HIGHLIGHTING the Philippines’s capable workforce and business-friendly policies, President Ferdinand Marcos Jr. said the country is “strategically positioned” to give Indian companies an edge in emerging investment opportunities.
The chief executive made the remark as he witnessed the presentation of 18 business agreements during the Philippines-India Business Forum in Bangalore, India on Thursday.
“We are also opening new avenues for investment in areas where India is demonstrating global leadership and where the Philippines is strategically positioned to contribute,” Marcos said.
The said sectors are smart manufacturing, green metals, mineral processing, data center infrastructure, shipbuilding, and maritime services.
Likewise, he hopes the Indian private sector can help his administration develop its priority sectors, namely electric vehicles, advanced electronics, renewable energy, high-tech agriculture, healthcare, and cybersecurity.
“We believe that the Philippines and India are not merely aligned in sectors. We are aligned in strategic purpose, poised to lead together,” he said.
Such synergy, he said, can be done in the semiconductors and advanced electronics, where India can focus on research and design, while the Philippines can handle the nec-
essary back-end manufacturing, testing and assembly.
Such cooperation, which is expected to be enhanced once the Philippines-India Preferential Trade Agreement is finalized, will lead to “resilient and regionally integrated value chains that are secure, that are scalable, and that are sustainable,” according to the President.
“What we are building here is not just another bilateral program. It is a powerful platform for long-term strategic convergence, one that recognizes our strengths, aligns our ambitions, and delivers tangible results for our people,” Marcos said.
Tangible outcomes
SEVERAL companies have already entered into agreements to do busi-
ness in the Philippines. Among the newly signed deals were several Memorandum of Understanding (MOU) which cover the following firms and government-owned and -controlled corporations: the Bases Conversion and development authority (BCDA), with the Global Heavy Equipment and Construction Corporation (GHECC), ATD Waste-to-Energy Corporation and Uttamaenergy Ltd; Philippine Economic Zone Authority (Peza) and Genpact Services LLC; Peza and Veer-O-Metals for the latter’s precision sheet metal plant expansion; Makilala Mining Company Incorporated and Kiri Industries Ltd. for exploring the development of an integrated
New ERC chief vows to be ‘firm but fair’ as term starts
By Lenie Lectura @llectura
ATTY.Francis Saturnino Juan, the new chairman of the Energy Regulatory Commission (ERC), vowed to be “firm but fair” during his fouryear stint which starts August 8.
“Our role is not to hinder progress, but to ensure that growth benefits all stakeholders, especially the consumers...Every decision we make, every policy we implement, every rule we make will be guided by one question. Is this in the best interest of the electricity consumer?
“The road ahead is challenging, but I am confident that with clear
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Asia Defense and Firepower Corporation and SMPP Ltd. for exploring
vision, strong collaboration, and an unrelenting focus on consumer welfare, we will succeed,” he said during handover ceremonies held Thursday.
Juan replaced Atty. Monalisa Dimalanta.
He said there will be changes to ensure that the ERC will be more responsive, forward-thinking, and de -
joint identification, pursuits and execution of defense projects; and Now Corporation and Tata Consultancy Services, exploring the development and expansion of digital services in the Philippines.
Lloyd Balajadia of Lloyd Laborato -
cisive in fulfilling its mandate. “While we honor past achievements, we must also acknowledge the evolving energy landscape.”
One of these is his proposal to revise the rules for setting distribution wheeling rates (RDWR) for distribution utilities.
“I am writing the revisions so that we can begin the [rate] reset of private distribution utilities that have not been completed in over 10 years. We want these resets to move forward again…Let’s just reduce that, let’s start with the issuance of the revised RDWR.
In total, within four years, we will complete the rate reset of all private distribution utilities under the performance-based regulation,” he said.
To fast-track the issuance of decisions, Juan said applications and motions must be resolved soonest “after the hearings, after all the
ries also signed MOUs with ChQ Digital Private Limited collaboration on financial services, digital payments, e-wallets and online banking platform; DRA Group India for the development of commercial office spaces in the Philippines; Pi Beam Labs Pvt
documents, all the evidence have been submitted,” thereby eliminating the draft determination process.
Juans said these changes, which are still subject to public consultation, will ensure a fair and evidence-based rate setting, timely resolution of pending cases delays, robust oversight to foster competition, stable and enhanced regulatory environment to attract investments, and proactive and consumerfocused leadership.
“We will discuss it with the commission and if there is an agreement, these proposed revisions can be released for public consultations. We will go through public consultations, so our rules need to be strong before we start rate resetting,” he added.
Ltd (Fyn Mobility) to expand its local operations, particularly on renewables and last-mile delivery in the Philippines. Also presented were the finalized letters of intent by Capgemini Philippines to establish a digital academy; Carelon Global Solutions Philippines to deepen its involvement in the Philippines Information TechnologyBusiness Process Outsourcing (IT-BPO) healthcare sector; CostPlus Incorporated to expand its Philippines operations through its new fuel cell technology; Hinduja Global Solutions Ltd. to expand its customer experience and business process management (BPM) operations in the Philippines; Infosys BPM for its digital skills development initiative; iSon Tower Ltd. Inc. to construct telecommunication towers in the Philippines; NephroPlus to expand its projects on dialysis centers in the Philippines; Shearwater Health Advisors Inc. India to expand its clinical process outsourcing in the Philippines; and Sutherland Global Services for establishing an artificial intelligence academy.
Department of Trade and Industry (DIT) Secretary Ma. Cristina A. Roque said they are eagerly awaiting the successful implementation of the 18 agreements on renewable energy, infrastructure, healthcare, education, information technology and business process management, digital services and manufacturing She said the Marcos administration hopes more similar deals will be finalized in the future.
“These agreements serve as tangible outcomes of our collaborative efforts and will serve as the foundation for ongoing and future business engagements between the Philippines and India,” Roque said. Marcos is set to conclude his five-day state visit in India on Friday.
Global…
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tariffs, weaker exports, and higher rice import costs dampen household consumption and investor confidence,” Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo Rivera said.
“The slowdown in construction and job losses in that sector could also pull down services and allied industries. For 2026, if these constraints persist, growth could hover between 5.5 percent to 6 percent,” he also said.
In the second quarter, part of the reason for the slower growth, relative to last year, was the slowdown in government final consumption expenditure (GFCE) to 8.7 percent from 11.9 percent in the same period last year and 18.7 percent from the first quarter of 2025.
National Statistician Claire Dennis Mapa said in a briefing on Thursday that this was largely due to the 8.2-percent contraction in general government or public construction.
Data obtained from PSA showed this was the slowest since the contraction of 7.3 percent posted in the first quarter of 2022. It may be noted that during the lockdown, the steepest decline was recorded at 17.1 percent in the fourth quarter of 2020.
Prepandemic, the PSA said, the steepest decline in general government or public construction was 24.2 percent, recorded in the second quarter of 2019.
“I think that the next half, the second half of the year, you should see improvements in the construction, public construction spending because it’s there where we had a bit of a slowdown but that was expected because of the election ban or the slowdown attributed to the election ban,” Department of Economy, Planning, and Development (DepDev) Secretary Arsenio M. Balisacan said.
DepDev sources also said that while the Commission on Elections allows the exemption of key infrastructure projects, only those funded by Official Development Assistance (ODA) are covered by the ban, leaving many more projects experience work stoppage during elections.
Despite this, Balisacan said, the country remains poised to hit the 5.5 percent to 6.5 percent GDP target set by the Development Budget Coordination Committee (DBCC).
He said the low end of the country is easy to attain while reaching the high end means the economy has to post growth of 7.5 percent in the second half of the year. This growth may be high “but it’s not impossible.”
“And so we see that the declining inflation, slowing inflation and declining policy rates, interest rates, contributing to that recovery of domestic demand,” Balisacan said.
“And we see and we have heard BSP’s optimism for further policy rate reduction, and we do think that the inflation will remain at low levels, and that should sustain momentum of the domestic consumption, domestic spending,” he added.
Local economists said the government must stop relying on consumption to drive growth and push the development of other sectors, such as agriculture, to improve productivity and revenue collection. More than domestic consump -
tion, the government must ramp up public and private investment in infrastructure and housing, Rivera said.
The government, he said, must also support sectors hit by tariffs through incentives and trade diversification, and ensure food affordability through smarter import calibration and domestic productivity support.
Ateneo de Manila University economist Leonardo M. Lanzona Jr. also said with the growth of the agriculture sector reaching 5.7 percent in the second quarter, the government should maximize the growth.
On Wednesday, PSA said the country’s farm output expanded by 5.7 percent in the second quarter, the highest in eight years, driven by the absence of weather-related shocks in local plantations. (See: https://businessmirror.com. ph/2025/08/07/q2-farm-outputgrows-5-7-spared-by-weatherwoes/).
“What is crucial now is for the government to boost further productivity by taking advantage (of) agricultural growth to spill over to industry and not rely on consumption. In this way, we can also better manage our debt,” Lanzona said. Lanzona lamented that the country’s GDP and debt both grew in the first semester of 2025. In fact, he noted, that borrowings which grew 5.9 percent outpaced the country’s average GDP growth of 5.4 percent in the first semester of the year. He said these loans may have been tapped by the government to finance infrastructure projects, election-related spending, or social programs.
“While debt sustainability remains viable, the challenges posed by global recession can make the situation worse in the rest of the year,” Lanzona warned.
Former Socioeconomic Planning Secretary Dante B. Canlas also told BusinessMirror that while the second-quarter growth was respectable at 5.5 percent, this remains below the government’s targets. Canlas said this reflected the impact of adverse geopolitical factors such as those in the Middle East and the United States that affected the country’s ability to thrive through export growth.
He added that controversies at the Supreme Court and the Philippine Senate could hinder foreign direct investment. Canlas said these could also affect the flow of ODA funding to finance the country’s development needs.
“Next year’s growth prospect may remain the same given that negative growth factors are likely to stay. Country economic policies geared to growth are fine, but toxic political moves are harmful to growth,” Canlas also said. Meanwhile, De La Salle University economist Maria Ella Oplas told this newspaper that given recent job losses in the construction and manufacturing sectors, the government should also strengthen social safety nets.
Oplas also thinks it is high time the national government turns its attention toward rural households and smallholder farmers to sustain consumption and prevent poverty from worsening.
“In my view it’s high time that we focus on rural development because we have had several years of BBB [Build, Build, Build] plus BBM [Build Better More], it’s now time to focus outside of Metro Manila,” Oplas said.
Second quarter
BALISACAN said with the 5.5-percent growth in the second quarter, the Philippines maintained its place among the fastest-growing economies in emerging Asia.
The country is behind Vietnam which posted a growth of 8 percent but was ahead of China which grew 5.2 percent and Indonesia, 5.1 percent during the period.
Balisacan also said that while the country’s growth is slower than India’s projected 6.5-percent expansion, the country is still expected to outpace Malaysia’s 4.3 percent and Thailand’s 2.4 percent.
The PSA said Household final consumption expenditure grew
See “Global,”
A4 Friday, August 8, 2025
Economy
Zambales losing beautiful coastline
By Jonathan L. Mayuga @jonlmayuga
WITH the threat of beaches vanishing, resorts collapsing, and livelihoods lost, coastal communities in Zambales issued an urgent appeal to President Marcos to suspend all dredging and sand mining activities across the province.
They said stopping the dredging and sand-mining activities now is crucial or the province may forever lose its beautiful coastline.
The call comes after a devastating erosion event in the coasts of San Felipe that displaced families and destroyed over 30 beachfront establishments—damage now linked to massive dredging vessels operating under the guise of flood control.
At the center of this crisis is Administrative Order 13, series of 2019 of the Department of Environment and Natural Resources, which authorizes widespread desilting of Zambales’ rivers—Bucao, Sto. Tomas, San Felipe, and San Marcelino—a major flood control project of the DENR, which in reality, the residents claimed, is just a program to extract reclamation sand for Metro Manila
projects like the Pasay Harbor Reclamation. Locals say Zambales is not a flood-prone province, as its natural drainage is the West Philippine Sea, making the dredging both unnecessary and dangerous.
“If the sand mining activities were not stopped, the entire coastline of San Felipe, San Narciso, Cabangan, and Botolan will disappear. Where will our people go?
Without fishing and tourism, Zambales will become the poorest province in the country,” Hai Fernandez, executive director of Zambales Ecological Network (ZEN), said.
“We, likewise, deplore the inaction of the DENR on the violations committed by the dredging/mining companies. The DENR has woefully reneged on its mandate to protect coastal resources,” Jaybee Garganera, National Coordinator, Alyansa Tigil Mina (ATM) said.
A Preliminary Damage Assessment Report from San Felipe Resort Owners Association documents the destruction covering eight days of two typhoons and three low-pressure areas:
n 100 meters of shoreline loss in some areas;
n P66 million in structural damages to resorts and homes;
n Over P100 million in tourism revenue lost;
n Zero income for surf schools and beach-based businesses;
n 400+ workers affected, 10 families displaced;
“We came here to invest and helped build a vibrant tourism economy. But now we’re being punished because the governor prioritizes the Pasay reclamation over his own province,” PJ La Viña, Save Our Shores (SOS) Zambales, and a member of the San Felipe Resorts Owners Association, said.
“In barangay Sindol, the P100 Million Coastal Road, a Department of Public Works and Highways [DPWH] has disappeared like it never existed.”
“It was last year, after six months of reclamation and sand extraction on the seabed by several Chinese dredging vessels, when the Coastal Road started cracking. The road is now part of the deep sea, an area where tourists and locals used to lounge and sell fish. Now, we can’t even fish in our precious fishing grounds and
can no longer work in the nearby beach resorts,” Myra Marinas, a resident of the barangay, shared.
“This is a big crisis like we’ve never faced before. I still have my resort, but I have no more business because the beach no longer exists,” Elezer Requirme, member of Save Our Shores Zambales, lamented.
Environmental experts also warn that dredging has severely disrupted natural sediment flows.
“Massive dredging of the seabed and the river delta creates a sediment deficit that interrupts the longshore drift responsible for replenishing our coastline,” Philip Camara, chairperson, Institute of Area Management, explained.
ZEN and allied groups are now calling on the Marcos administration to repeal DAO 13 series of 2019 and to replace it with a scientific, transparent, and communityled sediment management plan, starting upstream near the Mt. Pinatubo crater— not along fragile coastlines.
“We demand accountability. The sea is swallowing our future. If no action is taken, Zambales will become a cautionary tale of environmental collapse enabled by failed policy,” Fernandez concluded.
BCDA okays ₧53.5-B investments
SBy Andrea San Juan @andreasanjuan
TATE-RUN Bases Conversion and Development Authority (BCDA) said it approved P53.5 billion in investments during the first seven months of 2025, up 63.82 percent from the P32.7 billion approved in the January to July period last year.
In a statement on Thursday, BCDA said these investments are expected to generate about 7,000 new jobs in BCDAmanaged economic zones, particularly in New Clark City in Tarlac and Camp John
According to the Speaker, the verified complaint against Vice President Duterte— signed by more than one-third of House members—triggered the automatic transmittal of the Articles of Impeachment to the Senate, requiring no further plenary or committee action.
“We exercised that power lawfully, transparently, and in good faith—not out of spite, but out of duty,” Romualdez said. “Not to attack, but to ask for answers—answers the Vice President never gave.”
He also pushed back against criticisms branding the impeachment as politically motivated. “This was never about political maneuvering. It was about accountability— pananagutan—anchored on verified facts and sworn documents,” he said.
Romualdez warned that dismissing the case without due process weakens the public’s trust in democratic institutions. “Yet we have been met with personal attacks, sweeping accusations, and a narrative that seeks to reduce a solemn constitutional duty into a mere power play. That’s not just unfair—it is dangerous. It undermines public trust in the very tools of democratic checks and balances.”
“The filing of the complaint was not rushed. What was rushed—remarkably— was its burial.”
Despite the setback, the Speaker vowed that the House would continue to defend the Constitution and uphold the rule of law.
“This moment will be remembered,” he declared. “And when it is, we hope it will be said: that the House stood its ground. That we honored our constitutional duty. That we acted not for ourselves, but for the Filipino people.”
“We do not rise against the Senate. We rise for the Republic,” Romualdez said.
Hay in Baguio City, where it said investor activity “significantly ramped up” in the past months.
BCDA President and Chief Executive Officer Joshua M. Bingcang said the strong performance reflects the “growing investor confidence” in BCDA’s master-planned developments.
“These numbers represent opportunities for thousands of Filipinos and signal the private sector’s trust in our vision of building resilient, smart, and inclusive cities,” said Bingcang.
Major investors and partners that signed contracts with BCDA in the first seven
Temporary setback
MANILA Rep. Joel R. Chua, chairman of the House Committee on Good Government and Public Accountability, described the Senate’s action as a temporary setback—not a final defeat.
“We shall not be deterred in our quest for accountability. The Senate action today is not a checkmate. But the Senate denied due process to the Filipino people,” Chua said. “We are merely at an impasse. This game is far from over. We still have strong moves to make in this high-stakes battle for justice.”
Akbayan Rep. Chel Diokno lamented the Senate’s haste, calling it a blow to transparency and democratic checks and balances.
“It would have been more prudent for the Senate to wait for the ruling of the Supreme Court on the motion for reconsideration filed by the House,” Diokno said. “Instead, the Senate hammered another nail on the coffin of accountability—whatever term they choose to use, be it dismiss, archive, or, in the words of one senator himself, kill the Articles of Impeachment.”
Diokno added that if all avenues to pursue the complaint are blocked, the last resort would be to refile it in February 2026, when the one-year ban on impeachment returns expires.
Abdication
DEPUTY Minority Leader Leila de Lima, the nominee of the party-list group Mamamayang Liberal, also condemned the Senate’s action, accusing the chamber of abdicating its constitutional duty.
“Again, the Senate has chosen to protect power instead of upholding accountability. After delaying the impeachment trial for months despite the constitutional mandate to act ‘forthwith,’ the Senate now pounces on the Supreme Court decision, almost gloating,” de Lima said.
She stressed that the Senate acted prematurely, considering that the House’s MR
months of the year are Science Park of the Philippines, Inc., Sta. Clara International–Saekyung Realty, and Bangko Sentral for developments in New Clark City; as well as Ayala Land, Inc., Stern Real Estate, Top Taste and Trading, Inc., Amare La Cucina, and Prime Collective Corp. for developments in Camp John Hay.
BCDA said this upward trajectory “directly supports” the administration of President Ferdinand R. Marcos Jr.’s eightpoint socioeconomic agenda, particularly its goals of job creation, regional development, and improving the investment climate.
“By channeling investments beyond
remains unresolved and that the Court has yet to hear the response from Vice President Duterte.
“The ink on the motion for reconsideration hasn’t even dried, and they haven’t even received the comment from Vice President Sara’s camp—yet they’ve already buried the case. Let me be clear: the filing of the Articles of Impeachment in the Senate was not premature, not haphazard, and definitely not unconstitutional,” she added.
Factual errors
DE LIMA also pointed out factual errors in the SC ruling, including reliance on secondary sources such as news reports instead of primary documents like the House Journal.
Meanwhile, House Committee on Human Rights Chairman Bienvenido Abante Jr. warned that the Senate’s vote sets a “dangerous precedent” that could embolden public officials to disregard the rule of law.
“The Senate’s action sends the wrong message: that accountability may be set aside. That should never be the case in a democracy governed by laws,” Abante said in a strongly worded press statement.
He emphasized that the impeachment process was not driven by political ambition but by a serious constitutional question over whether public funds were used by the vice president during a period when her office had not yet been legally created or funded.
“The House did not weaponize impeachment—we exercised it in accordance with the Constitution. The question before us was not ‘Who wants to run in 2028?’ but ‘Were public funds used in a manner that requires accountability?’” he added.
Abante also took aim at some senators who allegedly dismissed the complaint as politically motivated without addressing the substance of the charges.
“Impeachment is not a political circus. It is a constitutional mechanism designed
Metro Manila, BCDA plays a crucial role in decentralizing growth and building inclusive, future-ready communities across the Philippines,” the state-run firm underscored.
“As we drive progress in Central and Northern Luzon, we are proving that government-led development can attract private capital, unlock economic potential, and transform entire regions,” Bingcang said, adding that BCDA’s performance “underscores the growing momentum behind public-private partnerships in transforming government-owned developments into engines of economic growth.”
to hold high officials accountable. When we reduce it to mere political noise, we erode the very institutions we swore to uphold,” he said. Abante reaffirmed that the legal battle continues, and so does the court of public opinion.
Cowardly maneuver
PAR TY-LIST Reps. Antonio Tinio of ACT Teachers and Renee Louise Co of Kabataan condemned the Senate’s decision to archive the impeachment complaint, calling it a “cowardly maneuver” that deprives the Filipino people of accountability and effectively protects powerful interests.
