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What to know when traveling through NAIA this holiday season

Holiday shoppers can also expect a bigger duty-free experience.

The Christmas/New Year, peak travel season at Ninoy Aquino International Airport (NAIA) is expected to set new records, with over 2.3 million passengers forecast from Dec. 20, 2025 to Jan. 3, 2026 — surpassing last year’s already high holiday volume as tourism continues its rebound.

To manage the surge, NAIA’s private operator New NAIA Infra Corp. (NNIC) has rolled out upgrades across all terminals, from road access to check-in and immigration. Curbside lanes at Terminals 1, 2, and 3 have been widened to ease drop-off and pickup congestion, while a centralized transport hub at Terminal 3 now organizes taxis and ride-hailing services into a designated area.

Inside the terminals, passengers will see upgraded air-conditioning, hundreds of additional seats — over 400 in Terminal 1 — and airport-wide high-speed Wi-Fi, alongside 2,500 new luggage trolleys deployed system-wide.

Terminal arrangements may already be familiar to regular travelers, but airport officials say this holiday season brings operational adjustments inside each terminal to accommodate heavier passenger traffic. At Terminal 1, which continues to handle nearly all international flights, airport authorities have added more seating, pushed up cleaning rotations, and opened the new OFW Lounge to serve the growing number of overseas Filipino workers arriving for Christmas. The lounge offers free meals, Wi-Fi, and rest areas designed to absorb peak-hour crowds and reduce congestion in public waiting areas.

Terminal 2, now operating solely as a domestic terminal, has increased manpower at check-in counters and boarding gates as it absorbs additional traffic following the closure of the old Terminal 4 for redevelopment. Airport officials say flight schedules at T2 have also been staggered more tightly this December to prevent passenger buildup during peak departure hours — an adjustment prompted by last year’s holiday crowding.

Meanwhile, Terminal 3, the country’s busiest gateway, is operating extended food and retail hours following the opening of its new 6,000-square-meter mezzanine food hall, which adds dozens of dining options for passengers delayed by traffic or early check-in requirements.

Additional check-in counters have also been opened earlier in the day to clear morning peak departures, particularly for international flights.

Processing times are also expected to improve with the rollout of biometric immigration e-gates at Terminals 1 and 3 starting this December.

The system uses passport scans and facial recognition to speed up border control, backed by additional immigration officers and full staffing at security lanes under the government’s Oplan Biyaheng Ayos holiday plan. Airlines, for their part, have opened check-in counters earlier, added ground staff, and introduced more self-service kiosks. Officials are urging passengers to arrive at least three hours before international flights and two hours before domestic departures, especially on peak travel days.

Holiday shoppers can also expect a bigger duty-free experience. At Terminal 3 alone, duty-free retail space is set to grow from around 1,000 square meters to as much as 6,000 square meters, significantly increasing the shopping area at the country’s main international gateway.

Alongside this expansion, Duty Free is widening its portfolio of luxury labels and trend-driven products while opening its stores to more concessionaires and brand partners. The goal is to offer travelers a broader mix of merchandise — from premium global brands and Filipino-made goods to more affordable pasalubong — along with exclusive travel packs and airport-only bundles, all while keeping prices competitive.

For millions of Filipinos heading home for Christmas, these airport upgrades are designed to mean less waiting, easier transfers, and more time with family — with added convenience for holiday shopping — as NAIA enters its peak travel period.

 

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LANDBANK launches new financing window to empower MSMEs

LANDBANK launches the new LIFTING MSMEs Lending Program with DTI, key partners, and MSMEs from Metro Manila, Batangas, Bulacan, Cavite, Laguna, and Rizal on Dec. 9, 2025 at the LANDBANK Plaza in Manila, aimed at empowering businesses at every stage.

LANDBANK has formally launched the LANDBANK’s Innovative Financing Thrust Towards Inclusive National Growth thru Micro, Small, and Medium Enterprises (LIFTING MSMEs) Lending Program, a comprehensive financing initiative aimed at strengthening support for micro, small, and medium enterprises (MSMEs) across the Philippines.

The launch event, held on Dec. 9, 2025 at LANDBANK Plaza in Manila, gathered over 200 MSMEs from Metro Manila, Batangas, Bulacan, Cavite, Laguna, and Rizal, alongside key partners from the Department of Trade and Industry (DTI), Bangko Sentral ng Pilipinas (BSP), and Go Negosyo.

