Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 58

Manami Resort celebrates the holidays in coastal elegance

Manami Resort is a luxury coastal sanctuary offering 18 villas and suites in Sipalay, Negros Occidental. — MANAMI

Manami Resort, a luxury coastal sanctuary in Sipalay, Negros Occidental, is inviting guests for the holiday festivities as it transforms the resort into a coastal wonderland featuring curated holiday experiences. 

The campaign, titled “Seashells and Holiday Spells,” draws inspiration from the natural beauty of the ocean and the shimmering elegance of Capiz shells. 

“Here at Manami, the holidays take on a coastal glow—where seashells shimmer under festive lights, the ocean breeze carries songs of the season, and each moment is wrapped in warmth and wonder,” Giro Solatorio, Manami’s Property Head, said in a statement.  

He added that by harmonizing island-inspired feasts and musical evenings, the resort seamlessly blends tradition with tropical allure, inviting guests to forge enduring memories where the sea meets the season. 

During the holiday celebration, guests can immerse themselves in Manami’s curated lineup of seasonal experiences.  

The resort’s gourmet restaurant Dayaw welcomes diners each evening with festive dinners that pair exquisite flavors with sweeping views of Sipalay’s coast.  

Guests can also toast to the season with the Merry Melon Glow, a cocktail inspired by the hues of a coastal sunset, where melon liqueur, gin, citrus, and a swirl of grenadine come together in a glow of holiday cheer.  

The festivities continue on December 31 at Lingaw in Manami, with a Mediterranean-inspired dinner that combines vibrant flavors and a festive ambiance to welcome the New Year. — Edg Adrian A. Eva

Researchers discover new species of box jellyfish in Philippine waters

A Morbakka virulenta box jellyfish. — DENNIS CORPUS, SHELDON REY BOCO et al., UP DILIMAN, COLLEGE OF SCIENCE

A group of marine researchers found several new species of box jellyfish in Philippine waters, a groundbreaking discovery that could help deepen understanding of these under-documented species. 

The species belong to a type of box jellyfish called carybdeid jellyfish, which is known for its distinct cube-shaped bell and potent venom. It is commonly found in warm coastal waters like the Philippines. 

Among the key findings are the country’s first records of Alatina alata, Carybdea cuboides, Malo sp., and Morbakka virulenta. The researchers also confirmed new records for Copula Copula sivickisi and Malo filipina. 

The team of marine researchers is composed of Russel Christine Corcino and Dr. Lemnuel Aragones from the University of the Philippines- Diliman College of Science’s Institute of Environmental Science and Meteorology. 

It is also joined by Dr. Sheldon Rey Boco and Christine Gloria Grace Capidos of The Philippine Jellyfish Stings Project, Dr. Phuping Sucharitakul of the Batavia Coast Maritime Institute in Western Australia; Ram Yoro of RY Photography; Dennis Corpuz of Anilao Critters Studio; and Scott Tuason of Squires Sports Philippines. 

But, why bother studying them? Ms. Boco said learning carybdeid jellyfish is vital as they are part of the marine food chain and their presence or absence can indicate the health of marine ecosystems. 

“They eat smaller creatures and are food for bigger ones, helping keep everything in check,” Ms. Boco said in a press release statement. 

Also, she noted that their venom are strong enough to cause hospitalization, making the study of how their venom works lead to better treatments and help save more lives. 

During its research, the team combined different methods such as on-site observations and the use of high-resolution underwater photography and videography. They also used citizen science participation verified through digital authentication. 

Ms. Boco said that observing them is “extremely challenging,” with most species dwelling in hard-to-reach offshore waters at least 100 meters from shore and at depths of 20 to 30 meters.  

From 2017 to 2021 and in 2024, the team conducted various blackwater dives over open water, with each requiring stringent preparation and certification. They observed and documented carybdeid box jellyfish in their visible swimming form, called the medusa stage.  

Ms. Boco said that the team also gathered photos and videos from recreational divers through citizen science, but proving their authenticity was a challenge, especially with generative artificial intelligence now capable of creating convincing fake jellyfish images. 