For Tinio, the Senate’s move reveals a clear unwillingness to confront the Duterte camp and demand transparency over the use of P612.5 million in confidential funds.
“By shelving the case, the Senate proves it is more afraid of the Duterte camp than Filipino taxpayers demanding answers,” Tinio said.
The confidential funds in question were reportedly spent by the Office of the Vice President (OVP) in 2022 despite the absence of a legal mandate or appropriation for such an office during that fiscal year—an issue central to the impeachment complaint.
Co, meanwhile, criticized the senators for failing to uphold their constitutional duty to ensure government accountability, choosing instead to prioritize political alliances.
The two lawmakers emphasized that the Senate’s action not only violates the spirit of checks and balances but also insults the intelligence and demands of the Filipino people—especially the youth and educators who advocate for truth and transparency in government.
House leaders have vowed to pursue all legal remedies, including the pending MR before the High Court and the possibility of refiling the impeachment complaint in the future.
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New LLDA chief eyes ways to resuscitate Laguna de Bay
LAGUNA Lake Development Authority (LLDA) Acting General Manager Leopoldo V. Parumog is seeking immediate and long-term solutions to the problems plaguing Laguna de Bay, the country’s largest freshwater lake and largest aquaculture hub.
Admittedly, Parumog said, the lake is polluted and heavily silted, which would require massive rehabilitation to save it from further environmental degradation.
However, he said it would require the help and support of various stakeholders, particularly the private sector and the communities living near rivers that drain to the lake.
Laguna de Bay is a productive fishing ground, but because of unchecked garbage and wastewater pollution and the lake’s multiple uses, including capture fisheries and aquaculture, transportation, irrigation, and water for household consumption, added pressure that stretches the lake’s capacity.
The official was reacting to reports quoting Biñan Rep. Arman Dimaguila, who said Laguna de Bay may turn into the country’s largest septic tank, calling on the Marcos administration to immediately rehabilitate the lake.
Flood control projects
DIMAGUILA is also calling for a congressional inquiry to look into all the flood control projects in Laguna de Bay because of flooding that affects several coastal barangays of Laguna.
The lawmaker from Biñan is pushing for the dredging of Laguna de Bay to address the persistent flooding and improve the lake’s water holding capacity.
Several barangays in Biñan are experiencing a perennial flooding problem owing to the poor state of the lake, whose capacity to store water has been diminished by siltation.
Dimaguila filed House Resolution 33 directing the Committee on Ecology to conduct a review of all flood control projects along Laguna Lake to prevent, seek ways to improve water quality, to study the possibility of dredging to increase holding capacity.
Sought for his reaction, Parumog said he welcomes the call for a congressional inquiry and said he is ready to sit down and talk about the problems besetting the lake.
Parumog, who assumed the top LLDA post on August 1, said, “Indeed, Laguna de Bay is contaminated and needs massive rehabilitation. It has been polluted and contaminated, and heavily silted for a long time.”
He blamed the indiscriminate dumping
against turning the impeachment process into a political spectacle.
“Strong statements may grab headlines, but they do little to uphold the dignity of our institutions,” said Ortega, one of the leaders of the House Young Guns. “We must not allow a legitimate constitutional process like impeachment to be dragged into a political circus.”
He reiterated that the Speaker’s actions were part of a collective institutional decision rooted in the Constitution. “The Speaker did not act alone. This was a collective institutional decision—one rooted in the Constitution,” Ortega clarified.
“Calls for his removal overlook that fact and risk personalizing what is, at its core, a constitutional process. Let us set aside divisiveness and stand by the rule of law,” Ortega added.
Out of bounds
DEPUTY Speaker Jay Khonghun of Zambales described Marcos’ call for Romualdez’s ouster as “out of bounds,” saying it disrespects the House’s institutional independence.
“Let’s exercise a bit of restraint when speaking. There are limits to what can be said in public, especially if it undermines the
of garbage, wastewater and other effluents in waterways that eventually drain to the lake.
“We are looking into Representative Dimaguila’s proposal, including dredging,” he said.
Dredging
PARUMOG said it would be best to look into immediate solutions like dredging rivers, as well as portions of the Laguna de Bay that are frequently flooded.
“We have to start with the flooded areas first. Solve the flooding, then continue with dredging activities,” he said.
Parumog said proper engineering intervention, given the available funds, will address flooding woes, which is the short-term solution. He added that in certain areas, the LLDA may have to construct retaining walls so that the dredged materials will not go back to the lake during heavy rains.
However, he said flooding is not a simple problem, considering the impacts of climate change.
Sometimes, he said, no engineering intervention can stop flooding because of excessive or heavier-than-normal rains the Philippines has lately been experiencing.
“President Marcos was right. Climate change is the new normal,” he said, “However, given the resources and proper engineering intervention, projects that are implemented correctly can mitigate flooding.”
As for the long-term solution, Parumog said the LLDA will tighten its watch on the disposal of garbage and wastewater.
“LLDA is a regulatory body, so we need to strictly implement environmental laws. We will inspect and make sure the companies around the lake are complying with the law,” he said.
“Big or small companies must comply,” he added.
To prevent further pollution of the lake, Parumog said local governments must also do their part by strictly enforcing the garbage law and Clean Water Act on their end.
He noted that many households, especially those that were constructed before the Clean Water Act was enacted, have no septic tank, which causes soil and water pollution.
“There are many houses with no septic tanks, that’s what’s causing the problem,” he said.
“The local governments must strictly enforce environmental laws.” Septic tanks must be required in all households, he said. Jonathan L. Mayuga
integrity of other institutions,” Khonghun said, emphasizing that the House of Representatives deserves the same respect it gives to the Senate.
He warned that meddling in the internal affairs of the House not only fuels political tension but threatens the mutual respect that should bind co-equal branches.
“Let’s be clear: Speaker Romualdez was chosen by his peers. He has led with clarity and vision, even amid difficult and sensitive political moments. That kind of leadership doesn’t get replaced just because one senator says so,” he said.
Party-list Rep. Alfredo P. Garbin Jr. of Ako Bicol also stood firm against Marcos’ remarks, pointing out that the House derives its mandate from the Constitution and the people—not from Senate opinion.
“If Senator Imee Marcos is willing to surrender the powers of the Senate to the Supreme Court, then that is a decision that reflects their chamber’s internal disposition. But here in the House of Representatives, we stand united,” he said.
“We have not yielded to external pressure, even from the highest Court, when it encroached upon our constitutional duties. So it should be no surprise that we will not yield to political maneuvering from Senator Imee Marcos, who has shown a willingness to concede institutional power under pressure,” Garbin added. Jovee Marie N. dela Cruz
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Congressmen defend Romualdez vs Imee tirade
CALLING it “unwarranted, undemocratic, and unwise,” House leaders on Thursday came to the defense of Speaker Ferdinand Martin G. Romualdez, strongly condemning Sen. Imee Marcos’ public call for his replacement.
Lawmakers labeled the senator’s statements as a blatant interference in the affairs of a co-equal branch of government and warned against politicizing a constitutional process.
“This is not about Speaker Romualdez. This is about the institutional mandate of the House to initiate impeachment. Trying to pin this all on one man is a cheap political trick,” said House Deputy Majority Leader Zia Alonto Adiong, one of the leaders of the House Young Guns. Adiong asserted that senators should focus on their constitutional role of holding the impeachment trial instead of dodging accountability.
“The Speaker does not serve at the pleasure of the Senate. He serves because the House overwhelmingly trusts him to lead us in a time of great political responsibility. And he has done so with utmost integrity,” Adiong said.
“Maybe the better question is: Why is the Senate avoiding accountability? Why archive a complaint when the Supreme Court hasn’t even ruled with finality yet?” Adiong asked.
Senior Deputy Speaker David Suarez of Quezon called Marcos’ remarks “a blatant overreach into the affairs of a co-equal chamber.”
“Let me be clear: no senator, regardless of stature or history, has the right to dictate who should lead the House. That decision rests solely with the elected members of this chamber, and Speaker Romualdez continues to enjoy our overwhelming confidence,” Suarez said.
He stressed that the Speaker simply presided over the transmittal of the impeachment articles—an act required by the Constitution.
“It is unfortunate that he is being vilified for upholding a process that the Constitution entrusts to the House,” he said. “What we are seeing here is not a call for accountability. It’s a classic deflection from the real issues raised in the impeachment case.”
Tingog Rep. Jude A. Acidre, chairman of the House Committee on Higher and Technical Education, criticized the Senate for trying to justify its controversial dismissal of the complaint by shifting the blame to the House and Romualdez.
“Let’s not twist the narrative. The House did its job, and we followed the process. Now, the Senate must answer why it archived the complaint before the Supreme Court even ruled. You can’t defend one branch of government by attacking another,” Acidre said.
He pointed out that 215 members voted in favor of transmitting the impeachment articles—an act that reflected institutional consensus, not personal ambition.
“When over 200 members vote in favor of impeachment, that’s not just one man’s decision. That’s the House speaking as an institution. Calling it a political maneuver is not only unfair but also misleading,” he added.
He emphasized that the complaint was rooted in public concern over the Vice President’s use of confidential funds—not political positioning for 2028.
Not a circus
DEPUTY Speaker Paolo Ortega V, who represents La Union, urged both chambers to exercise restraint and mutual respect, warning
“Imee,” A4
Condemnation of Senate action on impeachment snowballs
By Jovee Marie N. dela Cruz @joveemarie
KEY leaders of the House of Representatives on Thursday condemned the Senate’s decision to archive the impeachment complaint against Vice President Sara Duterte, warning that the move undermines constitutional accountability and sends a dangerous message to the public that powerful officials may be shielded from scrutiny.
Speaker Ferdinand Martin G. Romualdez expressed dismay over the Senate’s move to archive the impeachment complaint against Duterte, calling the decision premature and contrary to the ongoing legal process.
“Yesterday, the Senate—not sitting as an impeachment court—moved swiftly to archive the complaint against Vice President Sara Duterte, despite the case still pending before the Supreme Court,” Romualdez said.
“To archive is, in effect, to bury the Articles of Impeachment, yet the ruling of the Supreme Court is not final. On August 5, the House filed a Motion for Reconsideration, and the Court deemed our arguments serious enough to require a comment from the Vice President. The case is active,” he said.
The Senate voted 19-4-1 to archive the Articles of Impeachment transmitted by the House, citing a recent SC ruling that questioned the manner by which the House
approved the complaint. However, House lawmakers argue that the ruling is not yet final, as a motion for reconsideration (MR) remains pending before the Court.
Hasty move
ROMUALDEZ questioned the urgency of the Senate’s action, describing it as a hasty move that effectively silenced a constitutional process already in motion.
“Why the rush?” he asked. He reminded the public that under the 1987 Constitution, only the House of Representatives has the exclusive power to initiate impeachment proceedings. “That power is final within its sphere,” he stressed.
Legislators refile hazard pay bill for govt prosecutors
LAWMAKERS have refiled a bill that provides monthly hazard pay for government prosecutors regularly exposed to lifethreatening risks in the line of duty. In House Bill 2664, Speaker Ferdinand Martin G. Romualdez proposed a monthly hazard pay of P5,000 for public prosecutors assigned to dangerous legal tasks such as inquest proceedings, preliminary investigations, and the prosecution of cases involving terrorism, illegal drugs, corruption, money laundering, and other high-risk offenses.
Romualdez underscored the essential role prosecutors play in enforcing the law and safeguarding public interest, even at the risk of their own safety. He emphasized the rising
Marcos cautions vs inaccurate narratives in intl disputes
SIMPLISTIC and false equivalency of all competing claims in the South China Sea (SCS) and other areas marred by international territorial disputes are contributing to the deterioration of global unity, President Marcos said in India.
Such practice, Marcos said in a policy speech before members of the Observer Research Foundation in New Delhi on Wednesday, helps in perpetuating wrong information on such issues.
“Such misinformation or inaccurate narratives distract us from calling out illegal and unlawful actions for what they are: violations of international law. Indeed, there are those
who sometimes justify such provocations under the pretext of geopolitics,” he said. Each claim in such complex disputes, the President said, should instead “pass the test of conformity with international law,” such as the United Nations Convention on the Laws of the Sea (Unclos).
He noted that it is up to countries like the Philippines and India to “play a more active role in upholding, defending, and preserving our rules-based order.”
“We Filipinos are proud of our efforts to promote the rule of law, including through the 1982 Manila Declaration on the Peaceful Settlement of Disputes,” Marcos said.
“We also find inspiration in India’s contributions, example, and its own adherence to the law,” he added.
Both countries, he said, should continue to work as partners in strengthening the multilateral system to ensure the “so-called ‘major countries’ do not exert undue influence.”
The Philippines and other Southeast Asian countries currently have competing claims against China as it claims almost the entire SCS even after its nine-dash claim was invalidated by the 2016 Arbitral Award.
India also has its own territorial disputes with its neighboring countries, including China.
Before leaving New Delhi to head to Bangalore on Thursday, Marcos met with Indian business leaders to invite them to consider making new investments in the Philippines. Among the business leaders who met with the President were those of the Indian multinational conglomerate GMR Group, which is already involved in the development of the Sangley Aerocity Project in Cavite. The US$3-4 billion project is expected to generate direct revenues of US$300 to 500
A6 Friday, August 8, 2025
Trump’s broad tariffs go into effect, just as economic pain is surfacing
By Josh Boak The Associated Press
ASHINGTON—President
WDonald Trump was set to officially begin levying higher import taxes on dozens of countries Thursday, just as the economic fallout of his monthslong tariff threats has begun to create visible damage for the US economy.
The White House said that starting just after midnight that goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. Products from the European Union, Japan and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%. For places such as the EU, Japan and South Korea, Trump also expects them to invest hundreds of billions of dollars in the US.
“I think the growth is going to be unprecedented,” Trump said Wednesday afternoon. He added that the US was “taking in hundreds of billions of dollars in tariffs,” but he couldn’t provide a specific figure for revenues because “we don’t even know what the final number is” regarding tariff rates.
Despite the uncertainty, the Trump White
House is confident that the onset of his broad tariffs will provide clarity about the path of the world’s largest economy. Now that companies understand the direction the US is headed, the administration believes they can ramp up new investments and jump-start hiring in ways that can rebalance the US economy as a manufacturing power.
But so far, there are signs of self-inflicted wounds to America as companies and consumers alike brace for the impact of new taxes. What the data has shown is a US economy that changed in April with Trump’s initial rollout of tariffs, an event that led to market drama, a negotiating period and Trump’s ultimate decision to start his universal tariffs on Thursday.
After April, economic reports show that hiring began to stall, inflationary pressures crept upward and home values in key markets started to decline, said John Silvia, CEO of Dynamic Economic Strategy. “A less productive economy requires fewer workers,” Silvia said in an analysis note. “But there is more, the higher tariff prices lower workers’ real wages. The economy has become less productive, and firms cannot pay the same real wages as before. Actions have consequences.”
Even then, the ultimate transformations of the tariffs are unknown and could play out over months, if not years. Many economists say the risk is that the American economy is steadily eroded rather than collapsing instantly.
“We all want it to be made for television where it’s this explosion—it’s not like that,” said Brad Jensen, a professor at Georgetown University. “It’s going to be fine sand in the gears and slow things down.”
Trump has promoted the tariffs as a way to reduce the persistent trade deficit. But importers sought to avoid the taxes by importing more goods before the taxes went into effect. As a result, the $582.7 billion trade imbalance for the first half of the year was 38% higher than in 2024. Total construction spending has dropped 2.9% over the past year, and the factory jobs promised by Trump have so far resulted in job losses.
The lead-up to Thursday fit the slapdash nature of Trump’s tariffs, which have been variously rolled out, walked back, delayed, increased, imposed by letter and frantically renegotiated.
The process has been so muddled that officials for key trade partners were unclear at the start of the week whether the tariffs would begin Thursday or Friday. The language of the July 31 order to delay the start of tariffs from Aug. 1 said the higher tax rates would start in seven days.
On Wednesday morning, Kevin Hassett, director of the White House National Economic Council, was asked if the new tariffs began at midnight Thursday, and he said reporters should check with the US Trade Representative’s Office.
Trump on Wednesday announced additional 25% tariffs to be imposed on India for its buying of Russian oil, bringing their total import taxes to 50%. He has
said that import taxes are still coming on pharmaceutical drugs and announced 100% tariffs on computer chips, meaning the US economy could remain in a place of suspended animation as it awaits the impact.
The president’s use of a 1977 law to declare an economic emergency to impose the tariffs is also under challenge. The impending ruling from last week’s hearing before a US appeals court could cause Trump to find other legal justifications if judges say he exceeded his authority.
Even people who worked with Trump during his first term are skeptical that things will go smoothly for the economy, such as Paul Ryan, the former Republican House speaker, who has emerged as a Trump critic.
“There’s no sort of rationale for this other than the president wanting to raise tariffs based upon his whims, his opinions,” Ryan told CNBC on Wednesday. “I think choppy waters are ahead because I think they’re going to have some legal challenges.”
Still, the stock market has been solid during the recent tariff drama, with the S&P 500 index climbing more than 25% from its April low.
The market’s rebound and the income tax cuts in Trump’s tax and spending measures signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months.
As of now, Trump still foresees an economic boom while the rest of the world and American voters wait nervously.
“There’s one person who can afford to be cavalier about the uncertainty that he’s creating, and that’s Donald Trump,” said Rachel West, a senior fellow at The Century Foundation who worked in the Biden White House on labor policy. “The rest of Americans are already paying the price for that uncertainty.
Editor: Angel R. Calso
Brazil requests consultations at World Trade Organization over Trump’s tariffs
By Mauricio Savarese Associated Press
RIO DE JANEIRO—Brazil requested consultations at the World Trade Organization over tariffs imposed by US President Donald Trump against the South American nation that went into effect on Wednesday.
Trump has directly tied the 50% tariff on many imported Brazilian goods to the judicial situation of his embattled ally, former President Jair Bolsonaro, who is currently under house arrest.
“The United States has flagrantly violated key commitments the country has agreed upon at the WTO, such as the principle of the most favored nation and tariff ceilings negotiated at that organization,” Brazil’s foreign ministry said in a statement.
The most favored nation principle is a cornerstone of Geneva-based WTO, whose aim is to get countries to respect trade agreements. The principle directs its members to treat each other equally in trade. WTO panels are set if no agreement is reached in disputes between members.
“Brazil’s government reiterates its availability for negotiation and hopes these consultations contribute to a solution to the
matter,” the Brazilian foreign office said.
The US government has not made comments about Brazil’s move. Earlier, a Brazilian government official told The Associated Press Brazil understands that the case could drag on and there’s no guarantee of success. The official, who wasn’t authorized to discuss the matter publicly, spoke on condition of anonymity.
Brazilian President Luiz Inácio Lula da Silva has repeatedly said that the trade body needs a revamp to be enabled to mediate in conflicts. Brazil’s government estimates that 35.9% of the country’s goods shipped to the American market have been affected. That is about 4% of Brazil’s total exports.
Trump directly tied the 50% tariff on imported Brazilian goods to the judicial situation of his embattled ally, former President Jair Bolsonaro, who is currently under house arrest. Last month, Bolsonaro was ordered to wear an electronic ankle monitor and to obey a curfew while the proceedings are underway. Lula is yet to speak about the move. On Tuesday, the leftist leader said he wouldn’t call Trump to talk about trade “because he doesn’t want to” speak about it. Lula said that he might instead “invite him to attend (November’s climate summit) COP in Belem.”
BRAZILIAN
A8 Friday, August 8, 2025
Kremlin says Trump and Putin to meet next week amid Ukraine war deadline
By Dasha Litvinova & Barry Hatton
The Associated Press
AMEETING between Rus -
sian President Vladimir
Putin and US President Donald Trump has been agreed, a Kremlin official said Thursday, the eve of a White House deadline for Moscow to show progress toward ending the 3-year-old war in Ukraine.
Putin’s foreign affairs adviser Yuri Ushakov said a summit could possibly take place next week at a venue that has been decided “in principle.”
He brushed aside the possibility of Ukraine President Volodymyr Zelenskyy joining the summit, something the White House had said Trump was ready to consider. Putin has spurned Zelenskyy’s previous offers of a meeting to clinch a breakthrough.
“We propose, first of all, to focus on preparing a bilateral meeting with Trump, and we consider it most important that this meeting be successful and productive,” Ushakov said, adding that US special envoy Steve Witkoff’s suggestion of a meeting including Ukraine’s leader “was not specifically discussed.” It was not clear how the announcement of the meeting would affect Trump’s Friday deadline for Russia to stop the killing or face heavy economic sanctions.
year-on-year by 5.5 percent in the second quarter of 2025. All other major expenditure items also posted year-on-year growths during the period.
This includes Government final consumption expenditure, 8.7 percent; Gross capital formation, 0.6 percent; Exports of goods and services, 4.4 percent; and Imports of goods and services, 2.9 percent.