Trade and Industry Secretary Ma. Cristina A. Roque and LANDBANK President and CEO Lynette V. Ortiz led the event, underscoring the program’s pivotal role in providing MSMEs with accessible and flexible financing solutions at every stage of their development.

In her remarks, Secretary Roque reaffirmed the government’s commitment to empowering MSMEs, stating: “Whether you are a start-up making your first step, a growing enterprise expanding capacity, or an established business ready to level up, the growth of these businesses means more jobs. These options matter because every business has a story to tell and every entrepreneur deserves a fair chance to grow.”

The event also featured a session on financial health and wellness led by the BSP, providing practical strategies for managing cash flow and enhancing business resilience.

“The LIFTING MSMEs Lending Program integrates all our existing lending initiatives into a cohesive platform. It streamlines processes, improves accessibility, and ensures that financing support is comprehensive, flexible, and inclusive. Through this unified program, businesses at every stage can access tailored financing complemented by technology support and practical tools to help them thrive in a competitive landscape,” said LANDBANK President Ortiz, highlighting the program’s integrated approach.

DTI Secretary Ma. Cristina A. Roque (3rd from right) and LANDBANK President and CEO Lynette V. Ortiz (3rd from left) underscore the strengthened partnership between LANDBANK and DTI through the launch of the LIFTING MSMEs Lending Program. Joining them are BSP Managing Director Atty. Charina De Vera-Yap (rightmost) and LANDBANK Directors Omar Byron T. Mier (leftmost), Gaudencio S. Hernandez, Jr. (2nd from left), and Virginia N. Orogo (2nd from right).

Tailored financing and strategic support

The LIFTING MSMEs Lending Program consolidates all existing MSME lending initiatives of LANDBANK into a unified, streamlined platform. It offers three loan packages tailored to a business’s stage of growth: Start-ups and microenterprises operating for less than a year can access up to ₱500,000 in working capital through the Start-Up Loan.

More established micro and small enterprises may avail of the Step-Up Loan, which offers up to ₱5 million for expansion and stabilization. For SMEs seeking major transformation, the Level-Up Loan grants up to ₱50 million to support strategic projects, technology adoption, and enhanced competitiveness.

Additional program benefits include reduced interest rates and access to digital tools such as point-of-sale terminals and the LANDBANK Corporate Credit Card.

This initiative is in direct response to Republic Act No. 11981, otherwise known as the “Tatak Pinoy Act,” and further expands direct credit access to viable micro and small enterprises. It establishes a dedicated, branded lending program for MSMEs, reinforcing LANDBANK’s commitment to financial inclusion and national development.

Prospective borrowers may apply through the LANDBANK Business Loan Application Portal or visit any LANDBANK Lending Center or branch nationwide for assistance, or contact the LANDBANK Customer Care Hotline at (02) 8405-7000.

ABOUT LANDBANK

LANDBANK is the largest development financial institution in the Philippines promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the country, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.

 

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Mexico’s Senate approves tariff hikes on Chinese, other Asian imports

STOCK PHOTO | Image by Jorge Carlos from Pixabay

MEXICO CITY — Mexico’s Senate approved on Wednesday tariff hikes of up to 50% next year on imports from China and several other Asian countries, aiming to bolster local industry despite opposition from business groups and affected governments.

The proposal, passed earlier by the lower house, will raise or impose new duties of up to 50% from 2026 on certain goods such as autos, auto parts, textiles, clothing, plastics, and steel from countries without trade deals with Mexico, including China, India, South Korea, Thailand, and Indonesia. The majority of products will see tariffs of up to 35%.

With 76 votes in favor, 5 against, and 35 abstentions, the senate approved the bill, despite opposition from China and local business groups.

The approved bill is softer than the one that stalled in the lower house this autumn, with about 1,400 tariff lines — mostly textiles, apparel, steel, auto parts, plastics and footwear — and reduced duties on roughly two-thirds of them compared with the original proposal.

Analysts and the private sector argue the move is aimed at appeasing the US ahead of the next review of the United States-Mexico-Canada trade agreement (USMCA), and say it is also intended to generate $3.76 billion in additional revenue next year as Mexico seeks to reduce its fiscal deficit.

“On the one hand, it protects certain local productive sectors that are at a disadvantage with respect to Chinese products. It also protects jobs,” said Mario Vazquez, a senator for the opposition PAN party.