Looking forward, the team plans to make citizen science even easier and faster by no longer requiring the filling out of long forms. They also intend to conduct more on-site experiments during night dives to better understand jellyfish behavior and environmental conditions. 

The team eventually aims to predict where carybdeid jellyfish will appear now and in the future, not just locally but also across nearby seas. 

The Philippines is located within the Coral Triangle, a region known as one of the world’s richest marine biodiversity hotspots and a critical habitat for these jellyfish species. — Edg Adrian A. Eva

NG budget deficit shrinks to P157.6 billion in November

Workers declog canals along España in Manila. The National Government’s budget deficit narrowed in November as expenditure continued to decline amid a corruption scandal. — PHILIPPINE STAR/EDD GUMBAN

THE NATIONAL Government’s (NG) budget deficit sharply narrowed in November as expenditures contracted for a fourth month in a row, and revenue growth remained sluggish amid a corruption scandal.

Data from the Bureau of the Treasury (BTr) showed the budget deficit shrank by 26.02% to P157.6 billion in November from P213 billion in the same month a year ago.

This was a reversal of the P11.2-billion surplus in October.

In November, government spending declined by 9.61% to P498.3 billion from P551.3 billion in the same month last year.

Primary expenditure (net of interest payments) dropped by 13.13% to P421 billion in November, while interest payments went up by 15.95% to P77.3 billion.

November marked the fourth straight month that expenditures fell on an annual basis, since the 0.74% contraction in August after a corruption scandal involving flood control projects was made public.   

The scandal has dampened economic activity and public spending, particularly on infrastructure, and put pressure on revenue collections.

Total revenue collections inched up by 0.72% to P340.7 billion in November from P338.3 billion in the same month last year.

Tax revenues, which accounted for the bulk of collections, edged up by 2.81% to P331.4 billion in November from P322.4 billion in the same month in 2024.

The Bureau of Internal Revenue’s (BIR) collections rose by 2.7% to P254.3 billion in November from P247.6 billion a year ago.

Collections of the Bureau of Customs (BoC) rose by 3.35% to P74.9 billion in November from P72.4 billion a year ago.

On the other hand, nontax revenues fell by 41.58% to P9.3 billion in November from P15.9 billion in the same month last year, “mainly due to the absence of the one-off remittances last year.”

BTr revenues dropped by 29.3% to P5.6 billion in November, while revenues from other offices slid by 53.79% to P3.7 billion.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the narrower deficit was mainly due to reduced government spending.

“(This) could signal more disciplined spending amid anti-corruption measures and other reforms to improve governance standards in view of the anomalous flood control projects that reduced government spending as an immediate reaction to prevent the risk of corruption,” he said in a Viber message.

11-MONTH DEFICIT
In the January-to-November period, the budget deficit widened to P1.26 trillion from the P1.18-billion deficit last year, amid single-digit growth in spending and revenue collection.

“The overall fiscal deficit stands only at 80.92% of the FY (fiscal year) 2025 revised full-year target of P1.56 trillion, reflecting the government’s commitment to prudent fiscal management and consolidation efforts,” the Treasury said.

For the 11-month period, expenditures stood at P5.41 trillion, 2.49% up from P5.28 trillion a year ago. This was already 89% of the P6.08-trillion full-year expenditure program.

Primary expenditures inched up by 0.8% to P4.61 trillion as of end-November, while interest payments increased by 13.49% to P801 billion.

Meanwhile, total revenue collections for the January-to-November period rose by 1.09% to P4.15 trillion from P4.1 trillion a year earlier.

This represented 91.79% of the revised full-year program of P4.52 trillion.

“Growth for the period was driven by a 7.03% (P249.5-billion) year-on-year increase in tax collections, which more than offset the P204.6-billion contraction in nontax sources due to the base effect of one-off windfall receipts in 2024,” the BTr said.

In the 11-month period, tax revenues jumped by 7.03% to P3.8 trillion, which is 90.14% of the P4.21-trillion target.