The Gross National Income grew yearon-year by 8.2 percent in the second quarter of 2025.
Further, Net Primary Income from the Rest of the World posted year-on-year growth of 32.8 percent during the period.
“While challenges remain, we are equipped with the lessons, tools, and partnerships we’ve built over the past three
to protect farmers from sharp swings in prices. What will that entail? Yan ang pinag-aralan namin [That’s what we are
The meeting would be the first US-Russia summit since 2021, when former President Joe Biden met Putin in Geneva. It would be a significant milestone toward Trump’s effort to end the war, although there’s no guarantee it would stop the fighting since Moscow and Kyiv remain far apart on their conditions for peace.
Next week is the target date for a summit, Ushakov said, while noting that such events take time to organize and no date is confirmed. The possible venue will be announced “a little later,” he said.
Months of US-led efforts have yielded no progress on stopping Russia’s invasion of its neighbor. The war has killed tens of thousands of troops on both sides as well as more than 12,000 Ukrainian civilians, according to the United Nations.
Western officials have repeatedly accused Putin of stalling for time in peace negotiations to allow Russian forces time to capture more Ukrainian land. Putin previously has offered no concessions and will only accept a settlement on his terms.
A meeting between Putin and Trump on the war would be a departure from the Biden administration’s policy of “nothing about Ukraine without Ukraine”—a key demand from Kyiv. Zelenskyy focuses on the details ZELENSKYY said he planned calls
years. With shared resolve, we will build on our gains, navigate the path ahead with confidence, and continue protecting and empowering our people—not only for today, but for generations to come,” Balisacan said.
GDP Q1 Revision
PSA said significant revisions in the services sector pulled down the country’s GDP growth in the first quarter.
On Wednesday, PSA disclosed that it maintained the country’s first-quarter GDP growth at the 5.4 percent that was announced in May 2025. However, PSA Officer-in-Charge Assistant National Statistician Mark C. Pascasio told B usiness M irror that a closer look at the data revealed the growth was slower.
“[The] 5.41 [percent growth in May] versus 5.38 [percent in August] showed that there was a revision in GDP at the two-decimal place [level],” Pascasio told this newspaper.
studying],” he added. Meanwhile, Balisacan said the 60-day suspension in rice importation ordered by the President will not have an impact on inflation. One of the primary reasons is that the country still has a rice buffer for 40 days. This means even if the country does not
with European leaders Thursday to discuss the latest developments.
A ceasefire and long-term security guarantees are priorities in potential negotiation with Russia, he said on social media.
Securing a truce, deciding a format for a summit and providing assurances for Ukraine’s future protection from invasion—a consideration that must involve the US and Europe—are crucial aspects to address, Zelenskyy said.
He noted that Russian strikes on civilians haven’t eased off despite Trump publicly urging Putin to relent.
A Russian attack Wednesday in the central Dnipro region killed four people and injured eight others, he said.
Support for continuing the fight wanes in Ukraine
A new Gallup poll published Thursday found that Ukrainians are increasingly eager for a settlement that ends the fight against Russia’s invasion.
The enthusiasm for a negotiated deal is a sharp reversal from 2022—the year the war began— when Gallup found that about three-quarters of Ukrainians wanted to keep fighting until victory. Now only about one-quarter hold that view, with support for continuing the war declining steadily across all regions and demographic groups.
The findings were based on samples of 1,000 or more respon -
Pascasio said that while there were upward adjustments to the growth of agriculture, fishery, and forestry (AFF) and industry, these were offset by downward revisions in the services sector.
“At one decimal place, maintained tayo. But if you will look at the details, AFF upward revision, Industry upward also, but Services, downward. Mas malaki ang downward revision ng Services than combined upward revisions of AFF and Industry,” Pascasio said.
Apart from GDP, the country’s Gross National Income in the first quarter of 2025 was also revised downward to 7.2 percent from the 7.5 percent disclosed three months ago.
PSA also said the Net Primary Income from the Rest of the World was also revised downward to 22 percent from the 24.6 percent estimated in May.
The PSA said sectors that posted downward revisions were sectors such as the growth of the electricity, steam, water
import rice in September and October, the country will still have sufficient rice supply.
“And then [it’s] also production season and the expectations of the Department of Agriculture is that harvest will be good, because we did not have the kind of typhoon disturbances last year,” Balisacan added,
dents ages 15 and older living in Ukraine. Some territories under entrenched Russian control, representing about 10% of the population, were excluded from surveys conducted after 2022 due to lack of access.
Since the start of the full-scale war, Russia’s relentless pounding of urban areas behind the front line has killed more than 12,000 Ukrainian civilians, according to the United Nations. On the 1,000-kilometer (620-mile) front line snaking from northeast to southeast Ukraine, where tens of thousands of troops on both sides have died, Russia’s bigger army is slowly capturing more land.
In the new Gallup survey, conducted in early July, about seven in 10 Ukrainians say their country should seek to negotiate a settlement as soon as possible. Zelenskyy last month renewed his offer to meet with Putin, but his overture was rebuffed.
Most Ukrainians do not expect a lasting peace anytime soon, the poll found. Only about one-quarter say it’s “very” or “somewhat” likely that active fighting will end within the next 12 months, while about seven in 10 think it’s “somewhat” or “very” unlikely that active fighting will be over in the next year.
Hatton reported from Lisbon, Portugal. Amelia Thomson-Deveaux contributed from Washington.
and waste management to 2.7 percent from the initial estimate of 3.8 percent.
There were also downward revisions in the growth of Financial and insurance activities to 6.9 percent from 7.2 percent as well as the Information and communication to 4.7 percent from 5.6 percent.
Meanwhile, upward revisions were recorded in the growth of other sectors such as Manufacturing which saw its growth rate increase to 4.3 percent from the initial estimate of 4.1 percent.
The data also showed the growth of real estate and ownership of dwellings improved to 3.7 percent from the initial estimate of 3.3 percent; and Professional and business services, 5.2 percent from 5 percent.
The PSA revises the GDP estimates based on an approved revision policy in PSA Board Resolution No. 1, Series of 2017053, which is consistent with international standard practices on national accounts revisions.
partly in Filipino.
Earlier, the President ordered a 60day suspension on rice importation, but withheld any tariff adjustments for now, to stop the slump in the farmgate price of palay (unhusked rice), according to Malacañang.
The chief executive granted the
South Korea, US militaries will stage large-scale drills this month to address North Korean threats
By Kim Tong-Hyung Associated Press
SEOUL , South Korea—South Korea and the United States will launch their annual large-scale military exercise this month to bolster readiness against North Korean threats, the allies said Thursday, in a move likely to irritate Pyongyang amid a prolonged stalemate in diplomacy.
The exercise also comes against the backdrop of concerns in Seoul that the Trump administration could shake up the decades-old alliance by demanding higher payments for the US troop presence in South Korea and possibly move to reduce it as Washington puts more focus on China.
Ulchi Freedom Shield, the second of two large-scale exercises held annually in South Korea, following another set of drills in March, typically involves thousands of troops in computer-simulated command post training and combined field exercises.
The Aug. 18-28 exercise may trigger an angry reaction from North Korea, which calls the joint drills invasion rehearsals and often uses them as a pretext to dial up military demonstrations and weapons tests aimed at advancing its nuclear program.
Doubling down on its nuclear ambitions, North Korea has repeatedly rejected Washington and Seoul’s calls to resume diplomacy aimed at winding down its weapons program, which derailed in 2019. The North has now made Russia the priority of its foreign policy, sending thousands of troops and large amounts of military equipment to support Moscow’s war in Ukraine.
About 18,000 South Korean troops will take part in this year’s Ulchi Freedom Shield exercise, South Korea’s Joint Chiefs
Villar. . .
Continued from A1
Terminal Services Inc., a Manila-based operator that reported revenue of $2.7 billion in 2024. He also owns most of Bloomberry Resorts, which owns the Manila gambling complex Solaire Resort and Casino, as well as gold mining and oil exploration assets.
The majority of Razon’s wealth is derived from his stake in ICTSI, which he owns 51 percent directly and through three holding companies, Bravo International Port Holdings, Razon Group Shareholdings and Achillion Holdings. He also controls 65 percent of Bloomberry Resorts, which runs two resorts in the Philippines and one in South Korea, and reported about $1 billion in revenue for 2023. He owns 52 percent of Manila Water Co., which provides water and sanitation services to more than 7 million people in the capital, and 67 percent of gold producer
Department of Agriculture’s recommendation to temporarily halt rice importation starting 1 September 2025 “to protect local farmers [who are] reeling from low palay prices during this current harvest season.”
Marcos made the decision after the Philippine Statistics Authority (PSA)
of Staff spokesperson, Col. Lee Sung Joon, said during a joint briefing with US Forces Korea, which did not disclose the number of participating US troops.
Both Lee and US Forces Korea public affairs director Col. Ryan Donald downplayed speculation that South Korea’s new liberal government, led by President Lee Jae Myung, sought to downsize the exercise to create momentum for dialogue with Pyongyang, saying its scale is similar to previous years. However, Col. Lee said about half of the exercise’s originally planned 40 field training programs were postponed to September due to heat concerns.
The threat from North Korea’s advancing nuclear and missile programs will be a key focus of the exercise, which will include training to deter North Korean nuclear use and respond to its missile attacks, Lee said. The exercise will also incorporate lessons from recent conflicts, including Russia’s war in Ukraine and the clash between Israel and Iran, and address threats from drones, GPS jamming and cyberattacks, Lee and Donald said.
“We look across the globe at the challenges we may face on the battlefield and incorporate that so we can challenge the participants in the exercise,” Donald said. “We are focused on ensuring the alliance is sustainable and credibly deters aggression from the DPRK and addresses the broader regional security challenges,” he said, using the initials of North Korea’s formal name, the Democratic People’s Republic of Korea.
The announcement of the exercise came a week after the powerful sister of North Korean leader Kim Jong Un rebuffed overtures by Lee Jae Myung’s government, saying that Seoul’s “blind trust” in its alliance with Washington and hostility toward Pyongyang make it no different from its hardline conservative predecessor.
Apex Mining.
Razon has real estate valued at $628 million in New York, San Francisco, South Africa and the Philippines, and owns three airplanes and two helicopters. Villar, meanwhile, is the founder of Golden MV Holdings, the biggest death care company in the Philippines. It has been renamed Villar Land Holdings Corp. and will take the lead in the development of a 3,500-hectare estate in the southern part of Metro Manila.
Villar, who goes to the gym before starting his work day at 6am, and his children control about 89 percent of the publicly traded company, with some of the shares held in entities called Fine Properties and Cambridge Group.
Villar is also founder of Vista Land and Lifescapes, the country’s largest home builder, as well as shopping mall operator Vistamalls, home-improvement chain AllHome Corp. and supermarket operator AllDay Marts Inc.
reported that the average farmgate price of rice dropped to P16.99 per
now/) Cai U. Ordinario
Q2 fisheries output down by 2.6% due to decline in commercial
and marine municipal fisheries
By Ada Pelonia @adapelonia
THE country’s fisheries output dipped by 2.6 percent in the second quarter, based on data from the Philippine Statistics Authority (PSA).
Data from the PSA indicated that the volume of fisheries production in April to June reached 994,047 metric tons (MT), lower than the 1.02 million metric tons (MMT) in the previous year.
The state statistics agency noted that commercial and marine municipal fisheries production dragged the output in the second quarter, while inland municipal fisheries and aquaculture posted increments in the reference period.
PSA said commercial fisheries production in the period dropped by 10.5 percent to 263,910 MT from 294,950 MT. The subsector’s share accounted for 26.5 percent of the total output.
For marine municipal fisheries, the output shrank by 5.5 percent to 212,070 MT in the second quarter from 224,350 MT recorded in the previous year. The subsector
constituted 21.3 percent of the total fisheries production, based on PSA data.
Despite this, harvests from aquaculture farms, which contributed about half of the total fisheries output, inched up by 2.7 percent to 483,940 MT in the reference period from 471,420 MT last year.
The inland municipal fisheries grew by 13.4 percent to 34,130 MT year-onyear from 30,100 MT. It accounted for 3.4 percent of the total output in the second quarter.
PSA said the species that primarily posted increments were seaweed, up 6.1 percent to 287,223 MT; yellowfin tuna (tambakol/bariler), 12.5 percent to 26,849 MT; and tilapia, 3.1 percent to 76,599 MT.
Decreases were noted in skipjack (gulyasan), down 35.6 percent to 60,674 MT; bali sardinella (tamban), 15 percent to 86,375 MT; and roundscad (galunggong), 10.4 percent to 58,453 MT. Industry sources earlier noted that fisheries output would improve this year on the back of developments in the sector, such as post-harvest facilities and improved aquaculture production.
Strike looms at UA&P over economic demands
By Justine Xyrah Garcia
WORKERS from the University of Asia and the Pacific (UA&P) formally filed a notice of strike on Thursday with the labor department’s National Conciliation and Mediation Board (NCMB), following months of negotiations that failed to break a bargaining deadlock with university management.
The UA&P Union of Faculty Members (UA&PUFM) and its Union of Allied Employees (UA&PUAE), which consists of rank-and-file administrative and academic non-teaching staff, said the decision was prompted by alleged unfair labor practices and the refusal of university management to grant nonnegotiable concessions required for mediation to proceed.
UA&PUFM President Ferdinand Delos Reyes told the BusinessMirror that among the seven economic provisions being pushed by the unions are reforms in the salary and promotion structure, health maintenance organization (HMO) coverage for dependents, medicine reimbursement, educational allowance, food allowance, and a union signing bonus.
“Per UA&P’s last audited financial statements, it has [P400 million] worth of [investments]. We are not asking for it to all be spent in improvements on salaries [and] benefits. But surely if it can invest on physical capital it can also invest on its people,” Delos Reyes said in a text message.
He added that, at the very least, HMO coverage should include qualified dependents and the rice allowance should be raised to P2,000 per month.
Currently, employees receive only P1,500 per quarter.
“We cannot publicly release the salary structure without management’s consent but
our position is that [it’s] not benchmarked to industry standards,” Delos Reyes added.
Aside from economic demands, the unions also flagged the university’s new work arrangement policy, which they said would add financial strain on workers.
Beginning August 4, all employees will be required to report onsite for 5.5 days a week—up from the previous requirement of just three days.
The change, according to the unions, was announced only on July 16, with little time to prepare.
“ Buti sana if they announced ahead. It was announced on July 16…Walanangang salary increase, tataaspacost for employees,” Delos Reyes explained.
In a joint statement, the unions also emphasized that they had made good-faith efforts to work with both the outgoing and incoming university administrations in pursuit of the common good.
“Sadly, both have refused to genuinely negotiate and engage with UA&PUFM and UA&PUAE in improving workers’ salaries and benefits. Given this unfortunate development, both UA&PUFM and UA&PUAE are constrained to exercise our right to strike as provided by law. Both unions shall follow the process laid out under the Labor Code starting with the filing of a Notice to Strike on August 7, 2025,” the unions said.
Collective bargaining negotiations began on May 7, but talks reached a deadlock on June 25.
This prompted the unions to file for preventive mediation with the NCMB. Three mediation sessions were held, followed by a fourth and final session on Thursday, where management reportedly made it clear that it would not grant the unions’ request to suspend the implementation of the new onsite attendance policy.
Navy now looking into circumstances of two divers death in Sarangani
AS it mourns the death of its two divers who perished in a recreational diving activity in Sarangani last Aug. 4, the Philippine Navy (PN) on Thursday said it is now conducting a thorough investigation to determine the exact cause of the mishap.
“As safety remains a top priority, the PN is also reviewing and enhancing our protocols related to both recreational and operational diving activities to prevent similar incidents in the future,” it added.
Also, the PN said these two naval divers were on official leave and wellness break.
Business chambers of India and Philippines renew pact to boost trade and investment ties
By Andrea San Juan @andreasanjuan
THE Philippines can expect more Filipino-Indian business ventures after the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Federation of Indian Chambers of Commerce Philippines Inc. (FICCI PH) renewed their ties.
In a statement on Thursday, the Department of Trade and Industry (DTI) said FICCI and FICCI PH signed anew a Memorandum of Understanding (MOU) at the Taj Mahal Hotel on August 6 during the State Visit of President Ferdinand R. Marcos Jr. in New Delhi, India.
“The MOU strengthens cooperation on promoting trade missions, exchanging information, and facilitating partnerships between Filipino and Indian businesses,”
DTI said in its statement.
For her part, Trade and Industry Secretary Cristina A. Roque, who witnessed the signing, underscored the “long-term benefits” of the renewed partnership.
The Philippines’ Trade department said this deal builds on a similar agreement first signed in 2019 and expands cooperation to include information-sharing on trade regulations, support for policy advocacy, and coordinated efforts to host delegations and business forums.
“By formalizing these channels, Filipino and Indian companies are expected to gain faster access to each other’s markets and benefit from simplified procedures for trade and investment activities,” DTI also noted.
The DTI said the renewed partnership complements ongoing initiatives to position the Philippines as a “strategic hub” for manufacturing, services, and technology-
driven enterprises in the region—sectors where Indian firms have shown growing interest.
“Whether through trade promotion, investment facilitation, or market access initiatives, we will continue to support efforts that benefit both our economies and contribute to inclusive, sustainable growth,” Roque added.
The renewed MOU comes as both nations explore opportunities in sectors ranging from pharmaceuticals and information technology to agribusiness and consumer goods, areas where “synergies” between Indian innovation and Philippine market potential are increasingly being recognized, the DTI noted.
According to an earlier story published by the BusinessMirror, President Ferdinand Marcos wants to fast-track negotiations for the Philippines-India preferential trade
DOST renews science partnership with India
By John Eiron R. Francisco
THE Department of Science and Technology (DOST) has renewed its collaboration with India’s Ministry of Science and Technology to strengthen research and development in key scientific areas, according to Secretary Renato U. Solidum Jr.
The science chief said on Thursday that the agreement under the Program of Cooperation revives collaborative efforts that were disrupted by the COVID-19 pandemic and builds on a previous partnership that expired in 2022.
“This will cover a broad but very critical range of topics, such as biotechnology and subjects related to smart agriculture, artificial
intelligence, battery storage, vaccine development, oceans, and the atmosphere, to name a few,” Solidum told reporters in a sideline interview during the HANDA Pilipinas initiative Luzon leg in Baguio City.
Solidum explained that the agreement with India is one of several bilateral partnerships DOST maintains with other countries. He emphasized India’s significance as a partner due to its strong research and development capabilities and its ability to scale up innovations cost-effectively.
“We can learn a lot from them and vice versa, they can also learn from the other things they are interested in, blue economy and geospatial work,” he said, emphasizing that these are also
key focus areas for the Philippines.
“The next step is to have working groups between India and the Philippines for those areas of collaboration,” he added.
Solidum concluded by noting that, similar to other bilateral agreements, regular discussions are typically held either annually or every two years, depending on the specific terms of the agreement.
The agreement renewal occurred on the second day of President Ferdinand Marcos’ five-day official visit to India, from August 4 to 8, 2025. The bilateral agreements were signed at the official residence of Indian Prime Minister Narendra Modi, with Philippine Cabinet officials, including DOST, in attendance.
No final nod yet on Boracay bridge bid
BORACAY—THE proposed 2.54-kilometer bridge connecting Boracay Island to mainland Panay has yet to secure full approval, as provincial and local stakeholders remain divided on the unsolicited project submitted by San Miguel Corp. (SMC).
Aklan governor Joen Miraflor confirmed Tuesday that the provincial government is still awaiting on SMC regarding the proposed project. While preliminary meetings have taken place, the required public stakeholder consultations have not yet been conducted.
“The bridge project is not yet approved, especially for us here in Aklan,” Miraflor said during the launch of the Boracay Smart Port System on August 5. “We’ll have to go through the necessary stakeholders meeting [and] participation, and the San Miguel has not yet done that with us.”
The project was initially submitted to the
Department of Public Works and Highways (DPWH) in 2019. Moreover, just this year, the DPWH invited local and international firms to submit comparative proposals under the government’s public-private partnership (PPP) framework.
The P7.95-billion proposal includes a bridge with dedicated public transport lanes, bike lanes and utility corridors, to be operated under a 30-year concession.
However, it faces resistance at the local level. In June, the Sangguniang Bayan of Malay passed Resolution 106, formally requesting the removal of the bridge project from its Comprehensive Land Use Plan and Annual Investment Plan.
Transport cooperatives, including the Caticlan Boracay Transport Multi-Purpose Cooperative, also cited concerns over possible job displacement for boat operators
and allied workers.
“We have to be careful with what we do. And of course, we stand with our people, with our stakeholders. Whatever they want to communicate to San Miguel or to whoever is proposing this bridge project, we’ll support,” the Aklan governor told reporters.
At present, Miraflor said that the has not received any additional unsolicited infrastructure proposals for the island.