“But, on the other hand, (…) the tariff is an additional tax that citizens pay when they buy a product. And these are resources that go to the state. We would need to know what they are going to be used for. Hopefully, production chains in the country will be strengthened,” Mr. Vazquez added.

Emmanuel Reyes, a senator from the ruling Morena party, defended the measure.

“These adjustments will boost Mexican products in global supply chains and protect jobs in key sectors,” said Mr. Reyes, who is also chairman of the Senate Economy Committee.

“This is not merely a revenue-raising tool, but rather a means of guiding economic and trade policy in the interest of general welfare,” he added.

Looming over Mexico’s sweeping tariff proposal is next year’s USMCA review. Earlier this year, Mexico stepped up tariffs on Chinese goods in what analysts said was an effort to appease Washington. But US officials continue to raise concerns.— Reuters

South Korea minister offers to quit amid allegations of Unification Church payments

South Korea's former first lady Kim Keon Hee arrives at the special prosecutor's office in Seoul, South Korea, Aug. 6, 2025. REUTERS/Kim Hong-Ji

SEOUL — South Korean Oceans Minister Chun Jae-soo on Thursday expressed his intention to step down so he can focus on disproving claims he received illegal payments from the Unification Church.

Calling the claims “completely false,” Mr. Chun told reporters he was offering to resign to avoid hurting the work of his ministry and President Lee Jae Myung’s government.

Local media reports in recent days have quoted unidentified sources as saying that a former Unification Church official told prosecutors about payments to members of parliament from Lee’s Democratic Party including Mr. Chun. The reports did not say how much money Mr. Chun was alleged to have received.

Unification Church leader Han Hak-ja is on trial on charges that she bribed former first lady Kim Keon Hee in return for business favors. Han has denied the allegation.

Mr. Chun said it was the “right thing to do” to step down to focus on addressing the allegations, which he said were “absurd” and “absolutely groundless.”

Mr. Lee has called for tough investigations into suspected improper links between religious groups and politicians regardless of party affiliation, without naming specific religious entities.

Ms. Kim, the wife of former President Yoon Suk Yeol, is also on trial on corruption charges.— Reuters

US nuclear-capable bombers fly with Japanese jets after China–Russia drills, Tokyo says

COMMONS.WIKIMEDIA.ORG

TOKYO — US nuclear-capable bombers flew over the Sea of Japan with Japanese fighter jets, Tokyo said on Thursday, a show of force after Chinese and Russian military drills in the skies and seas around Japan and South Korea.

Japan and the US “reaffirmed their strong resolve to prevent any unilateral attempt to change the status quo by force and confirmed the readiness posture of both the Self Defense Forces (SDF) and US forces,” Japan’s defense ministry said in a press release on Thursday. Two US B-52 strategic bombers flew in formation with six Japanese jets on Wednesday, it added.

The exercise follows a joint flight of Chinese and Japanese strategic bombers in the East China Sea and western Pacific on Tuesday and separate Chinese aircraft carrier drills that prompted Japan to scramble jets that Tokyo said were targeted by radar beams.

South Korea’s military said it also scrambled fighter jets when the Chinese and Russian aircraft entered its air defense zone on Tuesday.

The heightened regional tensions come after Japanese Prime Minister Sanae Takaichi triggered a dispute with Beijing last month with her remarks on how Tokyo might react to a hypothetical Chinese attack on Taiwan.

China claims democratically governed Taiwan and has not ruled out using force to take control of the island, which sits just over 100 kilometers (62 miles) from Japanese territory and is surrounded by sea lanes on which Tokyo relies.— Reuters

FDI inflows sink to over 5-year low

US dollar banknotes are seen in this photo illustration taken Feb. 12, 2018. — REUTERS

By Katherine K. Chan

NET INFLOWS of foreign direct investments (FDI) into the Philippines plunged to their lowest monthly level in over five years in September, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday.

Based on preliminary central bank data, FDI net inflows fell by 25.8% to $320 million from $432 million a year ago.

This marked the lowest monthly FDI inflow in more than five years or since the $313.79 million recorded in April 2020.

Month on month, inflows sank by 37.7% from $514 million in August.

“Foreign direct investments into the Philippines posted net inflows of $320 million in September 2025,” the BSP said in a statement on Wednesday. “Japan was the top source of FDIs, while manufacturing was the biggest recipient of FDIs during the month.”