BIR collections went up by 8.92% to P2.91 trillion as of end-November, already accounting for 90.25% of its P3.22-trillion full-year target.

Customs collected P859.5 billion in the 11-month period, up by 1.12% from a year ago. This was 89.65% of the revised P958.7-billion program for the year.

Nontax revenues fell by 36.85% to P350.6 billion as of end-November.

“Nonetheless, the January-to-November 2025 sum already exceeded the adjusted FY 2025 program of P306.5 billion by 14.4% (P44.1 billion), supported by the better-than-expected performance of the Bureau of the Treasury income and collections from other offices including privatization proceeds, fees and charges, and grants against their respective full-year target,” the Treasury said.

BTr income slid by 7.52% to P215.2 billion as of end-November, while other offices’ income slumped by 58.01% to P135.4 billion.

The primary deficit — net of interest costs — shrank by 1.77% to P463.2 billion in the 11 months from just P471.5 billion a year earlier.

“The decline for the period can be partly attributed to temporary delays in the implementation of some flood control projects amid ongoing investigations related to alleged corruption issues,” the BTr said. 

Mr. Ricafort said there is a “good chance” the government will hit the P1.56-trillion deficit ceiling this year, citing fiscal and tax reforms and anti‑corruption efforts to boost revenues and curb wastage.

In the coming months, he said that stricter anti‑corruption measures could slow government spending, but this would help narrow the deficit and reduce borrowing needs. — Aubrey Rose A. Inosante

Marcos to sign 2026 nat’l budget on Jan. 5 — Recto

President Ferdinand R. Marcos, Jr. — PHILIPPINE STAR/NOEL B. PABALATE

By Chloe Mari A. Hufana, Reporter

PHILIPPINE President Ferdinand R. Marcos, Jr. will sign the 2026 General Appropriations Act (GAA) on Jan. 5, 2026, according to Executive Secretary Ralph G. Recto on Tuesday.

“[We] will need time to go over the budget,” Mr. Recto told BusinessWorld via Viber. “A one-week reenacted budget will not affect government operations. In fact, a careful review of the budget prepares the Executive [to execute] it properly.”

Mr. Marcos was initially expected to sign the spending plan on Dec. 29, but there were delays in the bicameral conference committee’s proceedings as lawmakers needed more time to scrutinize the national budget for red flags.

The proposed 2026 GAA is facing heightened scrutiny after claims surfaced that this year’s national budget included billions of pesos in unprogrammed allocations.

Despite this, the bicameral committee cleared P243 billion in standby funds, reversing earlier efforts to rein in the mechanism after the Senate version cut the allocation to P174.55 billion — about P68.66 billion below the P243.22 billion approved by the House.

Such funds are contentious because, while they are meant to provide flexibility for emergencies or unforeseen expenditures, excessive or opaque use can undermine accountability.

The panel also faced an impasse over the Department of Public Works and Highways’ (DPWH) budget for next year, following a massive graft scandal involving flood control projects. There was a standoff over a P45-billion reduction in the DPWH budget, with senators standing by the cuts even as Public Works Secretary Vivencio “Vince” B. Dizon and the Presidential Palace warned that failure to reinstate the funds could weigh on the economy.

Congress is set to approve the bicameral conference report on the national budget by Dec. 28, followed by its ratification on Dec. 29

Senate President Vicente C. Sotto III earlier this week flagged the possibility that the Philippine government will start operations in 2026 under a reenacted budget.

Mr. Sotto said that if the enrolled copy is not ready on time, the government could default to last year’s appropriations through the first week of January, a scenario that policymakers have been trying to avoid.

Failure to pass a new appropriations measure triggers the automatic reenactment of the prior year’s budget, a scenario analysts said could undermine economic growth goals and delay the rollout of priority government projects.

Mr. Sotto reiterated his opposition to “blind ratification,” underscoring concerns about opaque allocations, even as the Palace urged Congress to expedite approval to avert budget reenactment.

