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Tuesday, August 11, 2026 Vol. 21 No. 301

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LIVES UPENDED BY HABAGAT The enhanced southwest monsoon, or “habagat,” continues to bring heavy rains and widespread disruption across Luzon, leaving communities flooded, families struggling to rebuild and responders racing against time in search-and-retrieval operations. Floodwaters reach the Sto. Niño Parish Church in San Fernando, Pampanga, on Monday, August 10, as rains continue in the area. Churchgoer Efren Cruz said the area has endured 18 consecutive days of rain. In Talon Tres, Las Piñas, residents living beside a creek begin rebuilding after floodwaters destroyed most of their belongings. They recalled fleeing their homes as the waters rapidly rose, taking only their loved ones to safety, and are now seeking assistance from the local government. In Guisad Surong, Baguio City, response teams continue search, rescue and retrieval operations following a landslide. An Incident Command Post has been established at the site, while volunteer groups provide support to responders. Baguio City Mayor Benjamin Magalong said 13 people were involved in the incident, with six still missing. Seven have been recovered—three alive and four dead.

5-MONTH FDI INFLOWS DOWN 33.4% TO $2.178B

PHOTOS BY NONOY LACZA (PAMPANGA), NONIE REYES (LAS PIÑAS) & MAU VICTA (BAGUIO)

By Andrea E. San Juan

HE amount of long-term investments flowing into the Philippines may remain “subdued” for the rest of the year as foreign investors see mixed signals in the country’s policy execution, infrastructure rollout, and power costs. Analysts pointed this out after the Bangko Sentral ng Pilipinas (BSP) released the data showing Foreign Direct Investment (FDI) net inflows plunged to $2.178 billion in the January to May 2026 period, down 33.4 percent from the $3.27 billion in the five-month period in 2025. In May 2026 alone, data from the

central bank pointed out that the Philippines only secured $210 million in investments from foreign countries—the lowest in 11 years and two months or since March 2015 when the FDI inflows amounted to $200 million. Year-on-year, the $210 million net FDI inflows in May was 64.7

ARSI’S ASSURANCE: ‘PROGRESS’ BILL WILL BE FISCALLY NEUTRAL By Justine Xyrah Garcia

MID concerns that the proposed tax relief package could stoke inflation, the government has assured the public that it would seek to make the measure “as fiscally neutral as possible.” Department of Economy, Planning, and Development (DepDev) Secretary Arsenio M. Balisacan explained that the proposed comprehensive tax reform package, dubbed the “Progress Bill,” could only add to inflationary pressures if the increase in purchasing power is not accompanied by measures to expand the supply of goods and services.

“We will look for offsetting revenue measures because there will be foregone revenues as a result of that. That will be part of the measures to make it as fiscally neutral as possible,” Balisacan told reporters in a recent interview. Balisacan said the government is also working to strengthen the supply side of the economy by improving competitiveness and productive capacity, particularly by addressing bottlenecks in agriculture, logistics and energy. Under the Promoting Growth, Revenue, Equity toward Socio-economic Sustainability (Progress) Bill, individuals earning no more than P350,000 annually would be See “‘Progress,’” A2

See “FDI,” A2

Slow Q2 growth eases pressure for rate hike

HE slower growth rate of the Philippine economy in the second quarter has reduced the pressure for the central bank to raise the key interest rate, its governor said Monday. Following the release of the second quarter gross domestic product (GDP) data last August 7, the governor of the Bangko Sentral ng Pilipinas (BSP) was asked if the pressure to hike rates was reduced. BSP Governor Eli M. Remolona Jr. replied to reporters, “Yes.” Prior to his affirmation, however, the central bank governor explained

the balancing act that the BSP—the institution whose primary goal is to keep prices stable—has to consider, against the backdrop of subdued economic activity. “We’re focused mainly on inflation but we also consider the output gap,” Remolona said. Normally, he said inflation weighs heavily on the central bank’s monetary policy decisions given its price stability mandate. However, Remolona emphasized: “Growth is implied by the inflation mandate. If you can maintain price stability, that

tends to sustain growth.” In the short run, however, the BSP governor said, “Sometimes there are problems with growth. And we take that into account. We don’t ignore that.” Last Friday, the Philippine Statistics Authority (PSA) reported that the growth of the Philippine economy in the second quarter slowed to 2.3 percent from the 2.8 percent in the first quarter. The latest reading was the slowest since the first quarter of 2021, when the economy contracted by 3.8 percent. Excluding the pandemic period,

it was the weakest growth recorded since the fourth quarter of 2009, when gross domestic product (GDP) expanded by 1.8 percent. Two days before the release of the growth print or last Wednesday, the PSA reported that headline inflation eased to 6.2 percent in July from 6.4 percent in June. The latest reading extended the downtrend from the 7.2-percent peak in April. Inflation eased to 6.8 percent in May and 6.4 percent in June, bringing the year-to-date average to 5 percent. See “Growth,” A14

Seipi eyes bigger role for Pax Silica in LEC By Bless Aubrey Ogerio

HE Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) wants Pax Silica to serve as the manufacturing anchor of the Luzon Economic Corridor (LEC), helping the country move beyond its traditional role in semiconductor assembly and testing.

In a position paper on the initiative, Seipi said Pax Silica should be developed as an integrated manufacturing ecosystem that brings together advanced manufacturing, research and development, logistics, digital infrastructure and supporting industries rather than operate as another standalone industrial estate. See “Seipi,” A2

CELEBRATING FIVE DECADES OF MEMORIES, MILESTONES, AND MEANINGFUL SERVICE.

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PESO EXCHANGE RATES n US 60.9680 n JAPAN 0.3867 n UK 82.3190 n HK 7.7721 n CHINA 9.0382 n SINGAPORE 47.7058 n AUSTRALIA 43.0495 n EU 70.4973 n KOREA 0.0433 n SAUDI ARABIA 16.2386 Source: BSP (August 10, 2026)

News

BusinessMirror

A2 Tuesday, August 11, 2026

Arsi’s assurance: ‘Progress’ bill will be… Continued from A1

exempt from personal income tax, raising the tax-free threshold from the current P250,000. The second and third brackets would also see adjustments, with individuals earning between P350,000 and P450,000 paying 15 percent of the excess over P350,000. Those earning between P450,000 and P800,000 would also face a reduced fixed base tax of P15,000 plus 20 percent of the excess over P450,000. The proposed package would also exempt qualified small businesses from corporate income tax and grant amnesty on unpaid income, estate, donor’s and value-added taxes, including related penalties and fees. Earlier this month, the Department of Finance (DOF) said it would seek congressional approval for higher levies on sweetened beverages, tobacco and alcohol, single-use plastics and wealth to offset an estimated P326.92 billion in revenues that could be foregone due to the proposed tax relief package. The revenue measures, which include higher taxes on sugar-sweetened beverages, distilled spirits, e-cigarettes and novel tobacco products, as well as new levies on plastic products and higher automobile taxes, are expected to generate up to P518.71 billion from 2027 to 2030. Balisacan, for his part, said the proposed higher taxes on sweetened beverages and other affected products are unlikely to have a significant impact on overall inflation because these account for only a small share of the average household consumption basket. “If you average it across the entire population, the share is quite small,” he added.

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PCCI to govt: Stop letting logistics charges run wild

By Bless Aubrey Ogerio

ELAYS in the signing of a Joint Administrative Order (JAO) that would tighten oversight of shipping lines, container yards and other logistics providers are prolonging high costs for businesses and consumers, the Philippine Chamber of Commerce and Industry (PCCI) told the government.

PCCI President Ferdinand Ferrer said the proposed order is needed to address what the business group described as excessive and non-transparent logistics charges that have raised the cost of importing goods and weakened the competitiveness of Philippine enterprises. “The JAO is a long-overdue solution to the excessive and non-transparent fees that have burdened our industries for years,” Ferrer said in a statement on Monday. He called on the Department of Finance, Department of Transportation, Department of Trade and In-

dustry, Bureau of Customs (BOC) and other concerned agencies to complete their review and sign the order. “Every day of delay prolongs the burden on businesses and consumers,” Ferrer added. The BOC is leading the effort to establish an interagency framework for regulating international shipping lines, container yards and other logistics service providers. The draft JAO has completed public consultation and is undergoing final review by the government agencies involved. Under the proposed rules, shipping

lines and other covered entities would be required to report all applicable charges to the BOC. The agency would also standardize the names of logistics fees and oversee allowable charges and fee limits under the framework. The order would require container deposits to be refunded within 15 days after containers are returned and prohibit shipping lines from withholding cargo over unpaid charges from separate transactions. It would also use a 75-percent yard utilization threshold, pending the establishment of a permanent benchmark, to trigger measures aimed at easing congestion and improving port efficiency. For his part, PCCI Vice President for Industry Bryan Ang said the proliferation of ancillary shipping charges has significantly increased import costs over the years. Some importers, he said, have reported logistics expenses in-

creasing from around P30,000 to more than P100,000 per container. “These additional costs are ultimately passed on to Filipino consumers through higher prices. The JAO is a critical step toward ensuring that logistics charges remain fair, transparent, and justifiable while strengthening the competitiveness of Philippine trade,” Ang said. The business group said the proposed rules would also provide greater visibility over the charges imposed throughout the logistics chain, which it said would help businesses better anticipate and manage import costs. The draft JAO builds on earlier proposals to strengthen government oversight of international shipping practices and is being advanced by the BOC. The government is seeking to issue the order before cargo volumes rise during the seasonal peak later this year.

Seipi eyes bigger role for Pax Silica in LEC Continued from A1

“Pax Silica should be developed not merely as another industrial estate, but as the flagship manufacturing ecosystem of the Luzon Economic Corridor,” Seipi said. “As global supply chains diversify, the Philippines has a timely opportunity to move beyond assembly and testing toward higher-value manufacturing, innovation, and technology development,” it added. For Seipi, the shift would require the government to address infrastructure, utilities, workforce and supplychain gaps that could limit the country’s ability to attract higher-value semiconductor, electronics and advanced manufacturing activities. Among its priorities are “worldclass” transport, logistics and digital infrastructure, as well as “reliable and affordable” water and power supply. The group also called for diversified energy sources, including the exploration of embedded power systems using small modular reactors and micro-modular reactors for large industrial users. Beyond infrastructure, Seipi said the country needs to expand engineering education, workforce development, applied research and innovation while strengthening domestic supplier development and parts localization. These measures, it said, would allow more local companies to participate in global value chains instead of limiting the country’s role to lower-value stages of production. Seipi also called for more efficient customs administration, digital government services and better regulatory coordination

through a modern Economic Security Zone framework. On incentives, the industry group said the Philippines should align its fiscal regime with emerging international tax standards without weakening its ability to attract technology-intensive investments. It said implementation of the Qualified Domestic Minimum Top-up Tax (QDMTT) should be paired with a performance-based Qualified Refundable Tax Credit (QRTC) aligned with the Strategic Investment Priority Plan (SIPP) and the Tatak Pinoy Act. Also, to improve investor confidence, Seipi backed the institutionalization of the Semiconductor and Electronics Industry Advisory Council (SEIAC) through legislation, and called for Pax Silica to be developed as a “secure, innovation-driven manufacturing ecosystem.” Further, the group said the development should incorporate environmental stewardship, inclusive employment and community development, as well as Philippine sovereignty and the rule of law. “By embedding these principles into Pax Silica, the Philippines can demonstrate that economic competitiveness, environmental responsibility, community welfare, and national sovereignty are mutually reinforcing pillars of sustainable industrial development,” Seipi said. Last week, Seipi President Danilo Lachica said the industry raised its 2026 growth forecast to as much as 10 percent from an initial 5-percent projection, following stronger-than-expected export performance, as well as demand linked to artificial intelligence and data centers Electronics and semiconductor exports grew by more than 10 percent in the first half of 2026, Lachica said, although he declined to provide a more precise figure. Meanwhile, the Philippines accounted for about 5 percent of the global semiconductor market in 2025, according to Seipi.

FDI…

Continued from A1

percent lower than the $595 million secured in May 2025. On a month-on-month basis, foreign investments secured by the Philippines declined by 16 percent from the $250 million in April 2026 or in the previous month. Based on the central bank’s forecast for FDI net inflows, it expects to secure $7 billion in investments by the end of this year. The $2.178-billion long-term investments bagged in the five-month period this year account for 31.11 percent of its forecast for the year. In setting this net FDI inflows forecast, the BSP earlier said it expects foreign capital to remain “constrained by cautious global investment behavior and domestic structural challenges.”

Analysts’ take

AS the decline in investments was “evident” across year-to-date, year-on-year, and month-on-month periods, Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UBP) explained that “this points to a broader softening in investor sentiment rather than a purely temporary fluctuation.” “Given current conditions, FDI inflows may remain subdued for the rest of the year as investors continue to assess both global and domestic risks,” added Asuncion. The chief economist of UBP said the weakness in FDI suggests that foreign investors remain cautious amid “elevated geopolitical risks, persistent inflation pressures, subdued economic activity, and peso weakness.” Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., emphasized that the sharp drop in FDI net inflows to just $210 million in May reflects a combination of global and domestic factors. Globally, Ravelas said investors remain “cautious” amid heightened geopolitical tensions, trade uncertainties, and volatile financial markets, leading many firms to delay or scale back investment decisions. Domestically, the foreign exchange analyst said: “While the Philippines continues to post respectable growth, investors are looking for clearer signals on policy execution, infrastructure rollout, power costs, and the overall ease of doing business.” Nonetheless, Ravelas pointed out that the decline in investments appears to be driven more by “investor caution than a loss of confidence in the Philippines.” “We are seeing investors become more selective rather than exiting altogether,” he said, adding that the country’s “strong consumer market, favorable demographics, and ongoing economic reforms remain compelling long-term attractions.” Looking ahead, Ravelas emphasized that FDI flows are likely to remain “uneven” in the near term as global uncertainty persists. He also underscored that the challenge lies in converting investor interest into actual investments through faster project implementation and policy consistency. In a statement on Monday, the BSP explained that the decline was driven by lower foreign net investments in debt instruments and reinvestment of earnings, which more than offset the increase in net equity capital investments (other than reinvestment of earnings). BSP data showed that net debt instruments contracted by nearly 50 percent to $1.25 billion in the January to May 2026 period from the $2.48 billion in the five-month period in 2025. Reinvestment of earnings also contributed to the decline of the FDI amount—by 9.7 percent to $383 million, from the $424 million in the fivemonth period in 2025. The decline in the abovementioned FDI components outweighed the 48.7-percent increase in net equity capital investments (other than reinvestment of earnings) which amounted to $541 million in the January to May 2026 period, lower than the $364 million in the same period in 2025. “This reflected lower intercompany borrowings from foreign direct investors and reduced earnings retained for reinvestment during the period,” the BSP explained. For the first five months of 2026, the central bank said equity capital placements were sourced primarily from Japan, the United States, and Singapore. “These were channeled largely into the manufacturing, financial and insurance, and real estate industries,” the BSP noted.

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A4 Tuesday, August 11, 2026

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Senate Blue-Ribbon panel to investigate substandard public works—Erwin Tulfo By Butch Fernandez

@butchfBM

ECENT rains induced by typhoons and the southwest monsoon (habagat) have surfaced once more the dismal state of public infrastructure, and the chairman of the Senate Blue-Ribbon committee, Sen. Erwin Tulfo, vowed to move decisively against public infrastructure that crumbles at the first sight of rain.

Setting his sights on exposing substandard government projects and holding those responsible to account, Tulfo said in a radio interview, “Apart from the new names and issues connected to flood control mess, we will also investigate substandard projects. Bridges, roads, and public works that clearly failed to meet standards. We will investigate them one by one.” Tulfo added, “Obviously there’s corruption in there because you are given this certain amount of budget to construct these structures according to standards, but it’s unfinished or subpar.” Related story on page B8 The Blue-Ribbon chairman said the committee is coordinating with the Department of Public Works and Highways (DPWH) and

other related agencies. Highlighting the urgency, a major retaining wall along Epifanio delos Santos Avenue (Edsa)-Ayala northbound lane in Makati City collapsed following a series of typhoons, blocking two crucial lanes and paralyzing metro traffic. Public Works Secretary Vivencio Dizon flagged the structure after revealing that the collapsed segment was dangerously constructed using light board material that is only suitable for dry season, instead of reinforced concrete. While Tulfo emphasized his readiness to expand the f lood control investigation as new leads and high-ranking figures emerge, he made it clear that the Blue-Ribbon committee is simultaneously zeroing in on systemic corruption across

Holding of BARMM polls will depend on weather

‘SDOs not solely responsible for Sara’s CIF disbursements’

By Mary Jade Jadormio

EAVY flooding could force the Commission on Elections (Comelec) to postpone voting in parts of the Bangsamoro region. Comelec Chairman George Erwin M. Garcia said the commission is closely monitoring schools that will be used as voting centers, particularly in flood-prone areas in Maguindanao and Lanao del Sur. “What concerns Comelec more are the schools where the elections will be held because there are areas that are being flooded,” Garcia said. He said the poll body is studying where voters could be transferred if heavy rains affect the designated voting centers on election day. “If it rains heavily on election day, where will we transfer our voting centers? Where will our people vote?” Garcia said. Section 5 of the Omnibus Election Code allows Comelec to postpone an election when violence, terrorism, loss or destruction of election paraphernalia, force majeure or other analogous causes make it impossible to hold a free, orderly and honest election. Garcia cited flooding and typhoons as possible force majeure that could trigger the provision. “We can postpone the election if there is violence, terrorism, force majeure, or loss or destruction of election paraphernalia,” he said. He added that flooded election paraphernalia could also leave Comelec without equipment to use on election day. However, the poll body chief stressed that Comelec has not seen conditions that would require postponement at this point. Comelec is also continuing the deployment of election equipment to provincial hubs, including Lanao del Sur, Maguindanao del Sur, Maguindanao del Norte and the Special Geographic Area.

By Jovee Marie N. Dela Cruz @joveemarie

PECIAL Disbursing Officers Gina Acosta and Edward Fajarda should not bear full responsibility for confidential fund transactions conducted under the authority and supervision of Vice President Sara Z. Duterte, t he House of Representtives prosecution panel said on Monday. House trial spokesperson Rep. Zia Alonto Adiong raised the concern after questions before the Senate Impeachment Court appeared to focus accountability on the disbursing officers rather than the agency head. “ W it h a l l due re s p e c t t o Senator Imee Marcos, as I listened to her line of questioning, it appeared to me that they were trying to throw someone under the bus,” Adiong, who represents Lanao del Sur, said. “It seems that someone is being

FLOOD, FLOOD Court personnel, including the judges, assigned in Macabebe, Pampanga, have to deal with flood all year round. Photo taken on Monday

shows residents near the area on board a banca on their way to the market. Recent rains have worsened the already dire flood situation in the area. ASHLEY J. MANABAT

other agencies. Building on his track record as a relentless vice-chairman before taking the committee’s helm, Tulfo underscored that the flood control scam is just one among numerous corruption issues that need to be unraveled. “Corruption has plagued this system for too long, and we are tackling it head-on, one issue at a time. We will be strict in gathering rock-solid evidence, and we will conduct this strictly by the book,” he further concluded.

made a scapegoat or a sacrificial lamb,” he added. Acosta ser ved as Specia l Disbursing Officer of the Of f ice of t he Vice President (OVP), while Fajarda handled confidential fund disbursements for the Department of Education (DepEd) during Duterte’s tenure as Education Secretary. A d iong c ited doc u ments bea r i ng D uter te’s sig n at u re, i n c lu d i n g t h e p h y s i c a l a n d f inancia l plan, disbursement records, liquidation report, and accomplishment report. “Do you honestly believe that Ms. Gina Acosta can do whatever she wants with that money without the supervision and approval of her principal? I mean, that would be absurd,” he said. A d io n g c l a r i f i e d t h at h e was not accusing the senatorjudge of attempting to absolve Duterte, but said the questioning suggested that “somebody has to

It will be recalled that the multibillion scandal involving plunder of flood-control funds were first exposed during the President’s State of the Nation Address in 2025. The economy has suffered the past year, after a massive crackdown on corruption and reforms in the public infrastructure system stalled public spending, crippling growth.

Public anger

SEN. Panfilo M. Lacson said on Monday that unless Filipinos

be thrown under the bus just to save the respondent.” Prosec ut ion spokesperson Benjamin Tolosa Jr. said the panel may seek a show-cause order if Acosta and Fajarda fail to testify. If they ignore the subpoenas without sufficient justification, the court may cite them for contempt and compel their attendance. Meanwhile, the prosecution will continue presenting Commission on Audit Supervising Auditor Xylene Mae del Campo before calling Acosta and Fajarda, who encashed confidential fund checks totaling P612.5 million. T he S e n ate I mp e ac h me nt Court canceled Monday’s trial because of inclement weather and f looding. “Ms. del Campo will continue her direct examination,” Tolosa said. Del Campo is expected to testify about audit actions taken after she succeeded former Intelligence and Confidential Funds Audit

see genu i ne ret r ibut ion a nd restitution, their anger over the flood control issue will not go away anytime soon. Lacson said the latest flooding in several parts of the country over the weekend, following heavy rains, has once again fueled public anger over the issue. “ T he f lo o d cont rol i s s ue will not go away easily. After a heavy downpour leaves flooded streets and yards, people will not be short on words in cursing Office State Auditor Roderick Wa mi l. A f ter her test imony, the prosecution will call Acosta and Fajard a to ex plain what happened to the money after it was withdrawn. Retired L and Bank of t he Ph i l ippi nes’ of f ic i a l s ea rl ier testified that Acosta encashed four OVP checks worth P125 million eac h, tota l ing P50 0 mi l l ion. Fajarda encashed three DepEd checks worth P37.5 million each, totaling P112.5 million. Their testimony will form part of the prosecution’s evidence under Article I, which accuses Duterte of misusing, misappropriating, and irregularly liquidating OVP and DepEd confidential funds.

IFTY-FIVE percent of Filipinos want first to see and assess the evidence presented on the impeachment case against Vice President Sara Duterte before deciding whether she should be acquitted or removed from office. Octa Research’s July 2026 Tugon ng Masa (TNM) survey suggests that public opinion on the impeachment case remains fluid, with a majority of adult Filipinos saying it is too early to predict the outcome. Many respondents said they would rather see the evidence presented during

the trial before deciding whether the case has merit. By comparison, 21 percent said the Senate should acquit Duterte and clear her of the charges, while 17 percent favored her conviction and removal from office. Another 7 percent had no opinion or remained undecided. Octa pointed out that the findings indicate that neither the pro-acquittal nor pro-conviction camp cur rent ly commands a significant national majority, with only a 4-percentage-point difference between the two groups. Octa said the results point to an

“evidence-first” position among most Filipinos, with the public largely prepared to reserve judgment until the Senate Impeachment Court has heard and evaluated the evidence. “This is best read as an early baseline,” Octa said, noting that the survey was conducted from July 4 to 11, shortly after the impeachment trial began and before most of the evidence and arguments had been presented. The sur vey involved 1,200 probability respondents aged 18 and above interviewed face-to-face nationwide. It has a margin of error of plus or minus 3 percentage points at a 95 percent confidence level.

Marcos has last say in Quiboloy’s extradition– Palace

The group said preference to see the evidence before deciding was the leading response in all four major geographic areas and across socioeconomic classes. It was cited by 56 percent of respondents in the National Capital Region, 58 percent in Balance Luzon, 53 percent in the Visayas and 48 percent in Mindanao. Forty-one percent of respondents in the region favored acquittal, compared with just 6 percent who supported conviction. The evidencefirst position was cited by 48 percent.

R ESIDEN T Marcos w i l l have the final say on the possible extradition to the US of cult leader Apollo Quiboloy, who is facing large-scale human trafficking charges. In a press briefing on Monday, Palace Press Officer Claire Castro said concerned government agencies are now studying the issue and are expected to submit their recommendations soon. “We spoke with the President earlier, and he said that this needs to be studied carefully, but an announcement regarding his decision on the matter will be made in a couple of weeks,” she said in Filipino. “He will provide instructions on what needs to be done regarding this matter,” she added. Castro assured that the decision of the President on the issue will go through the necessary process and will have legal basis. The Department of Justice said it is now evaluating if there will be any legal impediment on the US request for the extradition of Quiboloy. Castro said among the options being considered by the Marcos administration is to keep the founder of the Kingdom of Jesus Christ in the country while the hearings against him are ongoing in local courts. The second option, she said, is for the government to temporarily suspend the said hearings and to send Quiboloy to the US.

See “Pinoys,” A12

See “Marcos,” A12

Loopholes

ADIONG said the impeachment trial had exposed weaknesses in confidential fund rules that Congress should address through stricter legislation. “While this trial is ongoing, I have personally observed several loopholes that could be addressed through legislation,” he said.

See “SDOs,” A12

Most Pinoys want to see, assess evidence vs Duterte By Rizal Raoul Reyes

politicians, Department of Public Works and Highways officials and contractors—unless, and this is probably—genuine retribution and restitution become the order of the day no matter who were involved,” he said in a post on X. Since last week, heav y monsoon rains have affected several parts of the countr y, prompting the suspension of classes and work. Thousands of families were forced to leave their homes due to the f looding. In August and September 2025, Lacson delivered two privileged speeches detailing the extent of corruption behind anomalous flood control projects in Bulacan and Mindoro, among other areas. He also chaired Senate Blue Ribbon committee hearings on the issue, w ith the ev idence gathered during the proceedings contributing to the building of cases against those involved. Earlier this year, Lacson and his team turned over to the Ombudsman pieces of evidence involving anomalous flood control projects in Taguig City. Lacson said that if it were not for the Blue-Ribbon investigation under his watch—along with the determination and resoluteness of Ombudsman Jesus Crispin Remulla and the efforts of the media and netizens to keep public anger over the issue alive—I don’t know how the government can even claim whatever accomplishments we have at the moment, or one year after President Marcos’ 2025 Sona ‘Mahiya naman kayo’ remark.

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Tuesday, August 11, 2026

House panel approves two tax measures By Jovee Marie N. Dela Cruz @joveemarie

HE House of Representatives’ Committee on Ways and Means has approved two State of the Nation Address (Sona) priority tax measures designed to strengthen household purchasing power, ease the financial burden on businesses, and support broader economic growth beginning in 2027.

Filed by Speaker Faustino Dy III and House Majority Leader Ferdinand Alexander “Sandro” Marcos, House Bill 10345 seeks to raise the annual tax-free income t hreshold f rom P250,000 to

P350,000, while House Bill 10346 proposes to abolish the minimum corporate income ta x (MCIT) imposed on domestic corporations. Mar i k ina Rep. Romero Quimbo, chairman of the House

Goodbye Plastics

By: Henry J. Schumacher

N early July I wrote about the need to say goodbye to plastics. I quoted the Department of Environment and Natural Resources (DENR) which revealed that as of July, only 16.55 percent or just 662 of around 4,000 enterprises registered with the DTI had submitted to the National Solid Waste Management Commission their programs for the proper management of their plastic waste. These include plastic bags, sachets, labels, laminates, and both rigid and flexible plastic used for such products. While it is good to see that quite a number of companies have responded to the call for sustainability in terms of changing their business model to address natural resource consumption, raw material selection, product packaging design, we certainly want more companies and organization to join the sustainability movement and help the country win the war against plastics. Today I would like to highlight companies and organizations that have recently taken the plastic issue seriously, trying to be ahead of competition:  Palawan towns set records in a national bottle recycling program. The effort was carried out across 21 barangays, raising more than 240,000 bottles. The bottles are turned over to Ginebra San Miguel Inc.’s BOTEful program (GSMI). The program encourages barangays to retrieve empty bottles, helping to keep glass waste out of landfills, waterways and coastal areas. Used glass bottles can only be reused or recycled when they are properly collected and returned instead of discarded as waste.  Nestlé Philippines, Robinsons Supermarket, and Restore Solutions PH are piloting a retail-based sachet recovery system. The initiative aims to establish a collection and recycling system for sachets, which are among the most widely used, but difficult-to-recycle, forms of plastic packaging in the Philippines.  The Energy Regulatory Commission (ERC) set the ceiling price for electricity generated waste-to-energy (WTE) projects.