Investments in equity and investment fund shares rose by 27.8% to $120 million in September from $94 million in the same month in 2024.

Net investments in equity capital other than reinvestment of earnings soared to $35 million, nearly five times (378.2%) the $7 million seen a year earlier.

Broken down, equity capital placements jumped by an annual 20.8% to $99 million, while withdrawals fell by 14.4% to $64 million.

Nonresidents’ reinvestment of earnings also dipped by 2.1% to $84 million in September from $86 million last year.

Meanwhile, net investments in debt instruments dropped by 40.7% to $201 million from $338 million a year prior.

These consisted mainly of intercompany borrowing or lending between foreign direct investors and their subsidiaries or affiliates in the Philippines, according to the central bank.

Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said a combination of global and domestic factors dragged FDI net inflows to an over five-year low.

“Globally, investors remain cautious amid slower growth in major economies and persistent geopolitical uncertainties,” he said in a Viber message.

“Domestically, while reforms like CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) and infrastructure programs are positive signals, structural bottlenecks and policy clarity issues continue to weigh on investor confidence.”

Economic managers have said that the ongoing flood control controversy that linked government officials, lawmakers and private contractors to massive corruption in public infrastructure projects weighed on business and investor sentiment.

Meanwhile, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., also attributed the slump in foreign investments to high borrowing costs.

“September’s FDI slump to a five-year low reflects global uncertainty, high borrowing costs, and lingering policy gaps,” he said in a Viber message.

LOWER NINE-MONTH FDI

For the first nine months of 2025, FDIs dropped by 22.2% to $5.537 billion from $7.118 billion in the same period last year.

This, as investments in equity and investment fund shares stood at $1.905 billion as of September, down by 16.8% from $2.289 billion the previous year.

Net foreign investments in equity capital, excluding reinvestment of earnings, went down by 33.3% year on year to $905 million at end-September from $1.357 billion a year ago.

Equity capital placements declined by 18.3% to $1.463 billion, while withdrawals rose by 28.7% to $558 million.

In the nine-month period, placements mostly came from Japan, the United States and Singapore, the central bank said.

“Industries that received most of these investments were manufacturing, wholesale and retail trade, and real estate,” the BSP added.

On the other hand, reinvestment of earnings climbed by 7.3% year on year to $1 billion by the end of September from $932 million previously.

BSP data also showed that nonresidents’ net investments in debt instruments of local affiliates declined by 24.8% to $3.632 billion as of September from $4.829 billion in the comparable year-ago period.

According to the central bank, the total FDI net inflows in the nine months to September accounted for 1.6% of the country’s gross domestic product.

Mr. Ravelas said meeting the BSP’s $7.5-billion FDI net inflow forecast for 2025 is “possible but tough.”

“With $5.5 billion so far, hitting BSP’s $7.5-billion target will need a strong Q4 rebound — possible but tough without fresh reforms,” he said. “[There could be] modest inflows in manufacturing and real estate if confidence improves.”

He added that the local manufacturing and real estate sectors may see modest gains in foreign investments if investor confidence rebounds.

“For businesses, now’s the time to push clarity and competitiveness to attract capital,” he said.

Meanwhile, Mr. Asuncion noted that the country’s policy implementation and investment climate will determine whether it can sustain improvements in FDI inflows.

“Looking ahead, we expect modest recovery in FDI inflows as reforms gain traction, but sustained improvement will depend on consistent policy execution and a more competitive investment environment,” he said.

ADB says PHL still likely to post second-fastest growth in Southeast Asia

People stand near a wrecked part of the Baler-Casiguran Road a day after Typhoon Fung-wong made landfall in Dipaculao, Aurora, Philippines, Nov. 10. -- REUTERS

THE ASIAN Development Bank (ADB) slashed its growth forecasts for the Philippines for this year and 2026 but it is still expected to be the second-fastest growing economy in Southeast Asia.

In its December Asian Development Outlook (ADO), the multilateral lender slashed its Philippine gross domestic product (GDP) growth forecast to 5% from 5.6% in September.

For 2026, the ADB trimmed its Philippine growth forecast to 5.3% from 5.7% previously.

These latest projections are below the government’s 5.5-6.5% target for this year, and the 6-7% growth goal for 2026 to 2028.