Also on Tuesday, Press Secretary Dave M. Gomez said Mr. Marcos will review the spending plan over the holidays.

The President has already tasked his team to conduct an immediate and comprehensive review of all allocations and provisions approved by the bicameral conference committee, tracing any adjustments made from the originally submitted National Expenditure Program, Mr. Gomez said.

“This thorough review will ensure that taxpayers’ money will be put to good use, contributing to the attainment of societal goals that will be felt by all Filipinos, consistent with his pronouncement in the last State of the Nation Address,” he added in a Viber chat to reporters.

Ederson DT. Tapia, a political science professor from the University of Makati, said a briefly reenacted budget, while not disastrous, is far from neutral.

It confines the government to the previous year’s appropriations, preventing funding for new programs and delaying capital outlays, infrastructure projects and program expansions, he noted.

“For departments implementing time-sensitive programs, even a short reenactment can create bottlenecks that ripple into the first quarter,” he said via Facebook Messenger.

However, the impact of the reenacted budget will be manageable if the new budget is approved swiftly. Predictability and timely enactment remain key, making brief reenactments an administrative inconvenience rather than a fiscal crisis, though avoiding them altogether is preferable, he noted.

Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said delays in passing the national budget are unusual compared with previous administrations and raise questions about the Marcos government’s legislative efficiency, even if officials frame them as technical issues.

The Philippines has previously run on reenacted budgets under past administrations, most recently in 2019, when then-President Rodrigo R. Duterte enacted the spending law only in April.

While a delayed or reenacted budget may not immediately disrupt government operations, Mr. Juliano warned it could create uncertainty, particularly over the timely payment of salaries for public sector workers, underscoring the need for clearer guidance on what would be affected.

“I can imagine not affecting operations much, but there is always the worry of how it may impact salaries for public sector employees,” he said via Facebook Messenger.

NG to borrow P824 billion locally in Q1

BW FILE PHOTO

By Katherine K. Chan

THE NATIONAL GOVERNMENT (NG) plans to borrow up to P824 billion from domestic sources in the first quarter of 2026, the Bureau of the Treasury (BTr) said on Tuesday.

In a notice on its website, the BTr said it seeks to raise P324 billion from the issuance of Treasury bills (T-bills) and up to P500 billion from the issuance of Treasury bonds (T-bonds) in the January-to-March period.

The government’s first-quarter borrowing plan is 88.56% more than P437 billion set in the fourth quarter.

It is also 82.3% above the P452 billion that was actually raised in the October-to-December period.

“There are really limited awards in Q4 because T-bill and T-bond issuances and maturities are also limited, especially in December in view of the Christmas holiday season and holiday mode in the second half of December,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in mixed English and Filipino via Viber.

In January, the government plans to borrow P268 billion domestically, with P108 billion via T-bills and P160 billion through T-bonds.

The government will hold auctions for T-bills on Jan. 5, Jan. 12, Jan. 19 and Jan. 26 for the 91-day, 182-day and 364-day tenors. However, the Treasury did not provide a breakdown of the amount it seeks to raise for each of these auctions.

Meanwhile, the BTr will offer a maximum of P160 billion via T-bonds in January. It will auction off three-year and 10-year T-bonds on Jan. 6, five-year T-bonds on Jan. 13, seven-year T-bonds on Jan. 20, and three-year and 20-year T-bonds on Jan. 27.

In February, the government aims to borrow P308 billion, which includes P108 billion via T-bills and up to P200 billion via T-bonds.

T-bill auctions for the 91-day, 182-day and 364-day tenors are scheduled for Feb. 2, 9, 16, and 23, but no specific breakdown was given for each auction.

For T-bonds, the BTr will offer the five-year tenor on Feb. 3, the seven-year tenor on Feb. 10, the 10-year tenor on Feb. 18 and the three-year and 25-year tenors on Feb. 24.

For March, the NG seeks to raise P248 billion from the domestic market, composed of P108 billion from T-bills and P140 billion from T-bonds.

