Tourism Department Urges Increased Funding and Policy Reforms to Boost Industry Growth

The Department of Tourism (DoT) is advocating for increased budget allocations to develop tourism infrastructure nationwide and urges the government to implement supportive policies to further elevate the industry. Tourism Secretary Christina Frasco emphasized the need for greater funding and specific measures to stimulate growth during an interview on Tuesday, held beside the Post-State of the Nation Address (SoNA) forum focusing on Food Security and Economic Development in San Juan City. "For the DoT, we are pushing the 20th Congress to allocate more funds for tourism infrastructure. We are also requesting the Department of Finance to implement the Value-Added Tax (VAT) Refund for Tourists, which will enhance shopping tourism in the country," Frasco stated. Highlighting competitiveness concerns, Frasco pointed out that the Philippines trails its ASEAN counterparts due to stringent visa policies. She stressed the importance of balancing national security with facilitating easier entry for international visitors. "We must ensure the Philippines improves its standing in ease of tourist entry. Tourism infrastructure is crucial—according to the World Economic Forum, the Philippines ranks 69th out of 117 economies globally in this regard. Investing in infrastructure is imperative to maintain competitiveness," she explained. In response to the recent typhoons and the forecast of 12 additional storms within the year, DoT is also urging Congress to approve legislation establishing a Tourism Quick Response (QR) Fund. This fund aims to provide immediate assistance to tourism workers displaced by emergencies and support tourists affected by destination disruptions. "The QR Fund guarantees access to financial aid during crises, ensuring that tourism industry workers who lose their jobs receive timely support," Frasco said. The proposed fund would additionally extend aid to both domestic and international travelers impacted by adverse events affecting tourism centers. On the investment front, Frasco revealed that tourism-related investments have surpassed PHP 500 billion, thanks to the combined efforts of public and private sectors. Despite this momentum, she noted a significant gap of over 135,000 hotel rooms across the country, according to the Philippine Hotel Owners Association. "New investment inflows are critical to meeting growing demand and stabilizing accommodation rates," she remarked. Frasco also credited the recently enacted CREATE More Law with boosting investor confidence by empowering the Tourism Infrastructure and Enterprise Zone Authority as an investment promotion agency. This shift enables tourism projects nationwide to access fiscal incentives, strengthening the Philippines as a top investment destination. Looking ahead, the DoT targets increased domestic and foreign investments in key sectors such as hotels, marine transport, amusement parks, and other tourism-related infrastructure. Collaborations with countries including Japan, Thailand, and the UAE are deemed essential to attract further capital. "Our international partnerships play a pivotal role in encouraging substantial tourism investments," Frasco concluded.

BDO Unibank Raises P115 Billion in Oversubscribed ASEAN Sustainability Bond Offering

BDO Unibank Inc. has secured P115 billion through its fourth peso-denominated ASEAN Sustainability Bond issuance, significantly surpassing the original target of P5 billion by more than 23 times due to robust investor interest. The offering, initially planned from July 9 to 22, was concluded early on July 14 to accommodate the strong demand, the bank announced to the stock exchange on Tuesday. The bonds have a maturity period of 18 months and carry an annual coupon rate of 5.875 percent. According to BDO, the net proceeds will be allocated toward financing or refinancing eligible sustainable assets in line with the bank’s sustainable finance framework, supporting lending activities, and diversifying funding sources. The transaction was exclusively arranged and coordinated for sustainability by ING Bank N.V., Manila Branch. Both BDO and ING acted as selling agents, with BDO Capital & Investment Corp. serving as financial advisor for the offering. Earlier on Monday, BDO reported a net income of P40.6 billion for the first half of the year, marking a 3 percent increase from P39.4 billion in the same period last year. This growth was attributed to sustained strength in core business operations. Gross customer loans rose 14 percent to P3.4 trillion, while deposits increased by 8 percent, topping P4 trillion. The bank’s net interest income climbed 7 percent, and non-interest income surged 15 percent, driven by notable contributions from fee-based income and insurance operations. BDO also highlighted improvements in asset quality, with its non-performing loan (NPL) ratio decreasing to 1.75 percent, and NPL coverage steady at 140 percent. Despite ongoing geopolitical uncertainties and new US tariff measures, the bank remains optimistic about the Philippines' resilience, supported by a consumer-driven economy and steady domestic demand. BDO affirmed its strong position to navigate emerging risks and leverage growth opportunities, backed by a robust capital base and a diversified business model. On Tuesday, BDO’s share price dipped by 50 centavos or 0.34 percent, closing at P148.50, coinciding with a 0.85 percent decline in the Philippine Stock Exchange index.

BDO Unibank Raises P115 Billion in Landmark Sustainability Bond Offering

BDO Unibank Inc. has secured P115 billion from its most substantial sustainability bond issuance, marking the largest corporate debt offering in the Philippines outside government Retail Treasury Bonds. Originally planned at P5 billion, the bond issue expanded 23-fold due to strong interest from both retail and institutional investors. The issuance was officially executed, settled, and listed on Tuesday. This fourth ASEAN sustainability bond offering by BDO carries a 1.5-year maturity with an annual yield of 5.875 percent. The proceeds will be allocated to projects outlined in BDO’s Sustainable Finance Framework, which includes investments in renewable energy, green building initiatives, and pollution prevention, among other environmentally focused activities. The funds will also help support BDO’s lending operations and contribute to diversifying its funding sources. ING Bank NV Manila Branch acted as the sole arranger and sustainability coordinator, with BDO and ING serving as selling agents. BDO Capital and Investment Corp. provided financial advisory services for the transaction. This latest offering follows three previous successful issuances that raised P52.7 billion in January 2022, P63.3 billion in January 2024, and P55.7 billion in July 2024. These investments underline the growing investor appetite for sustainable finance products. BDO reported a record net income of P40.6 billion for the first half of the year, a 3 percent increase from the same period last year, driven largely by a robust 14 percent rise in gross customer loans to P3.4 trillion. Net interest income expanded by 7 percent to P98.1 billion. Asset quality improved as the nonperforming loan ratio fell to 1.75 percent from 2.06 percent. Nevertheless, higher expenditures on market coverage and IT investments moderated overall growth. BDO president and CEO Nestor Tan cautioned that the bank’s expansion might slow down due to expected reductions in lending margins amid the central bank's monetary policy easing. Rate cuts typically reduce banks’ interest income on loans, affecting net interest margins and profitability.

Meralco Evaluates Options Following San Miguel’s Acquisition of Company Shares

MANILA — Manila Electric Company (Meralco) is currently assessing its next steps after San Miguel Global Power Holdings Corp. (SMGP) purchased a 3.9% stake in the utility firm, stemming from a long-pending transaction. Meralco Chairman and CEO Manuel V. Pangilinan said on Monday, \"This was discussed earlier at the board, but no decision has been made yet. We are exploring various options, which will depend on San Miguel's responses.\" The shares, totaling 43.23 million and acquired at PHP 90 each, were bought by SMGP from the state-owned Land Bank of the Philippines (LANDBANK). The initial agreement, dating back to 2008 when SMGP was known as Global 500 Investment, was rescinded by LANDBANK, prompting SMGP to file a lawsuit claiming unjust cancellation. In November 2022, the Court of Appeals ruled in favor of SMGP, finding no valid grounds for the bank’s withdrawal. Despite the ongoing deliberations, Mr. Pangilinan affirmed that SMGP remains \"welcome to become a shareholder.\" As the country’s largest private power distributor, Meralco serves over eight million customers in Metro Manila and adjacent areas. To expand reliable electricity access, the company submitted an unsolicited joint venture proposal last year with Batangas Electric Cooperative II (Batelec II) following appeals for improved power stability in the Batangas province. Senior Vice President for External and Government Affairs Ariel Paciano D. Casanova stated Meralco is currently seeking clarity from Batelec II regarding the competitive selection process for the partnership. \"We are inquiring how our unsolicited proposal will be handled — whether it will be honored or subjected to an open bidding process. Those are the questions we have,\" he explained. The proposal involves converting Batelec II, an electric cooperative, into a stock corporation supported by capital investments and share acquisitions by Meralco. Under the Electric Power Industry Reform Act, electric cooperatives may convert into stock cooperatives or corporations. \"Our goal is to boost participation in the cooperative and strengthen its capabilities by infusing capital and advanced technology,\" Mr. Casanova added. Meralco’s majority shareholder, Beacon Electric Asset Holdings, Inc., includes significant interests from PLDT Inc. and its related entities, highlighting the intertwined nature of major Philippine corporate groups in energy and telecommunications.

Asia United Bank Reports P6.1 Billion Net Income in H1, Marking 17% Growth

Asia United Bank (AUB) announced a consolidated net income of P6.1 billion for the first half of the year, reflecting a 17% increase compared to P5.2 billion in the same period last year. This marks the bank's highest half-year earnings to date, nearly reaching its full-year net income of P6.3 billion in 2022. The performance corresponds to a return on assets of 3.3% and a return on equity of 21.1%. AUB attributed its strong results to double-digit growth in total revenues and enhanced asset quality. Total revenues climbed 13% year-on-year to P11.2 billion from P9.9 billion, while earning assets grew 21% to P382.6 billion from P316.5 billion. Net interest income rose by 7% to P8.8 billion, complemented by a substantial 40% increase in non-interest income, which reached P2.4 billion. The rise in non-interest income was primarily driven by increased trading and foreign exchange gains as well as higher service fees from digital and branch operations. Operating expenses grew by 8% to P3.6 billion, influenced by higher compensation, capital investments, and business expansion costs. Despite this, the bank maintained an efficient cost-to-income ratio of 32.2%. Credit quality improved marginally, with the non-performing loan (NPL) ratio decreasing to 0.41% from 0.43%, even as loan loss provisions surged 134%. The NPL coverage ratio was reported at 115.8%. AUB’s total loan portfolio expanded significantly by 36% to P255.6 billion from P187.9 billion, and deposits increased 16% to P325.8 billion. Notably, low-cost current and savings accounts constituted 79% of total deposits, up from 75% the previous year. The bank’s total assets rose 16% to P404.5 billion from P349.0 billion, while total equity jumped 26% to P64.9 billion from P51.4 billion. Capital adequacy remained robust with a common equity tier 1 ratio of 18.13% and a capital adequacy ratio of 18.85%, both improvements over last year’s figures. Despite external challenges such as tariffs, trade uncertainties, and geopolitical tensions impacting economic growth forecasts, AUB remains confident in meeting its performance goals for 2023. "We will remain relentless in our efforts to reach out to the unbanked and underserved, and in helping every Filipino achieve economic mobility," said AUB President Manuel Gomez. Following the earnings report, AUB shares increased by P1.10, or 1.99%, closing at P56.50 per share.

Robinsons Retail Reports 67% Drop in H1 Net Income but Core Earnings Rise Amid Expansion

MANILA, Philippines – Robinsons Retail Holdings Inc. (RRHI) disclosed a significant 67 percent decrease in its net income for the first half of the year, amounting to P2.25 billion. This decline was primarily attributed to the absence of a one-time gain recorded last year following the merger between Robinsons Bank and the Bank of the Philippine Islands. Excluding this exceptional item, RRHI’s core net income actually increased by 4.3 percent, reaching P2.76 billion. The company credited this growth to strong performances from its food, drugstore, and department store divisions, according to a filing submitted to regulators on Tuesday. Total revenues rose 5.1 percent to P98.48 billion, benefitting from reduced inflation rates that enhanced consumer purchasing power across the retail spectrum. Company president and CEO Stanley Co highlighted that election-related spending and the reopening of schools contributed to exceeding the company’s full-year sales projections. "We intend to build on this momentum by further expanding our store network and driving operational efficiencies in the coming months," Co stated. Operating income also saw an increase of 5.2 percent, reaching P4.3 billion, driven by effective cost controls and improved inventory management. As of the end of June, RRHI operated 2,471 stores and supported 2,116 franchised locations of The Generics Pharmacy. The company continues to diversify its portfolio beyond its traditional food, drugstore, specialty, and department store formats. In a strategic move to broaden its revenue sources, RRHI announced the acquisition of Premiumbikes Corp., a local distributor for major motorcycle brands like Yamaha, Honda, and Suzuki. The acquisition, valued at P146.47 million, was executed through its subsidiary Robinsons Supermarket Corp. and is pending approval by the Philippine Competition Commission. The entry into motorcycle retailing reflects RRHI’s goal of tapping into a rapidly growing and profitable market segment, reinforcing its commitment to sustainable growth and diversification.

Walang Aray Returns to Stage with Renewed Focus on Love and Revolution

Following its acclaimed premiere in 2023 and sweeping eight Gawad Buhay Awards, the Filipino musical Walang Aray is set to return stronger than ever. The Philippine Educational Theater Association (PETA) announced that the production will run at the PETA Theater Center in Quezon City from August 29 to October 12, inviting new audiences to experience its compelling narrative about love and revolution. Artistic Director J-mee Katanyag emphasized the production's deepened exploration of the interplay between love and power, explaining, \"This season, we explore how love and power intersect, examining how our romantic, familial, and national relationships are shaped and often wounded by systems of control.\" She further described the musical as a reimagining of history that prompts viewers to consider \"what if love is not a feeling, but a revolutionary act?\" Inspired by Severino Reyes' classic sarswela Walang Sugat, this iteration of Walang Aray is directed by Ian Segarra, with a script by Rody Vera and musical direction by Vince Lim. Associate Director Norbs Portales joins the creative team for this season. Set in 1896 during the Philippine revolution, the story follows the love between Julia and Tenyong. Returning award-winning cast members include Shaira Opsimar and Marynor Madamesila, who alternate as Julia, alongside Gio Gahol and Jon Abella as Tenyong. The production also welcomes Lance Reblando, a transwoman portraying Julia for the first time, marking a significant advancement for LGBTQ+ representation in Filipino musical theater. Reblando shared, \"I'm thankful for PETA because I never knew this could happen, that I could be a leading lady. It's a dream come true.\" She added that her lived experience as a transwoman brings a unique dimension to the character. Gahol, who also serves as the production's choreographer, emphasized the importance of inclusive casting, noting, \"As a gay professional, I will always advocate for my community in any space. We didn't feel the need to announce it as a marketing stunt. We just went and did it.\" He highlighted the dynamic brought by having three actors play Julia, each embodying different expressions of love. The ensemble features both returning and new actors: Bene Manaois and Rendell Sanchez as Miguel; Kiki Baento and Divine Aucina as Monica; Carlon Matobato and Ice Seguerra, a transman, as Lucas; and Neomi Gonzales, Jolina Magdangal in her theater debut, and Gold Villar-Lim portraying Juana. Katanyag noted the relevance of the recent rewrite, pointing out, \"When we did the rewrite, we had the chance to review the text and think of how it is relevant to the times. We discussed with Rody Vera that the Philippines was nonbinary until the Spanish colonized us.\" She added that casting decisions were based purely on the merit of auditions. Associate Director Portales remarked on improvements made to this season's presentation: \"The themes are sharper now that we refined the dramaturgy. We want to manage the laughs so the profundity of the wounds and their healing aren't lost amid the humor.\" Musical Director Lim indicated significant enhancements to the vocal and instrumental arrangements, estimating about 95% of them have been upgraded. \"The biggest difference is the new talent coming in, which brings a whole lot of good energy,\" he noted. Jun Reyes, grandson of Severino Reyes, spoke about the production's mission to reinvent the sarswela into a contemporary musical form. \"The vision is for it to be translated to a modern audience, to actually entertain. Part of the entertainment process is the jokes and the music with a more modern arrangement, so that the message of tumindig at umibig allows the classic sarswela of my grandfather to reach more audiences,\" he said. Reyes confirmed that while the story's core remains unchanged, the music has been completely reworked, maintaining the original plot and characters but refreshed for today's viewers. Presented by PETA in collaboration with Indie.Go Media and Metrobank, Walang Aray is now accepting ticket reservations through Ticket2Me. This renewed production aims to captivate both returning theatergoers and newcomers alike with its powerful portrayal of love as an act of revolution.

Customs Commissioner Reaffirms Zero-Tolerance Policy on Corruption

Customs Commissioner Ariel Nepomuceno has strongly restated the Bureau of Customs (BOC) commitment to its "No Take" policy, firmly condemning bribery and illicit transactions within the agency and among trade partners. Speaking on Tuesday, Nepomuceno underscored that this anti-corruption stance is a fundamental priority of his administration and will be enforced rigorously throughout his tenure. "The 'No Take' policy remains a non-negotiable pledge under my leadership, and any breaches will be dealt with swiftly and decisively," he asserted. The policy prohibits any form of illegal monetary exchanges, aiming to eradicate graft within customs operations. Commissioner Nepomuceno highlighted that combating corruption requires the cooperation of all parties involved in importing and customs processes. "Victory against corruption is unattainable if stakeholders persist in offering bribes or engaging in covert dealings," he stated, emphasizing the collective responsibility to maintain ethical conduct. He called on importers, customs brokers, and industry participants to actively support the ongoing reforms within the BOC, stressing that adherence to high standards of integrity must extend both within the bureau and across external collaborators. "Let it be clear: anyone involved in corrupt practices, regardless of their position, will face accountability," Nepomuceno warned. Moreover, the commissioner encouraged the private sector to report any suspicious activities, reaffirming the BOC's open-door policy for complaints and concerns. "Our commitment is to foster a culture rooted in integrity, professionalism, and public accountability," he explained. The Bureau is also dedicating efforts to transform itself into a modern and transparent institution that supports lawful and efficient trade operations. Nepomuceno expressed confidence that with the cooperation of private stakeholders, the BOC can establish an environment characterized by fairness, transparency, and strict legal compliance.