In its report released on Wednesday, the ADB said the lower growth prospects for the Philippines were “due to weak infrastructure spending amid investigations of publicly funded projects, and natural hazards.”

Data from the Department of Budget and Management showed that expenditure on infrastructure and other capital outlays for the January-to-September period declined by 10.7% to P877.1 billion from P982.4 billion a year ago.

Sluggish infrastructure spending, affected by adverse weather and stricter fund releases to the Department of Public Works and Highways, dragged Philippine GDP growth to a weaker‑than‑expected 4% in the third quarter. This brought the nine‑month average growth to 5%.

“Low inflation and ongoing monetary easing should sustain domestic demand, supporting stronger growth in 2026,” the ADB said.

The Bangko Sentral ng Pilipinas has so far reduced borrowing costs by a cumulative 175 basis points (bps) since it began its easing cycle in August last year, bringing the key rate to 4.75%.

“However, uncertainties arising out of investigations of publicly funded infrastructure projects and weather-related disruptions pose downside risks,” it added.

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

An independent commission is now investigating the allegations that government officials, lawmakers and contractors received billions of pesos in kickbacks from anomalous projects.

STILL SECOND FASTEST

Based on the latest ADO, the Philippines is still projected to be the second fastest-growing economy in Southeast Asia this year, just behind Vietnam (7.4%) and tied with Indonesia (5%). It is ahead of Malaysia (4.5%), Singapore (4.1), and Thailand (2%).

For 2026, the Philippines is still seen to post the second-fastest growth in Southeast Asia, after Vietnam’s 6.4%.

The ADB expects Philippine growth to stay above the Southeast Asian average through 2026.

For the region, the bank raised its regional GDP growth outlook to 4.5% this year from 4.3% in its September update. It also hiked its projections to 4.5% in 2026 from 4.4% previously.

This reflects stronger‑than‑expected third‑quarter results in Indonesia, Malaysia, Singapore, and Vietnam, alongside better external environment and supportive government expenditures, the ADB said.

“Several risks to the subregion’s (Southeast Asia) prospects remain, notably from global uncertainty, climate-related disruptions, and domestic political developments,” the ADB said.

Despite these risks, the lender said the Southeast Asian region remains resilient, with prospects depending on sustained policy support and flexible economic strategies.

However, the ADB’s Philippine growth forecast was slightly below the projected 5.1% growth of developing Asia for this year but exceeded the 4.6% growth forecast in 2026.

Developing Asia includes 46 Asia-Pacific countries, but excludes Japan, Australia, and New Zealand.

Meanwhile, the ADB expects Philippine headline inflation to average 1.8% this year and 3% in 2026, unchanged from its September forecast.

This is slightly higher than the Bangko Sentral ng Pilipinas’ (BSP) 1.7% average forecast for this year, but lower than the 3.3% average forecast for 2026.

Headline inflation averaged 1.6% in the first 11 months of 2025, according to the Philippine Statistics Authority.

Meanwhile, the Mastercard Economics Institute (MEI) gave a 5.6% growth forecast for the Philippines in 2026, which will make it the fastest-growing economy among the Association of Southeast Asian Nations-5 (ASEAN-5).

This is ahead of Indonesia (5%), Malaysia (4.2%), Singapore (2.2%), and Thailand (1.8%).

“In 2026, the growth trajectories of the ASEAN-5 nations are expected to diverge. GDP is projected to expand steadily in Indonesia and the Philippines, while Malaysia, Singapore, and Thailand may grow more slowly,” MEI said in its December Economic Outlook 2026.

MEI also expects Philippine inflation to settle at 2.8% next year.

“Because that is within the target range, further monetary policy easing may be possible; interest rates are expected to fall to 4.5% by the end of 2026,” it said.

MEI said strong borrowing momentum may fuel private consumption, while lower policy rates may help sustain this trend.

The report noted travel is a key economic driver, with domestic demand climbing in Malaysia and Indonesia and outbound spending rising in Singapore, Malaysia, Indonesia, and the Philippines.

MEI said Indonesia and the Philippines posted the fastest growth gains, with overseas travel spending jumping by 40% and 28%, respectively, over the period, MEI said. — Aubrey Rose A. Inosante

Jobless rate goes up to 5% in October

THE NUMBER of jobless Filipinos rose by about 570,000 to 2.54 million in October from a year earlier, even as overall employment increased by 460,000, the Philippine Statistics Authority (PSA) reported on Wednesday, underscoring persistent vulnerabilities in the labor market despite headline job gains. Read the full story.