 Residents in Malabon earned cash after exchanging recyclable plastic bottles and other waste during a city-led recycling collection drive.  The Department of Finance (DOF) is proposing a P150-per-kilogram excise tax on single-used plastics.  Centur y Pacif ic Food Inc . (CNPF) recovered the equivalent of 8 billion sachets worth of plastic waste, preventing this garbage from leaking into the environment. Plastic waste is collected across various communities and channeled back into the economy through recycling and conversion of waste to energy.  The Cebu Chamber of Commerce and Industry’s Flood Hero Cebu Movement collects used PET bottles across partner schools. Every plastic bottle dropped into the receptacle is given a second purpose.  The Department of Science and Technology and the Philippine Textile Research Institute (DOST-PTRI) have launched ONWARD: introducing natural fiber-based alternatives to synthetic plastics across a wide range of applications. Non-woven textiles are widely used ineveryday products such as face masks, wipes, automotive interiors, footwear components, filtration systems, medical supplies and construction materials. THE future of sustainability—as can be seen by the above examples—is not driven by regulation alone. It may not be driven by activism, investor pressure, or corporate commitments alone. The real catalyst may be something much simpler. Sustainability gains momentum when companies discover that doing the right thing also happens to be good for business. In contrast, if companies do not focus on sustainability, they will fall behind! Let me conclude with the wise words of Ron F. Jabal, the CEO of the PAGEONE Group:  What once appeared to be waste becomes fuel.  What once seemed to have no value becomes an asset.  What began as an environmental solution becomes an economic opportunity. Ilookforwardtoseeingmoreorganizations following those as listed above. As I said in a previous column: make sustainability a purpose of business and society. And politics, please create attractive policies that will strengthen these initiatives. Let me have your reactions; contact me at hjschumacher59@gmail.com

Ways and Means committee, said the panel may consolidate the proposed tax relief measures with corresponding compensatory revenue measures into a single omnibus tax reform package. The measures follow President Marcos’ call for tax relief during his fifth Sona. They also reflect key elements of the Department of Finance’s proposed “Progress Bill,” or the Promoting Growth, Revenue, and Equity toward Socio-economic Sustainability measure. Under the Ta x Reform for Acceleration and Inclusion Law, individuals earning no more than P250,000 annually have been exempt from personal income tax since 2018. However, years of inflation have weakened the value of this exemption. HB 10345 would increase the ta x-free ceiling by P100,000. Taxable income above P350,000 but not exceeding P400,000 would be subject to a 15-percent rate, while

the succeeding marginal rates of 20, 25, 30 and 35 percent would remain. During the House Committee on Ways and Means hearing, Finance Undersecretary Karlo Fermin S. Adriano said the House proposal would result in an estimated average annual revenue loss of P68.6 billion. Quimbo said many employees have entered taxable brackets not because they have become significantly wealthier, but because their salaries have struggled to keep pace with inflation. The unchanged threshold has created what economists call “bracket creep,” in which workers pay h igher t a xes because of nominal salary adjustments even when their real purchasing power has barely improved. According to Quimbo, the reform could provide relief to an estimated 4.2 million Filipino workers. Around 1.3 million taxpayers could regain tax-exempt status, while another 1.2 million could become newly

Malacañang set to submit NEP to House on Aug 11

HE House of Representatives will formally receive the pro p o s e d P 7. 2- t r i l l ion National Expenditure Program (NEP) for fiscal year 2027 on Tuesday, August 11, marking the beginning of congressional deliberations on the government’s spending plan for next year as the chamber vows to further strengthen safeguards protecting the integrity of the national budget. T he House Committee on Appropriations chairperson, Nueva Ecija Rep. Mikaela Suansing, said the turnover ceremony will be held at 11 a.m. at Romualdez Hall in the House of Representatives. The Department of Budget and Management will transmit the NEP, which details the proposed funding for government departments, programs, and projects. It will serve as the basis for the General Appropriations bill that Congress must examine and approve before the start of 2027. The proposed budget is equivalent to 21.7 percent of the country’s projected gross domestic product and is about 6 percent higher than the P6.793-trillion national budget for 2026. Budget officials earlier said By Lenie Lectura @llectura

U E L pu mp pr ic e s a nd electricity rates are going down. Oil companies on Monday announced they will reduce gasoline prices by P0.70 per liter, diesel by P4.30 per liter, and kerosene by P4.88 per liter. The oil price rollback takes effect on Tuesday. Oi l compa nies implement weekly price adjustments to reflect movements in the world oil market. Meanwhile, the Manila E le c t r ic Compa ny ( Me r a lco) announced a decrease of P0.0428 per kilowatt hour (kWh) in the August electricity rate, bringing down the overall rate for a typical household to P14.7833 f rom P14.8261 per kWh in July. For residential customers of Meralco who are consuming 200 kWh, this adjustment translates

the spending plan underwent one of the government’s most rigorous reviews in recent years. The evaluation sought to eliminate redundant or poorly designed ex penditures, strengthen safeguards against corruption and ensure that public funds are directed toward programs with clear and measurable benefits. Fo l l o w i n g t h e t u r n o v e r, t he House Committee on Appropriations is expected to beg in rev iew ing the f und ing proposals of national government agencies. Department officials will be called to explain their requested a l locat ions a nd demonst rate how t heir prog ra ms suppor t economic growth, employment, socia l ser v ices, and nationa l development. T he Hou se’s e x a m i n at ion of the NEP will be a critical stage in determining how the government balances development

@butchfBM

S Filipino families continue to g r ap ple w it h h ig h electricity costs, Senate President Sherwin Gatchalian said making power more affordable for consumers must go hand in hand with ensuring universal access to electricity.

Marking National Electrification Awareness Month this August, Gatchalian urged the National Electrification Administration (NEA) to complete the government’s rural electrification program by 2028, emphasizing that millions of Filipinos remain without electricity. He noted that, as of June last year, nearly 3 million Filipino households still had no access to electricity.

The NEA has been allotted P13.16 billion this year, including P9.342 billion for the National Rural Electrification Program and P2.6 billion in loans to electric cooperatives. “Hindi katanggap-tanggap na mayroon pa tayong mga kababayan na wala pang kuryente sa panahon ng digital age. Binigyan natin ng sapat na suporta sa budget

priorities with fiscal discipline and accountability. The proposed budget must pass both chambers of Congress and be signed by the president before it becomes the General Appropriations Act for 2027. Earlier, Speaker Faustino G. Dy III said that lawmakers would build on the reforms and transparency measures introduced last year to ensure t hat t he spend ing plan is responsive, accountable and focused on the needs of the Filipino people. Dy said the House was ready to fulfill its constitutional duty to scrutinize the P7.2-trillion NEP. Dy said public consultations conducted through the newly launched Leg isHear prog ram would complement the budget process by helping lawmakers better understand the priorities and concerns of communities nationwide before government

the regular corporate income tax based on taxable income. The regular rate is generally 25 percent, while qualified domestic corporations with taxable income not exceeding P5 million and total assets of no more than P100 million are subject to a 20-percent rate. DOF’s Adriano said the proposed current exemption would cover microenterprises with annual gross sales below P3 million and small enterprises earning between P3 million and P20 million. The measure could provide an average tax relief of P78,000 per bu si ness wh i le reduc i ng government revenue by about P6.6 billion annually. Adriano clarified that qualified businesses would remain subject to the regular corporate income tax when they earn taxable profits. Medium and large enterprises would also remain covered by the MCIT. See “House,” A12

appropriations are finalized. “I believe we will introduce even stronger safeguards to ensure that the 2027 budget we pass is properly prepared and implemented,” he added. Dy said the House remained committed to preser v ing the reforms introduced by the chamber to strengthen transparency and accountability throughout the appropriations process. He added that lawmakers would continue improving safeguards designed to protect the integrity of the national budget. D u r i ng t he 2026 bud get deliberations, the House has pursued several budget reforms aimed at making the appropriations process more open and accountable. These include the creation of the Budget Amendments and Review Subcommittee and the livestreaming of bicameral conference committee deliberations on the national budget. Jovee Marie N. Dela Cruz

Oil companies, Meralco slash prices to a reduction of around P9 in the total electricity bill. Meralco Vice President and Head of Corporate Communications Joe Zaldarriaga said during a briefing that this month’s overall electricity rate reduction is largely due to the P9.5 billion refund— equivalent to P0.5861 per kWh for residential customers—that the Energy Regulatory Commission (ERC) authorized Meralco to implement over a six-month period beginning this August. The latest refund covers the difference between Meralco’s Actual Weighted Average Tariff (AWAT) and its approved distribution tariff for the period January to December 2025. Customers will see this refund as “AWAT Refund/(Collect) 2” in the distribution portion of

Gatchalian to NEA: Achieve full electrification by 2028 By Butch Fernandez

exempt from paying personal income tax. He s a id t he pro p os a l i s particularly important for the country’s “missing middle”—lowerand middle-income workers who regularly contribute taxes but often do not qualify for government assistance. HB 10346, meanwhile, would abolish the minimum corporate income ta x beginning Januar y 1, 2027. Under the current system, a domestic corporation generally pays an MCIT equivalent to two percent of its gross income beginning in its fourth taxable year whenever the amount is higher than its regular corporate income tax. Because the MCIT is based on gross income, a company may still face a tax obligation even when its profit is small or when it experiences legitimate business difficulties. The proposed reform would require covered corporations to pay

ang programang ito sa loob ng maraming taon kaya’t dapat lang na magkaroon ng kuryente ang lahat ng Pilipino sa lalong madaling panahon,” Gatchalian said. “Reliable electricity for every Filipino household is crucial to improving lives and lowering longterm power costs by expanding access and strengthening the distribution network. “

their bills starting this month. This refund is on top of the ongoing refund of P0.4278 per kWh that also pertains Meralco’s AWAT for residential customers. “As earlier explained by the regulator, this refund stems from the delay in rate reset process of distribution utilities in the country that includes Meralco. We submitted the refund application in accordance with the rules. We hope that this will help provide rel ief to ou r c u stomers a nd assure them that this will be implemented in a transparent manner,” Zaldarriaga said. This month’s rate reduction

would have been bigger if not for the upward movement of other bill components, particularly charges from the National Grid C o r p o r a t i o n ( N G C P) w h i c h posted an increase of P0.3024 per kWh due to higher ancillary service (AS) charges from the Reserve Market (RM). Costs from the RM accounted for about 60 percent of NGCP c h a rges t h i s bi l l i ng mont h. Starting this August, the AS charge will appear as a separate line item from the transmission charge, as directed by the ERC. See “Oil,” A12

The Nation BusinessMirror

A12 Tuesday, August 11, 2026

Sandiganbayan summons Bonoan to testify in malversation case By Joel R. San Juan

@jrsanjuan1573

HE Sandiganbayan Third Division has compelled former Public Works secretary Manuel Bonoan to appear before it and testify in the trial of the malversation of public funds through falsification of public documents case filed against former senator Ramon Revilla Jr.

medical condition. The summon specifically requires Bonoan to bring documents, records or evidence and to testify in court in relation to the case. “You are hereby commanded to appear and testify before the Sandiganbayan, Third Division,” the subpoena stated. The anti-graft court also directed Brig. Gen. Portia Manalad, PNP Health Service director, “to produce the body” of Bonoan before it on August 12 at 8:30 a.m. Bonoan has been charged as coaccused in the plunder and graft case filed against opposition Senator Jinggoy Estrada in connection with the flood control scandal. The Ombudsman has filed motions seeking to drop Bonoan as co-accused of Sen. Jose Pimentel

Ejercito alias Jinggoy Estrada in order to use him as prosecution’s state witness in the plunder and other criminal being prepared against former speaker Martin Romualdez. The Sandiganbayan Second Division, which is handling the graft case of Estrada and Bonoan, has already denied the Ombudsman’s motion to withdraw the case against the latter. On the other hand, Revilla has been temporarily released from detention after his bail application was granted by the Third Division on July 31. R e v i l l a h a s been c h a rged w it h ma lversat ion and g raf t before the Sandiganbayan for allegedly conspiring to facilitate the release of approx imately P92.8 million for the supposed

construction of a flood control project in Purok 5, Barangay Bunsuran, Pandi, Bulacan, which was never implemented based on official inspection and witness accounts. T he i n for m at ion acc u sed Revilla of obtaining a list of DPWH projects for funding from former DPWH Undersecretary-turned state witness Roberto Bernardo, facilitated and caused the inclusion of these listed projects , and received advance kickbacks in the funds allotted for the said projects. Bernardo had claimed that he delivered P125 million to Revilla’s residence in 2024, and another P250 million delivered by his staff before the 2025 elections in exchange for facilitating or endorsing flood control projects.

The subpoena addressed to the National Police General Hospital (PNPGH) was issued by t he Sandiganbayan on Friday upon

the request in open court by the prosecution team. Bonoan has been placed under hospital arrests owing to his

SDOs…

Climate-resilient farming success in Cavite

Continued from A4

He argued that civilian agencies such as the OVP and DepEd should face stricter requirements than institutions whose mandates involve intelligence, national security, and law enforcement. “If a civilian agency requests confidential funds, the requirements should be stricter than those imposed on agencies in the security sector,” Adiong said. Tolosa, meanwhile, warned that attacking the integrity of the Senate Impeachment Court could undermine public confidence and may violate the sub judice rule or constitute contempt. His statement followed Duterte’s description of the proceedings as being marred by the “bending of the law.” “Yes, litigants can criticize the courts, but they can never attack its integrity,” Tolosa said. He stressed that this was only his legal assessment and not a ruling by the Impeachment Court. “If you say something that attacks the integrity of the court, that is very dangerous, especially in a case of this magnitude,” he said. Tolosa warned that such statements could lead to prejudgment and weaken public confidence in the proceedings. However, he said the presiding officer and senator-judges should determine whether Duterte’s statement violated any rules.

Marcos…

Continued from A4

Last week, DOJ confirmed the US government has officially requested for the extradition of Quiboloy who was indicted in California for sex trafficking of minors, visa fraud, and bulk cash smuggling in 2021. Manila signed an Extradition Treaty with Washington in 1994. Quiboloy also has a pending qualified human trafficking in the Regional Trial Court (RTC) in Pasig and a sexual abuse and maltreatment case in the RTC in Quezon City. Samuel P. Medenilla

MID heavy rains that caused widespread flooding in many areas of Luzon, an agrarian reform beneficiaries organization (Arbo) based in Magallanes, Cavite, celebrated its Harvest Festival, highlighting a successful harvest. The Pacheco Agrarian Reform Cooperative (PAR-C), a program beneficiary of the Climate Resilient Farm Productivity Support Program Major Crop-Based Block Farm Productivity Enhancement Area (CRFPSP - MCBFPEA), held the activity on August 5, 2026, at barangay Pacheco, Magallanes, Cavite, to celebrate a successful harvest this season. The activity, led by Director III and Provincial Agrarian Reform Program Officer (Parpo) II James Arthur T. Dubongco, gathered agrarian reform beneficiaries

Pinoys… Continued from A4

Outside Mindanao, acquit tal preferences were considerably lower—22 percent in the Visayas, 21 percent in the NCR and 12 percent in Balance Luzon. Balance Luzon recorded the highest support for conviction at 22 percent. Octa noted that the broad-area Mindanao results, based on about 300 respondents and carrying a margin of error of approximately ±6 percent, are more statistically robust than results for individual regions. Within Mindanao, Duterte’s political strongholds showed the strongest preference for acquittal. Davao Region registered 61 percent support for acquittal, the highest in the country, while the Bangsamoro Autonomous Region in Muslim Mindanao recorded 49 percent.

(A R B), cooperative members, and representatives from the Department of Agrarian Reform (DAR), local governments, and partner agencies to celebrate the season’s harvest and recognize the gains of climate-resilient farming technologies and interventions. Despite the heav y rainfall, participants remained steadfast throughout the prog ram, symbolizing the resilience and determination of Filipino farmers in the face of increasingly unpredictable weather conditions. The event also highlighted the importance of climate-smart agriculture for food security, farm productivity, and the livelihoods of agrarian reform beneficiaries. In his message, Dubongco emphasized the significance of equipping farmers with climate-

r e s i l i e nt t e c h n o l o g i e s a n d strengthening partnerships to ensure sustainable agricultural production. “The Climate Resilient Farm Productivity Support Program is crucial in helping our farmers learn appropriate technologies and farming practices, especially in the face of changing weather conditions. T hrough the col laborative efforts of the DAR, LGUs, and various government agencies, we strengthen the capacity of our farmers and promote more resilient and susta inable ag r icu ltura l production,” Dubongco said. “I am deeply grateful to Secretary Conrado Estrella III because he is one of the reasons why we were given this opportunity. I am also thankful for DAR’s assistance

because they provide us with various projects and continuously support us. This has been a tremendous help to us farmers,” Roselyn Iyaya, a member of the PAR-C Board of Directors, said. PA R- C C h a i r person Er n ie S. Somogod recog n i z ed t he government’s continued efforts to strengthen the capacities of agrarian reform beneficiaries through agricultural support services and programs focused on climate resilience. “I am grateful to DAR and all the government agencies that are helping us. We, farmers, are very happy with these programs because we were not only given a tractor, but also various forms of support that truly help us in our farming and livelihood,” Somogod said. Jonathan L. Mayuga

Octa cautioned, however, that the regional figures should be interpreted with their smaller sample sizes in mind. Davao Region had about 60 respondents and an estimated margin of error of ±13 percent, while BARMM had about 45 respondents and an estimated margin of error of ±15 percent.

percent, compared with 15 percent who favored conviction. The oldest respondents were the most likely to remain undecided. Among those aged 75 and above, 28 percent expressed no opinion.

adult Filipinos said they supported holding a Senate impeachment trial for Duterte. Octa said the combination of the earlier support for a trial and the current 55 percent evidence-first position may indicate that Filipinos’ support for the trial process has carried through into the proceedings themselves, including the 7 percent who remain undecided, nearly two-thirds of Filipinos have yet to settle on a verdict at this early stage of the proceedings. The pollster said this should not necessarily be interpreted as public confusion or disengagement. Rather, the results may reflect a preference for allowing due process to take its course and for conviction or acquittal to be determined by evidence presented during the trial. “The evidence-first position leads in all four major geographic areas and across socioeconomic classes,” Octa said, noting that the prevailing view is that the verdict should depend on the evidence presented during the trial. Octa emphasized the survey only provides an early snapshot rather than a final assessment of public opinion on the merits of the impeachment case. Moreover, it stressed that views could change as evidence is presented, arguments are heard and more information becomes available to the public.

Age groups

THE evidence -f irst position also led across all age groups, although preferences between conviction and acquittal varied considerably. Among those aged 18 to 24, 26 percent favored conviction—the highest conviction figure recorded across the age groups—while 16 percent favored acquittal. Respondents aged 55 to 64 were also relatively more inclined toward conviction, at 24 percent, compared with 22 percent for acquittal. By contrast, Filipinos aged 25 to 54 who had already formed a position generally leaned toward acquittal. Among those aged 25 to 34, 26 percent favored acquittal compared with 11 percent for conviction. For those aged 35 to 44, the figures were 19 percent and 11 percent, respectively. The strongest acquittal preference among age groups was recorded among those aged 45 to 54, at 28

House…

Continued from A5

Quimbo said the proposed MCIT relief is intended to give small business owners more room to reinvest in their operations, preserve jobs, and sustain their businesses. “The objective is not simply to reduce taxes. It is to create breathing room for entrepreneurs and businesses so they can spend, invest, hire, and grow,” he said.

Socio-economic differences

OCTA found a contrasting pattern by socioeconomic class. The evidence-first position led among Class ABC, D and E respondents, at 64 percent, 54 percent and 50 percent respectively. Conviction sentiment increased with socioeconomic class, from 13 percent among Class E to 17 percent among Class D and 22 percent among Class ABC. Acquittal sentiment moved in the opposite direction, rising from 11 percent among Class ABC to 21 percent among Class D and 30 percent among Class E. Octa said these patterns broadly mirror the geographic divide, with acquittal sentiment stronger among lower-income respondents and in Mindanao, while conviction was comparatively stronger among higher-income respondents and in Balance Luzon.

Trial process

THE latest findings build on Octa’s April 2026 TNM survey, when 74 percent of To offset the reduction in government revenue, the DOF’s proposed the passage of ProgressBill,whichincludeshigherorexpanded taxes on sugar-sweetened beverages, alcoholic drinks, electronic cigarettes, vape devices, novel tobacco products, plastic packaging, luxury vehicles and private aircraft. It also proposes updating the motor vehicle road user’s tax, expanding the excise tax on nonessential goods and implementing a global minimum tax. These measures are projected to generate P518.71 billion from 2027 to 2030, resulting in approximately P191.77 billion in net additional

With Jovee Marie N. dela Cruz

revenue after accounting for the proposed income and corporate tax relief. Quimbo emphasized that any reduction in government revenues from the proposed tax exemptions must be responsibly addressed through measures that will ensure fiscal sustainability. “We are looking at the entire tax system as a whole. We want to deliver real relief to taxpayers, but we also have a responsibility to make sure that the government can continue to fund public services. That means balancing tax relief with responsible and sustainable revenue measures,” Quimbo said.

www.businessmirror.com.ph

DILG, DepEd, ECCDC issue early childhood care guidelines By Jonathan L. Mayuga @jonlmayuga

HE Department of the Interior and Local Government (DILG), Department of Education (DepEd), and Early Childhood Care and Development Council (ECCDC) have formally signed the implementing rules (IRR) of Republic Act 12199 to promote stronger and more coordinated early childhood care and development services. Interior Secretary Juanito Victor Remulla and Education Secretary Juan Edgardo Angara, both ex-officio co-chairmen of the ECCDC, joined the council’s vice-chairperson and executive director, Teresita Inciong, in signing the guidelines of the Early Childhood Care and Development Systems Act. Signed into law by President Marcos in 2025, RA 12199 strengthens the ECCD system to address gaps in healthcare, nutrition, early childhood education, safety, security, and social services for children aged five and below. The IRR establishes clear responsibilities across national government agencies and local governments (LGUs), recognizing that effective early childhood development begins in communities. Under the guidelines, every province, city, and municipality is mandated to establish an ECCD office to oversee local programs and service delivery. LGUs are also directed to maintain functional childcare facilities, including Day Care Centers, Childminding Centers, and Health Stations, while developing childcare programs in workplaces and communities. Local governments are tasked to provide funding for ECCD programs through available local funds, the Special Education Fund, and the Gender and Development Fund, while pursuing partnerships to expand services and reach more children. The DILG will oversee LGU compliance with RA 12199 and provide capacity development support to strengthen local implementation. The Department will also facilitate the integration of ECCD into the assessment criteria of the Seal of Good Local Governance (SGLG), reinforcing early childhood development as a measure of responsive and effective local governance. Present during the signing were DILG Assistant Secretary Jesi Howard Lanete, Congressional Education Commission 2 chairman Pasig Rep. Roman Romulo and Party-list Rep. Jude Acidre of Tingog, ECCD Council members, and other government officials and partners.

Oil…

Continued from A5

Taxes and other charges registered a net increase of P0.2113 per kWh. The ERC also authorized Meralco to collect its pass-through net under-recoveries amounting to P8.7 billion for the period 2011 to 2022, which the company has already paid in advance to suppliers, NGCP, and the government. The charges covered were for generation, transmission, system loss, lifeline subsidy, senior citizen subsidy, real property tax, and local franchise tax. On average, the adjustment is around P0.08 per kWh with estimated recovery period of 36 months. The generation charge this month had a minimal increase of P0.0296 per kWh. Meralco’s actual distribution charge, on the other hand, has not moved for a typical residential customer since August 2022. Meralco said it working round-the-clock to restore service to remaining affected customers brought about by flooding and damaged facilities. As of 8 a.m., total of 38,672 customers were affected by service interruptions, of which, 1,200 are in flooded areas. Majority of the affected customers are in Cavite, while the rest are in parts of Metro Manila, Bulacan, Rizal, Laguna and Batangas. “We call on everyone to observe electrical safety measures. Stay away from downed power lines, damaged electrical facilities, and electrical equipment that may have been submerged in floodwaters. Kindly report any hazardous electrical situation to Meralco,” said Zaldarriaga.

TheWorld

Editor: Dennis Estopace

India student protests rage on in mineral-rich eastern state By Atul Dev

Bloomberg News

NDIA’S student-led protests continue in the eastern state of Jharkhand over alleged exam irregularities, even as demonstrations in New Delhi have subsided following the education minister’s resignation. Protesters in Jharkhand, a state rich in mineral resources, began marching toward the legislative assembly on Monday after negotiations with state government representatives failed to resolve the dispute. Television footage in the afternoon showed protesters moving closer to the assembly building and knocking down barricades as police responded with water cannons and batons. The students are demanding a federal investigation into alleged irregularities in state recruitment examinations, the cancellation of exams they say were compromised and greater transparency in the recruitment process. “Today is a day of revolution and change for us. For those who have been on hunger strike for the past few days, today is a decisive day in this struggle,” student protestor Devendra Nath Mahato, who is among those on hunger strike over the issue, said ahead of the march. The Cockroach Janta Party, which spearheaded the separate student agitation in New Delhi, has also backed the Jharkhand protesters. “We offer our full support. Our delegation has visited the area, and our people are distributing food there,” Abhijeet Dipke, the founder of CJP, a meme movement that evolved into a pressure group, said last week. The CJP-led protests in New Delhi in July became a major challenge for Prime Minister Narendra Modi’s government, culminating in the resignation of Education Minister Dharmendra Pradhan — the first Cabinet minister in Modi’s 12 years in power to step down amid sustained public pressure. The political dynamics are different in Jharkhand, where Chief Minister Hemant Soren’s Jharkhand Mukti Morcha governs in alliance with the Indian National Congress. Modi’s Bharatiya Janata Party, the main opposition party in the state assembly, has sided with the protesters and targeted Soren’s government over its handling of the controversy. On Sunday, Soren assured students that their grievances would be addressed. “I promise the exam protesters that justice will be delivered with full transparency,” he said.

India seeks to curb states’ powers to tax C minerals rights, mines

Tuesday, August 11, 2026 A13

China slams India for naming sites in disputed border region

By Abhijit Roy Chowdhury & Preeti Soni Bloomberg News

NDIA’S federal government plans to curb states’ powers to regulate or tax mineral rights and ore-bearing land, seeking to make rules uniform across the country. Prime Minister Narendra Modi’s government has introduced a bill in Parliament that would amend laws to give it greater control over mining. This will allow New Delhi to set conditions and limits on taxes, as well as other levies imposed by regional authorities on minerals, according to the proposed legislation. The cumulative impact of levies should not become disproportionate to the mine’s economic value

and profitability, the government said in the amendment proposal. “There is also a risk of an increase in imports of minerals despite having sufficient local mineral resources as domestic mineral supply becomes expensive,” it added. The move risks heightening tensions between New Delhi and regional governments by curbing a potentially important source of revenue for mineral-rich areas,

just two years after the Supreme Court settled a long-running constitutional dispute over mineral taxation in states’ favor. Relations were already strained after the federal government unexpectedly cut consumption taxes last year, reducing states’ revenues. The central government controls mines and mineral development, but state administrations were allowed to collect additional levies from miners, based on the quantity of a mineral extracted. In August 2024, the Supreme Court had upheld the states’ right to impose levies on mining, in addition to royalties. The amendment is aimed at providing stability and predictability in the fiscal regime for the mining sector, according to the bill. Uneven and high taxes are hindering investments in the sector by pushing up costs for miners and making operations unviable.

