respective entry groups.

“The new ERC has cut the Gordian knot. After more than a decade of delays in reviewing the rates of privately-owned distribution utilities, ERC now have both a clear roadmap and the unwavering determination to see this through,” Mr. Juan said. — Sheldeen Joy Talavera

Visayas grid supply-demand balance could hit ‘critical’ levels next year

ANDREY METELEV-UNSPLASH

THE Department of Energy (DoE) said the supply-demand balance situation on the Visayas grid could hit “critical” levels next year, resulting in a number of yellow alerts.

“There’s potential critical supply situation in the Visayas, based on the initial simulation of demand-supply,” Energy Undersecretary Mylene C. Capongcol told reporters.

She said the demand-supply situation for 2026 will ultimately depend on the extent of new capacity additions and measures to address the demand side.

The DoE estimates that committed power projects with the potential to generate around 6,000 megawatts are expected to come online next year.

Ms. Capongcol said the power outlook is not linked to an earthquake that struck the Visayas as repairs were carried out promptly.

So far this year, the Visayas grid has been placed under yellow alert eight times while Mindanao experienced one yellow alert.

In 2024, 16 red alerts and 62 yellow alerts were declared over the Philippines’ various power grids. Yellow alerts are declared when available supply falls below a specified safety margin, while red alerts are raised when demand actually exceeds supply, which will trigger power rationing, during which certain parts of the grid are left without power temporarily.   

Citing initial projections, the Independent Electricity Market Operator of the Philippines (IEMOP) is expecting the power supply in the Visayas to be vulnerable next year because it is dependent on the other two island grids.

“The Visayas is a net importer of power from Luzon and Mindanao, so when interconnection from Mindanao and Luzon are limited, power plants end up setting higher prices in the Visayas,” according to Isidro E. Cacho, Jr., IEMOP vice-president for trading operations. — Sheldeen Joy Talavera

PHL to join talks on safeguarding supply of materials considered strategic for AI dev’t

The Pax Silica Summit is a historic gathering of nations at the forefront of the global AI supply chain. — OFFICE OF THE UNDER SECRETARY FOR ECONOMIC AFFAIRS, US DEPT. OF STATE OFFICIAL LINKEDIN PAGE

THE US plans to invite the Philippines to join a multinational initiative to safeguard supply chains for technology deemed vital to artificial intelligence (AI), a US State Department official said on Tuesday.

Undersecretary of State for Economic Growth, Energy and the Environment Jacob Helberg said Philippine involvement in the US-led Pax Silica initiative follows a number of preliminary discussions, which he described as “very positive.”

“We are very eager and look forward to engaging the Philippines on Pax Silica,” he said at a virtual briefing. 

“I plan to extend an invitation to my counterpart in the first half of next year in order to be able to resume these discussions face-to-face, and we are confident they’re going to be very fruitful exchanges,” he added.

Pax Silica was launched last week with initial partners, including Japan, Singapore, Australia and South Korea. Designed to deepen economic and technology ties among participating countries, the initiative also seeks to diversify sources and reduce risks from dependence on material suppliers.

“If the 20th century ran on oil and steel, the 21st century is going to run on computers and minerals,” said Mr. Helberg. “We’re aligning our supply chains accordingly.”

Regarding competition for materials used in advanced technology, he said, “I think everyone understands who that is,” without referring specifically to China.

“Our strategy is to create a competitive edge so steep, so insurmountable that no adversary or competitor can scale it,” said Mr. Helberg. “That’s why our goal is to make America the arsenal of AI in this century.” — Kenneth Christiane L. Basilio

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