BusinessMirror August 07, 2026

Ecop cites investment gap in rising unemployment By Bless Aubrey Ogerio

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HE country’s weak investment environment is limiting the ability of businesses to absorb new entrants into the labor force, contributing to the recent increase in unemployment, according to the Employers Confederation of the Philippines (Ecop). Ecop Chairman Sergio OrtizLuis Jr. said the country adds around 800,000 to 1 million new job seekers each year, but employment generation has struggled to keep pace because of insufficient investments. “In the past, we were able to absorb them, including moving some workers from the informal to the formal sector. But because of the

HISTORY’S NEXT CHAPTER Alexandra Eala celebrates a point against United States “Alycia Parks” serve during a National Bank Open tennis match in Toronto on Wednesday, August 5, 2026. The victory came just days after Eala captured the biggest title of her career at the Mubadala DC Open—her first WTA Tour singles crown—where she defeated a star-studded field that included top-ranked opponents before beating Jessica Pegula in the final. Riding that breakthrough, the Filipino ace continued her winning momentum in Toronto, fueling hopes for another deep tournament run. Story in A16, Sports. CHRIS YOUNG/THE CANADIAN PRESS VIA AP

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lack of investment, we are losing the opportunity to employ them,” Ortiz-Luis said in a televised interview on Thursday. The comments came after the Philippine Statistics Authority (PSA) reported on the same day that unemployment rose to 4.9 percent in June, equivalent to 2.59 million jobless Filipinos, from 4.8 percent or 2.50 million in May and 3.7 percent or 1.95 million a year earlier. Although the unemployment numbers increased, total employment also climbed to 50.66 million in June from 49.63 million in May and 50.47 million in the same month last year. Meanwhile, the number of underemployed Filipinos reached 6.11 million, up from 6.04 million

in May and 5.76 million in June 2025. The underemployment rate eased slightly to 12.1 percent from 12.2 percent in May, but remained higher than 11.4 percent a year earlier. Ortiz-Luis said underemployment is less of a concern for employers than outright joblessness, noting that workers with parttime or insufficient employment still have a source of income. “The underemployed at least have something. What is important is that fewer people remain unemployed,” he said.

Wage hike, TRO

ORTIZ-LUIS also reiterated Ecop’s position on the temporary restraining order (TRO) that suspended the implementation of the

P85 minimum wage increase in Metro Manila. While Ecop opposed the size of the wage adjustment during deliberations before the Regional Tripartite Wages and Productivity Board, Ortiz-Luis said the employers’ group accepts the board’s final decision. “For the first time…we dissented from agreeing to the P85 [increase] because we thought the measures that were used were the usual measures,” he said. Ecop had proposed a P50 increase, to be implemented in two tranches of P30 and P20, but was outvoted by representatives from the government and labor sectors. “We respect the decision and we will abide by it,” Ortiz-Luis said. See “Ecop,” A2

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NOT ENOUGH JOBS FOR NEW ENTRANTS IN JUNE www.businessmirror.com.ph

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Friday, August 7, 2026 Vol. 21 No. 297

P25.00 nationwide | 2 sections 24 pages | 7 DAYS A WEEK

By Justine Xyrah Garcia

LTHOUGH more Filipinos were employed in June, economists warned that the country still faces a two-front challenge: the economy is struggling to absorb new entrants, while millions of those with jobs continue to seek longer hours or additional work. The Philippine Statistics Authority (PSA) reported on Thursday that the labor force expanded by about 822,000 year-on-year to 53.25 million in June from 52.42 million in the same month last year. Employment, however, rose only by 184,000 to 50.66 million from 50.47 million, indicating that job gains failed to keep pace with the increase in labor force participation. Ateneo de Manila University economist Leonardo A. Lanzona said this meant only about one in four additional labor force participants were absorbed into employment, while the other three in four were reflected in the roughly 639,000 increase in unemployment. He also noted that the same weakness was evident among the new entrants in June, many of whom were likely fresh graduates. PSA data showed that of the 650,000 Filipinos who entered the labor force for the first time,

592,000 were aged 15 to 24. Only 310,000 of these young entrants found work, while 282,000 remained unemployed. “The pattern isn’t a one-month blip—it’s a labor-absorption capacity problem that’s been building, and it validates the concern on the investment side: capital-intensive approvals generating headline figures without matching job-creation intensity mean the formal economy simply isn’t built to absorb entrants at the rate they’re arriving,” he told the BusinessMirror. On a year-on-year basis, the largest employment gains were recorded in accommodation and food service activities, which added 481,000 workers; administrative and support services, 456,000; public administration and defense, 440,000; education, 354,000; and arts, entertainment and recreation, 168,000.

WEATHERING EVERY PESO Unfazed by the rain, banana vendor Elsie Andol continues selling in Quezon City on Wednesday, August 5, 2026, as the Southwest Monsoon, enhanced by Tropical Storm Maymay (international name: Kujira), drenches Metro Manila. For many informal workers, staying home is not an option as households grapple with tighter budgets and the daily challenge of making ends meet. The resilience comes as the Philippine Statistics Authority reported that headline inflation eased to 6.2 percent in July from 6.4 percent in June, but prices remain elevated—particularly for food and other essential goods—keeping pressure on family incomes despite the slight slowdown. AP/AARON FAVILA

See “Entrants,” A2

RAZON NOW RICHEST PERSON IN PHL, SAYS FORBES ASIA June sees double-digit manufacturing growth THE BILLIONAIRE SHUFFLE

ORTS and gaming tycoon Enrique K. Razon Jr. is now the country’s richest person, according to Forbes Asia, which tallied fortunes using shareholding and financial information obtained from the families and individuals as well as stock exchanges, analysts and other sources. Razon, who was already the country’s second richest person last year, has bucked the trend of losing fortunes of local billionaires due to rising consumer prices and slowing economy. He took the number one spot for the first time from the Sy

siblings with a net worth of $21.8 billion, adding $10.3 billion to his coffers. Unfazed by geopolitical tensions, he accelerated the global expansion of his listed International Container Terminal Services Inc., which more than offset the lackluster performance of his gaming business. Forbes said the combined net wealth of tycoons on the 2026 Forbes list of the Philippines’s 50 Richest fell by 8 percent to $79 billion from $86 billion last year. In the first quarter of the year, the Philippine economy expanded 2.8 percent, its lowest See “Razon,” A2

The billionaire leaderboard has a new No. 1: Enrique Razon Jr. tops the 2026 Forbes Asia Philippines’ 50 Richest list as the Sy siblings slip to second and Manuel Villar drops to ninth

Rank Billionaire

Net Worth

1

Enrique K. Razon Jr.

$21.8B

2

Sy siblings

$9.2B

3

Ramon Ang

$3.5B

4

Lucio & Susan Co

$3.3B

Enrique K. Razon Jr.

5

Isidro Consunji & siblings

$3.0B

BIGGEST GAINERS AND LOSERS

6

Lucio Tan

$2.9B

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New Philippine Richest →First time at No. 1 →$21.8B net worth →+$10.3B in one year →Driven by the expansion of ICTSI’s global port operations

BIGGEST DECLINES

WINNERS Billionaire

Change

7

Jaime Zobel de Ayala & family

$2.8B

Enrique Razon Jr.

▲ +$10.3B

8

Que Azcona

$2.5B

Robert Coyiuto Jr.

9

Manuel Villar

$2.4B

▲▲ Fortune more than doubled

10

Ty siblings

$2.3B

Billionaire

Change

Manuel Villar

▼ -$8.6B

Sy siblings

▼ -$2.6B

Isidro Consunji & siblings

▼ $3.7B → $3.0B

WHAT SHRANK BILLIONAIRE FORTUNES

Slower economic growth, surging inflation, a weaker peso, and the Iran-driven energy shock weighed on wealth.

BM Graphics: Ed Davad | Source: Forbes Asia

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By VG Cabuag

HE country’s manufacturing output posted double-digit growth in June, according to the Philippine Statistics Authority (PSA). Results of the Monthly Integrated Survey of Selected Industries (Missi) showed that the Volume of Production Index (VoPI) expanded by 10.1 percent in June, faster than the revised 9.1-percent growth in May and the 2.3-percent increase recorded in June 2025. The PSA attributed the acceleration mainly to the manufacture of coke and refined petroleum products, whose output surged by 84.5 percent from 73.3 percent in the previous month. This was followed by the manufacture of food products, which grew by 3.9 percent from nearly flat growth of 0.02 percent, and

transport equipment, which rebounded by 4.9 percent from a 0.5 percent contraction in May. Of the 22 industry divisions, PSA said 15 recorded annual increases in production volume in June, while seven posted declines. Among those that registered contractions, the manufacture of fabricated metal products, except machinery and equipment, posted the steepest decline at 27.7 percent, deeper than the 22.8-percent contraction a month earlier. This was followed by machinery and equipment except electrical, which contracted by 18.7 percent, although slower than the 24.6 percent decline in May, and chemicals and chemical products, which fell by 18.3 percent from 23 percent. In terms of the Value of Production Index See “Growth,” A2

PESO EXCHANGE RATES n US 60.8530 n JAPAN 0.3859 n UK 81.9629 n HK 7.7583 n CHINA 9.0159 n SINGAPORE 47.5191 n AUSTRALIA 42.9196 n EU 70.3217 n KOREA 0.0428 n SAUDI ARABIA 16.2037 Source: BSP (August 6, 2026)

News

BusinessMirror

A2 Friday, August 7, 2026

Growth…

Continued from A1

(VaPI), manufacturing output grew by 13.5 percent in June, faster than the revised 12.5 percent expansion in May and the 2.1 percent increase in June 2025. The PSA said the growth in VaPI was supported by increases in 17 of the 22 industry divisions, led by the manufacture of coke and refined petroleum products, which expanded by 89 percent from 78.5 percent in the previous month. The remaining five industry divisions posted declines, with the manufacture of fabricated metal products, except machinery and equipment, recording the steepest annual drop at 26.7 percent.

Capacity utilization

MEANWHILE, PSA data showed the average capacity utilization rate in manufacturing remained at 78.9 percent in June, unchanged from May but higher than the 76.8 percent recorded in June 2025. All industry divisions posted capacity utilization rates of more than 65 percent, with the manufacture of tobacco products recording the highest rate at 82.8 percent. This was followed by the manufacture of coke and refined petroleum products at 82.7 percent, and other manufacturing and repair and installation of machinery and equipment at 82.5 percent. The PSA said establishments operating at full capacity, or between 90 percent and 100 percent, accounted for 35.3 percent of total respondents. Meanwhile, 40 percent operated at 70 percent to 89 percent capacity, while 24.7 percent operated below 70 percent capacity. The Missi or the Production Index and Net Sales Index, monitors the production, net sales, inventories, and capacity utilization of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector. Justine Xyrah Garcia

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Progress bill, revised Epira now in Ledac priority list By Samuel P. Medenilla

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ITH less than two years left before the end of his administration, President Ferdinand Marcos Jr. has expanded the list of priority common legislative agenda, which he wants to be passed into law by next year, to 24, to include the “Progress bill” and the amendment of the Electric Power Industry Reform Act (Epira). On Thursday, the chief executive led the fourth Legislative-Executive Development Advisory Council (Ledac) meeting in Malacañang. “The 24 priority bills under the Ledac common legislative agenda are expected to be deliberated upon for passage before the end of June 2027,” Palace Press Officer Claire Castro said in Filipino in a press briefing on Thursday. This was higher compared to the 21 priority bills which Marcos pushed during the third Ledac meeting in February. The new list of priority bills includes the “Promoting Growth, Revenue, Equity toward Socioeconomic Sustainability” (Progress) bill, which consolidates additional tax relief and new taxes. Also on the list is the proposed

Epira amendment, which will remove system loss charges from electricity bills, include the Energy Regulatory Commission (ERC) strengthening, and the Waste Treatment Technology Act, which were mentioned by Marcos in his fifth State of the Nation Address (Sona) last month. Other priority bills are the AntiPolitical Dynasty Law; Party-list System Reform Act; People’s Freedom of Information/Right to Information Act; and Amendments to the Bank Deposits Secrecy Law (Bright) Act. It also includes the Philippine Budgeting Code; general tax amnesty including estate tax amnesty; travel tax abolition; Amendments to the Coconut Farmers and Industry Trust Fund Act; and Amendments to the Fisheries Code. Marcos is also pushing for the swift passage of the Expanded National Nutrition Program Act; Classroom-Building Acceleration Program Act; Government Assistance to students and Teachers in Private Education (GASTPE) Act; Amendments to the Universal Access to Quality Tertiary Education Act; Presidential Merit Scholarship Program; National Coordinating Council For Education (NCCE) Act;

Amendments to the Anti-Online Sexual Abuse or Exploitation of Children and Anti-Child Sexual Abuse or Exploitation Materials Act; National Center for Geriatric Health Act; Assistance to Individuals in Crisis Situations (AICS) Act; Amendments to the Pantawid Pamilyang Pilipino Program (4Ps) Act; National Reintegration Law/ Bagong Balikbayan Act; and the Amendments to the National Building Code. The list does not include the Amendments to the Rice Tariffication Law/Rice Industry and Consumer Empowerment (RICE) Act.

During the Ledac meeting, Marcos proposed to both houses of Congress the temporary suspension of the implementation of the Republic Act 12001 or Real Property Valuation and Assessment Reform Act, according to Castro. She said the measure aims to avoid additional property-related costs for businesses, support investments, and ensure a gradual and reasonable transition to the new valuation system. Last Monday, Executive Secretary Ralph G. Recto convened the Ledac Ad Hoc Team in Malacañang in preparation for their August 6, 2026 meeting.

Ecop cites investment gap… Continued from A1

He added that Ecop was surprised by the issuance of the TRO and supports the government’s position that courts should not interfere in the wage-setting process. “We support the government in saying there should be no intervention. We were surprised that a TRO was issued because there is still a process involved,” he said. The TRO, issued by the Pasig City Regional Trial Court on July 30 following a petition filed by two construction firms, suspended the implementation of the wage order until August 13. The suspension has prompted calls from lawmakers, including Senate Majority Leader Juan Miguel Zubiri, to lift the order, arguing that the wage boards created under the Labor Code should be allowed to carry out their mandate without judicial interference. Both the House and the Senate have adopted separate resolutions with a similar intent: to signal to the courts the sense of lawmakers that they should exercise judicial restraint and not violate the Labor Code provision mandating

the processes under the regional wage boards as the wage-setting mechanism. Ortiz-Luis, meanwhile, also cautioned against legislating wage increases in Congress, saying the regional wage board system remains a more predictable and evidence-based mechanism. “What we do not want is legislated wages,” he said. He argued that wage decisions made through Congress could become political and create uncertainty for investors, adding that predictability in labor policies remains an important consideration for businesses. Ortiz-Luis also noted that only about 16 percent of the country’s workforce is covered by formal wage-setting mechanisms, while the majority are in the informal sector, including farmers, market vendors and transport workers. He said businesses unable to absorb wage increases may eventually pass on higher labor costs to consumers, reduce their workforce or cease operations, particularly among micro, small and medium enterprises.

Razon now richest person… Continued from A1

quarterly growth rate since the pandemic. The energy shock from the Iran conflict took its toll, stoking inflation while the peso fell. Only 14 of the billionaires were better off from a year ago and the fortunes of 33 list members were lower, Forbes said. The Sy siblings, heirs to the SM empire built by their father in the Philippines and China, the late retail tycoon Henry Sy Sr., slipped to second place with their fortune reduced by $2.6 billion to $9.2 billion. Shares of the group’s real estate flagship, SM Prime Holdings Inc, fell 18 percent from a year ago amid a weak residential property market, Forbes said. Ramon Ang, chairman and CEO of conglomerate San Miguel Corp., was third, climbing one spot despite a slight drop in his net worth to $3.5 billion. Investor concerns over the company’s debt load triggered close to a 10-percent fall in its shares over the year, Forbes said. Lucio and Susan Co, the billionaire cofounders of supermarket chain Puregold Price Club Inc., entered the top five ranks for the first time at fourth with a shared fortune of $3.3 billion. Isidro Consunji and siblings of property developer DMCI Holdings Inc., were still into the top

five richest, but their fortune fall to $3 billion from $3.7 billion last year. Property magnate Manuel Villar, who was the third-richest last year, drops to ninth with his wealth plunging by $8.6 billion to $2.4 billion. Lucio Tan was sixth on the list with $2.9 billion, Jaime Zobel de Ayala and family at seventh with $2.8 billion, Que Azcona of the Mercury Drug group was eighth with $2.5 billion and the Ty siblings, who own Toyota Philippines and Metrobank, were at 10th with $2.3 billion. The biggest gainer in percentage terms is Robert Coyiuto Jr. now 17th richest, who more than doubled his fortune to $925 million. His shares in one of his key holdings in Synergy Grid and Development Philippines Inc., the controlling shareholder of the archipelago’s sole high-voltage power transmission operator, National Grid Corp. of the Philippines rallied on favorable regulatory changes. Unlike the Forbes World’s Billionaires rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 17 this year.

Entrants… Continued from A1

In contrast, wholesale and retail trade shed 903,000 jobs, followed by fishing and aquaculture with 467,000; financial and insurance activities, 195,000; and construction, 139,000.

Not just about the Middle East

ANALYSTS also cautioned against attributing weak employment generation solely to the Middle East conflict and the resulting oil-price shock. IBON Foundation Executive Director Jose Enrique A. Africa said net employment growth had already been losing momentum before the recent conflict, slowing from 1.3 million in 2023 to 665,000 in 2024 and only 170,000 in 2025. This, he said, points to deeper structural weaknesses in the economy’s capacity to generate jobs. Africa also noted that public-sector employment rose by 720,000, far outpacing the 163,000 gain in private establishments and helping offset a 469,000 decline in informal work. “Public sector work mitigated the otherwise huge drop in private sector work, but cannot replace what should be more dynamic and productive manufacturing, farming and fishing,” Africa told the BusinessMirror. Lanzona said the main factor was the influx of fresh graduates at a time when hiring was not expanding fast enough. He said the business process outsourcing (BPO) industry, traditionally a major absorber of new workers, has also begun limiting headcount growth amid greater automation. He said the oil shock had a narrower impact, particularly on fishing and aquaculture, where higher diesel costs contributed to employment losses. “Attribute maybe a modest, sectorspecific slice to the oil transmission, but the bulk of the gap is structural—labor supply growth outpacing an economy whose two biggest job engines [capitalintensive investment approvals and BPO] are both, for different reasons, generating less employment per unit of activity than before,” he added.

Job quality under stain

BUT the labor market’s weakness was not limited to the shortage of new jobs. Economists also flagged the quality and adequacy of work available to those already employed. PSA data showed that the number of underemployed Filipinos, or those seeking additional hours or another job, rose to 6.11 million in June from 6.04 million in May and 5.76 million a year earlier. Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo R. Rivera said the latest figures point to a shortage of productive jobs that adequately match workers’ skills. “While overall employment remains relatively resilient, the challenge is no longer just creating jobs, but creating enough quality and productive jobs that match workers’ skills,” he told the BusinessMirror. Lanzona said the elevated underemployment figure, alongside weak employment growth, suggests that many workers are being pushed into jobs with inadequate hours, pay, or stability. He added that wage compression and greater automation in routine BPO roles could further weaken job quality. “The honest read is a dual problem: not enough jobs at the margin for new entrants, and among jobs that do exist, a meaningful share being push into lower paid work— the second issue likely to deepen as AIdriven cost substitution continues to favor fewer hours and thinner headcount over full absorption,” he explained. “In effect, a labor market that is being polarized into high valued jobs and lower valued jobs.” Africa said the government must move away from business-as-usual policies and provide stronger support for domestic agriculture and Filipino enterprises to build the country’s industrial capacity. Without stronger employment generation, he warned, more Filipinos would remain jobless or be pushed into insecure and low-quality work. Rivera, for his part, said sustaining employment growth would require stronger private investment, faster infrastructure implementation and continued support for labor-intensive sectors such as manufacturing, tourism, construction, and modern services. “At the same time, strengthening industry-academe linkages and skills development will help improve the transition of new entrants into the workforce,” he also said.

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Friday, August 7, 2026

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NBI denies Paras request for honey trap files By Joel R. San Juan

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@jrsanjuan1573

HE National Bureau of Investigation (NBI) has denied the request of former Negros congressman Jacinto Paras for copies of the records of the case linking him to the alleged “honey trap” plot against Executive Secretary Ralph Recto and several others high-ranking officials of the government.

In a letter-addressed to Paras’ lawyer Mark Tolentino, NBINational Capital Region Director Emeterio Dongallo said Paras’ request cannot be granted while

the investigation on the case is still ongoing. The non-disclosure of information pertaining to an ongoing investigation is allowed under the

Senate passes bill exempting poor from ‘supersedeas’ bond By Butch Fernandez @butchfBM

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BILL that exempts underprivileged and homeless individuals from posting supersedeas bonds when appealing ejectment cases has been passed on second reading by the Senate. Sen. Francis Escudero led the chamber in approving Senate Bill 70, authored by detained Sen. Rodante Marcoleta and sponsored by Escudero as chairman of the Committee on Urban Planning, Housing and Resettlement. It strengthens legal protections for vulnerable families facing eviction by amending Section 28 of the Urban Development and Housing Act of 1992. “Magandang hakbang ito para sa ating mga kababayan. Ibig sabihin po nito, dahil sa ating isinulong na amendment, hindi mawawalan ng pagkakataong umapela ang mahihirap nating kababayan kahit wala silang kakayahang magbayad ng bond,” Escudero said. [This is a good step for our people. This means that, as a result of our amendment, that poor people will still have a chance to appeal their eviction despite

their inability to pay bond]. A supersedeas bond is a payment required by courts to stay the execution of an eviction order while an appeal is pending. It often serves as a financial hurdle for indigent families. “Eviction or demolition as a practice shall be discouraged. Eviction or demolition, however, may be allowed when there is a court order for eviction, provided that no supersedeas bond shall be required of underprivileged and homeless citizens to perfect an appeal,” Escudero said. On the floor, Escudero introduced an amendment proposed by Sen. Erwin Tulfo, which senators adopted before advancing the bill for third reading. To prevent potential abuse of the law, however, indigent appellants must submit proof of indigency and homelessness within the appeal period, supported by a social case study report prepared by the city or municipal social welfare office. Following the approval of the amendment, the Senate closed the period of individual and committee amendments, clearing the path for the bill’s third and final reading.

DAR chief calls for accountability, urges officials to craft better plans By Jonathan L. Mayuga @jonlmayuga

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GRARIAN Reform Secretary Conrado M. Estrella III urged officia ls and personnel to strengthen accountability, address implementation gaps, and translate the findings of performance assessments into concrete actions. Estrella’s call was aired during the opening of the National CY 2026 1st Semester Formative Perfor mance A ssessment and 2nd Semester Catch-Up Planning Conference of the Department of Agrarian Reform. Representing Estrel la, Undersec ret a r y R owen a O. Taduran of the Special Concerns Office - External Affairs and Com mu n ic at ion s O perat ion s Office (SCO-EACOO) delivered his message during the four-day conference, which gathered DAR Und e r s e c re t a r i e s , A s s i s t a nt Secretaries, Directors, Regional Directors, Provincial Agrarian

Reform Program Officers (Parpos), and officials and personnel from the Central, Regional, and Provincial offices. In his message, Estrella said that the conference is more than a venue for reporting accomplishments. He described it as a vital exercise in accountability, enabling the department to assess its performance honestly, recognize achievements, identify implementation gaps, confront challenges, and formulate practical strategies to fulfill its commitments for the remainder of the year. “The first semester of 2026 has given us accomplishments to be proud of, as well as challenges that require our attention. This conference allows us to look at both—not simply to measure what we have done, but to understand where we are, what needs to be improved, and what we must do to finish the year strong,” he said. See “DAR,” A11

government’s Inventory of Exceptions to the Right to Access Information to prevent unwarranted interference with law enforcement proceedings and disclosure of investigative techniques and procedures. It also cited Section 7 of the Anti-Trafficking in Persons Act, which prohibits the disclosure of the identity and personal circumstances of alleged trafficking victims and information that could reveal their identities. The NBI assured that Paras’ camp would be accorded due process in the event that the agency finds basis to refer the case for preliminary investigation before the DOJ. “However, the denial is one of timing rather than of principle. Should this Bureau find basis to refer the matter for preliminary investigation, your client will receive the complaint together with all supporting affidavits and

evidence as a matter right…,” the NBI said. The NBI has granted Paras’ request to reset his scheduled appearance before the NBI from August 6 to August 11. Meanwhile, in a statement posted on his Facebook account, Tolent ino e x pressed concer n over the continued public dissemination of what he branded a s “u ntested , u nver i f ied , a n d o n e - s i d e d ” a c c u s at i o n s against the former congressman t hrough var ious ma instream media platforms. Tolentino lamented that Paras has become a victim of trial by publicity instead of being accorded of his right to due process under the Constitution and the Rules of Court. He st ressed t hat t heir ca mp h a s yet to b e for m a l ly f u r n ished w it h copies of t he a f f id av its, swor n statements, or doc u ment a r y ev idence.

“Yet, the substance of those allegations has already found its way into television broadcasts, online news platforms, and social media, where they are being repeatedly presented to the public before our client has been afforded a fair and meaningful opportunity to examine and answer them,” Tolentino said. Tolentino, however, did not identify the source of the public dissemination of accusations against Paras. “Unfortunately, the extensive publicity surrounding this matter risks creating an atmosphere where public opinion is shaped not by competent evidence presented in the proper forum, but by repeated media narratives found on allegations that remain legally untested,” Tolentino pointed out. Tolentino also called on the members of the media to observe fairness, objectivity and professional responsibility by

distinguishing allegations from established facts. “Responsible jour na lism strengthens the administration of justice, reporting that blurs this distinction risks undermining it,” he said. The investigation stemmed from the arrest of talent manager Lito de Guzman and five female talents during an anti-human trafficking operation conducted by agents of the NBI at a five-star hotel in Malate, Manila last week. During investigation, de Guzman allegedly confessed that Paras had contacted him offering to pay P5 million to recruit four women who were willing to come up with affidavits accusing Recto of forcing them to engage in sex and use illegal drugs. De Guzman a lso c laimed that Leviste was the financier of the plot. Both Paras and Leviste have denied the accusations.

warns Young solons seek inclusion BOC against pilferage of WPS issue in curriculum of seized illicit By Jovee Marie N. dela Cruz @joveemarie

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HE “Young Guns” at the House of Representatives have filed a measure seeking to equip Filipino learners with factual, evidence-based knowledge about the country’s maritime rights and responsibilities amid grow ing misinfor mation surrounding the West Philippine Sea. Deputy Speakers Francisco Paolo O r te g a a nd Je f fe r son Khonghun, together with Reps. Ziaur-Rahman Alonto Adiong of Lanao del Sur and Ernesto Dionisio Jr. of Manila and Party-list Rep. Ramon Rodrigo Gutierrez of 1-Rider, have introduced House Bill 10587, or the West Philippine Sea Education Act. Ortega represents La Union and Khonghun is from Zambales. Both provinces faces the West Philippine Sea. Related story on page B8 The bill seeks to establish a comprehensive West Philippine Sea Education and Awareness Program that will integrate age-appropriate lessons on the country’s maritime rights into basic and higher education curricula. Through the measure, lawmakers said students will gain a deeper understanding of the Philippines’ sovereign rights and maritime entitlements based on the 1987 Constitution, Republic Act 12064

or the Philippine Maritime Zones Act, the United Nations Convention on the Law of the Sea (Unclos), and the 2016 South China Sea Arbitral Award. “Filipino students must learn the facts – that we are defending a rules-based international order and that the West Philippine Sea is part of our legitimate maritime rights,” the House Young Guns said in a joint statement. The lawmakers emphasized that education plays a critical role in protecting young Filipinos from misinformation and misleading narratives circulating online. “Our youth are constant ly exposed to fake news and propaganda, especially through social media platforms. We have a responsibility to ensure that they grow up with accurate, reliable, and evidence-based knowledge about our nation’s sovereignty and rights,” the House Young Guns said. The authors noted that the need for stronger public awareness has become more urgent due to continuing developments in the West Philippine Sea, including incidents affecting Filipino fishermen and government personnel. They expressed concern over narratives that undermine the Philippines’ position and weaken public understanding of the countr y’s legal and sovereign claims.

“It is unfortunate that some public officials continue to promote narratives that favor foreign interests even as Filipino personnel and fisherfolk face harassment in our own waters,” the group said. “This cannot be allowed to continue.” Under HB 10587, the Department of Education (DepEd) and the Commission on Higher Education (CHED) will be tasked to develop standardized and regularly updated learning materials in partnership with relevant government agencies, including the National Mapping and Resource Information Authority (Namria), the National Security Council, the Department of Foreign Affairs, the National Maritime Council, the Coast Guard (PCG), and other concerned institutions. The bill also provides for teacher training and capacity-building programs, nationwide information campaigns, and support for research initiatives focusing on maritime security, marine biodiversity, Philippine maritime claims, and the welfare of coastal communities. Importantly, the measure ensures that West Philippine Sea education remains nonpartisan, evidence-based, and grounded on internationally recognized legal frameworks, official government references, and peaceful approaches to resolving disputes.

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a public trust and that government officials must remain accountable to the people through responsibility, integrity, loyalty, and efficiency. “The Constitution declares that public office is a public trust,” he said, stressing the importance of eliminating conflicts of interest that may affect the independence and impartiality of individuals seeking public positions. The bill noted that existing laws, including Republic Act 3019 or the Anti-Graft and Corrupt Practices Act, Republic Act 12009 or the New Government Procurement Act, and Republic Act 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees, already provide safeguards against abuse and conflicts between public duties and private interests.

By Reine Juvierre S. Alberto @reine_alberto

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However, the lawmaker pointed out that current protections mainly apply after individuals assume office, leaving a gap during the candidacy period. He warned that candidates with government contracts may continue benefiting from public funds while seeking elective positions, creating risks of undue influence and erosion of public confidence in elections. “By institutionalizing transparency and accountability at the earliest stage of the electoral process,” he said. Under the bill, all candidates must attach the sworn undertaking as part of their COC. Failure to submit the declaration may result in denial of due course to, or cancellation of, their Certificate of Candidacy.

HE Bureau of Customs (BOC) on Thursday issued a “final and stern warning” to its officials and personnel after receiving reports of attempts to steal confiscated illicit cigarettes in government custody in various ports. Customs Commissioner Ariel F. Nepomuceno issued a memorandum to all district commanders of the Enforcement and Security Service and chiefs of the Auction and Cargo Disposal Division to immediately intensify the security, monitoring and accountability measures over all confiscated illicit cigarettes in their ports. “The Office has received reports of attempts to steal confiscated illicit cigarettes presently under BOC custody and control at the ports,” Nepomuceno said in the memo. “Such acts undermine the integrity of the Bureau’s enforcement operations and shall not be tolerated.” Nepomuceno instructed chiefs to maintain continuous control over storage areas and containers, strictly regulate and document access and immediately report suspicious activities, attempted breaches, losses or inventory discrepancies to the Office of the Commissioner. They must, likewise, ensure that no confiscated cigarettes are moved or disposed of without the Commissioner’s written approval, he said. If the confiscated cigarettes are stolen, diverted or removed from BOC custody and control in any port, Nepomuceno said responsible officials will be held liable. Any officials found to have participated in, tolerated or enabled the theft will be immediately relieved and will face administrative, civil and criminal cases, he added. Command responsibility will also be applied. In addition, Nepomuceno directed the deputy commissioner of the Internal Administration Group (IAG) to coordinate with the deputy commissioners of the Enforcement Group, Assessment and Operations Coordination Group and the Intelligence Group.