In the meantime, Aklan implemented its 10-year modernization plan for port operations. On August 5, it launched LezzGo Boracay, a P150-million automated ticketing and fee collection system deployed at Boracay’s main ports through a PPP with Topline Hi Tech and Synergy Corp.
“We’ll cross the bridge when they’ve done [the necessary consultations],” he said. Bless Aubrey Ogerio
Senate defense panel chief backs efforts to boost PHL-India ties amid rising tensions with China
Tagreement (PTA) to spur further business collaboration in “high-growth” sectors in both countries.
Addressing participants of the Philippines-India CEO Roundtable at the Taj Mahal Hotel, New Delhi in India on Wednesday, the Chief Executive said he has ordered the DTI to initiate formal talks with the Indian government for a PTA, to focus on information and communication technology (ICT), digital technology, semiconductors, renewable energy, infrastructure, healthcare and pharmaceuticals.
Once the PTA is finalized, Marcos said he hopes it will sustain the growth momentum between Philippines and India which reached US$3.3 billion last year. (See: https://businessmirror. com.ph/2025/08/07/manila-delhipreferential-trade-pact-eyed/)
San Simon, Pampanga mayor, accomplice charged for graft, robbery, illegal possession before DOJ
THE National Bureau of Investigation (NBI) on Thursday said San Simon, Pampanga Mayor Abundio “Jun” Punsalan Jr. and his alleged cohort have been charged before the Department of Justice (DOJ) for violation of the anti-graft law, robbery and illegal possession of firearms following their arrest on Tuesday for receiving P30 million in bribe money. At a press briefing, NBI Director Jaime Santiago identified Punsalan’s and his co-accused identified as Dr. Ed Ryan Dimla are now detained at the NBI-controlled facility at the New Bilibid Prisons (NBP) in Muntinlupa City. Punsalan and Dimla were specifically charged with violation of Article 293 of the Revised Penal Code (robbery), violation of Republic Act (RA) No. 3019 or the Anti-Graft and Corrupt Practices Act and Section 28 of R.A. 10591 (illegal possession of firearms).
The two were apprehended by operatives of the NBI-Intelligence Service (IntS) on August 5 based on the complaint lodged by the executives of Real Steel Corp.
In its complaint, Real Steel claimed that a certain Eric Yabut, who represented himself as an officer of the municipality of San Simon, had directed the company to halt all its construction and hauling activities in the town.
Subsequently, Real Steel claimed that Dimla, who introduced himself as the external city administrator and a representative of Punsalan, demanded a payment of P30 million to ensure the continued implementation of an ordinance that gives tax incentives to the company.
Additionally, another P125 million was demanded as a reimbursement for political expenses supposedly incurred by Punsalan during the last elections.
The PN also said that it is providing full assistance to the bereaved families as part of their commitment to their welfare.
“Above all, we recognize and honor the service and dedication of our fallen sailors to the country and the Filipino people,” it added.
Initial reports said that the two divers were on recreational dive in the waters off Barangay Mindupok, Maitum, Sarangani when the accident took place.
The victims were found an hour later floating and unconscious. Rex Anthony Naval
“We extend our heartfelt condolences to their families and assure them of our full support during this difficult time,” it added.
HE Senate Defense panel committee assured “full support” for efforts to boost strategic ties between India and the Philippines, especially in relation to dealing with tensions with China in the Asia Pacific region.
“I stand in full support of the security deals reached between our government and India during President Marcos’ ongoing five-day visit, aimed at strengthening strategic ties as both nations navigate tensions with China across the Asia-Pacific,” said Senate President Pro Tempore Jinggoy Estrada.
He said this a day after Malacanang Palace revealed the outcome of talks between President Ferdinand Marcos, who is on an five-day state visit to India, and Indian officials led by Prime Minister Narendra Modi.
“Malaking bagay na dumagdag ang bansang India samgakaalyadonatingkaisa
sahangarinnamapahusayangseguridadsa dagat at mapalakas ang pagtutulungan sa pagpapanatilingkapayapaansa [It’s significant that India has added itself to the list of allies who share our desire to bolster maritime security and cooperation in order to maintain the peace in the] Indo-Pacific region. Safer borders and more secure seas means better protection for our fishermen and maritime personnel,” according to Estrada.
On August 3-4, the Armed Forces of the Philippines (AFP) and the Indian Navy highlighted their growing military ties as they successfully conducted their first ever bilateral maritime cooperative activity (MCA) at the strategic waters from Masinloc, Zambales to Cabra Island in Lubang, Occidental Mindoro.
Philippine Navy (PN) assets that took part in the MCA included the missile frigates BRP Jose Rizal (FF-150), BRP Miguel Malvar (FFG-
AFP thankful for strong showing in OCTA Research survey
THE Armed Forces of the Philippines (AFP) on Thursday said it welcomes with deep gratitude the results of the July 2025 Tugon ng Masa nationwide survey, which placed the military among the most trusted and best-performing
government agencies in the country. The survey was conducted by OCTA Research, with the field work conducted from July 12 to 17, using face-to-face interviews. Around 1,200
06), a Philippine Air Force search-and-rescue aircraft, and a C-208B reconnaissance plane.
Meanwhile, the Indian Navy deployed a robust maritime task group for the exercise, consisting of the guided missile destroyer INS Delhi (D-61), the anti-submarine warfare corvette INS Kiltan (P-30), and the fleet replenishment tanker INS Shakti (A-57).
These surface vessels were supported by two multi-role naval helicopters, enhancing the group’s operational flexibility during the joint drills.
The two-day MCA featured a comprehensive series of high-level naval operations aimed at strengthening tactical coordination and joint maritime capability.
nAmong the key drills conducted were rendezvous operations, communication checks, air defense exercises, and maneuvering drills with photo exercises. Butch Fernandez
Investigators said the threats included revocation of RealSteel’s business permits and the cancellation of a municipal Ordinance No. 24-0025 that granted the company tax incentives. A sting operation was set up, culminating in the arrest of both suspects while they received marked money from the complainant. Dimla also allegedly threatened to cancel the business permits and revoke the said ordinance if the company would not heed the demand.
The NBI-IntS immediately planned an entrapment operation after Dimla agreed to meet with the representatives of the company in Clark, Pampanga to finalize the transactions. Punsalan and Dimla both arrived at the meeting place where they were caught in the act of receiving the P30 million marked money. Santiago commended the NBI agents responsible for the arrest of the suspects and reminded public servants to adhere to the principles of integrity, transparency, and accountability to avoid committing illegal practices. Joel R. San Juan
Restoring trust: Making the 2026 budget a model of fiscal integrity
NCR wage hike: A losing battle against inflation?
PWORKERS in the National Capital Region (NCR) received the news that all employees want to hear: a daily pay increase of P50 starting July. The Department of Labor and Employment announced the wage adjustment a few weeks before the State of the Nation Address (SONA) of the President. Metro Manila’s Regional Tripartite Wages and Productivity Board (RTWPB) issued Wage Order No. NCR-26, which raised the daily minimum wage for non-agricultural workers to P695 from P645. (See, “DOLE orders P50 wage hike for NCR workers,” in the BusinessMirror, July 1, 2025).
RESIDENT Marcos’s recent assurances that no public funds will be “lost, misplaced, or stolen” in the proposed 2026 national budget come at a crucial moment for the country. After widespread criticism of the 2025 budget—labeled by seasoned politicians and experts as among the most corrupt in recent memory—more than 100 million Filipinos are watching closely to see if meaningful reforms will take root this year. (Read theBusinessMirrorstory:Palace,lawmakers vowbudgetreform,August5,2025).
While this is a welcome development for millions of workers in Metro Manila, data from the Philippine Statistics Authority (PSA) indicated that this pay hike would most likely just offset the increases in food prices seen last month. Based on PSA figures, prices of meat products and eggs—the cheapest protein source—were higher in June compared to the levels seen a year ago. Even galunggong or round scad, which was once regarded as “poor man’s fish,” has become more expensive in Metro Manila where it averaged P251 per kilogram last month, from P232 per kg a year ago.
The President’s commitment to keeping a closer watch on the budget preparation process, and his willingness to veto the entire General Appropriations Act if it does not align with his administration’s priorities, demonstrates a clear intent to exercise strong executive oversight. This is understandable, given his concerns about unauthorized insertions that could compromise budget integrity. However, his stance has been met with resistance from lawmakers who perceive it as an encroachment on Congress’ constitutional “power of the purse”. This tension underscores the delicate balance between the Executive and Legislative branches in budget governance.
Climate adaptation
Government to preserve oral history of WWII comfort women and victims of sexual abuse
drainage systems and lead to significant flooding.
The House of Representatives’ move to abolish the controversial “small committee”—a mechanism historically criticized for opaque and last-minute budget insertions—is a welcome reform. By shifting budget amendments to plenary sessions open to public scrutiny, the House is taking a decisive step toward transparency. This change will allow citizens to witness budget deliberations in real time, fostering greater public trust.
To be fair, rice was cheaper in June, according to PSA data. Last month, the price of regular milled rice in the NCR averaged P40.95 per kg, lower than the P46 per kg recorded in June 2024. Cheaper rice, not only in Metro Manila but also in other parts of the country, helped pull down inflation to below 2 percent in recent months.
However, the other food items usually consumed by consumers in NCR and other parts of the country were higher last month. The average price of pork kasim in the capital region reached P374 per kg or P30 higher than the P344 recorded a year ago. Pork liempo, another favorite product of Filipinos, was also more expensive last month at P438 per kilo, compared to the previous year’s P385 per kg.
Similarly, the Senate’s pledge to usher in a “golden age of transparency and accountability” with a focus on education spending further reinforces the growing momentum for budget reform. The call for at least 4 percent of GDP to be allocated to education aligns with constitutional mandates and public expectations for sound fiscal priorities.
Beyond procedural reforms, the inclusion of civil society organizations and nongovernment actors as observers throughout the budget process is a crucial development. It recognizes that safeguarding public funds is not just a bureaucratic task but a political, moral, and constitutional responsibility that requires active citizen participation.
Dressed chicken, another protein source in the Philippines, carried a higher price tag in June. Its average price of P215 per kg was higher than the P201 per kg recorded a year ago. Thankfully, medium-sized eggs were sold at a lower price last month. These figures from PSA show that a single-income family, whose breadwinner earns only a minimum wage, will really struggle to meet their daily needs. The expense for food alone already eats up nearly 40 percent of a workers’ income. The rest will have to be set aside for utilities, rent, and school expenses.
Yet, reforms on paper will mean little without genuine political will. The 2025 budget’s infamous reputation for corruption and questionable insertions has already damaged the country’s credibility, including its standing with international partners funding foreign-assisted projects. Restoring this trust demands not only transparency but also accountability—where those responsible for budget irregularities face consequences.
The 2026 national budget presents a vital opportunity to reset the country’s fiscal governance. It must become a symbol of prudent stewardship, where every peso is accounted for and aligned with the nation’s development priorities. The ball is now in Malacañang’s court to ensure that the promises made are translated into action. For the sake of the Filipino people, who ultimately bear the cost of government spending, this budget must break away from past mistakes and embody integrity, openness, and responsibility.
The 2026 budget process should be a model of transparency and accountability –because it is not just about numbers on a page, but about the future of every Filipino.
The President was right in prioritizing the agriculture sector and measures to cut food prices. Making food accessible particularly to those in the Bottom 30 of the population would increase the competitiveness of the Filipino workforce and even spur demand for other services and consumer products. More importantly, affordable food, particularly healthy diets, will allow the Philippines to take full advantage of the opportunities of its “demographic sweet spot.”
THE BUILDER
CLIMATE change is real and warmer temperatures are producing more severe storms. We can say that the Philippines is at the forefront of climate change because it directly faces the vast Pacific Ocean—where warmer seas unleash stronger typhoons. It is a fact of life that multiple storms visit the Philippines annually and occasionally bring destructive floods.
THE
FLOWERS FOR LOLAS
President Ferdinand Marcos Jr. last week correctly pointed out that local governments must rethink their approach to disaster response—and not treat it as seasonal emergencies but as a permanent threat that demands long-term adaptation.
government will be conducting activities on the recording and preservation of oral history on the Malaya Lolas’ experiences during Second World War.
Yet, adapting to storms, floods and disasters is the only way to mitigate the impact of weather disturbances and save lives.
President Ferdinand Marcos Jr. last week correctly pointed out that local governments must rethink their approach to disaster response—and not treat it as seasonal emergencies but as a permanent threat that demands long-term adaptation.
In the Joint Memorandum Circular 2025-1 S. 2025, concerned a gencies were tasked to implement the United Nations Committee on Convention on the Elimination of Discrimination against Women (CEDAW) decision issued on International Women’s Day on March 8 , 2023.
The Philippines, indeed, should no longer be surprised by extreme weather events. Storms would make their way to the Philippines during the wet season.
CEDAW found that the “Philippines violated the rights of victims o f sexual slavery perpetrated by the Imperial Japanese Army during the Second World War by failing to provide reparation, social support and re cognition commensurate with the
The Chief Executive, in an emergency meeting with the National Disaster Risk Reduction and Management Council (NDRRMC) last week, made a pragmatic observation on typhoons and the monsoon rains they bring over the country.
shelters raised alarms over potential disease outbreaks.
He said every evacuation site must be equipped with medical teams from both local and national government agencies.
harm suffered.”
“We can’t treat every typhoon like it’s a surprise disaster anymore. This is our climate now,” says President Marcos.
Mr. Marcos talked about climate adaptation to reduce the impact of disasters. This includes making evacuation centers, health services, education and infrastructure resilient and sustainable to withstand repeat weather events.
On November 23, 1944, the women from Mapaniqui, Pampanga were ordered to walk to the Bahay na Pula in San Ildefonso, Bulacan, which became a barracks where they became victims of military sexual violence and slavery. Upon arriving at the mansion, the soldiers f orcibly dragged the women, whose ages ranged from 13 to early 20s, into dimly lit chambers where they subjected them to heinous acts of sexual violence.
Frequent school suspensions, in addition, have put Filipino students at a disadvantage.
The CEDAW Committee pointed out that the Philippine government
“Our children are falling behind. They’ve already lost so much during the pandemic, and now storms are keeping them from school again,”
The records of the oral history, and other pertinent documents contributed by various government agencies, shall be deposited in the NHCP Historical Data Bank. Access to confidential documents or information stored in the said data bank can only be made upon the consent of the agency that provided said documents or information.
climate change intensifies. Disaster preparedness, thus, must evolve into a way of life.
Climate adaptation involves a wide range of measures designed to reduce vulnerability to climate change impacts. They include planting crop varieties that are more resistant to drought for our farmers, enhancing climate information and early warning systems, and building stronger defenses against floods.
had failed to adopt appropriate legislative and other measures to prohibit a ll discrimination against women and protect women’s rights on an equal basis with men.
The Committee recommended that the victims must be provided with “full reparation, including recognition and redress, an official apology, and material and moral damages” p roportionate to the physical, psychological, and material damage suffered by them and the gravity of the v iolation of their rights experienced.
The Department of Environment and Natural Resources (DENR) has already called on local government units (LGUs) to take proactive measures in addressing flood risks amid the onset of the rainy season.
The DENR urged the LGUs to create a future that mitigates flooding risks and enhances overall community resilience.
The agency said assessing the causes of flooding must be rooted in science-based analysis, especially in light of changing weather patterns influenced by climate change.
I can only agree with the observation of the DENR. It is critical for LGUs to integrate comprehensive flood risk reduction programs and solid waste management plans into their design.
He visited two evacuation centers in Rizal province, where he noted effective government response and urgent vulnerabilities.
Mr. Marcos said.
Relief and rescue operations were prompt, he said, but overcrowded
PGHe is pushing for a national strategy that prepares every community, not just for the next storm, but for a future where storms are constant, as
Dr.
EAGLE WATCH
By Kamil Kowalcze
ERMANY’S push to rearm in response to mounting Russian aggression in Europe will see its annual defense budget double to as much as €162 billion ($189 billion) within four years.
RESIDENT Ferdinand Marcos, Jr.’s 2025 State of the Nation Address (SONA) offered a forward-looking vision for electrification, green energy, and climate resilience. The headline pledges—expanding the Lifeline Rate electricity subsidy to more lowincome households, deploying over a million solar home systems by 2028, and accelerating the Net Metering Program—mark a clear shift toward inclusive energy access.
That annual tally should be achieved by 2029, well ahead of the Nato alliance’s target for military outlays to reach 3.5 percent of gross domestic product by 2035, according to a senior government official. The total includes €9 billion a year for Ukraine to support its fight against Russia.
With defense spending currently at 2 percent of output, the new figures underscore just how drastically Chancellor Friedrich Merz and Finance Minister Lars Klingbeil are driving rearmament in European Union’s most populous country, against the grain of pacifism instilled
Tying these initiatives to flood prevention and environmental goals was both politically timely and policy-relevant. After all, clean energy can reduce emissions that worsen typhoons and flooding. Distributed solar power strengthens resilience in areas often left in the dark after disas -
ters. In linking energy affordability with climate adaptation, the SONA reflects a growing international consensus: that energy transitions are not just about carbon; they’re about equity and survival.
in its society in the post-1945 period.
That shift reflects Germany’s return to a military posture reminiscent of the Cold War—a response to the combination of relentless Russian assaults on Ukraine, and the fear that the US commitment to Europe’s defense is wavering under President Donald Trump.
The ruling coalition consisting of Merz’s conservatives and Klingbeil’s Social Democrats have vowed to steer the economy back to growth after two years of contraction, and to make up for decades of underinvestment in infrastructure and the military.
Amid these bold promises, one uncomfortable truth remained unspoken: the Philippine electricity sector is structurally broken. Not a single word in the President’s address acknowledged that reality. Despite the noble goals, the current power system remains skewed against consumers and innovation. Distribution utilities still operate as legal monopolies in exclusive franchise areas. Generation is dominated by a handful of vertically integrated conglomerates. The national transmission grid is under the management
“We expect the government’s
Meteorological data over the past decade, per our scientists, indicates a significant increase in rainfall volume attributed to climate change.
The marked shift in weather patterns has exacerbated the challenges faced by urban areas like Metro Manila, where heavy rainfall can overwhelm
Amid these bold promises, one uncomfortable truth remained unspoken: the Philippine electricity sector is structurally broken. Not a single word in the President’s address acknowledged that reality.
Communities can better protect themselves from the adverse effects of increased rainfall through these climate adaptation measures.
Amid the challenges posed by climate change, we must adapt urban planning strategies to safeguard our communities and make them sustainable.
The DepEd and NHCP shall jointly lead the recording and preservation of oral history on the Malaya Lolas’ experiences during Second World War, through interviews granted with consent and strictly in compliance with the ethical conduct of the re cording of oral history, with the aim of highlighting resiliency of the Malaya Lolas, to provide lessons to, and increase appreciation by, future generations.
I must also commend the DENR for its commitment to cooperate with local government units and the public in building defenses against floods.
Climate adaptation is also about cleaning our waterways and restoring nature.
The records of the oral history, and other pertinent documents contributed by various government agencies, shall be deposited in the NHCP Historical Data Bank. Access to confidential documents or information stored in the said data bank can only be made upon the consent of the agency that provided said d ocuments or information.
Improved drainage designs, for one, can neutralize flood risks and handle heavier rainfall volumes.
Fortifying our solid waste management efforts is also key. LGUs must devise waste management systems to prevent blockages in drainage structures.
The DepEd shall develop a communication plan, including educational awareness campaign, to h ighlight the indomitable spirit and resiliency of the members of the Malaya Lolas.
T he communication plan and educational awareness campaigns shall a lso highlight prevention of GenderBased Violence.
The Joint Memorandum was signed on January 28, 2025 by the heads of Department of Education (DepEd), National Historical Commission of the Philippines (NHCP), D epartment of Social Welfare and Development (DSWD), National Commission of Senior Citizens (NCSC), Department of Health (DOH), and Philippine Commission on Women (PCW).
Our housing and community builders must likewise adopt green infrastructure and restore natural water systems to absorb excess rainwater.
See “Gorecho,” A11
Marcos’s energy agenda lights the way—but leaves the grid unchanged
Boosting the resiliency of communities against disasters and adapting to climate change will secure the future of our present and future generations.
For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph
With defense spending currently at 2 percent of output, the new figures underscore just how drastically Chancellor Friedrich Merz and Finance Minister Lars Klingbeil are driving rearmament in European Union’s most populous country, against the grain of pacifism instilled in its society in the post-1945 period.
of a private monopoly that has faced repeated criticism for delays in connecting renewable projects.
What this means is simple: no matter how generous the subsidy or widespread the solar rollout, the delivery and pricing of electricity will still be filtered through a highly concentrated, opaque system with limited accountability. This system doesn’t just slow progress—it actively resists it.