The government will hold four T-bill auctions in March. It will sell 91-day, 182-day and 364-day debt papers on March 2, March 9, March 16 and March 23.

The BTr will also offer five-year T-bonds on March 3, seven-year T-bonds on March 10, 10-year T-bonds on March 17 and both three-year and 25-year T-bonds on March 24. No breakdown was available for the March auctions.

Mr. Ricafort said the government’s borrowing plan for next year accounts for its plan to increase foreign borrowings by 60% to $5.3 billion as an alternative to domestic borrowings.

“(This is) also a function of the catch-up spending plan by the NG to make up for the reduced government spending due to the anomalous flood control infrastructure projects in the latter part of 2025,” he added.

Government spending declined for a fourth month in a row in November to P498.3 billion, down 9.61% from the P551.3 billion seen last year. This came as the government tightened spending on public works projects amid the widening flood control corruption scandal.

For 2026, the NG plans to borrow a total of P2.682 trillion, up 3.15% from the P2.6-trillion borrowing program this year. This accounts for 5.1% of the country’s gross domestic product.

It seeks to source 77% or about P2.065 trillion from local lenders and the remaining 23% or P616.86 billion from foreign sources.

Meanwhile, in a separate memorandum on Tuesday, the BTr said it has raised the number of competitive bids per participant during Treasury auctions to 20 lines from the previous 10.

BoI investment approvals reach P977B as of mid-Dec.

By Justine Irish D. Tabile, Reporter

THE DEPARTMENT of Trade and Industry (DTI), through the Board of Investments (BoI), endorsed last week 29 more projects worth P124.81 billion, bringing year-to-date approvals to P977 billion, which is only over half of the agency’s P1.7-billion full-year target.

“With a combined investment value of P124.81 billion, the projects are expected to generate 4,444 jobs nationwide, subject to confirmation by the BoI Board,” DTI said in a statement on Tuesday.

The endorsed projects are in various sectors such as renewable energy, infrastructure, transport and logistics, information technology and business process management (IT-BPM), housing, manufacturing, and tourism.

“A significant share of the total investment value is attributed to large-scale clean energy projects, including wind, solar, waste-to-energy, and battery energy storage facilities across Luzon and the Visayas,” it said.

“These projects are expected to contribute substantially to the country’s power supply while advancing national goals on energy security, sustainability, and climate resilience,” it added.

The list also includes key transport and connectivity investments, such as new-generation aircraft for domestic and international routes and maritime transport assets.

“These investments are expected to enhance regional connectivity and support the continued recovery of the transport and travel sectors,” the DTI said.

The bulk of the jobs will be generated by the IT-BPM and digital services projects across Metro Manila, Central Luzon, the Cordilleras, and Cebu. The jobs include customer support, technical services, remote staffing, and managed services.

“These developments reinforce the Philippines’ standing as a leading hub for global services,” it said.

According to the BoI, the list of approved investments includes housing and real estate projects.

“Leisure and recreation facilities included in the list are likewise expected to stimulate local economic activity and support community development,” it added.

With the latest endorsement, the BoI-approved investments for the year have now reached P977 billion. 

“[This reflects] robust investor confidence and the government’s sustained efforts to position the Philippines as a regional hub for smart and sustainable investments,” it said.

However, P977 billion is only 55.83% of the BoI’s P1.75-trillion target approvals for the year.

“While approvals have already reached P977 billion, the BoI continues to evaluate several high-ticket projects currently in the pipeline,” Trade Secretary and BoI Chairman Ma. Cristina A. Roque said.

“These major investments are undergoing due diligence and are expected to further boost the country’s overall investment performance as the year ends and into the next,” she added. 

The BoI is expected to approve more projects next week, according to DTI Undersecretary and BoI Managing Head Ceferino S. Rodolfo.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the US reciprocal tariffs and a corruption scandal involving infrastructure projects have weakened investor sentiment in the Philippines.

“Trump’s higher tariffs, trade wars, and other protectionist measures also slowed down the global economy in terms of exports, investments, and employment amid some wait-and-see stance that, in turn, indirectly slowed down the local economy,” he said in a Viber message. 