HINA condemned India for formally announcing names for 27 sites in a disputed border region, escalating a spat just as the two sides seek to stabilize ties after years of border tensions. India “attempting to replace the names long used by China is illegal and invalid, and cannot change the fact that Zangnan belongs to China,” the Foreign Ministry in Beijing said in a statement on Monday. Z a ng n a n i s C h i n a’s n a me for what India calls Arunachal Pradesh, and the region has been the source of tensions between the two Asian superpowers for decades. Last Friday, India assigned names to passes, settlements, a lake and a war memorial in the northeastern state, reinforcing its sovereignty claim while pushing back against China’s own official place names. “Identifying them formally on the Survey of India map of Arunachal Pradesh is aimed at facilitating their accurate recognition and better awareness among the public at large,” the Ministry of Home Affairs said in the statement listing the names. The names include the Dzo La, Riza La, Pukur La and Thag La mountain passes, Sambho Sarovar lake and the Sher-e-Thapa Memorial. On Sunday, China’s state-run Global Times quoted scholars who called the move unilateral and

warned it “could complicate efforts to properly handle border issues.” Beijing has also released standardized names for sites in the region. India has called those moves “mischievous” and an attempt to advance “false claims.” Arunachal Pradesh “will always remain an integral and inalienable part of India,” Randhir Jaiswal, spokesperson for India’s External Affairs Ministry, said in April. C h i n a a nd I nd i a sh a re a 3,488-kilometer-long unmarked border that has been the source of tensions in recent years. Ties between the nuclear-armed neighbors are gradually recovering after the June 2020 border clash that killed soldiers. Prime Minister Narendra Modi met Chinese President Xi Jinping in Tianjin last August, signaling a thaw in ties. Indian and Chinese officials also met in New Delhi last Thursday and agreed to maintain diplomatic and military communication aimed at preserving peace and stability along their frontier. The naming spat comes as videos by Indian content creators alleging increased Chinese activity in Arunachal Pradesh have gone viral on social media in the South Asian nation. Bloomberg News could not independently verify the claims in the videos, which have nevertheless added to opposition scrutiny of Modi’s government over border security during the current session of parliament. Bloomberg News

Air India pilot faces second drug test after mid-air plunge

Cockroach Party: Modi govt broke India protest promise By Shruti Srivastava Bloomberg News

HE Cockroach Janta Party, which spearheaded India’s biggest student protests in recent years, accused authorities of violating an agreement by pursuing participants and reiterated it will remain a pressure group rather than enter electoral politics. Police are continuing to investigate cases against some students who took part in the New Delhi protests last month despite a government agreement to withdraw legal action, CJP spokesperson Ashutosh Ranka told Bloomberg Television’s Menaka Doshi. The group had called off the protests after the agreement was reached. “There were clear instances where this agreement was reneged,” Ranka said on Monday, citing cases that remained active in several states and the detention of protesters. “That is a clear sort of breaking away from the promise made by the government. Our team has been on top of it. We have been very clear that none of the protesters being arrested will be tolerated.” India’s Home Affairs Ministry didn’t immediately respond to request for a comment. The standoff tests whether Prime Minister Narendra Modi’s government

can resolve tensions with a youth group that has mobilized students outside traditional party politics. Any perception that authorities are reneging on concessions could renew protests over education and job prospects. CJP has threatened fresh

protests if the government breaks its promises, though Ranka didn’t say Monday how the group would respond. Ranka, 30 is a former McKinsey & Co. See “India,” A14

HE commander of an Air India Ltd. flight that hit severe turbulence last week will undergo a second round of drug screening to confirm whether he was under the influence of a psychoactive substance. Samples have been “sent to the designated laboratory for confirmatory analysis, and the final report is awaited,” India’s government said in statement on Sunday, adding that the results will show if any drug intake may have affected his response as the aircraft dropped 300 feet mid-air. The incident, which occurred on Aug. 4 and is being probed by India’s Aircraft Accidents Investigation Bureau, left several passengers and cabin crew members injured. Any safety concern carries outsized weight in India, where the deadly crash of an Air India Boeing Co. Dreamliner last year still looms large. For incoming Air India chief executive officer Tewolde Gebremariam, one of the top priorities is getting the airline’s turnaround back on track after a record loss of

220 billion rupees ($2.3 billion) in the year ended March 31, 2026. Revenue fell to 718.7 billion rupees in the year through March from 786.4 billion rupees a year earlier, the carrier’s annual report showed. Bloomberg News previously reported that Air India began the last fiscal year on solid footing, turning an operating profit in the first weeks of April 2025. That reversed after Pakistan closed its airspace to Indian carriers following a brief conflict in May, forcing longer routes to the US and Europe. The June crash, which killed more than 240 people, sent the airline reeling, and turmoil in the Middle East deepened its troubles. Screening for psychoactive substances is standard procedure in critical investigations, and a non-negative reading in the first test requires a confirmatory one. Under rules set by India’s aviation regulator, an employee who tests positive for the first time is referred to a de-addiction or rehabilitation program. Bloomberg News

TheWorld

A14 Tuesday, August 11, 2026

Trump: US will let economic pressure on Iran do the work

RESIDENT Donald Trump signaled he’s prepared to let economic pressure on Iran build rather than launch fresh military strikes, saying the US was only “semi-negotiating” with Tehran on the Strait of Hormuz. “We are just watching Iran with its huge inflation and the fact they have no money,” Trump told Axios in an interview on Sunday, saying that a US naval blockade of the country was deepening its financial woes. “We are low keying it.” The president’s comments mark a shift from his repeated threats to escalate the bombing campaign against Iran and come amid lingering talks between the Islamic Republic and Oman to reopen the Strait of Hormuz to maritime shipping. Tehran has said it’s nearing a deal on the waterway while laying out a long list of demands for Washington before shipping can resume, including the lifting of sanctions and an end to attacks on Iran-backed groups across the Middle East. Tehran also elevated a hardline former commander to its top security post over the weekend. Iranian Supreme Leader Mojtaba Khamenei’s military adviser Mohsen Rezaee, a former commander in chief of the Islamic Revolutionary Guard Corps, was named the new leader of the Supreme National Security Council, the state-run Islamic Republic News Agency reported late Sunday. He replaces Mohammad Bagher Zolghadr, a fellow hardliner who accepted a new position as political adviser to the supreme leader. Rezaee has been an advocate for full Iranian control over Hormuz. The council he’ll be heading is where Iran’s leaders coordinate decisions on the war and negotiations to end it. Over the weekend, Foreign Minister Abbas Araghchi said a pact with Oman to establish a shipping route through the strait was “very close,” without providing details on the substance. He ruled out direct talks with the US for now, citing what he described as repeated violations of a short-lived interim peace agreement signed in June, and adding that the two sides are exchanging messages through intermediaries. The Strait of Hormuz, through which one-fifth of the world’s oil and liquefied natural gas transited before the war, has become a key factor in the war the US and Israel started on February 28. Trump has demanded the resumption of open navigation for months. Oil was little changed on Monday, with global benchmark Brent crude trading at $83.61 after rally of more than 5 percent over the previous three sessions. Bloomberg News

China humanoid makers hold 97 percent of global shipments, report says

By Saritha Rai

Bloomberg News

HINA’S humanoid robot makers commanded more than 97 percent of global shipments in the first half of 2026, according to new industry data affirming the country’s early lead against US rivals in the burgeoning field. Global humanoid robot shipments totaled roughly 19,100 units in the first half of 2026, more than triple the 5,100 units shipped in the same period last year, according to data from Smart Analytics Global. The Californiabased research firm expects shipments to rise to around 60,000 units this year and reach half a million by 2030. Shanghai-based Agibot overtook Hangzhou-based Unitree Ro-

botics to claim the top spot in market share, capturing 44 percent of global shipments with 8,400 units in the six-month period, compared with Unitree’s 5,900 units. Their volumes dwarf shipments from top US companies such as Tesla Inc., Figure AI Inc. and Agility Robotics Inc., underscoring the pace of development within China. In late July, the US banned imports of new Chinese humanoid and quadruped robots, along

with certain components, citing national security and cybersecurity risks to critical US artificial intelligence infrastructure. Although the number of humanoid robots actually deployed in commercially productive roles remains small, China’s policy support and funding from various levels of governments are helping accelerate their path into the mainstream. The prioritization of such robotics was on full display at the World AI Conference in Shanghai last month, where dozens of robot makers unveiled advances in dexterity, speed and capabilities. An important shift is also underway in how the robots are being used. “Industrial and commercial applications accounted for more than 70 percent of shipments, up from approximately 50 percent a year earlier,” said Linda Sui, founder and principal researcher at SAG. Regulatory uncertainty and geopolitical risks could shape the industry’s next phase of growth, Sui added.

The survey shows yet another upward revision to forecasts for gross domestic product this year as economists and policymakers try to catch up with the higher growth fueled by the AI boom. The survey’s estimate for 2026 is higher than the government’s projection of 3 percent growth released last month. South Korea’s current account surplus widened to a record high for a second straight month as booming semiconductor exports pushed the goods balance to another all-time high, BOK data showed Thursday. The central bank’s forecast is also

looking out of date. The BOK said in its July statement that “the growth rate for this year is expected to considerably exceed the May forecast of 2.6 percent.” The BOK is set to update its growth forecast when it meets on Aug. 27. “Even after the stock market’s sharp correction, we expect South Korea’s growth to gain traction in the third quarter, powered by strong chip demand,” said Hyosung Kwon, an economist at Bloomberg Economics. “That could tip the balance at the Bank of Korea toward an August rate hike rather than a hold, though the decision

remains a close call.” The central bank in July raised interest rates for the first time in more than three years and flagged more hikes to come. Policymakers see South Korea’s semiconductor-led expansion feeding through to household income, corporate investment and domestic demand, minutes from the July meeting showed. While the August decision is expected to be a close call, the survey still showed economists tipping the BOK to hike some time in the fourth quarter rather than in August. Bloomberg News

Ebola case count set to increase as hunt for hidden infections expands

HE Ebola outbreak in Democratic Republic of Congo may appear to worsen in the coming weeks as health officials dramatically expand their search for infections that have gone undetected. Africa Centres for Disease Control and Prevention (CDC) and its partners are shifting from conventional contact tracing toward door-to-door case finding in the hardest-hit areas, where widespread community transmission means almost anyone could have been exposed. The intensified search is expected to increase the number of suspected cases reported each day as thousands

Growth. . . Continued from A1

When asked, however, if the easing of headline inflation for the third straight month would rule out further rate hikes, Remolona said: “Hindi masyadong downtrend, eh. Yung core [inflation] one data point lang yung binaba. Yung headline bumaba ng ilang beses na.” Core inflation, which strips out selected volatile food and energy items, eased to 4.2 percent in July from 4.4 percent in June. According to Remolona, core inflation is a “good focus” instead of the headline inflation. “Because the core [inflation] we can control, but the headline inflation is impacted by many supply shocks,” added the BSP governor, partly in Filipino. Both headline and core inflation, however, remained above the central bank’s 2 to 4 percent target range. Further pressed if the Monetary Board would deliver one last rate hike at its upcoming August 27 rate-setting meeting, Remolona, who also chairs the MB said, “As much as necessary to bring inflation down to target.”

Analysts’ take on recent signal TECHNICIANS assemble humanoid robots in Beijing, China. QILAI SHEN/BLOOMBERG

South Korea growth seen surging to 3.3 percent on chips OUTH Korea’s economic growth for this year is expected to accelerate further on strong global appetite for semiconductors, according to a Bloomberg survey of analysts, ahead of a Bank of Korea interest rate decision later this month. Economists estimate South Korea’s economy will expand 3.3 percent in 2026, up sharply from a 2.8 percent forecast in July, according to the Bloomberg survey. Survey respondents also nudged up their outlooks for the following years, predicting a growth of 2.3 percent in 2027 and 2.1 percent in 2028.

www.businessmirror.com.ph

of community health workers uncover illnesses the existing surveillance system has missed, Wessam Mankoula, Africa CDC’s head of emergency preparedness and response, told reporters last week. “With this level of community transmission in some of the zones, everyone is becoming a potential contact,” Mankoula said. “The time for incremental action is over.” The shift comes as confirmed cases climbed to 4,209 and deaths totaled 1,916, pushing the outbreak’s crude case-fatality ratio to 45.5 percent, the National Institute of Public Health reported Sunday. Deaths have doubled in less than three weeks. Surveillance is struggling to keep pace.

Only 68.8 percent of suspected-case alerts were investigated Friday, a weakness authorities said was allowing transmission to continue. More than 70 percent of new infections are being detected among people who weren’t already being monitored as contacts, according to Africa CDC.

‘Not accurate’

AN outbreak this large might be expected to generate 160,000 to 200,000 contacts based on previous responses, compared with roughly 17,000 currently listed, Africa CDC Director General Jean Kaseya said. “This contact list is not accurate,” Kaseya said. “It’s not giving the real figure of this

outbreak in DRC.” Africa CDC and its partners ultimately aim to mobilize 25,000 to 30,000 community health workers for case finding, contact tracing and community engagement. About 2,000 are being trained and deployed, with another 4,000 planned in coming weeks, Mankoula said. Wo r ke r s w i l l b e e q u i p p e d w i t h mobile phones, while Starlink satellite connectivity is being expanded to villages to improve reporting from areas with poor communications. Authorities also aim to reduce the time between symptom onset and detection to less than 72 hours, Mankoula said. Bloomberg News

SOUGHT for comment, local experts shared mixed views on what the BSP chief might have meant as he agreed that the pressure of the central bank to raise the key interest rate has been reduced. For one, Bank of the Philippine Islands (BPI) Senior Vice President and Lead Economist Emilio S. Neri Jr. told the BusinessMirror: “Gov was probably just shooting from the hip. I would rather wait until the August 27 meeting is close to hear his most recent com-

Mercure. . . Continued from A17

Flexible MICE spaces

FOR meetings, celebrations, and social gatherings, Mercure Mactan Cebu offers versatile meeting rooms and flexible event spaces designed for both corporate and social occasions, accommodating gatherings from 30 to 180 guests. The hotel sits directly across the recently opened Mactan Expo, the area’s largest convention facility with a 3,000-seat theater capacity. This positions Mercure Mactan as an “ideal base for delegates attending large-scale conventions and exhibitions in Cebu.” The hotel also provides exclusive access to Mactan Newtown Beach, featuring a picturesque Ceremony Garden for intimate occasions and an elegant Glass Pavilion overlooking the sea for larger celebrations and weddings.

India. . . Continued from A13

management consultant who emerged as one of the prominent faces of India’s youth-led movement. An engineering graduate of the prestigious Indian Institute of Technology, Ranka later earned a master’s degree in public administration from the London School of Economics. Police are investigating several cases against protesters, including some related to social media posts that allegedly mocked Modi. The Supreme Court has said states may withdraw cases against student demonstrators, except those involving serious offenses, a position also backed by the government. “We sincerely hope the govt will follow the promise,” Ranka added. “If the senior cabinet minister’s verbal agreement has no value in the country then essentially what we are saying is that the government can’t be trusted. I am pretty sure the Indian government doesn’t want that.” His comments come as student-led protests continue in the eastern state of Jharkhand, where Modi’s Bharatiya Janata Party is the main opposition party, over

ments before I share our opinion.” Meanwhile, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., told this newspaper that the central bank may be delivering fewer hikes moving forward. “Balancing act between growth and falling inflation. My take is less hikes. But looking at 25 basis points hike on the 27,” he also told this paper. With the low domestic demand, analysts said over the weekend that there may no longer be “much room” for the central bank to raise the key interest rate beyond the August 27 rate-setting meeting of the Monetary Board. For one, United Kingdom-based research firm Capital Economics said the continued weakness of the economy means the case for further hikes is less clear-cut. But with inflation still well above target, Capital Economics expects one more quarter-point hike on August 27, before it calls a halt to its hiking cycle. The BSP has raised the key interest rate by a total of 50 basis points since the start of the conflict in the Middle East, delivering two separate quarter-point rate hikes at the Monetary Board’s rate-setting meetings held on April 23 and June 18. These policy actions brought the Target Reverse Repurchase (RRP) Rate to 4.75 percent. During its June 18 meeting, the Monetary Board decided that monetary policy tightening was “warranted” to keep inflation expectations anchored and mitigate the risk of second-round effects. “The measured monetary policy action will also complement fiscal measures in supporting steady consumption and strengthening business sentiment,” the central bank also said in a statement on June 18. Andrea E. San Juan “At Mercure Mactan Cebu, we invite guests to experience more than just a destination. We invite them to feel Cebu,” said hotel General Manager Gwen De La Cruz. “What truly defines Cebu is its people. Hospitality is innate and embedded in the Cebuano lineage, every stay is shaped by genuine warmth and connection. We want every guest to feel that this is a place they can return to, time and time again, because Cebu always feels like home,” she added. The Accor Group currently manages 12 hotels in the Philippines for various local developers: Movenpick Resort and Spa Boracay, Raffles Makati, Fairmont Makati, Novotel Suites Manila at Acqua in Mandaluyong, Admiral Hotel ManilaMGallery, Novotel Manila Araneta City in Cubao, Ibis Styles Manila Araneta City, Ibis Styles Subic in Zambales, Swissôtel Clark Philippines, Mercure Mactan, Movenpick Cebu, and South Palms Resort and Spa Panglao-MGallery. alleged exam irregularities. Ranka said CJP would raise questions over issues related to youth irrespective of the political parties at the helm. “We are not standing with or against a political party. We are standing with the youth of this country,” he said. Last week, CJP Founder Abhijeet Dipke said the group won’t become a political party, opting instead to remain a “pressure group.” It plans to push for education reform, job creation, greater accountability from public institutions while staying out of electoral politics. CJP, which began as a satirical movement a few months ago, will travel across India to gather ideas for reforms directly from the public to ensure that “the genuine grievances of the common people are brought to the mainstream.” “Pressure groups like us, political movements like us, are very much part of democracy because we can stay out of regular politics and force the government to address the burning issues of this country,” said Ranka. CJP plans to rely primarily on donations from the public to fund its nationwide campaign, a strategy Ranka said would help preserve the group’s political independence.

Tuesday, August 11, 2026 A15

Cebu town targets Grade 6 pupils in push to cut single-use plastics By Carmel Pedroza

EBU CITY—The municipal government of Consolacion, Cebu is turning to schoolchildren to help build a culture of waste reduction, distributing reusable water tumblers to nearly 3,000 Grade 6 pupils across 20 public elementary schools. The initiative, led through the town’s Tumbler Ordinance, aims to reduce students’ reliance on single-use plastic bottles while encouraging waste-reduction habits that they can carry beyond the classroom. “The tumbler is just the tool. The real objective is behavioral change,” said Councilor Fred Herrera, chairman of the Municipal Council’s Environment Committee and author of the ordinance. Herrera sponsored the P900,000 program through his Community Assistance Fund (CAF). Town officials said the program was prompted by observations that students frequently purchase drinking water from dispensers that provide single-use plastic containers. By giving students a reusable alternative, the municipal government hopes to make waste reduction part of their everyday school routine. Vice Mayor Joannes “Joyjoy” Alegado, who joined the recent school-to-school distr ibution

caravan, said developing environmentally responsible communities requires sustained investment and the active participation of young people. “To create a culture among members of society takes a lot of effort, time, and financial investment,” Alegado said. “We want our students to have a voice, take action, and be at the forefront of preserving our environment,” he added. Cansaga Elementary School was the latest recipient of the reusable tumblers during the distribution on July 27, 2026. Other schools that received their tumblers since June were the elementary schools in Polog, Cabangahan, Lanipga, Panas, Garing, Tayud, Tugbongan, and Casili. The initiative also complements the Department of Education’s learning competencies on the “5Rs” of waste management: reduce, reuse, recycle, recover, and repair. Municipal officials said the program is intended to go beyond simply providing students with reusable containers. By encouraging children to reduce their use of disposable plastics and practice waste-conscious habits, the local government hopes they will influence their families and communities to adopt more sustainable practices.

Negros Occidental school suspends in-person classes over shooting threat

ALUBANGI National High School (TNHS) in Kabankalan City, Negros Occidental, shifted to remote learning on Monday following an online threat that warned of shooting all teachers in the head during the flag-raising ceremony. On Sunday night, a certain “Tonyo Shooter” sent a threat using the messenger of TINTA-Talubangi NHS OSP, the official online publication of the school, that read “UMANDAM KAMO BWAS HA... Sadya gid ni para sa inyo...pang tiruhon namon sa ulo mga maistro kag maistorya [Prepare yourselves tomorrow...This is going to be exciting...we will shoot all teachers on the head].” The school officials then coordinated with the local police and the National Bureau of Investigation (NBI) to track down the sender of the message. Police Lieutenant Colonel Gary Alan V. Resuma, City Chief of Police, met with TNHS Principal Melvan B. Calumag to assess the situation and to ensure peace, order, and safety of the students, teachers, and faculty members. In an interview with the B usiness M irror ,

Calumag said that they were surprised of the threat, noting that the Science -oriented school has peaceful school environment, with almost 1,000 students. She said that the authorities are now investigating to uncover and apprehend suspect or suspects behind the threat. Calumag also met with the TNHS teachers for well-being assessment and discuss measures against school violence and threats. Some of the teachers admitted that they felt nervous and experienced anxiety when they were informed about the threat on Sunday night. “We have interventions in place... this threat is different since it specifically targeted the teachers,” Calumag said noting that they will apply effective interventions for teachers who were nervous and experiencing anxiety following the school shooting threat. Calumag said that classes at TNHS will resume on Tuesday, August 11, after Resuma assured of the safety of learners, teachers, other school personnel, and the security of the school premises. Claudeth Mocon-Ciriaco

Death due to rain-induced landslide up as ‘habagat’ continues to drench Luzon

By Jonathan L. Mayuga @jonlmayuga Samuel P. Medenilla @sam_medenilla Claudeth Mocon-Ciriaco @claudethmc3 & Ashley Manabat

HE death toll from tropical storms “Maymay” and “Luis,” and the prevailing Southwest Monsoon, locally known as “habagat,” continues to rise as heavy rainfall threatens more areas in Luzon. The Office of Civil Defense (OCD) reported the death toll, including from the monsoon since last week has climbed to 13. OCD Assistant Secretary Laurence E. Mina said this was on top of the eight initial fatalities from the said weather disturbances, which they received. He said t wo of the fata lities came from Benguet, while R izal and Batangas each have three cases. Over 1.31 million people were affected by the heavy rains caused by said tropical storm and monsoon in the National Capital Region, Ilocos Region, Cagayan Valley Region, Cordillera Administrative Region, Central Luzon, Calabarzon, Mimaropa, Bicol Region, Western Visayas, and the Zamboanga Peninsula. It also noted that 367 houses were damaged from the latest natural calamities. As heavy rains brought by the classes in Metro Manila and several provinces, the Baguio Department of Education (DepEd) activated its emergency learning measures, reminding schools and field offices to apply the agency’s Emergencies framework to protect learners, teachers, and school personnel.

Pampanga flooding

NEARLY 464,000 people have been affected by flooding in Pampanga as rains from the southwest monsoon continue across the province, the Pampanga Provincial Disaster Risk Reduction and Management Office (PDRRMO) said Monday, August 10. PDRRMO reported P34.24 million in damage to agriculture and fisheries including rice, high-value crops, corn and cassava. Of the total, P31.26 million was attributed to fisheries losses.

The PDRRMO reported that 463,946 people from 148,879 families in 232 barangays had been affected. It said 39 barangays evacuated 850 families, or 3,161 people, to local evacuation centers. The report separately listed 236 f looded barangays in 17 local government units, with flooding reaching as high as 9 feet in parts of Barangay San Agustin in Candaba. Lubao reported the most flooded barangays at 34, with water reaching 2 to 3 feet in some areas. Macabebe reported 25 flooded barangays, with water reaching 2 to 5 feet because of rainfall and high tide. Masantol and Guagua each reported 22 flooded barangays. Floodwater reached up to 2 feet in parts of Masantol and up to 3 feet in parts of Guagua. Other f looded areas were Magalang, 20 barangays; Arayat, 16; Minalin, 15; Mexico, 12; Apalit and Santa Rita, 10 each; the City of San Fernando, nine; San Simon, six; Santo Tomas and Bacolor, five each; Sasmuan, two; and San Luis, one. Vice Governor Dennis Pineda, in his Facebook post, said emergency sandbagging was carried out along the tail dike in Barangay Sta. Catalina in Minalin as water overf lows in the area and threatens the dike leading to Manila Bay. “Nag overflow ang tail dike sa Barangay Sta. Catalina sa Minalin,” Pineda said. “Galing po sa PasigPotrero bandang Porac at Gugu ang tubig at umaapaw sa San Francisco River.” Minalin Mayor Philip Naguit and the Municipal Disaster Risk R e duc t ion a nd M a n a ge me nt Office monitored the situation after Governor Lilia Pineda ordered emergency sandbagging,

according to the local government, Pineda said. The PDRRMO attributed the flooding to continuous rainfall, high tide, overflowing waterways, upstream water flows, clogged drainage and low-lying areas. Two individuals were injured after an uprooted tree incident in Barangay Sapalibutad as heavy rains from the enhanced southwest monsoon affected Angeles City, per latest report from the city disaster office. A landslide was reported at Purok 1 West in Barangay Sapangbato, where one house was also reported damaged. No infrastructure damage or flooded areas were reported. The city disaster office said all roads and bridges remained passable.

Baguio

MEANWHILE, the Baguio Public Information Office reported that a landslide buried three houses at Riverside, Guisad Surong. Rescuers reported that 7 of the third were pulled out from the debris and were rushed to the hospital, but 4 of them were declared dead on arrival. Those who survived include a 77-year-old pastor, a man, and a woman in their mid-20s. Rescuers are still hoping to save six people who remained missing and believed buried under tons of rocks and mud, Baguio City Police Director Col. Ruel Tagel said in his report to Baguio City mayor Benjamin Magalong. The four fatalities include a 17-year-old female student, a boy and a girl who are both 9 years old, and a 56-year-old man. Meanwhile, those reported missing include children aged three and eight. The National Disaster Risk Reduction and Management Council (NDRRMC) said that the inclement weather has affected a total of 223,000 families or 752,000 people in Regions I, II, III, V, VI, IX, CAR, MIMAROPA and CALABARZON. According to the NDRRMC, 10,000 families or 34,400 persons are currently being provided care in 412 different evacuation centers. The flooding, which submerged many areas in Luzon with some reports reaching 4 meters high, damaged 300 houses so far. The NDRRMC said damage to infrastructure has so far reached

P1.12 billion while damage to agriculture has reached P3.53 million. Government response in the severely affected areas has so far cost P33.94 million. The inclement weather, even after storms Luis and Maymay are no longer affecting the country’s weather system, continues due to the prevailing Southwest monsoon, dumping huge volumes of rain over Luzon that trigger flooding and landslides. The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said more rains are expected to drench Luzon in the next three days, threatening to cause widespread flooding and life-threatening landslides. The weather bureau released a Weather Advisory warning of more rains in Benguet, Zambales, Bataan, Occidental Mindoro, Metro Manila, Ilocos Norte, Ilocos Sur, La Union, Abra, Pangasinan, Kalinga, Mountain province, Ifugao, Nueva Vizcaya, Tarlac, Nueva Ecija, Pampanga, Bulacan, Rizal, Cavite, Batangas, Laguna and Oriental Mindoro tha will last until Wednesday, August 12.

Protocol

DEPED Education Secretary Juan Edgardo Angara said policy to help schools respond to disruptions in a way that protects learners and teachers while keeping learning possible when conditions allow, stressing that the reminder follows Memorandum Circular No. 123 of the Office of the President, which directed alternative learning modes in affected areas today, unless otherwise directed by local chief executives. DepEd said the current weather situation highlights the need for schools to use the 4H protocol— Hayo, Hinay, Hinga, and Hinto— to guide decisions on learning delivery based on safety, learner readiness, available resources, and local conditions. “Kapag malakas ang ulan, baha ang daan, o may risk sa safety ng learners at teachers, hindi puwedeng one-size-fits-all ang decision. Kailangan malinaw ang batayan: ligtas ba, kaya ba, at anong klaseng learning support ang angkop? Iyan ang layunin ng 4H framework—gabayan ang schools kung kailan tutuloy, kailan babagalan, kailan hihinga, at kailan kailangang huminto muna,” Angara said.

Growing demand for rattan prompts DENR to strengthen Rattan Gene Bank

HE DENR-Ecosystems Research and Development Bureau (DENR-ERDB) is strengthening the decades-old Rattan Gene Bank in Bukidnon Province to help secure a sustainable supply of quality planting materials for the country’s rattan industry. The move comes amid an 18.1 percent jump in the Value of Production Index for wood, bamboo, cane and rattan articles in April, a surge that has intensified pressure on raw material sources across the archipelago.

Livelihood opportunities, ecosystem protection

THE plan boosts livelihood opportunities tied to ecosystem protection, a push that has placed

greater attention on naturebased industries across the archipelago. Operated by DENRERDB’s Forest and Wetland Research, Development and Extension Center (FWRDEC), the enhanced gene bank will produce quality planting materials that can be used in establishing sustainable rattan plantations, helping strengthen the supply base for furniture makers and handicraft producers while reducing pressure on wild rattan populations. Leading the initiative is Forester Joel B. Orella, project leader of the DENR-ERDB’s Nursery and Plantation Establishment and Management of Rattan through Science and Technology-Based Approaches Project.

“We are creating opportunities for communities while ensuring that future generations will continue to protect and benefit from our native rattan resources,” Orella said. “This is exactly the kind of work that shows how environmental protection can translate into real economic opportunity,” Secretary Cuna said. “By investing in science-based restoration and sustainable supply chains, we’re ensuring livelihoods endure for decades.”

Permanent nursery, rattan plantation

ORELLA and his research team are establishing a permanent nursery and a 10-hectare rattan plantation within the experimental forest.

The project also includes training people’s organizations, local government units, DENR field offices, Indigenous Peoples communities, and private stakeholders in seed collection, nursery management, and plantation establishment. Among the project’s primary beneficiaries is the Woodstock Forest Stewards Association in Bukidnon. Members will learn to propagate rattan wildlings and seedlings that can be supplied to plantation developers, government greening programs, and private buyers, providing them with an additional source of livelihood while supporting the expansion of sustainable rattan plantations.

Investment in PHL forest

DEPARTMENT of Environment and Natural Resources (DENR) Secretary Juan Miguel “Mitch” Cuna said strengthening the Rattan Gene Bank is an investment in the country’s forests, communities, and the future of an industry that has long been part of the country’s identity. “President Marcos Jr. has been clear that caring for our ecosystems must also create opportunities for our people. Every forest we protect and every coastline we restore, strengthens communities and builds a more resilient future for the country,” he stated. Established in 1992, the five-hectare rattan gene bank is located inside the Malaybalay Experimental Forest. The facility conserves 30 native rattan species and

serves as the country’s living repository of rattan genetic resources. The Philippines is home to about 64 to 80 rattan species and varieties, and ERDB has maintained a living collection representing most of this diversity through decades of conservation work. DENR-ERDB Director Lormelyn E. Claudio said research creates lasting value when it responds to the needs of communities and industries alike. “The true value of research is realized when it improves lives. Partnerships with communities allow us to ensure that our research addresses actual needs on the ground while empowering them to become active stewards of our natural resources,” Claudio said. Jonathan L. Mayuga

A16 Tuesday, August 11, 2026

Tax. . . Continued from B8

“Countries that have significantly lowered their smoking rates implement simplified, risk-proportionate tax systems that influence consumers to move away from combustible cigarettes and switch to reduced-risk alternatives,” said Ashok Kaul. He noted that a significant differential in tax rates between cigarettes and less harmful alternatives is good, as “it encourages switching.” Kaul has served as a Delegate for Germany at the Organisation for Economic Co-operation and Development (OECD), focusing on international tax policy reform, and acted as a lead scientist on Double Taxation Agreements for the German Ministry of Finance. Ladder said that smoke-free nicotine products are vital for harm reduction, offering better choices to those unable to quit with approved treatments.“Set a lower tax for such products to encourage more smokers to switch to less harmful alternatives,” he said. Kailan, on the other, hand cited Sweden’s risk-based tax model, which keeps cigarette taxes higher than those on less harmful alternatives. In 15 years, smoking fell from 15 percent to 5.3 percent, making Sweden likely the first smoke-free nation. Tobacco deaths are well below Europe’s average, and Swedish men have among the lowest smoking-related disease rates in the European Union. “Many Swedes stopped smoking, but even more switched [to smoke-free alternatives]. And now Sweden has, among the European countries, the lowest lung cancer rate by far. So, you can see what good policies can achieve,” Kayla said. Laffer warned that yearly excise tax increases in the Philippines are cutting revenues and boosting illicit trade, citing a University of Asia and the Pacific (UA&P) study linking tougher tobacco laws to the rise of illegal cigarettes. “The data strongly suggest that the Philippines has gone too far in increasing tobacco tax rates. If you overtax a product, you lose control of the market, you lose revenues, you have more people buying illicit cigarettes,” he said. Laffer cited Ireland’s experience implementing sharp excise hikes cut revenues and fueled illicit trade, yet smoking rates stayed flat. Kaul stressed that risk-based taxes combined with tough enforcement drive innovation, move smokers to better options, and undercut illicit trade. “Industry innovation is only possible if the illicit market is controlled. When innovative smoke-free nicotine products are available in the legitimate market, more consumers will be encouraged to switch to less harmful alternatives,” he said.