Take Net Metering, for example. In theory, it empowers households to install solar panels and sell excess energy back to the grid. In practice, interconnection delays and regulatory bottlenecks—often at the level of local distribution utilities—make the
sidy. While expanding it to non-4Ps low-income households is a socially responsible step, the subsidy itself applies to electricity still predominantly generated from coal and natural gas. Without conditions to encourage clean energy use—or reforms to the generation mix—the government may end up subsidizing the very emissions that worsen climate risks like flooding.
spending measures to support economic activity over the coming years, with annual growth rates exceeding 1 percent. However, the impact on economic activity won’t be enough to fully offset escalating debt-servicing costs and widening primary deficits,” said Bloomberg economists Martin Ademmer and Simona Delle Chiaie. To do that, they exempted defense spending exceeding 1 percent of GDP from the country’s constitutional debt limit and set up a €500 billion special fund to build roads, rails, power grids and schools. One of the biggest challenges for Berlin will be to get the extra military budget actually disbursed in light of acute production bottlenecks, long waiting lists and repeated delays for big-ticket procurement orders. Among potential purchases, Germany is considering buying up to 2,500 GTK Boxer armored fighting vehicles and as many as 1,000 battle Leopard 2 battle tanks
formance of the National Grid Corporation of the Philippines (NGCP), whose delays in transmission projects have frustrated renewable developers for years. And no action on reforming Power Supply Agreements (PSAs), which are often secured through closed-door negotiations favoring affiliate generators.
“Lanzona,”
Atty. Dennis Gorecho
Leonardo A. Lanzona
Mark Villar
Swiss firms rethink global strategy after tariff surge
By Paula Doenecke & Levin Stamm
SIMON MICHEL couldn’t
take the risk of waiting any longer.
As Switzerland was assessing the shock announcement t hat the US would impose a 39 percent tariff, the chief executive officer of Ypsomed Holding AG realized that he needed to act. Ypsomed plans to move some production of medical devices to the German city of Schwerin, where the tariff is less than half the Swiss level. The executive also wants to ramp up production in the US, he told Bloomberg News. The Burgdorf-based company isn’t alone. Across the country, executives and owners at businesses—from large multinationals such as food giant Nestle SA to s mall domestic champions—are trying to figure out how to deal with the new reality. The scale of the levy exceeded all expectations and caught the Swiss business elite off guard.
In a call with executives on Monday, one of Switzerland’s chief negotiators said that they were still working on getting the overall tariff rate down. Their response to her was blunt: there’s no substitute for the US market. Plans to move, such as Michel’s, could still change if Switzerland gets Donald Trump to lower the tariff. But with so much at stake, some businesses are taking matters into their own hands.
M achine-tool maker Netstal Maschinen AG is looking to reduce the share of Swiss components in its supply chain for products aimed at the US market, which accounts for approximately 15percent of revenue. Orders from the US have already fallen 20 percent in the first half of 2025, CEO Renzo Davatz said. And it’s likely to get worse if the Swiss don’t get a better deal.
A o ne-hour drive away in Weggis, Adrian Steiner, the CEO of T hermoplan AG, which builds coffee machines for Starbucks among other things, is sketching out plans to expand production capacities in the EU and the US, he said. However, he wants to wait for a final decision until the US tariffs kick in.
One high-profile consumer product caught up in the Swiss tariffs is Nespresso. Though Nestle SA s ells the coffee capsules all over the world, it only produces them in Switzerland.
Most of its other product lines are made locally for their respective markets. The same holds true for many of Switzerland’s international listed c ompanies, including consumer brands such as Lindt & Spruengli AG and Logitech International AG, as well as industrial play -
The DSWD and the NCSC shall provide any or all of the following assistance and services: Social welfare packages, Financial assistance, Hospice care, and Funeral assistance. Social welfare packages or assistance include as social pension for indigent citizens, assistance to individuals in crisis situation, access to residential care facilities for the elderly, and centenarian cash gift. Financial assistance, in times of emergency, will cover expenses for food, clothing, shelter, minor repair of house, medicines and medical supplies, vitamins, regular medical check-ups, transportation, utilities, and other basic necessities.
Hospice care will be provided when necessary. Funeral assistance will include expenses for interment facilities, transfer of remains to their residence/hometown, cremation, and/ or burial in accordance with the family’s customary practices.
The risks to the Swiss economy are sizable. A 39 percent tariff rate might knock off 1 percent of Switzerland’s gross domestic product over the medium term. While large multinational companies have some chance of reorienting supply chains and production to cope, it’s much harder for smaller family-owned businesses.
ers like ABB Ltd and Holcim AG.
Frontloading AFTER Trump’s so-called Liberation Day announcements on tariffs, some firms without fully diversified production front-loaded s hipping to the US.
Shipping company Kuehne and Nagel International AG saw a slight increase in industry-wide shipments from Switzerland to US in the period. Switzerland is only a small part of their business.
But for companies that waited, believing the government’s optimistic messaging about a US deal, t here was a shock last week. Now, there’s no time.
“There is some movement to expedite loadings, but generally the timeline is too tight to load unplanned shipments into containers and to then gate in and get on a ship,” a spokesperson for Kuehne and Nagel said. “Many hinterland manufacturers simply did not have time.”
The risks to the Swiss economy are sizable. A 39 percent tariff rate might knock off 1 percent of Switzerland’s gross domestic product o ver the medium term. While large multinational companies have some chance of reorienting supply chains and production to cope, it’s much harder for smaller family-owned businesses.
There’s also the personal cost. Lobby group Swissmem says the tariffs put tens of thousands of Swiss jobs at risk.
Among Switzerland’s top companies, Roche Holding AG and Novartis AG are in the clear for now as pharmaceuticals are exempt. But that might soon change, w ith Trump warning he could announce tariffs on the sector in the ne xt week.
Some companies have tried to get ahead of the tariffs by frontloading early in the year.
We transferred a lot of stock already in the first six months of this year when the story about the tariffs started,” watchmaker Swatch said in a statement. “In such a situation, inventory is key and a competitive advantage.”
With assistance from Naomi Kresge, Jennifer Creery, Noele Illien and Sonja Wind / Bloomberg
Regretting August
ONANNOTATIONS
August 6, 1945, the United States detonated the first atomic bomb over Hiroshima. Three days later, another bomb was dropped, this time in Nagasaki. By the second day of September, 1945, Japan had signed an unconditional surrender to the Allied Forces. This marked the beginning of the end of the Second World War.
I knew all this from classroom lectures, from books and magazines, from the tales that my grandparents and parents told to us. They form the lore for those who spent their childhood in the ’50s and ’60s. In cinemas and komiks, the Japanese held a special place in our heart—and hatred. To be interested in Japan was to be deathly curious about this country, a place steeped in culture and yet creatively cruel in their manner to punish the enemies as the world war had shown. I was 19 years old when I traveled to Japan under the auspices of an organization then called “International Christian Youth Exchange,” which later changed its name to International Cultural Youth Exchange. Its original aim had close connection with the histories of world war: it originally had the purpose of providing a platform for the German youth to once more link up with the world. Soon, other countries were included.
After a long homestay in Tokyo where the daily routine was spent mostly on Japanese language studies and other volunteer works, I chanced upon a letter to the editor in the English newspaper The Japan Times. It came from Dr. Tomin Harada, the famous surgeon who cared for the disfigured victims of A-bomb, the so-called “hibakusha” (the term bears the word “baku”
which means “explosion”).
With the permission of Mr. Jintaro Ueda, our program director, I wrote to Dr. Harada using the address World Friendship Center. I proposed a program where I would be allowed a place to stay, with food, so long as I would have the chance to observe and write about Hiroshima and the peace programs among its people. To my surprise, I received a prompt reply—a positive one.
I left Tokyo in the dead of winter. Hiroshima was a city of tramcars or tranvia in the ’70s. I moved around Hiroshima, visiting parks and hospitals. I stayed long in the A-Bomb Memorial museum. The display was a combination of nostalgia and romance, a curated sense of guilt and gravitas. I noted documentation of pre-wartime structures composed of air-raid shelters and refuge. The Japanese, or at least its military, was vastly anticipating a war. The World Friendship Center was an old Japanese home. It had a lovely garden assigned to me for cleaning. From my room, I would view that garden, the collection of rocks that seemingly lacked balance and yet made sense with their silent symmetry. When I cleaned them, that was the only time I felt I had the right to step right onto the area where, looking around, I felt the subtlety I often gazed at had alto -
gether vanished. The garden was no more, just a scattering of rocks and old, dead branches tortured by centuries of ancient horticulture.
During the weekend, the hibakusha would meet in the World Friendship Center. I tried hard not to look at them directly for fear that they might feel I was staring. I would soon find out they did not mind at all when people looked at them. In fact, Dr. Harada became well known when he took with him to the US some hibakusha who were dubbed the Hiroshima Maidens. They knew the world was looking at them. The world should know. There would soon come an opportunity for me to look. This happened when I began doing volunteer work in the Hiroshima Red Cross Hospital. It was among the many hospitals that helped the victims of the bombing. But this was already the late ’70s and the bombing happened in the ’40s, you might say. But the effect of the atomic bomb did not stop in the month of August. It went on and on.
Some 30 years later, in the late ’70s, women and children were still getting afflicted with diseases related to the atomic bomb. People were still dying, not from darkness but from that light.
For the Japanese, they had a name for that terrifying explosion in August. They call it “Pika-Don.” There was a flash of light that scattered all over the sky. No one heard a real sound but
a massive roar that seemed to come from the bowel of the universe. It would take three more decades when I had the chance to visit Nagasaki, the other A-bombed city. When we read the literature of the Pacific War, Hiroshima and Nagasaki come across as tandem cities. In real life, they are located far from each other. In the autumn of 2008, I had the privilege of attending the beatification of the 188 Martyrs of Nagasaki. If there is something that the two cities share dramatically, it is that these bombed places had a high concentration of Christians. I was back in Japan in the ’80s to study the social meaning of “minka,” the Japanese farmhouses. Then in the ’90s again to look into the Japayuki phenomenon. It was during this time that Kurosawa Akira completed his film about the bombing of Nagasaki and he named it “Rhapsody in August.” With a style marked by an aversion to reality, Kurosawa is said to have told Gabriel Garcia Marquez how he wanted to convey in the film “the type of wounds the atomic bomb left in the heart of our people.” I never visited Hiroshima again but I promised to always remember the city. But there were years when memories failed. August is the ghost month, also the month of remembering; it is the month of forgetting. And for an old man, some regrets.
Wall Street’s transition to faster trading is paying off for credit
By Isabelle Lee & Caleb Mutua
ALONG-FEARED change to Wall Street’s plumbing is paying off—and it’s freeing up billions. More than a year after the US adopted one-day settlement, a key measure of corporate bond trading costs i s down 12 percent. Margin requirements—the cash or collateral firms m ust post to cover the risk of failed trades—have dropped 29 percent, according to Barclays Research. That’s c apital that can now be put back to work. Plus, there are signs that those savings have boosted credit market liquidity.
In the credit space, where large trades are common and liquidity is often fragmented, these operational shifts reinforce the importance of funding agility and real-time processing capacity. Banks and other intermediaries have generally seen their expenses decline in the T+1 era.
d elivery coming on the same day. The other security was meant for international buyers, where settlement took t wo days.
“This creates a clean, apples-to-apples comparison that isolates the true e ffect of faster settlement,” Todorova wrote in a July note.
additional compensation investors are paid to own bonds that may be hard to sell quickly—the so-called liquidity premium—to nearly zero now, from 35 basis points between 2011 to 2017, Barclays said.
To be sure, Barclays’ sample size is a tiny fraction of the corporate bond universe, and while the transition to T+1 in the US credit market was generally smooth, some asset managers h ave found elevated funding costs.
During the recent visit of the advocacy group Flowers for Lolas in Pampanga last July, it was confirmed that death has thinned their ranks as there are only 25 surviving comfort women and victims of sexual abuse during the Japanese occupation with 18 from Malaya Lolas and seven from Lila Filipina.
The dwindling number of survivors highlights the urgency of achieving a formal, unequivocal apology and appropriate compensation from Japan and ensuring accurate historical inclusion while the survivors’ voices can still be heard.
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 0917-5025808)
The DOH will provide health services, access to health facilities, and other medical requirements including promotive, preventive, curative, rehabilitative, and palliative care, in coordination with local DOH-retained, governmentrun and other government hospitals or facilities.
Score one for the US regulator, at least for now. The shift to T+1 was born of meme-stock chaos, when a wave of settlement failures exposed the dangers of delay. Europe, including Britain and Switzerland, is slated t o follow in 2027.
Barclays’ findings align with data from the Depository Trust & Clearing Corporation, which last year showed that capital held to cover potential trade failures fell 29 percent to a quarterly average of $9.1 billion, down from $ 12.8 billion.
“Think of it as an efficiency boost
This isn’t a new critique. Business groups, consumer advocates, and even the Energy Regulatory Commission (ERC) have long identified these structural barriers as key reasons why Philippine electricity remains among the most expensive in Southeast Asia. High power rates not only burden households—they erode industrial competitiveness and discourage green investment.
The President’s speech acknowledged the what and the why—the need for clean, affordable, and resilient energy. But it avoided the how, particularly
to the system—or, put differently, as if your insurance premium just went down,” Zornitsa Todorova, head of thematic fixed income research at Barclays, said in an interview. “That capital can either be used to trade more actively or deployed elsewhere.”
Todorova acknowledged that isolating the impact of T+1 is challenging because liquidity is influenced by a n umber of factors such as market volatility and macroeconomic shifts, making it difficult to measure.
I n their analysis, Barclays tried to remove that noise by comparing about 200 pairs of corporate bonds that were identical except for their settlement cycles. One was tailored for US investors, with trade initiation and payment
when that how would mean confronting powerful interests and longstanding inefficiencies in the sector.
Energy policy cannot be distinct from climate policy. If the administration is serious about using energy reform as a tool for flood control and resilience, then it must go beyond subsidies and solar handouts. A full structural overhaul of the power sector is needed—starting with transparency, competition, and consumer empowerment.
The idea is that floods are not just natural events—they are symptoms of
In the credit space, where large trades are common and liquidity is often fragmented, these operational shifts reinforce the importance of funding agility and real-time processing capacity. Banks and other intermediaries have generally seen their e xpenses decline in the T+1 era.
Barclays also found that lower trading costs are fueling more market activity and reducing the share of b onds that rarely change hands. The monthly share of nontraded US highgrade bonds has dropped to 0.1 percent from 2 percent a decade ago, Todorova and her team wrote in a separate note dated July 29.
Better liquidity has also eroded the
infrastructure and governance failure. And while distributed solar systems designed to control flooding can help power evacuation centers and floodprone communities, their full potential will remain unrealized if the grid refuses to accept them, or if fossil fuels continue to dominate generation contracts.
To be clear, the SONA made important progress in framing energy within a broader agenda of social protection and climate resilience. It seems to signal that the government understands the multidimensional nature of today’s energy challenges.
“If you’re compressing that settlement window, you’re removing at least 24-hour’s worth of potential exposure,” Marty Mannion, co-head of TD S ecurities Automated Trading, said in an interview. “In theory, that could improve liquidity because you could say, ‘well I’ve minimized some amount of counterparty risks. I’m more comfortable trading in size with particular f irms because I’ve got less uncertainty.” As a whole, market efficiency for the asset class has improved significantly in the past year. Investors have i ncreasingly embraced portfolio trading, enabling large baskets of bonds to b e traded in a single transaction. Also, the continued maturation of fixed income ETFs has made credit exposure m ore accessible and liquid. Add in the rise of electronic and high-speed trading—long dominant in stock trading— w hich is reshaping credit markets in what many call the “equitification of credit,” making execution faster and more transparent. Bloomberg News
However, unless understanding is matched by structural reform, the Philippines risks building a green agenda on an outdated and dysfunctional foundation. You cannot fix a flood-prone country by going after corrupt contractors while subsidizing the emissions that cause the floods. And you cannot develop inclusive energy by giving out subsidies but simultaneously relying on a system designed to exclude competition and consumer choice. If this administration wants to leave a legacy of climate leadership and energy justice, it must do more than light the way—it must rewire the system itself. The private sector should demand nothing less.
Tito Genova Valiente
Friday, August 8, 2025
End-July GIR dips to $105.7B on gold price, NG drawdowns
By Cai U. Ordinario @caiordinario
LOWERgold prices and national government drawdowns on currency deposits reduced the country’s foreign reserves in July 2025, according to the Bangko Sentral ng Pilipinas (BSP).
On Thursday, the BSP said the country’s gross international reserves (GIR) declined to $105.7 billion at the end of July 2025 from $106 billion as of end-June 2025.
The GIR in July 2025 was also lower than the $106.74 billion posted at the end of the same period last year.
“The Philippines’ GIR declined slightly in July 2025 mainly due to lower global gold prices and the national government’s drawdowns on its foreign currency deposits with the BSP to service external debt obligations,” the BSP said.
However, Bank of the Philippine Islands (BPI) Chief Economist
By Ma. Stella F. Arnaldo
Special
to the BusinessMirror
GLOBAL hospitality chain Marriott International is looking forward to bringing in more of its brands to the Philippines, especially for the luxury market. Marriott International Director of Hotel Development–Philippines Kevin Iranzo told the BusinessMirror, “We’re always open to new opportunities and continue to expand our portfolio...We’re really missing the luxury brands for the market and working hard for it.”
Among Marriott’s popular luxury brands are: The Ritz-Carlton, St. Regis, JW Marriott, W Hotels, The Luxury Collection, EDITION, and Bulgari Hotels & Resorts, which are known for their opulent accommodations, exceptional service, and unique experiences. The Andrew Tan-led Travellers International Hotels Group was supposed to have opened a Ritz-Carlton in 2019, rebranding its Maxims Hotel within the Newport City in Pasay. Alliance Global Group CEO Kevin Tan has since announced the development of its own luxury brand, Narra Palms, which sources indicated, will be the rebrand of Maxims Hotel. (See, “PHL hospitality firms still expanding properties despite poor arrival numbers,” in the BusinessMirror, July 24, 2025.)
While Iranzo recognizes that sluggish tourist arrivals in the Philippines could be a challenge for luxury hotels, he said, “We’re hoping the arrivals increase and these luxury brands and new hotels attract more tourists and locals alike. It should take a few years for development and that should give enough time for the numbers to improve.”
Open to other hotel owners
DATA from the Department of Tourism (DOT) showed 3 million foreign visitor arrivals in the first six months to June 2025, relatively unchanged from the same period in 2024. The agency’s original arrivals target for the year is 8.4 million, but officials have said this will be recalibrated owing to its missed 7.7-million target in 2024.
Marriott recently signed an agreement with Ayala Land Hospitality (ALH) to introduce its Moxy brand in the Philippines through the latter’s Moxy Circuit Makati. ALH is a
Emilio S. Neri Jr. said GIR is expected to decline further, especially if the BSP continues to keep the Philippine peso from depreciating.
“If the BSP intervenes to keep USD from breaching 59 and 60, we should see further depletion of our GIR. They aren’t worried about breaches of these levels though since inflation is pretty low,” Neri said. Nonetheless, Jonathan Ravelas, senior adviser at professional services firm Reyes Tacandong & Co. told BusinessMirror there is still a chance that GIR will not continue its decline.
Ravelas said the country’s GIR
remains robust. However, he noted that the foreign reserves are vulnerable to external shocks like commodity price swings and debt servicing needs.
He said the drag on the country’s GIR is the continued gold price volatility, external debt payments, and global market uncertainty.
However, key drivers are strong remittance inflows, Business Process Outsourcing (BPO) earnings, and foreign investments could help stabilize or grow reserves.
Earlier, University of Asia and the Pacific (UA&P) economist Victor A. Abola said the strengthening of the US dollar is harmful for the economy. Allowing the local currency to depreciate will be more beneficial.
Abola said this will benefit Overseas Filipino Workers (OFWs) as well as exporters, two of the most affected in geopolitical shifts and high tariff environment. (See: https://businessmirror.com. ph/2025/07/24/peso-rises-to56-8-vs-dollar-after-tradedeals-clarified/).
He noted that if the peso is allowed to depreciate to around P62 to the dollar, this can lead to
higher consumption and job creation which will lead to faster GDP growth of around 6 percent in 2026.
Abola said an average peso-dollar rate of P58.4 this year will lead to a growth of 5.5 percent in 2025 while a peso-dollar rate of P59.5 in 2026 will lead to a growth of 5.2 percent next year.
Meanwhile, the BSP said the latest GIR level provides a robust external liquidity buffer, equivalent to 7.2 months’ worth of imports of goods and payments of services and primary income.
The foreign reserves still cover about 3.4 times the country’s shortterm external debt based on residual maturity.
Similarly, the net international reserves decreased by $0.3 billion from $106 billion as of end-June 2025 to $105.7 billion as of endJuly 2025.
The country’s GIR is made up of foreign-denominated securities, foreign exchange, and other assets including gold.