“Local political noise in earlier months of 2025… amid the flood control infrastructure projects’ anomalies, also partly weighed on investor sentiment confidence,” he added.

Mr. Ricafort said that investors will continue to be in a wait-and-see mode until the dust settles.

Anti-corruption measures and other priority reforms “would help uplift investor confidence that would again help increase investments into the country,” he said.

Philippines improves seven spots in Government AI Readiness Index

An artificial intelligence (AI) sign is seen in this illustration taken on June 23, 2023. — REUTERS/DADO RUVIC/ILLUSTRATION

By Beatriz Marie D. Cruz, Reporter

THE PHILIPPINES climbed seven spots in the Government AI Readiness Index by Oxford Insights but scored low in securing artificial intelligence (AI) infrastructure and resilience.

The country ranked 49th out of 195 countries with a score of 57.76 out of a possible 100 in the index, outperforming the regional average of 49.11.

The Philippines ranked ninth among its peers in the Asia-Pacific region, according to the report

China ranked sixth overall with a score of 75.55, followed by Singapore (7th), South Korea (8th), Japan (14th), Taiwan (26th), Thailand (32nd), Malaysia (37th), and Indonesia (42nd).

The Philippines was ahead of Vietnam (57th), Brunei (94th), Mongolia (100th), Cambodia (118th), Laos (130th), North Korea (171st), Myanmar (173rd), and Timor-Leste (180th).

The country’s score was also higher than the global average of 41.40, the report showed.

The index measures a country’s effective and responsible integration of AI into public services based on 69 indicators across 14 dimensions.

These dimensions form six pillars: policy capacity, governance, AI infrastructure, public sector adoption, development and diffusion, and resilience.

According to the report, the Philippines scored 84.50 on policy capacity, 70.84 on governance, 69.17 on public sector adoption, and 56.62 on resilience.

Meanwhile, the country received low scores in AI infrastructure (48.11) and development and diffusion (42.46).

“What the current results suggest is we are strong in policy capacity and governance, but weak everywhere else. Our biggest weakness is AI infrastructure and public sector adoption,” Philippine AI Business Association  Director for AI Ethics & Data Governance Dominic Vincent D. Ligot said in a Viber message.

The Department of Science and Technology has said it plans to invest P2.6 billion for AI projects through 2028.

The government has also launched AI roadmaps and filed proposed laws in Congress that aim to position the Philippines as a regional AI powerhouse.

However, Filipinos have yet to feel the benefits of the government’s AI adoption push as they face connectivity and digital literacy challenges, said Reynaldo C. Lugtu, Jr., chief executive officer of digital transformation consultant Hungry Workhorse Consultancy, Inc.

“In far-flung provinces and among micro, small, and medium enterprises, AI remains abstract — something that exists in press releases and pilot projects more than in daily life,” he said in an e-mail.

Oxford Insights also cited the Asia-Pacific region’s vibrant AI ecosystem, which benefits from a tech-savvy population, high use of mobile phones, and strong digital penetration.

The Philippines, which will assume chairmanship of the Association of Southeast Asian Nations (ASEAN) regional bloc next year, “could be an important voice in defining an ‘ASEAN way’ for the AI era,” the think tank said.

Mr. Ligot said the Philippines is at a turning point. “There’s momentum, but we need to turn that into broad-based impact,” he added.

The government must boost investments on modern data services to boost connectivity in rural communities, Mr. Lugtu said.

He also cited the need to increase public education and skills training for Filipinos to understand the benefits of AI across sectors, including healthcare, education, agriculture, or disaster response.

“We have to design AI solutions that speak local languages and reflect Filipino contexts because that’s when the technology feels useful, not foreign,” Mr. Lugtu said.

State-run institutions should also collaborate with startups, universities, and civil society to build on-the-ground AI solutions, he added.

