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Flag carrier adds Airbus A320 to support domestic routes

PHILIPPINE AIRLINES

FLAG CARRIER Philippine Airlines (PAL) said it has received the first of its five Airbus A320 aircraft, which is expected to support the airline’s domestic network expansion.

“By expanding our A320 fleet, we are providing travelers with more reliable, convenient, and comfortable options,” PAL Express President Rabbi Vincent L. Ang said in a media release on Wednesday.

The airline plans to add another aircraft by yearend, while it is set to receive three more Airbus A320s by 2026, PAL said.

Each of the new aircraft can carry 180 passengers, enabling the airline to increase flight frequency and provide seamless connections to major hubs and other regional destinations, it added.

“Right-sizing our fleet enables PAL to maintain and improve our On-Time Performance scores, ensuring we continue to operate with the highest standards of reliability, safety, and efficiency,” Mr. Ang said.

The Airbus A320s are part of PAL’s fleet enhancement initiatives, which also include modernization of long-haul routes with Airbus A350-1000s and upgrades to other narrow-body aircraft.

The airline is also planning to acquire new A320neo (new engine option) aircraft, describing these investments as strategic measures to improve operational reliability and enhance the passenger in-flight experience.

In addition, PAL has increased flight frequencies to key domestic routes, including Butuan, Cagayan de Oro, Cotabato, Legazpi (Daraga), Dumaguete, and Tacloban, ahead of the peak holiday season.

With the addition of the new Airbus A320, the airline’s total fleet now stands at 80 aircraft, including 16 A320s deployed across key domestic routes.

PAL previously said it expects to receive its first Airbus A350-1000 by December or January, while continuing refurbishment of older aircraft under its fleet modernization and growth plans.

In May, the airline also announced plans to take delivery of nine Airbus A350-1000s and 13 A321neo aircraft, which will be deployed on nonstop flights to North America and other international destinations. — Ashley Erika O. Jose

Samsung unveils first multi-folding phone as competition set to heat up

NEWS.SAMSUNG.COM

SEOUL — Samsung Electronics unveiled on Tuesday its first multi-folding smartphone, in a bid to strengthen its position in a sector of the phone market where competition is expected to intensify.

The launch of the Galaxy Z TriFold marks Samsung’s bid to reinforce its footing in a segment where Chinese rivals have been gaining ground, even as analysts say the high price and production challenges mean foldable devices are likely to remain a niche category for now.

The model, priced at about 3.59 million won ($2,440.17), unfolds into a 253.1-millimeter (10-inch) display, using three panels and it is nearly 25% larger than Samsung’s latest foldable Galaxy Z Fold 7 model.

“I believe the foldable market will continue to grow, and the TriFold in particular could act as a catalyst that drives more explosive growth in key parts of the segment,” said Alex Lim, Samsung Electronics executive vice-president and head of the Korea Sales & Marketing Office.

Mr. Lim said the new foldable device is intended for customers who specifically want it, rather than as a volume driver.

The TriFold, produced in South Korea, will go on sale domestically on Dec. 12 and be rolled out in China, Singapore, Taiwan and the United Arab Emirates within this year. The US launch is expected as early as the first quarter of next year.

The device features Samsung’s largest battery in its flagship models and supports super-fast charging that powers the phone to 50% in 30 minutes.

Mr. Lim said memory chips and other component costs have been rising sharply, making pricing a “difficult decision.”

COMPETITION FROM HUAWEI, APPLE
Analysts said the TriFold is more likely to be a showcase of the new technology rather than a volume-driving flagship.

“The trifold is a first-generation product, and it’s the first time a trifold design is being commercialized, so it’s hard to see Samsung pushing large volumes at this stage,” said Ryu Young-ho, a senior analyst at NH Investment & Securities.

He noted that while Samsung’s Galaxy Z Fold line has matured over seven generations with lower cost structures, “the trifold could still face issues around completeness or durability,” making it important to assess how the market responds first.

Competition in the foldable smartphone market is set to heat up, with China’s Huawei launching the industry’s first three-way folding phone last September and Apple expected to release its first foldable next year. Still, analysts say high prices and limits to mass production are likely to hold back the sector.

Foldable phones are expected to account for less than 2% of the total smartphone market this year and will make up under 3% by 2027, according to Counterpoint Research.

Samsung’s shipment share of the foldable market jumped to 64% in the third quarter, up from 9% in the previous quarter, Counterpoint said, illustrating how market share can whipsaw depending on the timing of product launches.