BSP said the GIR helps a country finance its imports and foreign debt obligations, stabilize its currency, and provide a buffer against external economic shocks.
TBy Ada Pelonia @adapelonia
HE country’s agriculture trade deficit shrank in June due to the doubledigit growth in farm exports.
The gap in goods trade narrowed by 13.5 percent to $742.38 million from the previous year’s $857.92 million, preliminary data from the Philippine Statistics Authority (PSA) showed Wednesday.
While agricultural goods purchased abroad continued to outstrip shipments of farm products in June, PSA data indicated that exports were on an uptrend, growing by nearly a quarter or 24.7 percent annually to $721.09 million from $578.14 million.
Imports also inched up by 1.9 percent to $1.46 billion in the reference period, from $1.44 billion last year.
Overall, the country’s total agricultural trade stood at $2.18 billion in the reference month, up 8.5 percent from the previous year. This indicated a quicker pace from May’s 3.5-percent growth and 1.7-percent gain posted in June last year.
The leading farm exports of the Philippines were edible fruit and nuts; animal, vegetable, or microbial fats and oils and their cleavage products; and prepara-
tions of vegetables, fruit, nuts, or other parts of plants.
This was followed by tobacco and manufactured tobacco substitutes; and preparations of meat, of fish, of crustaceans, mollusks or other aquatic invertebrates, or of insects.
The PSA noted that of the commodity groups, edible fruit and nuts, valued at $240.86 million, held the lion’s share of total farm exports in the reference period at around 33 percent. Receipts from exports, however, paled in comparison to the import bill, which accounted for 67 percent of the total agricultural trade.
Cereals, including rice and wheat, were the country’s top food imports at $273.09 million, or about 2 percent lower than the $278.48 million recorded in the previous year. It accounted for around 19 percent of the total value of agricultural imports in June. This was followed by meat and edible meat offal at $182.96 million, which jumped by about 22 percent year-on-year from $150.39 million.
The top five sources of cereals for the Philippines were Vietnam, Australia, the United States, Thailand, and Myanmar; while the leading suppliers of meat to the country were Brazil, US, Spain, India, and Canada.
subsidiary of the Zobel-led property developer Ayala Land Inc. (See, “ALH unit partners anew with Marriott for Moxy Hotels,” in the BusinessMirror, Aug. 1, 2025.)
But Iranzo clarified that the Moxy brand is not exclusive to ALH. “For Ayala (Land Hospitality], we only have Moxy Makati as our deal with them. We are still open to manage and work with other owners,” he said.
Marriott International currently operates 12 properties in six destinations in the country, with its flagship Manila Marriott Hotel—a partnership with the Tan Group—at Newport, operating since 2009.
As this developed, ALH will soon be launching another homegrown brand in its expanding local footprint.
ALH homegrown brand “WE are creating our own new brands. We will be building a five-star luxury brand, homegrown,” said ALH Creative Director Paloma Urquijo Zobel de Ayala at the recent Philippine Hotel Owners Association’s Philippine Hotel Connect 2025. A source said the brand will be for ALH’s Batangas and Mactan properties. Meanwhile, ALH may still opt to rebrand its recently purchased New World Hotel in the future.
Speaking to this paper on the sidelines of PH Connect 2025, Zobel said the brand will be kept for another three years, but “maybe after three years we’ll see. We might retain it as a Rosewood, it might be retained as New World. But for the next three years, it’s still business as usual.”
Also, the ALH executive said discussions with Dusit International are still ongoing on ways to possibly continue their partnership, in the case of Dusit Thani Manila, even after the Thai firm’s lease expires in 2027. She did not discount the possibility that even if ALI retakes the property, Dusit will continue to manage the hotel. “We’re still in talks to see what is the best possible solution [after their lease expires]. Everything is on the table right now,” she said. The iconic hotel is one of the many constructed in 1976 to accommodate delegates of the International Monetary Fund-World Bank meetings in Manila.
(See, “Dusit International seeks continued ownership of Makati hotel,” in the BusinessMirror, Nov. 20, 2024.)
IF the government wants to better protect rice farmers and consumers alike, the Department of Economy, Planning, and Development (DepDev) said variable tariffs set on the country’s staple could be a solution.
On Thursday, DepDev Secretary Arsenio M. Balisacan told reporters that the economic team needs to find a permanent solution that is not costly and will isolate farmers f rom price volatility. Earlier, the National Sectoral
Committee on Rice and Other Food Staples (NSC on Rice) proposed several measures that will arrest the slump in palay prices and boost the competitiveness of the local rice sector. (See: https://businessmirror.com.ph/2025/08/04/ raise-rice-tariff-amend-rtl-toprotect-local-planters/).
“We hope we’ll be able to recommend something in the next few months. We’re just looking at, for example, the viability of vari-
Editor: Jennifer A. Ng
FLI posts flat earnings in H1 on weak results in Apr-June
By VG Cabuag @villygc
FILINVEST Land Inc. (FLI), the Gotianun-led property developer, said its income in the first half reached P2.12 billion, flat compared with the previous year’s P2.11 billion due to its weak performance in the second quarter.
Consolidated revenues for the period rose 5 percent to P12.21 billion from the previous year’s P11.48 billion.
The company’s performance was driven by the sustained leasing momentum from its retail and office investment properties.
Leasing revenues surged 12 percent to P4.1 billion, supported by steady demand across the company’s expanding office and retail portfolios. Real estate revenues are steady at P7.48 billion.
“Our focused efforts on targeted rent strategies and tighter cost controls have proven effective in boosting both occupancy and EBITDA [earnings before interest, taxes, depreciation and amortization], supporting the steady growth of our leasing business. We are optimistic that the upcoming openings of Filinvest Malls in Cubao and in Mimosa Leisure Estate in Clark will further drive this momentum. At the same time, we continue to push our residential developments in Visayas, Mindanao and non-NCR Luzon regions, where we are seeing sustained demand,” Tristan Las Marias, the company’s
president and CEO, said.
For the second quarter alone, its income fell 5 percent to P1.06 billion from the previous P1.12 billion. Revenues from sales and services also declined by 1 percent to P5.81 billion from the previous year’s P5.88 billion.
Retail leasing revenues reached an all-time high of P1.32 billion in the first half, an 11 percent increase year-on-year. Growth was driven by the strong performance of anchor assets, such as Festival Mall, alongside improved occupancy across regional malls including Il Corso in Cebu, Main Square in Bacoor, Fora Mall in Tagaytay, and the newly opened Filinvest Malls Dumaguete.
In the second quarter alone, over 8,000 square meters of tenant gross leasable area (GLA) commenced operations, while more than 10,000 square meters were signed for new leases.
Total operational GLA across FLI’s retail portfolio now stands at 257,170 square meters.
Office leasing revenues, including contributions from both REIT and non-REIT, grew by 8 percent yearon-year to P2.48 billion. This was
CREC borrows ₧4.4B for solar farm
By Lenie Lectura @llectura
CITICORE Renewable Energy
Corp. (CREC) said Thursday it has secured a P4.4-billion loan facility from Security Bank Corp. and Security Bank Capital Investment Corp. for the completion of its 125-megawatt peak (MWp) Citicore Solar (CS) Pangasinan project in Sta. Barbara, Pangasinan.
CS Pangasinan is one of CREC’s priority projects in its first of 5 gigawatts (GW) in 5 years goal. Currently under construction, the project received a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE), accelerating the process needed for its timely completion before year-end.
The ceremonial signing for a project finance loan facility was held recently. The event was attended by CREC President and CEO Oliver Tan;
CREC Chief Financial Officer Lucia Roderos; Security Bank SVP and Head of Corporate Banking Group Yvonne Joanna P. Marcelo; and Security Bank Capital President and CEO Virgilio O. Chua, among other officials.
“Project finance is key to realizing the renewable energy transition, with projects like CS Pangasinan able to move faster and mitigate risks with the support of partners like Security Bank, who understand that sustainability requires cooperation between industries,” said Tan.
CS Pangasinan is also one of three CREC projects in the province together with Citicore Solar Pangasinan 2 in Binalonan (under construction) and Citicore Wind Pangasinan (in early development). All three projects are part of the capacities won by CREC during the DOE’s Green Energy Auction Program (GEAP)-2 in 2023, securing a 20-year offtake contract with the Philippine government
“Security Bank understands the financial requirements needed for renewable energy developments. Through this project finance loan with Citicore, we are able to contribute not only to Citicore’s growth and development but also play a part in our national transformation to cleaner energy resources which in turn pushes national development,” said Security Bank Senior Vice President and Head of Corporate Banking Group Yvonne Joanna P. Marcelo.
“By supporting Citicore’s Sta. Barbara solar power project, we acknowledge that achieving long-term energy security requires proactive investment and development today. We see this financing not only as a catalyst for clean energy development but also as a means to create meaningful socioeconomic benefits, including local job creation and land use optimization,” said Security Bank Capital President and CEO Virgilio O. Chua.
Globe blocks 484M scam, spam messages in H1
By Lorenz S. Marasigan @lorenzmarasigan
GLOBE Telecom Inc. said on Thursday it has blocked almost half a billion scam and spam messages in the first half of 2025, while shutting down domains tied to child exploitation and other harmful content.
According to Globe Chief Information Security Officer Anton Bonifacio, during the period, the telco blocked more than 484 million scam and spam messages and blocked 5,707 domains.
Furthermore, Globe also took down 2,785 illegal gambling sites during the same period,” targeting platforms that put people at risk of financial fraud.” Globe’s filtering system also blocked 248,552 URLs containing child sexual abuse and exploitation materials with 8,385 URLs containing non-photographic images (NPIs).
“People just want to feel safe when they go online,” Bonifacio
said. “Our job is to make sure they can. We don’t wait for problems to escalate. We intercept threats early, work with global partners, and build smarter defenses into every part of our network.”
He noted that customers are also now proactive in reporting with Globe receiving 87,624 SIM reports, resulting in the deactivation of 9,961 SIMs on Globe’s network and blacklisting of 77,065 SIMs from other networks.
“Our mission is simple,” Bonifacio added. “Protect every customer. Every day, any day. No shortcuts.” Globe said it is using its Digital
Thumbprint Program (DTP) to educate Filipinos on digital citizenship and cybersecurity. The program reached 6,196 participants in 2024, including students, parents, and community members all over the country.
“With the accelerated digital transformation comes growing online threats, particularly fraud, to which more and more Filipinos fall victim every day. These threats rob online customers of their hardearned money, impacting their mental and physical health,” Yoly Crisanto, Chief Sustainability and Corporate Communications Officer at Globe, said last December 2024.
In November 2024 alone, DTP reached 450 participants in areas like Ilocos Sur, Pampanga, Rizal, and Davao del Norte, offering workshops on recognizing scams, ethical internet use, and AI ethics.
These sessions are part of Globe’s broader efforts to promote digital safety and responsibility, particularly among young Filipinos.
supported by an 11-percent increase in occupied GLA, resulting in a total of 398,000 square meters.
Among the company’s new office locators are Pinnacle Intelligence, a BPO based in the United States and Qatar Aviation Services.
Meanwhile, its real estate sales reached P7.48 billion lower than the previous year’s P7.37 billion, backed by project completions, steady collections, and sustained demand for ready-for-occupancy (RFO) units.
The middle-income segment, which forms the core of Filinvest Land’s residential portfolio, accounted for 70 percent of total residential revenues in the first half of 2025.
In terms of its regional performance, Luzon, excluding areas in Metro Manila, accounted for 37 percent of total option sales.
Meanwhile, the company’s real estate investment trust Filinvest REIT Corp.’s income grew 8 percent to P651 million in January to June from last year’s P601 million.
Revenues rose by 13 percent to P1.57 billion, from improvements in operations and the addition of Festival Main Mall to the portfolio.
THE Sy siblings have retained their position as the country’s richest persons, despite their fortune falling by $1.2 billion, according to Forbes magazine’s Philippines’s 50 richest persons.
The Sy siblings fortune, now at $11.8 billion, are the heirs to the SM Group built by the late retail tycoon Henry Sy Sr.
The group’s real estate flagship SM Prime Holdings Inc. has a plan to invest $9 billion over the next five years to grow its property footprint across the country.
“Nearly half of those on the list are wealthier this year, including ports and casino billionaire Enrique Razon Jr. who remained at number 2 with a modest increase in his net worth to $11.5 billion,” Forbes said.
It said the collective fortunes of the country’s 50 richest person climbed 6 percent for the year, buoyed by domestic demand and an uptick in infrastructure investments Razon’s International Container Terminal Services Inc. reported a two-thirds jump in net profit to $850 million for 2024 and said it will press ahead with global expansion this year, the magazine said.
Property mogul Manuel B. Villar Jr. has retained his status as the country’s third-richest with a net
worth of $11 billion, amid the transformation of his mass-housing and memorial park developer Golden MV Holdings into Villar Land Holdings, the builder of Villar City, a sprawling 3,500-hectare mixed-use development that will be completed over the next three decades.
Ramon S. Ang, chairman of conglomerate San Miguel Corp., was fourth at $3.75 billion, followed by Isidro Consunji and siblings at fifth with $3.7 billion. Forbes said the biggest gain in percentage terms were husband and wife Dennis Anthony and Maria Grace Uy, cofounders of broadband services provider Converge ICT Solutions. The couple’s combined net worth jumped 74 percent to $1.6 billion as shares of Converge rose, partly from the government’s efforts to increase internet access across the archipelago. Among the top 20 whose wealth shrank is home improvement tycoon William Belo, founder of home improvement retailer Wilcon Depot. Intense competition from smaller rivals amid sluggish demand caused the company’s shares to tumble to an eight-year low in April, dragging down Belo’s net worth by over 40 percent to $520 million, the biggest drop on the list in percentage terms. VG Cabuag
BLOOMBERG
DBM chief backs transparency in House budget deliberations
By Reine Juvierre S. Alberto
EVERY step of the national budgeting process, including the live-streaming of bicameral deliberations, must be fully disclosed to the public to ensure transparency, according to Budget Secretary Amenah F. Pangandaman.
Pangandaman said that from issuing the budget call, agencies’ budget proposal submissions, budget deliberations in both houses of Congress, became hearings and the enactment of the proposed national budget into the General Appropriations Act (GAA) should be explained and presented to the public.
“We fully support making the entire budget process public—from preparation to the bicam [bicameral conference committee] report, until the signing of the GAA,” Pangandaman said.
To recall, it was the bicam, composed of senators and congressmen, who decided to place several priority programs under unprogrammed appropriations (UAs) to the 2024 national budget. These elected politicians also inserted their pet projects under different agencies’ budgets. Due to the Bicam bloating the UAs, the Department of Finance (DOF) had to transfer some of the “sleeping” funds of the Philippine Health Insurance Corp. to the National Treasury, sparking backlash among the public.
Pangandaman said that after the submission of the National Expenditure Program to the President, all other related budget documents will be available for the public to see.
However, the middle stage, or the bicam proceedings, is not accessible for the public to view—a gap the Budget chief hopes will soon be addressed.
“We have no way of accessing that, out of respect for the work of Congress… That’s why we also favor making the Bicameral Conference Committee proceedings public, including live-streaming them,” Pangandaman said.
All branches of the government, from executive to judiciary, were also called on by Pangandaman to join the campaign for transparency and open governance.
The House of Representatives will be abolishing the so-called “small committee,” which the plenary has traditionally tasked with handling individual amendments to the General Appropriations Bill (GAB) after second reading approval.
House Committee on Appropriations Chairman Mikaela Angela B.
Suansing said the chamber will no longer form a small committee—a practice criticized for being opaque and vulnerable to last-minute insertions.
The move to abolish the so-called “small committee,” which the plenary has traditionally tasked with handling individual amendments to the General Appropriations Bill (GAB), was approved after second reading.
The House is expected to receive the proposed 2026 NEP from the DBM on August 13. Budget deliberations in the chamber are set to begin on September 1.
President Ferdinand R. Marcos Jr. made a bold statement during his recent State of the Nation Address that he is willing to approve a re-enacted budget if Congress includes provisions in the 2026 national budget that are not aligned with the administration’s priorities.
Next year’s proposed budget of P6.793 trillion is 7.4 percent higher than this year’s P6.326 trillion budget.
The Association and the Orchestra
By Octavio B. Peralta
AN orchestra is one of the most powerful metaphors for unity in diversity. Composed of various instrument families—i.e., strings, woodwinds, brass, and percussion— each section contributes its unique voice to a larger, harmonious whole. Every musician plays a different set of notes, follows distinct rhythms, and handles a specialized instrument. Yet, under the guidance of a conductor and through a shared musical score, the orchestra achieves an extraordinary feat: synchronized sound that moves audiences and tells a story greater than the sum of its parts. Much like an orchestra, an association is composed of diverse individuals and organizations, each with their own perspectives, expertise, and priorities.
Members may come from various sectors, regions, or professions, bringing different “instruments” to the table. One might be a technical expert, another a policy advocate, while another focuses on outreach and community engagement. Each member has a unique set of “notes,” e.g., goals, values, or interests they pursue within the larger framework. What unites them is a shared purpose or advocacy. Whether it’s advancing sustainable tourism, supporting small businesses, or promoting professional development, associations exist to serve a collective mission. The leadership, akin to the conductor, provides direction, ensures collaboration, and harmonizes diverse voices into a coherent strategy. Strategic plans, annual conventions, committee work, and advocacy campaigns act as the “musical score” that everyone
follows. Without such alignment, the result would be dissonance: an uncoordinated collection of efforts pulling in different directions.
Just like in an orchestra, the success of an association depends, not on uniformity, but on synergy. Effective associations know how to balance individuality and unity. They create spaces where members feel heard and valued, yet remain focused on common goals. Through effective communication, shared leadership, and a culture of collaboration, associations can “play in concert,” amplifying their impact and building momentum for their cause.
An association executive can learn several powerful leadership lessons from an orchestra conductor, as follows:
1. Lead with vision and purpose. A conductor doesn’t play an instrument but brings the entire orchestra together to realize a shared musical vision. Similarly, an association leader must articulate a compelling mission, align diverse members toward it, and ensure every action contributes to that overarching goal.
2. Harmonize diverse talents. Conductors understand the unique strengths and roles of each section—strings, brass and percussion—and ensure they complement one another. Association executives must likewise recognize and integrate the
varied expertise and interests of members, staff, and stakeholders to create synergy.
3. Master the art of listening. A good conductor listens deeply to the ensemble and to individual contributions to make real-time adjustments. Association executives benefit from active listening as well, using feedback to improve programs, address concerns, and strengthen engagement.
4. Adapt with agility. During live performances, conductors make subtle adjustments to respond to the moment. Association leaders must also be agile, adapting strategies based on member needs, external changes, and evolving priorities.
5. Inspire through presence and communication. Conductors lead through body language, gestures, and expression. Similarly, association executives must communicate clearly, confidently, and consistently, both verbally and nonverbally, to rally support and maintain trust.
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 13th Annual Associations Summit on November 6, 2025 at the Clark Freeport Zone. The views he expressed herein do not necessarily reflect those of the BusinessMirror. Email: bobby@pcaae.org.
BIR files criminal complaints vs execs, CPAs for tax evasion
By Reine Juvierre S. Alberto
THE Bureau of Internal Revenue (BIR) has filed multiple criminal complaints against corporations, corporate officers and accountants for using “ghost” receipts and evading taxes amounting to P1.41 billion.
Internal Revenue Commissioner Romeo D. Lumagui Jr. led the filing of 23 tax evasion cases before the Department of Justice (DOJ) last Thursday. The BIR chief said the move is part of the agency’s crackdown on tax evasion schemes that use fake receipts to evade tax liabilities.
Broken down, 23 corporations, 56 corporate officers and 17 certi-
fied public accountants were charged for their alleged participation in the scheme. The firms and individuals involved, who the BIR didn’t name, came from a range of industries, including construction, manufacturing, food, electronics, entertainment, marketing and retail. According to the BIR, the complaints involved multiple violations of tax evasion, failure to supply correct and accurate information, perjury and false reporting. The fake transactions were carried out using receipts issued by ghost corporations or entities that exist only on paper and have no real operations, employees or tangible assets. “These suspicious purchases
were linked to ghost receipts which have no actual transactions and were only used to create the appearance of legitimate business expenses/purchases to lower tax payments,” the BIR said.
“[The tax liability is substantial and it contributes largely to our VAT [value-added tax] gap,” Lumagui said during a briefing at the DOJ in Manila.
The use of ghost receipts among firms accounts for the majority of the country’s VAT gap, which currently stands at 40 percent, the BIR chief explained.
Lumagui appealed to businesses to comply and pay the correct taxes, stressing that tax evasion is unjust to those who fulfill their obligations.
CSBank: 28 on August 8!