Mr. Ligot also noted that the government should boost AI-related infrastructure, such as data centers, to support widespread AI use. It should also fast-track an AI code of conduct to ensure its ethical use while supporting innovation, he added.

Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University, said the government should work with labor organizations to ensure that AI doesn’t result in job losses.

“AI dividends can be used to make labor more productive while substituting the need to use capital or imported inputs,” he said in a Facebook Messenger chat.

The government must also refine Science, Technology, Engineering, and Mathematics courses to equip students with core skills related to AI, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Manila Water secures up to P15-B loan for projects

MANILA WATER

EAST ZONE concessionaire Manila Water Co., Inc. has tapped a loan facility of up to P15 billion from the Metropolitan Bank & Trust Co. (Metrobank) to fund its capital expenditure (capex) projects.

“The loan will be used to finance Manila Water’s capital expenditure projects and/or general corporate requirements,” the company said in a stock exchange disclosure on Tuesday.

For the nine months ending September, the utility and its subsidiaries borrowed P20.6 billion, mostly for working capital requirements. During the same period, the group also repaid P15.59 billion in loans.

Manila Water has earmarked P95 billion for its 2023-2027 capex program, primarily for initiatives on water supply security, service accessibility, service continuity, and environmental sustainability.

The company provides water supply, wastewater, and sanitation services to over 7.8 million customers across 23 cities and municipalities in Metro Manila’s east zone and Rizal province.

Residential households will see higher water bills in the first quarter of 2026 after the Metropolitan Waterworks and Sewerage System – Regulatory Office approved a rate hike.

Customers consuming 10 cubic meters (cu.m.) or less will pay an additional P29.86 monthly, while those using up to 20 cu.m. and 30 cu.m. will face increases of P66.25 and P135.22, respectively.

Manila Water also assured its customers of uninterrupted service during the holidays, citing strengthened operational readiness to meet higher household consumption.

“Our teams are closely monitoring the system throughout the holidays to ensure stable and reliable water service, so families can celebrate the season with confidence and without worrying about their water supply,” Manila Water Corporate Communication Affairs Group Director Jeric T. Sevilla said. — Sheldeen Joy Talavera

PetroEnergy to buy remaining stake in Aklan wind farm

BW FILE PHOTO

YUCHENGCO-LED PetroEnergy Resources Corp. is acquiring the entire stake held by Thailand’s BCPG Public Co. Ltd. for P1.9 billion to take full control of the 49.2-megawatt (MW) Nabas wind farm in Aklan.

The move follows PetroEnergy’s signing of a share purchase agreement with BCPG unit BCPG Wind Cooperatief U.A. to acquire its 7.81 million common shares in PetroWind Energy, Inc., representing a 40% stake, the company said in a regulatory filing on Tuesday.

PetroEnergy and its subsidiary, PetroGreen Energy Corp., currently hold 20% and 40% direct ownership in PetroWind, respectively, giving PetroEnergy an effective 50% interest in the wind energy firm.

Upon closing, PetroEnergy’s effective ownership will rise to 90%, comprising 60% direct ownership and 30% indirect ownership through PetroGreen Energy Corp.

“The transaction represents the acquisition of the remaining non-controlling interest in [PetroWind] and will not result in a change in control or consolidation status,” the company said.

PetroEnergy said the move is part of its strategy to simplify its ownership structure and increase its direct economic participation in its renewable energy portfolio.

“This is expected to streamline decision-making for the Nabas Wind Power Project, optimize capital allocation, and potentially enhance long-term revenue and shareholder value,” it added.

The transaction will close upon clearance from the Philippine Competition Commission and other internal and regulatory approvals.

PetroWind’s Nabas wind projects are located in the municipalities of Nabas and Malay. Phase 1, with a capacity of 36 MW, began commercial operations in 2015, while the remaining 13.2 MW is under development. — Sheldeen Joy Talavera

LFM Properties expands Makati portfolio with P1.1-B land deal

FREEPIK

LISTED real estate developer LFM Properties Corp. has acquired a 918-square-meter lot in Salcedo Village, Makati City, as part of its portfolio expansion.