The firm forecasts the foldable smartphone market will grow 14% this year, followed by annual growth in the 30% range in 2026 and 2027 as Apple looks set to enter the segment. — Reuters

Peso sinks as BSP chief says weak growth may lead to another rate cut

BW FILE PHOTO

THE PESO slid to a near two-week low against the dollar on Wednesday as the Bangko Sentral ng Pilipinas (BSP) chief said they expect economic growth to miss the government’s target this year, which could give them a reason to cut rates again next week.

The local unit closed at P58.92 per dollar, sinking by 39.9 centavos from its P58.521 finish on Tuesday, Bankers Association of the Philippines data showed.

This was the peso’s weakest close in nearly two weeks or since it finished at P59.065 on Nov. 20.

The peso opened Wednesday session just slightly weaker at P58.55 against the dollar. It reached an intraday high of P58.50, while its worst showing was at P58.925 against the greenback.

Dollars exchanged climbed to $1.41 billion from $1.49 billion on Tuesday.

“(T)he dollar-peso closed higher today on BSP Chief Remolona’s comments that the Philippines may not hit this year’s GDP target,” a trader said in a phone interview. “In addition, he also said that the outlook raises odds for the BSP to cut rates this December.”

BSP Governor Eli M. Remolona, Jr. on Wednesday said that Philippine gross domestic product (GDP) growth may only settle between 4% and 5% this year as the corruption scandal continues to limit government spending and weaken investor sentiment.

This would be well below the government’s full-year growth target of 5.5% to 6.5%.

Mr. Remolona said this raises the chances of a fifth straight rate cut at the Monetary Board’s Dec. 11 meeting.

In October, the central bank lowered borrowing costs by 25 basis points (bps) for a fourth meeting in a row to bring the policy rate to 4.75%.

It has reduced benchmark rates by a total of 175 bps since it began its easing cycle in August 2024.

For Thursday, the trader said the release of US economic data could provide some relief for the peso, with consolidation also likely as the local unit moves closer to the P59 level again.

The trader sees the peso moving between P58.80 and P59.10 per dollar, while Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort expects it to range from P58.80 to P59.05. — Katherine K. Chan

Arts & Culture (12/04/25)

Stephanie Syjuco goes to Ayala Museum

THE SECOND iteration of Stephanie Syjuco’s show Inherent Vice is now in Ayala Museum. First shown at Silverlens Manila in 2024, the exhibit culminates five years of exploring American museums and institutional archives for representations of the Philippines during the American occupation. In it, she leaves documentary photographs unedited, reveling in their materiality, presented in thematic piles with editorial marks, handwritten labels, and portions of envelopes. It highlights evidence of material that passed through the hands of journalists, editors, librarians, archivists, and researchers for over half a century, featuring photos from the defunct Manila Chronicle now housed in the Lopez Museum and Library archives, with additional material from the Filipinas Heritage Library. It runs until Feb. 26 at the Ayala Museum in Makati City.

Manila Society of Theater Reviewers formally launched

A NEW collective of longtime Manila theater critics has formally come together with the launch of the Manila Society of Theater Reviewers (MSTR). The group aims to deepen public conversation around the fast-expanding theater landscape in the capital. It brings together reviewers whose bylines have shaped coverage across major print and digital platforms for years. MSTR hopes to fill the gap in thoughtful discussion by championing reviews that offer context, clarity, and perspective. A central online hub, mstrawards.com, will host member information, updates, and published work as the group rolls out its initiatives. MSTR is now on Facebook and Instagram.

Theatre Group Asia reveals full cast for A Chorus Line

AFTER a six-month casting process spanning New York, Manila, Cebu, Bacolod, and Davao, Theatre Group Asia (TGA) has announced the full cast of its production of A Chorus Line, to be directed and choreographed by Emmy Award-winner and Broadway director Karla Puno Garcia. Joining Tony and two-time Grammy Award nominee Conrad Ricamora as Zach, and Fil-Am Broadway triple threat Lissa de Guzman as Cassie are Renee Albulario, Angelo Soriano, Michaela Marfori, Jordan Andrews, Rapah Manalo, Ken San Jose, Stephen Viñas, Mikaela Regis, Iya Villanueva, Universe Ramos, Ricardson Yadao, Julio Laforteza, Brie Chappell, Sam Libao, Alyanna Wijangco, Jessica Carmona, Luca Olbes, Jim Ferrer, Winchester Lopez, Rofe Villarino, Lord Kristofer Logmao, Paulina Luzuriaga, Anna del Prado, Vince Denzel Sarra, Franco Ramos, and Anyah de Guzman.