 

Unemployment rate rises to 5%, highest in 3 months

JOB SEEKERS flock to a job fair at the Astrodome in Pasay City, Dec. 1. -- Philippine Star/Edd Gumban

THE NUMBER of jobless Filipinos rose by about 570,000 to 2.54 million in October from a year earlier, even as overall employment increased by 460,000, the Philippine Statistics Authority (PSA) reported on Wednesday, underscoring persistent vulnerabilities in the labor market despite headline job gains.

This brought the jobless rate to 5% from 3.8% in the previous month and 3.9% a year ago. It was also the highest in three months or since the post-pandemic high of 5.3% in July.

The unemployment rate averaged 4.13% in the first 10 months from 4% in the same period a year ago.

PSA Undersecretary and National Statistician Claire Dennis S. Mapa attributed the rise in joblessness to recent typhoons and the increase in labor force participation.

The labor force participation rate (LFPR) rose to 63.6% in October from 63.3% a year earlier but fell from 64.5% in September, the statistics agency said in a statement. The estimated LFPR in October translates to 51.16 million Filipinos versus 50.12 million in the same month last year.

However, Mr. Mapa cited “good signs” such as rising employment in the agriculture sector, which added 168,000 jobs from a year ago.

“We saw an increase of 1.87 million in agriculture and forestry jobs quarter on quarter, with the biggest contributor being the growing of paddy rice, as the peak season for rice farming falls in the fourth quarter,” Mr. Mapa said during a briefing.

The PSA’s latest labor force survey showed that while many found work, a significant segment remains jobless — meaning economic improvements may not be reaching all sectors.

Still, the increase in employed people — particularly those aged 15 and over — reflects underlying demand in industries like retail, construction and services. Such gains offer hope that economic activity is picking up ahead of the holiday season.

In October, services accounted for the biggest share of total employment at 60.6%, followed by agriculture with 21.5% and industry at 17.9%.

Underemployment, which covers workers seeking more hours or better-paying jobs, eased to 12% in October from 12.6% a year earlier, but inched up from 11.1% in September. The number of unemployed Filipinos stood at 2.54 million in October, higher than 1.97 million in the same month last year.

“October’s labor market reflects continued progress in improving the quality of work available to Filipinos,” Department of Economy, Planning, and Development Secretary Arsenio M. Balisacan said in a statement.

In a note, Chinabank Research said the unemployment rate climbed in October, as not all new entrants in the labor market found jobs.

“On a positive note, there were gains recorded across industries, including challenged sectors like agriculture and manufacturing,” Chinabank said. “Looking ahead, job creation could pick up during the holiday season.”

PSA data show annual employment gains were spread across several sectors in October, including public administration (+257,000), accommodation and food services (+180,000), agriculture (+168,000), and manufacturing (+152,000).

“However, we note that the sector remains vulnerable to weather-related risks. Meanwhile, despite an uncertain global trade environment, manufacturing jobs increased (+152,000) with local factories expressing improved sentiment in the year-ahead outlook,” Chinabank said.

On the other hand, annual job losses were concentrated in services (-520,000), with notable declines in repair services, household services, and funeral-related activities.

Wholesale and retail trade also saw an annual drop (-66,000) in jobs in October.

Chinabank said this “could indicate that the softness in household consumption growth seen in the third quarter could persist this quarter.”

“Nevertheless, increased seasonal demand during the holidays could support job opportunities in the sector,” it added.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said the latest numbers signal that the economy is struggling to create enough jobs.

“Yes, there are red flags. Job creation is slowing, underemployment remains high, and the sectors that usually absorb workers (retail, construction, services) are expanding weakly,” he told BusinessWorld over Viber.

“The worsening unemployment despite higher labor force participation shows that the labor market is widening, but not deepening, meaning more people are willing to work, but the economy is not generating enough stable, quality jobs to match that demand,” he added.

However, IBON Foundation Executive Director Jose Enrique “Sonny” A. Africa cautioned that these “good signs” in agricultural jobs may be overstated.

Looking at the sector historically, agricultural employment has actually fallen from an annual average of 10.8 million in 2022 to around 10 million in the first 10 months of 2025, he said.