‘Manananggal’ vs. floods: MMDA ramps up mitigation projects to prevent severe inundation By Samuel P. Medenilla

@sam_medenilla

ESPITE record-breaking heavy rainfall since last week, Metro Manila has managed to avoid severe flooding — thanks to a combination of mitigation efforts, including waterway dredging, operational pumping stations, expanded drainage systems, and the deployment of ‘manananggal’ units across most parts of the region. Despite record-breaking heavy rainfall since last week, Metro Manila was able to ward off severe f looding with mitigation projects, which included dredging of waterways, operational pumping stations, expanded drainage pipes, and the deployment of “manananggal,” in most parts of the region.

While it sounds like the mythical creature from Philippine folklore of a woman who splits from her torso to feast on fetuses, the Strike Force Manananggal of the Metropolitan Manila Development Authority (MMDA) goes after trash blocking drainage and waterways, instead.

Funded by the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD), the emergency employment program of the Department of Labor and Employment, the task force, which is named after the Filipino term of “to remove” is deployed in flooded areas to remove trash. “So, they are actually wading into the water—working alongside DOLE TUPAD—to declog our drainage systems, which has significantly helped speed up the receding of floodwaters,” MMDA chairman Romando S. Artes explained in Filipino in a press briefing in Malacañang last Monday. He said DOLE provided them with 10,000 TUPAD beneficiaries to assist in their declogging operations. “This is a big help because preemptively, we were able to clean the drainages that were always blocked. And they also helped us even during the height of the rain when there were areas that we monitored with rising water

levels,” Artes said. The MMDA chief said the initiative augments the Oplan Kontra Baha initiative of the Department of Public Works and Highways (DPWH) to keep flood waters at bay after Tropical Storms “Maymay” and “Luis,” as well as the Southwest Monsoon, dumped rainfall equivalent for a month in just a week. “Even here in Metro Manila— specifically at the Science Garden in Quezon City—recorded rainfall reached 501.6 millimeters compared to the normal 568; that is almost 90 percent—meaning nearly a full month’s worth of rain poured down here in Quezon City, Metro Manila,” Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) administrator Nathaniel T. Servando said in Filipino. He said a similar trend was observed in Zambales, Pangasinan, and Baguio City. Even with such torrential rain, Artes said many parts of the National Capital Region (NCR), which was previously submerged in vol-

umes of floodwater only had gutter-deep floods, which promptly receded. Palace Press Officer Claire Castro said this was in flood-prone areas like Navotas, Valenzuela, Manila, G. Araneta Venue, and E. Rodriguez Sr. Avenue. DPWH Secretary DPWH Secretary Vivencio “Vince” B. Dizon attributed the said achievement from their Oplan Kontra Baha initiatives, which includes dredging of waterways, expanding drainage pipes, and making sure pumping stations are operational. But even with said development, he said they were instructed by President Ferdinand Marcos to continue improving flood control projects, particularly with the implementation of the flood management and flood mitigation project under the 2027 proposed budget. “So, we are pressing ahead; with the upcoming submission of the 2027 budget, we will include f lood management and f lood mitigation projects, and we are focusing on these various interventions,” Dizon said.

Nartatez orders cops in ‘habagat’ areas to remain on heightened alert

HILIPPINE National Police (PNP) chief Gen. Jose Melencio Nartatez Jr. on Monday ordered police officers in areas affected by the southwest monsoon or “habagat” to remain on heightened alert and intensify preemptive evacuation efforts in f lood- and landslideprone communities. In a statement, the PNP chief instructed local police units to remain ready for search, rescue, retrieval, and evacuation operations, as well as closely monitor weather conditions and coordinate with local government units and other response agencies.

“I have directed our police units in affected areas to remain on heightened alert, closely monitor developments and coordinate with local government units and other response agencies. They must be ready to immediately conduct search and rescue, retrieval and evacuation operations when needed, while ensuring the safety of our personnel,” Nartatez said. He also added local police units must help authorities move residents out of danger before conditions worsen. “Our local police units must actively assist local governments in preemptive evacuations, particu-

larly in areas vulnerable to flooding and landslides. We must act early, provide timely warnings and help prevent loss of life rather than wait for the situation to worsen,” the PNP chief said. Prior to this, the PNP has already activated its Subcommittee on Natural Disaster under the Directorate for Police Community Relations to monitor the situation through the PNP Command Center. Around 800 PNP personnel had been deployed in affected regions while around 10,000 reserve personnel were also on standby for possible search and rescue and retrieval operations

As this developed, the PNP said deaths that could be attributed to the adverse weather conditions now went up to 15. PNP spokesman Col. Allen Rae Co said a total of six people were also reported missing while 13 were injured due to different incidents that include landslides, flashflood, and electrocution. “All of these are still to be validated by the Office of Civil Defense but these are the reports that we obtained from our personnel on the ground,” he added. In Ilocos Region, one person was reported to have been electrocuted in La Union while

another one drowned in A laminos, Pangasinan. In Cordillera Administrative Region, six people died due to two separate incidents of landslides—two of them died in La Trinidad, Benguet last week while four more died in Baguio City on Sunday night. In Calabarzon, seven people were reported fatalities— three of them from Batangas due to drowning, electrocution and landslide; two due to landslides in Rodriguez, Rizal; one in Binangonan, Rizal due to drowning; and another one in Antipolo City who was hit by an uprooted tree . Rex Anthony Naval

DSWD mobilizes ₧6-B relief as lawmakers warn pumps can’t replace permanent flood control By Jovee Marie N. Dela Cruz @joveemarie

HE government, through the Department of Social Welfare and Development (DSWD), has mobilized billions of pesos in relief resources in response to the successive weather disturbances battering the country. However, lawmakers have warned that emergency aid and temporary pumping equipment are no substitute for fully functional flood-control systems and permanent infrastructure. Las Piñas Rep. Mark Anthony Santos raised the need to combine rapid emergency action with longterm solutions after three Mobile Flood Mitigating Pumps (MFMPs) were deployed at flood-prone Zapote Junction. “This is about providing a faster response when the rains come. We need to make sure that floodwaters are removed as quickly as possible so that our roads remain passable and our people can move safely,” Santos said. He stressed, however, that the mobile pumps should complement, rather than replace, permanent flood-control and drainage improvements. “These pumps can provide immediate relief, but we must continue pursuing permanent solutions. We need better drainage systems, improved waterways, regular clearing and maintenance, and well-planned flood-control projects to address the root causes of flooding,” he said. Santos’ ca l l underscored a broader national concern: while the government has substantial relief supplies ready for distribution, many communities remain

exposed when flood-control facilities are inadequate, poorly maintained, or unavailable during emergencies. The DSWD has mobilized a nationwide relief network backed by P6 billion in standby funds and 4.98 million family food packs stored in more than 1,000 warehouses. The stockpile aims to assist families impacted by the enhanced southwest monsoon and tropical cyclones Luis and Maymay. The agency is also monitoring the potential effects of Tropical Storm Peilou. DSW D A ssistant Secretar y Irene Dumlao said the warehouses include facilities serving geographically isolated, disadvantaged, and hazard-prone communities. “Every day, we continue producing family food packs at the Luzon Disaster Resource Center and the Visayas Disaster Resource Center,” Dumlao said. The continuous production is intended to replenish supplies released during ongoing disaster operations and keep relief goods ready for immediate deployment. Under the DSWD’s Buong Bansa Handa program, the agency has entered into framework agreements with large grocery stores, supermarkets, and other privatesector partners to strengthen its disaster supply chain. Dumlao said these partnerships allow supplies to be positioned closer to communities vulnerable to natural hazards, including areas that are difficult to reach. The system is intended to reduce delays caused by damaged roads, disrupted transportation, and the distance between national warehouses and affected communities.

In Las Piñas, Public Works Secretary Vince Dizon personally visited Zapote Junction and turned over three new MFMP units to Santos and Mayor April Aguilar. The diesel-operated, 7.5-horsepower pumps are expected to provide additional pumping capacity and remove f loodwaters more quickly during intense or prolonged rainfall. “The deployment of these three powerful mobile flood-mitigating pumps is a welcome development for the people of Las Piñas. Zapote Junction is a vital transportation area, and when flooding becomes severe, it affects not only motorists and commuters but also businesses and families in surrounding communities,” Santos said. He emphasized the importance of keeping the pumps strategically positioned and ready for immediate operation whenever heavy rainfall threatens the area. Santos thanked Dizon, the Department of Public Works and Highways (DPWH), and its personnel for responding to the flooding concerns at Zapote Junction. He also called for continued coordination between national agencies and the local government. “We appreciate the DPWH for taking action. We will continue working with our local government and national agencies to ensure that the people of Las Piñas receive the protection and public infrastructure they deserve,” Santos said. The urgency of ensuring that flood-control equipment remains operational was highlighted in Marikina, where two pumping stations reportedly failed to function as floodwaters entered streets and homes in Barangay Tumana

during the southwest monsoon on August 9. Marikina 2nd District Rep. Miro Quimbo, meanwhile, filed House Resolution No. 1342 seeking a congressional inquiry into the non-operation of the Tumana and Iwahig pumping stations. The inquiry will determine the cause of the facilities’ non-operation and establish the possible accountability of their contractor and operator, J.D. Legaspi Construction. “This is precisely when floodcontrol infrastructure should be working—not sitting idle or unattended while our people are facing rising floodwaters,” Quimbo said. Barangay Tumana, the second-most populated barangay in Marikina City with 49,950 residents, has historically been among the communities most vulnerable to flooding. The Tumana and Iwahig pumping stations were established by the DPWH-Unified Project Management Office to manage and reduce flooding in Tumana and adjacent communities, particularly during intense rainfall and rising water levels in the Marikina River. Residents reported on August 9 that the two stations were not functioning as floodwaters entered streets and homes. An onsite inspection reportedly found the facilities non-operational and unattended, with no construction company personnel present. Quimbo said the incident raised serious questions about the contractor’s compliance with its obligations, the adequacy of DPWH oversight, the reliability of maintenance arrangements, and the readiness of flood-control infrastructure during emergencies.

“What happened in Tumana raises a very basic question: when our communities needed these pumping stations the most, why were they not operating?”Quimbo said. “Flood-control infrastructure is not just another government facility. It is there to protect lives, homes, livelihoods, and property. It cannot be left unattended or neglected precisely when the flood risk is highest,” he added. Quimbo said the investigation should establish what happened and identify measures to prevent similar failures of flood-control infrastructure in other communities. “This incident is more than just negligence; this is blatant betrayal of public trust,” Quimbo said. Meanwhile, the DSWD continued distributing assistance to families affected by the weather disturbances. As of 6 a.m. On Monday, the department had distributed 54,370 family food packs, 2,722 readyto-eat food boxes, and 1,376 nonfood items to affected families and individuals. The agency had also released P928,000 in financial assistance through its Assistance to Individuals in Crisis Situations program. Dumlao said the DSWD’s total humanitarian assistance had exceeded P39 million. Social Welfare Secretary Rex Gatchalian directed disaster-response teams to coordinate closely with local governments and other stakeholders to ensure that assistance is delivered quickly and in sufficient quantities. The directive followed President Ferdinand Marcos Jr.’s order to provide timely government support to disasteraffected residents.

Although the agency uses mechanized packing systems, Dumlao said manual packing remains necessary—particularly for rice— when prolonged severe weather rapidly increases demand for relief supplies. The DSWD has opened the Luzon Disaster Resource Center in Pasay City and the Visayas Disaster Resource Center in Mandaue City to volunteers willing to help repack family food packs.

Barangays Malanday and Tumana.

TO provide faster relief to communities affected by flooding, Mayor Marjorie Ann “Maan” Teodoro said the Marikina City local government unit (LGU) on Monday, Aug. 10, deployed larger mobile booster flood pumps, with an estimated pumping capacity three times greater than the existing pumps, to accelerate the drainage of floodwaters in Barangays Malanday and Tumana. “Nag-deploy ang city government, sa pamamagitan ng Metro Manila Council, ng mas malalaking mobile booster flood pumps upang madagdagan ang pumping capacity at mapabilis ang pag-drain ng floodwater sa mga apektadong bahagi ng Barangay Malanday at Barangay Tumana,” Mayor Maan said. According to the mayor, the newly deployed booster pumps have an estimated pumping capacity three times greater than the existing pumps installed at the Tumana Pumping Station. “Ang mga bagong dineploy na booster pump ay may tinatayang tatlong beses na mas malaking pumping capacity kumpara sa mga kasalukuyang pump na nakakabit sa Tumana Pumping Station,” she said.

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FARMS DAMAGE, LOSSES FROM 2 CYCLONES CLIMB TO P135.3M By Mary Jade Jadormio

G R IC U LT U R A L damage and losses caused by Tropical Cyclones Luis and Maymay and the enhanced Southwest Monsoon (Habagat) have climbed to P135.3 million, according to the Department of Agriculture (DA). The weather disturbances affected 6,010 farmers and damaged 4,516 hectares of farmland in the Ilocos Region, Central Luzon, Calabarzon, Mimaropa and Western Visayas. Production losses were estimated at 4,465 metric tons, covering rice, corn, high-value crops and livestock. Agricultural infrastructure, machinery and equipment also sustained damage, the DA said. The damage estimate could still increase as field assessment and validation continue in affected areas. Agriculture Secretary Francisco P. Tiu Laurel Jr. ordered DA units to expedite assistance to farmers, particularly the processing of insurance claims and access to credit. “We need our people on the ground to move quickly

so affected farmers can get the assistance they need, especially insurance claims and credit support,” Tiu Laurel said. “The faster we process these, the faster farmers can recover and get back to production,” he added. The DA has prepared P106.5 million worth of agricultural inputs, including rice, corn and vegetable seeds, for distribution through its regional field offices. Affected farmers may also avail themselves of loans of up to P25,000 under the Agricultural Credit Policy Council’s Survival and Recovery Loan Program, payable over three years at zero interest. Insured farmers, meanwhile, may receive indemnification from the Philippine Crop Insurance Corp., while the DA coordinates funding for insurance and credit assistance. DA regional offices are also coordinating with local government units, disaster risk reduction councils and other agencies while monitoring agricultural prices and the movement of commodities in affected areas.

Tuesday, August 11, 2026 A17

Another think tank slashes ’26 growth forecast for PHL

By Justine Xyrah Garcia

OLLOWING the economy’s dismal second quarter performance, Pantheon Macroeconomics slashed its 2026 growth forecast for the Philippines to below 3 percent as it expects recovery to remain subdued. Pantheon Macroeconomics on Monday cut its growth forecast for this year to 2.8 percent from a previous 4 percent outlook. For 2027, it now expects the country’s gross domestic product (GDP) to grow by 4 percent, down from its previous forecast of 5 percent. If the think tank’s forecasts hold, this would mean the Marcos administration would once again miss its recalibrated GDP targets of 3.5 to 4.5 percent and 5 to 6 percent for 2026 and 2027, respectively. The potential misses would extend a three-year streak in which economic growth has fallen short of the government’s targets, despite successive downward revisions to its growth assumptions. “Nonetheless we have reduced our 2026 [and 2027] growth forecast...as

the recovery looks set to be even more lackluster than we previously estimated,” the think tank said. Pantheon Macroeconomics said the sharp contraction in fixed investment was the main reason behind the weak second-quarter performance, with capital spending falling 7.9 percent quarter-on-quarter to its lowest level in three and a half years. Construction investment dropped 9.6 percent, while durable-equipment capital expenditure fell by 6.3 percent for a fourth straight quarter. “Any bounce from the Q2 contraction is likely to be minor, with industry and construction still operating at below-average capacity and, unsurprisingly, surveyed expansion plans remaining depressed amid plummeting business confidence and

flat-at-best market sentiment,” the research firm said. It also tempered expectations of a quick recovery in government infrastructure spending, noting that the slump in projects had already begun before the establishment of the Independent Commission for Infrastructure (ICI). At the same time, the firm noted that the government may have limited fiscal room to ramp up spending as weaker economic activity weighs on revenues. Quarterly government spending growth slowed to 1.6 percent from 6.5 percent, while the rolling annual budget deficit widened to 5.5 percent of GDP in the second quarter from 5.2 percent, the think tank said.

Households still rebuilding

HOUSEHOLD consumption, the main driver of the country’s economic growth, may likewise remain subdued as families continue rebuilding savings depleted during the pandemic and the subsequent cost-of-living crisis. Pantheon Macroeconomics noted that household consumption growth has slowed from around 5 percent through mid-2025 to roughly 3 percent recently, settling at 2.8 percent in the second quarter. Meanwhile, gross household savings

more than doubled to P973 billion in 2025 from P400 billion in 2024, raising the savings share of total income use to 3.8 percent from 1.7 percent, its highest level in more than a decade. The firm, however, said the savings rebuild remains incomplete. Households accumulated P1.642 trillion in dis-savings between 2020 and 2022, of which only about 87 percent has been rebuilt since 2023. “The savings rebuild isn’t quite complete, though, so we expect to see consumption growth remaining subpar, at least until mid-2027,” Pantheon Macroeconomics said. It also noted that the recent inflation shock has further weighed on household sentiment, with the share of consumers planning to purchase big-ticket items over the next year falling to 3.6 percent in the second quarter from 6.4 percent in the first quarter, matching its pandemic-era low. “The only silver lining is that the worst of the inflation pinch likely is in the rear-view mirror, which should, at the very least, help to catalyze a turnaround in extremely depressed consumer confidence,” it said. The firm also said that while the unemployment rate has eased, employment remains barely higher than a year earlier, while fewer firms plan to expand their workforce.

PHL a ‘model ally’ of US for its ongoing military modernization efforts By Rex Anthony Naval

FUEL ROLLBACK LOOMS Motorists pass a gasoline station along Maharlika Highway on Tuesday, August 11, 2026, as pump prices are set for a major rollback. Gasoline prices are expected to drop by P4.70 to P4.88 per liter, while diesel prices will fall by P4.30 and kerosene by P4.88 per liter, amid easing tensions in global markets. ROY DOMINGO

Accor’s Mercure checks into the PHL By Ma. Stella F. Arnaldo Special to the BusinessMirror

RENCH hospitality giant Accor Group has finally planted its first Mercure flag in the Philippines at the Andrew Tan-led Megaworld Corp.’s township development in Cebu. The 550-room Mercure Mactan Cebu is operated by Megaworld Hotels and Resorts (MHR) at Mactan Newtown, a master-planned coastal township in Cebu. The hotel was formerly known as Belmont Hotel Mactan. In a news statement, Accor Asia’s Chief Operating Officer for Premium, Midscale & Economy Division Garth Simmons said, “Cebu is a destination on the rise. Introducing Mercure to the Philippines for the first time with the opening of Mercure Mactan Cebu marks a strategic

expansion for the brand, as Cebu continues to emerge as a compelling gateway for travelers seeking culturally rich experiences.” He added that Mercure Mactan is “designed to reflect the character of its surroundings [and] connects curious and passionate travelers to the stories, flavors, and energy that define Cebu. As demand grows for experience-led travel, we are excited to expand our presence in the Philippines and create more opportunities for travelers to connect with emerging destinations across Asia.” For her part, MHR Managing Director Cleofe C. Albiso told the BusinessMirror that the company’s franchise agreement with Accor is “one deal only, just for Mactan.” There are currently no plans to rebrand other Belmont Hotels to Mercures. However, she said talks were

ongoing on the possibility of partnering with Accor for its brands. “Nothing final,” she said.

Movenpick Westside in 4Q

MHR earlier announced its 1,530room Grand Westside Manila Bay will also be managed by Accor, under the Movenpick brand, by the fourth quarter of the year. To be called Movenpick Westside, it will be Accor’s largest hotel under the brand. Meanwhile, Accor said Mercure Mactan features 550 guestrooms and suites, including Standard Rooms, Privilege Rooms, and the Presidential Suite. Each room is designed with locally inspired touches, curated artwork, and vibrant accents that celebrate the colors and creativity of Cebu. The food and beverage outlets showcase the rich flavors and cu-

linary traditions of Cebu. “Pulô serves authentic Filipino and Cebuano cuisine with a fresh oceanto-table approach, within interiors inspired by solihiya weaving, abaca craftsmanship, and the vibrant energy of the Sinulog Festival,” the Group added. Guests can enjoy cocktails, local brews, and light bites at Lingaw Pool Bar, while Zabana Bar and Lounge offers a relaxed setting for evening drinks, complemented by handcrafted Cebu guitars that pay tribute to the island’s musical heritage. The hotel also features a fully equipped fitness center, separate steam and sauna facilities, spa treatments, a tranquil Garden Lounge, and an inviting swimming pool designed for relaxation throughout the day. See “Mercure,” A14

RANKING American senior defense official on Monday called the Philippines as a “model ally” as it actively leads its own defense modernization even as the former affirmed his government’s commitment to its oldest treaty ally in Asia especially when it comes to credible deterrence. In his speech before the forum organized by the Stratbase Group, US Undersecretary of War for Policy Elbridge Colby gave assurances that the United States remained a “willing partner” amid a perceived shift in US President Donald Trump’s foreign policy. This as he stressed that the new approach was to “build strength in ways that are durable and achieve their intended effect, of genuine peace through strength rather than rhetorical pressurization without adequate material strength and resolve.” “We seek partnerships, not dependencies, and we understand that countries will engage widely just as we do,” Colby said. Likewise, the US official said they are putting their alliances on a sustainable, realistic, and durable footing for the long haul. “When we ask our allies and partners to step up, to invest more in their own defense, and to take responsibility for their own sovereign security, we are not signaling abandonment,” he stressed. Colby also clarified the US is looking for partners and not protectorates. “When our partners are strong, deterrence is strong. And that is exactly what we have here in Manila under the leadership of President Marcos, Secretary of National Defense Teodoro, and other key leaders,” he added. Colby’s visit to Manila—his first as Undersecretary of Defense for Policy—is part of his four-nation tour including Indonesia, Thailand and Cambodia as part of the United States’s efforts to affirm the country’s commitment to build durable peace in the Indo-Pacific region. Colby also met with President Ferdinand Marcos Jr. in the morning before the forum. Meanwhile, Stratbase Group President Victor Andres Manhit said Colby’s visit was also timely given that the Philippine-US alliance “carried greater weight than any point in recent memory.” He also said the Filipinos rank the US first among the countries they want the Philippine government to work with in defending the Philippine maritime territories, especially in defending the West Philippine Sea and advancing its economic security.

“Today, that is precisely what we hope to explore, how this trust can be translated into a stronger, more capable, and more resilient alliance that responds to present challenges and contributes to a free and open rules-based Indo-Pacific,” he said. Relatedly, Colby emphasized that the administration’s defense strategy was focused on cultivating a “network of highly capable sovereign nations” that could establish a “denial defense” along the first island chain to ensure that any potential aggression in the region was rendered completely infeasible. He also said the United States touted the Philippines as a “resolute and proud nation... determined to strengthen its own capabilities to better defend itself and its allies.” Colby also praised the Philippines’s “clearheaded pragmatism” as the exact strategic fit required for the region’s strategic demands, and that through the help of Manila and other allies, “we are actively building a strong denial defense to back up a peace-through-strength approach of a lastingly favorable balance of power in Asia.” Colby pointed to several areas where the two countries were seeking to translate their alliance into greater military capability, including the operationalization of the Enhanced Defense Cooperation Agreement (Edca), investments in resilient defense infrastructure and expanded joint training. He said Washington was also supporting Philippine defense investments through the rotational deployment of four US Coast Guard Fast Response Cutters, which would work with the Philippine Coast Guard in securing and patrolling the country’s exclusive economic zone. “This is not a one-sided partnership,” Colby said, noting the Philippines’ increased investments in modernizing its armed forces and coast guard. “Alliances are most durable when they are based on shared responsibility, mutual interests governed by pragmatic respect, and underwritten by real capability on both sides, rather than permanent dependency,” he added. Colby’s visit also comes as Manila and Washington continue to deepen defense cooperation amid growing security tensions in the IndoPacific, particularly in the South China Sea. The United States has repeatedly affirmed that the 1951 Mutual Defense Treaty covers armed attacks on Philippine armed forces, public vessels or aircraft—including those of its coast guard—anywhere in the South China Sea.

A18 Tuesday, August 11, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Economy in inertia: Beyond the illusions of ‘catch-up’ growth

HE official GDP numbers for the second quarter are in, and they present a bleak picture that no amount of official optimism can soften. Growing by a dismal 2.3 percent—down from 2.8 percent in the first quarter and far below the 5.4 percent recorded a year ago—the economy is experiencing its most sluggish performance since the depths of the pandemic in 2021. Strip away the Covid-19 period, and one has to look back nearly 17 years to the end of 2009 to find a weaker quarter. (Read the BusinessMirror story: “Growth at 2.3% in Q2, recovery dims in 2026,” August 8, 2026). The economy’s central driver—household consumption—has visibly sputtered, expanding by just 2.8 percent as families grapple with persistent high prices and eroded purchasing power. When citizens stretch government cash assistance to build safety nets for financial shocks rather than spend it, cash transfers cease to act as the consumer jump-start policymakers expect. More alarming, however, is the collapse in fixed investment. Gross capital formation contracted by 9.2 percent, led by a severe 14.8 percent drop in construction activity. Public infrastructure projects remain bogged down, exposing systemic bottlenecks that cannot be resolved merely by issuing mobilization funds late in the game. Against this backdrop, the official posture remains pinned to a catch-up narrative. Economic managers insist that reaching the lower bound of the revised 3.5 to 4.5 percent full-year target is feasible, provided the economy expands by at least 4.4 percent in the second half. But hope is not a policy strategy. Counting on delayed disbursements from June and July to miraculously fuel an instant second-half turnaround ignores the lag between administrative releases and real-world economic output. To escape economic stagnation, the country must immediately execute three critical policy shifts. First, the government must move beyond temporary fiscal handouts to deliver structural tax relief and tackle supply-side inflation in food and energy, restoring household purchasing power. Second, with public execution constrained, private capital must be mobilized to fast-track strategic infrastructure and technology projects—such as the Luzon Economic Corridor—by eliminating regulatory friction and creating a predictable investment climate. Finally, leadership must replace political distractions with strict governance discipline, prioritizing macro-level stability to dispel uncertainty and restore market confidence among consumers and businesses. Calling 2026 a “lost year” should be taken as a warning to act, not a guarantee of failure. It would do well for the government to move past administrative catch-up targets and execute the structural reforms needed to unlock private investment and restore household stability. Without a decisive pivot, the economy risks remaining trapped in low gear long after the second half of the year has passed. Since 2005

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The shark we fear, the sun we ignore John Mangun

OUTSIDE THE BOX

EMEMBER the tagline from Jaws, “Just when you thought it was safe to go back in the water”? The Discovery Channel just gave it a sequel. “Sharkzilla Takes New York” premiered a couple of weeks ago promising a radiation-mutated monster off Montauk, Long Island.