See “Bets,” A10

See “BOC,” A10

House bill institutionalizes conflict of interest ban on bets NEW measure filed in the House of Representatives aims to strengthen transparency and accountability in elections by requiring candidates for elective public office to declare that they have no existing government contract interests before filing their Certificate of Candidacy (COC). House Bill 9142, introduced by Party-list Rep. Jose J. Teves Jr. of TGP, seeks to establish the “Electoral Conf lict of Interest Prevention Act,” which requires candidates to execute a sworn undertaking declaring that they, or members of their immediate family, do not hold direct or indirect financial interests in government contracts within five years prior to filing their COC. In his explanatory note, Teves emphasized that public office is

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Lower power cost coming as WESM prices decline By Lenie Lectura

alert statuses, and changes in HVDC (high-voltage direct current) power f lows. In Luzon, both average supply and average demand decreased by 3.9 percent and 3.3 percent, respectively with the island’s average price also dropping by 8.2 percent, from P7.95 per kWh to P7.30 per kWh. Even with lower supply levels, several large generating units experienced forced and planned outages throughout the billing period. The highest average regional price was recorded last July 7 at P22.04 per kWh. The combined unavailable capacity reached 777 MW, contributing to tighter market conditions. In the Visayas, average supply slightly increased by 3.6 percent while the average demand declined by 4 percent. With the increased supply margin, average price decreased by 21.9 percent from P14.32 per kWh to P11.29 kW h. However, the slight increase in supply margin was still not enough to mitigate the nighttime peak period supply margin requirements which resulted to the continued issuance of yellow and red alerts. In Mindanao, average supply and demand decreased by 0.3 percent and 2.9 percent, respectively. Consequently, average prices

dropped by 18.5 percent, from P12.75 per kWh to P10.39 kWh. The highest average regional price was recorded last July 15 at P15.19 per kWh. During this period, generating units were on forced outage. The combined unavailable capacity of these units reached 474 MW, contributing to tighter market conditions. “Wholesale electricity prices declined during the July billing period, particularly in the Visayas. Consistent with seasonal demand patterns during rainy months, we are observing a decline in the system demand, while generation availability improved in parts of the Visayas, contributing to lower market prices. “If current supply, demand, and transmission conditions continue, market prices may remain relatively moderate. However, actual market outcomes will continue to depend on generation availability, electricity demand, and overall system conditions,” said Iemop Vice President for Trading Operations Isidro E. Cacho Jr. In terms of system-wide generation, renewable energy (RE) accounted for 22 percent of total generation while coal-fired generation share slightly increased to 59.1 percent.

DTI fumes over unauthorized vape product sales By Bless Aubrey Ogerio

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issued, FLAVA Philippines chairman and founder Vincent Fabro released a statement on Facebook saying the company is not currently operating and has not authorized the sale or distribution of any FLAVA products. “Flava is not currently operating and has no authorized sales or distribution of any products in the market,” Fabro said. “Any products bearing the Flava brand that are currently circulating, promoted, or sold are completely unauthorized and unapproved by our company.” Fabro also denied allegations linking the company to illicit trade. “We firmly refute any allegations or claims associating our brand with black market trading, smuggling, or illegal distribution. We do not participate in, sanction, or tolerate any form of illicit trade or unauthorized product proliferation,” he said. Fabro is also the founder and chief executive officer of Kaizer Philippines, another vape brand. The latest advisory follows previous regulatory action against FLAVA. In 2024, the DTI found that Flava Corp. violated Republic Act 11900 after selling vape products with flavor descriptors that the agency said unduly appealed to minors. The DTI has urged consumers to report suspected violations involving uncertified vape products and to purchase only products that comply with Philippine regulatory requirements.

Municipal fisheries surge lifts Q2 output

HE Department of Trade and Industr y (DTI) has warned consumers against purchasing FLAVA, also marketed as XFLAVA, saying the vape products being promoted online are unauthorized, uncertified and illegally circulating in the Philippine market. In a recent advisory, the DTI said FLAVA and XFLAVA products have not undergone Philippine Standard (PS) certification and therefore are not authorized for sale or distribution in the country. The agency said consumers should avoid purchasing or using the products because they have not complied with applicable technical regulations and product standards. “Uncer tif ied products may contain harmful substances, including potentially toxic levels of chemicals such as formaldehyde, which may pose risks to consumer health and safety,” the DTI said. “Consumers are therefore advised to exercise caution and purchase only products that comply with Philippine laws and regulations,” it added. The DTI also said the sale, distribution and promotion of uncertified vaporized nicotine and non-nicotine products may constitute violations of Republic Act 11900, or the Vaporized Nicotine and Non-Nicotine Products Regulation Act, and its implementing rules. A day after the advisory was

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House approves bill increasing ways to fund housing projects

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@llectura

HE Independent Electricity Market Operator of the Philippines (Iemop) reported on Thursday that Wholesale Electricity Spot Market (WESM) prices declined by 13 percent last month to P8.31 per kilowatt hour (kWh) mainly owing to improved market conditions in the Visayas and seasonally lower electricity demand nationwide. The system-wide average supply fell 2.6 percent to 20,587 megawatts (MW) from June while average demand also dropped by 3.4 percent to 14,936 MW. The numbers reflect the typical reduction in electricity consumption during the rainy season, Iemop said. “Overall, market conditions varied across Luzon, Visayas, and Mindanao, with improvements in the Visayas contributing significantly to lower regional and system-wide prices,” the Wesm operator said.

By Mary Jade Jadormio

ISHERIES production rose by 2 percent to 1.03 million metric tons (MMT) in the second quarter as an 18.8-percent surge in marine municipal catch compensated for a decline in aquaculture output, figures from the Philippine Statistics Authority (PSA) showed. Total production increased from 1.01 MMT in the same period last year. Marine municipal fisheries

Despite the decrease in systemwide average supply, the improved market conditions resulted to the system-wide average market price dropping from P9.54 per kWh last June. T he supply-demand conditions varied across the three regions. Supply margin in Luzon declined by 265 MW, while Visayas and Mindanao rose by 115 MW and 49 MW, respectively, inf luenced by outage levels, supply constraints relative to demand, the issuance of grid

output climbed to 247,350 metric tons (MT) from 208,140 MT a year earlier. The subsector covers fishing operations in marine waters using boats of three gross tons or less, including fishing without vessels. Its strong performance helped counter a 4.7-percent contraction in aquaculture production to 460,930 MT from 483,920 MT. Aquacu lture, never theless, remained the largest fisheries subsector, accounting for 44.9

percent of total production during the quarter. Marine municipal fisheries contributed 24.1 percent of overall output. Commercial fisheries production grew by 0.7 percent to 272,870 MT from 270,920 MT. The subsector accounted for 26.6 percent of the country’s fisheries output from April to June. Inland municipal fisheries also expanded by 4.8 percent to 45,580 MT from 43,490 MT.

Among major species, squid posted the fastest increase at 42.2 percent, followed by roundscad or galunggong at 38 percent. Tilapia production also rose by 13.1 percent during the period. Declines were recorded in skipjack at 14 percent, big-eyed scad at 11.5 percent and milkfish at 7.1 percent. Seaweed production fell by 3.3 percent, contributing to the weaker performance of the aquaculture subsector.

PHL, Canada to hold FTA talks in September

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HE Philippines and Canada will hold the fourth round of negotiations for their proposed bilateral free trade agreement (FTA) in September, following negotiators’ report of substantial progress during the latest talks, the Department of Trade and Industry (DTI) said. Trade Undersecretary Allan Gepty said the recently concluded third round of negotiations was “very successful,” keeping both sides on track to target the conclusion of the agreement within the year. “I would say our third round was very successful,” Gepty told reporters on the sidelines of an

event hosted by the Intellectual Property Office of the Philippines. Asked what made the talks successful, he said the negotiations had achieved significant and substantive progress. “In terms of the progress we achieved, it was very substantive. I can say that we are still on track,” he said. The fourth round of negotiations is scheduled to be held in Canada in September. Gept y said negotiators hope t he ne x t rou nd w i l l f u r t her stabilize the negotiating texts, inc lud ing prov isions on m a rket access. “ We hope to st abi l i ze a l l t he te x ts, inc lud ing

m a rket access,” he sa id. He declined to disclose which chapters had already been concluded or how much of the agreement had been completed, saying such details would need to be cleared jointly with the Canadian side. In April, Gepty said negotiations with Canada had been progressing more quickly than the Philippines’ other ongoing FTA talks, while stressing that the faster pace would not come at the expense of the agreement’s quality or scope. Apart from the bilateral negotiations, the Philippines is also participating in talks for the pro-

posed Association of Southeast Asian Nations (Asean)-Canada Free Trade Agreement. Trade Secretary Ma. Cristina Roque earlier said the regional negotiations are expected to take longer because they require consensus among all Asean member states. Bilateral merchandise trade between Canada and the Philippines reached $3.1 billion in 2024. Canadian exports to the Philippines totaled $1.4 billion, while imports from the Philippines reached $1.7 billion, bringing total trade below the $3.4 billion recorded in the previous year. Bless Aubrey Ogerio

LTS delays threaten housing supply By Carmel Pedroza

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EBU CITY—Delays in the issuance of Licenses to Sell (LTS) could constrain housing supply and weigh on investments in the Philippine property sector, property consultancy Colliers Philippines warned, as developers push the government to speed up the approval of residential projects. Joey Roi Bondoc, head of research

at Colliers Philippines, said the prolonged processing of LTS applications has emerged as a major regulatory concern for developers, who cannot legally market subdivision lots and condominium units without securing the permit from the Department of Human Settlements and Urban Development (DHSUD). The warning came as developers recently met with senior DHSUD officials to raise concerns over

the slow issuance of LTS permits, according to Anthony Leuterio, national president of the Accredited Real Estate Salespersons of the Philippines (Abrep). Leuterio said the industry is urging the government to address the backlog, noting that only around 93 LTS permits have been released so far this year, sharply below the more than 800 to 900 permits issued in 2025.

“They need to catch up because there will be an issue on the economic side,” Leuterio said. An LTS is required before developers can legally offer subdivision lots and condominium units for sale. Delays in securing the permit can therefore push back project launches, tie up capital and postpone investment decisions. See “LTS,” A11

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HE House of Representatives has approved on third and final reading House Bill 9697, a measure aimed at expanding land acquisition, financing, and partnership options to accelerate socialized housing projects nationwide. With 205 lawmakers voting in favor, three against, and no abstentions, House Majority Leader Ferdinand Alexander A. Marcos of Ilocos Norte said the bill seeks to improve the implementation of government housing programs by amending key provisions of Republic Act 7279, or the Urban Development and Housing Act of 1992, as amended by Republic Act 10884, also known as the Balanced Housing Development Program Amendments. Marcos explained that HB 9697 would allow the government to transform more idle, foreclosed, and underutilized properties into safe and sustainable communities for Filipinos in need of affordable housing. The measure was principally authored by Speaker Faustino Dy III, Marcos, and several other members of the House of Representatives. Under HB 9697, amendments to the Urban Development and Housing Act will broaden the available mechanisms for acquiring land and developing housing projects. These include community mortgage programs, land swapping, land consolidation, land banking, donations, joint ventures, negotiated purchases, direct purchases, and unsolicited proposals under the Public-Private Partnership Code. Government-owned and -foreclosed properties may be acquired by local governments (LGUs), the Department of Human Settlements and Urban Development (DHSUD), and national housing

agencies primarily through negotiated purchase arrangements. The bill also prioritizes properties forfeited due to unpaid real property taxes for socialized housing purposes. Qualified beneficiaries who are already occupying these properties will be granted the right of first refusal. To strengthen private sector participation, subdivision developers will be required to allocate socialized housing equivalent to at least 15 percent of the total project area or project cost. Meanwhile, condominium and vertical housing developers will be required to comply with a minimum of 5 percent. Developers may fulfill this requirement through the establishment of new settlements, joint venture arrangements, community mortgage projects, or financial contributions dedicated to housing programs within the city or town where their projects are located. Housing projects developed under the measure will prioritize informal settler families, under privileged and homeless c it i z en s, a nd i nd iv idu a l s or communities displaced by major government infrastructure projects. LGUs will also be granted a two-year exclusive period to utilize developer payments for their own socialized housing initiatives. Extensions may be allowed in cases involving disasters, calamities, or other extraordinary circumstances. HB 9697 further introduces one-stop processing centers, simplified accreditation procedures, and a 90-day timeline for the issuance of complete permits, licenses, and clearances. It also extends qualified tax incentives to socialized housing projects that comply with the requirements.

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DICT seeks ₧2.7B in 2027 budget to supercharge eGovPH with AI By Lenie Lectura

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@llectura

HE Department of Information and Communications Technology (DICT) has requested a P2.7-billion budget for 2027 to advance the eGovPH super app, aiming to enhance cybersecurity, system integration, and introduce the eGovAI tool. DICT Secretary Henry Aguda said the efforts are part of a broader strategy, including the National Digital Connectivity Plan, which

targets universal internet access and 80 percent lower costs by 2028. “We’re ready for the congressiona l del iberat ions, and we

don’t expect any trouble getting this budget executed next year,” Aguda said. The amount is part of the proposed P18-billion budget for 2027 and, Aguda said, is also included in the P7.2-trillion National Expenditure Program the Marcos administration that will be transmitted to Congress this month. The proposed funding will enhance the eGovPH platform, which currently supports over 61 million downloads and 1,300 services, by integrating AI and strengthening cloud infrastructure. Additionally, the investment supports the National Digital Connectivity Plan, aiming for universal access and an 80% reduction in internet costs by 2028 through expanded fiber and satellite networks. “We’re building the infrastructure behind the

administration’s digital push,” Aguda said. “We’re aiming to get every public school online ahead of the 2028 deadline. We’re already past 99 percent coverage, and our engineers are working with telco partners and local communities to reach the last remote sites by satellite,” he added. DICT is pursuing this alongside the Broadband ng Masa and Konektadong Pinoy laws, which open telecoms to more competition. Aguda also cited the proposed Pax Silica hub in Clark, projected to generate up to 500,000 jobs, as part of the same digital push. “An initiative that could deliver jobs at that scale, without the environmental baggage of old industries, is one we can’t afford to pass up,” he said.

Marcos allows curriculum reform bill to lapse into law

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R ESIDENT Ferd inand Ma rcos a l lowed R e pub lic Act (R A) No. 12322 to lapse into law, granting the Department of Education (DepEd) greater freedom in adjusting its basic education curriculum. The new law, which was posted in the website of the Official Gazette last Wednesday, took effect on August 2, 2026 without the sig-

nature of the chief executive. It amended Section 5 of Republic No. 10533, or the “Enhanced Basic Education Act of 2013,” allowing DepEd to adjust the teaching approaches so students will have a “mastery of knowledge and skills” before. The revision must undergo a systematic development process and will be subject to review at least

once every five years to determine its “relevance and effectiveness” before moving to the next level. In a statement last May, Senate President Sherwin T. Gatchalian said the new law will help end the “one-size-fits-all” curriculum. He noted it will help address the findings of the Second Congressional Commission on Education repor t, which showed

that the “spiral progression approach” used by DepEd compelled students to become generalists rather than specializing on specific subjects. The lawmaker said this resulted in a bloated curriculum, which left students failing to have a mastery of “foundational skills and knowledge.”Samuel P. Medenilla

Measles-rubella immunization coverage in Central Visayas declines, prompting DOH catch-up campaign By Carmel Pedroza

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EBU CITY—Declining measles-rubella immunization coverage in Central Visayas has left more children vulnerable to vaccine-preventable diseases, prompting the Department of Health in Central Visayas (DOH7) to intensify its Measles-Rubella Supplemental Immunization Activity (MR-SIA) this month. During the Kapihan sa PIA forum on Wednesday, Aug. 5, DOH7 Medical Officer III and Regional National Immunization Program Medical Coordinator Dr. Faith R. Curaraton said the supplemental campaign aims to close immunization gaps that have emerged in recent years and prevent outbreaks among young children. “It is a catch-up campaign. It’s not just purely catch-up, but it is more on the outbreak. It is proof that the coverage is declining, meaning there are more children who have not been vaccinated and are therefore not protected,” Curaraton said. The MR-SIA will run from Aug. 10 to 28 and will provide free measles-rubella vaccines to children aged 6 to 59 monthsthrough local government units (LGUs) across Central Visayas. Curaraton stressed that while the campaign seeks to vaccinate as many eligible children as possible,

the primary goal is to achieve at least 95 percent immunization coverage, the level needed to establish herd immunity against the highly contagious disease. “If there are 100 children in one classroom and one child gets measles, around 80 can become infected the next day. Eventually, almost the entire class can be affected if immunity is low,” she explained. Measles spreads through the air and can lead to serious complications, including pneumonia, encephalitis or brain infection, malnutrition, and even death, particularly among young children. Rubella, or German measles, is likewise vaccine-preventable and poses health risks if left unchecked. Curaraton said the DOH is working closely with LGUs, rural health units, barangay health workers, and vaccination teams to ensure children are reached during the campaign. Instead of conducting houseto-house vaccinations, parents are encouraged to bring their children to designated vaccination sites, temporary posts, or their nearest rural health units according to schedules set by their respective LGUs. She explained that the vaccines require strict temperature control during transport, making it

impractical for vaccinators to go door-to-door. Curaraton also acknowledged vaccine hesitancy as one of the biggest challenges facing the immunization program. “There are many misconceptions about vaccines, but this measles-rubella vaccine has long been proven safe and effective. We encourage parents to have their children vaccinated because this is the best protection against these diseases,” she said. While some adults may also contract measles, Curaraton said the government’s free supplemental campaign is focused on children aged six months to under five years, the age group considered most vulnerable to severe illness. She added that older individuals who wish to receive measles vaccination may still do so through private healthcare providers. Although Central Visayas has not recorded a major measles outbreak, Curaraton said the region continues to detect sporadic cases, making sustained immunization efforts essential. “Good thing about Central Visayas, we don’t have a large outbreak, but we do see sporadic cases. Once cases appear, local governments immediately conduct catch-up vaccination activities while waiting for laboratory confirmation,” she said.

NAPOCOR energizes transmission line, substation in Marinduque

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HE National Power Corporation (NA POCOR) of f icia l ly energ ized its new P154-million transmission line and substation located in Marinduque. It said on Thursday that the Mogpog to Buenavista 69 kV (kilovolt) transmission line and 5MVA (megavolt-ampere) substation are expected to boost power reliability in the island province. NAPOCOR President Jericho B.

Nograles extended gratitude to the local government leaders whose support was vital in commissioning the projects and highlighted the impact of having a reliable grid. “We at NAPOCOR shall continue pursuing projects that will ensure dependable and reliable power delivery that minimizes losses and maximizes benefits for our consumers. While the challenge of electrifying off-grid communities remains, we are resolute in our commitment to

a sustainable approach of developing one community at a time, one island at a time until no Filipino is left behind,” Nograles said during the ceremonial switch-on. He added that more than generating electricity, the state firm aims to create and connect people to opportunities to improve the quality of life and enable economic success. See “Napocor,” A12

Marcos allows DILG chief to delegate travel approvals for local officials

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RESIDENT Ferdinand R. Marcos Jr. has authorized the Department of the Interior and Local Government (DILG) Secretary to delegate the approval of foreign travel requests of local government officials to designated representatives, as part of efforts to speed up government processes. Under Administrative Order (AO) 47, signed by Executive Secretary Ralph Recto by authority of the President, the administration amended AO 267 (1992) to allow the DILG chief to further delegate the authority previously vested in the office. The order said the amendment aims to make the processing of travel applications more responsive amid increasing requests and the growing demands of regional coordination. “Considering the volume of travel requests and the increasing demands of regional coordination, there is a need to refine

approval processes to ensure responsiveness amid contemporary government realities, strengthen government systems and improve bureaucratic efficiency, while also maintaining sufficient oversight and supervision over local governments,” the order, signed on July 30, reads. Under Republic Act 7160, or the Local Government Code, local officials must secure approval from the Office of the President for foreign travel exceeding three months, undertaken during periods of emergency or crisis, or involving the use of public funds. AO 267 had delegated the President’s authority to approve such requests to the DILG secretary. AO 47 now allows the DILG chief to further delegate that authority to designated representatives to facilitate faster processing. See “DILG,” A12

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Saudi Arabia cuts main oil price to Asia as Hormuz talks progress

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AUDI Arabia cut its main crude oil price for Asia as talks to ease shipping through the vital Strait of Hormuz chokepoint appear to advance, even as threats to Red Sea transits persist. State producer Saudi Aramco will cut its Arab Light oil price for delivery to customers in Asia next month by 50 cents a barrel to $2 a barrel less than the regional benchmark, according to a price list from the company. Traders in a Bloomberg survey had expected the Saudi producer to leave its flagship price level unchanged. Global benchmark Brent crude has slumped this week and is trading near $80 a barrel on growing expectations that flows through Hormuz may soon increase. Iran said an agreement with Oman on a proposed route for shipping through the critical waterway was in the final stages, a potential step toward reopening it for energy supplies. The outcome is still uncertain, and Tehran didn’t mention any role for the US. As the US war with Iran upended crude markets and blocked Hormuz, the gateway to the Persian Gulf, Aramco rushed to divert the bulk of its export volumes to the Red Sea port of Yanbu in the country’s west. The kingdom’s EastWest pipeline became a lifeline to reach markets, yet threats against Red Sea shipping by Iran-backed Houthi militants risk imperiling the alternative route. Aramco also cut prices for all of its crude grades to the US, Northwest Europe and the Mediterranean region. The company increased prices only for its Medium and Heavy crudes for sale to Asia next month. Those barrels, which are shipped from the Persian Gulf and similar in quality to most of the region’s output, are in short supply with Hormuz still blocked. So far Aramco has sustained crude exports at about 5 million barrels a day, Chief Executive Officer Amin Nasser said on an earnings conference call on Tuesday. That’s about 70% of the company’s normal level of shipments. Leaning on the East-Wast pipeline, Aramco has been able to load tankers at Yanbu and sail the vessels south through the Bab El-Mandeb strait off Yemen’s coast. If that route is blocked, ships may be forced to take a longer route to Asia, sailing north from Yanbu to cross the Suez Canal into the Mediterranean Sea before traveling around Africa. That could add 20 to 25 days to shipments to Asia, Nasser said. The Houthi rebels this week threatened to also attack Saudi vessels taking that route. Buyers in Asia, including Chinese, Indian and South Korean refiners, have been increasingly relying on Yanbu since the effective closure of Hormuz stopped most loading in the Persian Gulf. Opening Hormuz to the free flow of oil tankers would allow Aramco to ramp up shipments from its main export terminal at Ras Tanura on the Gulf. Previous openings have been hampered by renewed fighting and vessel attacks. Maintaining open trade routes is key as Aramco tries to restore production and meet fuel demand with supplies from its refineries. The Saudi-led OPEC+ group over the weekend agreed to another increase in production quotas, unwinding previous output limits. While the move is symbolic for now, given restraints on Gulf production and exports, it will eventually allow Saudi Arabia to ramp up output close to 10.5 million barrels daily. Bloomberg

Russia’s war economy fuels pay gains companies cannot afford

AN information point in Moscow to recruit contract soldiers for the Russian army in Ukraine. BLOOMBERG

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S President Vladimir Putin’s full-scale invasion of Ukraine extends for a fifth year, Russian businesses can no longer afford to keep pace with the Kremlin’s war machine in the wage race. Years of acute labor shortages have pushed salaries well ahead of productivity growth, forcing companies to pay more to produce the same amount of output. In prior years, surging corporate revenues absorbed the pressure. Now, with the wartime economic boom at an end, businesses are shifting into survival mode, slashing costs in ways that may push many out of the race for workers. Wages have outpaced productivity by about 5 percentage points since the war began in 2022, according to Bloomberg Economics estimates. That’s close to the gap recorded during Russia’s oil-fueled boom in the 2000s and well above the average of about 1 percentage point between 2009 and 2021. Bloomberg Economics sees the trend as a wartime version of Dutch disease. Instead of oil revenues pulling workers and capital into the energy sector while hollowing out the rest of the economy, massive military spending is drawing them into defense industries, pushing up labor costs and steadily eroding the competitiveness of civilian businesses. There’s little scope to ease labor pressures with unemployment in Russia at a record-low of just over 2% and the war absorbing huge numbers of men each year. While wage growth is slowing, it remains in double digits even as Russia’s economic expansion has stalled, production is contracting across many industries and investment is collapsing, Federal Statistics Service data shows. “The civilian sector can’t operate like this indefinitely,” said Dmitry Polevoy, investment director at Moscow-based Astra Asset Management. “When wages rise faster than productivity, profits inevitably suffer — and that’s exactly what we’re seeing.” Less efficient businesses that cannot compete on wages with the state sector will lose workers, Polevoy said. Russia has set a target to sign up 409,000 contract soldiers for the war this year, implying a monthly outflow of as many as 34,000 men from the civilian workforce. That repeats a pattern of previous years as the army seeks to replace huge numbers of troops killed and wounded each month in Ukraine. Employment in military production has increased by about 510,000 since the end of 2021, to 2.8 million, Oxford Economics estimates. There’s a shortage of about 200,000 workers in Russia’s construction industry, Deputy Prime Minister Marat Khusnullin told the state-run Tass news service in an interview Thursday. “That’s a lot,” he said. The labor shortage in construction may intensify as more than 87% of small businesses are failing to improve productivity, Construction and Housing Minister Irek Fayzullin told Tass in March. Job postings offer another snapshot of how wartime labor shortages are reshaping pay levels across the economy. Bloomberg

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‘Carbon markets to take rightful place at COP31’ R

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By Alastair Marsh

OVERNMENTS will be pressed at the annual United Nations climate conference to help boost demand for carbon credits and unlock more than $50 billion in additional annual finance for developing economies to tackle tasks like reducing emissions, according to the summit’s host. Elevating the use of carbon markets will be among objectives for the COP31 meetings in Turkey in November, Murat Kurum, the country’s environment minister and president of the talks, said in an interview. “Mobilizing private capital at the speed and scale required means ensuring every available tool is being used effectively, and carbon markets are one of the most underused,” Kurum said. “We want to see carbon markets take their rightful place in the climate finance architecture.” To facilitate this aim, Turkey confirmed Thursday it had joined the Coalition to Grow Carbon Markets, an initiative formed last year and led by countries including the UK, Kenya and Singapore to bolster corporate demand for high-integrity carbon credits. The move builds on the enactment last year of the country’s first climate law, which provided the legal basis to establish a domestic emissions trading scheme.

Projects that generate credits by sequestering carbon are seen by advocates as a critical vehicle for raising climate finance. However, that theory has been tested in recent years amid a series of integrity scandals that deterred potential buyers and declining ambition from companies in many regions to curb emissions. Carbon credit purchases, or retirements, fell 28 percent in July and are at the lowest year-todate level since 2021, BloombergNEF said in a report last week. While several initiatives to grow the carbon market have been advanced in recent years, the Coalition represents the first time that governments “have come together specifically to intervene and build the market,” said Kurum. That’s an important distinction because governments “bring unique market-shifting abilities,” he said. Not only do they “provide the political and regulatory direction that can instill business confidence,” but the governments in the coalition “are creating the conditions to grow carbon credit demand,” he said. If governments can establish “a genuinely demand-enabling policy environment,” growth in the voluntary carbon market could deliver over $50 billion in additional, debt-free finance annually by 2030, much of it flowing to emissions reductions, removals and nature protection in emerging and developing economies, said Kurum.

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The bill also directs the Commission on Elections (Comelec) to verify compliance and coordinate with agencies such as the Government Procurement Policy Board (GPPB), Department of Budget and Management (DBM), and Commission on Audit (COA) to check government contract records. Candidates who falsify information, conceal government contract interests, or enter into government contracts after filing their COC may face penalties, including disqualification from public office, cancellation of candidacy, and possible criminal liability. Teves said the bill seeks to promote fair elections by ensuring that individuals pursuing public office are free from obligations or private interests that could compromise their duty to serve the public. The passage of House Bill 9142 aims to enhance public trust and maintain integrity in the electoral process, said Teves.

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The IAG must submit within five days recommendations to strengthen the security of seized cigarettes, including additional personnel, equipment, facilities, logistics, monitoring systems and other support necessary to safeguard confiscated illicit cigarettes in all ports. “All concerned shall maintain heightened vigilance and operational readiness and shall promptly undertake all measures necessary to protect confiscated

PNP. . . Continued from B8

Both delegations emphasized the importance of sustained dialogue, intelligence sharing, and capacity-building initiatives to address evolving security threats and promote

Brazil last year set up a network focused on strengthening global compliance carbon markets, as it hosted the 2025 round of UN-convened climate talks. Turkey also plans to make boosting clean energy adoption a key focus of the COP31 presidency, Kurum—whose portfolio includes urbanization and climate change—said in an interview in April. “Efforts to unlock the potential of carbon credit markets” will help to deliver on that goal, he said this week. Kurum said COP31 should also help move an international carbon credit mechanism overseen by the United Nations “firmly into full implementation.” He expects ”constructive process on the remaining operational issues” of the system, which will allow country-to-country trading of credits under Article 6 of the Paris Agreement. Another important carbon markets outcome at COP31 will be the launch of the Coalition’s policy playbook, which will set out “the most impactful policy options” governments can use to give investors the confidence they need to scale up purchases, he said. In a statement last Thursday, the Coalition said Ghana and Luxembourg have also joined the initiative alongside Turkey, bringing the total to 14 members, which also includes France and Indonesia.

illicit cigarettes under their custody and control,” Nepomuceno said. Last June, the BOC and the Bureau of Internal Revenue seized P1.716 billion worth of illicit cigarettes stored in 23 container vans from Cebu at a private wharf in Tondo, Manila. Another P3.3 billion worth of smuggled cigarettes was intercepted by the BOC - Port of Surigao at a container yard in Agustin del Norte last May. The BOC has also teamed up with the Department of Justice and the National Bureau of Investigation to enhance joint investigations and create case build-ups against large-scale smugglers. regional peace and public safety through closer international law enforcement cooperation. “There will be no safe haven for transnational criminals. We will continue working closely with our international counterparts to track, investigate, and bring offenders to justice wherever they operate,” Nartatez said. Rex Anthony Naval

By Naureen S Malik Bloomberg

APID swings in AI data centers’ power demands are straining vital equipment, causing batteries, generators and cooling systems to malfunction or wear out far sooner than expected. As the AI boom accelerates, these technical problems suggest added costs and unforeseen reliability problems, with even a few minutes of lost uptime hitting data-center developers’ revenue. They come at a time when investors and lenders are already jittery about hyperscalers’ hundreds of billions of dollars of spending, amid growing concerns that these facilities could be depreciating much faster than estimated. The problems are also a potential source of wider instability in power grids that are already straining to keep the lights on. “AI does create very unusual power demand,” said Amber Villegas-Williamson, principal consultant at the Uptime Institute in the UK, which advises electricity suppliers and data centers on standards and reliability. “It’s like over-revving your car wears out the engine faster than keeping a constant speed.” Data centers have been around for decades, gulping down electricity while they ensure that everything from your favorite streaming show to your online grocery order functions smoothly. But facilities designed for AI computing are different because their demand is so large and swings much more dramatically. Power increments equivalent to the consumption of factories, towns or even cities can appear and disappear within seconds, creating repeated shocks that connected equipment struggles to absorb. A gigawatt data center is equivalent to a city the size of Boston, half of which can flicker on and off every few seconds, said Shannon Miller, founder and president of Mainspring Energy Inc., which works on micro-grid projects for industrial and data-center customers. Some AI campuses planned in Texas, the Midwest and other states are more than five times bigger, consuming nearly as much power on average as New York City.

Particular strain

AI DATA centers put particular strain on their power supply when they are training new models—a process that mobilizes all of the graphics processing units in unison. Like the digital equivalent of bees swarming or a school of fish changing direction, hundreds of thousands of GPUs can power up and down on a millisecond basis. AI at times sees power usage spike as much as 50 percent above its design capacity, “so a 1 gigawatt facility may use 1.5 gigawatts for a split second,” said Drew Baglino, a former Tesla Inc. executive who started Heron Power Electronics Co. The company is developing equipment to manage power fluctuations for Nvidia Corp.’s even more energy intensive nextgeneration of servers, due in 2027. Most equipment isn’t designed for such big swings in power consumption. Jon Parrella, chief executive officer of energy-storage developer Terraflow Energy, likens it to driving a Ferrari and shifting straight from sixth gear to first. “You can’t swing that fast,” he said. This story is based on interviews with more than three dozen power experts in the US and Europe, including generators and other power suppliers, datacenter developers, grid operators, utilities, investors, standards developers, insurers and regulators, almost all of whom said the physical stresses on the facilities were evident.

