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BANK of the Philippine Islands (BPI) has tapped retail chain Savers Depot to help expand its presence in Visayas and Mindanao via agency banking, offering its products and services at the latter’s stores. Sa

vers Depot will be BPI’s first partner in the do-it-yourself (DIY) retail store category to offer the full range of BPI Partner Store services under its Agency Banking initiative, including product onboarding, deposits, with-drawals, cash-outs, and the BPI OneQR scan and pay payment solution. “Thi

s will allow customers to enjoy seamless banking experiences while doing their usual store visits,” BPI said in a statement. “This pa

rtnership reflects BPI’s commitment to financial inclusion, community development, and customer convenience by leveraging trusted establishments to deliver secure and seamless banking services.” Savers Depot b

ranches in Lapu-Lapu and Ormoc are already offering BPI’s products and services in-store. Five more stores

are expected to follow suit before yearend to bring the total to seven locations. “This initiative

means a lot to us. For years, our goa

l at Savers Depot has been simple: to serve, to build value. We understand that

not everyone has easy access to a bank branch or an ATM (automated teller machine), especially in busy or remote areas. By bridging that g

ap, we’re helping make financial transactions more accessible, more convenient, and more personal. That’s something we

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 10, 2025. va

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As 2025 draws to a close, taxpayers are looking forward to a stabler and more predictable tax audit environment following the Bureau of Internal Revenue’s (BIR) Revenue Memorandum Circular (RMC) No. 10

7-2025. Th

e circular suspended the issuance of Letters of Authority (LoAs) and Mission Orders (MOs), as well as the examination of taxpayer records, following numerous complaints regarding irregularities and inconsistencies in the tax audit process. Wh

ile the BIR typically suspends audits during the holiday season, the RMC stands out for starting the suspension earlier and extending it until the Commissioner formally lifts it. Th

e RMC also underscored a lingering concern among taxpayers: the issuance and handling of LoAs and tax assessments, being criticized by some as leading to costly disputes and prolonged uncertainty for businesses. By

itself, an LoA formally initiates a tax investigation and authorizes BIR officers to review a taxpayer’s records. Its

issuance must strictly comply with the Tax Code and BIR regulations. Fail

ure to do so ren-ders assessments void, as affirmed by jurisprudence and Court of Tax Appeals (CTA) rulings. Here

are recent court decisions from the recent years that reveal systemic challenges regarding the proper issuance of LOAs that businesses should take note of: TAX

INVESTIGATIONS MAY ONLY BE CONDUCTED BY AUTHORIZED REPRESENTATIVES INDICATED IN THE LOA In multiple 2025 CTA rulings, the Court invalidated BIR assessments for lack of proper LoA. In M

NEW NAIA Infra Corp.

(NNIC), the operator of the Ninoy Aquino International Airport (NAIA), said terminal reassignments at the main gateway will be implemented by July, coinciding with the expected opening of Terminal 4.

“Terminal reassignments will be by July, the expected (completion of) Terminal 4 will trigger it,” NNIC Adviser Cesar M. Chio

ng told BusinessWorld on the sidelines of a committee hearing on Wednesday. The

plan calls for terminals 1 and 3 to continue serving international passengers, with low-cost carriers taking Terminal 1 and full-service airlines assigned to Terminal 3, Mr. Chio

ng said. Term

inals 2, 4, and the proposed Terminal 5 will be reserved for domestic operations, which account for the majority of NAIA’s passenger traffic, he said. For th

e nine months to September, passenger volume at NAIA rose 3.96% to 38.86 million, according to the Manila International Airport Authority (MIAA). It sai

d NAIA domestic passenger volume for the first nine months rose to 20.75 million, up 3.29% from a year earlier. Intern

ational passenger volume rose 4.74% to 18.11 million. NNIC s

THE exemption of electricity from value-added tax (VAT) will help ease the burden on consumers and improve Philippine competitiveness, business groups said.

“Electricity is a basic and indispensable input affecting households, small and large enterprises, and key industries,” the Philippine Chamber of Commerce and Industry (PCCI) said in a statement on Wednesday. “Exe

mpting electricity from VAT would provide immediate relief to consumers,” it added. In parti

cular, the PCCI, with the Philippine Exporters Confederation, Inc., expressed support for House Bill No. 6740. Wr

itten

by Trade Union Congress of the Philippines Rep. Raymond

Democrito C. Mendoza,

the bill seeks to exempt electricity sales from VAT. “This is

not only an economic measure; it is a social protection that safeguards workers and families,” he said. “The benefit

s of cheaper power for both small entrepreneurs and major industries to grow, attract more investment, and generate decent employment for our people do not merely offset but far outweigh the cost to the gov-ernment,” he added. PCCI President E

MAHARLIKA Investment Corp.

(MIC) said it holds about P71 billion in deployable capital for future investments, including potential stakes in companies preparing to go public.

“We have about P71 billion available for deployment still,” MIC Vice-President for Investments Kheed Ng told BusinessWorld via Viber on Dec. 8. T

he

sovereign wealth fund is set to receive another P50 billion from the government in the next few months, he said. Stat

e-run Land Bank of the Philippines and Development Bank of the Philippines invested a combined P75 billion in Maharlika earlier this year. Mr.

Ng a

lso said the MIC has reviewed opportunities in water and healthcare for initial public offering (IPO) investments, but added, “due diligence will take more time.” “We look

ed at a few. One was in

the healthcare space, one was in the water space. But again,

THE deficit in the agricultural goods trade narrowed 15.1% in October to $932.97 million, according to preliminary data from the Philippine Statistics Authority (PSA).

The decline in the agricultural trade deficit reverses the 17.1% expansion recorded last year.

Agricultural exports in October rose 0.6% year on year to $755.58 million, accounting for 10.2% of total exports.

As a share of the $2.44 billion in two-way trade in farm products, exports accounted for 30.91%.

Imports of agricultural commodities in October dipped 8.7% year on year to $1.69 billion, accounting for 15% of overall imports.

Two-way agricultural trade in October declined 6% year on year.

According to an analyst, the contraction in the trade deficit can be attributed to the ban on rice imports.

“The biggest contributor to the decline in imports is rice due to the temporary import ban to possibly increase farmgate prices of palay (unmilled rice),” Danilo V. Faus

to, president of the Philippine Cham-ber of Agriculture and Food, Inc., told BusinessWorld via Viber. Impo

rts of cereals, which include rice, wheat and corn, declined 45.76% from $536.31 million in October last year. Cere

THE British Chamber of Commerce Philippines (BCCP) said the ASEAN chairmanship and key reforms will help the Philippines amplify its case as a key investment destination.

“I think that from an optimistic point of view, the Philippines being chair of ASEAN is a very good move for you if it is done properly and supported well,” BCCP Executive Chair Chris Nelson said in a briefing on Wednesday. “I t

hink the country needs to leverage this very much because I think it is a very opportune time,” he added. “Being A

SEAN chair gives the Philippines a lot of opportunities to highlight key areas.” He said the

Philippines is currently competing with other countries for foreign direct investment (FDI), adding to the urgency of passing key legislation, (entrench) digital payments, e-governance, and do more promotion,” he added. He said that t

he BCCP is looking in particular at the passage of the Cybersecurity Act, the Digital Payments Act, and the Blue Economy Act. “The UK is alr

eady interested in supporting, as you have seen through the UK-Philippines Joint Economic and Trade Committee, infrastructure, renewable energy, and agriculture,” he said. “There are a lot o

f good opportunities. Of course, we need t

o continue to work harder and promote and also look at the challenges … But I think FDI between the two countries can grow,” he added. Meanwhile, he said the P

hilippines’ planned accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) can help boost trade between the Philippines and the UK. Last month, Trade Undersec

WHOLESALE PRICES of rice posted sharp year-on-year declines in November, while corn prices inched up, according to preliminary data from the Philippine Statistics Authority (PSA).

The PSA said the national average wholesale price of well-milled rice declined 15.6% from a year earlier to P40.28 per kilo.