The story was built from a humpback whale with a two-foot bite wound, a gray seal with a chomp nearly as large, and a submarine canyon where the United States government buried thousands of barrels of nuclear waste in the late 1960s, later found to be leaking. “We are calling it Sharkzilla,” marine biologist Craig O’Connell said. Genetic mutation, giant predator, the whole radioactive monster script wrote itself. Then the lab results came back. Zero radioactive contamination. What the crew actually tagged was a nearly 12-foot pregnant mako shark, hunting hard because she was feeding pups, in waters that used to be famous for big sharks before over-

fishing cleared them out decades ago. The scary story was a fish doing exactly what a fish does. The real story, that apex predators are quietly returning to that stretch of depleted ocean they were hunted out of, got a fraction of the attention because it does not glow in the dark. That is the pattern worth noticing, and it is not a Montauk problem. Loud, invented threats crowd out quiet, real ones everywhere, all the time. There is a real monster sitting in the sky, and almost nobody is looking at it. NASA’s Goddard Space Flight Center published research this year challenging an assumption scientists have held for decades. It was that Earth’s upper atmosphere absorbs

Not every grid operator has made that purchase. The National Grid Corporation of the Philippines (NGCP) is putting P18.5 billion into Philippine transmission projects this year, real money by any measure, but none of it hardens transformers against a geomagnetic surge. The absence of hardening is not unique to the Philippines. Most lower-latitude grids have treated extreme space weather as a distant risk, while only a handful of high-latitude grids, in the US, Canada, the United Kingdom, and New Zealand, have actually built for it. solar wind energy only up to a ceiling, a definite level, the way water stops getting hotter once it boils. A team led by physicist Nithin Sivadas found that ceiling was likely a measurement error. Once researchers analyzed readings taken closer to Earth instead of near the sun, the leveling-off vanished. The stronger the solar wind, the stronger the electrical current circling the upper atmosphere. NASA calls this unsettled, but if it holds, worst-case models for a severe geomagnetic storm are built

on a ceiling that may not exist. This is a textbook gray rhino: a threat that is highly probable, highimpact, and largely ignored anyway. A slow, visible animal that most of the world has simply decided not to watch. Think of a transformer as a fuse box for an entire grid. A fuse box works because it is built to fail small and fail fast, sacrificing a 15-amp breaker rather than letting a surge burn the house down. A grid needs the same protection against a solardriven surge, because without it the surge does not blow a breaker. It fries the transformer itself, and ultrahigh-voltage power transformers are not stocked on a shelf. There is already a small-scale preview of what this looks like. A comparatively weak geomagnetic storm knocked out the massive Canadian Hydro-Quebec grid in under two minutes in 1989, putting roughly six million people in the dark. In 1859, a stronger storm known as the Carrington Event burned out telegraph wires and shocked operators out of their chairs. In 2013 Lloyd’s of London modeled a storm of Carrington severity hitting the U.S. and put the damage at 20 to 40 million Americans without power for 16 days to two years, costing $600 billion up See “Mangun,” A19

China brokers tighten client scrutiny to curb excessive risk

HINESE brokerages are tightening scrutiny on new accounts and stepping up reviews for margin financing, securities lending, and options trading as regulators move to curb overly risky bets following a sharp market pullback.

Several firms including Citic Securities Co. and East Money Information Co. have recently raised compliance requirements for clients seeking leverage or derivatives trading, according to people familiar with the matter, who asked not to be identified discussing private matter. The two brokers didn’t respond to requests for comment. The measures include more stringent checks on finances, trading experience and risk tolerance before approving access to margin financing or options accounts, the people said. At several brokerages, investors who opened fresh accounts in the past six months or have received frequent margin calls will be restricted from further borrowing. The clampdown underscores Beijing’s growing caution over equity market leverage, where severe retail losses risk spilling over into broader

financial and social instability. Authorities are focusing on highly leveraged trading, which can trigger forced liquidations and accelerate market declines. “Excessive concentrations of leverage in certain segments has increased the risk of market instability,” said Wang Chen, a partner at XuFunds Investment Management Co. “While those risks appear to have eased, they have likely not been fully unwound and will remain a regulatory focus in the coming period.” Retail investors flooded into Chinese stocks during this year’s rally, relying heavily on borrowed money to chase gains. But as market volatility spiked, an increasing number of mom-and-pop traders were forced out of their positions in late July, according to brokerage account managers. China’s total margin trading bal-

The clampdown underscores Beijing’s growing caution over equity market leverage, where severe retail losses risk spilling over into broader financial and social instability. Authorities are focusing on highly leveraged trading, which can trigger forced liquidations and accelerate market declines.

ance dropped to 2.6 trillion yuan ($362 billion) at the end of July after topping 3 trillion yuan in late June, according to data compiled by Bloomberg. Investors opened 960,660 new margin trading accounts in the first half of the year—a 60 percent jump from a year earlier. June alone saw 179,021 new accounts opened, up 77 percent year-on-year, highlighting the surge in retail demand for leveraged bets. The trading boom boosted earnings across the brokerage industry. China International Capital Corp. estimates that 42 listed securities firms posted a combined 142.5 billion yuan in net income in the

first half, up 50 percent from a year earlier. Citic Securities Co. reported a 69.6 percent surge in first-half net income to a record high, while Guotai Junan Securities Co. forecast profit growth of 27 percent to 30 percent, with recurring earnings reaching a new first-half peak. Daily trading volumes in Chinese equities approached 4 trillion yuan in late June before falling below 3 trillion yuan in recent weeks. Policymakers are attempting to foster long-term capital market development while weeding out speculative behavior. At a Politburo meeting in late July, top leaders pledged to boost investor confidence and reinforce market resilience. The benchmark CSI 300 Index retreated after touching its highest level since late 2021 in June, rattled by regional market turbulence and shifting outlooks for the artificial intelligence sector. Tech-heavy indexes took the brunt of the selloff in July, with both the ChiNext Index and the STAR 50 Index tumbling more than 20 percent. Bloomberg

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Tuesday, August 11, 2026 A19

Zelenskyy wins Serbian pledges as Russian influence wanes

Law on refund claims of input taxes needs a review

Fulvio D. Dawilan

TAX LAW FOR BUSINESS

By Misha Savic & Olesia Safronova

KRAINIAN President Volodymyr Zelenskyy made a landmark first visit on Saturday to Serbia to expand cooperation with the Balkan country whose leader has been scaling back once-close ties with Russia. Serbia and Ukraine will work together on the common goal of joining the European Union, and intend to finalize a mutual free trade agreement by the end of the year, Zelenskyy and his Serbian counterpart Aleksandar Vucic told reporters in Belgrade after their meeting. Vucic’s government also pledged more humanitarian aid, infrastructure and energy equipment for Ukraine. “Our cooperation is expanding and will become much bigger,” said Vucic, who offered his country’s help in rebuilding Ukrainian cities damaged during the Russian invasion that’s now well into its fifth year. Still, Serbia’s leader said he was skeptical that either state may be offered to join the EU soon. “I wish Ukraine every success, but this is not just a merit-based process,” Vucic said in reference to expansion of the 27-nation bloc that hasn’t taken in new members since 2013. Vucic had been an ally of Kremlin leader Vladimir Putin for years before relations soured after Russia launched its war with Ukraine. While Serbia hasn’t joined sanctions against Moscow, it has condemned the war and reduced Russia’s economic influence over the country. In turn, Russia has accused Belgrade of backstabbing it by helping to arm Ukraine. Vucic has tried to maintain his trademark geopolitical balancing act, given Serbia’s continued structural dependence on gas imports from Russia. Still, he’s urged Gazprom Neft PJSC to sell back its majority stake in the NIS AD refiner to Serbia or to third-party investors as the nation’s fuel market depends on the company whose business is hampered by US sanctions. “Zelenskyy’s arrival in Belgrade this Saturday would have been unthinkable only a few years ago,” said Vuk Velebit, president of the Pupin Initiative, which aims to foster Serbian-US relations. “This is not

a courtesy call. It’s a confirmation that the relationship between Serbia and Ukraine has quietly entered a new phase.” Serbia’s trade with Russia has decreased amid unprecedented international sanctions on Moscow over the war. That’s also had an impact on Belgrade’s army, which once depended on Soviet-era equipment and has been forced to switch to Western-made kit. Russian MIG fighter jets in Serbia’s air force will be gradually replaced by French Rafales under a 2024 deal with Dassault Aviation SA. At the same time, Vucic has sought closer ties with US President Donald Trump and his family. A “strategic dialog” between Serbia and the US also began last month. The Serbian president has domestic political reasons not to demonstrate his distancing from Moscow too openly, though, since many of his voters cherish the country’s centuries-old ties with Russia. Those feelings were cemented in the 1990s when Serbia was under Western sanctions during Yugoslavia’s bloody breakup, and even more so in 1999 when Nato bombed Serbia to force its troops out of Kosovo. Ukraine is among the European countries that haven’t recognized Kosovo as a country and will keep the position on principle of “respect for everybody’s territorial integrity,” Zelenskyy said. Vucic reciprocated by saying the same applies to Crimea, annexed by Russia in 2014. The balancing act is likely to continue as Vucic seeks a return to being prime minister as his presidential term ends next year. He’s said he’ll lead his center-right Progressive Party to early elections later this year. “Serbia’s foreign policy is steadily aligning with the West,” Velebit said. “Quietly but unmistakably, whether or not Belgrade is yet willing to say so out loud.” Bloomberg

Singapore to ensure AI helps workers worried about jobs, PM says By Shamim Adam & Philip J. Heijmans

INGAPORE is benefitting from the rapid growth of artificial intelligence and the government is making use of the technology to ensure higher productivity and better jobs for workers who are worried about their livelihoods, Prime Minister Lawrence Wong said. The current administration is reviewing its approach to industry and trade, and looking for ways to strengthen the city-state’s competitiveness, Wong said in a National Day message Saturday on the eve of the country’s 61st year of independence. “New breakthroughs are creating opportunities that were unimaginable just a few years ago, even as they raise new challenges and questions,” he said. “We cannot stand still while others move ahead. But neither should we accept every new technology uncritically. Singapore will embrace these advances on our own terms.” Wong also said he will unveil measures this month to help families dealing with rising costs of taking care of children and the elderly as the country struggles with a fertility rate at an all-time low. “Across the world, family life is coming under greater strain,” he said. “We hear these concerns in Singapore too. Many families are stretched as they juggle these competing demands.”

The remarks come as officials warn external volatility and technological shifts continue to pose risks to Singapore’s trade-reliant economy. Wong has repeatedly said the government would support households through elevated living costs while maintaining fiscal discipline. There will also be stronger safeguards to protect children as they “navigate the digital world safely and responsibly,” he said. The city-state’s economy remains particularly exposed to shifts in global demand and broader supply chain realignments. Still, it is on track to outperform the government’s own full-year growth forecast as global demand for artificial intelligencerelated electronics continues to offset geopolitical headwinds. Gross domestic product in the second quarter grew 5.7 percent from the previous year, slower than the 6.3 percent in the preceding quarter, according to advance estimates. The Ministry of Trade and Industry’s latest full-year growth projection stands at 2 percent to 4 percent. Bloomberg

HE value-added tax (VAT) system is built on the principle that tax should ultimately be borne by the final consumer. Businesses merely act as collection agents, remitting to the government the VAT they collect from customers after deducting the VAT they themselves paid on business purchases. This is the essence of the tax credit, or invoice, method adopted under the Philippine VAT system. Because of this structure, even the input VAT is not intended to become an additional cost to the buyer. Instead, it is designed to be recovered either by offsetting it against output VAT or, in specific situations, through a refund. The refund mechanism is therefore not a tax incentive or a special privilege. It is an essential feature of the VAT system that preserves its neutrality. Among the taxpayers entitled to this remedy are those engaged in zero-rated or effectively zero-rated transactions. Since these transactions generate little or no output VAT, there may be no tax liability against which the corresponding input VAT can be credited. Recognizing this, our tax laws allow qualified VAT-registered taxpayers to recover creditable input VAT attributable to zero-rated sales through a refund or the issuance of a tax credit certificate. The provision on refund rules appears to be very clear and unambiguous. In reality, however, some of its parts had been inconsistently applied—causing disputes between the tax authority and the taxpayers, with some unfortunately resulting in the denial of refund claims. Even interpretations by the Courts in some areas had not been consistent. For example, the law states that the claim should be filed within two years after the close of the taxable quarter when the sales were made. Despite this seemingly clear language, disputes have arisen over what constitutes the “close of the taxable quarter.” At one point, different interpretations even emerged from judicial decisions regarding the

reckoning of the 2-year prescriptive period for filing a claim for refund. One refers to the date of filing of the quarterly VAT return and payment of the tax and another referring to the exact last day of the three-month period constituting the quarter to which the transactions occurred. Also, for a while, there were conflicting declarations on whether the 2-year prescriptive period should apply only to the application with the BIR or should it also apply to the filing of the judicial claim with the Court of Tax Appeals. Although subsequent jurisprudence had largely settled many of the issues and a number of legislations had modified portions of the refund provisions making them easier to understand and apply, these earlier confusions illustrate how varying applications and interpretations of procedural rules can significantly affect taxpayers’ substantive rights. In fact, there are still parts of the law that need further clarity. Otherwise, taxpayers would continue to encounter uncertainty in asserting what should otherwise be a straightforward statutory right. Absence of zero-rated sales in the same period the input tax was incurred. One area of concern involves the relationship between zero-rated sales and the input VAT being claimed. It is undisputed that a refund cannot be granted in the absence of zero-rated transactions. After all, the law allows the recovery only of input VAT attributable to such sales. The more important question, however, is whether the zero-rated sales must occur during

The provision on refund rules appears to be very clear and unambiguous. In reality, however, some of its parts had been inconsistently applied —causing disputes between the tax authority and the taxpayers, with some unfortunately resulting in the denial of refund claims. Even interpretations by the Courts in some areas had not been consistent.

the same taxable period in which the input VAT was incurred. The law does not expressly require this. In many businesses, purchases necessarily precede sales. Raw materials, inventories, equipment, and services are acquired before the resulting products or services are eventually sold. Consequently, input VAT is often incurred in one taxable period while the corresponding zerorated sales occur in a later period. Yet, in some instances, refundability of input taxes had been raised when no zero-rated sales occur during the quarter in which the input VAT was incurred. Such an interpretation appears inconsistent not only with ordinary business operations but also with the very purpose of the VAT system. 2-year period counted from when purchase/input tax was incurred or when sales occurred? Another question in relation to the 2-year prescriptive period is whether it should be reckoned from the taxable quarter when the zero-rated sale was made or from the quarter when the input VAT was incurred? The language of the law strongly supports the former. In fact, in a number of cases (e.g., GR 180345, November 25, 2009), the Courts counted the 2-year prescriptive period for filing a claim from the end of the quarter where the zero-rated sale was reported, and not from the end of the quarters where the input taxes were incurred. But there are also cases (e.g., GR 172129, September 12, 2008) where the phrase “when the sales were made” was considered as pertaining to the input tax. In fact, a number of claims are denied simply because the claim is filed beyond two years from the close of the period the input tax was

‘Mabuhay ang’ Alex Eala fans! By Troi Santos

Professional players have been asking umpires to quiet crowds for decades, from New York to Paris to Melbourne. Sometimes spectators shout during serves. Sometimes they applaud double faults. Sometimes they move at the wrong moment. These incidents are part of modern professional sport, not a new Filipino invention. If anything, tennis has seen far worse than enthusiastic cheering: hecklers, abusive comments, intoxicated spectators, political protests and disruptions that go well beyond clapping at the wrong time. Against that backdrop, an excited fan celebrating too early hardly represents a crisis. The sport also wants something

Young Filipinos are discovering a sport they once only saw in passing. You can repeat that etiquette lecture to the fan in Washington who refused to leave during the torrential rain delay at the Mubadala DC Open final, sitting alone on metal bleachers with a Philippine flag across their lap. They stayed, soaked and shivering, because for once their country’s colors were on a Grand Slam champion’s side of the net and they were not going to miss a single point if play resumed. Teach the traditions. Explain the etiquette. Remind fans when necessary. But instead of lecturing them as if they are the problem, thank them for showing up, for caring loudly, and for bringing a sport long fenced off by class into the lives of people it too often ignored. But let’s be honest about what is really happening. Noisy crowds did not suddenly appear the moment Filipino flags started filling the stands. Tennis has lived with passionate, imperfect audiences for generations. If there is a problem now, it is not Filipino enthusiasm. It is tennis etiquette hypocrisy. Mabuhay ang Eala tennis fans!

extreme space weather as a distant risk, while only a handful of highlatitude grids, in the US, Canada, the United Kingdom, and New Zealand, have actually built for it. But a total grid failure does not just dim the lights. It freezes markets, and shuts down every business that depends on a functioning bank. Sharkzilla turned out to be a pregnant mako doing her job, and the real

story underneath the hype was actually good news, a predator population rebuilding itself. The gray rhino in the sky does not have that ending built in and it does not care whether we were watching the right thing.

DUCATION is welcome. Singling out one fanbase is not. There is also a practical reality the sport prefers to downplay when scolding crowds: these “noisy” supporters are good business. Full stadiums sell tickets, food and merchandise. Energetic matches look better on television, keep viewers from changing the channel and give broadcasters something to sell. Sponsors pay for atmosphere, not silence.

Mangun. . .

Continued from A18

to $2.6 trillion depending on how many transformers were destroyed. The US is now installing devices on its transmission lines specifically to block that kind of surge, buying insurance against a monster it cannot yet see clearly.

The author is a managing partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

it cannot have without accepting a bit of mess: growth. Tournament directors celebrate sold-out sessions. Tours talk about expanding into new markets and attracting new demographics. Broadcasters want younger, more diverse audiences. That will not happen if tennis insists that passion only counts when it looks and sounds like Wimbledon in the 1980s. Filipino supporters are not traveling across cities and countries to disrupt matches. They are there because they are witnessing history. For many, Alex Eala represents the first Filipina capable of consistently competing with—and defeating— the world’s best players. They bring flags because they are proud. They cheer because they care. They sometimes make mistakes because many are experiencing elite tennis for the first time. That should be expected, not exaggerated. The positive side of this story deserves at least as much attention as the scolding. Tennis is reaching audiences it struggled to attract before. Stadiums feel livelier when Eala plays. Television audiences grow.

Conclusion

Players feel it too. Many say they would rather compete in front of a loud, invested crowd than in a halfempty arena that behaves like a library. The same energy that can occasionally spill over the line is often what lifts performances and turns a routine match into a memorable occasion. Tennis likes to imagine itself as a quiet, orderly space, but the court is not a library and the sport is no longer an elite boutique modeled solely on Wimbledon’s manners. It is a global game, closer in spirit to football and basketball than to a private club, with fan cultures from every continent bringing their own ways of showing support within basic rules of respect.

incurred. Indeed, there are practical considerations on why the reckoning should be from the point of purchase. These issues demonstrate that the challenge does not necessarily lie in the existence of the refund mechanism itself but in the manner in which it is understood and applied. A statutory right becomes less meaningful when taxpayers cannot predict with reasonable certainty how the governing rules will be administered. This is why the laws on VAT refund claims deserve another careful review. Refining the statutory language, harmonizing administrative interpretations with judicial pronouncements, and adopting consistent standards in evaluating refund claims would benefit not only taxpayers but also the tax administration. Greater clarity reduces disputes, shortens processing time, and strengthens confidence in the tax system. There may also be value in revisiting earlier versions of the VAT law, which contained distinct refund rules for specific situations, including importations, capital goods, and newly established businesses. Ultimately, the objective of the VAT system is not merely to collect revenue but to do so in a manner that is fair, neutral, and predictable. Input VAT attributable to zero-rated transactions should not become an unrecoverable business cost because of inconsistent interpretations of procedural rules. If the law is not written in a way that would achieve its real purpose, then perhaps the time has come to revisit and refine its provisions. Otherwise, differing interpretations would continue to surface, resulting in unnecessary disputes that could be avoided through clearer provisions and more consistent implementation.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Sports BusinessMirror

A20 Tuesday, August 11, 2026

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

BENCIC ENDS EALA STREAK

THIS isn’t your everyday spring roll— sinamak topped it with crunchy chicharron, garlic chips, peanuts, cilantro and drizzle of banana ketchup. NBO PHOTO

Toronto offer: Pork Lumpia for Eala fans By Malou Talosig-Bartolome

LEX EALA’S Filipino fans in Canada have spoken, and the National Bank Open listened. After chicken adobo made its surprise debut at Sobeys Stadium last week, organizers rolled out another heritage favorite: pork lumpia. “This thing is going to be legendary,” Ashtad Dadachanji, executive chef of the NBO, who helped curate the new offering, said in NBO’s social media post. This isn’t your everyday spring roll. Chef Ddadachanji offered it with sinamak—Iloilo’s famed spiced vinegar—then topped it with crunchy chicharron, garlic chips, peanuts, cilantro and drizzle of banana ketchup. The inventive layering reflects a fusion of nostalgia and innovation—a courtside flavor meant to resonate as strongly as the cheers echoing from the stands. Pork lumpia was offered Sunday (Canada time), during Eala’s match against 12th seeded Swiss veteran Belinda Bencic. NBO food concessionaire The Changeover Kitchen prepared only 200 servings for the limited time run, priced at CAD $12 (about P522). It continued to serve chicken adobo for special price of CAD$ 17 (about P740). With more than 200,000 kababayan in the city, their voices— and appetites—are shaping the tournament experience in real time. Just as Eala’s matches have drawn sellout crowds, the menu is evolving to reflect the culture of those filling the seats. Tournament director Karl Hale had earlier called the Filipino wave “an absolute blessing.” With adobo and now lumpia joining courtside, the NBO is becoming a showcase not only of world-class tennis but also of Filipino flavor.

ORONTO continued to be a happy hunting ground for Belinda Bencic. The former champion and No. 12 seed returned to the quarterfinals of the National Bank Open for the third time in Toronto and the fourth time overall—including one quarterfinal appearance in Montreal— after ending Alexandra Eala’s sevenmatch winning streak in straight sets on Sunday night. In the first meeting on the Women’s Tour Association (WTA) Tour Driven by Mercedes-Benz between the pair, Bencic took control in the ninth game of the opening set, breaking serve before holding to close it out 6-4. She then swept aside Eala in the second set without dropping a game to complete a 6-4, 6-0 victory in one hour and 13 minutes. “Tough one today. I think,” Eala said. “Belinda put me in some really tough situations. I think she played really well. I wasn’t able to kind of get myself out and you know out of a certain mood.” But she was satisfied with her performance despite the exit. “Overall really good week. I am super happy with the run that I’ve had and going to try to recover and come back out hot,” she said. “I’m looking back at these past maybe two weeks as a really big positive. I think I’ve played really well. I’ve gotten through so many obstacles.”

She added: “Of course, right now, there’s that initial kind of just a little tired and down from the match. But yeah, I’m healthy, which is something I’m super grateful for, something that’s obviously on the top of my priority all the time.” Up next for Eala are the WTA 1000 Cincinnati Open starting August 13, also on a hard court, and the year’s last major, the US Open, beginning August 30 in Flushing Meadows, New York, where she’s also in the mixed doubles with Canadian world No. 4 Felix Auger-Aliassime. “I’m counting my blessings. I’m taking the lessons that I have I’ve had from these two weeks and hopefully implementing them even more and in a better way in Cincinnati and New York,” she said. The win was the 18th of Bencic’s career at the National Bank Open— the most she has recorded at any WTA 1000 event. Bencic’s next-highest total is 15 wins at Indian Wells and she also improved to 15-4 on hard courts this season, a surface on which she has won eight of her 10 career singles titles. It marked her 10th consecutive win over a left-handed player, dating to 2024, a statistic that surprised Bencic as well.

“I feel like it can’t be coincidental, I don’t think,” the 29-year-old Swiss said. “It’s weird for me as well because I really hate playing lefties and it’s just not comfortable, like the entire match you are uncomfortable, but maybe I feel like because I have good timing, I’m kind of able to switch. think that’s the only thing I can think of because I really don’t like playing them.” Bencic also reached the quarterfinals of a WTA 1000 event for the 13th time in her career and the second time this season after Miami, where she lost to her next opponent, Coco Gauff. No. 4 seed Gauff also dropped only four games in

ALEX EALA’S looking forward to the Cincinnati Open and the year’s final major, the US Open at Flushing Meadows. AP

to play against,” she said. “I feel like I came close so many times but always kind of lost in the third set, but it’s really challenging to play against her so I’m excited to try again and try maybe a little bit different or just challenge her again.” WTA News

her 6-3, 6-1 victory over qualifier Alina Korneeva earlier on Sunday. Gauff leads the head-to-head series 6-2, including victories in their last four meetings, all of which have come within the past 16 months. The last three matches have gone the distance. “Obviously she’s someone that always puts herself in the position to win the quarter finals and later on in the tournament, so obviously she’s a great champion and she’s very tricky

Bracket-busting Alas Girls eye another upset win in Chile U17 By Aldrin Quinto

S PHILIPPINE Olympic Committee president Abraham “Bambol” Tolentino and secretary-general Atty. Wharton Chan put order on suspended volleyball federation with the eleftion of officers and members of the board of trustees. POC PHOTO

Lao volleyball president, Suzara back at PNVF

NEW set of trustees with a new leader took over the Philippine National Volleyball Federation (PNVF) on Monday with businessman Frank Lao getting elected as president. Philippine Olympic Committee (POC) president Abraham Tolentino, entrusted by the International Volleyball Federation (FIVB) to hold a special election of the suspended federation, thanked 20 of the 25 officially registered clubs and organizations which supported the exercise. “We are incredibly glad to announce the new working board of trustees committed to unify Philippine volleyball and prioritize the formation of strong national teams,” said Tolentino after the

proceedings at the Solaire Theater Southlinks Board Room 2M. “This is a ‘committed team’ and I believe they could sustain the progress of volleyball that started when the PNVF was established in 2021,” he added. Also elected were Atty. Don Rico Capunan as vice-president, Rommel Ng as treasurer and Atty. Wharton Chan as auditor while named to the board of trustees were former PNVF president Ramon “Tats” Suzara, also the Asian Volleyball Confederation president, as well as Rustico Camangian, Jonas Cabochan, Carmela Gamboa, Sienna Olaso and Francis Chad Salimbangon. Don Caringal returned to his old post as secretary-general appointed by Lao.

My take on UAAP’s decision on Ateneo HERE is how I read the University Athletic Association of the Philippines’ (UAAP) decision not to suspend Ateneo from the upcoming season in the wake of the Dipaculao tragedy that claimed the lives of two of their players. Having read that rule book as well, there is nothing in there that should penalize Ateneo. In my opinion, the board did not find any violations to the rules and statutes. Hence, the decision to allow the Ateneo men’s basketball team to compete. Gross negligence, yes. There should be accountability, yes. The head coach, coaching staff, and the team manager were either banned or suspended. And really, many schools and varsity teams are run either autonomously or semi-autonomously. It was a terrible and tragic accident that could have happened to anyone. The whole affair has given every sports program in this country an opportunity to closely integrate their efforts with the school, clean up some of their messes, and be more mindful of adhering to safety above all. Furthermore, it isn’t just that—it is also looking at protocols and responses should

something untoward happen once more. The UAAP, like the National Bureau of Investigation or even that suspicious Criminal Investigation and Detection Group investigation, have determined that the players were also victims. Hence, that decision. Heavens, it isn’t that Ateneo is so powerful that it can buy the league’s decision. No, it is not because league’s Executive Director Rebo Saguisag graduated from Ateneo Law School and that Commissioner Jai Reyes is true blue. If you must know, Atty. Saguisag roots for San Beda (where he went for his grade and high school education) and University of the Philippines (where he went for college). As for Jai—he is only in

Tolentino is hoping the FIVB will soon reinstate the association after getting suspended last May. The POC thus relinquished its role as “caretaker” of the federation, which was mandated by the volleyball’s world governing body, FIVB, which suspended the previous PNVF elected officers on November 21 last year primarily on poor governance. The Alas Pilipinas Men and Women teams that were formed under POC supervision for the AichNagoya 20thAsian Games during the suspension, Tolentino said, will remain. FIVB appointed Ad Hoc Committee chair Hila Asanuma of Palau and FIVB External Legal Consultant Atty. Alexa Monica Dabao witnessed and certified the exercise. Josef Ramos

charge of the games and the officials and isn’t part of any voting process. Now, having observed the board in the previous years, the adoption of the two-tier leadership has changed their decision making and approach to matters of the league. You have the presidents of the universities who look at the league from a macro level and chart its direction, and the school representatives who are tasked with running the league. These people have approached their discussions more methodically as they too are educators. If you look at the decision making in previous years when it comes to rendering decisions even to erring constituents of the schools, it has changed. It isn’t the old punitive approach. If there is an individual or individuals who should be sanctioned, it is now contained to that person. It is opposed to the old way where the school’s sports programs suffered as a whole from the discretions of one. I also gather that the people who represent the schools are no longer at each other’s throats. Gone are the days where there were boardroom shouting matches. Gone are the days when there are cliques. I recall around 2011, I wrote a scathing article about some decision by the league. The next day, at the Big Dome, I came across three of the board members. The late Bam Paguia, then the National

AN FELIPE, Chile—Rank outsider Alas Pilipinas isn’t merely playing for qualification. It’s now jockeying for position. Virtually locked into the Round of 16, the Philippines has a chance to claim a top two spot in Pool B of the FIVB Volleyball Girls U17 World Championship—the Alas Pilipinas Girls face world No. 6 Peru on Monday before wrapping up pool play Tuesday against No. 12 Venezuela at Liceo Particular Mixto San Felipe. A convincing win over Peru will not only seal Alas Pilipinas Girls’ place in the next round, but firm up their hold of No. 2 behind defending champion China. Players and coaches are determined to keep things rolling for the Philippines, which has bounced back strong from an opening loss to China by scoring a four-set win over No. 8 Mexico and a sweep of No. 20 Tunisia. Sharina Rhyza Lleses credited the coaching staff’s efforts to pull the players back up after the deflating loss to China and now she believes the team can build on its back-to-back victories. “I wasn’t myself in the game against China. That wasn’t me,” Lleses said with a wide smile, much different from the tearful player she was after the opening loss. “I really lost confidence during that match. The things I knew I could do, I just couldn’t bring out. The coaches talked to us, they lifted our spirits. I got

University representative who I had known for quite some time, took me aside and said, “The league is evolving.” My reply was the league has been around for over 70 years. Why can’t the league get it right? Mr. Paguia shrugged. “We’re working to make it better.” This is not to exonerate the UA AP. Even for decisions in years past that I thought were erroneous. I can understand that some schools and observers might feel aggrieved or even up in arms about what they feel is a poor decision too given others were previously suspended. Again, I think that the UAAP has changed their approach in the last few years. I think we saw some of the first signs of this during the Covid-19 lockdown when University of Santo Tomas’s then coach was likewise banned for violating the pandemic protocols. The team continued. The tragedy of Dipaculao could have been prevented, yes. Unfortunately, history can only be learned forward. It is painful episode not only for Ateneo but also the families who lost their loved ones. I am sure the league—as will every other one in the country—will look for ways to prevent such a tragedy from happening again.

my confidence back,” she said. Lleses, 14, has delivered in Alas Pilipinas Girls’ turnaround, scoring seven against Mexico and 10 against Tunisia. She is also pleased to see the rest of the squad starting to click. Caera Celis has consistently led the team in scoring, while Xyz Rayco has also rediscovered her killer form and re-emerged as one of the go-to scorers in the clutch. Princess Khaira Manzano and Madele Gale have also proven to be valuable contributors.