Cracks developing

CRANKS on small natural gas combustion engines used to generate power at data centers have broken off, several of those people said. At xAI’s Colossus computing facility in Memphis, Tennessee, gas-fired turbines had developed cracks, one of the people said. Batteries were installed within the system to help smooth out power swings and reduce the strain on spinning turbines, the person said.

SpaceX, the parent company of xAI, didn’t respond to requests for comment. Turbines have also cracked at much smaller data centers in the UK, said Andrew Cunningham, CEO of GeoPura Ltd., which is providing hydrogen for use in fuel cells that smooth out power flows at some sites. Cracks or wear on devices can cause electrical arc flashes—when a current jumps between conductors—potentially damaging AI chips, said Jennifer Scanlon, CEO of UL Solutions Inc., which tests and certifies new technology. There is a suite of equipment such as batteries, capacitors, transformers and flywheels that can help stabilize power flows. However, in the bid to build AI computing capacity quickly not enough of these technologies are being used at new data centers, several of the people said. Batteries that have been installed for this purpose have sometimes needed to replaced within months or even weeks due to the high strain, according to the Uptime Institute and other people working with operators. This problem is seen at data centers around the world, from the Middle East and Africa, to Europe and the US, said Villegas-Williamson of the Uptime Institute.

Reliability problems

THESE issues are already causing delays or curtailing operations—and therefore revenue—at some AI computing facilities. To ensure that a planned 2.67-gigawatt AI campus in West Texas can achieve the 99.999 percent reliability required by Microsoft Corp., extra time was baked into the schedule for engineering, said Chris James, CEO of Joulent Inc., which is developing the facility with energy giant Chevron Corp. This means power delivery will begin in 2028 instead of 2027, he said. If essential equipment breaks down prematurely, “the financial consequence is not primarily replacing a pump or a breaker or some power component—it’s the the value of that expensive compute capacity not generating revenue because it’s offline,” said Jason Hoffman, chief strategy officer at data-center builder and operator Switch. The cost of downtime in terms of lost revenue varies widely, with estimates ranging from thousands to hundreds of thousands of dollars per minute, depending on the type of facility and its workload.

Extremely dynamic

DATA centers are built on the assumption that, once they are online, they will operate around the clock 365 days a year, said a person involved in the financing of such facilities. In reality, some are seeing uptime closer to 80 percent, and unless resolved this could hit investors in certain projects in the next 12 to 24 months, the person said. Any issues with reliability add to wider concerns about the returns generated from hundreds of billions of dollars of planned AI investments. The rate of depreciation of another crucial piece of equipment at data centers, the GPU racks themselves, has raised questions about whether the industry can be as profitable as it promises. These problems with reliability also have the potential to destabilize the wider power grid. This sprawling web of high voltage lines, transformers and power plants requires constant calibration, something that has become more challenging with each passing year due to aging equipment, rising demand and extreme weather. The expansion of intermittent wind and solar generation, which often result in big swings in supply from one hour to the next, are already a destabilizing force. AI data centers can put this volatility on steroids. “These loads are extremely dynamic or fluctuating, which causes grid instability and can lead to, if not corrected, potential blackouts or power outages,” said Sreemant Roy, a power-quality expert and global offer manager at Schneider Electric in Nashville, Tennessee. Of particular concern is a data center’s ability to cause sub-synchronous oscillations in the power flow, which can damage equipment connected to other parts of the network, he said.

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Friday, August 7, 2026 A11

Thailand welcomes Myanmar Korea in race to keep chips edge as China presses, Minister says leader in push to end isolation S By Patpicha Tanakasempipat Bloomberg

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HAI Prime Minister Anutin Charnvirakul welcomed Myanmar’s former junta chief Min Aung Hlaing on his first visit to Thailand since becoming a civilian leader, underscoring Bangkok’s push to rebuild Myanmar’s ties with Southeast Asian nations. The visit is the clearest sign yet of Thailand’s efforts to re-engage Myanmar after years of regional ostracism following the military coup in 2021. It comes weeks after Thailand hosted a meeting between Myanmar’s foreign minister and counterparts from the Association of Southeast Asian Nations. Min Aung Hlaing, a retired general, seized power in a military coup that overthrew the elected government of Aung San Suu Kyi, triggering a civil war estimated to have killed more than 100,000 people. The coup drew widespread international condemnation and prompted Asean to bar Myanmar from its summits until the country makes progress on

LTS. . . Continued from A4

Bondoc said the slowdown could eventually translate into tighter housing inventory, even as demand remains firm. “You’re restricting the available supply in the market. If you don’t build now, how can you entice potential buyers? The availability of supply is very important,” Bondoc said. With fewer projects entering the market, property prices could also face additional upward pressure, particularly as developers contend with rising land and construction costs. For developers, the delays mean capital remains tied up while projects wait for regulatory clearance, potentially affecting revenue generation and investment plans. Leuterio said the consequences could extend beyond the property sector, with slower

the bloc’s so-called Five-Point Consensus, a roadmap that calls for steps including ending violence against civilians. Anutin has argued that re-engagement is necessary and that a peaceful and stable Myanmar is not only in the interest of Thailand as a neighboring country, but is also crucial for Asean unity and stability. He said on Tuesday that Thailand supports a “calibrated and gradual” approach toward Myanmar, describing it as essential to strengthening regional cooperation. Thailand and Myanmar share a 2,400 kilometer border, and face similar challenges including transnational crime, scam operations and narcotics trafficking. Anutin and Min Aung Hlaing held talks at Government House before overseeing the signing of agreements and memorandums of understanding. They agreed to deepen cooperation on labor and transboundary rivers, while Anutin called for greater coordination in tackling drug trafficking and online scam operations. The leaders will later attend a Thailand-Myanmar business forum.

The trip is Min Aung Hlaing’s fourth overseas visit since becoming Myanmar’s civilian leader, following visits to China, India and Laos after an election that excluded major opposition parties. The visit drew criticism from human rights groups, which said Thailand was helping legitimize a leader accused of widespread abuses. “Prime Minister Anutin should be ashamed to host Min Aung Hlaing,” Phil Robertson, director of Asia Human Rights and Labour Advocates, said in a statement, arguing that Thailand’s engagement would bring “little except bad publicity” while strengthening a military leader responsible for Myanmar’s prolonged conflict. Days before arriving in Bangkok, Myanmar’s government released photographs showing Suu Kyi meeting a representative of the International Committee of the Red Cross, providing one of the first public glimpses of the former leader since she was detained after the coup. Her prolonged imprisonment has fueled international concern over her health.

project launches affecting employment in construction and related industries. Real estate developments generate activity for contractors, engineers, architects, brokers, transport providers, constructionmaterial suppliers and other service businesses. A slowdown in project activity could therefore weaken the broader economic impact generated by the sector. Leuterio also warned that prolonged delays could aggravate the country’s housing backlog, reduce government collections from taxes and fees, and undermine investor confidence. Bondoc made the assessment while presenting Colliers Philippines’ inaugural Visayas-Mindanao property market report, where he stressed the need to expand the residential project pipeline. “We need to launch more projects and

approve more Licenses to Sell because more options in the market will benefit both developers and buyers,” he said. Beyond housing, Bondoc said the availability of new office developments is also important in attracting investments. He said limiting the number of properties available to buyers and investors could likewise constrain their investment choices and willingness to commit capital. “If you don’t offer more options to the market, buyers and investors will only see what’s currently available. You’re limiting their choices and ultimately limiting their propensity to invest,” Bondoc said. For the industry, faster LTS processing would allow developers to bring projects to market sooner, expand housing inventory and support economic activity at a time when the government is seeking to address the country’s housing shortage.

OUTH Korea risks losing its edge in semiconductors unless it helps chipmakers accelerate investment, as China pours unprecedented resources into the industry and intensifies the global technology race, Industry Minister Kim Jung-kwan said. “What deeply worries me is China,” Kim said at a Kwanhun Club forum hosted by an association of senior South Korean journalists on Thursday. “China’s speed is beyond imagination. It’s why I feel a sense of intense urgency.” The global memory-chip market is expected to expand to roughly $1 trillion before the end of the decade, making speed the defining competitive advantage, Kim said. Because semiconductor customers rarely switch suppliers once products are adopted, South Korea

DAR. . . Continued from A3

Estrella highlighted the department’s accomplishments during the first half of the year, including the continued distribution of land titles to Agrarian Reform Beneficiaries (ARBs), as well as the implementation of debt relief and support service programs for farmers. He noted that these initiatives were recognized by President Ferdinand R. Marcos Jr. during his recent State of the Nation Address. While acknowledging these milestones, the DAR chief stressed that they should inspire greater commitment rather than complacency. “Our accomplishments should give us confidence, but they should never give us a reason to become complacent,” he said. “There are still ARBs waiting for the services they deserve, commitments that must be fulfilled, and issues that require our immediate attention.” Estrella underscored the importance of using accurate and reliable data in evaluating

cannot afford to lose market share at a time when demand is growing rapidly, he added. The country currently accounts for about 65% of the global memory-memory chip market, Kim said. He also cautioned against a broader push to redistribute the industry’s profits. Rather than discussing how to share the industry’s windfall, policymakers should focus on enabling companies to reinvest it, Kim said. “If we try to share the money from the chip industry’s boom, we’ll be cutting open South Korea’s last goose that lays the golden egg,” he said. “This isn’t money to divide up. It’s money that has to be invested again.” Kim contrasted South Korea with China, saying Beijing is channeling massive state

resources into the industry and that Chinese memory-chip maker CXMT Corp. is investing more than its annual revenue. Korean chipmakers still have the financial capacity to expand, but the government should help by investing in infrastructure such as power and water supplies, he said. Kim also criticized moves to tie employee incentive schemes to operating profit, arguing that shareholders are the owners of companies and their interests should come first. He warned against the idea spreading more broadly across society, adding that South Korea has become too captivated by the chip sector’s success and should instead think more soberly about what kind of society and economic system it wants to build. Bloomberg

performance and making decisions. He emphasized that reports and statistics must reflect actual conditions on the ground and serve as the basis for timely, realistic, and responsive interventions. He also encouraged the exchange of best practices, innovations, and effective strategies among Regional and Provincial Offices, noting that the department’s greatest strength lies not only in its programs and policies but also in the dedication, competence, and resourcefulness of its workforce. Recognizing that many agrarian reform concerns require a whole-of-government approach, Secretary Estrella likewise emphasized the importance of sustained collaboration with partner agencies, including the Land Registration Authority (LRA), Department of Environment and Natural Resources (DENR), Land Bank of the Philippines (LBP), and other government institutions. “As we enter the second semester, we must now turn our assessment into action,” Estrella said, directing officials to develop catch-up

plans that are realistic, specific, and achievable and instructing DAR officials to make timely decisions, address operational bottlenecks, closely monitor implementation. He urged also officials to ensure that field personnel receive the guidance and support needed to effectively deliver programs and services. Estrella also reminded all DAR personnel that every initiative of the department must remain focused on its most important stakeholders—the Agrarian Reform Beneficiaries. “They are the reason behind every program we implement. They are the reason behind every target we set. They are the reason we must make every peso and every government resource count,” he said. According to the DAR chief, behind every accomplishment is an ARB waiting for a service, a land title, an opportunity, or the resolution of a long-standing concern. Likewise, behind every target is a farming family striving for greater security, improved livelihoods, and a better future.

A12 Friday, August 7, 2026

Palace: ₧400 million allocated DA finding warrants tariff reversal–Sinag for expanded PUV fuel subsidy By Bless Aubrey Ogerio

By Samuel P. Medenilla @sam_medenilla

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HE government has set aside ₧400 million to expand the fuel subsidy program for jeepney and UV Express drivers, according to Malacañang. The fund will be administered by the Department of Transportation (DOTr).

supposed to last only until July. It was extended until next week and has now benefitted over 93,000 public utility vehicle (PUV) drivers. On Wednesday, the Office of the Executive Secretary (OES) announced that the fuel subsidy program will be extended and increased to P12-per-liter due to the prolonged conflict in the Middle East crisis, which resulted in high global pump prices. The higher fuel subsidy will provide each qualified driver with P1,800 worth of savings per week. “As of now, 400 million pesos has been allocated for [new] fuel discounts,” Palace Press Officer

Claire Castro said in Filipino. She said there is currently no duration when the latest fuel subsidy will last since it will undergo regular review, according to the OES. “At present, there is no definite time frame; as long as our fellow citizens in the transport sector need assistance, the provision of aid will continue,” Castro said. The fuel subsidy is part of the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) measures, which was launched by the Marcos administration to help sectors which were affected by the ongoing conflict in the Middle East.

This was significantly lower compared to the P1.5 -billion budget, when the P10-per-liter

fuel subsidy program, which was capped at 150 per liter every week, was launched last April and was

DILG. . .

Gatchalian seeks fuel cost audits amid high power generation charges

Continued from A5

The order also cited Executive Order 77 (2019), which governs official local and foreign travel of government personnel, emphasizing the need for more responsive government systems while preserving accountability and oversight over local government units. AO 47 takes effect immediately upon its publication in the Official Gazette or in a newspaper of general circulation. PNA

NAPOCOR. . . Continued from A5

In addition to the Marinduque grid, NAPOCOR manages and maintains the transmission system in the provinces of Palawan, Catanduanes and Masbate. It also operates 258 power plants located in 221 areas in far-flung islands and communities in the country. Lenie Lectura

By Butch Fernandez @butchfBM

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ENATE President Win Gatchalian has filed a resolution seeking an inquiry into the lack of regular fuel cost audits amid rising electricity generation charges, which have caused financial distress for many Filipino consumers. “Rising generation charges and the lack of regular fuel cost audits reveal the urgent need for stronger accountability

and transparency in the power generation sec tor to ensure that elec tricit y is supplied at the least- cost manner,” Gatchalian said as he filed Proposed Senate Resolution No. 581. Gatchalian noted that from January 2025 to July 2026, the monthly electricity bill of a Meralco residential customer consuming 200 kilowatt-hours (kWh) increased from about P2,350.00 at a rate of P11.74 per kWh to P2,970.00 at P14.83 per kWh, forcing households to

pay an additional P620.00 each month despite consuming the same amount of electricity. “These figures show that the country’s high electricity rates are largely driven by generation charges that are ultimately passed on to consumers,” he said. Gatchalian noted that fuel costs, primarily from Meralco’s contracted supply of liquefied natural gas (LNG) and coal, accounted for 86.16% of the utility’s total generation charges in July 2026.

DPWH chief sacks CamSur district engineer over road crash due to lack of signs

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H E chief of the D epar tment of Public Works and Highways (DPWH) on Thursday announced the immediate relief of the Camarines Sur first district engineer over a road crash caused by the lack of safet y warnings. “I have already replaced the first district engineer of Camarines Sur,” said DPWH

Secretary Vince Dizon. Ramon Anselmo Calagos was relieved effective on August 5. “We need to make our people accountable. We have already ordered all districts and regions nationwide that we need to be very, very strict with safety standards,” said Dizon. Further, he said the agency will hold

the contractor accountable. “It is the contractor’s responsibility to put up safety signs and we already have strict standards and if those are not followed, in some cases, life will be the price. This is without prejudice to future cases that can be filed against the contractor and the people involved,” added Dizon. Lenie Lectura

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HE government should restore higher tariffs on rice and other key agricultural commodities, as reversing recent tariff cuts is the most effective way to mitigate the impact of rising imports on local producers, agriculture group Sinag (Samahang Industriya ng Agrikultura) said. In a statement on Thursday, Sinag said the Department of Agriculture’s (DA) finding that increased rice imports have seriously injured the domestic rice industry should prompt the government to revisit its tariff policies. “The most direct, logical, and lasting solution is to reverse the policies that weakened domestic food production,” the group said. According to Sinag, restoring appropriate tariff protection would encourage investment in local agriculture, strengthen rural livelihoods and help move the country toward greater food self-sufficiency anchored on a competitive domestic farming sector. The group issued the statement after the DA formally established a causal link between increased rice imports and the serious injury suffered by millions of Filipino rice farmers and the local rice industry. The DA has referred the case to the Tariff Commission, seeking the imposition of a definitive safeguard measure against excessive rice imports. Under Republic Act 8800, safeg uard measures may be imposed through higher import duties or quantitative restrictions to protect domestic industries from injur y caused by surging imports. However, Sinag noted that the final decision will rest with the Cabinet-level Committee on Tariff and Related Matters (CTRM),

which includes the Department of Economy, Planning, and Development, the Department of Finance and the Department of Trade and Industry. The group pointed out that these agencies previously recommended tariff reductions under Executive Order 62 and earlier executive issuances that lowered rice import duties. “In effect, the same policymakers whose tariff liberalization policies opened the floodgates to unprecedented r ice imports since 2021 will now be asked to determine whether those same policies caused serious injury to the domestic rice industry,” Sinag said. It added that the situation could complicate the government’s case for safeguard measures, as major rice exporters such as Vietnam may argue that the surge in imports resulted from the Philippines’ own policy decision to reduce tariffs, rather than from any unfair trade practice. The Philippines cut rice import tariffs to 15 percent from the prev ious A ssociation of Southeast Asian Nations rate of 35 percent and the non-Asean rate of 50 percent. “If the government itself created the conditions that triggered the import surge, it becomes more difficult to justify remedial measures without first correcting the policy that caused the problem,” Sinag said. The group said the agriculture sector supports the DA’s efforts to address the impact of rising imports but urged the government to go further by restoring the original tariff rates. Sinag also called for higher tariffs not only on rice but also on pork, chicken and corn, saying these industries have likewise sustained significant losses following successive reductions in import duties.

Supreme Court dismisses petitions, clears path for VP impeachment trial By Jovee Marie N. Dela Cruz @joveemarie

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HE Supreme Court’s (SC) dismissal of the petitions challenging the impeachment proceedings has cleared the path for what the House prosecution describes as a defining test of accountability for Vice President Sara Z. Duterte, with the Senate trial now set to examine allegations involving the use and liquidation of hundreds of millions of pesos in confidential funds released to the Office of the Vice President and the Department of Education. The SC dismissed the petitions after the House had already approved the Articles of Impeachment and transmitted them to the Senate for trial. The court ruled that the issues raised had become moot because the House proceedings being questioned had already been completed. House lead prosecutor Batangas Rep. Gerville Luistro said the ruling effectively settled the procedural challenges raised against the House Committee on Justice, including accusations that the committee conducted a “mini-trial,” engaged in a “fishing expedition,” and prejudged the impeachment complaints before the proper trial. “First, I would like to welcome the Supreme Court’s decision on the petitions filed against the House of Representatives, particularly those questioning the

proceedings of the Committee on Justice,” Luistro said during a press conference. Luistro expressed hope that the decision would put an end to the disputes surrounding the House proceedings and allow the prosecution team to concentrate on presenting its case before the Senate Impeachment Court. “I hope that this puts an end to the issues being raised regarding the proceedings of the Justice Committee,” she said. Private prosecutor and legal spokesperson Atty. Benjamin “Jay” Tolosa Jr. cautioned against interpreting the SC ruling as a victory on the merits of the impeachment case. He emphasized that the decision only clarified where the conflicting claims should now be examined. “This is not yet a judgment on the guilt or innocence of the vice president. It’s not a ruling on the merits of the issues which are now before the Impeachment Court,” he added. According to Tolosa, the Senate Impeachment Court remains the proper forum where both parties may present evidence, question witnesses, and defend their respective positions. “So what the Supreme Court decision settled is the forum. So what’s clear now is that the proper forum is now the Impeachment Court,” he said. The prosecution’s case centers on allegations involving the alleged

misuse, misappropriation, and irregular liquidation of confidential funds released to the Office of the Vice President (OVP) and the Department of Education (DepEd), where Duterte previously served as secretary.

Aliases with signature?

APART from the constitutional issues, prosecutors continued to raise questions regarding individuals listed as recipients of confidential funds. Lawyer Amando Virgil Ligutan questioned whether certain names appearing in acknowledgment receipts referred to actual persons or aliases. During Monday’s trial, ten more names aside from the controversial “Mary Grace Piattos” surfaced at the Senate impeachment trial of Duterte as the House prosecution presented acknowledgment receipts submitted by OVP to liquidate confidential funds. The additional names presented in court were Renan Piattos, Nova Santos, Mico P. Harina, Janice Marie Revilla, Patty Ting, Andy Lim, Alejandro Pikit, Feonna Biong, Sisfrunio Balsac and Gabriel Bisaya. The issue gained attention after the prosecution cited government records indicating that some listed names did not have matching birth records and that several signatures appearing on acknowledgment receipts were allegedly written by the same person.

Ligutan questioned why signatures appeared on documents if the names were supposedly aliases. The acknowledgment receipts were among the documents used to liquidate P612.5 million in confidential funds released to the OVP and DepEd during 2022 and 2023. The prosecution argued that government officials have the obligation to account for public funds regardless of whether the names involved were real identities or aliases. “Whether the names are aliases or real identities, public officials must be accountable for the people’s funds,” Luistro said. “For me, the issue is not whether the names are real or aliases. The more important question is whether public officials entrusted with public funds can properly account for their use,” she added. Central to the prosecution’s argument is whether the use of confidential funds complied with Joint Circular No. 2015-01, which sets the rules for the entitlement, release, utilization, reporting, and audit of confidential and intelligence funds. Luistro said audit findings should be examined based on whether required documentation and procedures were followed, including proof supporting reward payments, proper receipts for purchases, and consistency between liquidation reports and disbursement dates.

The prosecution maintained that confidentiality does not exempt government funds from scrutiny and that all public money remains subject to audit. Lawyers for the prosecution also emphasized that accountability for government funds does not rest solely on the Special Disbursing Officer (SDO). They argued that agency heads have primary responsibility for ensuring proper supervision and control over public resources. “Liability does not rest solely on the SDO because the head of the agency is principally or primarily responsible,” Luistro said. The prosecution pointed to documents bearing Duterte’s signatures related to the release, use, and liquidation of funds, arguing that these documents may show approval, awareness, or participation in the transactions. “The evidence and testimonies clearly show that the official—the vice president—signed documents indicating that she was aware of the transactions,” Ligutan said. The defense has yet to fully present its evidence before the Senate Impeachment Court and is expected to challenge the prosecution’s claims, question the interpretation of audit findings, and provide its explanation regarding the questioned transactions.

Final judgment

ME A N W HILE, Luistro said

Duterte’s impeachment trial will continue until a final judgment is issued, even if she complies with the COA’s notices of disallowance involving the P500 million confidential funds of the Office of the Vice President. Luistro said the impeachment case and COA audit proceedings are separate processes with different purposes. The impeachment trial determines whether a public official remains fit to serve, while the COA process focuses on the proper use, disbursement, and possible restitution of public funds. For his part, Ligutan emphasized that returning the funds would not automatically clear the Vice President of possible administrative, civil, or criminal liabilities. “Even if the money has already been returned, does that mean the person is cleared of wrongdoing? No,” Ligutan said, explaining that returning the funds does not end the process of determining accountability. Duterte faces allegations of irregular use and liquidation of confidential funds amounting to P500 million from the OVP and P112.5 million from the Department of Education during her term as secretary. COA state auditor Roderick Wamil previously testified that both offices failed to comply with rules under Joint Circular 2015-01, leading to notices of suspension and disallowance.

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BRAZIL WAITS FOR PHL TO SIGN DEAL TO SUSTAIN PORK TRADE

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By Ada Pelonia

ÃO PAULO, Brazil—Brasilia is awaiting the Philippines’s move to ink an agreement that would sustain the trade of pork imports despite the potential threats posed by African swine fever (ASF). Brazilian Animal Protein Association (ABPA) Markets Manager Gabriel Morelli Ribeiro said there has been an ongoing government-to-government negotiation for granting regionalization agreement for ASF to Brazil since November 2025. For their part, Ribeiro said Brazil had already complied with the requirements for regionalization. Despite being agreed upon by both nations, the Philippines is yet to sign the agreement that will make it binding. “The terms of agreement have already been settled, but it was never published by the Philippines. It was not made official for Brazil,” Ribeiro told Filipino reporters here. “The only thing needed is for the document to be officially published to make it real,” he added. Ribeiro expressed confidence that the South American nation will secure the regionalization agreement for ASF from the Philippines within the year, citing talks with the Brazilian attache.

For his part, ABPA Markets Executive Manager Estevão Carvalho said the regionalization agreement for ASF with the Philippines is “less urgent” since the country has been free of the hog disease since the 1980s. “For this reason, the signing of this regionalization agreement for ASF is less urgent that the case of avian influenza, which is spread all over the world today in wild bird,” Carvalho said. “But we are interested in these regionalization agreements, since this is a very important tool in maintaining the stability of trade in food security,” he added. The Department of Agriculture (DA) did not immediately respond to the media’s request for comment. A regionalization agreement means the Philippines will restrict shipments of certain products only from areas with active cases of a transboundary disease instead of imposing a country-wide ban, in order to maintain trade. Currently, the South American nation only has a regionalization agreement with the Philippines for bird flu, ensuring sustained trade of poultry products despite AI cases. The Philippines was Brazil’s leading export market for pork shipments in 2024 and 2025 at 254,331 metric tons (MT) and 392,902 MT, respectively.

Friday, August 7, 2026 A13

War-induced input cost rise fails to dent Q2 farm output

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By Ada Pelonia

HILIPPINE farm output rose by 2.9 percent in the second quarter as all subsectors recorded increases despite the spike in the cost of inputs, including fertilizer, due to the conflict in the Middle East.

Data from the Philippine Statistics Authority (PSA) showed that annual increments in crops, poultry, livestock, and fisheries subsectors prevented the performance of the country’s agriculture from slipping into negative territory. The value of agriculture and fisheries production stood at P452.22 billion in April to June at constant 2018 prices, up from the P437.53 billion posted in the same period last year. Agriculture Secretary Francisco Tiu Laurel Jr. attributed the sector’s growth to the government’s farm modernization efforts, which helped strengthen the sector ahead of the expected impact of El Niño on local plantations. “These gains also give us a stronger

buffer against the production slowdown we expect from El Niño in the fourth quarter,” he said. “We cannot control the weather, but we can equip our farmers to overcome it through irrigation, mechanization, climate-smart technologies, quality seeds, modern post-harvest facilities, and better market access,” he added. University of Asia and the Pacific Center for Food and Agribusiness (UA&P-CFA) Executive Director Marie Annette Galvez-Dacul said agricultural production during the period was driven by the strong performance of livestock and poultry which was supported by steady demand and improved production conditions. “Fisheries also contributed while

crops continued to grow despite weather-related challenges,” she told the BusinessMirror. PSA data showed that crop production, which accounted for more than half of the total agriculture and fisheries output, stood at P248.9 billion in the reference period, 1.6 percent higher than the P244.9 billion posted last year, largely propelled by palay. The Department of Agriculture (DA) said the government’s move to suspend rice imports from September to December 2025 improved planting intentions and raised the farmgate prices of paddy rice. Figures from PSA also showed that poultry continued its upward trajectory, growing by 6.3 percent to P79.84 billion from P75.07 billion percent in the previous year, while fisheries output rose by 2.7 percent to P61.64 billion from P57.96 billion. Data from the agency showed that livestock production expanded by 3.6 percent to P61.83 billion, from last year’s P59.6 billion, owing to the 5.6-percent rise in hog output. The agency cited the domestic swine industry’s efforts to recover from African swine fever (ASF) as the reason behind the sector’s growth. “The DA expects its continuing push to open new export markets

and expand overseas shipments of Philippine farm products to become an increasingly important driver of the sector’s growth in the coming quarters,” Tiu Laurel said. “The broad-based expansion suggests the farm sector is becoming more resilient, with growth no longer dependent on a single commodity. That diversification is increasingly important as climate change, animal diseases, and volatile global commodity markets continue to test agricultural production,” he added. Philippine Institute for Development Studies (PIDS) senior research fellow Roehlano Briones, however, told the BusinessMirror that domestic farm output would be hardpressed to sustain this growth in the third quarter, “given the onset of El Niño.” For its part, the DA said sustaining the farm sector’s growth would require continued investments in modernization and climate resilience. “Beyond strengthening food security, a more productive agriculture sector can help temper food inflation, raise rural incomes, and generate more inclusive economic growth in regions where farming remains the backbone of local economies.” With reports from Mary Jade Jadormio

Luzon Economic Corridor offers bigger opportunities than Pax Silica–PRIME By John Eiron R. Francisco

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FIRST 1,000 DAYS MATTER Former Senator Jose D. Lina Jr. delivers his keynote speech as a guest of honor and speaker on “Our Children, Our Future: The first 1,000 days matter”—an advocacy

championing the first 1,000 days law and leading a nationwide movement to combat child malnutrition and stunting for a healthier, stronger Philippines. The Children's First 1,000 Days Coalition was the focus of the Rotary Club of Manila’s 5th Weekly Membership meeting at Fairmont Hotel in Makati City, led by RCM President Reginald Yu. ROY DOMINGO

El Niño, fuel costs imperil food price gains—DA By Mary Jade Jadormio

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OVERNMENT efforts to stabilize food prices face a test as a potentially strong El Niño and volatile global oil prices threaten to raise farm production and distribution costs in the coming months, the Department of Agriculture (DA) said. Food inflation remained at 5.3 percent in July despite increases in the prices of vegetables and corn, according to the Philippine Statistics Authority (PSA). Agriculture Secretary Francisco P. Tiu Laurel Jr. said existing supply interventions have so far pre-

vented broader increases in food prices, but warned that the government cannot afford to ease its efforts. “We’re seeing signs that our supply interventions are working, but we can’t take our foot off the pedal,” Tiu Laurel said. “Our job is to keep food flowing, help farmers and fisherfolk absorb higher production costs, and make sure affordable rice reaches consumers,” he added. Rice prices declined by 0.4 percent from June, while meat prices fell by 0.6 percent, helping offset increases in other agricultural commodities.

Vegetable prices rose by 2.4 percent, while corn prices increased by 1.9 percent, which the DA attributed to bad weather and higher transport expenses. Prices of fish, dairy products, cooking oil and fruits were largely unchanged during the month. Food nevertheless remained one of the largest contributors to inflation, accounting for nearly onethird of the overall increase in consumer prices in July. Cereals, particularly rice and other grain products, generated almost three-fourths of food inflation, followed by fish and seafood and vegetables.

Headline inflation eased to 6.2 percent in July from 6.4 percent in June, while core inflation slowed to 4.2 percent from 4.4 percent. Inflation among the bottom 30 percent of households, however, accelerated to 8.2 percent from 8 percent, reflecting the heavier impact of food, fuel and electricity costs on poorer families. The DA said it is expanding financial assistance, input subsidies and other support for farmers and fisherfolk while studying a possible rice retail price cap should rising production and logistics costs begin pushing up consumer prices.