The biggest decline in wholesale prices for well-milled rice in November was logged in the Bicol Region, falling 20.4% to P37.36 per kilo.

Meanwhile, wholesale prices in the National Capital Region rose 8.6% to P51.58 per kilo.

Average wholesale prices of regular-milled rice in November also fell 18.8% to P35.65 per kilo.

The Cagayan Valley saw the biggest decline in wholesale prices of regular-milled rice, with the regional average falling 26.4% to P30.7 per kilo.

Premium and special rice also recorded wholesale price declines, with national averages falling 12.4% and 8.9%, respectively.

Meanwhile, the national average wholesale price of yellow corn grains in November rose 16.9% from a year earlier to P23.82 per kilo.

For white corn grains, average wholesale prices rose 30.7% to P24.54 per kilo.

Wholesale prices of yellow corn and white corn grits in November increased 1.5% and 2.9% year on year, respectively. — Vonn Andrei E. Vi

TWENTY business groups called for the creation of a fully empowered anti-corruption body to deal with the multi-billion public works scam.

“Our country urgently needs a far more empowered, broad-based, and truly independent anti-corruption body — one that is equipped with the mandate and authority that the current Independent Commission for Infrastruc-ture (ICI) does not possess,” they said. In par

ticular, the groups, which include the Management Association of the Philippines (MAP) and the Makati Business Club (MBC), sought the urgent passage of bills that will create the Independent People’s Commission (IPC) and the Independent Commission Against Infrastructure Corruption (ICAIC). “We also

urge President Ferdinand R. Marcos, Jr

. to certify the bills as urgent,” the groups added. They said th

e ICI currently functions in an advisory capacity, with the power to request the presence of resource persons and recommend courses of action, including the filing of charges, the seizure of assets, or the issuance of hold-departure orders. The ICI cann

ot act decisively on its own, unlike the proposed IPC or ICAIC, which will have full investigative and prosecutorial powers. “A fully emp

owered IPC or ICAIC will strengthen the capacity of the Ombudsman and the Department of Justice to pursue corruption cases more effectively and restore credibility to the pursuit of integrity in public service,” they said. “At a time when

blatant and widespread misuse of public funds has eroded confidence in our institutions, our nation is confronting a profound crisis of public trust,” they said. “The Filipino people

deserve nothing less than the full truth. A truly independent IP

THE Presidential Palace on Wednesday said Education Secretary Juan Edgardo M.

Angara and Information and Communications Technology Secretary Henry Rhoel R.

Aguda remain part of President Ferdinand R.

Marcos, Jr.’s Cabinet, denying rumors that the two officials were set for removal over alleged links to the widening graft scandal in public works projects. Pa

lace Press Officer Clarissa A. Ca

stro said both men attended Monday’s Legislative-Executive Development Advisory Council (LEDAC) meeting and separately briefed the President on their programs, countering claims that they were on the way out. “The

y are not leaving because they were with us at the LEDAC meeting, and they also presented their projects during a private meeting with the President,” she told a news briefing in Filipino. “We deny

the reports.” Asked how Mr

. Marcos views

the performance of his Cabinet amid a string of resignations tied to the procurement controversy, Ms. Castro said

METRO MANILA’S traffic agency on Wednesday said it would meet with National Government officials on Dec. 17 to finalize plans for the long-delayed rehabilitation of Epifanio de los Santos Avenue (EDSA), as the administration moves to revive the project in 2026 after resolving issues that stalled earlier efforts. Th

e Department of Public Works and Highways (DPWH) and Department of Transportation have signaled their intention to begin the overhaul by next year, Metropolitan Manila Development Authority (MMDA) Chairman Romando S. Ar

tes told a virtual news briefing. He

said the MMDA is preparing its own schedule and coordination plan, noting that the problems that disrupted past rehabilitation attempts have largely been settled. He

said the MMDA met last week with Transportation Secretary Giovanni B. Lo

pez and Public Works Secretary Vivencio B. Di

zon to “iron out the details” of the renewed push. “We’ve

addressed [the issues]. We will an

nounce the details on Dec. 17.” The E

DSA reh