Bracket buster

THE lowest-ranked team in Pool B at No. 25, Alas Pilipinas has shaken up the order with a 2-1 win-loss record, sitting second behind world No. 1 China at the tournament’s break on Sunday. Team manager and assistant coach Karl Chan said what Alas Pilipinas Girls have done to this point is commendable, but the next stage is within reach and they need to seize the moment. “The players understand what is at stake right now, what they need to do, and what our goals are,” Chan said. “We’re not done yet. The next step is to make the Round of 16. We can’t get complacent just because we beat two top teams. We still have two more top teams to beat, so we have to keep the same focus.” Mental performance coach Wynnette Bernardo said the players have shown little regard for the rankings, focusing instead on what they need to do. “They’re really just focused on winning. They’re not thinking, ‘Oh this is a top 8 team’ or anything like that,” Bernardo said.

SHARINA RHYZA LLESES believes the team can build on its back-to-back victories. VOLLEYBALL WORLD PHOTO

Editor: Jennifer A. Ng

Companies BusinessMirror

AYALA UNVEILS OWN PLATFORM FOR INTERNATIONAL OFFERINGS

ONGLOMERATE Ayala Corp., through ACX Holdings Corp., on Monday launched its dedicated platform to introduce and grow leading international consumer brands in the Philippines through longterm strategic partnerships. Ayala said the launch of ACX Retail reflects its “broader strategy” of building long-term partnerships with leading global consumer brands at a time when Filipino consumers are seeking greater choice, authentic international offerings and more differentiated retail experiences, the company said. “At ACX, our role is to help exceptional brands succeed in the Philippine market by combining their strengths with our understanding of local consumers, our retail capabilities, and the reach of the Ayala ecosystem. Our partnerships reflect our commitment to expanding consumer choice while contributing to the continued growth and competitiveness of Philippine retail,” Mark Uy, head of corporate strategy and business development of Ayala, said. Earlier this year, ACX Holdings announced strategic joint

ventures with internationally recognized retail brands, including Anko from Australia, Makro from Thailand, Spinneys from Dubai and recently, Musinsa Standard from Korea. Building on these partnerships, ACX Retail will serve as a dedicated platform for bringing sought-after international brands across fashion, lifestyle, and specialty retail to the Philippines. The platform will take a deliberate approach to brand selection, prioritizing concepts that offer a strong proposition for Filipino consumers and the potential to build lasting relevance to the local market. “Filipino consumers are increasingly looking for quality, relevance, and differentiated experiences. Our focus is to bring the right global concepts to the Philippines and build them into sustainable businesses that create long-term value,” Rohit Kohti, chief retail officer of ACX Retail, said. Last May, the conglomerate reported that its core net income, which excludes one-off items, came in flat at P11.2 billion in the first quarter compared with the previous year’s level. VG Cabuag

Tuesday, August 11, 2026

SM Prime earnings flat on higher business expenses

By VG Cabuag

@villygc

M Prime Holdings Inc. on Monday said its income in January to June came in flat at P24.5 billion compared with the previous year’s P24.45 billion, as costs and expenses eclipsed revenue growth. Total revenues grew 5 percent to P71.7 billion from P68 billion, with rental income from malls, offices, hospitality and MICE accounting for 61 percent. “Our focus on tenant relationships, customer experience and cost management supported our performance. Despite challenging market conditions, commercial demand remained resilient across our portfolio,” said Jeffrey C. Lim, SM Prime president. Lim said the company is targeting to at least match last year’s income of

P48.84 billion. Real estate sales for the period contributed 27 percent, while cinema ticket sales, food and beverage, amusement and related offerings generated the remaining 12 percent. Costs and expenses during the same period increased 6 percent to P35.6 billion from P33.6 billion, due to higher depreciation and amortization charges, fixed overhead costs and construction expenses. Mall revenues grew 8 percent to P41.8 billion from P38.6 billion on the combined effect of higher oc-

cupancy, stronger tenant sales and improved operational efficiency. Residential revenues, covering core, leisure and premium offerings, slipped 1 percent to P20.6 billion from P20.9 billion on lower revenue recognition from prioryear sales. Revenues from hotels and convention centers expanded 8 percent to P4.4 billion from P4.1 billion owing to higher bookings and average daily room rate. Office and warehouse revenues rose 9 percent to P5.0 billion from P4.6 billion, driven by higher space take-up. Second-quarter consolidated net income rose 1 percent to nearly P12.9 billion from P12.8 billion, as costs grew in line with revenues. Total revenues from April to June increased 9 percent to P38.4 billion from P35.3 billion. Meanwhile, costs and expenses went up by nearly 9 percent to P19.0 billion from P17.5 billion, mainly due to higher construction costs.

SMPC to let go of 462 mine workers

Globe still optimistic despite H1 income dip By Lorenz S. Marasigan @lorenzmarasigan

ONSUNJI-LED Semirara Mining and Power Corp. (SMPC) filed a redundancy notice for 462 mine-site employees with the Department of Labor and Employment (DOLE). The company said the cuts were driven by uncertainty surrounding the coal mine auction of the Department of Energy (DOE). SMPC said it will be mitigated by an assistance program offering retraining and redeployment within the DMCI Group. SMPC reduced its 2026 production target as part of its operational planning in light of the impending coal auction which is expected to take place between August and September. Its existing coal operating contract (COC) is set to expire on July 14, 2027. “We recognize the impact of this decision on our affected employees and their families, and we will do our best to support them through this transition,” said Maria Cristina C Gotianun, SMPC president and chief operating officer. Aside from the separation benefits provided under labor law and company policy, SMPC’s Employee Assistance Program will offer opportunities for redeployment within the DMCI Group, financial literacy training, skills retraining, livelihood support, relocation support, and job placement services in the mining and energy sectors. As of the end of July, SMPC employed 4,045 people, including more than 2,000 employees from its host communities.\Last month, SMPC petitioned a Makati court for protection against the DOE from sharing the company’s detailed list of assets and propriety information with interested bidders. In April, the DOE received keen interests from five firms--Limay Power Inc. (LPI), Malita Power Inc. (MPI), TSR/Sta. Clara, DESCO, and SMPC. According to the DOE, SMPC can still participate in the bidding. Lenie Lectura

Capital expenditures declined 18 percent to P30.7 billion in the first half from P37.3 billion a year earlier. Last April, SM Prime announced that it will invest more than P6 billion to redevelop SM Harrison Plaza on the former Harrison Plaza Complex in Manila, which is slated to open next year. The project forms part of SM Prime’s P150-billion mall investment program for 2026 to 2030, which includes the major redevelopment of 16 existing malls and the construction of 12 to 15 new lifestyle malls. Steven T. Tan, president of SM Supermalls, said the company expects to have 115 malls by 2030 or four to five malls per year, as SM expands its footprint outside of Luzon and Metro Manila. Tan also said the company is aiming to open 100 malls by 2027 or 2028, and will launch one flagship or premier mall per year through 2030, as it expands its reach in the Visayas and Mindanao.

JAPANESE SENSOR PLANT

Sony Group Corp. and Taiwan Semiconductor Manufacturing Co. are in talks to spend a combined ¥1 trillion ($6.4 billion) on their planned image sensor factory in Japan, according to a person familiar with the matter. The two companies are seeking to begin production in 2029, the person said, asking not to be named because the talks are private. No time frame was given for the investment under discussion, they said. TSMC and the Japanese company’s chip arm, Sony Semiconductor Solutions Corp., are eyeing demand for AI-wielding robots and self-driving cars, which are expected to require more sensors to function. Photo shows the signage for Sony Group Corp. outside the company’s headquarters in Tokyo, Japan, on Wednesday, May 14, 2025. PHOTOGRAPHER: KIYOSHI OTA/BLOOMBERG

Gabby Lopez mulls over next move E

UGENIO “GABBY” L. LOPEZ III said Monday Crème Investment Corp., the holding company through which his branch of the family owns a 25.7-percent stake in Lopez Inc. (LI), has completed the sale of all of its stake to businessman Ramon S. Ang. The deal ended months of bickering with family allied with Gabby and those with their cousin Federico “Piki” R. Lopez. Ang, chairman and CEO of San Miguel Corp., invested in his personal capacity through his wholly owned holding company, Illumina Investment Holdings Inc. Ang said in a separate statement that he bought the shares under the invitation of the Gabby’s group. Lopez said he sold his family’s shares for two reasons.

“The first is my family,” he said. “This dispute has not been good for any of us, or for the people who work in our companies. This allows us to take a step towards the restoration of family peace. The second is that it allows me to channel our family’s resources into businesses aligned with our personal mission. We will announce more on this in due time. Our families have known Ramon a long time. I am confident he will be a good partner to Lopez Inc.,” he said. Ang said he has known the Lopez family for decades—not one branch of it, but all of them. “I am a friend to each, and I intend to stay that way. I came in because I believe in these businesses, and because a steady partner at the table can be good for everyone

around it. The family branches that continue to hold the controlling majority of Lopez Inc., will continue to lead it. My interest is that the group comes out of this stronger,” he said. Piki, who confirmed the deal, said he welcomes Ang to the Lopez group “with deep appreciation.” “We have been friends for a long time and so I do look forward to working together with him,” he said. “We recognize the value that Ramon brings to LI with his proven expertise and extensive experience. The Lopez family’s entry into this partnership with him is truly a welcome development and in line with our history of partnering with recognized individuals and institutions to promote the growth of our businesses.

“It’s a great step toward resolving issues that have affected our family as well as our businesses and can only be good for everyone,” Piki said. ABS-CBN Corp. declined to comment as the deal is at its parent level. “Given that the transaction is at the Lopez Inc. level, the company does not foresee any impact on its business, financial condition, operations, or ownership structure as a result of this transaction.” Shares of Lopez Holdings Corp. was up 1 percent at P6.07 per share, while San Miguel Corp. was unchanged at P63.80 per share. As a result of the deal, Roberta L. Feliciano, director at First Philippine Holdings Corp., resigned from her post. VG Cabuag and Lenie Lectura

LOBE Telecom Inc. expects the momentum of its core telecommunications business to carry into the second half and lift its full-year bottom line, after reported earnings fell 11 percent in the first six months of 2026. In a press briefing on Monday, Globe CFO Carlo Puno said the Ayala-led telco is confident that the second half would offset the first-half decline. “We are very much optimistic about the balance of the year given the very good performance of the core telco business in the first half of 2026,” Puno said. “We do believe we should be able to leverage all of the momentum that we delivered in the first half to be able to turn that into upside to the second half of 2026, which should help buoy the bottom-line performance from a full-year perspective.” Globe’s reported net income after tax slipped 11 percent to P11 billion in the six months to June 2026 from P12.4 billion a year earlier, according to its disclosure to the Philippine Stock Exchange (PSE). The company traced the decline mainly to a smaller net gain from the dilution of its stake in Mynt Inc., the parent firm behind mobile wallet GCash, alongside higher non-operating charges. Core net income—which excludes foreign exchange movements and mark-to-market adjustments—stood at P10.2 billion, down 2 percent year-on-year, a far narrower drop that management has pointed to as the truer measure of the business. Pressed on how macroeconomic conditions and external issues would shape the full-year result, Puno declined to give a figure but said the first-half showing of the core business gave management reason to expect a positive impact on full-year profit.

Companies BusinessMirror

Tuesday, August 11, 2026

Ayala Land blames Iran war for income slide in Jan-June

By VG Cabuag

@villygc

YALA Land Inc. said Monday its income June fell 19 percent to P11.5 billion in the first half from the previous year’s P14.17 billion on jittery market conditions caused by the war in the Middle East. “We are building a more resilient Ayala Land through disciplined capital allocation, a growing recurring income base, and a strong balance sheet,” Anna Ma. Margarita Bautista-Dy, the company’s president and CEO, said. “Supported by our integrated estate model and diversified platforms, we are confident in Ayala Land’s ability to deliver sustainable growth and to remain well positioned for the opportunities ahead.” Revenues for the period fell almost 10 percent to P75 billion

from the previous P83.06 billion. Dy said the company had a “challenging” first quarter and Ayala Land had to stabilize its business in the second quarter through the reduction in its inventory to 15 months, cutting additional costs and halting projects so as not to clog the market with unsold units. She said the company is still on track in delivering its projects, as Ayala Land will launch mostly horizontal residential projects. Sales for the second quarter fell to P26 billion from the P27 billion

in the first quarter. This was done without any launches, which would have given the company a bump in its revenues, Dy said. Ayala Land’s property development business had P41 billion in revenues for the first half, buoyed by second-quarter revenues of P20.6 billion, flat compared to the first quarter of the year. The leasing and hospitality businesses continued their growth trajectory with first-half revenues reaching P25.2 billion, 9 percent higher than the previous year, lifted by positive contributions across each asset class. Revenues from shopping centers reached P12 billion, up 4 percent year-on-year, anchored on higher occupancy, increasing foot traffic, growing merchant sales and early returns from the completion of reinvention works across flagship malls. Hospitality revenues grew 28 percent year-on-year to P6.3 billion, lifted by the solid performance of renovated facilities and the contri-

bution of New World Makati Hotel to the topline. The offices segment generated revenues of P6 billion on the back of healthy above-industry occupancy rates and contracted escalations from existing leases. The company’s board has approved the infusion of four malls and three hotels with an aggregate amount of P20 billion to Areit Inc. This infusion would expand Areit’s assets under management to P179 billion, but also further diversify its asset base across malls, offices, hotels and industrial land. The company’s capital expenditures for the first half stood at P39.5 billion, a decline of 2 percent yearon-year. Capex for leasing businesses grew 17 percent from a year ago to P13.2 billion, directly supporting the completion and ramp-up of key recurring-income assets this year. Dy said the company targets to spend P60 billion this year, higher than the company’s earlier pronouncements.

‘New models to drive Mitsubishi sales’ By Bless Aubrey Ogerio @blessogerio

ITSUBISHI Motors Philippines Corp. (MMPC) is targeting a 20-percent market share this year as it rolls out new models and prepares to expand local hybrid vehicle production, with a medium-term goal of capturing at least a quarter of the Philippine automotive market. MMPC Chairman Noriaki Hirakata said the company expects Philippine sales to grow by 5 to 6 percent this year under “normal market conditions,” driven by demand for models such as the Xpander, XForce, Triton and Mirage. “This year, we try to get 20 percent market share. And for the mediumterm plan, we intend to get 25 percent market share, minimum,” Hirakata told reporters during a media roundtable in Makati City on Monday. The Mirage currently accounts for about 40 percent of MMPC’s total

Philippine sales, making it the company’s biggest-selling model in the country. MMPC manufactures the Mirage G4 and L300 at its 23-hectare plant in Sta. Rosa, Laguna, which has annual capacity of 50,000 units and is currently operating at about 90 percent of capacity. The company is considering increasing the plant’s capacity, although Hirakata said the decision would depend largely on market demand for its planned hybrid vehicle. The planned hybrid program could also give the Philippines a larger role in Mitsubishi’s regional production network. The company is exploring the possibility of exporting locally produced hybrid vehicles, although none of its Philippine-made models are currently exported. “We are seeking for the export opportunity of this newly produced hybrid vehicle. It’s good for the Philippines. By exporting vehicles from the Philippines, we can improve the trade balance of the nation,” Hirakata said.

MUTUAL FUNDS

August 10, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A217.07 -2.55% 0.97% 0.28% -2.44% 1.39% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2282 6.4% 14.79% 9.16% 4.58% 3.09% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.8818 -3.81% -0.66% -0.54% -4.26%1.08% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7739 1.75% 4.27% 0.97% N.A5.41% FIRST METRO CONSUMER FUND, INC. -A 0.5124 -15.39% -7.75% -6.86% N.A -7.86% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.3941 -6.45% -2.23% -1.53% -2.42% 0.49% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6684 -1.52% -1.49% -1.12% N.A4.01% MBG EQUITY INVESTMENT FUND, INC. -A 74.3 -10.1% -4.02% -5.24% N.A -16.94% PAMI EQUIT Y INDEX FUND, INC. -A 43.6936 0.71% 0.22% 0.04% -2.07% 5.64% PHILAM STRATEGIC GROWTH FUND, INC. -A 455.84 -2.74% 0.61% -0.2% -2.33% 1.41% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6236 7.62% 11.14% 7.61% 1.94% 3.99% PHILEQUITY FUND, INC. -A36.8673 2.95% 2.66% 2.16% -0.41% 7.08% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9947 8.77% 4.78% 3.13% N.A 12.05% PHILEQUITY PSE INDEX FUND, INC. -A 4.7263 1.63% 1.31% 1.1% -1.15% 5.74% PHILIPPINE STOCK INDEX FUND CORP. -A 777.61 1.23% 0.92% 0.76% -1.38% 5.8% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7148 0.89% 1.29% 0.75% -2.83% 1.81% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 3.2266 -7.48% -1.69% -1.39% -2.92%0.53% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.8718 1.01% 0.51% 0.4% -1.64% 5.8% UNITED FUND, INC. -A3.4692-1.18% 3.62% 2.13% -0.37% 5.53% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 1.0921 1.22% 0.95% N.A N.A 5.73% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0755 -0.77% N.A N.A N.A 3.07% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9365 -4% -3.47% -2.73% N.A -0.83% PHILIPPINE STOCK INDEX FUND CORP. -A 938.27 1.22% 0.72% N.A N.A 5.84% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C 106.0987 1.46% 1.18% 1.09% -0.95%6.09% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.2293 31.91% 13.02% 0.56% 3.29% 19.99% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.459 19.44% 15.77% 6.04% 8.97% 10.55% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) PHILEQUIT Y GLOBAL FUND, INC. -A,2 1.085 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2012 2.18% 0.59% 0.27% -0.95% 2.85% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7115 7.18% 5.11% 0.55% -0.85%4.6% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5164 -0.77% -0.04% -0.27% -0.73%2.21% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2318 0.04% 6% 4.52% N.A-0.04% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0228 2.15% 0.85% 1.06% 0.3% 1.01% PAMI HORIZON FUND, INC. -A3.8033 1.4% 2.76% 0.97% -0.37% 0.35% PHILAM FUND, INC. -A16.0675-1.48% 1.49% -0.2% -0.92% 0.36% SOLIDARITAS FUND, INC. -A2.1389 0.31% 1.93% 1.14% -0.08% 1.84% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.4499 -2.74% 0.66% -0.15% -1.31%0.77% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.9062 -3.5% 0.57% 0.99% -0.99% -0.49% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.71 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9813 0.51% 1.81% 0.27% N.A 0.26% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8467 -2.26% 0.06% -0.78% N.A 0.58% SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.8162 -0.48% -1.13% N.A -2.72% 0.62% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03339 1.55% 0.79% -2.73% -0.76% -2.65% PAMI ASIA BALANCED FUND, INC. -B $1.1631 0.11% 8.79% 1.09% 2.2% -3.88% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.6878 12.58% 11.49% 3.44% 5.89%6.55% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2075 5.35% 6.44% 0.29% 2.38%2.04% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 423.63 2.63% 3.24% 2.57% 2.5% 0.87% ATRAM CORPORATE BOND FUND, INC. -A 1.9833 2.27% 1.21% 0.58% 0.41% 1.27% COCOLIFE FIXED INCOME FUND, INC. -A 3.6008 1.79% 3.05% 2.16% 3.2% 0.03% EKKLESIA MUTUAL FUND, INC. -A 2.4358 0.74% 3.09% 1.43% 1.32% -0.68% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5059 -1.24% 1.33% 0.48% 1.1%-2.46% PHILAM BOND FUND, INC. -A4.5018 -0.68% 2.66% -0.02% 0.56% -2.35% PHILAM MANAGED INCOME FUND, INC. -A 1.5377 2.99% 4.52% 3.12% 2.91% 1.16% PHILEQUITY PESO BOND FUND, INC. -A 4.3152 1.54% 3.06% 1.61% 1.71% 0.05% SOLDIVO BOND FUND, INC. -A1.1284 2.59% 2.85% 1.63% 1.57% 0.71% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.4447 -1.89% 2.3% 1.34% 1.73% -2.71% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8277 -1.7% 1.96% 0.82% 1.14% -3.01% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0046 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.46 2.09% 2.83% 1.79% 1.95% 0.64% ALFM EURO BOND FUND, INC. -A Є223.04 0.34% 1.78% 0.24% 0.55% -0.33% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.056 -1.62% -0.07% -2.58% -0.62% -1.77% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0259 -0.77% 2.01% -0.15% 0.27%-2.26% PAMI GLOBAL BOND FUND, INC. -B $1.0473 -1.56% 7.46% -0.09% -0.56% -1.2% PHILAM DOLLAR BOND FUND, INC. -A $2.4285 0.19% 2.75% -0.83% 0.53% -2.08% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0636134 -0.2% 1.66% 0.17% 1.14% -1.3% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8657 -0.22% 1.56% -2.12% -0.73%-2.28% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1844 2.74% N.A N.A N.A 1.54% ALFM MONEY MARKET FUND, INC. -A 152.29 4.2% 4.07% 3.14% 2.84% 2.3% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2209 3.42% 3.75% 2.98% N.A1.94% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5122 3.7% 3.57% 2.95% 2.75% 2.07% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.68 4.17% 4.3% N.A N.A 2.4% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1932 2.55% 3.3% 2.43% N.A 1.44% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.6559 7.21% 3.45% N.A N.A 3.35% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8087 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5128 30.88% 21.39% 13.48% N.A15.79% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1829 12.44% N.A N.A N.A 6.02% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS)

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PSE STOCK QUOTATIONS

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

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

49 123 10.32 100.1 54 11.34 66.3 6.91 61.5 52.65 23.05 68 25.75 0.485 1.31 11.74 0.55 4.07 0.092 2,500 0.95 203.6 4,800 0.81

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49.1 123.2 10.48 101 54.05 11.36 66.35 7 62 52.8 23.25 68.2 25.9 0.51 1.35 11.78 0.57 4.17 0.1 2,580 0.97 204.8 4,850 0.82

49.1 123 10.48 101 54 11.52 66.2 6.91 62.5 52.6 23.05 68.2 25.4 0.51 1.33 12.26 0.56 3.91 0.092 2,500 0.95 203.4 4,850 0.8

49.1 123.2 10.5 101.2 54.2 11.54 66.5 7 62.55 52.8 23.25 68.2 26 0.51 1.35 14.38 0.56 4.4 0.092 2,500 0.95 205 4,850 0.81

48.75 121.6 10.22 100 53.75 11.3 65.95 6.91 61 52.6 23.05 66.95 25.25 0.5 1.33 10.42 0.56 3.91 0.092 2,500 0.95 203.4 4,800 0.8

49.1 123.2 10.48 100.1 54.05 11.34 66.3 6.91 62 52.8 23.25 68.2 25.75 0.51 1.35 11.78 0.56 4.07 0.092 2,500 0.95 205 4,800 0.81

17,400 1,559,640 23,000 469,500 636,000 972,800 677,470 12,000 147,670 760 700 182,580 82,800 16,000 21,000 20,470,900 10,000 259,000 50,000 510 14,000 680 220 575,000

850,520 190,848,942 240,442 47,089,061 34,357,960 11,116,144 44,931,066 83,410 9,099,205 40,089 16,235 12,398,756 2,138,840 8,060 28,150 252,684,994 5,600 1,079,940 4,600 1,275,000 13,300 138,692 1,062,000 464,250

289,180 -32,685,241 4,585,404 12,439,478 2,803,006 -9,218,309 44,022 -3,923,476 -5,058,269 -33,800 -5,000 -14,740,010 920 1,275,000 73,500 1,014,000 -193,590

INDUSTRIAL ACEN CORP 3.05 3.06 3.04 3.11 3.03 3.05 7,446,000 22,932,830 5,736,050 ALSONS CONS 0.76 0.77 0.76 0.83 0.74 0.77 8,259,000 6,506,690 -655,010 0.75 0.76 0.77 0.77 0.76 0.76 1,164,000 885,700 -263,980 ALTERNERGY HLDG ABOITIZ POWER 43 43.3 43.5 43.5 42.6 43 246,600 10,603,760 -2,447,225 1 1.01 1.02 1.01 1.01 241,000 244,480 -143,580 RASLAG 1.02 BASIC ENERGY 0.117 0.117 0.116 0.114 0.114 0.116 4,540,000 524,070 4.45 4.45 4.4 4.47 70,000 311,530 4.47 4.47 CITICORE RE FIRST GEN 19.6 19.64 19.62 20.05 19.3 19.6 1,601,700 31,401,125 -563,038 90.6 91.5 93.9 94.45 90.2 90.6 72,090 6,633,792 -913,983 FIRST PHIL HLDG MERALCO 494.8 489.6 492.2 494 488.6 489.6 131,370 64,556,860 -10,766,130 34.5 34.6 33.95 34.95 33.8 34.6 501,800 17,291,125 8,422,100 MANILA WATER 18.3 18.32 18.5 18.72 18.32 18.32 2,550,700 2,660,848 MAYNILAD 47,021,772 PETRON 2.31 2.32 2.36 2.36 2.32 2.32 1,929,000 4,482,300 51,020 3.52 3.59 3.55 3.55 3.55 3.55 1,000 3,550 PETROENERGY PRYCE CORP 14.74 15.08 15 15 14.74 14.74 7,300 109,016 -1,500 9.2 9.25 9.22 9.5 9.22 9.25 4,900 45,326 REPOWER ENERGY SEMIRARA MINING 19.22 19.38 19.96 20.1 19.22 19.22 6,520,800 126,296,854 3,034,826 27.45 27.5 27.2 27.75 671,500 18,460,680 8,459,435 SYNERGY GRID 27.75 27.75 SHELL PILIPINAS 8.91 9.03 9 9.1 8.8 9.03 245,500 2,197,412 193,791 10.08 10.1 10.08 10.24 10.06 10.1 53,600 545,344 38,248 SPC POWER SP NEW ENERGY 1.3 1.32 1.29 1.34 1.28 1.3 9,028,000 11,746,120 -1,106,950 1.71 1.72 1.7 1.77 1.7 1.72 4,530,000 7,858,530 -3,889,780 TOP LINE 20.05 20.7 20.75 20.75 20.75 700 14,525 VIVANT 20.75 AXELUM 2.86 2.9 2.9 2.9 2.85 2.9 50,000 143,270 -14,350 0.32 0.315 0.315 0.315 0.315 10,000 3,150 BALAI FRUITAS 0.315 -3,150 CENTURY FOOD 33 33.15 32.6 33.45 32.5 33 602,800 19,874,580 8,153,755 3.78 3.93 3.94 3.94 3.77 3.77 18,000 68,440 DEL MONTE DNL INDUS 3.58 3.59 3.6 3.6 3.56 3.58 2,142,000 7,673,530 -1,131,160 15.5 15.64 15.84 15.5 15.5 292,200 4,545,438 -1,786,960 EMPERADOR 15.84 SMC FOODANDBEV 48.65 48.7 48.55 48.75 48.5 48.7 279,000 13,590,665 -7,317,095 0.6 0.62 0.63 0.63 0.59 0.6 891,000 544,570 -38,460 FIGARO GROUP FRUITAS HLDG 0.7 0.7 0.68 0.7 0.67 0.7 10,000 6,830 250.2 250.8 250.8 251 248 250.2 30,030 7,525,638 -6,729,884 GINEBRA 148.4 150.6 152 147.5 148.5 442,780 65,861,185 9,253,128 JOLLIBEE 148.5 KEEPERS HLDG 1.88 1.89 1.9 1.9 1.84 1.88 5,878,000 10,968,300 719,560 22.5 23 23.25 23.25 22.5 22.5 3,400 77,080 LIBERTY FLOUR MAXS GROUP 2.08 2.09 2.08 2.12 2.08 2.09 25,000 52,800 -10,560 0.074 0.075 0.07 0.07 0.07 0.07 20,000 1,400 MG HLDG MONDE NISSIN 7.13 7.15 7.12 7.2 7.11 7.13 1,075,500 7,679,448 1,601,328 5.85 5.86 5.84 5.97 10,400 60,956 4,682 SHAKEYS PIZZA 5.97 5.97 ROXAS AND CO 2.21 2.28 2.3 2.3 2.21 2.28 166,000 373,180 5.31 5.32 5.32 5.35 5.3 5.31 334,400 1,778,141 -378,350 RFM CORP SWIFT FOODS 0.048 0.048 0.046 0.048 0.048 0.048 100,000 4,800 61.1 61.25 61.85 61.9 61.1 61.1 415,850 25,517,913 6,015,353 UNIV ROBINA 0.5 0.51 0.51 0.51 0.52 8,000 4,150 VITARICH 0.52 VICTORIAS 2.08 1.96 1.94 1.95 1.94 1.95 150,000 291,500 0.415 0.43 0.415 0.415 0.415 0.415 100,000 41,500 ATN HLDG A ATN HLDG B 0.415 0.42 0.415 0.415 0.415 0.415 690,000 286,350 -249,000 51.45 57.9 57.95 57.95 57.9 57.9 110 6,374 CONCRETE A CONCREAT HLDG 1.08 1.1 1.06 1.13 1.03 1.1 4,758,000 5,199,490 32,540 2 2.14 2 2 1.99 2 26,000 51,910 -16,000 EEI CORP MEGAWIDE 14,786,990 4.47 4.49 4.29 4.5 4.23 4.49 3,349,000 1,689,870 14.94 15 14.94 14.94 14.94 2,400 35,856 PHINMA 14.94 CROWN ASIA 1.9 1.92 1.85 1.98 1.85 1.91 1,841,000 3,486,160 -54,310 11.1 11.1 11.28 11.1 11.12 6,700 74,870 -10,134 CONCEPCION 11.22 0.135 0.135 0.135 0.139 150,000 20,490 GREENERGY 0.139 0.139 INTEGRATED MICR 7.08 7.18 6.31 7.28 6.31 7.08 9,298,700 65,448,344 5,301,935 1.47 1.45 1.55 1.45 1.47 1,383,000 2,077,410 IONICS 1.48 PANASONIC 7.78 7.38 7.49 7.67 7.37 7.37 19,900 150,905 1.1 1.12 1.05 1.13 1.03 1.12 5,717,000 6,261,300 41,490 CIRTEK HLDG STENIEL 2.09 2 2.15 2.15 2.1 2.1 14,000 29,630