ALLING Pax Silica “just the tip of the iceberg,” real estate services firm PRIME Philippines urged investors to look beyond the development and capitalize on opportunities emerging along the Luzon Economic Corridor (LEC), where major infrastructure projects are expected to spur industrial, logistics and real estate growth. Rommel Dellosa, assistant vice president for commercial property investment at PRIME Philippines, said the US-backed industrial hub—expected to strengthen the country’s position in the global artificial intelligence (AI) and technology value chain while generating quality jobs and boosting industrial competitiveness—is the “climax” of the government’s broader LEC strategy to accelerate economic growth across Central and Northern Luzon through infrastructure-led industrial development. “The Luzon Economic Corridor is the answer to push for growth in other areas of Luzon, where a lot of infrastructure is coming in,” Dellosa said during the firm’s mid-year property market briefing, The Confidence Gap: Closing the Distance Between Fear and Fact, held Wednesday in Mandaluyong City. He cited the expansion of the Tarlac-Pangasinan-La Union Expressway (TPLEX) and other road networks in Northern Luzon, which are expected to improve connectivity to Regions I and II, where much of the country’s agricultural raw materials are sourced. Dellosa said the corridor also addresses food security by bridging gaps in the country’s cold chain network. Based on a joint study with the Department of Trade and Industry (DTI), PRIME Philippines found that while most cold storage facilities are concentrated in Southern Luzon, a significant share of agricultural produce comes from the north. That imbalance, he said, presents opportunities for investors in cold storage, logistics and other industrial real estate assets that support agricultural and manufacturing supply chains. “I think for investors, if they can pin-

point some of the opportunities within the LEC, that’s something that they can look forward to,” Dellosa said. While acknowledging that Pax Silica has drawn attention because of concerns surrounding large-scale data center developments, Dellosa said he believes the government has been putting safeguards in place for the project. “From an investment perspective, I would still recommend our landlords and investors look at the Luzon Economic Corridor in general,” he said. He added that developments in Bulacan, particularly its planned connection to the Clark railway, together with the continued expansion of Clark as an industrial and logistics hub, are expected to create opportunities for investors to position their assets over the next several years. PRIME Philippines founder and CEO Jet Yu echoed the optimistic outlook, but said investors should not overlook the project’s potential risks. Yu said large-scale data center developments have become strategic assets globally and could pose security risks during geopolitical conflicts, citing recent attacks overseas where data centers, alongside energy facilities, have become potential targets. “Those are among the key concerns that still need to be addressed,” he said, adding that the remaining issue is the potential risk in the event of a military conflict. “Central Luzon is becoming a very prominent and promising industrial hub, so you don’t want to put surrounding developments at risk because of this project,” Yu noted. Despite these concerns, Yu said developments of this scale typically create a multiplier effect by attracting suppliers, logistics providers, and other support industries, generating employment and expanding the industrial ecosystem. He maintained that the project’s economic benefits outweigh the risks, provided appropriate safeguards are put in place. “Every time we see massive investments and developments like this, they generate multiple streams of new industries that support them. We’re pro, we like the Pax Silica project if the risk will be mitigated by our government,” Yu concluded.

A14 Friday, August 7, 2026 • Editor: Angel R. Calso

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Seizing AI’s lifeline

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HE promise of artificial intelligence is not a distant future for the Philippines; it is a present reality with the potential to redefine the country’s economic trajectory. According to the World Bank’s latest World Development Report, the advent of AI offers a unique “lifeline” for developing economies—one that could significantly boost productivity without necessarily leading to mass unemployment. The data from the World Bank is clarifying. In low- and middleincome economies, a significantly higher percentage of jobs (16.2 percent) stand to gain from a “meaningful productivity boost” from AI, compared to the 4.5 percent susceptible to automation. This suggests that, for now, the technology is a better assistant than a replacement. (Read the BusinessMirror story: AI can boost 16% of jobs – WB report, August 5, 2026). However, the figures from high-income economies (18.7 percent benefit vs. 14.2 percent at risk) remind us that this window of opportunity is narrow. We are currently in a race to harness the productivity gains before the automation risks catch up. This duality is most palpable in the country’s crown jewel: the Business Process Outsourcing (BPO) sector. The World Bank’s example of a call-center employee using an AI listening tool to suggest responses is a perfect example of the challenge. The technology reduces drudgery and boosts efficiency, but it also places a premium on human judgment to filter out “unsuitable recommendations.” This is the essence of the new AI economy—machines handling the data processing, while humans are elevated to roles requiring critical thought and empathy. However, the threat is real; as voice-based AI agents grow more capable, the need for human agents may dwindle unless we adapt. The danger, as the World Bank warns, is inequality. The Philippines faces significant hurdles in closing the “adoption gaps.” Reliable electricity, internet connectivity, computing power, and the cultivation of skilled workers are the prerequisites for this AI revolution. If we fail to invest in these foundations, we risk seeing the BPO sector hollowed out while missing out on the transformative potential AI holds for agriculture, healthcare, and education. Action is required now. Hesitation is not an option. The recommendation from World Bank Chief Economist Indermit Gill to adopt and adapt “small, low-cost AI tools” rather than building enormous data centers from scratch is a pragmatic path forward. There is immense potential in localizing these tools—using AI to translate legal documents into local dialects, provide diagnostic support in rural health centers, or offer real-time weather and market data to farmers. Time is a key factor here. We must move fast. Director Gaurav Nayyar’s warning that “the window to get this right is narrow” must be a rallying cry for the administration, the private sector, and the academe. First, we must treat digital infrastructure as a public utility, ensuring that connectivity is not a luxury but a right. Second, our educational curriculum must pivot immediately from rote memorization to critical thinking, data literacy, and ethics—skills that AI cannot replicate. Third, we need a regulatory environment that encourages experimentation, protects privacy and consumer rights, and prevents monopolies. The Philippines cannot afford to let AI widen the development gap. We must ensure that this technology empowers the 1.3 million BPO workers and the millions more in other sectors, rather than rendering them redundant. The “lifeline” has been thrown; it is up to us to pull it in and build a future where technology serves the many, not just the few. Since 2005

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Bullying and the damage to a victim’s emotional well-being Dennis Gorecho

Amicus Curiae

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ULLYING can cause damage to a victim’s emotional wellbeing, death being the worst consequence—a tragic outcome sometimes referred to as “bullycide.”

The elements of “bullying” under RA 10627 or the Anti-Bullying Act of 2013 law are: (a) any severe or repeated use by one or more students; (b) a written, verbal or electronic expression, or a physical act or gesture, or any combination; (c) directed at another student; (d) has the effect of actually causing or placing the latter in reasonable fear of physical or emotional harm or damage to his property; creating a hostile environment at school for the other student; infringing on the rights of the other student at school; or materially and substantially disrupting the education process or the orderly operation of a school. Some of the acts of bullying are the following: a. Any unwanted physical contact between the bully and the victim like punching, pushing, shoving, kicking, slapping, tickling, headlocks, inflicting school pranks, teasing, fighting and the use of available objects as weapons; b. Any act that causes damage to a victim’s psyche and/or emotional

well-being; c. Any slanderous statement or accusation that causes the victim undue emotional distress like directing foul language or profanity at the target, name-calling, tormenting and commenting negatively on victim’s looks, clothes and body; and d. Cyber-bullying or any bullying done through the use of technology or any electronic means. While the country lacks a single standalone cyberbullying statute, multiple laws penalize online harassment, defamation, and digital abuse. These include Anti-Bullying Act (RA 10627), Cybercrime Prevention Act (RA 10175), Safe Spaces Act (RA 11313) and Anti-Photo and Video Voyeurism Act (RA 9995). In the case of Mother Goose Special School System Inc. v. Palaganas (GR 267331, January 20, 2025), the Supreme Court stressed that schools have a contractual obligation to ensure a safe learning environment, including protection of the students against bullying. “Every parent who entrusts their child to a learning institution does so

with the assurance that the school, owing to its obligation not only to provide but also to maintain a safe learning environment, will protect the child from harm or will promptly address similar incidents after its occurrence,” the SC said. The SC held Mother Goose School civilly liable for negligence after a bullying incident led to the assault of a student during class. Two students repeatedly punched a classmate inside a classroom while the teacher was away. The school dismissed the assault as mere “teasing” or “rough play” and took no meaningful action. “No student can absorb the intricacies of physics or higher mathematics or explore the realm of the arts and other sciences when bullets are flying or grenades exploding in the air.” The SC stressed that schools must maintain peace and order within their premises, and even outside campus during school activities. They may avoid liability only upon proof they exercised due diligence.” In “John Denver Trending”, the Best Film in 2019 Cinemalaya Independent Film Festival, a 14-year-old farm boy’s life is suddenly upended when a video of him brutally attacking a classmate goes viral. He was branded as a devil overnight and eventually committed suicide by hanging. The 2026 full-length finalist “Ganggang” directed by JL Burgos centers on three boys who bond to find a fighting spider to stand up against a school bully until their own

search puts their friendship to a test. Bullying is also the central theme in recent Netflix K-dramas “Teach You a Lesson” and “Agent Kim Reactivated.” “Teach You a Lesson” follows a fictional government group called the Educational Rights Protection Bureau (ERPB) who is authorized by the government to use physical intervention and unconventional methods to discipline delinquent student bullies and reform the educational system. Special inspectors step into outof-control schools to fight severe bullying, including physical force and psychological pressure, when teachers and authorities are powerless. In “Agent Kim Reactivated”, mildmannered single father Mr. Kim (So Ji-sub) drops his submissive exterior and reactivates his elite black-ops spy skills after his teenage daughter, Min-ji, is brutally targeted and goes missing following a violent bullying incident involving her wealthy classmate, Hye-ri. Akbayan Party-list Rep. Chel Diokno filed H.B. 10038 or the Expanded Anti-Bullying Act, which seeks to expand the coverage of the Anti-Bullying Act of 2013 to include higher education institutions and technical-vocational schools. It also covers acts committed by teaching and non-teaching personnel outside the scope of their official duties. Atty. Dennis R. Gorecho heads the Seafarers’ Division of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@sapalovelez. com, or call 0908-8665786.

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China retaliates against US with drone export curbs, sanctions

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EIJING is leveraging its dominance over global drone production as it spars again with Washington over widening US curbs on technology and trade, unleashing a barrage of retaliatory actions on Wednesday in what it described as a “restrained” response. China’s Commerce Ministry stiffened controls on the exports of drones as it announced four sets of countermeasures to recent US moves. It cited decisions such as the Federal Communications Commission’s ban on some foreign-made robots and power inverters and the blacklisting of more than 40 Chinese companies accused of using forced labor. The tit-for-tat standoff now pitting Beijing against Washington is reviving tensions between the world’s two biggest economies and straining their fragile trade truce. President Xi Jinping is scheduled to meet Donald Trump in the US next month, after agreeing to build a relationship of “constructive strategic stability” during their summit in the Chinese capital in May.

Beijing has been particularly irked by the timing of US sanctions against the 43 Chinese firms, which came just a day after Vice Premier He Lifeng held a video call with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer last week. The recent US measures “seriously violated the important common understandings reached by the two heads of state and severely damage China’s legitimate rights and interests,” a spokesperson for the Commerce Ministry said in a statement. “China has no choice but to take necessary countermeasures in response.” But the spokesperson also signaled Beijing’s willingness to keep relations on track, calling its retaliation “generally restrained” while

urging the US to immediately revoke its measures and return to consultations to resolve differences. As part of the retaliation package, sales to the US of drones, their key components and related technologies listed on China’s dual-use export control list will be subject to “strict caseby-case review,” the ministry said. China is the world’s dominant manufacturer of unmanned aerial vehicles, with Shenzhen-based DJI Technologies accounting for about 70 percent of the US commercial drone market as of last year. But the US has moved to reduce that reliance. Last December, the FCC announced a ban on most foreignmade drones and critical components for unmanned aircraft systems. The prohibition applied only to new drone imports and sales and not those that had already been sold or were in use. On Wednesday, the Commerce Ministry also sanctioned six US entities, including Applied DNA Sciences and Stratum Reservoir, for what it

said was their involvement in US sanctions over Xinjiang. In addition, it sanctioned Compliance Testing for helping the FCC impose the measures against China. China will also conduct a foreign trade national security investigation, which takes aim at imported printers, copiers, and other office imaging equipment with imported software, the ministry said. Beijing’s reta liation comes amid reports of further US curbs on Chinese technology and products. The FCC is drafting an order to ban Chinese-made data center components, Bloomberg reported Tuesday, citing a person familiar with the matter. Reuters earlier said earlier the US government agency was considering barring imports of new models of Chinese optical transceivers. “If the US side insists on introducing new restrictive measures against China, China will take further countermeasures,” the Commerce Ministry spokesperson said in the statement. Bloomberg

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Lula battles Trump, Milei over perceived election meddling By Simone Iglesias & Manuela Tobias

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RAZIL plunged deeper into diplomatic disputes with two of its most important partners in the Americas over what it described as attempts by the conservative governments of the US and Argentina to interfere in its October presidential election. President Luiz Inácio Lula da Silva’s government accused Donald Trump’s administration of improperly intervening in Brazil’s affairs on Tuesday, after a senior State Department official said the US was revoking the visa of the country’s ambassador in Washington. The government also downgraded relations with Argentina by deciding to keep its ambassador from returning to Buenos Aires indefinitely in response to President Javier Milei’s repeated attacks on Lula, according to an official familiar with the matter. Argentine newspaper La Nacion first reported the decision. The twin disputes are unfolding against the backdrop of a fierce election battle between the 80-year-old Lula and Flávio Bolsonaro. The rightwing senator has sought support from Trump and Milei, two leaders eager to see Latin America’s recent wave of conservative momentum topple Lula in Brazil’s vote. “This decision is not an isolated event,” Lula’s government said in a statement about the US visa revocation. “It is part of a deliberate escalation of hostile measures against Brazil, driven by ideological reasons incompatible with a bilateral partnership that has always been grounded in mutual respect.” Earlier in the day, the Trump administration revoked the visa of Brazil’s ambassador to the US, Maria Luiza Ribeiro Viotti, after accusing Lula’s government of slow-walking diplomatic approval for Washington’s choice of envoy to Brasilia. The US isn’t expelling Viotti and will restore her visa once Brazil approves Daniel Perez as ambassador, a senior State Department official told reporters. Brazil said the process of granting agreement to Perez, who has yet to be confirmed by the US Senate, is ongoing. It also said the Vienna Convention on diplomatic relations sets no deadline for granting approval. The visa dispute marks the latest chapter in a broader clash that intensified last month, when the US imposed 25% tariffs on many Brazilian goods, citing unfair trade practices. Lula viewed the levies as another attack on Brazil’s sovereignty from Trump, who last year imposed tariffs on the country in an unsuccessful attempt to help Bolsonaro’s father, former President Jair Bolsonaro, avoid conviction on charges of plotting a coup after losing the 2022 election. In late July, Brazil also blocked the visas of two senior State Department officials, citing concerns that they intended to cast doubt on the

Lula’s long-running rivalry with Milei—one of Trump’s closest allies in Latin America—flared at the same time after the libertarian leader called him a “thief” during a campaign kickoff event for Flávio Bolsonaro in Sao Paulo. integrity of its electoral system during a planned visit. The State Department denied that was the purpose of the trip. Lula’s long-running rivalry with Milei—one of Trump’s closest allies in Latin America—flared at the same time after the libertarian leader called him a “thief” during a campaign kickoff event for Flávio Bolsonaro in Sao Paulo. Milei also accused Lula of interfering in Argentina’s 2023 election, citing the work of Brazilian campaign advisers for his opponent. Brazil initially recalled its ambassador to Buenos Aires for consultations, while summoning Argentina’s envoy to Brasilia for an explanation. Recalling an ambassador is considered a strong diplomatic rebuke. It was an unprecedented step between Brazil and Argentina, neighboring nations whose ties have endured periods of sharp political disagreement. “This is a unilateral decision by Brazil, which we regret,” Argentine Foreign Minister Pablo Quirno told reporters in Buenos Aires on Wednesday, blaming Lula’s government for escalating the dispute. Milei repeated his attacks in a Sunday radio interview, citing Lula’s previous corruption conviction, which was later annulled, and claiming without evidence that the Brazilian leader had also provided financial support to his opponent in Argentina’s election. “I didn’t attack the Brazilian people,” Milei said in the interview. “I spoke about Lula, the corrupt one.” Brazil’s decision will leave its embassy in the hands of a charge d’áffaires rather than an ambassador for an undetermined amount of time until Milei’s attacks stop, the Brazilian official said, requesting anonymity. Brazilians will go to the polls on October 4 for a first round vote, with a runoff likely to take place three weeks later. The disputes are poised to cast a shadow over the contest as Lula seeks to portray himself as a defender of Brazil’s sovereignty. His approval ratings rose during an initial trade clash with Trump last year. With assistance from Ken Parks /Bloomberg

Opinion BusinessMirror

Friday, August 7, 2026 A15

US signals steady debt sales to 2027, offers ‘subtle change’ By Greg Ritchie

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HE US Treasury on Wednesday retained its previous guidance for future debt issuance, signaling no change in note and bond auction sizes well into 2027 even as federal borrowing needs climb. Based on current projections, officials expect to maintain current sales amounts for nominal interestbearing securities — coupons — and floating rate notes “for at least the next several quarters.” The department has used that same language in its quarterly debt-issuance strategy statement since early 2024. The Treasury did tweak one sentence, however. Wednesday, it said it was continuing to evaluate potential future “changes” in coupon and floating-rate note sales. Previously, officials said they were looking at “increases” in those securities. “The shift away from ‘increases’ to ‘changes’ could simply be a transition away from forward guidance, or it could be laying the groundwork for something as unexpected as lowering longer-dated coupon auction sizes,” Vail Hartman, a rates strategist at BMO Capital Markets, wrote in a note. “However, this is not our current expectation, just food for thought.” Stephen Stanley, chief economist at Santander US Capital Markets, described it as a “subtle change that could be noteworthy. It may mean nothing or it could be incredibly significant.” The Treasury retained previous indications that it’s biased toward the shorter end of the yield curve for any future increase in auctions. It

repeated that it is monitoring growing bill demand and continuing to evaluate the situation “with a focus on trends in structural demand and potential costs and risks of various issuance profiles.” Punting changes deeper into 2027 matched the expectations of many dealers, who predicted Treasury Secretary Scott Bessent and his team would refrain from tweaks given that longer-dated yields have climbed in recent months. Benchmark 10-year yields hit their highest since he took office last week, making them all the costlier for the government. As for next week’s $125 billion of refunding auctions, they will be made up of: n $58 billion of 3-year notes on August 11. n $42 billion of 10-year notes on August 12. n $25 billion of 30-year bonds on August 13. The refunding will raise new cash of approximately $28.7 billion, the Treasury said. The Treasury’s strategy will deepen reliance on short-term securities that mature in up to a year, in a strategy dealers have dubbed “T-bill and chill.” The ratio of bills to outstanding debt is now historically high, however, running the risk of debt-servicing costs becoming sensitive to shocks—at a time traders are

Current auction sizes won’t leave the Treasury in position to raise fresh cash as time goes on— which means the T-bill share of debt will climb inexorably if issuance isn’t changed. Borrowing needs, meantime, continue to swell. The Treasury on Monday stepped up its estimate for borrowing for the current quarter to $739 billion, up $68 billion from May, mainly due to lower projected cash flows.

betting the Federal Reserve will be forced to tighten monetary policy in coming months. Current auction sizes won’t leave the Treasury in position to raise fresh cash as time goes on—which means the T-bill share of debt will climb inexorably if issuance isn’t changed. Borrowing needs, meantime, continue to swell. The Treasury on Monday stepped up its estimate for borrowing for the current quarter to $739 billion, up $68 billion from May, mainly due to lower projected cash flows. As far back as February 2025, the Treasury Borrowing Advisory Committee, a panel of bond investors, dealers and other market participants, recommended that the department remove or modify its forward guidance. In May 2026, it again discussed changes to consider. This time, TBAC flagged in a statement that it “continues to believe that current projections could warrant increases in coupon issuance” in the fiscal year starting October 1.

Indonesia plans stimulus to sustain better-than-expected growth By Grace Sihombing

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NDONESIA’S finance minister signaled plans for more stimulus after the economy expanded faster than expected in the second quarter, with household spending and investment cushioning against a challenging global backdrop. Gross domestic product rose 5.29 percent from a year earlier, Indonesia’s statistics agency said in a briefing on Wednesday. That compares to the 5.14 percent median estimate in a Bloomberg survey and the 5.61 percent posted in the first quarter. Southeast Asia’s economy is proving resilient despite the prolonged Iran war, which has spurred energy prices and weighed on commodity exports. It’s also been beset by broader investor concerns about President Prabowo Subianto’s economic policies and risks to the country’s emerging-markets status and credit scores from MSCI Inc. and ratings companies. “Achieving 5.29 percent growth is quite good under such circumstances,” Finance Minister Purbaya Yudhi Sadewa said in a briefing on Wednesday, noting that he remains

confident GDP growth will further pick up speed and meet the government’s 6 percent target for 2026—a level not reached since 2012. The rupiah and the 10-year government bonds held earlier gains while stocks pared their advance to close 0.5 percent up at the highest level in over two months. The President has already ordered the creation of a stimulus plan to mitigate the impact of an El Nino dry spell, the finance chief added, with Indonesia set to accelerate growth by “maximizing all engines of growth, including increasing money into the economy.” The government, however, may have limited space to ramp up spending after earmarking some $1.5 billion in economic incentives for the second half, not least because it aims to keep the budget deficit below the legal limit of 3 percent of GDP. The

central bank’s recent string of rate hikes may also tighten financial conditions. Before Purbaya commented, Bank of America Corp. economist Kai Wei Ang estimated GDP growth could slow to 5.2 percent in the second half of the year as fiscal support likely wanes. The overall budget for Prabowo’s flagship free-meals program has already been cut, he pointed out. The country’s spending is already under close scrutiny that sent the rupiah down 5 percent last quarter, making it by far the worst performer in the region. The sudden resignation of the widely respected Perry Warjiyo as central bank governor late last month has rekindled volatility in the market, while the war in the Middle East could complicate the government’s plans. “We would be mindful of the need to moderate fiscal spending to meet deficit targets and risk of trade underperformance if global refined fuel costs stay high,” said Radhika Rao, a senior economist at DBS Bank Ltd. in Singapore. She expects Bank Indonesia to keep its key rate unchanged this month. Household consumption, which accounts for more than half of In-

Russia’s war economy is fueling pay gains companies can’t afford

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S President Vladimir Putin’s full-scale invasion of Ukraine extends for a fifth year, Russian businesses can no longer afford to keep pace with the Kremlin’s war machine in the wage race.

Years of acute labor shortages have pushed salaries well ahead of productivity growth, forcing companies to pay more to produce the same amount of output. In prior years, surging corporate revenues absorbed the pressure. Now, with the wartime economic boom at an end, businesses are shifting into survival mode, slashing costs in ways that may push many out of the race for workers. Wages have outpaced productivity by about 5 percentage points since the war began in 2022, according to Bloomberg Economics estimates. That’s close to the gap recorded during Russia’s oil-fueled boom in the 2000s and well above the average of about 1 percentage point between

2009 and 2021. Bloomberg Economics sees the trend as a wartime version of Dutch disease. Instead of oil revenues pulling workers and capital into the energy sector while hollowing out the rest of the economy, massive military spending is drawing them into defense industries, pushing up labor costs and steadily eroding the competitiveness of civilian businesses. There’s little scope to ease labor pressures with unemployment in Russia at a record-low of just over 2% and the war absorbing huge numbers of men each year. While wage growth is slowing, it remains in double digits even as Russia’s economic expansion has stalled, production is contracting

across many industries and investment is collapsing, Federal Statistics Service data shows. “The civilian sector can’t operate like this indefinitely,” said Dmitry Polevoy, investment director at Moscow-based Astra Asset Management. “When wages rise faster than productivity, profits inevitably suffer—and that’s exactly what we’re seeing.” Less efficient businesses that cannot compete on wages with the state sector will lose workers, Polevoy said. Russia has set a target to sign up 409,000 contract soldiers for the war this year, implying a monthly outflow of as many as 34,000 men from the civilian workforce. That repeats a pattern of previous years as the army seeks to replace huge numbers of troops killed and wounded each month in Ukraine. Employment in military production has increased by about 510,000

since the end of 2021, to 2.8 million, Oxford Economics estimates. Job postings offer another snapshot of how wartime labor shortages are reshaping pay levels across the economy. State-owned monopoly Russian Railways is offering welders higher salaries than some station managers. It’s raising freight tariffs, passing the burden on to customers across industries. The pressure is also making military recruitment more expensive, as the Kremlin offers high pay and signing bonuses to lure sufficient volunteers into the army and avoid an unpopular mobilization. A contract soldier’s monthly salary was roughly four times the average Russian wage in 2022 but is now closer to twice the average, Bloomberg Economics estimates. Further increases in recruitment bonuses could force civilian companies to

raise wages again and perpetuate the cycle. Bloomberg economics said: The wage boom that has helped Vladimir Putin weather the war is becoming one of the biggest constraints on sustaining it. “Larger recruitment packages would force civilian employers to raise wages, narrowing the militarypay premium again. That strengthens the economic case for another compulsory call-up. Any decision will ultimately depend on military and political calculations, given the disruption and public disillusionment another mobilization would cause,” said Ekaterina Vlasova, CEE and Russia economist. Average monthly wages rose to 101,784 rubles ($1,280) in 2025 from 57,244 rubles in 2021, according to the statistics service. On a purchasing-power-parity basis, that puts Russia above Greece, Slovakia

“Members recommended that Treasury consider updating its forward-guidance language to preserve flexibility” heading into the 2027 fiscal year, the panel said Wednesday. “As always, the Committee emphasized that clear communication and a regular, predictable operating framework would help market participants adjust to any future changes.”

November election

SOME strategists have linked Bessent’s reluctance to alter forward guidance to the looming November congressional elections, preferring to avoid any debt-issuance tweak that risked sending yields higher. The Treasury didn’t respond to a request for comment on that last week. Dealers have cautioned that the longer the Treasury holds off on signaling a change, the more dramatic and sudden the shift will need to be when it happens. The TBAC in the past has advised the Treasury to seek an average of 20 percent for the share of T-bills, but officials haven’t offered their own clear guidance on where their tolerance level may lie. For now, demand remains robust for bills, from money market funds to the Fed—which has been recycling maturing mortgage securities into bills. The Treasury retained previous indications that it’s biased toward the shorter end of the yield curve for any future increase in coupon auctions. It said it’s monitoring growing bill demand and continuing to evaluate the situation “with a focus on trends in structural demand and potential costs and risks of various issuance profiles.” Bloomberg

donesia’s economy, remained the main growth driver despite expanding at a slower pace of 5.06 percent last quarter. Gross fixed capital formation accelerated, increasing 6.87 percent from a year earlier, led by vehicles and other equipment. Government spending rose nearly 16 percent with the expansion of the free meals program and the payment of civil servants’ bonuses. On the industry side, manufacturing, agriculture, trade, construction and mining were the biggest contributors to GDP. All sectors expanded except for mining, according to Edy Mahmud, Indonesia’s Deputy for National Accounts and Statistical Analysis. In a positive for a country with a large, young population, the jobless rate eased slightly to 4.65 percent in May from 4.68 percent in February. The total labor force rose to 155.1 million. Full-time workers accounted for 66.8 percent of the workforce in May, up slightly from February, though below the 68 percent recorded in November. The poverty rate was at 8.07 percent in March, down from 8.47 percent a year ago. With assistance from Prima Wirayani and Norman Harsono/Bloomberg

and Hungary in the Organization for Economic Co-operation and Development’s latest annual pay rankings—a sign of how far wages have pulled ahead of productivity. The imbalance has become one of the biggest challenges for the government and the central bank as policy measures have had only limited success. Households continue to receive more money to spend without a corresponding increase in the supply of goods and services, blunting the impact of an extended period of high interest rates. Bank of Russia Governor Elvira Nabiullina has argued that high interest rates would spur the movement of scarce workers from weaker companies to more productive ones, allowing the economy to keep growing despite labor shortages. Instead, state support for large, inefficient firms appears to be impeding that redistribution. Bloomberg

A16 Friday, August 7, 2026 | Editor: Jun Lomibao

Sports BusinessMirror

mirror_sports@yahoo.com.ph

EALA SUSTAINS RUN IN TORONTO A LEX EALA’S impressive North American hard-court run continued Wednesday as the No. 25 seed defeated Alycia Parks, 6-1, 4-6, 6-2, to advance to the third round of the National Bank Open in Toronto. Fresh off capturing her first singles title on the Women’s Tennis Association (WTA) Tour Driven by Mercedes-Benz at the Mubadala Citi DC Open in Washington on Monday, the 20-yearold Filipina needed just two days to switch venues and return to winning ways in her Toronto debut. Eala dominated the opening set, reeling off five consecutive games from 1-1 to take it 6-1. She did not face a break point on serve during the set and consistently pressured Parks from the baseline. Parks responded in the second set. After surviving two difficult service games early, the American saved four

break points to hold for a 3-2 lead. She then broke in the 10th game to claim the set 6-4 and force a decider. After the players traded early breaks in the third set, Eala secured the decisive break in the fifth game to move ahead 3-2. She maintained control from there, winning the next three games to complete the victory in one hour and 51 minutes. Eala generated far more chances on return, earning 14 break points and converting five. Parks created only two break-point opportunities and converted both. The win improved Eala’s record against Parks to 2-1 and avenged her loss to the American at the Australian Open in January. “I think I had to take it point by point,” Eala said about regrouping in the final set. “Of course I think she played really well in the second and there were definitely things

OBIENA ALSO ON A STREAK

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ALAS Girls’ Resty Jane Olaguir and Irish May Mahinay attend a pre-tournament photo shoot. POC PHOTO

ALEX EALA needs just two days to switch venues and return to her winning ways in her Toronto debut. AP

By Aldrin Quinto

OS ANDES, Chile— Laughter echoed through the studio as Alas Pilipinas Girls teased one another on Wednesday during the official photoshoot for the FIVB Volleyball Girls U17 World Championship. The big smiles give way to game faces on Thursday as the Philippine team faces titleholder and world No. 1 China when the 24-team tournament gets underway. Although jet lag is a problem for a big part of the field, teams such as Japan have it sorted out by setting up camp weeks ahead. For Alas Pilipinas Girls, the challenge is steeper as they see action two days after arrival in this breathtaking country at the edge of the world. The temperature, which dipped 5 degrees Celcius at dawn and climbed to only 17 during the day, adds a layer of adjustment for the Filipinas. Setter Irish Mahinay and skipper Megan Hernandez would have loved to have a little bit more time to acclimatize, study the team system, and get to know more of their teammates, but they embrace the challenge ahead. The 32-hour trip from Manila, with stops in Kuala Lumpur and Sydney, is behind them and now comes the bigger test.