IN a recent survey conducted by the Chamber of Thrift Banks among its 38 member banks, more than half—20 respondents— reported an average of 38.4 years in operation. At 28 years of age, Citystate Savings Bank, now more popularly known as CSBank, is one of the younger players. By design, it’s also more upwardly mobile and internationally agile. Just last month, CSBank obtained a Certificate of Eligibility from the BSP—marking the first hurdle in its digital banking journey. The end goal of securing an EPFS (Electronic Payments and Financial Services) license also happens to be a key requirement of its third-party investor, whose 26.3-percent buy-in was approved by the Monetary Board in May 2025. The alignment of business priorities and strategies with Hong Kong-based CSC Holdings Ltd., through its wholly-owned subsidiary CS Capital Investment Pte. Ltd. in Singapore, promises to be an inflection point in CSBank’s steady ascent toward prudent growth and sustained profitability.
CSBank’s first-half resources grew to P7.45 billion from P6.39 billion in 2024, an almost 17-per -
cent increase. Deposits swelled by 18 percent to P5.92 billion, while net loans and receivables perked up by 11 percent. Net Income shot up to P125.95 million from a P10.32 million deficit during the same period last year. For the remainder of 2025, CSBank is preparing for the full migration to a new core banking system, as well as the soft launch of CSBank Mobile and the opening of a couple of new branches or branch-lite units (subject to regulatory approval)—in true hybrid banking fashion.
In the 28th verse of the Good Book, we read: “God blessed them, and God said to them, ‘Be fruitful and multiply, and fill the earth, and subdue it’” (Genesis 1:28). The CSBank has committed its ways to our Lord Jesus Christ and will continue to trust in God for its future growth—both within the ALC Group ecosystem and in the broader local and, eventually, regional financial landscape. Onwards and upwards, CSBank! Citystate Savings Bank is part of the ALC Group of Companies, founded by the late Amb. Antonio L. Cabangon Chua and is currently chaired by D. Edgard A. Cabangon.
“We are just leveling the playing field so that everyone will pay the correct taxes,” Lumagui said.
The DOJ has ruled in favor of BIR in all the criminal complaints filed against both sellers and buyers of ghost receipts, including their corporate officers and accountants. Among those indicted were Ever Bilena Cosmetics Inc. and CHG Global Inc., the retail company owning the apparel brand World Balance.
“We will not stop filing tax evasion cases against those who use ‘ghost receipts.’ We have filed, and won, criminal cases before the DOJ, even against large companies,” Lumagui said. “We will not stop. The proliferation and use of ghost receipts ends now.”
The truth about Boracay
THE family and I were back again on Boracay Island last July, staying at our favorite resort just a few steps away from the beach. Boracay during the monsoon season is a whole different atmosphere. In the morning, during high tide, waves from the Sulu Sea crash mightily against concrete walls built to protect the restaurant where we have breakfast every morning.
The sky is often downcast, painted in an endless one-note gray stretching toward the horizon. We are protected from the wild gusts of wind by a semi-clear plastic shade nailed to a wooden frame, leaning on the restaurant’s roof.
But after lunch, the sky suddenly breaks into the most gorgeous blue, while the sun beats down on the tourists taking leisurely walks, as the tide recedes to its lowest to expose a very pristine expanse of white sand. It is at these briefest of hours that we go and play in the water, although this time of the year the water is often murky.
The water’s hazy quality is not from dirt or muck, but the strong relentless waves keep churning up sand from the bottom. All that trouble keep tiny fish away, not one flitting about our feet as is their regular bent.
On most days, we only have about three hours to enjoy the balmy weather and gentle sunlit skies. As the sun sinks beneath the horizon, the rains come... but these will hardly get us down. Happily, we toast the downpour with bottles of San Mig Light, glasses of watermelon mojito, or shots of whisky.
These are downed with plates of ceviche or kinilaw na tanigue, freshly shucked oysters with squeezed lemon, or some fish and chips. Thank goodness, on this island happy hour starts at 2 pm, so we are just constantly eating, sipping, drinking...glug, glug, glug.
While a trip to Boracay is often a lovely respite for the family to celebrate milestones (or this time around, a chance for the third generation to catch up
on some historical family gossip!), I was quite floored at how food prices have changed on the island in just over a year since my last visit.
This time, even at the places which were near and dear to us, the price hike and smaller servings were noticeable, that almost every meal (rice + viand + drink) will likely cost P1,000 per person. Even when dishes are shared, these cost a pretty penny since smaller servings mean less food to go around, such that we end up ordering more.
I mean P758 for a plate of lechon kawali when my favorite restaurants in Manila charge just P350 to P400, with many pieces to go around. Or a popular burger there is about P700, when my favorite joint here in Quezon City charges just P517, including a huge plate of onion rings, mind you.
It’s no wonder that many fast-food dining outlets on the island are thriving. They are kept busy at all hours of the day. Tourists even from Manila keep the tills ringing quickly and loudly of McDonald’s, Jollibee, Andok’s, even 7-11 (where the bola-bola siopao is just P55, and frankly quite satisfying) and the like.
There was a time when frequent Boracay visitors only had local restaurants to choose from, which charged whatever prices these demanded. Even back then, however, restaurant owners priced their food quite reasonably. We were fed well with quality ingredients and happily went home to our resorts with our wallets still plump with cash.
But now that fast-food chains are allowed there, local restaurants have to realize they can’t forever be snobbish about their place in the island’s food scene. They have to realize that at a certain price point, their regular customers will turn away and look for other more accessible places where their budgets can be stretched.
Of course, there are still a few select spots that offer value-for-money dishes, if one is just a bit more adventurous, or hardy and healthy to walk far enough to get to those places. But, yes, these are few and far between. A few steps away from the resort I was booked in was Sunny Side Cafe at Station 1. I was surprised to see a long queue which snaked outside the two-story cafe, when it was already 10:30 am— way past breakfast time. But the line briskly moved, and while waiting the friendly waitstaff took my order. So by the time I took up my spot on the second floor, with a lovely view of the beach, my order was served shortly.
My order of Sunny Side’s Eggs Benedict was
good enough for two (but which I devoured by my lonesome, of course!). At just P550, the meal was complete with a side salad, a runny poached egg (which I requested), with a homemade smoked bacon on an English muffin (and not pandesal, like some island restaurants do).
Along Station 2 was La Fiesta at Mandarin Bay, which offered an unlimited Prime Rib Eye for just P1,499 per person—which is far less expensive than a number of well-known steak buffet dinners in Metro Manila. How the restaurant manages to keep its buffet price affordable is a good question.
Aside from the Prime Rib carving station (and let me just say, the beef was quite excellent and tender), there was a Japanese station for sashimi and sushi; a Chinese roasting station with roasted duck (which one can have slices in a pancake), barbeque charshui, white or soy chicken; a shabu-shabu station with various meats and seafood; a row of Indian specialties (of which I made a mental note to try next time); grilled seafood; hot Western and Filipino dishes; as well as the usual selection of garden salads and sweet dessert treats, which included homemade ice cream and halo-halo. Meanwhile, the municipal health office ought to check on the seafood restaurants along Station 2’s beach front. Toward the evening, the stench of their fish and shellfish permeate the air and is quite a huge turnoff to tourists passing by. I can only imagine how many visitors have fallen ill after eating at those paluto places, when their seafood are unmistakeably tired and stale.
The munisipyo also has a few other matters to which it should attend. Whatever happened to the lifeguards who are supposed to look after the safety of the island’s visitors? There was not even a red flag up at the station near our resort, when the tide was high and brought treacherous waves. I know there was no lifeguard at the station because no one stopped the two Fil-Am tourists, who dove into the crashing water, pa-brave of course, because they were teenagers.
Then the vendors are back again, hassling tourists with their wares from pearl earrings to tired old Mount Pinatubo grey-sand sculptures. During Boracay’s closure, there were government plans to build a dedicated area for them so tourists can easily find them. What a waste of spit and brain cells, thinking up projects that government so easily forget.
I admit, Boracay is still a beloved place for me and my family, to which we will always keep returning. I just wish it would be managed better.
Eugenia
on what truly matters to you. Take better care of your emotional and physical well-being. Avoid engaging in behaviors and situations that can lead to arguments and unwanted consequences. ★★★★
TAURUS (April 20-May 20): Be careful how you use your words. Offering something more exciting than what
and lead you down a path that excites and encourages social activity, new beginnings and interesting connections. Engage as you may, but avoid overspending, getting involved in joint ventures or paying for someone else. ★★★★★
(June 21-July 22): Change the
of your relationships
LEO (July 23-Aug. 22): Participate in functions that spark your imagination and initiate new possibilities through the contacts you make. Partnerships, conversations and sharing ideas will change your perspective regarding your goals. Offer incentives to those who can contribute something valuable to your agenda, and success will be yours. ★★★
VIRGO (Aug. 23-Sept. 22): Know who you are dealing with before you enter the ring. Ask questions, research and use your experience, memory and charm to gather information discreetly and without consequence. How you go about your business will reflect your results. Success comes with fine-tuning your approach and maintaining a positive attitude. ★★★
LIBRA (Sept. 23-Oct. 22): Choose self-improvement, not criticizing others. Getting along is crucial if you want to get ahead. Lend a helping hand, and you’ll get a lifeline in return. A conservative approach to fashion and personal growth begins with quality, not quantity or excessive behavior. ★★★★★
SCORPIO (Oct. 23-Nov. 21): Keep an open mind, but refuse to let your emotions dictate your actions. Put yourself in every position imaginable before you infringe on someone else’s territory, plans or beliefs. Avoid situations that can put you in harm’s way. Pay attention to your physical needs, and make healthier life choices. Choose peace over chaos. ★★
SAGITTARIUS (Nov. 22-Dec. 21): Pay attention to where your money goes. Before starting a new project, determine its cost and explore ways to reduce expenses. Negotiate on your behalf, and you’ll structure an agreement that meets your needs and budget. Adjust your thinking and your plans to meet your demands. Learn from experience and avoid debt. ★★★★
CAPRICORN (Dec. 22-Jan. 19): Look for opportunities, not trouble. Shared expenses and joint ventures will not meet your expectations. A discrepancy regarding agreements will leave you in a precarious position. Less contact with others and more time working on personal improvements and growth will pay off. ★★★
AQUARIUS (Jan. 20-Feb. 18):
Unlearning ‘The Lesson’
him “black” is to limit what we see as an image on the screen) athletic young man who is doing his PhD in Literature at Oxford. He’s got to have this academic pedigree because he is being called to tutor Bertie, the son of a famous novelist, J.M. Sinclair, and Helene, an artist who is also a curator. With such a lush background and a setting in a house that is isolated, there is bound to be secrets—dark and forbidding— around this framing.
At the onset, we feel the personal crisis will take place between Liam, the tutor, and Bertie. At first indeed, there is this cold tension between the two but something else more remarkable is bound to take place. Is it a problem in writing? Somewhere in the thawing of the frigid friendship between Liam and Bertie, we are sensing a sympathetic dynamic. Liam appears to understand the difficult situation Bertie finds himself to be as the son of a celebrated (implied) writer. The troubled tutee himself warms to Liam, the outsider very soon. Subjected to a family condemned to be upper class, does Bertie find respite in the more open status of Liam who needs to work to show that he
deserves the privilege in Oxford?
Enthralling if not morbidly elegant are the interactions of Liam and Bertie as they take place most of the time in the garden. There, the two without meaning to share a smoke and drop their defenses.
At one point, Bertie sidles up to Liam, but instead of kissing, gently nudges his head against his tutor’s neck. We must be reading the signs wrongly in this story. The respective roles of J.M. Sinclair and Helene,
McCormack as Liam is a joy to behold but he is lost in the well-written characters and compellingly acted roles of J.M. Sinclair and Helene.
Chillingly lovely is Julie Delpy as Helene. She machinates the household even as she comes across as innocent, her maternal instinct carefully curated. But it is Richard E. Grant who is the insufferable pater familia who decides what music to listen to during dinnertime, subjecting his poor family and one guest to Rachmaninoff’s “Vocalise” now, perhaps Beethoven some other stuffy summer evenings.
The Lesson streams on Netflix.
GMA Gala 2025: A night of glamor and gratitude
THE GMA Gala 2025 once again lit up the night as the brightest GMA stars, industry icons, and valued partners gathered for the network’s most glamorous annual event. This year’s celebration was made even more meaningful as GMA Network commemorated its 75th anniversary, while Sparkle GMA Artist Center proudly marked 30 years of discovering and developing world-class Filipino talent.
The event kicked off with the stunning blue carpet arrivals, under the direction of Rico Gutierrez, setting the mood for a night of pure glamor. Inside the ballroom, Paolo Valenciano brought his signature touch to a seamless program.
The night commenced on a high note with the Manila Philharmonic Orchestra performing the National Anthem, followed by a prayer and the GMA Network theme song performed by the Philippine Madrigal Singers. Leading GMA star Dingdong Dantes then welcomed the guests, followed by the opening remarks of GMA Network president and CEO Gilberto R. Duavit Jr.
In his message, Duavit reflected on GMA’s remarkable journey and the people behind its success, “Tonight, we gather to celebrate both a milestone and a legacy, one that has been built on excellence, shared passion, integrity, and service—75 years of GMA Network. Beyond the programs, the ratings, and the awards, the real strength and pride of GMA lie in its people.” Guests were then treated to a grand food parade and an elegant dinner, while being serenaded
by the Manila Philharmonic Orchestra, setting the tone for the evening’s celebrations.
The GMA Gala 2025 Awards, hosted by Tim Yap with Gabbi Garcia, added excitement to the evening.
Among the night’s awardees were Will Ashley (BingoPlus Foundation: Heart of the Night), Marian Rivera and Dingdong Dantes (Avignon Grand Couple of the Night), Heart Evangelista and Marian Rivera (CAD Smile Award), and Charlie Fleming (HONOR 400 PRO 5G Star of the Night and IAMazing Award by IAMWORLDWIDE).
Also recognized were Mika Salamanca (Luxe Slim Fit & Fabulous Icon), Jillian Ward (Premier Glow of the Night), Shuvee Etrata (Shopee Super Star Award), and Richard Yap (Villa Medica Timeless Beauty and Vigor Award).
Completing the night’s honorees were Heart Evangelista (Zion Glam Icon of the Night), David Licauco and Kyline Alcantara (Best Dressed), Brent Manalo and Mika Salamanca (Couple of the Night), Will Ashley and Waynona Collings (Young Stars of the Night), and Carla Abellana and Esnyr (Red Carpet Scene Stealers).
One of the highlights of the evening was the Hall of Fame induction of Marian Rivera, Dingdong Dantes, Alden Richards, and Heart Evangelista, honoring their unmatched star power, iconic careers, and consistent presence at the network’s most glamorous event. The guests were also given an exclusive look at
the new GMA Station ID, followed by a tribute to the Gozon, Duavit and Jimenez families, recognizing their leadership and vision. Joining Duavit were Atty. Annette Gozon-Valdes, GMA senior vice president for programming, talent management, worldwide, and support group, and president of GMA Films; and Joel G. Jimenez, chairman of GMA Network executive committee. Also present was Menardo R. Jimenez, former president and CEO of GMA Network.
GMA star Alden Richards led the introduction of the ceremonial toast, which was offered by GozonValdes together with first vice president of Sparkle GMA Artist Center and Talent Development and Management Joy Marcelo. Capping off the night was the high-energy production number featuring Asia’s Limitless Star Julie Anne San Jose and ABS-CBN artist Darren Espanto performing the Pinoy Big Brother theme song, joined by all the PBB housemates in their first complete reunion since the Big Night. This ushered in the party proper, where stars and guests partied the night away. With its blend of glamor, heartfelt recognition, and milestone celebrations, the GMA Gala once again proved why it remains the most anticipated event in Philippine entertainment. The GMA Gala 2025 was organized by GMA Network Inc. and Sparkle GMA Artist Center with the support of its many top sponsors. More information can be found at www.gmanetwork.com.
THE hosts of It’s Showtime: Ryan Bang (from left), Jhong Hilario, Vice Ganda, Anne Curtis, Ogie Alcasid, Darren Espanto and Cianne Dominguez
ALDEN RICHARDS DINGDONG DANTES and Marian RiveraBEA ALONZO BARBIE FORTEZA
DAVID LICAUCO
JILLIAN WARD
GABBI GARCIA
2025 COCOPEA-REX Regional Run capacitates educators for revised K-10 curriculum
As a new school year begins, educators are presented with an important opportunity to improve their teaching practices, serve their students more effectively, and ultimately, contribute to elevating the quality of education in our country. This year, with the Revised K–10 Curriculum taking root in our classrooms, that opportunity has never felt more urgent and meaningful.
This is the spirit behind the 2025 COCOPEA–REX regional run.
Organized by the Coordinating Council of Private Educational Associations (COCOPEA), the Catholic Educational Association of the Philippines (CEAP), and Rex Education, in partnership with the Department of Education, this initiative aims to equip educators with the tools and knowledge needed to effectively implement the Revised K–10 Curriculum, particularly for Grades 2, 3, 5, and 8.
This year’s regional run, themed “Capacitating the Private Education Sector for the Effective Implementation of the Revised K–10 Curriculum,” aims to ensure that every Filipino learner has access to quality, relevant, and responsive education. The run began in Davao City on February 27 to 28, 2025 hosted by the University of the Immaculate Conception, Bajada Campus, welcoming educators from Regions 11, 12, SOCCSKSARGEN, and parts of BARMM.
From there, the initiative traveled across the country through five more major legs: Baguio City – St. Louis University for Regions I, II, CAR, and parts of Region III, Cebu City – Cebu Institute of Technology for Regions VII, VIII, and parts of Region IX, Iloilo City – Angelicum College for Region VI, Cagayan de Oro – Xavier University –Ateneo de Cagayan for Region X, parts of BARMM and Region IX and Muntinlupa City – San Beda College Alabang for Regions NCR, IV-A, and IV-B
Over the two-day program, participants were provided with the tools and platform to unpack the revised curriculum—not just
deepening their understanding and strengthening their readiness for the effective implementation
Robbie Antonio leads Jose Antonio Group Inc. into bold new chapter of
Fdesign-led innovation, diversified investment
the Revised K–10 Curriculum, particularly for Grades 2, 3, 5, and 8. in theory, but in practical, tangible ways. The first day opened with a plenary session that set the tone for the training—bringing together educators, administrators, and stakeholders to align on the goals and significance of the Revised K–10 Curriculum.
Following this, the second plenary session titled “General Updates on the Revised K–10 Curriculum” provided participants with an overview of the recent changes and developments, focusing on curriculum content and structural updates for the priority grade levels.
From there, participants moved into concurrent breakout sessions, grouped per learning area, for a curriculum walkthrough, where they engaged in two core activities:
An In-depth Exploration of Learning Standards for Grades 2, 3, 5, and 8, clarifying what students are expected to know and do at each grade level
Curriculum Unpacking of Learning Competencies for Grades 2, 3, 5, and 8, which involved breaking down each competency into practical, actionable teaching objectives
As the run transitioned into the second day, the focus shifted from understanding the curriculum to implementing it effectively in the classroom. It began with the third plenary session, titled “Evidence-Based Intervention: Focus on Pedagogical Practices and the Importance of Assessment,” highlighting how research-based teaching methods and meaningful assessments can drive better student learning outcomes.
This was followed by morning breakout sessions, again organized per learning area, that explored the Pedagogical Practices that Integrate
and Develop Literacy and 21st-Century Skills through theoretical discussions and strategysharing. Educators shared strategies and discussed how to incorporate these essential skills into their teaching methods.
In the afternoon, educators participated in a series of hands-on workshops, still within their respective learning areas. These included:
A workshop on pedagogical practices to further strengthen instruction that fosters literacy and 21st-century competencies
A theoretical discussion and a workshop on effective assessment and feedback strategies, guiding educators in using assessment not only for grading but also for supporting student growth and reflective teaching.
This year’s run is especially meaningful as it coincides with REX’s 75th anniversary, a milestone that honors decades of commitment to supporting Filipino learners, educators, and institutions.
For 75 years, REX has stood not only as a learning solutions provider, but as a katuwang sa buhay, a partner for life, in learning, growth, and transformation. The regional run serves as a continuation of this legacy, reaching out to private schools, listening to their needs, and assisting them in navigating the evolving educational landscape through collaboration and shared learning.
With COCOPEA, CEAP, REX, DepEd, and countless Edukampyons at the forefront, this movement proves that progress is possible when we lead with collaboration, compassion, and courage. Even in the face of shifting systems and emerging challenges, we can always rise— grounded in legacy, driven by purpose—Para sa bata. Para sa mamamayan. Para sa bayan.
Healthcare Innovators Choose Crystal Blue for Private Wellness-Inspired Pool
Dr. Jervis P. Yu and Dr. Gemma Yu, owners of JERVZ Dental Clinic
RYSTAL Blue Enterprises Inc. is proud to announce a new collaboration with renowned dental professionals
Dr. Jervis P. Yu and Dr. Gemma Yu, owners of JERVZ Dental Clinic. Known for their commitment to innovation, precision, and patient care, the Yu couple selected Crystal Blue to design and construct their custom private swimming pool, bringing the same emphasis on quality and well-being into their personal home.