HOLDING & FRIMS

ABACORE CAPITAL 0.325 0.335 0.335 0.34 0.325 0.335 5,890,000 1,936,650 -109,050 ASIABEST GROUP 53.1 53.2 54 55 51 53.1 726,690 38,519,107 5,693,808 500 504 494 510 494 500 129,920 65,397,614 23,718,749 AYALA CORP ABOITIZ EQUITY 37 37 36.05 36.9 35.9 37 1,901,900 70,016,245 -24,596,910 9.02 9.03 8.84 9.15 8.84 9.02 945,200 8,504,082 -1,032,542 ALLIANCE GLOBAL ANSCOR 16.9 17.08 17.1 17.1 16.96 16.96 89,300 1,515,302 -1,411,002 1.4 1.49 1.79 1.79 1.4 1.4 10,798,000 16,802,590 -2,716,030 ANGLO PHIL HLDG COSCO CAPITAL 8.06 8.1 8.34 8.35 8.04 8.06 602,500 4,888,028 1,260,250 7.44 7.45 7.44 7.76 7.44 7.45 11,048,500 83,257,456 24,379,909 DMCI HLDG FILINVEST DEV 3.33 3.45 3.31 3.5 3.31 3.45 1,033,000 3,423,650 29,240 497 497.6 497 500 490.2 497.6 76,530 38,091,254 8,510,634 GT CAPITAL 4.9 5.19 4.65 5.48 4.65 5.19 104,000 495,540 -5,480 HOUSE OF INV JG SUMMIT 22.8 22.8 22.4 22.65 22.4 22.4 384,700 8,689,830 2,668,030 0.33 0.33 0.33 0.35 230,000 76,300 LODESTAR 0.35 0.35 LOPEZ HLDG 6.01 6.07 6.5 6.85 5.8 6.07 11,706,300 73,937,345 -1,338,756 14.66 14.68 14.76 14.8 14.64 14.66 1,322,000 19,397,212 6,458,576 LT GROUP PRIME MEDIA 0.78 0.82 0.78 0.84 0.77 0.77 15,000 11,680 1.15 1.2 1.21 1.21 1.19 1.21 32,000 38,500 SOLID GROUP SM INVESTMENTS 602 603 593.5 605 593 603 378,910 227,637,715 52,362,885 63.75 63.8 63.8 63.95 63.75 63.8 230,290 14,698,814 -368,322 SAN MIGUEL CORP TOP FRONTIER 53 54 53 53 53 53 40 2,120 0.062 0.062 0.061 0.065 100,000 6,290 0.065 0.065 ZEUS HLDG PROPERTY ARTHALAND CORP 0.425 0.445 0.425 0.445 0.42 0.445 1,060,000 450,050 AYALA LAND 16 16.04 16.18 16.18 15.66 16 8,486,200 135,062,628 -24,818 1.19 1.21 1.21 1.22 1.19 1.21 346,000 417,230 -118,830 AYALA LAND LOG ALTUS PROP 11.2 11.4 11.3 11.3 11.2 11.2 3,500 39,460 37.55 37.7 37.75 38 37.25 37.7 835,100 31,478,120 -6,858,220 AREIT RT A BROWN 0.75 0.75 0.74 0.73 0.72 0.75 230,000 169,360 -39,220 0.6 0.61 0.6 0.61 122,000 74,410 CITYLAND DEVT 0.61 0.61 CEB LANDMASTERS 2.17 2.19 2.2 2.2 2.15 2.17 142,000 306,070 4,310 0.72 0.73 0.72 0.74 7,165,000 5,234,850 CENTURY PROP 0.74 0.74 CITICORE RT 3.38 3.39 3.39 3.4 3.36 3.38 1,170,000 3,954,070 -1,032,240 11.9 11.98 11.84 12.06 269,000 3,221,086 517,494 DOUBLEDRAGON 12.06 12.06 1.03 1.04 1.03 1.04 1,041,000 1,074,760 29,860 DDMP RT 1.04 1.04 DM WENCESLAO 4.99 5.79 5.35 5.99 4.88 5.79 68,400 401,293 -113,488 0.027 0.028 0.026 0.026 0.028 2,500,000 65,900 EVERWOODS 0.029 EMPIRE EAST 0.098 0.1 0.098 0.098 0.098 0.098 20,000 1,960 -980 2.95 2.96 2.94 2.95 719,000 2,125,490 254,750 FILINVEST RT 2.98 2.98 FILINVEST LAND 0.7 0.7 0.69 0.7 0.69 0.7 52,000 36,350 0.6 0.61 0.6 0.6 0.6 0.6 11,000 6,600 GLOBAL ESTATE KEPPEL PROP 2.63 2.63 2.62 2.49 2.49 2.63 14,000 35,140 2.24 2.25 2.23 2.26 2.23 2.24 8,147,000 -36,610 18,276,000 MEGAWORLD MRC ALLIED 0.7 0.7 0.69 0.7 0.68 0.7 18,845,000 13,003,630 -785,430 14.24 14.26 14.28 14.28 14.22 14.26 345,300 4,922,070 -95,412 MREIT RT 0.152 0.154 0.15 0.155 0.15 0.154 440,000 66,760 -3,070 PRMIERE HORIZON PHIL ESTATES 0.35 0.375 0.365 0.385 0.35 0.375 15,390,000 5,387,750 -5,369,500 1.06 1.07 1.06 1.08 1.06 1.06 62,000 66,110 PREMIERE RT PRIMEX CORP 0.95 0.95 0.93 0.95 0.94 0.95 41,000 38,870 7.22 7.26 7.28 7.28 7.16 7.26 3,361,200 24,357,951 -10,349,428 RL COMM RT ROBINSONS LAND 16.92 17.06 17.04 17.1 16.68 17.06 279,000 4,738,732 627,872 0.089 0.09 0.089 0.089 0.089 0.089 40,000 3,560 890 PHIL REALTY ROCKWELL 3.02 2.82 2.92 2.92 2.82 2.92 892,000 2,597,160 -606,160 3.25 3.25 3.25 3.27 107,000 347,830 SHANG PROP 3.27 3.27 STA LUCIA LAND 1.9 2.04 2.05 2.05 2.05 2.05 1,000 2,050 18.3 18.4 18.2 18.68 18.14 18.3 3,648,600 66,792,012 1,442,440 SM PRIME HLDG 0.405 0.415 0.41 0.41 80,000 32,850 8,200 SUNTRUST RESORT 0.415 0.415 PTFC REDEV CORP 52.05 55 52.05 52.05 52.05 52.05 10 521 SERVICES ABS CBN 3.6 3.7 3.47 3.77 3.47 3.67 1,643,000 6,025,990 GMA NETWORK 4.47 4.5 4.5 4.54 4.45 4.5 649,000 2,923,150 5.12 5.46 5.47 5.47 5.12 5.12 300 1,606 MLA BRDCASTING DITO CME HLDG 0.73 0.74 0.74 0.74 0.72 0.73 7,600,000 5,538,730 -26,990 1,740 1,742 1,725 1,746 1,717 1,740 17,410 30,216,845 -311,010 GLOBE TELECOM PLDT 1,225 1,218 1,228 1,228 1,215 1,218 23,830 29,049,275 -9,712,745 0.0061 0.0063 0.0062 0.0064 0.0061 0.0063 149,000,000 923,800 -31,000 APOLLO GLOBAL CONVERGE 11 11.02 11 11.12 10.92 11.02 1,937,600 21,374,220 -746,052 0.65 0.66 0.66 0.68 0.65 0.65 88,000 57,370 DFNN INC IMPERIAL 0.89 0.88 0.9 0.89 0.89 0.89 1,000 890 0.165 0.166 0.171 0.171 0.166 0.166 4,490,000 755,240 -6,800 ISLAND INFO 0.485 0.48 0.48 0.5 1,150,000 567,300 -10,200 NOW CORP 0.5 0.5 TRANSPACIFIC BR 0.117 0.117 0.115 0.115 0.115 0.117 100,000 11,520 0.79 0.79 0.8 0.79 0.79 56,000 44,700 24,000 0.81 CHELSEA CEBU AIR 28.95 29.25 28.8 29 28.8 28.95 18,100 521,920 -14,470 996 997 987 999 985 996 733,155 727,084,538 -64,483,788 INTL CONTAINER LBC EXPRESS 6.53 7.14 6.53 6.53 6.53 6.53 200 1,306 0.65 0.69 0.65 0.65 0.65 0.65 20,000 13,000 LORENZO SHIPPNG MACROASIA 3.81 3.74 3.75 3.81 3.73 3.75 61,000 228,590 93,250 0.37 0.45 0.37 0.37 0.37 0.37 20,000 7,400 METROALLIANCE A METROALLIANCE B 0.85 0.85 0.61 0.7 0.56 0.85 8,000 5,270 2.12 2.14 2.17 2.17 2.13 2.14 179,000 383,080 -169,610 PAL HLDG 1.13 1.14 1.07 1.14 1.07 1.14 437,000 485,560 100,460 HARBOR STAR BOULEVARD HLDG 0.031 0.031 0.029 0.03 0.03 0.03 8,200,000 246,600 3,000 5.02 5.03 5.03 5.03 200 1,006 GRAND PLAZA 5.03 5.03 WATERFRONT 0.37 0.395 0.39 0.39 0.39 0.39 20,000 7,800 14.52 14.6 14.8 14.8 14.74 14.74 300 4,428 CENTRO ESCOLAR FAR EASTERN U 800 805 800 800 800 800 120 96,000 7 7.2 7.2 7.2 7.2 100 720 7.19 IPEOPLE STI HLDG 1.2 1.21 1.2 1.2 1.2 1.2 43,000 51,600 13,200 1.19 1.17 1.17 1.19 296,000 347,320 -35,700 BELLE CORP 1.2 1.2 BLOOMBERRY 2.04 2.05 2.03 2.07 2.01 2.04 4,664,000 9,580,300 311,410 1.79 1.89 1.8 1.8 1.78 1.78 100,000 178,700 PACIFIC ONLINE DIGIPLUS 10.46 10.2 10.62 10.2 10.46 8,707,500 90,942,910 27,849,198 10.48 PHILWEB 13.74 13.28 13.4 13.4 13.18 13.4 3,778,900 50,931,924 -11,140,388 1.05 1.07 1.07 1.07 11,000 11,770 METRO RETAIL 1.07 1.07 PUREGOLD 40.95 40.65 40.7 40.65 40.3 40.65 436,300 17,684,070 -5,655,940 32.8 33.5 33.5 33.6 32.5 33.5 7,200 237,775 45,740 PHIL SEVEN CORP SSI GROUP 2.03 2.05 2.05 2.05 2.04 2.04 52,000 106,590 102,500 0.69 0.7 0.7 0.7 0.7 0.7 8,000 5,600 UPSON INTL CORP WILCON DEPOT 5.96 5.96 5.95 5.91 5.81 5.95 274,700 1,628,496 -332,529 0.211 0.22 0.22 0.22 0.22 350,000 77,000 MEDILINES 0.223 PAXYS 2.69 2.5 2.68 2.7 2.4 2.5 277,000 710,560 1.61 1.61 1.61 1.61 1.61 3,000 4,830 1.65 PHILCOMSAT MINING & OIL 1.88 ATOK 1.84 1.87 1.84 1.8 1.87 15,000 27,270 14.66 14.78 15.16 15.3 14.44 14.66 3,581,400 52,501,214 -22,104,220 APEX MINING ATLAS MINING 15.48 15.5 15.9 15.94 15 15.5 7,783,000 120,364,708 -30,634,152 6.51 6.76 6.6 6.62 6.5 6.62 12,000 79,092 BENGUET A BENGUET B 6.5 6.79 6.78 6.78 6.78 6.78 50,000 339,000 0.275 0.29 0.295 0.295 0.275 0.29 940,000 271,000 EC VULCAN FERRONICKEL 2.13 2.13 2.12 2.11 2.09 2.12 913,000 1,934,450 -1,293,220 0.077 0.079 0.084 0.076 0.077 420,000 32,970 GEOGRACE 0.084 LEPANTO A 0.235 0.236 0.226 0.237 0.225 0.236 50,050,000 11,608,350 0.23 0.232 0.227 0.23 0.224 0.23 19,330,000 4,417,080 72,620 LEPANTO B 0.0073 0.0077 0.0077 0.0077 0.0077 0.0077 21,000,000 161,700 MANILA MINING A MANILA MINING B 0.0071 0.0079 0.0073 0.0073 0.0073 0.0073 10,000,000 73,000 0.71 0.69 0.74 0.68 0.72 2,981,000 2,103,560 -301,730 0.72 MARCVENTURES NIHAO 0.385 0.35 0.37 0.41 0.335 0.35 6,930,000 2,578,400 -2,501,300 4.25 4.3 4.25 4.35 4.22 4.25 8,698,000 37,215,990 -15,035,730 NICKEL ASIA OCEANAGOLD 35.35 35.35 35.3 35.2 35 35.3 432,300 15,218,665 1,142,790 0.465 0.48 0.485 0.49 0.465 0.49 140,000 66,000 9,300 ORNTL PENINSULA PX MINING 9.76 9.8 9.97 10.08 9.7 9.8 2,772,500 27,289,719 -9,270,952 0.0075 0.0078 0.0074 0.0077 0.0074 0.0075 33,000,000 248,900 15,200 UNITED PARAGON ENEX ENERGY 3 3.08 2.96 3 2.96 3 764,000 2,291,320 -5,760 0.013 0.014 0.014 0.014 0.013 0.013 2,400,000 31,400 ORNTL PETROL A ORNTL PETROL B 0.013 0.014 0.013 0.013 0.013 0.013 100,000 1,300 PHILODRILL 0.0081 0.008 0.008 0.008 0.008 0.008 5,000,000 40,000 2.62 2.65 2.55 2.62 2.52 2.62 724,000 1,860,190 -133,400 PXP ENERGY PREFFERED ACEN PREF A 997 1,010 1,010 1,010 1,010 1,010 20 20,200 ACEN PREF B 1,050 1,060 1,050 1,058 1,050 1,058 65 68,570 2,474 2,490 2,490 2,490 2,474 2,474 80 198,480 111,330 AC PREF AR AC PREF B3R 1,949 1,970 1,958 1,958 1,950 1,950 500 977,070 1,949 1,950 1,952 1,952 1,950 1,950 45 87,810 AC PREF B4R ALCO PREF D 485 499 499 499 498 498 320 159,670 30.1 30.4 30.15 30.15 30.15 30.15 1,300 39,195 CEB PREF CLI PREF A1 1,000 1,010 1,010 1,010 1,010 1,010 5 5,050 1,020 1,030 1,020 1,020 1,020 1,020 50 51,000 CLI PREF A2 CPG PREF B 98 99 99 99 99 99 10 990 93.25 93.25 93.35 93.25 93.35 17,530 1,635,363 93.35 DD PREF GLO PREF ANV 1,981 2,000 1,980 1,980 1,980 1,980 5 9,900 GTCAP PREF B 981 995 981 981 981 981 100 98,100 983 998 998 998 990 990 510 504,980 JFC PREF B MWIDE PREF 6A 100 100.8 100 100 100 100 1,000 100,000 -100,000 102.5 105 102.5 102.5 102.5 102.5 1,000 102,500 MWIDE PREF 6C MWIDE PREF 7A 101 101.5 100 100 100 100 20 2,000 100.1 102.8 100 100 100 100 10 1,000 MWIDE PREF 7B PCOR PREF 4D 985 997 997 997 997 997 10 9,970 995 999 995 995 995 995 50 49,750 9,950 PCOR PREF 4E SMC PREF 2N 77.7 79 77.7 77.7 77.7 77.7 3,500 271,950 78.95 79 78.95 79 78.9 78.95 2,230 176,146 SMC PREF 2O SMC PREF 2Q 73.1 74 74 74 73 73.1 2,510 183,840 SMC PREF 2R 74.8 78.75 74.8 78.75 74.8 78.75 20 1,536 -788 74 75 73.5 74 73.5 74 400 29,460 SMC PREF 2S SMC PREF 2U 74.7 76.95 76.9 77 76.9 77 6,470 498,090 78.5 78.6 78.5 78.6 78.5 78.6 890 69,917 SMC PREF 2V SMC PREF 2W 78.6 79 78.6 78.6 78.6 78.6 580 45,588 79.25 79.9 80 80 79.25 79.25 2,300 183,130 SMC PREF 2X TECH PREF B2C 8.99 9 8.99 8.99 8.99 8.99 100 899 6.87 7.4 6.88 6.88 6.87 6.87 4,900 33,668 TECH PREF B2D TOP PREF A1 100 100.4 100 100 100 100 230 23,000 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR

3.17 3.26 3.14 3.26 3.14 3.26 61,000 197,660 4.4 -

GMA HLDG PDR 4.19 ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8144 0.63% 1.06% -3.83% N.A 0.54% WARRANTS A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. AGI WARRANT 1.06 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, 2026. SM A L L, M ED I U M & EM E R G IN G 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, CTS GLOBAL 0.35 2025. HAUS TALK 1.36 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. 1.35 KEPWEALTH 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE LFM PROP 0.021 DEBT VEHICLE, INC. 0.19 XURPAS NEXGEN ENERGY 2.58 “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

August 10, 2026

1.12

1.05

1.12

1.05

1.06

761,000

812,900

-5,260

0.36 1.38 1.41 0.023 0.205 2.7

0.355 1.41 1.35 0.021 0.19 2.69

0.355 1.41 1.35 0.021 0.209 2.7

0.35 1.36 1.35 0.02 0.19 2.69

0.35 1.38 1.35 0.02 0.205 2.69

210,000 103,000 2,000 300,000 280,000 5,000

74,450 141,480 2,700 6,200 56,260 13,470

-26,050 -5,390

EXHANGE TRADE FUNDS FIRST METRO ETF

105.3

106

106 106 105 105.3 8,130 855,946 -83,200

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, August 11, 2026

DOF opposes solons’ tax-exemption push

By Reine Juvierre Alberto

@reine_alberto

HE Department of Finance (DOF) opposed the proposal to increase the current P90,000 tax-exempt threshold for bonuses even as lawmakers push to raise the ceiling citing the goal is to restore workers’ purchasing power.

During a hearing by the House Committee on Ways and Means last

Monday, Finance Undersecretary Karlo Fermin S. Adriano responded

to committee chairman Marikina Rep. Miro Quimbo that the DOF is not in favor, for now, of raising the tax-exempt ceiling for bonuses. Adriano added that the DOF is proposing to retain the current threshold for bonuses, including the 13th month pay, while studying calls to exempt overtime pay, hazard pay and others from taxes. At the moment, the 13th-month pay and other benefits, including Christmas bonuses, amounting up to P90,000 are exempted from taxes. Any amount exceeding that figure will be subject to a levy on income based on the employee’s tax bracket. “There is recognition that our incomes have already been eroded by

inflation. However, we also have to balance all of these proposals with the country’s fiscal sustainability and stability,” Adriano said. “There is always a corresponding cost to these measures, and we have to ensure that our fiscal health remains strong and stable,” he added. Some lawmakers have pushed to raise the tax exemption ceiling to P150,000. The proposed increase was also defended by House of Representatives Deputy Minority Leader Antonio L. Tinio, pointing out the erosion of workers’ purchasing power since the P90,000 threshold was set. Tinio cited government’s inflation data showing that cumulative

inflation had reached 42.4 percent since 2018, when the Tax Reform for Acceleration and Inclusion (Train) law, which exempted bonuses from taxes, was originally passed. Applying the cumulative inflation rate to the P90,000 threshold would bring the amount to around P128,160, the lawmaker explained, arguing that the bonus exemption should therefore be adjusted to roughly P128,000. “It seems logical that we should include this as well,” Tinio said. Adriano, however, reiterated the need “to balance two things.” “On one hand, there is fiscal sustainability and stability, and on the other, there is fiscal relief,” he said.

To achieve the balance, Adriano said the DOF is pushing for “Progress Bill,” which is expected to generate P191.77 billion in net revenues in the next four years by expanding excise taxes while providing tax relief for the middle class and small businesses. Those earning no more than P350,000 annually would be exempt from personal income tax, while micro and small businesses would also be exempt from the minimum corporate income tax. To counterbalance expected revenue losses, the DOF is proposing to expand sin and wealth taxes, while revisiting its earlier plans to tax plastic products and update the motor vehicle road user tax.

Most powerful investing T-bill yields fall on tempered rate hike expectations habit nobody talks about T

T is not stock-picking. It is not timing the market. It is not having the right connections or knowing the right people. It is doing something small, consistently. I have worked with hundreds of clients over the years, and the ones who built real wealth were not the ones who made the biggest bets. They were the ones who showed up, month after month, rain or shine, whether markets were climbing or correcting. There was nothing flashy about what they did. They just kept going. The first thing I tell new investors is this: Start, not when you feel ready. Not when you have saved enough. Not when the market looks better. Just start. The biggest investing mistake is not making the wrong call. It is waiting. We tend to think that investing is reserved for people who have a lot of money to begin with, but that is simply not true. Whether you are starting with five hundred pesos or five thousand, the act of putting something aside and letting it work for you changes how you think about money. It makes you a stakeholder in your own future, not just a spectator watching from the sidelines. Once you have started, the next job is to stay consistent. Markets go up. Markets go down. Headlines will terrify you. Economists will disagree with each other on television. None of that matters as much as whether you stayed invested. The investors who built wealth over time were rarely the ones who reacted fastest. They were the ones who barely moved. This is harder than it sounds. There will be months when the numbers look terrible and your instinct will be to pull out. There will be years, like 2008 or 2020, when the entire financial world seems to be falling apart. And yet, history has shown that those who stayed the course not only recovered but came out ahead. The third piece, and perhaps the most underappreciated, is time. Compounding is one of those concepts that sounds simple until you actually see it in action. Every peso you keep invested earns a return. Those returns earn returns. And those returns earn returns on returns. Given enough time, the math starts working in your favor in a way that almost feels unfair. The S&P 500 is the clearest example of this at work. An investor who put in ten thousand pesos in the year 2000 and never touched

Karlo Biglang-Awa

PERSONAL FINANCE it would be sitting on roughly seventy thousand pesos today. This is despite living through the dot-com bust, the Global Financial Crisis, a global pandemic, and more than a few moments that felt like the definitive end of the world. Now imagine that same investor had also set aside five hundred pesos every single month throughout those twenty-four years. The power of that consistency would have turned that modest habit into something far more significant than the original lump sum alone. I often say this to clients who are frustrated because they feel like they started too late or are putting in too little: the real enemy is not market volatility. It is impatience. We live in a culture that rewards speed. Instant transfers, sameday delivery, real-time results. But wealth is one of the few things left that still rewards the patient. There is no shortcut here. No secret formula. No insider tip that changes the equation. What works is what has always worked: starting with whatever you have, staying consistent even when it is uncomfortable, and giving your investments enough time to do what they are designed to do. So if you are reading this and you have been putting off investing because you think the amount is too small, or the timing is not right, or the world feels too uncertain, I want you to hear this: you do not need perfect conditions. You need a decision. One small, quiet, unremarkable decision to begin. And then another one next month. And the month after that. The families I have seen build genuine financial freedom did not do it with one brilliant move. They did it with a hundred ordinary ones. Consistently. Patiently. Faithfully. Start today. Stay the course. Trust the process. The life you are building for your family is worth every peso you set aside. Karlo Biglang-awa is a Registered Financial Planner of RFP Philippines. The views and opinions he expressed herein do not necessarily represent the BusinessMirror. To learn more about personal financial planning, attend the 117th RFP program this August. Email info@rfp.ph or visit rfp.ph to learn more about the program.