“The only ‘good signs’ we should be looking for are steady and rapid increases in the National Government budget for farmers and fisherfolk in terms of production subsidies, extension services, and rural infrastructure,” Mr. Af-rica told BusinessWorld via Viber. — EMPS

ADB approves $400-million loan to improve ease of doing business in the Philippines

BW FILE PHOTO

THE ASIAN Development Bank (ADB) has approved a $400-million policy-based loan to support the Philippine government’s efforts to improve the ease of doing business in the country.

In a statement, the multilateral lender said it has approved the financing for the Business Environment Strengthening with Technology Program (BEST) Subprogram 1, which aims to help position the country as a leading investment hub in Asia and the Pacific.

The BEST program supports private sector development reforms to streamline and improve the transparency of regulatory requirements and processes for businesses.

“The private sector is an important engine of growth and job creation. Their role in the country’s overall economic development cannot be overstated,” ADB Country Director for the Philippines Andrew Jeffries said.

“We are committed to assisting the Philippines in finding innovative ways to create an enabling environment that would spur a more dynamic business sector — one that will help drive faster economic growth,” he added.

This comes as Philippine firms continue to grapple with regulatory bottlenecks, high energy costs and weak digital infrastructure, while investors face hurdles in navigating approvals and fragmented digital systems that raise costs and deter capital.

The Ease of Doing Business and Anti-Red Tape Advisory Council said it can take up to 75 days for local firms and more than 100 days for foreign firms just to complete registration in the Philippines, slower than its regional peers.

Mr. Jeffries said high logistics costs continue to weigh on Philippine competitiveness, citing geographical constraints. Logistics account for about 27% of the cost of goods, among the highest in the region.

The BEST program will streamline legal and regulatory frameworks to make it easier to start and operate a business, with faster permits, licensing, and approvals, the ADB said.

“It will also provide clear, updated, and reliable information via online investors’ guidebooks and a digital database of business regulations through the Philippine Business Regulations Information System launched by the Anti-Red Tape Authority (AR-TA),” the ADB said.

The BEST program builds on the ADB-Philippine partnership in pursuing reforms to strengthen public sector management systems through the Public Financial Management Reform Program, Domestic Resource Mobilization Program, Business and Employment Recovery Program, and more.

The ADB said it extended complementary technical assistance to advance reforms under the program.

This includes supporting implementing agencies such as ARTA, the Department of Trade and Industry-Board of Investments, and the Department of Information and Communications Technology in developing and implementing new systems and improved processes.

Separately, ADB President Masato Kanda met with President Ferdinand R. Marcos, Jr. on Tuesday at Malacañan Palace, where he emphasized the importance of strong cooperation.

Mr. Kanda also pledged a comprehensive package to support the Philippines as it prepares to chair the Association of Southeast Asian Nations (ASEAN) in 2026.

“ADB is committed to support the Philippines in elevating ASEAN’s ambition to become more competitive, resilient, and sustainable. I was pleased that our proposals were welcomed by President Marcos and we look forward to working together on the success of ASEAN 2026,” Mr. Kanda said in a statement.

The multilateral lender is preparing a package of support to assist the Philippines in delivering regional outcomes under the ASEAN 2026 theme of “Navigating our Future Together.”

The ADB was the second-biggest development partner of the Philippines in 2024 with 59 loans and grants worth $11.05 billion. — Aubrey Rose A. Inosante

New RE player eyes P190-B offshore wind in Camarines Sur

STOCK PHOTO | Image by FREEPIK

RENEWABLE ENERGY (RE) developer ACX3 Capital Holdings, Inc. is proposing to build a 500-megawatt (MW) offshore wind farm in San Miguel Bay, Camarines Sur, in Bicol Region, with an estimated cost of P189.5 billion.

In its filing with the Department of Environment and Natural Resources, the company said the national grid is expected to receive power from the project, which targets commercial operations by 2030.

The proposed wind farm will occupy 6,237 hectares within the municipal waters of Calabanga, Siruma and Tinambac.

ACX3 said the project is designed to deploy 60 wind turbine generators, each with a rated capacity of between 8.5 MW and 8 MW.

Construction is scheduled to begin in 2027 and run through 2029.

The estimated project cost includes P4.5 billion for pre-development activities, P85 billion for construction, and P100 billion for operations and maintenance.

The company also estimated decommissioning costs at around P7.3 billion, expected to be incurred by 2055.