Dongca Dominates Girls’ 7-10 Division as Junior Golf Series Kicks Off in Silang

SILANG, Cavite – Ronee Dungca delivered an impressive debut performance in the ICTSI Junior PGT Series, capturing the girls’ 7-10 division title by a decisive seven-shot margin at the Riviera Golf Club on Wednesday. Dungca maintained a steady lead throughout the competition, closing with an 80 despite a difficult back nine, culminating in a 36-hole total of 153. Her initial round 73 gave her a comfortable nine-stroke advantage that proved insurmountable amid challenging wind conditions. Despite not meeting her personal target of a 67 in the final round, Dungca’s score was sufficient to secure victory. Tyra Garingalao finished second with a 160 total after carding 78, while Penelope Sy and Ziyu Liu struggled in the gusty elements, posting 85-172 and 91-175, respectively. "I feel good, happy. I feel a lot of things," the 9-year-old OB Montessori student from Angeles, Pampanga, said. "But what I liked most was meeting new people and not getting a bad score." Dungca emphasized her focus on putting and short game practice, which she credits for staying composed despite the windy conditions. She birdied the opening hole yet faced challenges with four strokes lost over the subsequent ten holes, closing with five over par on the last four. Looking ahead, Dungca intends to compete in the final two legs of the series at Pradera Verde and Pinewoods, aiming to accumulate enough points to break into the Top 4 and qualify for the Finals scheduled for October 7 to 10 at The Country Club. The current points leaderboard sees Mavis Espedido virtually locked in for the Finals with 45 points, followed by Winter Serapio at 37 and Garingalao, who climbed to third with 40 points, surpassing Sy’s 38 points. In the boys’ youngest division, Zoji Edoc asserted his dominance with a 12-stroke victory, closing with a 76 for a total of 155. This win solidifies his position as the points leader with 54, ahead of Zach Guico’s 45. "I just kept my cool and focused on my shot management – it really came down to mindset," Edoc said. Despite recent exhaustion from the Junior World Championships, where he earned a bronze medal, he remained energized and confident throughout the rounds. Rounding out the top competitors were Asher Abad and Halo Pangilinan, both finishing at 167, with Abad securing second place via countback. In the boys’ 11-14 category, Zianbeau Edoc captured his first Junior PGT title with consistent rounds of 78, finishing seven strokes ahead of nearest rivals Race Manhit and Jacob Casuga. Meanwhile, the girls’ 11-14 division saw the Sarines twins continue their compelling rivalry. Mona Sarines secured her third consecutive victory after prevailing against sister Lisa Sarines in a playoff. "My shots were better today and my putting was really on point," Mona said. "It’s a great feeling, but I also feel a bit sad for Lisa. Still, I’m really proud of myself – and Lisa played really well too." Both twins recently competed in the Junior World Championships alongside Zoji Edoc, adding to the significance of their wins amid lingering fatigue. In the boys’ premier division, Patrick Tambalque maintained his lead with a composed 73, holding a three-stroke cushion over Shinichi Suzuki and others. Tambalque attributed his solid play to improved putting and strategic adjustments to counter strong winds. "I just adjusted my alignment to play it safe because the wind was really strong," he said. "There’s pressure, but I’ll stick to my game plan. I’ll just focus on my score and manage the course." The ICTSI Junior PGT Series continues to showcase promising young golfers as they battle varying conditions in pursuit of qualification for the Finals and championship honors.

LTO Suspends Licenses of 11 Taxi and TNVS Drivers for Overcharging at NAIA

The Land Transportation Office (LTO) has imposed a 90-day suspension on the licenses of 11 taxi and transport network vehicle service (TNVS) drivers after receiving multiple complaints about overcharging passengers at Ninoy Aquino International Airport (NAIA). LTO Chief Vigor Mendoza II stated on Monday, \"We have already suspended numerous offending taxi and TNVS drivers in recent weeks. Some seemed to believe we were merely acting temporarily, but they were mistaken. The suspension of these 11 drivers clearly demonstrates our continuous efforts.\" This disciplinary action followed a collaborative operation between the LTO and the Philippine National Police–Aviation Security Group. Investigations revealed that the drivers charged exorbitant fees ranging from ₱200 to ₱700 for short trips between NAIA Terminal 1 and Terminal 3. The LTO issued a show-cause order requiring the drivers to explain why their licenses should not be permanently revoked. Mendoza emphasized, \"We have also mandated the immediate surrender of their driver’s licenses. Given their exploitative practices, they could be barred from taxi and TNVS operations for an extended period or even indefinitely.\" The case will undergo further legal review by the Land Transportation Franchising and Regulatory Board. In addition, the LTO has mandated the regular presence of its personnel at NAIA terminals to facilitate quick reporting and address any incidents of overcharging by drivers promptly.