MOL becomes gold donor of Museo del Galeón

SHIPPING company Mitsui O.S.K. Lines, Ltd. (MOL) has officially become a gold donor of the Museo del Galeón, the Philippines’ first immersive maritime heritage museum located in Pasay City. The Museo Del Galeón will showcase the Philippines’ historical and contemporary contributions to maritime global commerce. Through interactive exhibits and educational programs, the museum will honor the legacy of Filipino seafarers and the nation’s enduring connection to the sea. It is set to open in 2026, with the goal to highlight the Philippines’ role in maritime history, from precolonial seafaring traditions and the Manila-Acapulco galleon trade to the global impact of today’s Filipino seafarers, spanning 9,000 square meters and anchored by an explorable, full-scale representation of a 17th century galleon.

PETA producing Ang Babae Sa Septic Tank 4

THE Philippine Educational Theater Association (PETA) has announced the newest addition to the iconic Ang Babae Sa Septic Tank universe. After two blockbuster films and one hit series, the franchise will leap from screen to stage with its live theatrical installment, set to run from June 19 to Aug. 16, 2026, at the PETA Theater Center. It aims to be a chaotic, sharp-witted look at the world of Philippine theater-making, taking audiences behind the curtain and exposing the ego, ambition, absurdity, and mess that fuels the industry today. Returning to the lead role is Eugene Domingo as herself, joined by everybody else in the theater world as themselves. Audience members who sign up until Dec. 7 via bit.ly/PETASepticTank4Waitlist will be next in line to purchase.

Tugtugan Pamorningan gets book award

THE 25th Madrigal Gonzalez First Book Awards has given a special recognition citation to Susan Claire Agbayani for her book Tugtugan Pamorningan: The Philippine Music Scene (1990-1999). It recognized the book’s “documentation of the 1990s Philippine music scene with precision, affection, and historical insight, tracing how alternative rock, OPM, jazz-bar subcultures, indie movements, and club nightlife converged into a generational movement.” It acknowledged Ms. Agbayani’s work which “transforms music journalism into an act of cultural stewardship, reminding us how sound can shape identity, resistance, and memory.”

Areté unveils second season

ARETÉ has revealed the lineup for the second season of “Pumpon ng Rosas,” which showcases original in-house theatrical productions. The announcement was made by Areté technical director D Cortezano following Si Faust, the final show in the company’s debut season. Slated from 2026 to 2027, Areté’s sophomore season will have a trio of productions: Subversive Lives, a play exploring the struggles of a family during the Martial Law era, to be directed by Delphine Buencamino; an adaptation of the opera Carmen, to be directed by Jaime del Mundo; and Fili, an adaptation of Jose Rizal’s novel El Filibusterismo, with Guelan Luarca as writer and Nelsito Gomez as director.

Benilde launches publication arm

IN ORDER to support and recognize authors and content creators, the De La Salle-College of Saint Benilde (DLS-CSB) has launched the Benilde Romançon Press as its official imprint and publishing arm. It is accredited by the Intellectual Property Office of the Philippines, which manages the publishing license issued by the National Book Development Board to the college. The initiative was spearheaded by the Center for Intellectual Property Management. The Benilde Romançon Press will provide avenues for publishing original creative works of fiction, research, and new ideas. Interested applicants are encouraged to participate in the annual Intellectual Property (IP) and Publishing Workshop, followed by the open call for book proposal submissions. Entries will undergo a blind review before a panel of experts. For more details, visit DLS-CSB’s social media pages.

Are you getting bored?

STOCK PHOTO | Image by Cookie_studio from Freepik

THE need to stand out in a crowd or have thousands of followers for social media posts may be over. Keeping a low profile in a very connected world has become an option. Do you really want to be noticed, even to the point of being the target of controversy? Or do you just want to be ignored?

Can you try to be boring?

It helps if you have a soft voice and speak in a monotone with long pauses, minimal facial movements (not necessarily from Botox) and no hand movements. A limited vocabulary, lack of interest in current events (What’s the rally about, again?), and an aversion to posting your activities in social media are effective.

Being boring does not come naturally, except for some who are born with the gift of drab. Dull people can go through life unmindful of the snoring they cause when they open their mouths. What’s wrong with being ignored? Then, you don’t attract ambush interviews.

The quest for boredom aims to lower one’s profile. Whom the gods wish to destroy, they first make controversial. (I don’t understand this hate wave coming at me, just because I bought an expensive watch and posted its price.)

Developing boring skills is in the same category as fleeing abroad to escape investigations. Boredom is an effort not to attract lightning. A social cipher, who is routinely underestimated, more easily avoids investigations.

Averting attention by putting people to sleep or causing their minds to wander is an achievable goal.

Boredom starts with attire. To avoid notice, one needs to wear nondescript clothes, going for earth colors like brown, gray, mud, and rust. No splashes of primary colors are allowed, dispensing with accents like scarves and ties. Can you enter a room unnoticed with no conversation stopping or heads turning in your direction? Invisibility is the reward for plain clothes.

Speech must be reined in. Metaphor and alliteration as well as clever turns of phrase are to be avoided. (My only exercise is jumping to conclusions.) Long speeches are fine if people do not understand what you’re saying. It’s best to go for jargon and express incoherent thoughts in arguments. One can agree with everybody, including those with opposing views.

If one is a lawyer being interviewed for a controversial case, it’s best to drop plain speech and go for legalese like jurisdictional mayhem or appeals to the bench. (Is this about basketball games?)

Being long-winded is a necessary style of speech. People standing from their seats and going to the exits are an accolade of success. (Is the buffet table still open?)

What about simply being quiet and blending with the furniture? The adage “silent waters run deep” is still a persistent belief. Silence is sometimes associated with profundity rather than having nothing to say.

In public speaking, it is not true that using jokes as openers creates interest. The very separation of “the joke” from “the material” can still promote a boring strategy. (Let’s stop kidding around and proceed to our main topic of quantum physics.) When telling jokes at all, it is best to forget the punch line or dispense with the build-up.

The lack of power to improve anyone’s life is a big advantage in reaching the heights (or depths) of boredom. There is no interest at all, real or feigned, in anyone who cannot offer any appreciable benefit to anyone.

Boredom is wasted on those with no material gains to offer. In the flow of things, these non-players are already ignored anyway. These folks need the opposite skills like charm and dramatic attire to be noticed.

The boring CEO of a listed company can be more comforting than a flamboyant contractor who wears expensive jewelry. Would you trust the proceeds of an IPO to someone whose new home displays 20 of his portraits by well-known artists?

Those already reputed to be rich and powerful cannot flee from their natural charisma. Even slumped in a wheelchair and accompanied by a caregiver with flawless skin, the wealthy oligarch exudes charm. Words like “tycoon” and “patriarch” are rarely found in the same sentence as “boring.”

Are you getting bored? This rhetorical question does not need to be invoked when the audience has already left the room.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Megaworld malls to serve as polling sites for 2026, 2028 elections

MEGAWORLD-LIFESTYLEMALLS.COM

MEGAWORLD Lifestyle Malls, the retail and commercial arm of listed developer Megaworld Corp., has renewed its partnership with the Commission on Elections (Comelec) to host voting precincts in its malls for upcoming national and local elections.

In a statement on Wednesday, Megaworld said Eastwood City and Broadway Centrum in Quezon City, as well as Festive Walk Iloilo in the Visayas, will serve as official voting sites for the Barangay and Sangguniang Kabataan Elections (BSKE) on Nov. 2, 2026, and for the 2028 national elections.

Its Lucky Chinatown mall in Manila will also serve as a registration site under Comelec’s Register Anywhere Program.

“Through this initiative, Comelec and Megaworld Lifestyle Malls sought to provide voters with secure, convenient, and well-managed spaces that uphold the respect, order, and dignity expected of the electoral process,” the developer said.

In August, President Ferdinand R. Marcos, Jr. signed Republic Act No. 12232, which moved the BSKE elections initially scheduled for December to the first Monday of November 2026. Subsequent BSKE elections will be held every four years.

About 42 Megaworld malls served as voting centers during the midterm elections in May. — Beatriz Marie D. Cruz

Fearing AI job losses, some young workers in Britain shift towards skilled trades

REUTERS

LONDON — In a labor market where artificial intelligence (AI) is quickly transforming and sometimes replacing jobs, student Maryna Yaroshenko wanted to find a future-proof career that offered long-term stability.

Like a growing number of young people in Britain and beyond, 18-year-old Ms. Yaroshenko opted for a skilled trade and is now training to become a plumber.

“That’s something AI won’t take over,” said Ms. Yaroshenko, who is originally from Ukraine and is studying at the City of Westminster College (CWC) in London.

White-collar jobs are viewed as more vulnerable to disruption by AI and automation than manual labor. In Britain, one in six employers expect the use of AI tools to allow them to reduce their headcount in the next 12 months, according to a survey last month conducted by the Chartered Institute of Personnel and Development, a professional human resources body.

Ms. Yaroshenko sees AI as a useful tool, but not one that could replace the hands-on nature of plumbing, which many shy away from due to its physical demands and a lingering stigma around trades such as electrical work, carpentry, and welding.

“We will definitely work with it (AI) but only a human can make those unique things AI cannot,” she said. “No AI can do plumbing, no AI can do real engineering, no AI can be an electrician.”

DEMAND FOR HANDS-ON COURSES GROWING
CWC, part of the United Colleges Group, is a further education and training institution rather than a university. Over the past three years, it has seen enrolments in its engineering, construction and built environment courses rise by 9.6%, a jump CEO Stephen Davis attributes partly to the growth of AI and also to student worries about the cost of university.

Some young people are opting against university to avoid the thousands of pounds of debt it can entail.

A survey of 2,600 adults carried out in August by the Trades Union Congress, the country’s biggest union umbrella, found that half of UK adults were worried about AI’s impact on their jobs, with those aged 25 to 35 particularly concerned.

“There’s a lot of anxiety among young people right now that their jobs are automated away,” said Bouke Klein Teeselink, a lecturer and AI researcher at King’s College, London.

Mr. Teeselink’s study at King’s College, published in October, found that AI-driven cuts in workforces disproportionately affect junior positions, making it harder for young people to get a foothold on the career ladder.

Other colleges are reporting similar trend shifts.

Angela Joyce, CEO of Capital City College, also in London, said it had seen strong growth in interest in construction, plumbing, hospitality, and other trades.

“This shows that more people are recognizing the value of becoming skilled professionals,” Ms. Joyce said, adding that for some people, apprenticeships could offer better earning potential than degrees.

Mr. Davis said AI has pushed not only young people but also adults looking to switch careers to think more strategically. Many are seeking job security and higher wages, he said.

According to the Office for National Statistics, plumbers earn an average of 37,881 pounds ($50,169) per year, while skilled construction and building trades workers typically make around 35,764 pounds. This compares with an overall average salary of 39,039 pounds across all sectors.

Mr. Davis noted that skilled trades, however, often provide greater opportunities for people to run their own businesses, increasing their earning potential.

NEW BLOOD IN TRADES
Back in the plumbing workshop, Ms. Yaroshenko said another reason she sees herself staying in a skilled trade in the long term is that the current workforce is aging and demand for a new generation of skilled workers will stay high.

Ms. Yaroshenko added that she chose a college over university because she wanted to gain “real-life work” experience as quickly as possible.

Undergraduate enrolments at UK universities have slightly declined, falling 1.1% in 2023/24 from the previous academic year, the first annual decrease in nearly a decade, according to the Higher Education Statistics Agency.

Mr. Teeselink said it would be a while before robot plumbers took over, because it’s such “intricate work.”

Mr. Davis said that while robotics technology was evolving rapidly, students on courses such as plumbing were well-positioned.

“Sometimes plumbers have to put their hands down the toilet to unblock it … and I’m yet to meet a robot that does that for us,” Mr. Davis said. — Reuters

ASX outage deepens investors’ doubts over tech overhaul

SYDNEY — The Australian Securities Exchange’s (ASX) technology turnaround plan, touted by the firm’s chair as being too important to fail, is facing questions from investors and market participants after it was hit by a fresh outage this week, the latest in a string of failures.

About 80 companies with price-sensitive disclosures were placed in a trading halt on Monday after the ASX’s announcement platform collapsed, leaving hundreds of statements unable to be published.

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The disruption highlights reputational risks for ASX as it struggles to overhaul aging systems. The failure has raised questions about governance and operational resilience, issues that investors say are critical for maintaining market integrity.

“It was, frankly, embarrassing, especially after the number of incidents they faced over the last 12 months,” said Omkar Joshi, Opal Capital founder, an ASX market participant.

“The reality is since we’re still seeing continued issues coming up, I think it’s very hard to say that they have actually succeeded in delivering anything just yet. But that doesn’t mean they can’t turn it around — but there is a fair bit of work to do.”

The ASX said in a statement to Reuters that Monday’s outage, which was gradually restored during the trading session, was “related to a software deployment for a security upgrade.”

“We are sorry for the disruption this caused and we have been following up with all affected companies to offer any further support and to listen and learn,” the statement said.

The ASX said it would also provide an incident report to the Australian Securities and Investments Commission (ASIC).

REPEATED TECHNOLOGY FAILURES
The blunder was the latest misstep for ASX, which is already under investigation by the regulator. ASIC has questioned the ASX’s ability to provide secure and resilient critical market infrastructure.

ASX chair David Clarke told the company’s annual meeting in Sydney in October a major turnaround plan to upgrade the exchange’s technology could not afford to fail.

But less than two months on investors are wary if the ASX will be able to deliver on its promise to ease the regulatory burden the company is facing.

“The outage is clearly disappointing and is probably just a continuation of some of the problems they’ve had in the past that they’re yet to get right,” said Sean Sequeira, chief investment officer at Australian Eagle Asset Management, an ASX investor.

“There’s a technology issue. It’s not a case of whether they’ll turn it around, it’s whether they’ll turn it around in an acceptable amount of time,” he said.

ASX UNDER SCRUTINY
The ASX’s failed upgrade of its settlement system dates back more than nine years, and the exchange is being sued by ASIC for making misleading statements on technological progress during that time.

A new clearing system will run on more advanced technology, replacing a three-decade-old system known as the Clearing House Electronic Subregister System (CHESS) which collapsed in 2024, stopping settlement of trades for a day.

The first phase of the new system is due in the first half of 2026. Investors are banking on the upgrade to help ASX’s flagging fortunes.

“Moving cash market clearing to a new platform de-risks part of ASX’s infrastructure and should allow ASX to demonstrate to regulators that it is strengthening operational resilience,” said Greig Barrow, a portfolio manager at Akambo, an ASX investor.

The upgrade is expected to cost up to A$445 million ($293 million), which comes after the ASX made a A$250-million writedown as it dumped its plan to replace its existing settlement system with blockchain technology.

“They’ve been pretty complacent and clearly not invested enough. Their systems don’t seem to be able to keep up with the modern world,” said Jason Beddow, managing director at Argo Investments which has A$8 billion in funds under management.

The ASX said it was continuing to make “strong progress” on the overhaul of its systems and Monday’s outage was an unrelated incident. — Reuters

How PSEi member stocks performed — December 3, 2025

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 3, 2025.

Cushman & Wakefield: Makati CBD/BGC ranks among world’s cheapest retail districts

The Makati Central Business District (CBD)/Bonifacio Global City (BGC) placed 46th out of 50 of the world’s priciest retail districts in real estate services firm Cushman & Wakefield’s Main Streets Across the World 2025 report. Rents within the area rose by 1% annually to $50 per square foot (sq. ft.) per year.

Cushman & Wakefield: Makati CBD/BGC ranks among world’s cheapest retail districts

DoF, DEPDev back fresh House push for economic ‘Cha-cha’

PCOO

By Kenneth Christiane L. Basilio, Reporter

THE PHILIPPINES’ finance and socioeconomic planning departments backed fresh moves to amend the 1987 Constitution, saying changes were needed to ease investment curbs to boost foreign capital in one of Southeast Asia’s most restrictive economies.

The government is seeking to attract more foreign investment by building on earlier economic reforms, and Charter change (Cha-cha) may help draw in capital amid shifting trade relations and growing protectionist trends in the global economy, a Department of Finance (DoF) official said on Wednesday.

“We’re at the stage where we want to encourage foreign investments through these liberalization reforms we’ve done in the past,” Undersecretary and Chief Economist Domini S. Velasquez told lawmakers at a House of Representatives hearing. “Unfortunately, we have not seen much of the fruits of these liberalization and incentive reforms just because of the uncertainty in the global environment.”

The Philippines is hard-pressed to attract foreign capital to boost jobs and funding for development projects.

Foreign direct investments (FDI) in Southeast Asia rose by less than a percent to $230 billion in 2023, the Association for Southeast Asian Nations (ASEAN) said in a 2024 report. Of the total, the Philippines drew in $9.5 billion, only better than Malaysia ($8.8 billion), Thailand ($4.5 billion), Cambodia ($4 billion), Myanmar ($2.2 billion) and Laos ($1.8 billion). Manila’s capital inflow ranked behind Singapore ($159.6 billion), Indonesia ($21.6 billion) and Vietnam ($18.5 billion).

Department of Economy, Planning and Development (DEPDev) Assistant Director Judith V. Gondra said that certain provisions of the 1987 Philippine Constitution were hampering foreign capital inflows, resulting in underdeveloped domestic industries.

“Those that restrict ownership, management, and control of certain enterprises and activities have contributed to low foreign investment, inflows and scarcity of major global enterprises in the country,” she told the same congressional hearing. “These economic restrictions, in turn, have led to limited access to economic and social opportunities and the proliferation of highly concentrated markets.”

The Constitution caps foreign ownership in key industries to 40%, requiring the remaining 60% to be held by Filipinos.

“The proposed amendments will also allow flexibility in the Constitution to respond to different political, economic, social, technological, legal, and environmental shocks accordingly and in a timely manner,” Ms. Gondra said.

Moves to amend the 38‑year‑old Constitution have been a recurring theme in Philippine politics, with lawmakers frequently pressing to liberalize provisions on public utilities, education, mass media and the exploitation of natural resources that they say restrict foreign investment.

But previous attempts have always faltered due to a lack of support from the public and the Senate, driven in part by concerns about political motives. Constitutional amendments have long been a divisive issue, with nearly every administration since the 1980s attempting to revise parts of the charter.

The House passed a resolution in 2023 supporting a constitutional convention, and a year later, pushed joint discussions on amendments by both chambers of Congress. A signature drive to support Cha-cha also fizzled amid allegations that lawmakers were behind the initiative.

Last year, congressmen brought debates to the full plenary, widely seen as the Marcos administration’s most aggressive push for constitutional amendments so far.

The House Constitutional Amendments Committee is currently reviewing several Cha-cha proposals, ranging from easing foreign ownership and strengthening territorial claims in the South China Sea to lowering the minimum age for President and Vice-President and clarifying impeachment rules.

Removing ownership caps to foreign investments would make the country more attractive to investors and streamline capital inflow into the country, Katarina Gabrielle V. Cosalan, Philippine Stock Exchange legal counsel, said in the same congressional hearing.

“The graft of authority to Congress to eliminate, or at least lessen by law, these barriers will pave the way in attracting more FDIs into the Philippines,” she said. “Openness to foreign ownership is a key criterion that investors look at when rating the quality of a market.”

But it would take more than simply opening the economy to investors to draw in sizable foreign capital, with broader reforms and stronger institutional support seen as necessary to boost inflows, Janice Utanes, DEPDev supervising economic development specialist, said.

“Lifting the foreign investment participation alone will not solve the country’s weak position in attracting strategic foreign equity, as it is one of the critical constraints that we need to address,” she said.

“There are a number of factors, such as a predictable investment environment, the market size, and the level and quality of infrastructure, peace and security, our tax regime and political institutions,” she added.

Commissioner Singson resigns; ICI pursues new cases vs Revilla, 10 others

President Ferdinand R. Marcos, Jr. in a Sept. 15 press conference introduced Rogelio “Babes” L. Singson as among the commissioners of the Independent Commission for Infrastructure. — PHILIPPINE STAR/RYAN BALDEMOR

By Erika Mae P. Sinaking

ROGELIO “Babes” L. Singson, the 77-year-old former Public Works secretary, has stepped down from his post as commissioner of the Independent Commission for Infrastructure (ICI) on Wednesday, citing the intense demands of the anti-graft body’s work.

“He mentioned that the very intense and stressful nature of ICI work has taken a toll on his aging body,” ICI Chairman Andres B. Reyes, Jr. told a press briefing.

Mr. Singson’s resignation leaves a vacancy in the independent commission, which was created by the President to investigate large-scale corruption allegations linked to anomalous infrastructure projects.

According to Mr. Reyes, a replacement has yet to be discussed. The ICI also noted it is still awaiting the acceptance of President Ferdinand R. Marcos, Jr.

Mr. Singson’s resignation followed the ICI’s new case referral to the Office of the Ombudsman for the filing of criminal cases against 11 individuals, including former Senator Ramon “Bong” Revilla, Jr., whose prior high-profile plunder case resulted in an acquittal in 2018.

Possible charges include direct or indirect bribery, corruption of public officials, plunder, and administrative violations.

In a September Senate hearing, former Public Works engineer Henry C. Alcantara filed a 38-page affidavit claiming that P300 million worth of funds under the 2024 national budget were allegedly used to support Mr. Revilla’s 2025 campaign. Mr. Alcantara said then-Undersecretary Roberto R. Bernardo handled the transactions and ordered a 30% kickback. Mr. Revilla has denied any involvement.

In a statement, Mr. Revilla’s camp said the former senator has not been given an opportunity to answer allegations against him prior to the ICI’s referral.

“From the beginning, our client made himself fully available to the ICI and openly welcomed their inquiry. Yet he was never invited to speak, never given the opportunity to present the truth. He is deeply disappointed to have been denied such a fundamental right, though he still holds trust and faith in the system,” said Maria Carissa C. Guinto, his spokesperson.

“Once the Ombudsman accords Mr. Revilla his right to preliminary investigation and the proper opportunity to be heard, he will not only address these malicious accusations but will dispel the false narratives comprehensively,” she added.

The commission also submitted new evidence that could lead to additional charges against eight other individuals, including former officials of the Department of Public Works and Highways (DPWH).

CASE BUILDUP
The ICI also formally recommended that Senators Francis Joseph “Chiz” G. Escudero and Mark A. Villar, former Senators Mary Grace Natividad Poe-Llamanzares and Maria Lourdes Nancy S. Binay, now Makati City mayor, be referred to the Office of the Ombudsman for “further investigative review and case buildup” due to the seriousness of the allegations.

Mr. Bernardo earlier alleged that he delivered P160 million in kickbacks to a businessman, which were intended for Mr. Escudero, who since denied any involvement, calling the accusations “untrue” and “baseless.” Mr. Escudero and Mayor Binay had earlier denied allegations.

Former Senator Poe, who previously chaired the Finance committee, finds the referral as a “clear acknowledgement” that Mr. Bernardo’s accusations were “false.”

“There is no evidence to support the filing of charges against me. This is no surprise to me and to the people who know me because I had always conducted myself with utmost integrity,” she said in a statement.

“Rest assured that I will submit to further investigations by the Ombudsman to the end that the truth will actually be uncovered and appropriate charges are eventually brought against those who are truly responsible.”

Mr. Escudero and Mr. Villar did not respond to separate Viber messages seeking comment.

ICI HEARING
Meanwhile, the ICI conducted closed-door sessions for Pasig City Rep. Roman T. Romulo and Bulacan Rep. Danilo A. Domingo, halting the livestreaming of their testimonies.

Mr. Romulo’s legal counsel said the lawmaker’s testimony could put his life and safety at risk, as well as harm his reputation.

“Considering that once the session is live-streamed, the good congressman would have no control over how the information will then be used by the public,” said his lawyer. Mr. Reyes granted the request.

Mr. Romulo, who voluntarily appeared before the ICI to clear his name, said an Immigration Lookout Bulletin Order (ILBO) issued against him had been widely misinterpreted on social media.

“What I understand about ILBO is that you can travel as long as you give notice of where you’re going. But a lot of people, when they hear ILBO, they think that you already have a plan. So when that happens, it’s misinterpreted… It’s false and malicious,” he told ICI reporters.

He also addressed allegations linking him to DPWH officials Angelita Garrucha and Aristotle Ramos, who were named in sworn statements by contractors Pacifico F. Discaya II and Cezarah Rowena C. Discaya.

“Yes, they’re DPWH [Garrucha and Ramos] They’re not my staff. And I’ve made this clear even before. They’re in DPWH… It’s inevitable talaga na mahatak po sila (that they will get dragged). I’ve never authorized anyone… Whether government or non-government, I’ve never authorized anyone.”

During a Senate inquiry in September, the Discayas alleged that Ms. Garrucha, a DPWH project engineer, acted as a “bagman” in 2022, while Mr. Ramos, a district engineer for Metro Manila’s First District, allegedly demanded a higher cut of project funds in 2025. Both were placed under an ILBO by the Department of Justice in October.

Mr. Domingo appeared before the ICI for a closed-door session regarding alleged nonexistent flood infrastructure projects flagged by the DPWH and Commission on Audit in flood-prone Bulacan. Over the past three years, the district reportedly received P9.49 billion of the P70.3-billion flood control budget. Mr. Domingo denied the allegations.

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