Elite field

WORLD No. 2 Japan battles 27th-

ranked Spain in Pool C in the capital city of Santiago, which also hosts Pool D preliminaries, with No. 4 Chinese Taipei playing 16th-ranked Dominican Republic. No. 3 Italy battles 21st-ranked Algeria in Los Andes. China looks to start its title defense on a high note, while the Philippines aims to pull off a monumental upset in Pool B play in San Felipe. The match is set at 8 p.m. on Thursday (Friday Morning in Manila). Setter Irish May Mahinay and skipper Megan Yesha Hernandez would have preferred more time to acclimatize, study the team system, and build chemistry with teammates, but said they embrace all the challenges. “We’re doing our best to execute our plays properly,” Mahinay said, acknowledging that players still feel a bit stiff after the long trip and the unusual conditions—daytime highs reach just 17 degrees Celsius, while early mornings dip to 5°. “It’s tough to adjust right away,” Hernandez said. “It’s not just the trip, it’s the weather, the team cohesion.” Although yet to hit top form, the team which also features Xyz Rayco, Sharina Rhyza Lleses, Madele Gale, Caera Celis, Resty Jane Olaguir and Jhenica Sadia is determined to settle in quickly. Less than a day after arrival, Alas Pilipinas Girls were already on schedule, posing for the official photoshoot before hitting the gym and

Young duo strike gold in Tagaytay

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WO rookie Philippine pairs struck with a gold and bronze medal from virtually out of nowhere in the youth mixed pairs events of the 10th Aerobic Gymnastics Asian Championships presented by the Philippine Sports Commission on Thursday in Tagaytay City. Both Palarong Pambansa standouts last summer in Prosperidad (Agusan del Sur), Rhimel Daniel Cabides and Antonette Amante pranced and danced with dynamism and elegance in securing the gold medal with a score 17.80 points at the modified Tagaytay CT Velodrome. General Santos City natives Rhys Enoch Balmayor and John Mikaela Ladaran gave the country’s second medal after securing third place (17.150) in the

opening-round matches at WTA 1000 events this season, with her only defeat coming against Tereza Valentova in Doha. It also marked her 17th career WTA 1000 match win and her 11th at that level in 2025. She also improved to 10-4 in three-set matches at tour level this season and extended her streak to 10 consecutive wins when claiming the opening set. Next up for Eala is a first career meeting with American Caty McNally. McNally advanced by defeating Wimbledon champion Linda Noskova, 7-6 (5), 6-1. The American recovered from a 5-1 deficit in the opening set, saved two set points and then won 12 of the final 14 games to secure the victory. WTA News

PETECIO

Petecio fights as lightweight in Asian Games

Alas Girls put on game face in big match against China

OBIENA

RNEST JOHN “EJ” OBIENA is making his own streak in Europe by winning another gold medal in Germany this time at the Internationale Stabhochsprungmon in Stadion in Jockrim on Thursday. Just like tennis sensation Alex Eala who’s on a roll at the Washington DC Open and in the Canadian Open first round in Toronto, Obiena was in his elements in clearing 5.83 meters to win a second consecutive gold in a span of five days. Eala was just two days off his historic victory in DC but had the momentum in winning her first-round match in Toronto, and so was Obiena, who won at Halberstadter with a bad right ankle. “It was a rough, late, long and not an easy competition for me, but the atmosphere was amazing,” the Asian champion and world No. 12 told the BusinessMirror via a video call after the competition. “I did not expect to jump 5.83 meters, but I did…yes!” “I did and it just simply happened,” added the 30-year-old two-time Olympian. It wasn’t an easy win though as he needed a countback to beat for the gold 21-year-old Qatari Seif Heneida Abdelsalam via countback—he cleared 5.83m in his third attempt while Obiena did it once—with another two-time Olympian, Turkey’s Ersu Şaşma, 26, settling for the bronze at 5.77m. Obiena hiked his gold medal collection this season to four with two silvers after nine outdoor tournaments under new coach, Poland’s Marcin Szczepanski. Josef Ramos

I could have done a little better. I tried to improve on that in the third. I tried to come out hot and just take all the opportunities that I could, because she doesn’t really give you much.” Making her debut at the National Bank Open in front of an electric packed stadium, Eala became the first Filipino player, male or female, to win a main-draw match at the tournament. “I want to thank everybody,” Eala told the media after her win. “I know Toronto is such a multi-culture city, so it’s nice for me to be here for the first time, experience that culture, experience that atmosphere.” “Of course, out there I felt very at home with all the people supporting me. And I hope that they enjoyed the tennis, I hope that they enjoyed the grounds, and they can see all of these great matches and experience it and want to come back,” she added. The victory was Eala’s sixth in seven

THE Philippines’s Rhimel Daniel Cabides and Antonette Amante snatch the youth mixed pair gold medal with a superb performance at the Tagaytay CT Velodrome. NONIE REYES

meet backed by the Philippine Olympic Committee and Philippine Amusement and Gaming Corp. Both pairs made the most of their international debuts in the competition organized by the Gymnastics Association of the Philippines and sanctioned by the Asian Gymnastics Union. “We proved that we can compete at the international level,” said Amante, a triple Palaro gold medalist who, like Cabides, is 14 and a Grade 8 student at Teodoro Alonzo High School in Sta. Cruz, Manila. “It’s nice to hear the Philippine national anthem,” added the petite athlete, with her beaming teammate and classmate beside her.

holding their first practice at Liceo Mixto in the evening. The Philippines, which also parades Taj Arkhea Teves, Nadeth Faye Herbon, Jello Andrea Mauricio, Jhaynna Love Bulandres, Princess Khaira Manzano and Frances Dianne Ramos, takes on Mexico on Friday and Tunisia on Saturday before the tournament takes a break on Sunday. Alas Pilipinas, supported by the Philippine Sports Commission, Philippine Olympic Committee and Asics, returns to action against Peru on Monday, then battles Venezuela on Wednesday.

Coach’s wish

ALAS Pilipinas Girls head coach Edwin Leyva on Wednesday celebrated his birthday on the road for the very first time, hoping his wish comes true when the tournament wraps up in 11 days. Leyva once thought the world championship stint had slipped away after federation troubles followed the Philippine team’s fifth-place finish in the Asian Women’s U16 Volleyball Championship in Amman. He even planned a personal trip for his birthday. “But things settled and here we are,” Leyva said, now back at the helm with assistant coach Oliver Balse, mental performance coach Wynnette Bernardo and physiotherapist Hannah de Luna. “I don’t have to spell out my wish,” Leyva said with a grin. ORMOC City Mayor Lucy Torres-Gomez briefs Philippine Sports Commission chairman John Patrick Gregorio on the city’s sports facilities. In the background is Leyte Fourth District Rep. Richard Gomez. PSC PHOTO

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By Josef Ramos

ESTHY PETECIO will be fighting as a lightweight as she guns for her first Asian Games gold medal in Aichi and Nagoya in September. The Japanese organizers scrapped the women’s featherweight class, the division where she won a world championship gold medal in Ulan Ude in 2019, a silver medal at the Tokyo 2020 Olympics and a bronze in Paris 2024 and two more golds in the Southeast Asian Games. Absent from her resumé is an Asian Games gold medal—she didn’t get past the quarterfinals in her debut in Jakarta 2018 and Hangzhou 2022— and she knows it would be tough in the heavier weight class. “A lot of challenges—from height t0 reach—in lightweight,” Petecio told the BusinessMirror on Thursday. “It’s not just all about gaining weight when you just need to bulk up, I must also maintain my quickness, quality of punches and my movement.” “I’m looking for my first ever [Asian Games] medal, whatever color, but hopefully a gold, God willing,” she said. “My nutritionist is figuring out how to keep my quickness because that will be my advantage against bigger opponents in the lightweight category,” said the 34-year-old from Santa Cruz, Davao del Sur. Petecio and the rest of the national boxing team are in Baguio City before moving their training camp to Bangkok, then Nishio in Japan ahead of the Asian Games that start on September 19. After the Asian Games, Petecio said she’ll revert to featherweight which is on the boxing program in the Asian Indoor and Martial Arts Games in December in Riyadh and the Los Angeles 2028 Olympics.

Gregorio: Ormoc exemplary LGU partner for sports

P “This is all too surreal. We really did not expect it. It was only a dream,” said Ladaran, 11. “I am very proud of both pairs. It was a challenging journey for both so I am very happy with the result,” said coach and former national team athlete Carlo Joshua Tangonan, who won a bronze medal in the mixed pair event with Charmaine Dolar in the 2023 Cambodia Southeast Asian Games. Vying as the first squad among six finalists, Cabides and Amante set the tone with their eye-popping score of 17.80 points based on the cumulative tally of difficulty, execution and artistry.

HILIPPINE Sports Commission (PSC) chairman John Patrick “Pato” Gregorio hailed Ormoc City as an exemplary local government partner in grassroots development as the city positions itself as Eastern Visayas’ emerging sports hub. Gregorio expressed admiration for Ormoc’s ambitious infrastructure program following a recent three-day visit that showcased its expanding network of competition venues and training facilities. “Fantastic vision. Admirable passion. Shine, Ormoc Sports,” Gregorio said after joining city officials led by Mayor Lucy Torres-Gomez, Leyte Fourth District Rep. Richard Gomez and Vice Mayor Carmelo Locsin Jr. in the turnover ceremony. Gregorio, accompanied by PSC commissioners Fritz Gaston and Walter

Torres, also led the turnover of a newly installed boxing ring at the Ormoc City Sports Complex. Association of Boxing Alliances in the Philippines (ABAP) president Marcus Manalo and Karate Pilipinas president Richard Lim attended the ceremony. The PSC chief assured city officials of the agency’s full support for Ormoc’s sports program. “Thank you endlessly for the wonderful support from the PSC,” TorresGomez said. “We all do what we can for each other in God’s garden. You are nurturing the seeds we have sown through the years. God bless all our efforts.” Among the city’s flagship projects are national training facilities for sporting clays and modern pentathlon, along with air-conditioned dormitories for athletes and coaches.

Editor: Jennifer A. Ng

Companies BusinessMirror

‘EVIS SCHEME GIVES PHL AUTO SECTOR MUCH-NEEDED BOOST’ By Bless Aubrey Ogerio @blessogerio

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OYOTA Motor Philippines Corp. (TMP) said the government’s Electric Vehicle Industry Strategy (EVIS) Program could strengthen not only electric vehicle manufacturing but also the country’s existing automotive production base. The country’s largest automaker said Executive Order 121 supports a dual-track industrial strategy by encouraging investment in electrified vehicles while sustaining the capabilities developed through decades of conventional vehicle manufacturing. “EVIS is a significant milestone for the entire automotive industry, serving as a catalyst to attract investments and empower parts manufacturers to expand and boost their overall competitiveness across all powertrain technologies,” TMP said in a statement. The company added that com-

bining EVIS with the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program could encourage higher-value manufacturing activities, support jobs across the automotive supply chain and create opportunities for micro, small and medium enterprises supplying the sector. President Ferdinand Marcos Jr. recently signed Executive Order 121 establishing the EVIS Program, which provides up to P60 billion in fiscal support for electric vehicle manufacturing projects. The program allows qualified manufacturers to register up to two electric vehicle models, with fiscal support capped at P15 billion per enrolled model. To qualify, companies must invest at least P5 billion, target annual production of 10,000 units for each enrolled model and introduce their products to either the domestic or export market within three years of registration.

Friday, August 7, 2026

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Cebu Pacific swings to loss as war jacks up jet fuel cost

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By Lenie Lectura

@llectura

UDGET carrier Cebu Pacific recorded a net loss of P5.9 billion in the first half, a reversal of last year’s P8.97-billion profit, mainly due to its foreign exchange transactions and surging global fuel prices during the second quarter. Revenues from January to June reached P68.6 billion, up 8 percent from the same period last year. Passenger revenue grew to P47.2 billion, an increase of 7 percent, while ancillary and cargo revenue rose by 11 percent and 13 percent, respectively. The airline carried nearly 14.5 million passengers during the first

half, up 4 percent year-on-year. It reported an EBITDA of P10.5 billion and an operating income of P300 million for the first half of the year, despite the sharp increase in global fuel prices during the second quarter. Including financing costs, its core pre-tax loss amounted to P3.4 billion.

Factoring in the impact of foreign exchange translation losses, the net loss for the first half reached P5.9 billion. For the second quarter, revenues stood at P35.2 billion, up 7 percent as demand remained resilient amid calibrated fare adjustments across the network. However, because rising fuel prices more than doubled fuel expenses year-on-year, coupled with foreign exchange losses, Cebu Pacific reported an operating loss of P2.7 billion, and a net loss of P5.5 billion in the second quarter. “The second quarter was one of the most challenging operating environments we have faced post-pandemic, driven by an unprecedented spike in fuel prices,” said Michael Szucs, CEO of Cebu Pacific. “Despite these external pressures, demand for affordable air travel remained resilient, revenue continued to grow, and we

Nintendo tops estimates with tariff refunds, Switch 2 sales

DMCI unit bullish on Makati project

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INTENDO Co. reported stronger-than-expected earnings buoyed by tariff refunds from the US and strong sales of a pair of in-house titles for its flagship Switch 2 console. The Kyoto-based company posted net income of ¥147.4 billion ($934 million) for the June quarter, compared with an analyst consensus estimate of ¥77.8 billion. A large portion of that came from what the company called a reduction of cost of sales, related to refunds of tariffs that the US imposed last year and later rescinded. Revenue declined by nearly 10 percent, to ¥517.8 billion, but still surpassed the market expectation of ¥448.8 billion. The boost to earnings from the reversal of tariffs has shown up across Japan’s electronics sector this summer, including in the results of Sony Group Corp. and Canon Inc. Nintendo and Sony both raised console hardware prices over the past year as a result of the associated higher costs. The Kyoto games pioneer also recorded a ¥39 billion positive effect on its sales from the weakening yen. Sales of Switch 2 software over the period were led by Tomodachi Life: Living the Dream and Pokémon Pokopia, a pair of somewhat surprising hits developed in-house. Tomodachi Life sold 7.94 million units by the end of the quarter. Still, Nintendo has a significant task ahead ramping up game sales, as it achieved only 9.5 million units across the three months for the Switch 2. That’s far below the nearly 34 million software copies it shifted on the nine-year-old Switch platform. Nintendo sold 3.82 million units of the Switch 2, which was seen as potentially moving up demand from later in the year as consumers sought to get out ahead of a Sept. 1 price hike for the console across international markets. “Hardware sales likely benefited from last-minute demand ahead of price increases,” said Hideki Yasuda of Toyo Research and Advice Co. “On the other hand, software sales lacked momentum, making a stronger release lineup toward the year-end shopping season highly desirable. Hardware profitability is expected to deteriorate through the end of this year, so the key will be how effectively the company can drive software sales.” Bloomberg News

further strengthened our market leadership.” “As industry capacity becomes more rational and market conditions improve, we remain confident in Cebu Pacific’s long-term growth opportunity and our ability to deliver sustainable value for our shareholders.” The war in the Middle East, which began in late February, sent fuel prices to new record-highs and raised transport and logistics costs. In January, the airline reported that it flew nearly 27 million passengers last year, up 9.5 percent from 24.5 million in 2024. From January to December 2025, Cebu Pacific carried 20 million passengers for its domestic routes, 8.1 percent higher than in 2024. International passengers also increased by 14 percent to 6.9 million. The total seat capacity grew by 10 percent to 32 million, with an average seat load factor of 84 percent.

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EXPANDED BUYBACK PROGRAM

Deutsche Telekom AG, Europe’s biggest phone carrier, boosted its share buyback program by as much as €3 billion ($3.5 billion) in 2026 after raising its free-cash-flow forecast for the year. The planned purchases, which brings the total for the year to as much as €5 billion, were approved by the board at an August 6 meeting to address the company’s low share price, Deutsche Telekom said in a statement Thursday. The company raised its full-year guidance for free cash flow after leases to around €20 billion from more than €19.8 billion previously, based on T-Mobile US Inc.’s performance. Second-quarter revenue rose 4.4 percent to €29.9 billion. Photo shows a sign outside a Deutsche Telekom AG store in Berlin. PHOTOGRAPHER: KRISZTIAN BOCSI/BLOOMBERG

ERC to set rules on pricing natural gas

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HE Energy Regulatory Commission (ERC) is intent on crafting rules on the gas price benchmark for mid-merit natural gas auction. The commission released Thursday a draft resolution to regulate natural gas procurement costs by establishing a price benchmarking methodology and setting strict caps on add-on costs. It said the directive aims to protect consumers by preventing the pass-through of unwarranted fuel procurement expenses and enforcing regular audits of winning bidders. The market operator—Independent Electricity Market Operator

of the Philippines (IEMOP)--has 30 days to submit the mid-merit natural gas capacity auction program’s settlement mechanism to the ERC for review and approval. Additionally, the operator must seek ERC approval to recover costs linked to implementing this mechanism. “It is necessary and appropriate for the Commission to issue the requisite rules and regulations to fulfill its mandate under the gas auction circular to ensure that the gas auction threshold price is determined on the basis of sound, cost-reflective financial methodology, that fuel costs passed through to consumers are benchmarked

against prudent market prices, and that the settlement mechanism provides winning bidders with full revenue recovery of their gas auction price and fuel costs through the WESM [Wholesale Electricity Spot Market] and off-taker DUs [distribution utilities].” The DOE issued Department Circular No. DC2026-06-0013 to establish guidelines for the mid-merit natural gas capacity auction. This program aims to contract flexible gas-fired power generation, stabilize the power grid, and balance variable renewable energy sources. DOE Secretary Sharon Garin said her office plans to finalize the

auction and award contracts by the fourth quarter. “We are really targeting before the end of the year. We’re not moving that (auction)… We’re still anticipating the fourth quarter to award.” The energy chief reiterated the importance of the role of mid-merit technology in the power sector. She cited grid stability, which manages fluctuating power demands throughout the day; its use as transition fuel, which integrates natural gas smoothly alongside rising renewable energy shares; and demand coverage, which bridges gaps between steady baseload and sharp peak electricity needs. Lenie Lectura

MCI Project Developers Inc., the office developer of listed DMCI Holdings Inc., said Thursday it will launch the company’s entry into the office sector with One Fortis Plaza, an office building along Chino Roces Avenue in Makati. One Fortis Plaza is located within the Makati Southwest Gateway, a redevelopment initiative of the government of Makati aimed at transforming a stretch of Chino Roces Avenue into a mixed-use district. With planned commercial, residential and recreational developments, the area is expected to emerge as a key growth corridor that will attract businesses, investments and new development opportunities. “As more companies prioritize accessibility and convenience for their employees, we see a growing demand for office spaces located near major transportation hubs,” Dennis Yap, vice president for project development, said. “With its proximity to the MRT-3 Magallanes Station and key business districts, One Fortis Plaza offers businesses a location that can help make daily commutes more convenient for employees while keeping businesses connected to major commercial centers.” One Fortis Plaza will rise on a 2,400-square-meter property and feature 17 floors with 15 office units, each offering an efficient 1,400-square-meter floor plate. Slated for occupancy by April 2028, the development will incorporate premium and sustainable building features, including a low-emissivity all-glass façade, eight high-speed elevators and a variable refrigerant flow (VRF) air-conditioning system. Among the project’s key advantages is its proximity to the MRT-3 Magallanes Station, which is about 300 meters away. The location reflects a growing preference among office occupiers for developments with convenient access to public transportation. A recent report by Colliers Philippines found that accessibility has become a primary consideration for companies when selecting office locations, with proximity to transit often taking precedence over factors such as cost and distance. VG Cabuag

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Companies BusinessMirror

Friday, August 7, 2026

PSE STOCK QUOTATIONS

August 6, 2026

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL DOMINION HLDG FIRST ABACUS FERRONOUX HLDG MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

48.65 123.2 10.24 101 53.5 11.62 66.8 6.85 62.5 52.7 23 68.05 25 0.49 1.31 8.94 0.55 5.05 0.09 0.94 205 4,784 0.78

49.9 123.3 10.48 101.5 54 11.66 67 6.92 62.65 52.8 23.25 68.3 25.4 0.5 1.33 8.98 0.59 5.2 0.104 0.96 205.8 4,876 0.8

49.3 123 10.52 103.2 52.7 11.66 66.7 6.91 62.5 53 23 68 25.5 0.5 1.33 8.8 0.55 5.35 0.09 0.94 205.8 4,800 0.79

50.35 124.5 10.52 103.2 54.15 11.66 67.35 6.91 62.7 53 23 68.35 25.5 0.5 1.33 9.1 0.56 5.7 0.104 0.96 205.8 4,800 0.79

48.45 122.6 10.2 101 52.7 11.6 66.2 6.91 62.5 52.75 23 67.95 24.85 0.49 1.33 8.62 0.55 5 0.09 0.94 203.2 4,800 0.78

48.65 123.2 10.5 101 54 11.66 67 6.91 62.5 52.75 23 68.3 25 0.49 1.33 8.98 0.56 5.05 0.104 0.96 205.8 4,800 0.78

54,500 2,465,780 40,600 1,942,870 874,660 222,200 2,322,140 9,700 194,700 480 200 108,430 17,400 47,000 6,000 5,747,900 11,000 178,600 70,000 7,000 11,150 310 101,000

2,677,565 303,800,816 416,192 197,656,085 46,923,809 2,588,974 155,406,997 67,027 12,173,761 25,350 4,600 7,395,229 434,525 23,480 7,980 51,324,716 6,150 942,362 7,000 6,660 2,285,334 1,488,000 79,670

1,218,525 -38,145,661 -102,375,435 19,163,687 -1,906,544 22,679,360 2,824,741 -20,066 3,281,024 -14,970 -476,592 1,880 2,258,760 1,440,000 -

INDUSTRIAL

ACEN CORP 3.03 3.05 3 0.69 0.69 ALSONS CONS 0.71 ALTERNERGY HLDG 0.78 0.76 0.78 ABOITIZ POWER 44.3 43.5 43.1 1.03 1.05 1.05 RASLAG 0.112 0.114 0.114 BASIC ENERGY CITICORE RE 4.46 4.4 4.46 FIRST GEN 18.68 18.7 18.34 92 92.25 92.35 FIRST PHIL HLDG MERALCO 495.6 486 488 MANILA WATER 34.5 34.25 34.2 18.76 18.78 18.92 MAYNILAD 2.32 2.35 PETRON 2.37 PETROENERGY 3.6 3.51 3.58 15 14.8 15 PRYCE CORP 20.3 20.5 20.35 SEMIRARA MINING 27.2 27.25 27.15 SYNERGY GRID SHELL PILIPINAS 8.9 8.95 8.99 10.04 10.06 10.1 SPC POWER 1.29 1.3 1.35 SP NEW ENERGY TOP LINE 1.61 1.62 1.62 VIVANT 20.75 20.1 20.1 2.88 2.85 2.89 AXELUM 0.31 0.32 0.31 BALAI FRUITAS CNTRL AZUCARERA 9.95 9.6 9.54 CENTURY FOOD 32.1 32.2 32.35 3.8 3.8 DEL MONTE 3.94 DNL INDUS 3.6 3.61 3.57 EMPERADOR 15.9 15.64 15.8 48.7 48.75 48.85 SMC FOODANDBEV 0.6 0.61 0.6 FIGARO GROUP ALLIANCE SELECT 0.29 0.34 0.29 0.68 0.69 0.67 FRUITAS HLDG 250 252 251.8 GINEBRA 151 151.5 152.5 JOLLIBEE KEEPERS HLDG 1.87 1.9 1.89 22.85 23.5 23 LIBERTY FLOUR 2.09 2.1 2.12 MAXS GROUP MG HLDG 0.069 0.076 0.07 7.2 7.23 7.03 MONDE NISSIN 5.87 5.96 SHAKEYS PIZZA 5.96 5.31 5.32 5.32 RFM CORP UNIV ROBINA 60.2 60.25 58.5 VITARICH 0.5 0.51 0.51 51.35 57.9 57.95 CONCRETE A CONCRETE B 51.35 59.95 54.8 1.04 1.06 1.03 CONCREAT HLDG 1.96 2 1.96 EEI CORP 4.28 4.24 MEGAWIDE 4.29 CROWN ASIA 1.75 1.78 1.77 EUROMED 1.08 1.05 1.08 5.06 5.22 5.06 MABUHAY VINYL 11 10.92 CONCEPCION 11.26 GREENERGY 0.139 0.136 0.138 6.52 6.59 6.6 INTEGRATED MICR 1.49 1.5 1.53 IONICS PANASONIC 7.33 7.4 7.55 1.12 1.13 1.1 CIRTEK HLDG 1.97 1.97 STENIEL 1.98

3.03 0.71 0.78 44.3 1.06 0.116 4.46 19 92.35 495.6 34.5 18.98 2.37 3.6 15 20.8 27.3 8.99 10.1 1.36 1.62 20.1 2.89 0.31 9.95 32.35 3.94 3.63 15.9 48.85 0.6 0.29 0.69 252 154 1.91 23.9 2.12 0.07 7.2 5.96 5.39 60.5 0.51 57.95 54.8 1.09 2.05 4.31 1.79 1.08 5.06 11 0.139 6.68 1.58 7.55 1.15 1.98

2.94 0.65 0.76 43.1 1.03 0.108 4.42 18.2 92 480.4 34 18.6 2.31 3.58 15 20.3 26.9 8.81 10.02 1.3 1.59 20.1 2.85 0.31 9.54 31.8 3.8 3.57 15.64 48.5 0.58 0.29 0.67 245 149.5 1.86 23 2.12 0.068 7.02 5.96 5.3 58.15 0.51 51 54.8 1.03 1.91 4.2 1.77 1.08 5.06 10.88 0.138 6.51 1.5 7.33 1.06 1.97

3.03 0.69 0.78 44.3 1.03 0.114 4.46 18.7 92.25 495.6 34.25 18.76 2.37 3.6 15 20.3 27.2 8.9 10.06 1.3 1.62 20.1 2.89 0.31 9.7 32.1 3.94 3.6 15.9 48.75 0.6 0.29 0.69 251.8 151.5 1.9 23 2.12 0.069 7.2 5.96 5.32 60.2 0.51 51.1 54.8 1.06 2 4.29 1.79 1.08 5.06 11 0.139 6.59 1.5 7.33 1.14 1.98

11,747,000 18,082,000 317,000 536,100 648,000 17,320,000 23,000 1,545,300 7,790 216,510 1,453,900 3,769,100 1,526,000 21,000 10,300 1,050,800 940,800 670,300 110,600 17,878,000 707,000 100 135,000 10,000 2,200 1,410,000 2,000 1,831,000 2,875,500 155,200 1,025,000 10,000 91,000 66,830 859,050 2,198,000 2,900 2,000 590,000 4,282,500 500 258,300 2,237,630 346,000 680 10 2,568,000 131,000 1,109,000 28,000 4,000 700 94,600 30,000 1,333,500 3,037,000 22,400 3,217,000 17,000

35,279,540 11,932,360 243,360 23,470,895 677,500 1,915,790 102,440 28,463,652 718,330 105,572,726 49,793,175 70,737,398 3,580,720 75,200 154,500 21,438,630 25,532,380 5,966,685 1,114,564 23,437,960 1,133,280 2,010 386,980 3,100 21,598 45,015,350 7,740 6,596,770 45,282,734 7,568,580 614,310 2,900 62,360 16,689,342 129,974,306 4,104,050 66,990 4,240 40,450 30,615,726 2,980 1,376,082 131,948,981 176,460 34,937 548 2,745,210 260,660 4,741,610 50,100 4,320 3,542 1,039,150 4,150 8,806,603 4,662,220 165,760 3,597,310 33,640

23,811,570 -7,984,110 2,290 7,277,530 -11,330 72,600 -4,420 4,212,156 516,604 -790,014 1,843,185 1,587,576 104,390 -4,500 -6,028,260 -3,164,205 -2,588,744 -100,800 625,100 -356,690 -14,450 3,100 -40 628,755 377,300 21,965,312 -6,966,125 334,440 -6,903,096 -12,634,551 -49,470 1,810,768 -596 -591,076 -39,413,402 15,300 -54,570 -216,000 269,400 -1,770 913,758 -2,739,602 -1,074,940 -448,880 -1,970