Offshore wind farms generate electricity as wind turns turbine blades, which convert kinetic energy into electrical energy transmitted via export cables.

ACX3 said logistics for the project will depend on a planned port development in Barangay Pambujan, Mercedes, Camarines Norte.

The port is envisioned to serve as a marshaling and assembly base, with facilities for turbine component handling and vessel berthing.

The company described offshore wind as “a highly reliable and variable form of renewable energy” because of its ability to generate electricity at high capacity factors.

“[Offshore wind] has the potential to become a major contributor to the national grid, complementing onshore wind and solar installations,” it said.

ACX3 focuses on developing and managing renewable energy and sustainable infrastructure projects.

It is backed by Nexif Energy Philippines Pte. Ltd., a joint venture between Singapore-based Nexif Ratch Energy Investments Pte. Ltd. and Thailand-based Ratch Group.

The firm is among several developers assisted by the Department of Energy that are projected to add more than 16 gigawatts (GW) of new capacity from offshore wind projects.

The Philippines aims to generate its first kilowatts of offshore wind power by 2028 as it seeks to diversify its energy mix and reduce dependence on fossil fuels. — Sheldeen Joy Talavera

The Bistro Group, going loca(l)

THE RETURN of Krazy Garlik under The Bistro Group’s portfolio signifies Bistro’s respect for local culture and its motivation to do more in the local scene (as opposed to their forte, bringing in international franchises).

It’s a comeback concept, having first opened in 2014, patterned after a Korean concept that worshipped the flavor (albeit a bit toned down for Filipino palates), which then closed in 2018.

Lisa Ronquillo-Along, chief marketing officer for The Bistro Group, speaking to BusinessWorld during the Krazy Garlik opening at the SM Mall of Asia on Dec. 4, gave us a list of their local concepts, which is about to get longer. There’s Krazy Garlik (the SM Mall of Asia branch is their second after opening in One Ayala this year), Siklab, Las Flores, and Rumba; not to mention the restaurants by their corporate executive chef, Josh Boutwood. One of them, Helm, was the country’s first two Michelin-starred restaurant, awarded earlier this year.

Siklab is also a comeback concept, sharing the 2014 timeline with Krazy Garlik. It reopened last year in Shangri-La Plaza Mall and is set to open nine branches next year (including in Visayas and Mindanao), according to Ms. Ron-quillo-Along. Krazy Garlik might follow in the same lines, because it is “very scalable.”

We had a taste of their tangy 40 Kloves Chicken (the taste is akin to a very flavorful adobo), and the Adobomb Rice with pork adobo flakes, as well as the Hara Kiri Rice (garlic, bell pepper, shrimp, squid, bacon, red chili, teriyaki sauce, and tobiko). While we were warned that the Hara Kiri rice would be a spicy challenge, it was mostly an easy ride (for us).

“We’ve always wanted to have homegrown brands, local concepts,” said Ms. Ronquillo-Along. “We’ve tried in the past.

“There were some challenges because we were so used to these structural, corporate franchise(s),” she said. “We wanted to be everything… maraming (there was lots of) trial-and-error.”

For starters, she mentioned improving interiors and streamlining menus: “If you want to attract the new generation now, it has to resonate with them.”

She also discussed the difference between developing their international franchises and these homegrown brands. To date, The Bistro Group holds the franchises for TGI Friday’s, Olive Garden, Dave & Buster’s, Fogo de Chao, and Longhorn Steakhouse; among others. They have 30 concepts under their belt, and 218 restaurants around the Philippines. They have an upcoming Korean dessert franchise (slated to open this week, but a media tasting has been postponed).

“With franchises, we have the international (support), so we can’t really just move freely,” she said. “They’re flexible, (but) you have to work with them.

“With the homegrown brands, we’re free to make mistakes, develop something new, innovate. We’re free to do that,” she said.

Earlier this year, the Chen-led Inoza Business Holdings, Inc., an affiliate of Progeny Global Holdings (the operators of the Bounty Fresh brand) announced they had acquired a major stake in The Bistro Group (more details can be found here: https://tinyurl.com/2k5968mj). Of the new ownership, Ms. Ronquillo-Along said, “They want the homegrown brands to take lead in development — hand-in-hand with ours,” she said. “We have their support, and be-cause they’re already in the food business, they understand it.”

Krazy Garlik is located at SM Mall of Asia, Level 2, Entertainment Mall. — Joseph L. Garcia

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