In a disclosure on Tuesday, the company said it had entered into an agreement to acquire the property from Parity Values, Inc.

The land is situated along Valero and San Agustin Streets, Barangay Bel-Air, Makati City, and the acquisition is covered by Transfer Certificate of Title No. S-87611.

The property was acquired for a total of P1.1 billion, including value-added tax. LFM Properties’ board of directors approved the purchase on Dec. 23, it said.

The purchase price was based on a valuation report from a third-party adviser jointly selected by the company and the seller.

Payment for the property will be made under a one-year term, with no conditions precedent to the transaction.

“The acquisition is expected to add to the company’s property portfolio,” LFM Properties said.

The company currently owns three buildings in Makati City — Liberty Plaza Building, Liberty Center, and Liberty Building.

LFM Properties is a subsidiary of listed Liberty Flour Mills, Inc., a pioneer in flour milling since 1958.

The company reported a 14% decline in third-quarter gross revenues to P168.4 million from P196.7 million a year ago, mainly due to vacant units in Liberty Plaza Building.

Shares of LFM Properties last closed on Dec. 18 at four centavos each. — Beatriz Marie D. Cruz

SMC’s P55.87-B Skyway Stage 4 cost pending TRB approval

PHILIPPINE STAR/BOY SANTOS

THE P55.87-billion estimated cost for the Southeast Metro Manila Expressway – Skyway Stage 4 Project remains subject to review and approval by the Toll Regulatory Board (TRB) and other government authorities, San Miguel Corp. (SMC) said.

Inflation, higher costs, and refinements in project scope have pushed the updated estimate from the P45.27 billion originally disclosed in 2019, the company told the local bourse on Tuesday.

“The increase is primarily attributable to inflation, updated unit costs, and refinements in project scope consistent with prevailing market conditions,” SMC said.

The figure reflects the current estimate of SMC Skyway Stage 4 Corp., the company’s concession unit for the project.

SMC noted that the increase does not change the fundamental nature, scope, or objectives of the project.

Skyway Stage 4, a 32.7-kilometer expressway, will be constructed in six phases.

Its first phase is expected to be completed within two years once right-of-way issues with the government are resolved.

The road will connect the Skyway system at Arca South in Taguig City to the Batasan Complex in Quezon City.

SMC said the expressway is expected to provide an alternate route for southern and eastern Metro Manila and ease traffic congestion along EDSA and C5. — Sheldeen Joy Talavera

2GO Travel expects over 20,000 passengers from Manila this week

FACEBOOK.COM/2GOTRAVEL

SEA TRAVEL PROVIDER 2GO Travel is projecting more than 20,000 passengers this week from Manila alone amid the holiday rush.

“We’re expecting a lot of passengers coming in our seaports. In fact, this week, we’re expecting more than 20,000 passengers just in Manila alone, leaving Manila,” 2GO Senior Assistant Vice-President and Business Unit Head Francis John Chua told Money Talks with Cathy Yang on One News on Tuesday.

Mr. Chua added that the company is also seeing heavy passenger volumes arriving in Cebu, Bacolod, Iloilo, and Cagayan de Oro.

He urged the public to plan ahead and purchase tickets early. “We do encourage everyone to please buy their tickets ahead because we will not be able to accommodate everyone. So it’s been a full week already,” he said.

2GO Travel provides passenger transport services across the country’s islands and is part of 2GO Group, Inc. The company also offers freight, courier, and logistics services.

2GO Express, the group’s courier arm, is handling a high volume of shipments, particularly from e-commerce businesses. Mr. Chua said the company is prepared for the holiday surge across all its service units.

On possible delays, he apologized for inconveniences caused by efforts to accommodate as many passengers as possible. “Despite the challenges, we remain committed to safe, secure, and reliable service,” he said.

On courier operations, he said: “We’re already looking at the operations… to make sure that packages and goods arrive on time as promised.” — Sheldeen Joy Talavera

1...575859...13,781Page 58 of 13,781
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube