Strong brands make a difference, says food industry CEO
Strong products need a “strong, dependable, and trusted name” to succeed, this food industry leader said.
Interview by Patricia Mirasol
Video editing by Jayson Mariñas
Strong products need a “strong, dependable, and trusted name” to succeed, this food industry leader said.
Interview by Patricia Mirasol
Video editing by Jayson Mariñas

The Cybercrime Investigation and Coordinating Center (CICC) and leading fintech platform JuanHand, under the FinVolution Group, have officially signed a Memorandum of Agreement (MoA) to collaborate on advancing cybercrime prevention, promoting online safety, and enhancing responsible financial practices among Filipino consumers.
Held at the JuanHand office, the ceremony formalized a shared vision between the public and private sectors — ensuring that innovation in digital finance goes hand in hand with cybersecurity, consumer protection, and public education.
The partnership outlines several key areas of collaboration, including:
“This partnership is a step forward in protecting Filipino consumers in the digital space,” said Usec. Atty. Aboy Paraiso of CICC. “Together with responsible fintech players like JuanHand, we are not only combating cyber threats but also empowering citizens to use technology confidently and safely.”
JuanHand, operated by WeFund Lending Corp., is one of the Philippines’ top fintech platforms offering fast, secure, and transparent loan services. Its parent company, FinVolution Group, is among the world’s leading fintech innovators with a strong regional presence and commitment to responsible digital finance.
“At JuanHand, we believe that financial empowerment must always come with accountability and protection,” said Coco Mauricio, CEO of JuanHand. “Through this partnership with CICC, we’re doubling down on user safety, data privacy, and education — ensuring that every Ka-Juan can access financial help in a secure, transparent, and responsible way.”
“The Philippines is a key market for FinVolution,” added Tim Li, CEO of FinVolution Group. “We’re excited to support CICC’s initiatives in building a safer digital ecosystem. This partnership reflects our long-term vision of combining technology and trust to deliver inclusive financial access for all.”
Under the MoA, the CICC will maintain the Cybercrime Coordination Center (C3) to continue receiving reports of illegal online money lending, coordinating with relevant government agencies for investigation and prosecution, and helping ensure proper compliance among fintech operators.
Both the CICC and JuanHand reaffirm their commitment to shared values of innovation, trust, and public service — working hand in hand to safeguard Filipinos in the evolving digital economy.
About JuanHand
JuanHand is a trusted online lending platform in the Philippines operated by WeFund Lending Corp., under FinVolution Group, one of Asia’s most established fintech companies. The app provides fast, secure, and responsible financial access for Filipinos in need of short-term credit solutions.
About CICC
The Cybercrime Investigation and Coordinating Center (CICC), under the Department of Information and Communications Technology (DICT), is the government agency mandated with cybercrime prevention and suppression, and promoting awareness for a safer digital Philippines.
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SYDNEY — Australia’s spy chief said hackers working for the Chinese government and military had probed Australia’s telecommunications network and critical infrastructure, warning on Wednesday of the potential for disruption to the economy if a sabotage attack were carried out.
The Australian Security Intelligence Organization’s director general of security, Mike Burgess, told a business conference in Melbourne that espionage was estimated to have cost Australia A$12.5 billion ($8.1 billion) last year, including the loss of A$2 billion in trade secrets and intellectual property.
Mr. Burgess highlighted the threat of cyber sabotage, describing the activities of the Salt Typhoon and Volt Typhoon Chinese hacking groups, which he said where “hackers working for Chinese government intelligence and their military”.
China’s embassy in Australia did not immediately respond to a request for comment. China routinely denies hacking.
Salt Typhoon had not only penetrated US telecommunications systems in a strategic spying operation but also “have been probing our telecommunication networks here in Australia too,” he said.
Volt Typhoon had intention to disrupt, he said, compromising US critical infrastructure to pre-position for potential sabotage.
“We have seen Chinese hackers probing our critical infrastructure as well,” he added.
Mr. Burgess warned of the potential impact on the community of widespread telecommunications disruption, including to banks and transport, and through cut-off water supplies and power.
“I assure you; these are not hypotheticals – foreign governments have elite teams investigating these possibilities right now,” he said.
Other potential scenarios included an Australian company being crippled as a trade competitor, or causing panic during an election, he added.
Chinese officials made multiple complaints to the Australian government and private sector about ASIO whenever he spoke publicly about China, Mr. Burgess said last week during a speech at the Lowy Institute in Sydney. “It won’t stop my resolve,” he said.—Reuters

For a neophyte model, to walk the runways of the fashion capitals of the world is the ultimate dream. And as far as dreamers-turned-motivators go, Filipino-Canadians Limuel Hayag Vilela and Alvin Masangkay Francia — founders of Spotlight Couronne Internationale, Inc. (SCI), a company dedicated to giving aspiring models a global platform — have made many dreams come true. Showcasing their flagship fashion brand, SCI PH, the duo has established themselves as producers of major fashion events in Canada, including the Calgary International Fashion and Arts Week, Calgary Kids Fashion Week, Edmonton Kids Fashion Week, Winnipeg Kids Fashion Week and Fashion Gala Canada.
From their base in Calgary, they have successfully brought their brand to the international stage — presenting collections on the prestigious runways of New York, Paris and Manila, bringing with them the young dreamers who continue to inspire their journey. “At SCI, casting a model is not simply about appearance — it is about heart, willingness, and authenticity. For every casting, what we value most is the genuine desire of each child or teen to be present, to listen, to try something new, and to show up as their true selves,” reveals Vilela. Francia shares, “We believe that when young individuals are empowered to think this way, they open their hearts to collaboration and creativity. This mindset allows them to grow, learn, and ultimately deliver the most meaningful results on and off the runway.”
For the New York and Paris showcases, all participating kids and teens were either former students or had previously joined one of SCI’s fashion programs or shows. They understand the system, approach, and standards — making it possible to uphold the level of artistry and professionalism that SCI stands for.
NEW YORK

On Sept. 13, 2025, SCI PH Canada Fashion Brand showed its Spring/Summer 2026 collection “Unbreakable Moments” at New York Fashion Week at The Edison Ballroom, Times Square, New York City.
“These moments show that being unbreakable doesn’t mean being flawless; it means finding the courage to rise again and share your light. On the global stage, the new generation proves that their dreams, their resilience, and their voices can inspire the world,” adds Vilela.
One of the featured models on the New York showcase featured model is Tijana, a vibrant 10-year-old girl whose passion for reading, playing with friends, and dance has blossomed beautifully since she became part of the SCI showcase in New York. Her experience with SCI has been nothing short of transformative. Tijana has grown significantly, gaining self-assurance, building meaningful friendships, and embracing the value of humility. “Through SCI, I have overcome my natural shyness, discovered new confidence and joy in expressing myself during fashion shows. This incredible opportunity has allowed me to participate in exciting events such as the Calgary and Edmonton fashion shows, as well as this prestigious New York fashion show,” a grateful Tijana says. She is now eagerly looking forward to the upcoming Fashion Gala Canada in Calgary on Nov. 30, 2025.
PARIS
On Oct. 3, 2025, SCI PH Canada presented “Amour de Soi” during Paris Fashion Week at the American Cathedral in Paris. “The SCI PH Canada Luxxe Collection, inspired by the profound message of ‘Self-Love’ (Amour de soi), unfolds as a powerful celebration of identity, empowerment, and inner beauty. Bathed in a striking crimson and red palette, the collection captures passion and strength in every detail. Crafted from liquid fabric, each gown moves with fluid sophistication, reflecting light in a way that evokes grace, resilience, and timeless allure
“I love SCI because everyone is so positive and grateful, and I truly enjoy being around positive people,” says a very thrilled Petra, one of the models in Paris. “I always remind myself not to give up on my dreams. ”Petra was born with Autism, Social Pragmatic Language Disorder, Sensory Processing Disorder and Severe Learning Disabilities. She has been a flower trying to find her light which came to her through her modeling journey. She’s here to show all children with neurodiversity that dreams can come true. “As a parent, I spent many years crying for her when she was younger. I never imagined she would be doing the things she’s doing now,” says Karin, Petra’s mom.
Samayra, is another featured model in the Paris showcase. “My experience with SCI has truly helped me to grow as not only a model, but as a person. I’ve been given opportunities that I couldn’t have dreamed of having and I’ve met wonderful, inspiring people. Working with SCI has given me confidence in branching out into things I was previously too afraid to try. Being a model has helped me to embrace who I am inside and out, and celebrate the diversity in everyone,” shares Samayra.
Fashion Forward
“Fashion becomes your voice, your story, your identity, a reflection of your courage to stand tall and be unapologetically you. In a world that often demands perfection, ‘Amour de soi’ reminds us that our true beauty begins within,” says Vilela. “When we honor ourselves, we don’t just dress in style, we dress in purpose, and we inspire the world around us,” shares Francia. “In the future, we hope to expand our reach and open casting opportunities to new talents from all communities.”
More information about Spotlight Couronne Internationale, Inc. (SCI) via info@scimodels.ca and http://www.scimodels.ca/.
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SEOUL — South Korea will co-sponsor an annual UN resolution that raises concerns over North Korea’s human rights situation, the foreign ministry said on Wednesday, defying some expectations that Seoul might withhold support to avoid irking Pyongyang.
North Korea has in the past denounced the resolution, and under a previous liberal administration, Seoul did not support it in a bid to improve ties with the North.
South Korea supported the human rights resolutions between 2008 and 2018, before opting not to back them between 2019 and 2022 under former President Moon Jae-in due to fears it could have a negative impact on inter-Korean relations.
Seoul rejoined as a co-sponsor in 2023 under conservative ex-President Yoon Suk Yeol.
Liberal leader Lee Jae Myung took office in June, pledging to restore dialogue with Pyongyang to ease tensions between the two countries, but North Korea has rebuffed his efforts so far.
In late October, rights organizations including Human Rights Watch sent an open letter to Mr. Lee urging him to “take a principled stance on North Korea’s grave human rights violations” with the co-sponsorship of the UN resolution.
“Our government believes that it is important to actually improve the human rights of North Koreans and will continue to cooperate with the international community to achieve this,” the ministry said in a statement.
“So we are participating as a co-sponsor this time for the North Korea human rights resolution,” it said.
North Korea has denied abuses, accusing the UN and foreign countries of trying to use human rights as a political weapon to attack the country, while depicting itself as a “socialist utopia”.
The overall human rights situation in North Korea has not improved over the past decade and in many cases has degraded, bringing even more suffering to the population, the UN Human Rights Office said in a report in September.
Political prison camps continue to operate, while freedom of expression and access to information have significantly weakened with severe new punishments including the death penalty, according to the report.— Reuters
Sea Ltd reported a sharp rise in sales and marketing expenses during the third quarter, boosting revenue but weighing on profits, as it looks to defend market share in the competitive Southeast Asian e-commerce industry.
US-listed shares of the Singaporean conglomerate were down 2% on Tuesday, after falling as much as 6% in premarket trading.
Sea has spent heavily on marketing, advertising and user acquisition to fend off rivals such as TikTok Shop and Alibaba.
Sea’s e-commerce platform, Shopee, has rolled out financial incentives such as cashbacks, buy-now-pay-later schemes and loyalty currencies to attract consumers who are cautious amid economic uncertainty.
Sea reported earnings per share of 59 cents in the quarter, missing analysts’ estimate of 76 cents, according to data compiled by LSEG.
“Sea isn’t trying to chase short-term earnings, but defending and consolidating its market share. The trade-off may look uncomfortable now, but if executed correctly, it could be the key to keeping its platform relevant,” said eToro market analyst Zavier Wong.
Growth in Sea’s core e-commerce, digital entertainment and financial services segments has remained strong, signaling that the higher spending has found some success in reaching consumers.
The company reported total quarterly revenue of $5.99 billion, beating estimates of $5.65 billion.
Sea is trying to improve the delivery business by investing in shipping logistics and fulfillment, company executives said in a post-earnings conference call.
It expects Shopee’s annual gross merchandise value — a measure of the total value of products sold on the platform — to grow more than 25%.
Overall quarterly operating expenses rose 28% to $2.12 billion, compared with $1.66 billion a year ago. Sales and marketing expenses also climbed 31%.
Revenue for Sea’s e-commerce unit came in at $4.3 billion, compared with estimates of $3.99 billion. — Reuters
TAIPEI — Taiwan evacuated more than 8,300 people ahead of Wednesday’s arrival of a much weakened Typhoon Fung-wong that brought heavy downpours to the mountainous east coast and unleashed floods that ran neck-high in places.
Businesses and schools were shut in most southern areas of the island, with 51 people injured.
Television images showed severe floods in parts of the largely rural eastern county of Yilan, with waters neck-deep as soldiers mounted rescue efforts for those stranded.
“The water came in so quickly,” said fisherman Hung Chun-yi, who spent the night clearing mud from his home in the eastern harbor town of Suao, after its first floor was engulfed in waters 60-cm (2-ft) deep.
“It rained so much, and so fast, the drainage couldn’t take it.”
The fire department said about 8,300 people were moved from their homes to safer areas, mostly in Yilan and nearby Hualien, where a monsoon from the north swelled the rainfall with the unseasonably late typhoon.
Yilan’s town of Dongshan received 794 mm (31 inches) of rain on Tuesday, weather officials said.
Fung-wong is forecast to graze the far southern tip of Taiwan later on Wednesday before heading into the Pacific Ocean. It lost considerable strength after swirling through the Philippines to kill 18 people.
A typhoon in September unleashed floods that killed 18 people in Hualien.
The typhoon will not directly affect the northern city of Hsinchu, home to TSMC, the world’s largest contract chipmaker. — Reuters

The Puregold CinePanalo Film Festival has become student filmmakers’ portal to Philippine entertainment. Aiming to uplift the industry’s brightest young talents, Puregold CinePanalo has carved a path for these young aspirants to ply their craft. For instance, the festival’s annual student shorts category offers significant production grants as well as opportunities to produce noteworthy work at a professional level.
Puregold CinePanalo also goes the extra mile by providing the right breaks to these young contenders over and beyond the confines of the festival. It has produced the likes of Dizelle Masilungan and Lloyd Garciano who took over the ‘For You Pages’ on TikTok with Puregold Channel’s latest digital series, Got My Eyes on You.
Ivy Hayagan-Piedad, Puregold senior marking manager and CinePanalo festival chair, spoke on the development of the two filmmakers. “The Puregold CinePanalo Film Festival is dedicated to finding the very best young talents that will form the backbone of the industry in years to come,” she said. “Both Dizelle and Lloyd excelled in the first Puregold CinePanalo and now we’re eager to give them more room to share their stories with audiences via the Puregold Channel.”

Masilungan and Garciano were both participants in the first-ever Puregold CinePanalo student shorts category. Masilungan took home a Best Director award for his film Kung Nag-aatubili. Meanwhile, Garciano did the cinematography for Smokey Journey, which received recognition for its ensemble cast and original score.
These two currently find themselves at the forefront of the latest “retailtainment” offering from Puregold. With Masilungan as director and Garciano as the director of photography, Got My Eyes on You has proven to be an excellent addition to the BL genre.
Starring Esteban Mara and Mikoy Morales, Got My Eyes on You tells the story of two employees at a luxury resort striving for the general manager’s post, only to find themselves falling in love. The show tackles serious issues on office romance in the precarious search for work-life balance.

Puregold CinePanalo alumni also make up the post-production team of Got My Eyes on You. The show’s editor, Jenievive B. Adame, had previously worked with Garciano when she directed Smokey Journey. Anton Acosta, the director of photography on Masilungan’s Kung Nag-aatubili, also continues their collaboration here as an editor for the digital series.
For both Masilungan and Garciano, the opportunity to bring this show to life is a direct result of their success at the Puregold CinePanalo.

“Thank you so much, CinePanalo, for your steadfast belief in emerging Filipino storytellers like us and for giving us a platform for sharing our voices,” said Masilungan. “This opportunity is not only an incredible experience but also a huge stepping stone toward achieving my dream of telling stories that matter.”
Garciano echoed the sentiments, saying, “Puregold has given us opportunities that are beyond our expectations. This is me speaking on behalf of all the young cinematographers and filmmakers you’ve helped. The opportunities provided here, from showcasing our early work to connecting with known names in our industry, have been invaluable in turning our passion into a profession.”

The Puregold CinePanalo Film Festival recently announced their final line up of the Top 7 films in their full-length category. Meanwhile, applications for the 2026 Puregold CinePanalo Film Festival student shorts category are still open. Interested participants must submit their applications to https://tinyurl.com/PCPFFShortsApp by 11:59 p.m. of Nov. 25, 2025.
All films in the festival will screen next year at the Gateway Cineplex 18, as well as select Ayala Cinemas.
For further inquiries, applicants may email thesecretariat@cinepanalo.com or message its official Facebook page at facebook.com/puregoldcinepanalo.
Got My Eyes on You can be viewed on TikTok @puregoldph. For further updates, follow Puregold Channel on YouTube, Facebook, Instagram, and X.
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WASHINGTON — Airlines canceled 1,200 flights on Tuesday as air traffic control staffing improved significantly ahead of an expected end to a record-setting government shutdown as soon as Wednesday.
After airlines canceled 2,400 flights and delayed 9,600 on Monday, airlines delayed just 1,700 on Tuesday, the best performance for the industry in recent days.
Last week, the Federal Aviation Administration instructed airlines to cut 4% of daily flights starting on Friday, November 7, at 40 major airports because of air traffic control staffing issues. Reductions in flights rose to 6% on Tuesday.
Flight reductions were set to hit 8% on Thursday and 10% on Friday, November 14. Airlines and the FAA are in discussions about when and how the cuts will be reduced and eventually eliminated as a record-setting 42-day government shutdown nears an end.
On Monday, President Donald Trump threatened to dock the pay of any controller who did not return to work and would welcome the resignations of workers who were not diligent in showing up for work.
Some airlines are holding off on cutting 8% of flights for Thursday. United Airlines said Tuesday it has cut about 5% of Thursday flights.
Several options are being discussed for how the FAA might end or shrink the flight cuts, sources told Reuters.
Air traffic control staffing shortages improved dramatically on Tuesday after more than two dozen issues on Monday. Transportation Secretary Sean Duffy said just four staffing issues were reported Tuesday, down from 81 Saturday.
Mr. Duffy said at a press conference at Chicago O’Hare that he will reduce flight cuts as safety allows.
“When that data changes, we’re going to start taking that down from 6%, maybe we’ll go to four, two, and get back to normal air travel,” Mr. Duffy said. “It depends on controllers coming back to work.”
On Monday night, the Senate voted to approve legislation to end the shutdown and fund the government through January 30. The House is set to take it up on Wednesday.
Mr. Duffy said that if the House did not approve the bill that flight disruptions could skyrocket this weekend and some major airlines might not keep flying. “That’s how serious this is,” he said.
Air traffic absences have led to tens of thousands of flight cancellations and delays since October 1 when the shutdown began. Over the weekend, 1.2 million passengers were delayed or had their flight cancellations due to air traffic controller absences.
The shutdown, the longest in US history, has forced 13,000 air traffic controllers and 50,000 Transportation Security Administration agents to work without pay.
The FAA is about 3,500 air traffic controllers short of targeted staffing levels. Many had been working mandatory overtime and six-day weeks even before the shutdown. — Reuters
BELEM, Brazil — Dozens of Indigenous protesters forced their way into the COP30 climate summit venue on Tuesday and clashed with security guards at the entrance.
Shouting angrily, the protesters demanded access to the UN compound where thousands of delegates from countries around the world are attending this year’s UN climate summit.
Some waved flags with slogans calling for land rights or carried signs saying “our land is not for sale.”
An Indigenous leader from the Tupinamba community near the lower reaches of the Tapajos River in Brazil told Reuters that they were upset about ongoing development in the forest.
“We can’t eat money,” said Gilmar, who uses only one name. “We want our lands free from agribusiness, oil exploration, illegal miners and illegal loggers.”
Security guards pushed the protesters back and used tables to barricade the entrance. A Reuters witness saw one security guard being rushed away in a wheelchair while clutching his stomach.
Another guard with a fresh cut above his eye told Reuters he had been hit in the head by a heavy drumstick thrown from the crowd. Security confiscated several batons.
The protesters dispersed shortly after the clash. They had been in a group of hundreds who marched to the venue in the Amazon city of Belem.
Security guards later allowed delegates to exit the venue, having earlier asked them to move back inside until the area was clear.
The UN climate agency did not immediately reply to a request for comment. Within the compound, the United Nations is responsible for security.
Brazil’s President Luiz Inácio Lula da Silva has highlighted Indigenous communities as key players in this year’s COP30 negotiations.
Earlier this week, dozens of Indigenous leaders arrived by boat to participate in the talks and demand more say in how forests are managed.
In a separate interview on Tuesday, a prominent Indigenous leader told Reuters that many from the Indigenous communities were upset with ongoing industry and development projects in the forest. Raoni Metuktire, also known as Chief Raoni, urged Brazil to empower native peoples to preserve the Amazon.— Reuters
By Kenneth Christiane L. Basilio, Reporter
THE BUREAU of Internal Revenue (BIR) may struggle to meet its P3.219-trillion collection target this year as sluggish government spending weighed on overall tax receipts, a development its chief said may prompt a tweak of its full-year target.
“The overall performance is low… so there’s a need to recalibrate or recalculate the entire goal,” BIR Commissioner Romeo D. Lumagui, Jr. told BusinessWorld in an interview in mixed English and Filipino. “As things stand, it’s going to be quite difficult.”
“It’s really a challenge to meet the unadjusted goal.”
While the BIR has intensified tax collection efforts by tightening enforcement in sectors with compliance gaps like tobacco, Mr. Lumagui said the flood control scandal and the resulting slowdown in state spending have weighed on tax collections.
“Even government spending was put on hold,” he said, as authorities clamped down on public works spending amid allegations that politicians, officials and contractors were involved in a multibillion-peso kickback scheme involving substandard or nonexistent flood control structures.
“There was a slowdown in government expenditures, and that’s why remittances from the Department of Public Works and Highways and other government agencies also declined,” he added.
The latest Treasury data showed that BIR collections jumped by 10.88% to P2.32 trillion in the first nine months of the year. However, this was 2.63% lower than the programmed P2.38 trillion for the January-to-September period.
The BIR, the main revenue collection agency, needs to collect around P897 billion to reach the P3.219-trillion full-year program.
“We’re pressured to meet our targets,” he told lawmakers at a House hearing. “It’s critical to meet our collection target for the budget, so that we will not borrow and we are able to support the fiscal program of the government.”
Mr. Lumagui said there are discussions to reduce the BIR’s collection target for the year.
“I’ve already written about that, but it’s up to them to decide what adjustments will ultimately be made,” he said in Filipino. “They’re still assessing the actual effects of what’s happening and the overall economic performance.”
Philippine gross domestic product grew by 4% in the third quarter, sharply slowing from the 5.5% in the second quarter and 5.2% a year ago, amid a corruption scandal involving infrastructure projects that has dampened sentiment.
The BIR’s failure to meet its collection target could compel the government to cut public spending — possibly dampening economic momentum at a time when stimulus is needed for recovery — or push it to increase borrowing that could strain fiscal stability, said John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies.
“The shortfall also underscores how governance issues like the flood control scandal can ripple through the economy,” he said in a Viber message. “When public spending stalls, tax revenues from contractors, suppliers and consumption also fall.”
In a Viber message, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said lower collections could reduce the government’s fiscal space on other priority spending items.
Lawmakers should look at coming up with measures that could boost tax collections to bolster government revenues, he added.
EXCISE TAX COLLECTIONS
Meanwhile, Mr. Lumagui said the BIR has collected P250.99 billion in excise taxes in the first nine months, 1.06% lower than its P253.68-billion goal for the period.
“We have seen an improvement in our collections in excise tax, both in vape products as well as tobacco products,” Mr. Lumagui said. “This is… a result of our aggressive enforcement activities in connection with excisable articles.”
Tobacco has long posed a challenge for the government as hundreds of millions of pesos in potential excise tax revenue are lost annually due to rampant smuggling and misdeclaration.
Mr. Lumagui said the BIR had collected about P106 billion in excise tax from cigarettes in the first nine months of the year from P84 billion a year ago.
“That is the same for vape products,” he added, noting that excise tax collections from electronic cigarettes jumped to P2.055 billion from P449 million in the same period last year.
“We’ve seen drastic improvements on these as a result of our nationwide enforcement, both on vape products and tobacco cigarettes,” said Mr. Lumagui, as authorities visited thousands of establishments selling tobacco products to check for compliance.
He said about 377 shops were found violating excise tax regulations, with 742,000 packs of illicit cigarettes and 267,508 milliliters of untaxed liquid products amounting to an estimated P122.8 million of unpaid excise tax, having been seized from January to September this year.
At the same time, the BIR collected P1.19 trillion from taxes on net income and profit in the January-to-September period, just 0.75% short of the P1.2-trillion goal for the period.
The BIR collected P507.88 billion from value-added tax as of end-September, 2.16% lower than its P519.08-billion program for the nine-month period.

By Katherine K. Chan
THE BANGKO SENTRAL ng Pilipinas (BSP) will implement a payment system that works around the clock starting in 2026 as part of efforts to expand real-time and cross-border transactions, a top official said.
BSP Deputy Governor Mamerto E. Tangonan told BusinessWorld that the central bank is planning to expand the Philippine Payment and Settlement System (PhilPaSS) Plus operations to run for 24 hours, seven days a week.
“Implementation will start next year,” he said in a Viber message.
This came after BSP Senior Assistant Governor Edna C. Villa urged multiple banks, quasi-banks, nonbank electronic money issuers, financial market infrastructures and clearing switch operators to help the central bank design a 24/7 real-time gross settlement (RTGS) system.
In a separate statement on Tuesday, the BSP said the new system will help facilitate faster and more real-time transactions as well as connect the country’s payment system with its foreign counterparts.
“A round-the-clock operation will enable the payment system to settle more transactions in real-time, interlink with foreign payment systems, and further economic activities,” it said. “These may include 24/7 remittances, cross-border e-commerce flows, and bond trading.”
It noted that a 24/7 operating system would allow local online sellers to receive payments from international customers even during late-night hours.
The cash leg in bond trading may also be settled on the same day rather than the following business day, the BSP added.
Currently, the PhilPaSS Plus, which is owned and operated by the central bank, is only accessible from 9 a.m. to 5:45 p.m. during weekdays.
“The system is 24/7 ready,” Mr. Tangonan said. “But operating hours will be extended.”
An RTGS system facilitates the instant settlement of payments, transfer instructions, or other obligations individually on a transaction-by-transaction basis.
By settling retail payment clearing results, PhilPaSS Plus ensures that people, businesses and the government can send and receive money through several channels including checks, automated teller machines, InstaPay and PESONet, the central bank said.
In an event held in late October, BSP Governor Eli M. Remolona, Jr. said digital payment systems drive economic efficiency, financial inclusion and systemic resilience.
“Digital payments connectivity is not merely a technological advancement but a strategic enabler of economic efficiency, financial inclusion, and systemic resilience,” he said. “It lays the foundation for deeper trade, investment, financial and capital market integration across economies.”
Meanwhile, Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc., said making payment systems accessible during late hours may boost consumer spending.
“Having accessible payment systems even during nighttime can allow for better convenience for consumers, encourage higher spending, all of which can help the economy,” he said in a Viber message.
John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said this would also support micro, small and medium enterprises, e-commerce, and digital workers, who benefit from faster turnover of funds.
“It also strengthens the digital economy by reducing reliance on cash and extending access to financial services for unbanked or underbanked Filipinos, especially in remote areas where traditional banking hours are (limited),” he said in a Viber message.
However, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., noted that a round-the-clock operation could expose the country’s payment system to more cybersecurity threats.
“The challenge is cybersecurity; more uptime means more exposure,” he said in a Viber message. “The key is strong security and real-time monitoring, so we get speed without sacrificing safety.”
The BSP added that PhilPaSS Plus’ operations will likewise be enhanced through automated debiting in the intraday settlement facility to provide peso RTGS participants with liquidity for payments, as well as new liquidity saving mechanisms to improve overall settlement efficiency.
As of the third quarter, the total value of PhilPaSS Plus transactions hit P151.253 trillion, up nearly 21% from the P125.05 trillion recorded during the same period last year, the latest BSP data showed.