HOLDING & FRIMS

ABACORE CAPITAL 0.34 0.35 0.355 0.36 0.34 0.35 5,940,000 2,062,700 48 48.15 48.05 48.5 47.4 48.15 646,400 30,843,285 4,631,705 ASIABEST GROUP AYALA CORP 492.2 493 497 497 487.2 493 702,820 346,071,002 76,743,888 ABOITIZ EQUITY 36.4 35.9 36.4 36.35 35.55 36.4 333,000 12,066,650 4,053,305 8.76 8.78 8.64 8.88 8.64 8.76 2,024,800 17,779,848 -4,187,665 ALLIANCE GLOBAL 16.9 17 17.1 17 17 43,000 731,010 ANSCOR 17.1 ANGLO PHIL HLDG 1.67 1.68 1.59 1.67 1.55 1.67 5,801,000 9,465,710 -159,350 COSCO CAPITAL 8.25 8.33 8.35 8.35 8.25 8.29 395,800 3,267,572 900,442 7.25 7.26 7.37 7.49 7.24 7.26 6,165,100 44,960,597 22,748,526 DMCI HLDG FILINVEST DEV 3.31 3.48 3.35 3.4 3.3 3.3 501,000 1,666,170 706,210 GT CAPITAL 488.2 490.4 499 499 488 488.2 32,010 15,668,742 -4,471,292 22.45 22.5 22.5 22.65 21.85 22.45 1,471,600 32,565,795 10,191,930 JG SUMMIT 5.99 5.94 5.82 6.02 1,354,100 8,119,003 532,800 LOPEZ HLDG 6.02 6.02 LT GROUP 14.7 14.72 14.82 14.82 14.68 14.72 1,410,700 20,763,936 287,794 PACIFICA HLDG 0.76 0.8 0.76 0.76 0.75 0.75 46,000 34,510 0.8 0.85 0.85 0.85 3,000 2,550 0.85 0.85 PRIME MEDIA 1.17 1.21 1.17 1.2 1.14 1.2 32,000 37,810 5,980 SOLID GROUP SM INVESTMENTS 591.5 594.5 595.5 595.5 589 591.5 512,690 303,254,950 -102,599,180 63.45 63.5 64.3 64.45 63.25 63.5 88,040 5,609,442 -2,139,867 SAN MIGUEL CORP 52.6 53 53 53 110 5,830 TOP FRONTIER 53 53 ZEUS HLDG 0.062 0.064 0.064 0.065 0.062 0.062 350,000 22,430 PROPERTY ARTHALAND CORP 0.43 0.44 0.44 0.44 0.44 0.44 90,000 39,600 15.32 15.38 15.32 15.54 15.14 15.32 5,602,000 85,719,950 -34,292,784 AYALA LAND AYALA LAND LOG 1.21 1.22 1.28 1.28 1.2 1.21 1,322,000 1,607,720 10.6 11.4 10.6 11.2 10.6 11.2 12,700 142,000 ALTUS PROP 0.27 0.275 0.26 0.27 0.26 0.27 610,000 162,700 ARANETA PROP 37.25 37.5 37.2 37.35 637,600 23,820,470 -11,525,935 AREIT RT 37.35 37.55 A BROWN 0.72 0.73 0.7 0.71 0.68 0.71 67,000 46,830 0.58 0.6 0.6 0.61 0.58 0.59 81,000 47,560 -5,310 CITYLAND DEVT 0.085 0.088 0.089 0.089 0.089 0.089 50,000 4,450 CROWN EQUITIES CEB LANDMASTERS 2.2 2.2 2.19 2.18 2.18 2.2 279,000 608,850 -2,200 CENTURY PROP 0.72 0.72 0.71 0.71 0.71 0.72 3,874,000 2,763,380 11,520 3.39 3.4 3.37 3.4 1,098,000 3,722,900 -121,470 CITICORE RT 3.4 3.4 11.72 11.84 12 11.72 11.82 2,055,400 24,332,838 -602,444 DOUBLEDRAGON 11.82 DDMP RT 1.04 1.04 1.03 1.04 1.03 1.04 2,168,000 2,245,430 2,060 DM WENCESLAO 5 5 4.8 5 5 5 4,100 20,500 0.027 0.027 0.027 0.028 2,600,000 70,300 0.028 0.028 EVERWOODS 0.098 0.102 0.098 0.098 0.098 0.098 10,000 980 EMPIRE EAST FILINVEST RT 2.94 2.95 2.94 2.95 2.93 2.95 672,000 1,972,340 -97,170 0.7 0.7 0.7 0.7 850,000 595,030 FILINVEST LAND 0.71 0.71 0.59 0.6 0.6 0.6 43,000 25,800 GLOBAL ESTATE 0.6 0.6 KEPPEL PROP 2.4 2.49 2.42 2.42 2.4 2.4 100,000 240,400 2.24 2.24 2.22 2.23 2.22 2.24 5,039,000 11,240,530 5,604,500 MEGAWORLD 0.72 0.73 0.75 0.75 0.7 0.73 19,487,000 14,052,160 -1,861,110 MRC ALLIED 14.26 14.26 14.24 14.28 317,500 4,530,816 1,660,136 MREIT RT 14.28 14.28 OMICO CORP 0.102 0.104 0.102 0.102 0.102 0.102 1,810,000 184,620 0.152 0.152 0.151 0.151 0.151 0.152 300,000 45,540 -3,030 PRMIERE HORIZON 0.36 0.375 0.38 0.445 0.36 0.36 80,000 30,300 7,200 PHIL ESTATES PHIL RACING 5.01 5.34 5.01 5.01 5.01 5.01 100 501 1.05 1.07 1.07 1.08 1.07 1.07 70,000 75,070 -20,330 PREMIERE RT 0.93 0.98 0.93 1 0.93 0.93 26,000 24,780 PRIMEX CORP 7.24 7.28 7.25 7.28 7.17 7.28 1,149,000 8,306,056 -2,587,964 RL COMM RT ROBINSONS LAND 17.1 17.1 17.04 17.04 16.62 17.1 1,340,200 22,743,644 4,022,800 PHIL REALTY 0.09 0.097 0.09 0.09 0.09 0.09 10,000 900 2.99 3 2.86 2.85 3 1,380,000 4,101,880 195,000 3.02 ROCKWELL 3.24 3.27 3.19 3.29 3.19 3.25 40,000 130,140 -26,080 SHANG PROP STA LUCIA LAND 1.9 2.05 2.05 2.05 2.05 2.05 1,000 2,050 18.24 18.26 18.3 18.44 18.24 18.26 5,175,200 94,542,072 -32,518,064 SM PRIME HLDG 0.42 0.44 0.44 0.445 40,000 17,700 SUNTRUST RESORT 0.445 0.445 SERVICES ABS CBN 3.62 3.67 3.68 3.68 3.61 3.62 166,000 600,960 4.47 4.5 4.45 4.47 213,000 953,140 GMA NETWORK 4.5 4.5 MANILA BULLETIN 0.179 0.196 0.183 0.183 0.183 0.183 10,000 1,830 0.73 0.74 0.74 0.74 0.73 0.74 1,917,000 1,406,880 106,490 DITO CME HLDG 1,719 1,720 1,750 1,750 1,718 1,719 62,675 108,153,585 -12,898,995 GLOBE TELECOM 1,218 1,219 1,224 1,212 1,220 67,910 82,715,530 -21,566,400 PLDT 1,220 APOLLO GLOBAL 0.0063 0.0064 0.0064 0.0065 0.0062 0.0064 64,000,000 403,900 -132,300 CONVERGE 10.96 10.92 11.06 11.2 10.82 10.92 6,235,300 68,181,472 4,033,146 0.65 0.68 0.68 0.68 1,000 680 DFNN INC 0.68 0.68 EASYCALL 2.29 2.3 2.67 2.29 2.29 2.29 1,000 2,290 2,290 ISLAND INFO 0.154 0.158 0.158 0.165 0.153 0.158 6,370,000 1,000,490 0.475 0.49 0.5 0.5 0.455 0.475 5,273,000 2,480,715 -1,200,335 NOW CORP 0.115 0.117 0.115 0.115 760,000 87,460 TRANSPACIFIC BR 0.117 0.117 CHELSEA 0.83 0.79 0.82 0.83 0.79 0.79 224,000 180,890 -36,520 CEBU AIR 28.9 29.2 28.85 29 28.85 28.9 38,800 1,121,945 -404,730 996.5 1,000 1,012 1,012 982 1,000 1,753,230 1,742,079,905 -18,666,013 INTL CONTAINER 0.65 0.69 0.67 0.67 0.67 0.67 2,000 1,340 LORENZO SHIPPNG MACROASIA 3.76 3.76 3.74 3.76 3.73 3.76 75,000 281,290 187,650 2.15 2.18 2.2 2.2 2.14 2.18 537,000 1,159,830 -591,140 PAL HLDG 1.05 1.06 1.05 1.07 1.04 1.05 1,107,000 1,163,660 210,000 HARBOR STAR ACESITE HOTEL 1.25 1.25 1.2 1.25 1.25 1.25 94,000 117,500 0.03 0.033 0.032 0.032 0.03 0.03 10,600,000 326,500 BOULEVARD HLDG 0.86 0.85 0.85 0.92 13,000 11,750 11,750 0.92 0.92 DISCOVERY WORLD 15 15.08 14.8 14.9 14.8 14.9 10,100 149,500 CENTRO ESCOLAR FAR EASTERN U 800 805 800 805 800 805 220 176,050 7.2 7.2 7 7.2 7.2 7.2 700 5,040 IPEOPLE 1.19 1.2 1.19 1.22 472,000 567,010 132,400 1.22 1.22 STI HLDG BELLE CORP 1.18 1.2 1.21 1.21 1.18 1.19 118,000 142,260 -121,000 BLOOMBERRY 1.98 2.01 2.04 2.04 1.98 1.98 11,523,000 23,057,730 -5,011,490 1.87 1.89 1.87 1.87 1.87 1.87 2,000 3,740 PACIFIC ONLINE 9.5 9.38 9.55 9.24 9.5 3,090,600 29,212,453 1,187,795 DIGIPLUS 9.51 PHILWEB 13.54 13.48 13.5 13.2 13.08 13.5 3,775,600 50,429,796 -2,634,644 METRO RETAIL 1.07 1.07 1.04 1.07 1.07 1.07 1,000 1,070 40.15 40 40.5 40 40.15 628,200 25,263,410 -16,781,775 40.45 PUREGOLD 32.75 33.35 33.4 33.4 32.55 32.75 14,200 466,150 -46,760 PHIL SEVEN CORP SSI GROUP 2.05 2.07 2.05 2.06 2.03 2.05 408,000 836,440 617,050 0.68 0.69 0.7 0.7 0.69 0.7 13,000 9,090 UPSON INTL CORP 5.89 5.92 5.86 5.97 5.82 5.89 732,200 4,335,980 -59,975 WILCON DEPOT APC GROUP 0.103 0.113 0.104 0.114 0.1 0.114 1,800,000 185,890 0.219 0.21 0.21 0.21 0.21 0.21 20,000 4,200 MEDILINES 2.01 2.42 2.43 2.18 2.4 55,000 124,640 2.45 PAXYS 1.61 1.61 1.61 1.61 1.61 10,000 16,100 PHILCOMSAT 1.65 MINING & OIL ATOK 1.79 1.95 2.07 1.99 1.99 5,000 10,030 -3,980 2.07 APEX MINING 14.9 15.1 15.66 15.98 14.76 14.9 8,487,600 129,971,614 -45,377,792 ATLAS MINING 14.98 15 15 15.5 14.92 15 8,880,100 134,292,828 -10,521,534 6.61 6.79 6.48 6.8 6.48 6.8 322,500 2,156,334 BENGUET A 6.6 6.79 6.49 6.99 6.49 6.79 86,700 566,464 -64,900 BENGUET B EC VULCAN 0.27 0.27 0.265 0.27 0.26 0.265 210,000 55,900 5,500 FERRONICKEL 2.06 2.01 2.06 2.09 1.99 2.06 589,000 1,211,310 -89,000 0.08 0.086 0.083 0.083 0.084 820,000 68,360 GEOGRACE 0.084 LEPANTO A 0.226 0.228 0.221 0.234 0.221 0.228 63,830,000 14,604,290 0.223 0.227 0.218 0.228 0.218 0.227 5,980,000 1,339,940 171,140 LEPANTO B 0.0074 0.0076 0.0072 0.0077 0.0072 0.0075 42,000,000 314,200 MANILA MINING A 0.0072 0.0079 0.0073 0.0073 0.007 0.007 26,000,000 186,100 MANILA MINING B MARCVENTURES 0.68 0.67 0.68 0.69 0.67 0.68 1,130,000 769,760 -30,600 NIHAO 0.375 0.36 0.42 0.42 0.375 0.375 1,350,000 526,450 -200,400 4.12 4.14 4.15 4.35 4.05 4.12 11,281,000 47,356,580 -1,687,920 NICKEL ASIA 34.85 35.55 35.9 33.6 34.95 2,685,900 93,651,375 6,447,140 OCEANAGOLD 34.95 ORNTL PENINSULA 0.46 0.48 0.475 0.475 0.475 0.475 40,000 19,000 9.84 9.95 9.9 10.14 9.51 9.95 21,519,900 213,523,756 -15,330,258 PX MINING 0.007 0.0075 0.0073 0.0073 0.0073 0.0073 1,000,000 7,300 UNITED PARAGON ENEX ENERGY 3.12 3.14 3.2 3.3 3 3.12 67,000 203,380 3,010 ORNTL PETROL A 0.013 0.014 0.013 0.014 0.013 0.014 9,200,000 119,800 0.0076 0.008 0.008 0.008 0.0079 0.0079 5,000,000 39,800 -7,900 PHILODRILL 2.6 2.65 2.58 2.65 407,000 1,060,810 -130,360 PXP ENERGY 2.65 2.65 PREFFERED ACEN PREF A 995 1,010 1,000 1,000 995 995 10,100 10,099,550 2,472 2,498 2,498 2,498 2,472 2,472 25 61,930 AC PREF AR AC PREF B3R 1,955 1,962 1,962 1,962 1,962 1,962 100 196,200 1,960 1,969 1,969 1,969 1,969 1,969 40 78,760 AC PREF B4R 483 485 485 485 485 485 3,370 1,634,450 ALCO PREF F 98 99.7 101 101 101 101 10 1,010 BRN PREF A CEB PREF 30.15 30.15 30.1 30.15 30.15 30.15 10,900 328,635 1,020 1,025 1,020 1,020 1,020 1,020 20 20,400 CLI PREF A2 98 99 98.9 99 98.9 99 460 45,539 CPG PREF B DD PREF 93.35 93.05 93.35 93.35 93.05 93.35 26,480 2,468,613 -931,000 EEI PREF B 95.2 97.2 97.2 97.2 97.2 97.2 15,310 1,488,132 860.5 959 967 967 959 959 60 57,725 FDC PREF A 2,000 2,010 2,010 2,010 2,000 2,000 25 50,100 GLO PREF BNV JFC PREF B 982 998 981.5 984 981 982 1,560 1,531,940 97.3 100.8 99.95 100 99.95 100 510 51,000 -50,000 MWIDE PREF 6A 101 102.5 102.5 102.5 102.5 102.5 10,000 1,025,000 MWIDE PREF 6B 102.5 105 102.7 102.7 102.5 102.5 2,000 205,200 MWIDE PREF 6C MWIDE PREF 7A 100 101.5 99 100 99 100 40 3,970 100 102.8 101 101 100 100 5,000 502,170 MWIDE PREF 7B 972 989 989 989 989 989 10 9,890 PCOR PREF 4C PCOR PREF 4D 985 997 990 997 990 997 1,000 995,685 77.8 79.6 77.6 79.1 77.55 79.1 26,700 2,091,380 SMC PREF 2L 77.7 78.9 77.55 77.55 77.5 77.5 500 38,755 SMC PREF 2N 78.9 78.95 78.95 78.95 78.95 78.95 510 40,265 SMC PREF 2O SMC PREF 2P 73.8 74.9 74.95 74.95 74.95 74.95 10 750 70.1 74 74 74 70 74 27,500 1,942,700 186,000 SMC PREF 2Q 74.8 78.75 74.8 78.75 74.8 78.75 50 3,898 -3,150 SMC PREF 2R SMC PREF 2S 73.5 75 75 75 75 75 100 7,500 74.5 76 76.5 76.5 76 76 12,160 928,776 SMC PREF 2U 79 79.1 79 79 79 79 21,040 1,662,160 SMC PREF 2V 79.7 79.8 79 79.8 79 79.8 21,750 1,727,594 -1,191,750 SMC PREF 2W SMC PREF 2X 79.5 80 80 80 79.5 79.5 18,870 1,505,221 8.29 8.99 8.4 8.4 8.28 8.28 6,900 57,204 TECH PREF B2C 99.8 100 100 100 100 100 230 23,000 TOP PREF A1 100.9 101 101 101 101 101 1,960 197,960 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.1 4.18

3.26 4.41 -

1.04

SM A L L, M ED I U M & EM E R G IN G

HAUS TALK ITALPINAS KEPWEALTH MAKATI FINANCE XURPAS NEXGEN ENERGY

1.41 0.66 1.35 2.2 0.176 2.56

105.4

-

1.11

1.04

1.04

1.04

1.04

1,000

1,040

-1,040

1.45 0.67 1.41 2.39 0.19 2.7

1.48 0.67 1.35 2.39 0.198 2.68

1.48 0.67 1.35 2.39 0.2 2.75

1.42 0.67 1.35 2.39 0.19 2.62

1.45 0.67 1.35 2.39 0.19 2.7

642,000 1,000 1,000 2,000 920,000 21,000

934,190 670 1,350 4,780 177,380 56,120

-340,800 -3,920 2,620

EXHANGE TRADE FUNDS FIRST METRO ETF

-

105.6

106 106 105 105.6 8,830 929,018 -52,500

www.businessmirror.com.ph

URC: Branded food items, animal nutrition lift income By VG Cabuag

U

@villygc

NIVERSAL Robina Corp. (URC), the food unit of the Gokongwei Group, on Thursday said its net income went up by 10 percent to P6.91 billion in the first half from the previous year’s P6.27 billion. Revenues for the period rose 4 percent to P89.33 billion from the previous year’s P85.88 billion. The company said its performance was led by the company’s branded businesses and animal nutrition and health. The continued scale-up of the flour business also

contributed positively to overall results, the company said. “Our second quarter performance demonstrates the strength and balance of our portfolio. More importantly, we were able to manage disruption and cost impacts triggered by the ongoing conflict in the Middle

East,” Irwin Lee, the company’s president and CEO, said. “While geopolitical tensions and inflationary pressures remain risks going forward, our strong brands, distribution and customer partnerships strength, and disciplined operational execution provide us with the flexibility to adapt and sustain competitive advantage in a volatile environment.” For the second quarter alone, URC’s income jumped 32 percent to P2.93 billion from the previous year’s P2.21 billion, despite a slim 2-percent gain in revenues to P41.65 billion from the previous P40.62 billion. The branded consumer foods delivered P29.4 billion in sales for the quarter, up 4 percent year-on-year. The Philippine market grew 3 percent to P20.1 billion, driven mainly

by bakery and powdered beverages, with the latter benefiting from the annualization of pricing actions taken last year and major cost improvements. Its international sales grew 8 percent in peso terms, but declined 2 percent in constant currency, as strength in Vietnam and Malaysia were offset by softness in Thailand and transitioning of the Cambodia business following the Thai-Cambodia border conflict. Agro‑industrial and commodities recorded P12.1 billion in sales, down 3 percent year-on-year on lower sugar volumes and softer market prices. Commodities earnings grew 7 percent despite lower sugar volumes and prices due to high-double-digit rate profit increase in flour as the Sariaya plant continued to ramp up.

Lufthansa starts building Clark facility By Lenie Lectura @llectura

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UFTHANSA Technik Philippines has broken ground on a new maintenance, repair, and overhaul (MRO) facility within the Clark AeroDistrict. This is Lufthansa’s second Philippine location, adding to its existing Manila hub. This expansion boosts Clark’s aviation ecosystem and strengthens its position as major regional hub for aerospace, logistics, and aviation. The new facility, built on a 157,000-square-meter site, represents a three-digit-million-dollar and is expected to create around 1,200 highly skilled jobs. Operations are scheduled to begin in 2028. Lufthansa Technik Philippines currently specializes in the MRO of Airbus A330, A340 and A380 aircraft, as well as the Boeing 777. The Clark facility will also allow the company to expand its portfolio to include the Airbus A350 and

Boeing 787. Luzon International Premiere Airport Development (LIPAD) Corp., the consortium that operates Clark International Airport in Pampanga, welcomed Lufthansa Technik Philippines’ decision to expand in Clark. “This investment is a strong vote of confidence in Clark, in Filipino talent, and in the long-term growth of our country’s aviation industry. Together, we are transforming Clark into a major aviation hub—not only for the Philippines, but for the wider Asia-Pacific region,” said Josephine Gotianun Yap, Chairperson of the LIPAD Consortium and Vice Chairperson of Filinvest Development Corporation. The new center will provide widebody maintenance, repair and overhaul services and significantly expand Lufthansa Technik Philippines’ maintenance capacity. It will feature a paint shop and workshops for non-destructive testing, further enhancing the country’s capabilities in aircraft maintenance.

Boracay Water: El Niño plan to prevent dry taps

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ANILA Water Non-East Zone operating unit Boracay Water said it is strengthening its water security initiatives through enhanced river level monitoring, non-revenue water (NRW) reduction, and watershed protection to ensure the continuous delivery of safe and reliable water services across Boracay Island. Boracay Water said that despite prolonged dry weather conditions, it remains in a “strong operational position,” with a production capacity of 25 million liters per day (MLD) against an average demand of 10 MLD. The world-renowned Boracay Island is the country’s top tourist destination, attracting over 2 million visitors annually. The actual average water demand on Boracay Island is roughly 11.38 to 13.38 million liters per day (MLD). This water demand could peak during major tourist holidays, and summer surges to as high as 20 to 23 MLD. Aside from Boracay Water, Boracay Tubi System Inc. (BTSI) also provides water to the island’s water consumers. According to Boracay Island, its substantial supply buffer al-

lows the utility to meet the needs of residents, businesses, and the tourism sector even during periods of reduced rainfall.

Nabaoy River protection

ACCORDING to Boracay Water, central to its El Niño Mitigation Plan is the intensified monitoring of the Nabaoy River, the island’s primary freshwater source. Boracay Water regularly tracks river conditions, surface water levels, and sump elevations, supported by newly installed river level indicators that enable real-time assessment. During mild and severe El Niño scenarios, water levels and sump elevations are monitored hourly once trigger thresholds are reached, allowing risks to be addressed before customer service is affected. It is also strengthening its NRW Management Program to maximize available water resources. Ongoing initiatives include intensified leak detection, pipe replacement and repairs, pressure management through pressure-reducing valves (PRVs), activation of automated pressure controllers, and network improvement projects aimed at recovering more than 1.05 MLD of water. Jonathan L. Mayuga

MUTUAL FUNDS

August 6, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A217.22 -2.31% 0.77% 0.57% -2.35% 1.46% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2219 6.96% 15.24% 9.94% 4.89% 2.79% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.8808 -3.45% -0.78% -0.14% -4.11%1.05% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7713 1.13% 4.16% 0.9% N.A 5.05% FIRST METRO CONSUMER FUND, INC. -A 0.512 -15.97% -7.91% -6.59% N.A -7.93% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.3964 -6.16% -2.4% -1.14% -2.31% 0.54% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6681 -1.4% -1.74% -0.82% N.A3.97% MBG EQUITY INVESTMENT FUND, INC. -A 73.76 -10.94% -4.08% -5.3% N.A -17.55% PAMI EQUITY INDEX FUND, INC. -A 43.6689 0.83% -0.04% 0.28% -1.97% 5.58% PHILAM STRATEGIC GROWTH FUND, INC. -A 456.17 -2.49% 0.38% 0.09% -2.22% 1.48% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6202 8.72% 11.03% 7.72% 2.08% 3.77% PHILEQUITY FUND, INC. -A36.9622 3.6% 2.55% 2.59% -0.25% 7.35% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9971 10.03% 4.61% 3.49% N.A 12.32% PHILEQUITY PSE INDEX FUND, INC. -A 4.7254 1.79% 1.08% 1.36% -1.06% 5.72% PHILIPPINE STOCK INDEX FUND CORP. -A 777.16 1.34% 0.66% 1.01% -1.3% 5.74% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7152 1.59% 1.38% 1.21% -2.73% 1.87% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.2266 -7.08% -1.86% -0.95% -2.83%0.53% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8714 1.13% 0.25% 0.65% -1.55%5.75% UNITED FUND, INC. -A3.4545-0.3% 3.29% 2.33% -0.3% 5.08% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0915 1.33% 0.7% N.A N.A 5.67% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0781 -0.94% N.A N.A N.A 3.32% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9405 -3.41% -3.45% -2.28% N.A -0.4% PHILIPPINE STOCK INDEX FUND CORP. -A 937.72 1.33% 0.46% N.A N.A 5.78% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 106.0355 1.57% 0.92% 1.34% -0.86%6.02% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2407 33.61% 12.85% 0.52% 3.61% 21.1% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4582 19.81% 15.43% 6.11% 9.13% 10.52% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) PHILEQUITY GLOBAL FUND, INC. -A,2 1.0796 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2014 2.7% 0.52% 0.44% -0.87% 2.85% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7078 6.88% 5.27% 0.68% -0.83%4.37% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5156 -0.49% -0.18% -0.04% -0.7%2.18% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2316 0.09% 6.05% 4.64% N.A-0.13% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0222 2.24% 0.74% 1.18% 0.37% 0.98% PAMI HORIZON FUND, INC. -A3.8097 2.08% 2.66% 1.18% -0.28% 0.52% PHILAM FUND, INC. -A16.0924 -1.03% 1.37% 0.01% -0.84% 0.51% SOLIDARITAS FUND, INC. -A2.1398 0.61% 1.85% 1.3% -0.04% 1.88% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4523 -2.23% 0.61% 0.16% -1.26% 0.84% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9064 -2.98% 0.45% 1.3% -0.94% -0.47% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.71 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9793 0.45% 1.64% 0.26% N.A 0.05% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.847 -1.94% -0.11% -0.59% N.A 0.62% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8153 -0.7% -0.96% N.A -2.53% 0.51% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.0333 1.25% 0.64% -2.88% -0.78% -2.92% PAMI ASIA BALANCED FUND, INC. -B $1.1616 0.49% 8.19% 0.91% 2.35% -4% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.6868 12.86% 11.27% 3.47% 5.97%6.53% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2068 5.54% 6.34% 0.24% 2.44%1.98% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 423.61 2.69% 3.27% 2.56% 2.49% 0.86% ATRAM CORPORATE BOND FUND, INC. -A 1.983 2.27% 1.18% 0.57% 0.37% 1.25% COCOLIFE FIXED INCOME FUND, INC. -A 3.6 1.9% 3.06% 2.16% 3.2% 0.01% EKKLESIA MUTUAL FUND, INC. -A 2.4377 1.02% 3.14% 1.41% 1.32% -0.61% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5075 -0.92% 1.32% 0.48% 1.08%-2.39% PHILAM BOND FUND, INC. -A4.5079 -0.22% 2.74% 0.03% 0.59% -2.21% PHILAM MANAGED INCOME FUND, INC. -A 1.5369 3.02% 4.52% 3.09% 2.91% 1.11% PHILEQUITY PESO BOND FUND, INC. -A 4.3137 1.58% 3.02% 1.58% 1.68% 0.01% SOLDIVO BOND FUND, INC. -A1.1282 2.68% 2.82% 1.58% 1.59% 0.69% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4441 -1.65% 2.29% 1.32% 1.72% -2.73% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8276 -1.46% 1.96% 0.79% 1.12% -3.01% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0044 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.59 2.13% 2.88% 1.79% 1.98% 0.67% ALFM EURO BOND FUND, INC. -A Є223.17 0.41% 1.82% 0.25% 0.58% -0.27% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0541 -1.77% 0.04% -2.65% -0.64% -1.94% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0259 -0.77% 2.15% -0.23% 0.31%-2.26% PAMI GLOBAL BOND FUND, INC. -B $1.0463 -1.64% 7.45% -0.31% -0.56% -1.29% PHILAM DOLLAR BOND FUND, INC. -A $2.4306 0.26% 3.01% -0.82% 0.57% -1.99% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.063624 -0.18% 1.7% 0.18% 1.14% -1.28% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8687 -0.23% 1.93% -2.19% -0.7%-2.18% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1842 2.74% N.A N.A N.A 1.53% ALFM MONEY MARKET FUND, INC. -A 152.23 4.2% 4.07% 3.14% 2.83% 2.26% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2205 3.41% 3.76% 2.98% N.A1.9% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5115 3.68% 3.57% 2.95% 2.75% 2.02% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.64 4.16% 4.31% N.A N.A 2.36% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1931 2.56% 3.31% 2.43% N.A 1.43% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.593 6.07% 4.05% N.A N.A 3.22% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8257 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5023 29.59% 21.3% 13.49% N.A15.31% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1726 10.31% N.A N.A N.A 5.1% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8153 0.94% 1.33% -3.81% N.A 0.65% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, 2026. 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, 2025. 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE DEBT VEHICLE, INC. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

pifa.com.ph to see the latest NAVPS/NAVPU.”

www.businessmirror.com.ph

Banking&Finance

PDIC trying to claw back fund transferred to BTr By Reine Juvierre Alberto @reine_alberto

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HE Philippine Deposit Insurance Corp. (PDIC) is trying to claw back the P107.23 billion it transferred to the Bureau of the Treasury to augment its Deposit Insurance Fund (DIF). PDIC President and CEO Roberto B. Tan told reporters after a briefing last Wednesday that the state deposit insurer could reclaim the fund balances it remitted to the Treasury in 2024. “Of course, [we’re hoping it could be returned to us],” Tan said. “We’re working with the pertinent agencies to try to recover the amounts that have been transferred. We’re now coordinating with the agencies that are involved in that process.” Should any recovered funds be returned to the PDIC, Tan said it would augment the DIF—the fund source for deposit insurance payouts and financial assistance to banks. According to the PDIC official, as of June, 2026, the DIF stands at P312.153 billion, which includes the permanent insurance fund, reserves for insurance losses and retained earnings. The PDIC transferred a portion of its funds to the Treasury in obedience to the Department of Finance (DOF).

In 2024, the DOF issued Memorandum Circular 003-2024, ordering state-run corporations to remit their excess fund balance to the Treasury to fund unprogrammed appropriations. Executive Secretary Ralph G. Recto, the Finance chief then, said the move complied with the special provision under the General Appropriations Act of 2024 that directs the DOF to issue the guidelines in collecting the fund balances. The DOF said PDIC’s fund remittance has funded major infrastructure and social programs, as well as counterpart financing for foreign-assisted projects. Tan said the fund transfer has not undermined the PDIC’s core mandate of maintaining an adequate DIF to cover both expected and unforeseen bank failures. He added that the PDIC has continued to meet its minimum reserve targets despite the transfer. “Even in spite of the fact that we transferred some funds, we were still able to meet our minimum targets,” Tan told reporters. The fund transfers drew strong criticism, with the Supreme Court ordering Malacañang to return the P60 billion in reserve funds remitted by the Philippine Health Insurance Corp.; an order that excludes the PDIC.

BusinessMirror

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BSIs’ tasks

ACCORDING to the BSP, supervised institutions shall integrate with the National ID System by onboarding with the Nidas through “eVerify.” BSIs must also submit the complete application and onboarding require-

B3

‘Energy price pass-through effects still an inflation risk’ By Andrea E. San Juan

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HE downtrend in headline inflation is no reason to pop out the champagne, Japanese analysts say.

The analysts from Nomura Global Markets Research pointed out that while headline inflation eased for the third straight month and core inflation softened for the first time this year, the decline in core inflation remains narrow. “Importantly, core inflation eased to 4.2 percent year-on-year from 4.4 percent. However, the decline was not broad-based, as it was mainly due to lower education fees, led by a drop in fees at the primary and secondary education levels, which are likely one-off, in our view,” read the report issued by the research arm of the Nomura Group. By contrast, the analysts empha-

BSP eyes integration of BSIs’ system with Natl ID network HE central bank may soon require BSP-Supervised Institutions (BSIs) to integrate the Philippine Statistics Authority’s (PSA) digital verification system to confirm a customer’s identity in real-time using the National ID. A draft memorandum by the Bangko Sentral ng Pilipinas (BSP) read the requirement stems from the central bank’s support to the implementation of the Philippine Identification System law (Republic Act 11055) and its revised implementing rules and regulations. According to the memo, by implementing the law, the broader use of the National ID as the country’s “primary and official proof ” of identity, subject to proper authentication, is being promoted. To advance this objective, the central bank said the proposed Memorandum requires BSIs to integrate with the “National ID Authentication Services,” or “Nidas, for customer due diligence, as appropriate. The BSP explained that the Nidas enables BSIs to adopt “risk-appropriate” “online authentication tiers” and leverage biometric and demographic verification capabilities to support secure, efficient and reliable digital customer identification and verification. The National ID eVerify (Online Authentication: Tiers 1-3) is “a means to integrate the Relying Parties to the PhilSys Registry through application programming interface and verifies customers using their National ID credentials.” The central bank explained that this proposal adopts a “phased onboarding approach,” prioritizing institutions with significant retail-facing operations and digital onboarding activities, followed by the remaining covered BSIs with a defined implementation period. The proposal also sets out the BSP’s minimum supervisory expectations on NIDAS integration, including onboarding requirements, authentication standards, governance and control measures, and supervisory monitoring arrangements. “Through this initiative, the BSP aims to advance the secure and broader adoption of the National ID across the financial sector while supporting financial inclusion, digitalization, and financial integrity objectives,” BSP said in the draft memorandum.

Editor: Dennis D. Estopace • Friday, August 7, 2026

ments prescribed by for relying parties (RPs) within the target integration timelines provided in the memorandum. “Pending completion of Nidas onboarding, BSIs shall use the ‘National ID Check’ to verify the authenticity of the National ID presented by customers,” added the central bank. At a minimum, the Nidas authentication shall be embedded in customer onboarding and account opening, and risk-based account updating, read the draft memorandum. The BSP said BSIs shall apply or adopt the appropriate Nidas authentication tier for face-to-face and/or digital onboarding, including biometric and demographic verification, “commensurate” with the risk profile of their customers, products, services, or transactions. As to the implementation timelines of the Nidas onboarding, the central bank said universal and commercial banks (UKBs) with retail banking services, digital banks, electronic money issuers, and virtual asset service providers are expected to comply within three months from issuance of this memorandum. The second phase requires all other UKBs, thrift banks, rural and cooperative banks, operators of payment systems with “know your customer and/ or know-your-merchant” functions, and other BSIs, to comply within six months from issuance of the memorandum. “A BSI shall be initially considered compliant with this Memorandum upon submission to the PSA of a complete application form with all documentary or regulatory onboarding requirements,” the BSP pointed out. Requests for reclassification of coverage from one phase to another, the central bank added, shall be subject to approval of the appropriate supervising sector. BSIs already registered with the central bank after the issuance of this memorandum shall comply with the same requirements within the applicable period reckoned from the date of their BSP registration, added the central bank. The Bank of the Philippine Islands is the most recent bank that to integrate the Nidas. According to PSA Assistant Secretary Rosalinda P. Bautista, apart from BPI, other banks it partnered with to integrate this type of service are: GoTyme Bank, Asia United Bank and the Philippine National Bank. (See: https:// businessmirror.com.ph/2026/07/30/ national-id-allowed-for-use-to-openbpi-account/) Andrea E. San Juan

sized, that “other items sensitive to high energy costs are still adjusting higher, in line with our view, including food services, recreation activity and accommodation.” In terms of trajectory, Nomura continues to believe headline inflation has already peaked, underpinned in part by its crude oil assumption, but core inflation has not, as it sees “pass-through effects from energy prices continuing.” Given these developments, Nomura maintained its forecast for headline inflation and core inflation in 2026 to average 5.1 percent and 3.9 percent, respectively. Further, it reiterated its forecast

for the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) to hike by another 50 basis points this year, delivered in “25bp clips” over each of the next meetings this month and in October. According to the analysts, they believe the BSP “remains concerned about rising core inflation and is highly vigilant of upside risks overall, likely due to a combination of stillhigh uncertainty in crude oil prices, some impact from higher-than-expected wage hikes and prospects of a strong El Niño.” The Japan-based research unit said the latest inflation reading is unlikely to change that stance from BSP, but justifies its preference for a “measured approach” to its hiking cycle.

Tradeoff

ANALYSTS who spoke to the BusinessMirror last Wednesday pointed out that the softer inflation outturn strengthens the case for a pause or a more balanced assessment of the inflation-growth tradeoff.

“The continued easing is encouraging but core inflation suggests underlying price pressures remain elevated,” John Paolo R. Rivera, senior research fellow at the Philippine Institute for Development Studies, told the BusinessMirror. Rivera opined that the central bank may have gained some confidence that inflation is moderating but “it is not prudent yet to declare victory.” Speaking to the BusinessMirror, Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, surmised that the BSP will likely weigh risks against the latest gross domestic product data before deciding. With both headline and core inflation moving lower, however, Asuncion said there is “less justification” for a larger 50-basis-point adjustment. “A smaller move would allow the BSP to maintain its inflation-fighting credibility while limiting the impact on growth,” the Unionbank chief economist added.