With clinic locations across Caloocan, Manila, and Quezon City, JERVZ Dental Clinic is trusted for its use of cutting-edge technology and holistic approach to oral care. When it came to building a personal pool, the couple sought a team that shared their values in health, hygiene, and long-term reliability.
“We apply the highest standards in our profession, so when choosing a contractor for our home pool, we looked for the same level of expertise,” said Dr. Yu. “Crystal Blue stood out for their structural integrity, clean design, and attention to detail.”
As one of the Philippines’ most trusted pool contractors since the 1970s, Crystal Blue Enterprises Inc. is known for its commitment to structural excellence, efficient plumbing and filtration, and smooth project delivery. Each pool is engineered to endure both time and the elements, an essential feature for discerning homeowners who value long-term durability and aesthetic refinement.
“Just like in our clinics where cleanliness and safety are top priorities, we wanted a pool that is easy to maintain, hygienic, and professionally engineered,” said Dra. Yu. “Crystal Blue gave us confidence from day one.”
More than just a luxury addition, the pool will serve as a sanctuary for rest and wellness—a place where two busy healthcare professionals can recharge and find balance. The design features a minimalist aesthetic tailored to their modern lifestyle, while ensuring practical, worry-free use.
“We build pools for people who value function, beauty, and peace of mind,” said Richard Cariño, President of Crystal Blue Enterprises Inc. “It’s been a pleasure working with Dr. and Dra. Yu—true professionals who recognize the importance of quality in every detail.”
I Belong Museum opens in August
THE much awaited opening of the I Belong Museum featuring exhibits from the venerable Smithsonian Institution is all set this August.
Prominently situated at the 4th level near the landmark carousel of the Festival Mall in Alabang, Muntinlupa City, the Museum is as expansive in area as the journey it will take each visitor as he goes through each door of over 20 exhibit halls.
It is a rich storytelling of everyone’s story ..my story, your story, our story woven into a reflective, tactile and cerebrally stimulating tapestry of artifacts, lights, and sounds for over 75 minutes... reminding us of our interconnected past, our dynamic present and our boundless future.
I Belong Museum meets us face to face with the reality that our yesterday’s tomorrow is today .... Now!
I Belong Museum is another blockbuster engagement every family has to see made possible with the generous support from NutriAsia, Lydia’s Lechon and Toyota.
Come visit us at 4th Floor, Festival Mall Alabang, Muntinlupa City. For more information, you may reach us at contact.ibelong@gmail.com or at 0962 4746232.
ILIPINO entrepreneur and design visionary Robbie Antonio is redefining the direction of the Jose Antonio Group Inc. (JAGI) as its President and CEO, positioning the family office as a next-generation investment platform with a unique focus on innovation, diversification, and global creative influence.
Antonio’s entry into JAGI follows a decade of groundbreaking work in the luxury real estate and design space. Internationally recognized for his prolific design collaborations, he has worked with 14 Pritzker Architecture Prize laureates, including Zaha Hadid, Rem Koolhaas, Jean Nouvel, Tadao Ando, I.M. Pei, Paulo Mendes da Rocha, and Christian de Portzamparc. These partnerships were part of Antonio’s larger vision to democratize high-end architecture, bringing design once reserved for museums or billionaires into spaces that were both accessible and scalable.
In a past interview, Antonio said, “I’ve worked with 14 Pritzker Prize architects, possibly more than any human being in the world,” highlighting his rare role as a private-sector connector of elite global talent.
Today, Antonio is taking that same vision-driven approach into his role at JAGI, where he is leading the Antonio family’s transition from legacy real estate into a broader investment mandate. With roots in iconic developments such as Trump Tower Manila, Century Spire with Armani/Casa, and Milano Residences with Versace Home, JAGI now extends into critical sectors shaping the future economy, including digital infrastructure, healthcare, consumer technology, and tourism.
Under Antonio’s leadership, JAGI is pursuing strategic partnerships and innovations that reflect the company’s shift toward long-term, scalable growth. Among these is a broadband connectivity initiative powered by Starlink technology in partnership with iWave, which aims to provide internet access to underserved areas across the Philippines, empowering local communities through digital inclusion.
While rooted in Filipino identity, JAGI’s ambitions are global. The firm is currently exploring a sustainable tourism development in Palawan that blends cultural sensitivity, luxury, and environmental stewardship. Antonio’s leadership marks a turning point for JAGI as it evolves from a property-centric group into a diversified, design-aware investment firm with a strong focus on relevance, responsibility, and resilience.
Antonio’s body of work has been featured in Forbes, The New York Times, Architectural Digest, and The Robb Report, among others. His ability to bridge art, architecture, and business continues to draw attention across sectors—not only for its creative boldness but also for its commercial and cultural viability.
As Antonio continues to drive JAGI’s transformation, he brings a rare combination of aesthetic vision and financial strategy to the forefront of the company’s growth. His work proves that investment can be both impactful and imaginative—rooted in design, guided by purpose, and led by a clear ambition to place the Philippines on the global innovation map.
Xiaomi unveils Xiaomi Smart Band 10: A stylish upgrade for smarter living
XIAOMI , a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core, recently announced the launch of Xiaomi Smart Band 10, a bold new upgrade to its wearable lineup that blends fashion, fitness, and smart functionality.
Designed for personalized wellness, elevated style, and long-lasting functionality, Xiaomi Smart Band 10 introduces a 1.72” AMOLED display with symmetrical 2mm bezels and 326 PPI resolution. The 73 percent screen-to-body ratio, 60Hz refresh rate, and 1500 nits HBM brightness deliver smooth and vibrant visuals.
Moisture-resistant touch control ensures reliable interaction in various conditions, while the new Pearl White ceramic edition and 10 versatile accessories, including the pearlchain pendant with four wearing modes, bring elevated design to everyday wear.
Xiaomi Smart Band 10 empowers users to train smarter and live better with over 150 workout modes, including six auto-detection activities and advanced metrics such as VO₂ max, training load, and recovery time. The upgraded swim mode features real-time heart rate monitoring and 96 percent lap count accuracy thanks to a 9-axis motion sensor and 5ATM water resistance. New heart rate broadcast via Bluetooth enables real-time data sharing with compatible devices.
For rest and recovery, Xiaomi Smart Band 10 offers professional sleep management, combining foundational sleep monitoring with two newly added dimensions: sleep efficiency and distribution. These provide users with a more comprehensive understanding of their sleep quality. To further support users’ wellness, Xiaomi Smart Band 10 delivers personalized guidance based on these insights, helping to improve sleep habits.
In collaboration with the World Sleep Society, the Asian Society of Sleep Medicine, and the Chinese Sleep Research Society, Xiaomi introduces its first-ever 21-day professional sleep improvement program. Users can set personalized sleep goals, receive expert-
recommended guidance, and gain deeper insights through continuous sleep monitoring. The program delivers tailored insights to help enhance sleep quality with greater clarity and precision. Supporting overall wellness, Xiaomi Smart Band 10 also offers 24/7 tracking of heart rate, SpO₂, and stress. Beyond fitness, Xiaomi Smart Band 10 connects seamlessly to Xiaomi HyperOS 2-enabled Xiaomi smartphones, tablets and earphones¹⁶ through Xiaomi Smart Hub, offering quick control over paired devices directly from the wrist. Real-time notifications, calendar sync, and customizable quick replies help users stay connected throughout the day, while a discreet silent mode adds flexibility during quiet moments. Every alert feels more intuitive thanks to a precision linear motor and updated haptic algorithm that supports customizable vibration for calls, alarms, and messages. Backed by a 233mAh battery, Xiaomi Smart Band 10 delivers up to 21 days of typical use, or nine days with Always-on Display, and fully recharges in about an hour. With over 200 watch faces, including five interactive mini-games, Xiaomi Smart Band 10 adapts to your lifestyle with comfort, control, and a touch of fun. With fashion-forward materials, accurate wellness features, and seamless smart integration, Xiaomi Smart Band 10 is designed to match your lifestyle, whether you’re training, relaxing, or staying connected on the go. Xiaomi Smart Band 10 is available for purchase online starting from P2,499 on Shopee and Lazada and in official Xiaomi stores.
School leaders, stakeholders, and educators nationwide take part in the 2025 COCOPEA-REX Regional Run—
of
In the photo are, from left, Robbie Antonio, I.M Pei and Sandi Pei
PIkeda entering the final round, Superal was calm and precise in parring the first 13 holes before draining a birdie on the 14th to stay within striking distance as Ababa wrested solo control early with a solid frontside 34. A
Princess crowned ‘Queen of Caliraya’
Superal’s charge, but she nailed three straight pars to finish with a 72 and a 54-hole total of fourunder 212.
It was a score that didn’t seem enough at first—not with Ababa holding a two-shot cushion with two holes to play. But as the pressure mounted, the Davaoeña dropped shots on Nos. 17 and 18 to finish with an even-par round and fall into a playoff with a suddenly resurgent Superal.
“I just tried to stay consistent and focused on my game,” said Superal, former US Girls’ Junior champion. “I knew there was still a chance if I just kept believing.”
A nd believe she did when it mattered most.
O n their return to the parfour 18th for the playoff, both players found the fairway but came up short of the green.
From 12 yards out, Superal summoned the short-game magic that once helped her conquer some of the biggest names in women’s golf—including three former major champions en route to the inaugural Asia Pacific Cup title—and clipped a delicate chip to within four feet.
She made the par.
A baba, some 20 yards from the hole, couldn’t convert her long-range par bid, handing Superal the championship and the top purse of P125,000.
It was a sweet moment for the 26-year-old, who quietly fought through years of injury and doubt.
I struggled for three years because of injury,” said Superal, who last won at Eagle Ridge in 2021. “But we just focused on getting stronger, building everything back.”
Then suddenly, things started to click. I could feel it. I could feel my game coming back—and I held on to that,” she said.
Th at gut feel—that something was shifting in her swing, in her rhythm, in her mindset—fueled her to victory.
Pacquiao yields negative result from doping test
By Josef Ramos
HALL of Famer Manny Pacquiao yielded a negative r esult after having been tested by the Voluntary Anti-Doping Association (VADA) for his fight last month against Mario Barrios. International matchmaker Sean Gibbons told BusinessMirror on Thursday about the negative results for Pacquiao and Barrios, who fought to a majority draw that allowed the Texan-American to keep his World Boxing Council (WBC) welterweight belt in the July 19 fight at the MGM Grand in Las Vegas.
Manny is the cleanest boxer ever in the VADA program. He’s been tested a hundred of times, always clean, always plays by the rules, and it is not surprising,” said Gibbons, who heads the 4 6-year-old Pacquiao’s MP Promotions.
It could be recalled that Pacquiao filed a defamation suit in 2009 against Floyd Mayweather Jr. camp’s which accused the eight-division world champion of doping—but the case was withdrawn a year later after Mayweather’s g roup retracted their statement.
Manny Pacquiao is a Hall of Famer,and always promotes goodness and fairness in the sports,” Gibbons said. “He is a true leader who leads by example.”
T he VADA, according to its website, is an organization that offers a nd promotes effective anti-doping practices and programs in boxing and mixed martial arts, but its tests are not comprehensive and rarely unannounced and not a deterrent.
The VADA has arranged for a World Anti-Doping Agency approved laboratory to conduct the tests and an internationally-recognized anti-doping group to collect the specimens and maintain the chain of custody.
O n Pacquiao’s next fight, Gibbons said that the “People’s Champion” is still on “relax mode” and is on vacation with his wife Jinky in Italy.
Sulaiman thanked the 46-year-old Pacquiao and Mexican 30-year-old Barrios for playing a clean and healthy safe s ports, and he also expressed his gratitude to the Premier Boxing Champions (PBC) for promoting clean boxing.
W BC president Mauricio Sulaiman, who confirmed VADA’s finding, t hanked Pacquiao and Barrios—as well as Premier Boxing Champions promotions—for staying clean for their fight.
It feels great. I’m so happy,” said Superal, finally letting the emotions of a long title drought melt away. “This year, I felt my game has improved. I’ve been waiting for this moment.”
S he credited long-time coach Bong Lopez for guiding her through the tough stretch, both technically and mentally. I knew I could win again. I never stopped believing— but it’s still a little overwhelming how fast things t urned around,” she added.
A baba couldn’t recover from late bogeys and settled for second and P82,000.
Florence Bisera birdied the final hole to cap a third straight 71 and finish solo third at 213, just a shot off the playoff, while last year’s champion Harmie Constantino carded a 72 behind an up-and-down backside of three birdies against three bogeys for a 214, good for fourth.
T iffany Lee surged with a 70 to grab fifth at 215.
Jahns grabs lead in unpredictable men’s play
IN an eyeball-to-eyeball confrontation with the hottest player on the Philippine Golf Tour, Keanu Jahns didn’t blink to emerge as solo leader after a fiercely contested third round of the International Container Terminal Services Inc. Caliraya Springs Championship on Thursday.
T he big-hitting Jahns went toe-totoe with Angelo Que in a duel worthy of the spotlight in second-to-last flight with Rupert Zaragosa. Jahns fired a sizzling 65— highlighted by an eagle and a solid frontside 31—to rise from joint third to solo leader at 14-under 202 at Caliraya’s Arnold Palmer-designed course in Cavinti, Laguna.
Q ue, unrelenting as ever, launched a fiery frontside assault of his own and nearly matched Jahns’ electric pace with a four-birdie burst across his first nine holes.
B ut he slowed slightly on the back with a two-birdie, one-bogey effort to settle for a 67 to stay within striking distance at 203.
I n a flight ahead, Fidel Concepcion matched Que’s 32-35 card to move to solo third at 204, setting the stage for what is shaping up to be a classic finalround shootout.
A nd it’s not just Jahns versus Que anymore.
WUSHU star Agatha Wong gets her first crack at World Games glory for the 47-strong Team Philippines when she vies in the combined women’s taolu taijijian event at the Hi-Tech Zone Sports Centre Gymnasium on Friday in Chengdu. O ne of the best medal hopes of the country in this multi-sport competition for non-Olympic sports, Wong competes in the qualification round at 10:15 a.m. and the finals later in the evening at 7:50 p.m. The 27-year-old Wong boasts two wushu world championships silvers and five Southeast Asian Games gold medals, making her one of the favorites to make the podium and a marked rival for Singapore’s Zeanne Law, Malaysia’s Sy Xuan Chin, and Ukraine’s Oryna Ivanova. “ I did all the work, the training, and as long as I do my best in my event I think I am going to be okay,” Wong said. Competing at 8:30 p.m. in combined men’s taolu taijijian is Benguet pride Jones Llabres Inso, who also targets a seat in the finals set Saturday. With all the athletes, backed by Philippine Olympic Committee President Abraham “Bambol” Tolentino and supported by the Philippine Sports Commission, surely in a state of euphoria following Thursday
W hile the spotlight may be trained on the veteran Que and the surging Jahns, the final 18 holes promise a six-way thriller with Concepcion, Aidric Chan (67), Zaragosa (69), and American Collin Wheeler (65) poised to spoil the party.
C han, Zaragosa and Wheeler are tied at 206, just four strokes behind the leader and are well within reach on a layout yielding birdies in bunches.
W heeler, in particular, looms as a dangerous wildcard with his bogeyfree card punctuated by pinpoint approaches and a hot putter.
Z aragosa and Chan, meanwhile, have the skills and tournament grit to mount a final-day rally.
This course is gettable,” said Jahns, who’s gunning for his first win since Forest Hills last year. “It’s going to be another low round tomorrow, so you have to watch out for the other guys who are two or three flights ahead of you.”
Q ue refused to frame the final round as a two-man shootout.
“Not really a shootout,” Que said. “I feel l ike I’m just playing with a friend. He’s learning from me and I’m learning from him. So it’s going to be fun.”
But the stakes are no less intense with P440,000 and prestige on the line in this fourth stop of the 10-stage circuit organized by Pilipinas Golf Tournaments Inc.
C oncepcion, on the other hand, quietly pieced together the most consistent performance—he gunned down 14 birdies against only four bogeys, showing remarkable control and m aturity—and a hunger for a career breakthrough—through 54 holes.
E arly frontrunners Carl Corpus, Jhonnel Ababa and Korean Ji Sung Cheon faltered under the pressure.
C orpus, who sizzled with rounds of 66-69 to lead after 36 holes, stumbled with a double bogey and a bogey on the back nine against three birdies and another bogey, ending up with a 73 to drop to joint eighth at 208, with Cheon, who made a brief surge with an eagle and early birdie, and also faded to a 72.
A baba, just a stroke behind Corpus and tied with Que and Cheon after 36 holes, surged ahead early with a three-birdie blitz starting at No. 3, reaching 11-under. But as quickly as he climbed to the top, his momentum vanished just as fast.
A d ouble bogey on the picturesque par-3 sixth—where his t ee shot found water—was followed by a bogey on No. 7 and a costly 6 on the par-4 ninth after driving out of bounds.
Attention on Lua as college golfest returns
the pros.
A lso competing at Caliraya are Saint Benilde’s Angeline Hernandez, La Salle’s Stacey Chan, Jilliana Ordoña, Michelle Cuenca, Leanne Dy, Maddie Valderrama and Nicole Tan, and UP’s Alyanna
PACQUIAO
IT was a sweet moment for Princess Superal, who quietly fought through years of injury and doubt to win again after four fruitless years.
Commercial vehicles growth driver; Honda & Yaris
THE midway point of 2025 showed 230,912 vehicles sold for a two percent year-to-date (YTD) growth in the local auto world.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said commercial vehicles were the main growth driver, rising by 11.3 percent YTD to 185,265 units. That’s over 80 percent of total industry sales. Passenger cars contributed 19.77 percent of the market with 45,647 units sold.
While we await July figures, June sales hit 40,483 units, a 3.6 percent increase year-on-year and 1.8 percent higher than May. Passenger car sales reached 6,922 units. As usual, Toyota remains the dominant market player with 48.19-percent share, followed by Mitsubishi with 19.06 percent, Nissan 5.14 percent, Ford 4.47 percent and Suzuki 4.45 percent.
I have yet to see Toyota’s market share dip to below 40 percent in recent memory.
Honda huge discounts
HONDA is offering huge discounts this August on models City 1.5 RS CVT Honda SENSING, City Hatchback 1.5 RS CVT Honda SENSING and BR-V 1.5 S CVT.
As high as a P50,000-discount and a down payment of only P18,000 are up for grabs, according to Honda’s Danielle Ann Pabalan.
Danielle also said the Honda City Hatchback 1.5 RS CVT has a P20,000 discount and a low monthly amortization of P22,165.
Also this month, the BR-V 1.5 S CVT can be had with a P10,000 special all-in down payment and P80,000 discount.
New Yaris Cross
THE new Yaris Cross SE has just been added to the great array of Toyota models.
“Whether you’re a young professional on the move or a college student seeking a vehicle that matches your lifestyle, the Yaris Cross SE delivers the perfect blend of urban style, cutting-edge features and Toyota’s renowned reliability,” said Mark Luigi Bautista, Mixie Flavier’s flamboyant wordsmith.
Take it away, Mark:
“SPORT-INSPIRED exterior upgrades: SE exclusive dynamic front and rear skirts, roof spoiler, and refined garnishes on the bumpers, back door, fog lamps, and grille.
“A sleek and urban profile that complements active lifestyles, perfect for after-work hangouts, weekend road trips, or your everyday commute.
n Digital rearview mirror with front and rear Digital Video Recorder, for seamless visibility and safer drives n Additional ambient lighting to set the right mood, day or night n A digital signal processor for richer, crisper audio n Premium touches like an upgraded horn, completing the refined experience
“These features, paired with Toyota Safety Sense (also available on Yaris Cross V and S), ensure you not only a ride in comfort but also with peace of mind.
“Customers can now see, feel and test-drive the new Toyota Yaris Cross SE at any Toyota dealership nationwide or explore it online at www.toyota.com.ph/ yaris-cross.
“The Yaris Cross SE is priced starting at P1,690,000.
“With Toyota’s extensive dealer network and aftersales support for maintenance, repairs and accessories, owning the Yaris Cross SE means having a complete, worry-free driving experience today and for the journeys ahead.
“Follow Toyota Motor Philippines on Facebook, Instagram and X and join the ToyotaPH community on Viber.”
PEE STOP Today (Friday) is the practice runs for the third and concluding edition of the Toyota Gazoo Racing Philippine Cup at the world-class Clark International Speedway in Clark Freeport, Pampanga. Actual races are set for tomorrow (Saturday), with the iconic Tamaraw featured in an event for the delectation of fans dying to watch its debut in a unique competition. As usual, admission is free, with gates opening at 8:30 a.m. tomorrow for a whole day dose of fun, thrill and excitement. See you. Vrrrmmm!!!