Association Management in a Borderless World: Insights from Europe Association World Octavio Peralta

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OR the last episode of a four-part series of the Philippine Council of Associations and Association Executives (PCAAE) podcast, “Association Matters - Europe Insights,” we had a conversation with Liesbeth Switten, secretary general of the Brussels-based Association of Issuing Bodies (AIB). Our aim was to explore the economic, legal and technology developments in Europe in the context of associations there. Instead, it became a timely reminder that regardless of geography, associations today are navigating an increasingly complex environment where governance, technology, and leadership are becoming inseparable. One of our biggest takeaways was Liesbeth’s description of Europe as a “patchwork” of legal systems. While Europe is often viewed as a single region, associations there operate across multiple countries, each with its own laws, governance culture, and member expectations. Success, therefore, is not about forcing uniformity but about creating coherence while respecting differences. This lesson resonates strongly with associations in the Philippines and across Asia. Even within a country, organizations increasingly serve diverse stakeholders with varying expectations. Good governance is no longer simply about complying with rules; it is about building transparency, trust, sound decision-making, and the ability to navigate complexity with confidence. Technology was another major theme of our conversation. Liesbeth said digital transformation has fundamentally changed the operating model of associations. Organizations are no longer defined by a few annual conferences or meetings. Technology now enables continuous engagement through webinars, online learning, mobile

applications, digital communities, and year-round communication. Yet she offered an important caution: technology should never replace relationships. Artificial intelligence, data analytics, and automation can certainly make associations more efficient, particularly for lean secretariat teams. However, their true value lies in helping leaders better understand members, personalize services, and strengthen engagement, not in removing the human connection that makes associations meaningful in the first place. Equally significant was her emphasis on responsible digital leadership. As associations embrace AI and digital platforms, they must also pay close attention to data privacy, cybersecurity, and ethical governance. In today’s environment, protecting member trust has become just as important as adopting new technologies. Looking ahead, Liesbeth identified three trends that will shape European associations over the next five years: increasing organizational complexity, responsible digital transformation, and the continued professionalization of association management. I found the third particularly compelling. Association executives today are expected to understand governance, finance, strategy, risk management, technology, communications, and leadership, all while delivering value to increasingly demanding members. In other words, managing an association has evolved into a profession requiring continuous learning and specialized competencies. This observation reinforces something we have long advocated at the Philippine Council of Associations and Association Executives (PCAAE): investing in the development of association professionals is no longer optional; it is essential. As the environment becomes more uncertain, the organizations that will thrive are those led by executives who combine strategic thinking with sound governance, digital confidence,

and an unwavering commitment to serving their members. Europe may not have all the answers, as Liesbeth herself readily acknowledged. Asia has its own strengths: entrepreneurial energy, agility, and strong community engagement. But there is much we can learn from Europe’s experience in cross-border collaboration, consensus-building, governance, and responsible digital transformation. Perhaps the most valuable lesson from our conversation is this: the future of associations will not be defined by technology alone, nor by governance alone. It will belong

to organizations that successfully combine innovation with trust, agility with accountability, and efficiency with a deeply human commitment to their members. That, regardless of where we are in the world, is leadership worth striving for. Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.” The PCAAE will hold its 14th Annual Associations Summit (AS14) on November 24, 2026 at the Asian Institute of Management. The views he expressed herein do not necessarily reflect those of the BusinessMirror. E-mail: bobby@pcaae.org.

B4

Relationships

Friday, August 7, 2026 • Editor: Gerard S. Ramos

➊ THE star of

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BusinessMirror

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businessmirror.lifestyle@gmail.com • www.businessmirror.com.ph

TODAY’S HOROSCOPE

➌

Tatung’s is the Calderetang Baka with Queso de Bola

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Mike Trout, 35; Charlize Theron, 51; David Duchovny, 66; Wayne Knight, 71.

PHOTOS FROM STELLA ARNALDO, TATUNG’S

➋ THE warm

HAPPY BIRTHDAY: Set your plans in motion. Attend functions related to something you find intriguing. Mingle with people who share your interests and concerns, and you’ll connect with someone who influences how and when you move forward. If you take the road less traveled, you’ll discover talents, skills and attributes you didn’t realize you have. Trust your instincts when opportunity collides with hard decisions. Your numbers are 8, 14, 22, 27, 35, 38, 43.

and welcoming interiors of Tatung’s (top) and another winning dish, Crispy Binagoongang Lechon Kawali

➌ A THIN and

ARIES (March 21-April 19): Change begins with you. Be bold, consider what motivates you to be your best and turn an OK day into something spectacular. You’ve got the go-ahead from the universe to make decisions that can map out your journey forward. If you connect with those who share your beliefs and feelings, personal, emotional and financial gain will follow. ★★★★

crispy Okoy as appetizer (top) and a comforting Corned Beef Sinigang

Finding comfort food—and memories—at Tatung’s

TAURUS (April 20-May 20): Rethink your strategy before you take on a challenge that can influence your lifestyle or your professional goals. Don’t put your reputation on the line for someone else or to prove a point. It’s better to observe, summarize and consider your options and the consequences that follow. Protect your position and reputation by choosing the safe route. ★★★

GEMINI (May 21-June 20): Keep everyone guessing. Don’t share too much or give away your secrets. Put your energy into being at your best, and you’ll be a magnet for success, love and friendships that can help you get ahead. Let your experience shine brightly and your kindness and compassion be your strengths. ★★★

CHEF Tatung Sarthou serves up a slice of his sinful Bibingka Cheesecake with Queso de Bola

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OMFORT food are usually dishes that we grew up with, perhaps cooked by our own mothers or grandmothers, bites or tastes that have the power to soothe our troubled souls or flustered existence, and meals that hark back to simpler times when every cooking step is taken with love and a sincere desire to please diners. One of the favorite dishes that my own Mama belatedly learned to cook when her own mother passed away, was Lamb Caldereta. It was not a dish she learned from Lola, but something Mama began experimenting with when lamb became readily available at a supermarket we used to frequent. She borrowed the recipe from Papa’s former boss, whose Calderetang Kambing was legendary and made many an office party quite a success. I remember that even as a young teen, whose tastebuds and palate were probably not even fully developed, I enthusiastically enjoyed the exotic dish. That Mama hacked that recipe was pure genius. The earthy tone of the lamb, ironically, elevated the dish to a richer, far more tasty dish that the entire family came to love. Since Mama’s passing in 2014, however, I have not had a proper Lamb Caldereta, nor any kind of caldereta for that matter. Until I dined at Chef Myke “Tatung” Sarthou’s newest restaurant at the Gateway Mall 2 that is. Simply called Tatung’s, the homey restaurant of this gregarious chef served up a caldereta which reminded me so much of my Mama’s own succulent dish. It made my heart sing...and my tummy take on more rice. His caldereta sauce was made more flavorful with queso de bola—real edam cheese, excuse me, says Chef Tatung—rounding its taste with the addition of green olives, which lent a sweet-briny crunch. I swear it was like feasting on Mama’s delectable caldereta, except that it was beef. Essentially, that is also what Chef Tatung wants to accomplish at his new restaurant. You enter it and at once, it feels like entering a friend’s old, weathered home. It is warm and welcoming, and when a guest

starts dining, she is fed lovingly with traditional Filipino dishes created from recipes handed down through generations, but slightly updated with the chef’s touch. “I wanted to bring back the dishes which I served at home,” said Chef Tatung, referencing his private dining business in Teacher’s Village where guests would savor his culinary creations in his dining room and garden. (This was even before he had opened his restaurant at Acacia Estates in Taguig, which is where I first experienced the chef’s delicious cooking.) “This is more personal,” he says. “The dishes here are from my grandmothers Juanita and Natividad. So you’re stepping into your Lola’s house, which was inherited by the grandchild. You keep the house’s good elements, then add your own touch.” He notes that despite the tight budgets of most people these days, he realized his diners are willing to splurge on his food. In the two occasions I’ve visited Tatung’s—once at dinner, and another at lunch— the restaurant was quite packed with groups feasting on long tables. Many of them are his old diners at Tindeli, Tatung’s small spot in a corner at Palenque, which was earlier styled by Gateway Mall 2 management as a place to eat Filipino favorites or purchase regional pasalubong. The proximity of Farmer’s Market is an added benefit as it enables Chef Tatung to use the freshest seafood, he says. His wide network of farmer-friends around the country has also made it possible for the chef to use an array of heritage ingredients. For instance, his Tuna Kinilaw uses the juice of the tabontabon, a native fruit available mostly in northern Mindanao. (Sliced crosswise, the inside looks like human brain.) Chef Tatung says once the menu has “settled” (i.e., he is able to determine which dishes are popular and ones that can be let go), he will slowly transition the restaurant to a farm-to-table establishment. Aside from his hearty Caldereta Baka with Queso de Bola, another dish I was enamored with is the sinful Crispy Binagoongang Lechon Kawali. The pork belly slices with crunchy skin swam in sauce of shrimp paste cooked with ripe red tomatoes, which helped temper the salty bagoong. Chef Tatung’s Corned Beef Sinigang also changed my mind about this particular dish, which I was not a fan of in other restaurants. As I write this while the rain is pouring outside, I think the house-cured corned beef and vegetables in simmering tamarind broth is the perfect comforting hug for this weather. Also not to be missed is the Pinais na Gindara, where the black cod fish is wrapped in banana leaves with dried kamias, and lifted with dabs of calamansi hollandaise sauce.

CANCER (June 21-July 22): Distance yourself from anyone who uses manipulation or pressure tactics to take advantage of you. Let your intelligence and memory guide you in situations that appear unfair or put you in a dangerous or vulnerable position. Keep your money and possessions out of sight and your feelings to yourself to avoid being misinterpreted or led astray. ★★★

LEO (July 23-Aug. 22): Handle unexpected situations with integrity and speed. Don’t give anyone the chance to choose for you. Step up and take others by surprise. Your strength lies in knowing when and what will give you the upper hand and the opportunity to head in the direction that’s best for you. Discipline and originality will outmatch any competition you encounter. ★★★★

VIRGO (Aug. 23-Sept. 22):Do your best to avoid unsavory situations that can impact your personal or professional life. Be content with watching what’s happening around you without offering your input. Avoidance will keep you safe from insult, injury, illness or any situation that costs you time, money, reputation or well-being. Focus on yourself and your creative endeavors. ★★

LIBRA (Sept. 23-Oct. 22): Being receptive will lead to interesting alternatives. Tweak what you hear to suit your situation, and you’ll find a perfect fit for something you want to pursue or make your own. Stop dreaming and start doing, or you’ll miss an opportunity that can propel you past your expectations. Engage in activities that promote travel, creativity and romance. ★★★★★

SCORPIO (Oct. 23-Nov. 21): Put up barriers, limitations and boundaries. Protect against temptation and those who are bad influences regarding money, overindulgence and questionable situations. Use your intelligence and insight to disregard suggestions that can jeopardize you in any manner. Learn from experience, and protect yourself from sorrow, misinformation and anyone trying to take advantage of you. ★★★

For dessert, diners ought to indulge in the luscious Bibingka Cheesecake, where “New York meets Cubao,” as the dessert is wittily described by Chef Tatung. The wicked dessert enchants you with its creamy and coconut flavor, teased with salted eggs and freshly grated coconut, with a flirting of muscovado sugar. Again, the cheesecake reminded me of Mama, not because she knew how to bake, but because she was such a fan of desserts. Whether it was a ripe banana or sweet mango, or a sumptuous cake, Mama ended her meals with dessert. And I am pretty sure that she too would have raved over this Bibingka Cheesecake. I guess this is why restaurants like Tatung’s matter. In an age of flashy concepts and social mediaworthy dishes, Chef Tatung quietly reminds us that the best meals are often the ones anchored in memory. They need not be complicated or trendy. They simply need to taste like home—or at least the home we remember. And for a couple of wonderful hours over a plate of caldereta (and too much rice), I found mine again. Tatung’s can be found on the upper ground B of Gateway Mall 2, Araneta City, Cubao. For inquiries or reservations, call 0945-844-8853.

SAGITTARIUS (Nov. 22-Dec. 21): Gear up and get ready to have some fun. If you engage in activities that stimulate you physically or spiritually, your entertaining attitude will attract attention. A positive lifestyle change looks promising, and financial and professional gain are on the rise. Greater stability can be yours if you spend more time with someone who brings out the best in you. ★★★

CAPRICORN (Dec. 22-Jan. 19): If you push your intelligence to the max, you’ll discover how capable you are of reaching the standards and expectations you hold dear to your heart. Embrace learning, love and a lifestyle you find engaging. Don’t limit yourself when actions speak louder than words and fulfill your needs. Put honesty, integrity and fair play first. ★★★

AQUARIUS (Jan. 20-Feb. 18): Discipline, adaptability and an innovative imagination will help you design and rebuild your desired lifestyle. Rebuilding or hitting the reset button will open a window of opportunity that encourages you to focus on fitness, health, nutrition and your personal happiness. Put your talents to good use by turning your surroundings into a place where you want to spend more time.★★★★★

PISCES (Feb. 19-March 20): An astute response will help you stifle emotional situations that test your patience. Expect the unexpected, and choose to take the high road. If you act in a heartfelt manner and offer a positive response, you’ll deny others the chance to gloat or to take advantage of you. Choose kind words, a smile and an intellectual facade. ★★ BIRTHDAY BABY: You are spontaneous, confident and helpful. ou are energetic and enthusiastic.

‘into the void’ BY REBECCA GOLDSTEIN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 What might stick to your ribs? 5 Mongolian desert 9 Some 13 Unaccompanied 14 Lion whom Meryl Streep may voice in “Narnia: The Magician’s Nephew” 16 Vitriol 17 “De __, buddy” 19 Apt rhyme for “clip” 20 Walk heavily 21 “___ it!” 23 Juice brand with an Orange Lavaburst flavor 25 Talks trashed 26 Crime boss 29 Not quite right 32 Neurodiversity initialism 34 Kind of history or hygiene 35 Tech developed by 2020 Chemistry Nobelists Emmanuelle Charpentier and Jennifer Doudna 38 Greta of “The Morning Show” 40 “Might as well!” ... or a hint to the blank in the 17-, 21-, 55- or 64-Across clue

43 Ottawa’s province, for short 44 Acknowledgment involving a cap 45 Well aware of 46 Press some keys 48 NASCAR advertiser 49 Exam 50 So far 53 Qty. 55 Second to ___ 59 Genre with accordions 63 Final sale caveat 64 Cop a ___ 66 Immoral behavior 67 Best Picture at the 2025 Oscars 68 “Shucks” 69 Poses a question 70 Someone with “superior” taste 71 Cravings DOWN 1 Usually hidden IDs 2 Thief’s haul 3 Food brand for a French bulldog 4 Science fiction channel? 5 Gift of ___ (talent for talking) 6 Capital of Norway 7 “Yuck”

8 Bard’s feet 9 Ridiculous 10 End of a marathon 11 Fashion designer Tahari 12 Had a good cry 15 Christmas, in French 18 Nail polish brand with a “Sage It for Later” hue 22 Small milk purchase 24 Drink topped with marshmallows 26 Pacific salmon 27 “___ you glad?” 28 Guest performance? 30 Neck line? 31 Balled hands 33 Ding, ding, ding! 36 Tizzy 37 Daddy 39 Showbiz grand slam 41 Flemish treaty site 42 Cocktail that’s a cold remedy 47 Entourages 51 Killer whale 52 Tips off 54 Initials on a speeding ticket, maybe 55 Bean for Hannibal Lecter

56 Sister of Osiris 57 Bojack Horseman, for example 58 Croatian currency since 2023 60 Knowledge shared between generations 61 Skater Michelle who was an ambassador to Belize 62 “Army” insects 65 What might be hailed in a storm?

Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph • businessmirror.lifestyle@gmail.com

Alden Richards takes a closer look at the country’s learning crisis THIS Saturday, August 8, Alden Richards embarks on a journey across the country to uncover the stories behind the worsening learning crisis in the Philippines in Rebuilding Broken Rooms: A GMA Public Affairs Education Special. Despite repeated promises of educational progress in the Philippines, the reality faced by millions of young learners remains deeply concerning. According to the World Bank (2022), 91 percent of 10-year-old children in the country struggle to read and comprehend. As students advance through school, their proficiency continues to decline, raising urgent questions about the country’s worsening learning crisis. The documentary holds deep personal significance for Alden, whose own experience of leaving school at a young age to help provide for his family inspired his lifelong commitment to education. Today, he continues to use his platform to create opportunities for the Filipino youth, having already supported nearly 50 scholars and helped build schools in underserved communities. For Alden, the documentary is more than a television special—it’s a call to action. “Gusto kong magamit ‘yung boses na meron ako para maipalaganap ‘yung mensahe na kailangan marinig ng sambayanan. Gusto ko maging part nung advocacy para mamulat natin ‘yung mga tao sa kung ano ba talaga ‘yung sitwasyon ngayon,” he shared. The documentary opens at Tinungkaan Elementary School in Alabel, Sarangani—a school identified by EDCOM II as having the highest percentage of struggling readers in the country, where all students are classified as low-emerging readers. Despite crossing rivers and climbing mountains each day with Teacher Gerwin to reach their makeshift classrooms, the students remain determined to learn. In Tondo, Manila, Rosauro Almario Elementary School records the highest percentage of low-emerging readers in Metro Manila, with seven out of every 10 students struggling to read and comprehend. Among them is Grade 2 student Jannah Will, who still cannot read a complete sentence. Some days, she misses school because her family cannot afford transportation. Although another school is located nearby, it has remained closed after being destroyed by fire two years ago. The shortage of classrooms has also forced schools to improvise learning spaces. At Ciudad Nuevo Elementary School in Naic, Cavite, they were forced to build makeshift classrooms due to the lack of space. Meanwhile, Calubcob Elementary School has converted vacant housing units within a residential project into temporary classrooms, where students endure extreme heat, noise, and unsuitable learning environments. Throughout the documentary, Alden witnesses not only the challenges faced by students and teachers, but also something that deeply moved him: many children have already accepted these inadequate conditions as normal. “Paano natin naiparanas sa kanila na okay na ‘to? Hindi siya okay,” Alden asserts. “Hindi natin dapat iparealize sa mga kabataan na ito ‘yung normal na way to be educated. Kasi hindi ‘to deserve ng mga batang gustong matuto.” From remote mountain communities to densely populated urban neighborhoods, Rebuilding Broken Rooms seeks answers to the country’s growing education crisis while highlighting the determination of children fighting for their right to learn and educators who refuse to give up despite limited resources. Join Alden Richards in Rebuilding Broken Rooms: A GMA Public Affairs Education Special, airing this August 8, 9:30 pm, on GMA.

Editor: Gerard S. Ramos • Friday, August 7, 2026

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Ariana Grande’s new video sets off talk about body and beauty standards– again

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BY DEEPTI HAJELA The Associated Press

EW YORK—Talking about beauty can get really ugly—particularly when it comes to public figures. In an increasingly connected world, there’s no shortage of hot takes and judgment. That is evident yet again in recent days in the wake of a new music video from singer Ariana Grande and the release last week of her new album, Petal, which reignited commentary about her thin appearance. It also raised the question: Just because we can say anything, does that mean we should? Some saw yet more body-shaming being aimed, no surprise, at a woman in a society that constantly judges them; others said it was simply concern. Some called for respecting her privacy, while others said the influence of celebrities on young fans made it a valid topic. Grande, 33, has faced attention and commentary throughout her career around her appearance, with the current focus being on the increasing visibility of her body’s bone structure, including her sternum and rib cage. She has pushed back against discourse that she’s anything other than healthy, and repeatedly insisted that she doesn’t think commenting on people’s bodies is acceptable. Her representative told People magazine that she would be stepping back from public life after her current tour finishes due to the “endless, ongoing public scrutiny.” Even in the video, a nearly seven-minute indictment of the harsh process of assessment and judgment that leads to fame and celebrity, Grande hits on the subject of being constantly sized up. “I don’t need someone to save me,” she sings. “I’m not a victim.” The way we talk in situations about body image matters because the impact can transcend a one-off comment or snap judgment about celebrities we’ll never meet, says Johanna Kandel, founder and CEO of the National Alliance for Eating Disorders. “I would just check our intentions behind it,” Kandel said. “What is the purpose of it?...What is the intent versus the impact of it?”

JUDGING FAMOUS WOMEN BY APPEARANCES IS NOTHING NEW

AGGRESSIVE scrutiny of people in the spotlight

is nothing new, nor is the reality that women’s appearances are heavily judged—even though the past decade has brought concerted efforts to promote ideas of body acceptance at all sizes. These days, effective weight loss-inducing medications—their use driven by celebrities—have joined the larger cultural conversation. They’re shifting the ground once again around ideas of thinness, beauty and health, with some concerned that a slew of images of noticeably skinnier famous faces could have a troubling impact on those struggling with body image issues or eating disorders. Judgment and criticism on one side, coupled with calls to stop saying anything about Grande’s body on the other, can make nuanced conversations about beauty and health difficult, says Allison Butler, a senior lecturer in communication at University of Massachusetts, Amherst. “We limit both the complexity of the folks that we are directing our attention to, as well as our own complex understandings of ourselves,” said Butler, author of The Judgment of Gender: How Women are Centered and Silenced in Pop Culture. Fundamentally, many experts say, it’s no one’s place to pass judgment on someone’s body, celebrity or otherwise. “With celebrities, I encourage people to resist the urge to speculate altogether. Public conversations about celebrity bodies often reinforce the idea that our bodies are open for public discussion, and that’s a message young people are listening to,” Rachel Goldman, a psychologist and clinical assistant professor at NYU’s Grossman School of Medicine, said via e-mail. “We also have to remember that comments about someone’s appearance [whether they’re meant as compliments or criticisms] can reinforce the idea that our value is tied to how we look,” she said. That doesn’t mean ignoring the reality that people struggle with disordered eating in varied ways. Kandel references her own experience. “When I was first approached about my eating disorder, it was [from] a place of concern, but it was like, ”You look like Skeletor,’” she said, and not “‘Hey, what’s going on? I’m really worried about you.’” To Kandel, ignoring such issues is less effective than thinking hard about how we address them. “It can’t be a conversation that we evade,” she said,

“but it’s more of bringing it to the curiosity and the compassion as opposed to the criticism.”

IT CAN BE DIFFICULT TO TALK TO CHILDREN ABOUT THESE ISSUES

FOR parents talking with children, Goldman suggests shifting the conversation away from judging bodies to talking about the messages society is sending. Also crucial: reminding them that appearance isn’t an indicator of health and well-being. “Ultimately, we want young people to understand that their body is just one part of who they are. Their worth isn’t determined by their size or shape, and neither is anyone else’s,” she said. That’s what Jennifer Hill tries to do. The 56-yearold pediatric nurse from Broomall, Pennsylvania, says her 16-year-old daughter, a cheerleader and runner, hates when she gets comments on her body. “I will talk to her and if someone has mentioned something to her, I’m like, ‘You know what? Everybody’s different, everybody’s born different, their bodies are created different,’” Hill said. Though she says things have improved since her youth in the 1980s, when she recalls people being unafraid to offer the harshest comments, she still sees it as a struggle. Plus, she said, social media has added pressure. She also sees it in her work life, where she has worked with young people with emotional struggles or eating disorders. Her advice: Listen. “You don’t want to come out and say, ‘You know, you’re really overweight,’” she said. “You have to tread lightly.” It’s about guiding them and their thinking, not just telling them what to do, Hill said. “Communication is key...I think having open conversation and letting them do a lot of the talking and not so much you.” As for Grande, she spoke to fans in recent days, making a statement from the stage Monday night that she read from her phone. She said she knows fans are worried that “negativity was ruining things” for her, but said the opposite is true. “Multiple things can be true at the same time. Boundaries need to be set,” she said. “Human beings can need a break sometimes. And also, this can be and will continue to be the greatest experience of my professional and creative life.” Her fans—many of them young women—erupted in cheers.

REP presents ‘Cinderella: The Tale of the Glass Slipper’ REPERTORY Philippines (REP) is throwing a ball for young audiences and the entire family as it presents another fairytale adaptation with Cinderella: The Tale of the Glass Slipper. This year’s Repertory Theater for Young Audiences (RTYA) production showcases a story about kindness and courage—complete with a royal ball and plenty of twists along the way. Running from August 22 to December 13 at the REP Eastwood Theater, REP’s Cinderella will charm its way into your heart, and remind you that dreams really can come true. Directed by Joy Virata and Cara Barredo, this new RTYA offering is a creation by Janet Yates Vogt and Mark Friedman who are the artists behind the show’s book, music, and lyrics. The duo is known for adapting beloved children’s stories into musicals, which include REP productions Alice in Wonderland and Snow White and the Prince. Offering a fresh take on the classic fairytale, the production features eight main characters with quick and short scenes which are particularly crafted to

FROM left: Katie Bradshaw, Ornella Brianna, and Julia Santiago share the titular role; Khalil Tambio and Radson Flores alternate in the role of the prince.

keep the young audience engaged and entertained while delivering important lessons about consideration for others and resilience. Alongside fairytale favorites such as Cinderella, her Stepmom and two Stepsisters, as well as her Fairy Godmother and the Prince, the audience gets to meet a mischievous rat named Putterman who helps Cinderella in her journey. For this staging, REP has lined up a company of seasoned theater actors, performers, and emerging stars. Sharing

the title role of Cinderella are actress-singer Katie Bradshaw, Swiss-Filipina performer Ornella Brianna, and Ateneo Blue Repertory alumna and Star Magic trainee Julia Santiago. Alternating in the role of the Prince are Khalil Tambio and Radson Flores, with Lance Soliman as cover. Audiences can also look forward to the antics of Putterman, played by Stephen Viñas and Jay Pangilinan with Steven Hotchkiss as cover, whose scene-stealing character adds humor and heart to Cinderella’s adventure.

The production also features Barredo and Mayen Cadd as the Fairy Godmother; plus Hans Eckstein, Hotchkiss, Hades Kitane, Pinky Marquez, Ring Antonio, Cadd, Arielle Magno, Barbara Jance, Sebastian Katigbak, Paul Atienza, and Jay Barrameda. Tickets are now available at TicketWorld and the REP Box Office at the 4th Floor, Eastwood Mall, open on Wednesday to Sunday from 1 pm to 8 pm. More information can be found at www. repertoryphilippines.ph.

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Friday, August 7, 2026

SM Hotels Celebrates Park Inn by Radisson Bacolod’s Five-Year Legacy

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or the past five years, SM Hotels and Conventions Corporation (SMHCC) has continued to strengthen its footprint in the Visayas through Park Inn by Radisson Bacolod. Since welcoming its first guests on July 8, 2021, Park Inn by Radisson Bacolod has become more than just a place to stay. As the first internationally branded hotel in Bacolod City, it stands as a testament to SM Hotels and Conventions Corp.’s vision of bringing globally recognized hospitality experiences to emerging destinations across the Philippines. Over the past five years, the hotel has established itself as a trusted destination for business and leisure travelers while fostering meaningful relationships with guests, partners, and the local community. Opening amid one of the most challenging periods in the hospitality industry’s history, the hotel demonstrated resilience through its steadfast commitment to its people, the planet, and the communities it serves. Guided by SMHCC’s sustainability and service-driven philosophy, Park Inn by Radisson Bacolod has continued to grow through strong partnerships, dedicated team members, and purposeful initiatives that have shaped its legacy over the past five years. To commemorate the milestone, the hotel mounted a series of anniversary activities anchored on the theme of forging a lasting legacy. The celebration began with a community medical mission in Barangay Canlandog, Murcia. In partnership with the Agora Refuge

Legacy Night capped off Park Inn by Radisson Bacolod’s 5th anniversary celebration, bringing together valued clients, community partners, suppliers, affiliates, media friends, bloggers, content creators for an evening of gratitude and meaningful connections. Center (ARC) Bacolod and the Philippine Air Force Tactical Operations Group 6, together with the support of Barangay Captain Celso Belleza, the initiative provided residents with free medical consultations, medicines, and haircut services, which embody SMHCC’s commitment to creating a positive impact beyond its hotel walls. On its official anniversary, Park Inn by Radisson Bacolod honored its “Moment Makers” who are passionate individuals whose dedication has been instrumental in the hotel’s success over the past five years. The celebration was attended by SMHCC executives, including Melissa Carlos, Vice President for Commercial, and Cathy Nepomuceno, Senior Vice President for Operations. Highlighting the people behind the milestone, Nepomuceno shared, “A true legacy isn’t built within the walls of a building, but within the hearts of the people who run it. Our five-year success story was written by the collective passion of every Moment Maker here today.” The gathering also served as a town hall and employee recognition ceremony, celebrating outstanding team members for their exceptional performance and consistently positive guest feedback. The anniversary festivities culminated with “Legacy Night,” a celebration honoring the hotel’s valued clients, business partners, media friends, and content creators who have contributed to its journey. Guests enjoyed an evening of fellowship highlighted by raffle prizes, including concert tickets, Swim & Dine packages, and overnight stays at Park Inn by Radisson and other SM Hotels properties. Leading the ceremonial toast, newly appointed General Manager Ramon Makilan expressed gratitude to the community that

has embraced the hotel over the years. “When you combine Radisson’s world-class ‘Yes I Can!’ spirit with the undeniable sweetness of the Negrenses, you get an unmatched brand of hospitality that proudly puts the best of Bacolod on the map,” Makilan shared. One of the evening’s highlights was the recognition of the hotel’s long-standing sustainability partners whose collaborations have created meaningful environmental and social impact. The Philippine Air Force was recognized for supporting 19 community outreach activities, while the Negros Economic Development Foundation (NEDF) was honored for helping convert nearly 150,000 kilos of food waste. Green Solutions PH was likewise recognized for its partnership on the Biodiesel Project, which has transformed used cooking oil into more than 3,400 liters of biodiesel donated to coastal communities. As Park Inn by Radisson Bacolod enters its next chapter, SMHCC remains committed to elevating hospitality experiences while creating lasting value for its guests, employees, partners, and communities. The hotel’s fiveyear journey reflects the company’s broader vision of developing world-class destinations that combine exceptional service with responsible business practices, meaningful community engagement, and environmental stewardship. From introducing Bacolod City’s first internationally branded hotel to nurturing a culture of genuine Filipino hospitality, Park Inn by Radisson Bacolod stands as a testament to SMHCC’s commitment to shaping destinations that create memorable experiences and enduring positive impact, one meaningful stay, one partnership, and one community at a time.

In the photo: Glenda Z. Aniñon, Department Head of the Muntinlupa Public Employment Service Office (PESO) (5th from left); Maricel Brion-Lirio, President and CEO of Filinvest REIT Corp. (FILRT) (6th from left); and Jeremiah T. Carlos, Regional Director of the Department of Labor and Employment (DOLE) MUNTAPARLAS (5th from right), together with other Filinvest representatives and officials from the Muntinlupa City Government, lead the ceremonial launch of the ICT-BPO Job Fair Caravan, reinforcing the public-private partnership to expand employment opportunities for Muntinlupeños.

FILRT, Muntinlupa City Government unite to bring more jobs to Muntinlupeños

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ILINVEST REIT Corp. (FILRT), in partnership with the City Government of Muntinlupa through its Public Employment Service Office (PESO), successfully hosted the ICT-BPO Job Fair Caravan on June 26, 2026, at Filinvest Axis Piazza in Northgate Cyberzone, Filinvest City. The initiative brought employment opportunities closer to Muntinlupeños by connecting local talent with leading information and communications technology (ICT) and business process outsourcing (BPO) companies operating within the country’s premier southern business district. FILRT’s participation underscores its mission of creating sustainable value and enabling communities to thrive through responsible and future-focused developments. More than a one-day engagement, the partnership reflected the company’s EESG (Economic, Environmental, Social, and Governance) framework by supporting workforce growth and expanding access to employment opportunities within the communities where it operates. As the Philippines’ first sustainability-focused REIT, FILRT advances the principle that sustainable development extends beyond infrastructure to drive meaningful social and economic impact. This vision is anchored in Northgate Cyberzone, an 18.7-hectare PEZA-registered IT park and a major ICT-BPO hub in Southern Metro Manila. By bringing the Job Fair Caravan directly into this ecosystem, FILRT created practical, everyday connections between local job seekers and employers within their own community. This people-centered approach aligns with Filinvest City’s distinction as the country’s first central business district to receive LEED v4 Gold Certification for Neighborhood Development Plan, recognizing its integration of sustainability, mobility, and community growth. As part of Muntinlupa City’s goal of creating more accessible employment and livelihood opportunities for its residents, the Job Fair Caravan was conducted under the City Government’s flagship Kabuhayan Program, one of the priority pillars of Mayor Rozzano Rufino Biazon’s 7K Agenda focused on improving the quality of life for Muntinlupeños. Biazon emphasized that every employment opportunity created represents a meaningful step toward helping families build better futures and underscored the City’s commitment to bringing opportunities closer to communities. Backed by

its growing population and strategic connectivity to southern business districts, Muntinlupa continues to strengthen its position as an emerging talent hub supporting the continued growth of the ICT-BPO sector. “At Filinvest REIT, we believe that the success of our partner locators is closely linked to the strength of the communities around us. Northgate Cyberzone has long opened pathways to world-class career opportunities in the South, and this Job Fair Caravan with the Muntinlupa City Government reinforces our shared goal of ensuring that local talent benefits directly from opportunities within their own community,” said Maricel Brion-Lirio, President and CEO of Filinvest REIT Corp. (FILRT). She added that FILRT’s sustainability agenda has always been centered on both places and people, and that initiatives such as the ICT-BPO Job Fair Caravan demonstrate how sustainable developments can also serve as platforms for inclusive growth. Present in the event were key government and industry leaders, underscoring the shared commitment to employment generation and workforce development. Present during the activity were Biazon; Brion-Lirio; Glenda Z. Aniñon, Head of the Muntinlupa Public Employment Service Office (PESO); and Jeremiah T. Carlos, Director of the Department of Labor and Employment (DOLE) The Job Fair Caravan resulted in almost 400 qualified applicants across participating ICT-BPO companies, reflecting the strong response to employment opportunities within Northgate Cyberzone. Nearly one in five qualified candidates advanced to the near-hire stage following on-site screening and interviews, while other applicants continued through the recruitment process or were referred to TESDA for skills enhancement and training opportunities. These outcomes highlight the success of the initiative in connecting local talent with prospective employers while contributing to workforce development in Muntinlupa City. Through initiatives such as the ICT-BPO Job Fair Caravan, FILRT and the Muntinlupa City Government continue to strengthen public-private collaboration in creating accessible employment opportunities and supporting sustainable community development for future generations. To learn more about FILRT’s sustainability initiatives, visit www.filinvestreit.com.

The new beauty buzzword is skin quality: Here’s what you need to know

In the photo are, from left, host Mica Pineda and panelist Dr. Jasmin Jamora, Dr. Bryan Guevara and Dr. Kaycee Reyes. They discussed the key pillars of achieving healthy skin quality which starts with skin diagnosis, followed by a route to therapeutic dermatology, injectable aesthetics, and supported by skincare made with gentle formulations.

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N 2026, consumers are becoming more informed and selective about the products and treatments they invest in. Gone are the days when a single “miracle” product could promise to solve every skin concern. Today’s beauty consumers are looking beyond quick fixes and temporary results. They want something deeper: better skin quality. It’s a subtle shift, but an important one. Rather than simply asking, “How do I get rid of this problem?” people are now asking, “How do I make my skin healthier,

stronger, and look its best over time?” This evolving mindset is at the heart of the conversation of Galderma during Skin Awareness Month 2026. Together with leading Philippine board-certified dermatologists and cosmetic surgeon, the company introduced skin quality as the next standard in skincare, moving the focus beyond quick skin fixes and toward achieving healthy skin quality. Think of skin quality as the overall condition of your skin, not just whether it’s clear or breakout-free. It’s about the traits that make skin look and feel healthy, including hydration, radiance, skin firmness, skin elasticity, smooth texture and even skin tone. In other words, skin quality is what people often mean when they say someone has “really good skin.” It’s not one single attribute, but a combination of factors working together to create skin that looks healthy from every angle. In an age of viral skincare trends and instant beauty fixes, it can be difficult to separate expert advice from online hype. According to Dr. Bryan Guevara, Board-Certified Dermatologist and member of the Acne Board of the Philippines, many consumers are trying products and treatments they discover on social media without understanding whether they’re actually suited to their skin’s needs. “It’s easy to get carried away by what you see on social media, but what works for an influencer won’t necessarily work for everyone. When it comes to skin quality, personalized treatments and prescriptions recommended by a board-

certified dermatologist can make all the difference,” he said. This shift toward science-led care reflects a growing understanding that skin quality goes beyond what is visible on the surface. For concerns such as acne and acne scarring, prescription treatments like Trifarotene can play a role in addressing underlying skin concerns, while collagen biostimulators such as Sculptra support the skin’s natural collagen production to gradually improve firmness and overall skin quality over time. For Dr. Kaycee Reyes, Preventive Medicine and Cosmetic Surgeon Doctor, skin health deserves the same preventive approach people take toward the rest of their well-being. “Your skin is the largest organ in the body, so caring for it shouldn’t be viewed as a luxury. Just as we prioritize regular dental visits and health screenings, taking care of our skin early can help maintain its health and prevent future concerns.” Leaving the most important reminder of all, Dr. Jasmin Jamora, Board-Certified Dermatologist and President of the Philippine Dermatological Society, shared that “taking care of your skin is one of the simplest ways to take care of yourself.” Healthy skin can help you feel more confident, comfortable, and happy in your own skin every day. The message is clear: skin quality isn’t built through shortcuts or trends. It comes from informed choices, expert guidance, and a long-term commitment to skin health. In a world that rewards immediacy, choosing patience may just be the most radical beauty move of all.

A fresh dining experience is set to open at PNB Makati Center as, from left, Palette Passion Inc., Head of Operations Austin Villamanca, President Arvin Pitao, PNB Holdings Corporation President Karlu T. Say, and PHC Chief Financial Officer Ponciano S. Carreon, Jr. formalize their partnership through a ceremonial lease signing on July 29, 2026.

Salady, Korea’s biggest salad chain, to open at PNB Makati Center

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NB Makati Center is set to welcome Salady Philippines, bringing Korea’s biggest salad chain to the heart of Makati’s business district and further strengthening the property’s evolving dining and retail offerings. Through its Philippine master franchisee, Palette Passion Inc., Salady has begun expanding its footprint in the country following the brand’s success in South Korea. Known for its menu of fresh salads, grain bowls, wraps, and protein-rich meals, they have built a loyal following by making healthy eating accessible, convenient, and affordable for everyday consumers. The partnership was formalized through a ceremonial lease signing ceremony attended by PNB Holdings Corporation (PHC) President Karlu T. Say, PHC Chief Financial Officer Ponciano S. Carreon, Jr., and representatives from Salady Philippines, including Palette Passion Inc. President Arvin Pitao and Head of Operations Austin Villamanca on July 29, 2026. For PHC, the arrival of Salady reflects the changing

role of commercial developments in business districts. As consumer preferences continue to shift, office properties are increasingly becoming destinations that blend work, lifestyle, convenience, and community. Salady’s entry to PNB Makati Center’s introduces a globally inspired dining concept that aligns with the growing demand for healthier food choices among urban professionals. Its presence is expected to appeal to office workers, nearby residents, and visitors seeking fresh and convenient meal options in Makati’s central business district. The Korean salad chain is among the new dining concepts expected to join PNB Makati Center in the coming months, gradually transforming the property into a vibrant food block in the heart of Makati’s central business district. It is set to open later this year on the Ground Floor of PNB Makati Center along Ayala Avenue, becoming the brand’s first branch in Makati and its first location within an office development in the Philippines.

But first, kindness: Coffee shop reaps success through community, generosity

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Coffee entrepreneur Anna Magalona-Go says to brew a successful café business, one needs three key ingredients Goal, vision and hard work.

OR coffee entrepreneur Anna Magalona-Go, to brew a successful café business, one doesn’t need to have it all, but three key things: Goal, vision and hard work. Known for starting her initially online-only café But First, Coffee with only P6,000 seed money, Magalona-Go is a fan of starting small. “You can start very simple. You don’t need to have it all,” she said, speaking before hundreds of entrepreneurs and business owners at SME Day Manila, organized by PLDT Enterprise through its micro, small and medium business unit (PLDT SME). “It’s not about reaping overnight success. It’s about not letting yourself be hindered by challenges and surpassing them so that your business will grow and thrive,” said Magalona, who founded But

First, Coffee during the pandemic. “Don’t get easily affected by challenges, as they are part of life. No one succeeds without these challenges and the lessons that we can learn from them.” Magalona also underscored the importance of nurturing community and generosity in growing any business. “Part of scaling your business without increasing your cost is building your community. I’m a very generous business owner, and I tend to give back to my customers, to my community, through promos, giveaways, and other activities.” She cited as an example her experience with a customer early on in her café’s journey. “At the time, I was offering free delivery, but only in Makati. We had a customer then who was in Quezon City, so I told her the delivery fee would probably be expensive.

But I offered to pay half of the delivery fee, just so she could try out our coffee. She ended up liking it, and months after, she became our franchisee,” she shared. From being an online café during the pandemic, her business has fully blossomed into one with physical stores and franchises today. Magalona attributes it to kindness: “Being kind goes a long way. It’s not always about price wars. It’s about the quality, the service and the way you give back to your community.” Through gatherings such as SME Day Manila, PLDT Enterprise provides small and medium enterprises a venue to learn from each other, exchange best practices and listen to expert advice on how to harness technology to level-up Filipino businesses in today’s digital-first economy.

In addition to the panel, participants also learned more about future-ready wireless solutions, resilient connectivity, cybersecurity, digital transformation, and sustainable business growth through experts from PLDT Enterprise, ePLDT, Vitro and TikTok, with key sessions highlighting 5G-driven opportunities, the critical role of fixed broadband in business resilience, and the importance of cybersecurity for modern enterprises, among other topics. After its Pampanga and Manila editions, PLDT Enterprise is set to roll out SME Day in Davao and Iloilo. This initiative is aligned with PLDT Enterprise’s enduring commitment to empowering SMEs with the tools, technologies, and insights they need to innovate, adapt, and succeed in an increasingly digital business landscape.

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

www.businessmirror.com.ph

Editor: Tet Andolong • Friday, August 7, 2026

➊

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➊ THE sample

battery swapping station

➋ VINFAST’S trio of e-motorcycles: The Evo, the Viper, and the Feliz II

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VinFast rolls out trio of e‑motorcycles, opens 21 showrooms nationwide Story & photos by Randy S. Peregrino

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INFAST has officially introduced its three e-motorcycles to the Philippine market, marking a decisive step in the brand’s push toward accessible urban mobility. The launch brings together the Evo, Feliz II, and Viper, each tailored to distinct rider profiles— from students and first‑time EV users to families and performance‑oriented commuters. Moreover, the company’s electric motorcycle ecosystem has been established with the simultaneous opening of 21 showrooms nationwide. This milestone signals the brand’s expansion into one of Southeast Asia’s largest two‑wheeler markets, offering modern, cost‑efficient, and sustainable mobility solutions while laying the groundwork for a broader green ecosystem. The pioneer dealerships, spread across major cities, will provide direct access to VinFast products and authorized services, with further growth expected in the coming months. The rollout follows the success of VinFast’s early booking program, which drew thousands of customers and underscored strong demand for its battery‑swapping e‑motorcycles. “Opening 21 VinFast showrooms

alongside the launch of our three electric motorcycle models reflects VinFast’s long-term investment commitment to the Philippines. Beyond offering products that meet diverse mobility needs, we are building a comprehensive ecosystem that makes it easier for customers to access our vehicles, energy solutions, and support services throughout their ownership journey. As our electric mobility ecosystem continues to expand, we believe electric motorcycles can become an increasingly practical and convenient choice in the everyday lives of Filipinos,” said International Markets CEO of VinFast E-Scooters & E-Bikes Vo Thi Cam Tu.

at 3,000 W and the two‑battery version pushing a stronger 5,200 W, translating to brisk acceleration and a top speed of around 80 km/h. Styling‑wise, the Evo leans toward the familiar charm of classic European scooters, with the Vespa as a clear inspiration. Its rounded silhouette and clean lines strike a youthful yet timeless balance, avoiding the trap of looking overly retro. Compact proportions: 1850 mm long, 675 mm wide, and 1130 mm tall with a 1295 mm wheelbase. Thoughtful details, like the rounded LED projector headlamp and minimalist bodywork, add a lifestyle‑oriented personality.

EVO: URBAN ESSENTIAL

FELIZ II: EVERYDAY COMFORT

THE Evo immediately stands out as the most approachable. Positioned as the entry‑level commuter, it is tailored for students, first‑time users, and everyday urban riders who need practicality without compromise. Buyers can choose between two configurations: a single‑battery model with a 1.5 kWh pack or a dual‑battery setup that doubles capacity to 3.0 kWh. The former delivers up to 85 km per charge, while the latter stretches that figure to 150 km. Charging times are equally considerate: 4.5 hours for the single pack, or 9 hours for the dual. Power output also varies, with the one‑battery Evo rated

THE Feliz II takes a more mature stride into urban mobility. Positioned as VinFast’s comfort and lifestyle‑oriented e-motorcycle, it is designed for commuters and families seeking a smoother everyday riding experience with added practicality. Buyers can choose between a single‑battery model with a 1.5 kWh pack or a dual‑battery setup offering 3.0 kWh. The former delivers up to 82 km per charge, while the latter extends range to 145 km. Charging times mirror the Evo: 4.5 hours for the single pack and 9 hours for the dual. Power output also scales accordingly, with the one‑battery Feliz II rated at 3,000 W and the two‑battery

variant pushing 5,200 W, and a top speed of around 90 km/h. Visually, the Feliz II has a taller, more substantial profile than the Evo. Measuring 1913 mm long, 693 mm wide, and 1130 mm tall with a 1320 mm wheelbase.

VIPER: ELECTRIC SPORT EDGE

AT the sportier end of the lineup sits the Viper, a model crafted for younger and more performance‑focused riders. Buyers can opt for a single‑battery version with a 1.5 kWh pack or a dual‑battery setup doubling capacity to 3.0 kWh. The former delivers up to 82 km of range per charge, while the latter stretches that figure to 145 km. Charging times remain consistent across the lineup—4.5 hours for the single pack and 9 hours for the dual. Output scales accordingly, with the one‑battery Viper rated at 3,000 W and the two‑battery variant pushing a robust 5,200 W, enabling top speeds of around 90 km/h. This balance of performance and usability highlights the instant torque advantage inherent to electric powertrains, making the Viper the most dynamic character among the trio. Visually, the Viper projects the most aggressive personality. Measuring 1950 mm long, 712 mm wide, and 1122 mm tall with a 1320 mm wheelbase. The front fascia, in particular, underscores its youthful and modern appeal.

Standard Smart Key functionality adds convenience, reinforcing its premium positioning.

PRICING, BATTERY SUBSCRIPTION, AND WARRANTY

VINFAST has positioned its Philippine e‑motorcycle lineup with clear, tiered pricing that reflects each model’s role. The Evo starts at P62,900 under the battery subscription plan, with ownership options rising to P75,600 for the single‑battery and P88,300 for the dual‑battery version. The Feliz II begins at P64,900 with subscription, while battery‑inclusive pricing reaches P77,600 for one pack and P90,300 for two. At the sportier end, the Viper commands a premium P73,900 on subscription, with ownership costs of P86,600 for the single‑battery and P99,300 for the dual‑battery setup. Each e-motorcycle is covered by a standard four‑year or 60,000‑km warranty, with an added complimentary two‑year or 12,000‑km extension once conditions are met. That brings the maximum coverage to six years or 72,000 km. Customers who enroll in the battery subscription program by September 30, 2026 will enjoy one year of free battery swaps, capped at 20 swaps per month. The offer also applies to dual‑battery subscribers, with each swap counted individually toward the monthly allowance.

One-of-a-kind Toyota Legacy at Eton Place; Lexus ES THE Toyota Legacy Experience was one for the books, indeed. Held on July 31 and August 1 at Eton Place, Santa Rosa City, Laguna, near SLEX, the event was the first ever of its kind in the industry. I have yet to recall a similar occasion being unfurled on the motoring scene. I don’t also remember a parallel event done .anywhere in the world. What made the affair extraordinarily unique is, it is not a by-invitation-only experience and instead, it allowed the public to participate—for free. Meaning, anyone was free to test-drive any of the Toyota units on display every single day for three days. “You can join anytime for as long as you have a valid driver’s license,” said Mixie Flavier, a public relations pillar at Toyota Motor Philippines (TMP). It was a motoring phenomenon that will be talked about for years and years to come. “It challenges a car enthusiast to participate as it gives him a chance to sample a model of his fancy,” said Rene So. “I did try a couple of cars and it gave me a thrill each time.” And to think that Rene has practically every Toyota model at his disposal since he is a major co-owner of five thriving Toyota dealerships in Dagupan City, Pangasinan; Baguio City; Bauang, La Union; Candon City, Ilocor Sur; and, San Nicolas, Ilocos Norte. “The one track I had to hurdle in my test-drive was a bit muddy, but the challenge was worth it,” Rene said. “It gave me an experience worth remembering.” Rene was referring to the off-road circuit where models for the test-drive included the Land Cruiser (LC), LC TX, LC FJ

No wonder Toyota remains the nation’s undisputed No. 1—in any aspect of the motoring game for that matter.

LEXUS ES

VX, HiLux 4x2 G and the Hilux 4x4 Conquest. For the on-road test-drive, the models used were the LC FJ VX, Hilux 4x4 Conquest and the Hilux 4x4 BEV (battery electric vehicle). Complementing the public’s romance with cars was the display of iconic models from Hilux, including the RN first generation, RN 40 3rd generation, VZN 110 5th generation, LN 105 5th generation, LN 166 6th generation, Hilux Vigo 7th generation, Hilux Revo 8th generation and the Hilux Conquest. Also lavishly gawked at by our car buffs were the Land Cruiser lineup that included the LC 40, LC 60, LC 70, LC 70 Prado, LC 80, LC Prado 90, LC 100, LC 120 Prado, LC 150 Prado, LC 155, LC 200 and FJ Cruiser. Where in the world can you find a car company replicating what Toyota had just done?

THIS August, Lexus Philippines welcomes the all-new Lexus ES, the latest evolution of its executive sedan. Completely reimagined from the ground up, the next-generation ES blends elegant design, electrified performance and intuitive technology into its most progressive form yet. Here is Mary Natalie “Ally” Tiongco: “The all-new Lexus ES embraces this shift with a more confident stance, enhanced driving dynamics, and a renewed focus on delivering the quiet sophistication that has defined the nameplate for generations. “The all-new ES introduces Lexus’ latest design language through cleaner surfaces, sculpted proportions and a stronger road presence. “Longer and more spacious than its predecessor, the new sedan reflects a contemporary interpretation of executive luxury. “Its sophisticated exterior is complemented by an expanded palette of premium finishes, including Sou, a newly introduced color that makes its debut on the all-new ES, alongside signature Lexus colors such as Sonic Copper, Sonic Titanium, Sonic Chrome, Sonic Iridium, White Nova Glass Flake, and Graphite Black Glass Flake.

ELECTRIFICATION

“THE arrival of the all-new ES marks another milestone in Lexus’ multi-pathway approach to electrification.

“For the Philippine market, customers can look forward to a choice of self-charging hybrid models alongside the country’s first fully electric Lexus ES. Together, these powertrains reflect Lexus’ commitment to offering premium mobility solutions that combine efficiency, refinement and driving enjoyment.

IMMERSIVE EXPERIENCE

“INSIDE, the all-new ES has been crafted to provide an even more immersive experience through premium materials, advanced connectivity and thoughtfully integrated technology. “A new-generation cabin design, enhanced comfort features, and Lexus’ latest driver-assistance technologies create an environment that is both relaxing and confidence-inspiring. “Every detail reflects Lexus’ continued pursuit of Omotenashi—the Japanese philosophy of anticipating the needs of every guest.”

PEE STOP I have to commend TMP’s hard-working staff

who had tremendously helped make the Toyota Legacy Experience a super success, which included, among others, Jade Sison-Mendoza as PR chieftain, Mixie, of course, Aries P. Alconaba, Allana Faith Rufo, Benjo Villavieja, Paula Arriola, Kat E. Velasquez and JC Gaon. I saw TMP bigwigs Jing Atienza, Sherwin ChuaLim and Lexus Manila top honcho Carlo Ablaza sweating it out, too, (literally almost) trying to make things in perfect order. Pinky Colmenares has only good words for them. Cheers!

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News

Friday, August 7, 2026

www.businessmirror.com.ph

PHL gaming industry slowdown Agfo backs calls on protecting WPS ‘necessary market correction’ By Rex Anthony Naval

By Rizal Raoul Reyes

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@brownindio

HE Philippine online gaming industry’s recent slowdown should be viewed as a necessary market correction, resulting in creating a more sustainable and better-regulated sector rather than signaling its decline, a new study by Manila-based legal and advisory firm Arden Consult said.

A rden Consu lt noted t h at while these initiatives have temporarily slowed market activity, they are expected to enhance long-term industry sustainability by encouraging responsible gaming and raising compliance standards. The white paper also highlighted that Pagcor made licensed operations more commercially viable by reducing regulator y fees. Electronic gaming license fees, which previously exceeded 50 percent of gross gaming revenue, were lowered to 35 percent in April 2024 and further reduced to 30 percent beginning January 2025, with lower rates granted to integrated resorts. “ The logic was straightforwa rd: a reg u l ated m a rket is easier to police if operators and players have a reason to use it,” Quiogue said. The study further cited international ex perience showing that excessive restrictions can unintentionally drive consumers toward illegal gambling platforms. It c ite d t he Ne t he rl a nd s , where tighter player-protection measures reduced spending on licensed platforms but also led to a significant decline in the share of gambling revenue captured by regulated operators. Dutch regulators have since cautioned against imposing a total advertising ban because it could disadvantage licensed operators while leaving offshore gambling sites largely unaffected. Beyond regulatory reforms, the

report identified broader economic factors that affected the Philippine online gaming market during the first half of the year, including softer consumer spending amid geopolitical uncertainties and higher fuel prices. It also cited the Bangko Sentral’s directive issued in August 2025 requiring supervised financial institutions to remove gambling links from e-wallet applications. Although the order did not prohibit e-wallet funding of licensed gaming accounts, removing direct access from wallet interfaces significantly reduced transaction volumes. Quiogue said licensed online gaming transactions dropped by about half immediately after the e-wallet delinking, based on figures cited by Pagcor Chairman and Chief Executive Officer Alejandro Tengco. She expects the effects of both the e-wallet policy and enhanced player verification requirements to gradually diminish as consumers and operators adjust to the new regulatory environment. “My base case is stabilization first, then slower but betterqualit y grow th if the framework were allowed to settle,” Quiogue said. Arden Consult concluded that the Philippines’ experience demonstrates how balanced regulation can strengthen consumer protection while preserving the competitiveness of the licensed gaming industry, creating a healthier market capable of attracting credible long-term investments.

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HE Association of Genera l a nd F l a g O f f icers (Agfo) said on Thursday that it is one with the position of the Department of National Defense (DND) on t he West Ph i l ippi ne Sea ( W PS) wh ic h emphasized that allegiance to the Constitution, adherence to the rule of law, and the defense of national sovereignty remain non-negotiable duties of ever y public ser vant. “Public office is a sacred public trust. Every public official is bound by a solemn oath to bear true faith and allegiance to the Flag and the Republic, and to strictly obey and execute the laws of the landincluding Administrative Order 29, series of 2012, which formally defines the WPS,” the group said in a statement. In a statement, the group said, “and as former military leaders who spent most of their lives protecting the nation’s territorial integrity, Agfo highlights three core imperatives:

and safeguards the livelihoods of Filipino fisherfolk exercising their sovereign rights within our Exclusive Economic Zone. n Responsible and Contextual Reporting: Media partners and public commentators are encouraged to present official policy statements in their full legal context, avoiding simplified headlines that risk misinterpreting legal positions and dividing the public.” The statement added, “Agfo re-affirms its steadfast commitment to a peaceful, secure, and sovereign Philippines. We call on all public servants to bear true faith and allegiance to the nation and remain united in upholding the rule of law.” Earlier, the Armed Forces (AFP) said it “fully aligns with Defense Secretary Gilberto Teodoro Jr.’s calls that supporting the national position in the WPS is a solemn constitutional duty. “All public servants take an oath to uphold the Constitution, national sovereignty, and sovereign rights. Standing firm behind our national interest—grounded in international law—is not a matter of political alignment, but an obligation to the Republic,” the AFP spokesperson for the WPS, Rear Adm. Roy Vincent Trinidad (reservist) said in a separate statement. Trinidad added that as the primary defenders of Philippine territory, the men and women of the AFP risk their lives daily at sea and in the air. “We expect every Filipino—to include every government official, elected or appointed—to support our national interests esp in the WPS,” Trinidad said.

In its white paper, “Smart Regulation, One Year On,” Arden Consult said sweeping regulatory reforms implemented by the Philippine Amusement and Gaming Corp. (Pagcor) over the past year have made the country’s regulated online gaming market more attractive to long-term investors and reputable suppliers while discouraging weak and noncompliant operators. “ T he lega l m a rket i s now harder to enter casually, more expensive to operate badly, and more attractive to serious suppliers willing to invest locally,” said Marie Antonette Quiogue, chief executive officer of Arden Consult and author of the study. The report comes after Pagcor reported a 26.6-percent decrease in total revenues during the first half of 2026, largely owing to weaker electronic gaming revenues. Income from e-games, ebingo, and bingo fell 41.9 percent

year-on-year to P18.6 billion. Despite the decline, Quiogue argued that the industry’s contraction reflects the impact of deliberate regulatory tightening rather than weakening fundamentals. “ We shou ld not conf use a smaller market with a worse one,” she said, noting that regulators have intentionally introduced safeguards to protect vulnerable consumers while improving the integrity of licensed operations. According to the study, Pagcor has implemented a series of reforms over the past year, including stricter player verification requirements, tighter advertising rules, limits on cashback and rebate promotions, mandatory pre-screening of gaming advertisements, and the launch of a 24hour responsible gaming helpline. “Each measure made the regulated product less effortless to access or promote,” the report said.

PNP strengthens partnership with Fujian police

BuCor, Asean-Japan group tackle best practices, recidivism in dialogue

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HE National Police (PNP) on Thursday announced that it has beefed up its partnership with China’s Fujian Provincial Public Security Department to boost intelligence sharing and law enforcement cooperation against transnational criminal syndicates. Gen. Jose Melencio Nartatez Jr., National Police chief and Executive Director Wang Xizhang of the Fujian Provincial Public Security Department reaffirmed the partnership during the latter’s courtesy visit in Camp Rafael T. Crame, Quezon City. Nartatez said the meeting strengthened the longstanding partnership between the two law enforcement agencies and focused on expanding cooperation against transnational crime, cybercrime, kidnapping, and other shared security concerns. “The knowledge and best practices gained through this partnership will be cascaded to our operating units. We want every police office to be better equipped to investigate transnational crimes, respond to cyber threats, and strengthen intelligence gathering through internationally accepted practices,” the PNP chief said. Likewise, Nartatez directed all police regional offices to strengthen intelligence monitoring of transnational criminal groups operating within their areas of responsibility. He also ordered concerned units to incorporate international best practices from foreign law enforcement partners into training and operational planning to improve the PNP’s operational capability against cross-border crimes. See “PNP,” A10

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UREAU of Corrections (BuCor) and Department of Justice officials recently discussed sharing and exchanging information, policies, and best practices related to recidivism prevention with delegates from the A sean (A ssociation of Southeast Asian Nations)Japan Cooperation Dialogue on Reducing Reoffending. The Asean-Japan delegates were i n t he cou nt r y to fos ter mutual understanding and

strengthen cooperation among Asean member-nations to reduce reoffending. DOJ and BuCor officials welcomed delegates in their their tour of the Correctional Institution for Women in Mandaluyong City as part of their two-day visit to Manila. In his welcome speech, BuCor Deputy Director General for Administration Al Perreras, representing BuCor Director General Gregorio Pio P. Catapang Jr., ex-

pressed gratitude for the important visit. He emphasized that this initiative is part of a broader effort to address the chronic issue of prison overcrowding faced by Asean member countries. The dialogue, a joint initiative of Ministry of Justice of Japan and the DOJ in cooperation with BuCor, aimed at fostering mutual understanding and strengthening cooperation among Asean nations to reduce reoffending. “This dialogue also seeks to

n Adherence to Legal Obligations: Reminding officials of their sworn duty is a matter of statutory compliance, not political alignment. Officials who cannot support established national laws or historic legal submissions-such as the recent Extended Continental Shelf filing-are duty-bound to seek judicial remedies or respectfully step aside to preserve public trust. n Solidarity with Troops and Maritime Communities: A unified national stance honors the sacrifices of active-duty personnel guarding our borders

further develop cooperation between Asean countries and Japan in the field of law and justice,” Perreras said. He lauded MOJJ’s recognition of the multifaceted benefits that come with reducing reoffending and preventing recidivism, including enhanced public safety, reduced burden on criminal justice systems, and promotion of social stability. “Rest assured that you have our utmost cooperation and support in

this endeavor,” Perreras told the visiting delegates. Drawing from Japan’s own experience, Perreras highlighted that Japan once faced significant challenges with prison overcrowding but has since developed considerable expertise in tackling these issues through public-private partnerships, close coordination between national and local administrative agencies, including the active participation of volunteer probation officers.

LTO penalizes slow poke vehicle dealers

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IN THE NICK OF TIME. Cainta, Rizal flood control pumping station workers save a 15-year-old male from drowning at a river in the Pasig City-Cainta boundary on Wednesday. Flood control workers “Sam” and “Hepe” said they were clearing garbage when they saw the boy struggling in the water. The boy was reportedly playing with friends when swept away by current. PNA PHOTO BY JOAN BONDOC

HE Land Transportation Office (LTO) has penalized 88 accredited motorcycle and car dealerships for violating the required timeline in processing the Official Receipt (OR), Certificate of Registration (CR) and plates of the vehicles they sold. Assistant Transportation Secretary Markus Lacanilao, LTO chief, announced the sanctions, following hearings on show-cause orders (SCO) previously issued against the erring dealers. Based on the resolutions issued, 37 dealers were fined, 39 were fined P500,000 and slapped with a sixmonth suspension of their accreditation, while 12 had their accreditation cancelled and were placed in a one-year blacklist. Among those fined were several Premiumbikes branches in Metro Manila and nearby provinces, along with Wheeltek, Exponent Konka and V8 Racer outlets. Dealers fined P500,000 and suspended for six months include Iconic Dealership in Bonifacio Global City, Taguig; Rizal Autozone in Parañaque; several Wheeltek branches; Motoxpress outlets in Las Piñas, Pampanga and Cavite; and Mazda Sta. Rosa in Laguna, among others.

Those whose accreditation was cancelled and blacklisted for one year include Wheeltek branches in Makati, Bulacan, Timog Avenue and Pampanga; Maverick in Taytay, Rizal; Honda Motor Sports in Makati; and several Motoxpress and Rizal Autozone branches. Lacanilao warned that dealers who continue to violate LTO regulations will face heavier penalties, including the suspension of their operations. “Hindi nagtatapos sa pag-iisyu ng SCO ang aksyon ng LTO sa pag papanagot sa mga acc redited dealer na hindi tumutupad sa kanilang mga obligasyon [The LTO’s action to hold accountable accredited dealers who fail to fulfill their obligations does not end with the issuance of an SCO],” Lacanilao said. The LTO said it will continue strict enforcement of existing regulations to ensure the timely processing of initial vehicle registration. The agency also encouraged the public to file complaints against accredited dealers who violate existing regulations through the “Ireport mo kay LTO Chief ” Facebook page or website https://ireportmokayltochief.ph/. PNA