REASURY bill (T-bill) yields fell on Monday as slow economic growth tempered expectations for aggressive monetary policy tightening, although shortterm yields could remain high as the Bangko Sentral ng Pilipinas (BSP) tries to keep inflation under control. The BSP could raise rates by a measured 25 basis points, then a hawkish pause, rather than pursue a faster tightening cycle, after secondquarter growth slowed sharply, said Manulife Investment Management and Trust Corp. Philippines Head of Fixed Income Jean Olivia De Castro. “Existing weak domestic demand raises the cost of overtightening even as inflation remains above target,” De Castro said. “Amid higher inflation and [foreign exchange] risk, local monetary policy could stay restrictive for longer.” Against this backdrop, shortdated bond yields, most sensitive to near-term BSP policy rates, could remain elevated while longer yields

could fall as investors expect a closer end to the hiking cycle, she added. The 91-day T-bill average yield dipped by 4.2 basis points to 4.995 percent from 5.037 percent recorded in the previous auction last week. The Treasury awarded yields ranging from 4.975 percent to 5.052 percent. Likewise, the 182-day debt papers fetched an average yield of 5.545 percent, down by 10.7 basis points from a week ago’s 5.652 percent. Yields ranged from 5.6 percent to 5.670 percent. Average yield on the 364-day securities slipped by 18.9 basis points to 5.723 percent from 5.912 percent. It has rates ranging from 5.898 percent to 5.938 percent. Yields fell as second-quarter economic growth came in weaker-thanexpected at 2.3 percent, reducing the urgency for the BSP to deliver more rate hikes, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort. Demand for T-bills was also strong, leaving the Treasury swarmed

as combined tenders reached P184.2 billion, making the auction 4.4 times oversubscribed. This prompted the auction committee to double the non-competitive bids across all tenors to P16 billion for the 91-day, P12 billion for the 182-day and P5.6 billion for the 364day tenor. With the outcome, the Treasury generated a total of P58.8 billion for the auction relative to the P42 billion programmed offering. Investors could continue to demand higher yields from the government as compensation for holding longer-term government bonds, De Castro said. As investments contracted by 9.2 percent and construction slumped by 14.8 percent in the second quarter, De Castro said near-term cash borrowing needs by the government may not surge immediately if spending is delayed. However, borrowing requirements could become more uneven as projects restart and spending catches

up, she noted. “The bigger implication is on the deficit dynamics: weaker investment or construction weighs on growth and revenues as the government may still need to finance priority spending over infrastructure spending,” De Castro said. “For investors, that combination argues for a higher risk premium driven by policy/implementation uncertainty and the risk that weaker growth slows improvement in debt metrics,” she added. The government seeks to raise P2.682 trillion this year, following a 70:30 financing mix in favor of domestic sources. So far, the government has borrowed P1.821 trillion to finance its programs and projects. Outstanding debt of the national government climbed to an all-time high of P19.065 trillion, pushing the debt-to-GDP to a 22-year-high at 66 percent in the second quarter. Reine Juvierre S. Alberto

Gross gaming revenues drop LandBank bond issue as players wagered less in Q2 in ’27 eyes over ₧10B

HE Philippines’s gross gaming revenues (GGR) dropped to P88.136 billion in the second quarter due to weaker earnings from electronic games (egames) as players wagered less and felt the pinch of the Middle East crisis. State gaming regulator Philippine Amusement and Gaming Corp. (Pagcor) reported last Monday that the GGR declined by 20.33 percent from the P110.631 billion notched in the same period a year ago. “The decline was driven by several factors, including the impact of inflation and the geopolitical crisis in the Middle East, which weighed on consumer spending, particularly on discretionary activities,” Pagcor Chairman and CEO Alejandro H. Tengco was quoted in a statement as saying. Revenue from electronic gaming, which includes e-games, e-bingo, bingo and poker, declined by 37.21 percent to P39.851 billion in the second quarter from P63.471 billion a year earlier. It accounted for 45.21 percent of total gross gaming revenue during the period. Licensed casinos, meanwhile, overtook electronic gaming as the industry’s largest source of revenue. Land-based casinos generated P45.37 billion, or 51.49 percent of total gaming revenue in the second quarter, up by 2.93 percent from P44.086 billion in the same period last year. Pagcor-operated casinos also contributed P2.905 billion, equivalent to 3.30

percent of industry GGR. This was 5.42 percent lower than the P3.072 billion recorded a year ago. This brought total GGR to P175.738 billion in the first half of 2026, down by 18.16 percent year-on-year from P214.752 billion. The decline in gaming revenues comes as the state gaming regulator grapples with weaker earnings from gaming operations. Pagcor’s total revenue also fell by 26.64 percent to P43.32 billion in the first half of the year from P59.05 billion in the same period last year as lower earnings from gaming operations weighed on its financial performance. Tengco said the gaming industry could eventually recover as operators improve services, adopt new technologies and strengthen responsible gaming measures. Regulatory tightening and weaker consumer spending are seen to weigh on the country’s gaming revenues this year, according to Standard and Poor’s (S&P) Global Ratings, which forecasts the GGR to decline by 7 percent before recovering by 2 percent in 2027. This puts the Philippines behind other Asia-Pacific gaming markets, such as Macao special administrative region (SAR) and Singapore—the region’s most attractive markets—but ahead of New Zealand in terms of GGR growth. In 2025, total GGR reached P396.138 billion, up by 6.39 percent from P372.334 billion in 2024. Reine Juvierre S. Alberto

By Andrea E. San Juan

HE L and Bank of the Philippines (LandBank) has pushed to 2027 its bond issuance to bag over P10 billion, the state-run lender’s top executive said. On the sidelines of the “2026 Outstanding BSP Stakeholders Appreciation Ceremony,” LandBank President and CEO Lynette V. Ortiz told reporters that the staterun bank will shelve its plan to issue bonds, opting instead to return to the debt market next year. “I think what we’re planning to do is, I mean, the rates are quite high. So we’re planning to likely do that next year,” Ortiz said. “I mean the last issuance we raised P50 billion, right? But it all depends. So for it to be worth it, I would say probably over P10 billion.” Last February 2026, the state-run bank raised P50 billion through its “Agriculture, Sustainability, Environment and Socioeconomic Development,” or “Asenso,” bonds, officially listed on the Philippine Dealing and Exchange

Corp. (PDEx). Proceeds from the sale of its debt papers will bankroll green and social projects nationwide, such as renewable energy, food security, housing, employment and socioeconomic empowerment. With the success of the Asenso bonds, the state-run lender initially planned a follow-up issuance. However, Ortiz said they have become “cautious.” “I think there are still a lot of headwinds; as you saw our GDP [gross domestic product] growth,” she added. “So we’re doing what we can within the factors and macroeconomic environment that we’re dealing with. I’d say that I think it’s really all about efficient balance sheet management; also managing our risk very cautiously, very well,” Ortiz told reporters. A month ago, Ortiz said while the bank is keen to go back to the market, she said “it will all have to be timed with general macro-environment, investor sentiment.” “We will go back. It’s just timing,” she said in July.

$600M grant from US to improve PHL capacity to respond to public health threats

HE Philippines received a $600-million grant from the United States to strengthen the country’s healthcare system and improve its capacity to respond to public health threats, according to the Department of Finance (DOF). The grant, equivalent to about P36.95 billion and does not require repayment, is under the “Strategic

Objective Agreement” (SOAG) for Integrated and Sustainable Health Systems in the Philippines. According to the DOF, the funding will build an integrated and selfreliant health system by improving health security, healthcare delivery and the country’s capacity to respond to infectious disease threats. Specifically, the Department of Health will implement the grant to

strengthen disease surveillance, detection and outbreak response; integrate health service delivery across disease programs; and improve domestic capacity to finance and manage the health sector. The fund will also support priority health initiatives covering Human Immunodeficiency Virus (HIV), tuberculosis (TB), neglected tropical diseases and maternal, newborn and

child health. The DOF added that the agreement will advance strategic bilateral cooperation on global health security and other priority health programs. The SOAG builds on more than six decades of health cooperation between the Philippines and the United States, read a statement the DOF issued. According to the DOF, the grant

is also part of the five-year “Health Strategic Objective Agreement,” a jointly funded plan signed by the Philippines and the United States last July to improve and sustain the capacity to detect, treat, and prevent HIV and TB, as well as strengthen global health security. Under the agreement, Manila committed to investing more than P30 billion, or $491 million, in

its health systems over the next five years. Washington, for its part, intends to provide more than P11.8 billion, or $193 million, over the five-year term of the agreement to advance shared global health goals, fight the spread of infectious diseases  and build greater autonomy and self-reliance in its health systems. Reine Juvierre S. Alberto

Tuesday, August 11, 2026 • Editor: Gerard S. Ramos

Art

BusinessMirror

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Spencer Ozo blurs boundaries in ‘Intimate Re�lections’

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Alyson Stoner, 33; Chris Hemsworth, 43; Ben Gibbard, 50; Ashley Jensen, 57. HAPPY BIRTHDAY: Live and learn. By being observant, the information you gather will help you as your year unfolds. Change is inevitable, so embrace it and enjoy it. The enthusiasm you exude will encourage those you encounter to assist you in whatever you decide to pursue. Partnerships are in the stars, but caution is necessary. Take nothing for granted. Your numbers are 2, 18, 23, 32, 38, 45, 49.

ARIES (March 21-April 19): Put your imagination to work for you. Explore the possibilities, and put your talents to good use. Being social will allow you to pick the brains of people who have something to contribute to your well-being and prospects. Go to the source to skip getting the runaround. Smart questions will lead to stellar results. Partnerships are highlighted. ★★★★★

INNER Thoughts (triptych), Spencer Ozo, 2026, acrylic on canvas, 24”x30” each

TAURUS (April 20-May 20): Slow down, consider the consequences and refrain from sharing too much personal information. Focus on using your skills and traits to ferret out specifics regarding domestic and professional situations. You’ll be misled if you aren’t insistent on in-depth input from qualified individuals. Leave no stone unturned when dealing with money or health issues. ★★

GEMINI (May 21-June 20): Push for answers. Having open dialogue will be your ticket to success and new beginnings. If you explore activities and projects of interest, you’ll expand your mind and insight into what’s possible. Gather information, and connect with those who share your interests. A change will help you engage in having a positive impact on what concerns you most. ★★★★

HEN Spencer Ozo made his solo exhibition debut in 2022 at Conrad Manila’s Gallery C, he was touted as the hotel’s homegrown artistic talent, serving as its assistant front desk manager. Four years later, Ozo returns for his follow-up showcase at the hotel’s long-running Of Art and Wine series with Intimate Reflections. The 25-piece presentation serves as a visual diary that logs his deepest emotions, personal experiences, and ongoing journey with self-discovery. It also carries the theme of duality beyond Ozo’s titles with a balanced mix of figurative and abstract artworks. “Through this collection, I hope to encourage reflection and meaningful conversations about identity, growth, and the shared human experience,” the multihyphenate said. Born and raised in Baguio City, Ozo joined Conrad Manila in 2017 and only began painting during the height of the Covid-19 global pandemic. He lost several loved ones during that time, and channeled his emotions on canvas using materials gifted by his cousin. Ozo proved to be a natural. Given his state of mind then, his earlier pieces centered on darker tones and themes, before expanding in concepts, colors and techniques. The growth takes center stage in Ozo’s ongoing show, which runs until September. The exhibition features several triptychs that visualize the artist’s psyche and appreciation for natural beauty. Inner Thoughts shows a human subject with its eyes closed and hair shared, as if caught deep into a state of introspection, turning in the series from one side to the next. Then, Whisper of the Wind

CANCER (June 21-July 22): Go over documents carefully, and make changes that protect you from being taken advantage of. Leave nothing to chance, and refuse to give anyone the right to disrupt your life. Taking in false information or not doing your due diligence will lead to mistakes. Take care of your health and financial well-being, and say no to anyone who makes unrealistic promises. ★★★

LEO (July 23-Aug. 22): Let your personality shine through and your enthusiasm mesmerize those you want on your team. How you present what you want to accomplish and promote who you are will determine who wants to tag along. Opportunity is within reach if you are resourceful and plan with precision. A change of heart will lead to better choices. ★★★

shows a maya mid-flight, flapping its wings rendered in realistic detail. Meanwhile, Oro del Mundo and Sun Glints serve as series of textured, cosmic-inspired abstractions heavy on gold and its complementary tones of blue and black. Ozo also presents a creative rendition of Osaka, with some of its culinary and pop-culture iconographies orbiting a heaping bowl of ramen. Whenever asked how he balances his day job with an art career, Ozo cites those who juggle the same roles as inspirations, including SM Investments executive vice president/feng shui artist Lizanne Uychaco and senior business analyst/environmental artist Lara Latosa, who have both exhibited at Gallery C as well. Ozo also points to a Japan trip with his wife, saying it keeps him inspired to create new artworks. In his speech during the show’s opening reception,

Ozo shared that he encountered the Japanese concept of misogi during their most recent trip. It’s about conquering a life-defining challenge as a key to selfdiscovery and happiness. Ozo said that this stretch of his exhibit feels like the payoff of his misogi, because he also learned the day before it opened that he’s going to be a dad. From his current post as front desk manager to his expanding role as visual artist and upcoming function as a father, Ozo has learned over the years to blur the boundaries between his many duties. After all, the path toward self-discovery is less about an eitheror proposition and more of an amalgamation of all things at once. “Art has been instrumental in shaping my understanding of who I am,” Ozo said. “It allows me to navigate personal histories, cultural influences, and emotional truths with honesty and intention.”

Experience Southeast Asia through music, dance, arts, and culture THEe National Commission for Culture and the Arts (NCCA), together with its Asean 2026 Philippines partners, invites the public to join the month-long celebration of Asean Month 2026, featuring a vibrant lineup of cultural showcases, performances, workshops, and community events that highlight the rich heritage and shared identity of Southeast Asia. Following the successful momentum of the Sulong SEAPop Music and Culture Caravan, the celebration continues this August under the Asean Chairmanship theme Navigating Our Future, Together. As Asean commemorates its

59th founding anniversary, Filipinos and visitors alike are encouraged to discover the traditions, creativity, and cultural diversity that unite the region’s 11 Member States. As part of the celebration, participants who joined previous Sulong SEAPop Music and Culture Caravan events are encouraged to bring their Sulong SEAPop Passport to continue collecting stamps through the Stamp Rally at participating Asean Month activities. Those who complete the required stamps will have the chance to receive exclusive prizes, with winners to be announced during the culmination of

the campaign in November 2026. Throughout August, attendees can participate in a variety of free and accessible events across Manila, including: ■ August 10 to 31: Asean Corner at the Metropolitan Theater and Centro de Turismo, featuring cultural exhibits and activities. (Open to all) ■ August 20: Interagency Asean Month Celebration, bringing together government agencies in a showcase of regional cooperation and shared heritage. ■ Throughout Asean Month: Sulong SEAPop Passport Stamp Rally, where participants can collect stamps at participating activities and qualify

for exclusive prizes. Most public activities are free, with advance registration required for workshops with limited slots. The public and media are encouraged to follow the official Asean 2026 Philippines and NCCA channels for schedules, registration details, and updates. From cultural performances and exhibitions to workshops and lectures, the celebration offers diverse opportunities for audiences to experience the richness of Southeast Asian culture. More information can be found at www.ncca.gov.ph and the Facebook page @NCCAOfficial.

VIRGO (Aug. 23-Sept. 22): You’ll be tempted by suggestions. Use information as a starting point to dissect and establish how you can incorporate what might work to help improve your skills and develop your plans. It’s better to work alone to avoid being overwhelmed or led astray. A premature change will set you back. Don’t apologize for taking time to make a decision. ★★★

LIBRA (Sept. 23-Oct. 22): Put your best foot forward and let your charm and intellect lead the way. Refuse to show disappointment or upset if someone gives you a hard time; instead, come back with kindness, consideration and enthusiasm as you proceed to follow your heart’s desire. You’ll slowly but surely become the Pied Piper, attracting those who have something to contribute. ★★★★

SCORPIO (Oct. 23-Nov. 21): It’s time to take a step back and reevaluate your situation. Study the pros and cons, and consider where your energy will be most effective. If you refuse to rush into something you have even the smallest reservation about, you’ll spare yourself money, time and upset. Pay attention to detail. ★★

SAGITTARIUS (Nov. 22-Dec. 21): Ride the wave, and engage in what excites you. Pay attention to where your money goes and the returns you receive. You can bring in cash if you handle your investments with insight and intelligence. Be innovative and disciplined when setting up your space to ensure you strive for the convenience necessary to complete whatever mission you pursue. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): Communication with someone close to you will confuse and unnerve you. Don’t let anger set in when what’s necessary is having understanding and the ability to redirect your energy into something that works for you. Stop bending to other people’s whims. The best results will transpire if you work toward a goal that helps you fulfill your dreams. ★★★ AQUARIUS (Jan. 20-Feb. 18): Observe what outsiders have to offer. If you show interest, you’ll receive double the information regarding how to avoid pitfalls and make the most out of what you want to pursue. Making a lifestyle change and visiting different destinations will encourage you to find your happy place and lead to better interactions with loved ones and those who can help you excel. ★★★

PISCES (Feb. 19-March 20): Put your energy into domestic solutions and improvements. Change may not be required, but an adjustment that offers space to redesign what’s important to you will lead to better results. Make investing in yourself your priority before you try to change the people and the world around you. Trust yourself before you trust someone else. ★★★ BIRTHDAY BABY: You are entertaining, imaginative and preventive. You are adaptable and trailblazing.

‘pest control’ BY JACKSON AND PATRICK MUSKER

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 “Mad” run 5 Twitch 10 Make small talk 14 Dos x cuatro 15 Michelangelo masterwork 16 Bat mitzvah or baptism 17 “Get well!” (In this answer, see letters 2-7) 19 Sephora rival 20 Stretched the truth 21 Pest ... or pester 22 “Je ne ___ pas” (French for “I don’t know”) 23 Vacant look 24 Like a mighty wind (... letters 2-5) 26 Fish in Hawaiian (not Greek!) cuisine 28 Nonurban outfitter 29 The lowdown 32 Pinpoint 36 Make up one’s mind 39 Fixes glitches ... or unscrambles this puzzle’s indicated letters? 42 Run a tab, say 43 Nancy who was the first madam

speaker 44 “Right away!” 45 St. Louis-to-Chicago dir. 47 They might be loose or tight 49 Alternative to the Buick Enclave and Chevrolet Traverse (... letters 3-8) 54 Target 58 Pearl Harbor’s island 59 ___-Magnon 60 Under Cupid’s spell 61 Silent signals 62 Like some lemurs (... letters 3-6) 64 Canal opened in 1825 65 Cornell and Columbia 66 Part of a deck 67 Morning host Kelly 68 Wooden duck, say 69 Bohemian DOWN 1 Removes, as a hat 2 Nail the midterm 3 Biblical queendom 4 Hal who won a Tony for “Mark Twain Tonight!” 5 Zoomed

6 7 8 9

Orchestra’s place Health insurance giant Sweet bargain TV mom whose blue hair makes her 8-foot-6 10 Fictional castaway Robinson 11 Sidesplitting 12 Spooky story? 13 Rib 18 (The light’s green!) 24 Grave-robbing spirit 25 Unencumbered 27 Sunburn balm 29 ___ Jima 30 Presently 31 Roast beef sandwich served au jus 33 IT VIP 34 Befuddled 35 ___ Mints (Girl Scout cookies) 37 Org. fixated on eagles and birdies 38 Amt. of vanilla, maybe 40 Design deet 41 St. Peter’s, for instance 46 Queasiness 48 Real first name of Queen Latifah

49 Lost cause 50 Indigenous New Zealander 51 Sharp-smelling 52 Take the wheel 53 Type of bond or column 55 Back biter 56 Prevent, as a crisis 57 Abe’s Mount Rushmore neighbor 60 ___-bitsy 63 Logical beginning? Solution to today’s puzzle:

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Editor: Gerard S. Ramos • Tuesday, August 11, 2026

Jolina Magdangal continues to make her presence felt IN Regalado’s home studio, from right: Thandii (Graham Godfrey and Jess Berry), Jun Regalado, Monina Regalado, and Sama Sama Records’ founder Norsicaa aka Alice Whittington, January 12, 2026.

BRITISH duo Thandii—Jess Berry and Graham Godfrey—blend soul, art-pop and Manila Sound influences on Coco Okayo.

BRITISH DUO THANDII TEAMS UP WITH JUN REGALADO, PHILIPPINES’ MOST RECORDED DRUMMER, FOR NEW ALBUM ‘COCO OKAYO’

WHEN a British alt-soul and art-pop duo collaborates with Filipino musical royalty, the result is Coco Okayo, a blinding flash of artistic spirit that transcends geographical and generational barriers. For London-based act Thandii, a chaotic whirlwind of a trip to Manila allowed Graham Godfrey and Jess Berry to explore a new cultural context of songwriting. After several prolific years of self-released albums, they channeled Godfrey’s Filipino heritage through Sama Sama Records’ founder Norsicaa’s ambitious project to make their next album with the most recorded drummer in the Philippines, Jun Regalado. Regalado is a 1998 KATHA Outstanding Musician, 2018 ALIW Lifetime Achievement Awardee, and Pakil’s Pride Awardee at the 2024 1st Laguna Jazz Festival. Now in his late 70s, his track “Pinoy Funk” was reissued by London- based Soundway Records in their 2024 Ayo Ke Disco album. On www.youtube.com/@JunRegaladoMusic over the past five years, he has also re-created drumming to nearly a hundred songs he originally recorded in the 1970s and 1980s. Regalado points out that Coco Okayo “is unlike OPM sessions or Manila Sound cuts I’ve done before and it is my first album collaboration experience outside of my peers.” Not only does Thandii take inspiration from the 1970s “Manila Sound” movement, but the sound of Manila itself is embedded in the album via the local recording studio. It was “like stepping into a time-warp”, the duo says. “Period correct pre-amps, compressors and instruments recreated the tones of the era and combined with Sir Jun’s magical sound and touch—it created an authenticity so completely right for the moment.” In exploring a sound born of the diaspora with roots in British soul music, Coco Okayo makes full use of the polymath abilities of both Berry and Godfrey. “I felt like the melodies and flurries of flute poured out of me during this whole process—it was quite freeing and explorative, and unlike any album we’d made previously,” Berry says. The resulting album dances around genres and influences, from OPM to soul, disco-funk and trip-hop, refusing to be categorized as any one thing and yet cohesive in its sound. Thandii likes to dub it MAR-NILA. “It’s a new genre coming from Filipino diaspora artists paying tribute to the Manila sound of the 1970s,” says Thandii, “but combining it with modern day post-punk-disco, beat-driven-art-pop music coming from the small seaside town of Margate”. Whichever way the listener might interpret it, it’s clear that Coco Okayo is not stuck between worlds but rather, it has built a utopian world of its own. Regalado invites everyone to support this deeply personal yet universal project, underlining its weight and meaning. “This is Filipino musicianship being celebrated abroad.” Coco Okayo by Thandii and Jun Regalado will hit Spotify and all streaming platforms through Bandcamp on September 11. Check out the single and pre-order the vinyl or digital album at lnk.bio/samasama/thandii.

OW a doting mom to two lovely kids, Jolina Magdangal is back doing what she does best in the wide performance spectrum. She plays the titular role in Mommy Guard, the newest morning series of TV5, as the network shifts to the fast lane with its highly charged slate of entertainment, news, public service and talent-driven programs. The good news is that Jolina is teaming up once more with Marvin Agustin, a tandem that took show business by storm during the 1990s when both were still in their teens. “It’s always good to reconnect, not only with Marvin but with an era where we provided so much joy to our fans who supported our loveteam and knowing that they continue to do so, every time we have a project or an engagement together,” she explained. For this new series, the two will be supported by Dominic Ochoa, Roxanne Guinoo and some newbies from Starworx, TV5’s artist management and development unit. Jolina is particularly excited with this huge responsibility of playing the lead character of a lady guard. “When I was given the script, I got excited because it is a refreshing take on a romcom, and I guess the material was written to match everything we are now—age-wise and maturity-wise. My character in particular got me truly excited to go to the set every taping day. The project also makes me feel good because it reminds me of the happy, good old days which Marvin and I had, and which we so generously shared with our fans.” Being in the business for almost four decades now, Jolina looks back with both fondness and gratitude. “I started young and I am just grateful that this industry has been really good to me and those I love most—my family, my husband and our kids.” Becoming popular in show business at an early age is likely, and almost always certainly, to do two things to these child actors: force them to grow up much faster than any ordinary child is expected to, and cause them to become so accustomed to the spotlight and adoration that is sure to fade once they reach a certain age. Once these situations unravel, celebrities who became famous at a young age tend to go off the rails to some extent but, thankfully, Jolina did not. The most critical factor perhaps in the pursuit of longevity for these celebrities who started very young is the presence of grounded, protective guardianship which Jolina fortunately had. “Early on, my parents instilled in me that my life as a child is a big blessing and when more blessings come, the more I should stay grounded and humble and simple. They made me realize early on that despite the extraordinary life I had as a child actor who transitioned to become a teenage celebrity, I needed to have balance and a lot of ‘normalcy’ in my life. I had time to play, to study, to rest, to do the things a ‘normal’ kid needed. My family was there in everything that I did and went through, and I will always be grateful for that, for them.” And despite the fact that she was growing up fast, it also helped that Jolina was allowed to pursue the

“arts” on her own terms, with as little judgment and scrutiny as possible, ensuring that her passion for her artistic pursuits in performance did not get in the way of her growing-up years, especially during her teenage phase where major changes were expected. Jolina was always allowed to have a safe space to step away from the pressures of the set. The transition from a child star to a successful adult actor is one of the most notoriously difficult paths in the entertainment world, but Jolina

successfully treaded that trail with a consistent kind of integrity and wholesomeness which solidified her bankability all these years, without compromising her God-given talents. With Mommy Guard expected to sit well with a more demanding and constantly evolving TV audience, Jolina Magdangal continues to make her strong screen presence felt, knowing that with a good material and a worthy cast backed up by a fearless network, all will work out very well.

ALTG RECORDS’ PLUME SINGS ABOUT BITTERSWEET FAREWELLS AND FATE IN NEW SINGLE WHAT if you had to say goodbye before tomorrow arrives? Baguio-based singer Plume explores this lingering question in his new single under AltG Records, “Ikot.” This track delves into the tender space between time loops and bittersweet farewells—saying that sometimes it’s fate and not fault that draws the final line in relationships. The story behind “Ikot” stems from a moment of contemplation between Plume and his partner. “The inspiration was a conversation between me and my girlfriend: ‘If you were to disappear the next day, how would you tell the other person?’ shares Plume. That raw question evolved into a track that refuses to place blame, choosing instead

to focus on the acceptance that sometimes relationships simply run their course. Rather than leaning into traditional heartbreak or angst, Plume offers his listeners a sense of comfort within the sadness through “Ikot.” “I want them to feel that goodbyes can be bittersweet at most,” Plume explains. “Sometimes the breakup isn’t really because of the fault of someone. Sometimes it can just be fate—that you’re not meant for each other anymore.” The title itself captures that dizzying feeling of reminiscing, about how your mind keeps turning, playing happy and painful memories over and over again like they’re on permanent play. “Ikot” is now available for streaming on all major digital music platforms nationwide.

‘Spider-Man: Brand New Day’ keeps record pace, ‘The Odyssey’ sets new high for Nolan

NEW YORK—Spider-Man: Brand New Day continued its blistering pace in theaters, collecting $144.5 million domestically over its second weekend, according to studio estimates on Sunday, while Christopher Nolan’s The Odyssey set a new high for the director. The Sony-Marvel release has accrued $1.67 billion worldwide in just 10 days of release, putting it on a trajectory to be among the biggest blockbusters ever. Domestically, no movie has wracked up a higher total faster. In US and Canadian cinemas, Brand New

Day has grossed $655.1 million thus far. Overseas, it’s already surpassed $1 billion. It took only seven days for Brand New Day to become the highest grossing movie of the year, easily displacing Toy Story 5 ($1.07 billion worldwide). No Sony film has ever cleared $100 million in its second weekend before. It came close to toppling the best sophomore frame on record: The Force Awakens, with $149.2 million in 2015. Christopher Nolan’s The Odyssey also crossed $1 billion. In its fourth weekend, the Universal Pictures release added $31.5 million domestically to bring its global total to $1.1 billion. Nolan’s Homeric epic is the director’s first movie to reach that threshold since 2012’s The Dark Knight Rises. It now ranks as Nolan’s biggest box-office hit ever, not accounting for inflation, eclipsing both The Dark Knight Rises ($1.08 billion) and 2009’s The Dark Knight ($1 billion). Nolan’s Oppenheimer ($975 million) ended just shy of the milestone. A big part of that success, of course, has been on IMAX. With $147.3 million domestically on the

company’s large-format screens, The Odyssey now ranks as IMAX’s highest grossing domestic release of all time. The Odyssey still has one major market left. It opens in China on Friday. Spider-Man: Brand New Day and The Odyssey have helped drive Hollywood to its best box-office year since the pandemic. Ticket sales are running 18.5 percent ahead of last year, according to Rentrak. There have already been five $1 billion movies—more than any year since 2019. The other two were Michael and The Super Mario Galaxy Movie. Rentrak forecasts that the overall summer theatrical revenue will reach $4 billion on Monday. That seasonal mark has long been a sign of thriving business for Hollywood. Since the pandemic, the only summer to surpass $4 billion was 2023, when Barbie and Oppenheimer drove ticket sales. According to Rentrak, summer revenue is just $14.8 million shy of $4 billion through Sunday. A pair of comedies tried to provide some counterprogramming to the blockbusters but made

little impact. One Night Only, a Will Gluck-directed romantic comedy where premarital sex is outlawed except for one night a year, opened with $5.7 million. The Universal release, starring Monica Barbaro and Callum Turner, cost about $25 million to make. Reviews weren’t good (46 percent fresh on Rotten Tomatoes) but audience scores (a “B+” CinemaScore) were better. Coming in fourth was Fox Searchlight’s Super Troopers 3, the third in the long-running comedy series from the comedy troupe Broken Lizard. It debuted with $4 million. Two new limited releases packed theaters. A24’s Tony, starring Dominic Sessa as a young Anthony Bourdain, grossed $348,955, good for one of the best screen-average openings of the year: $58,159 per theater. Mubi’s Teenage Sex and Death at Camp Miasma, from I Saw the TV Glow filmmaker Jane Schoenbrun, debuted with a per-location average of $50,300 across five screens. AP

Tuesday, August 11, 2026

SHFC marks 38 years of Community Mortgage Program with PCUP partnership, title awarding

he Social Housing Finance Corporation (SHFC) strengthened its commitment to community driven housing by forging a partnership with the Presidential Commission for the Urban Poor (PCUP), marking another milestone as the Community Mortgage Program (CMP) celebrated its 38th anniversary recently. The partnership reinforces SHFC’s support for President Ferdinand R. Marcos, Jr.’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program, implemented by the Department of Human Settlements and Urban Development (DHSUD) under the leadership of Secretary Jose Ramon Aliling. The Memorandum of Understanding (MOU), signed on August 3, 2026, in Makati City by SHFC President and CEO Federico Laxa and PCUP Chairperson and CEO Undersecretary Michelle Anne Gonzales, aims to expand access to community-driven socialized housing for organized urban poor communities through stronger inter-agency collaboration. Under the agreement, PCUP’s ALPAS Komunidad Program will be integrated with SHFC’s housing initiatives, helping more organized communities get access into socialized housing services while strengthening community organizing, social preparation, technical assistance, and project development. In his message, Laxa underscored SHFC’s continuing efforts to revitalize the CMP, now the Enhanced CMP and transform it into a more responsive

Taytay residents participate in kidney health screening during the rollout of the “Iwas Dialysis, Ligtas Kidneys: Get CheCKD Habang Maaga Pa!” program at SM City Taytay. The community-based activity makes early kidney health screening more accessible, giving residents the opportunity to know their kidney health status and take the first step toward prevention

and impactful housing program for organized communities. He expressed optimism that the collaboration with PCUP would further strengthen government efforts to serve more Filipino families. “Maraming salamat sa PCUP na alam kong magtutulungan kami upang lalo pang mapaganda ang benepisyong ibibigay natin sa ating mga kababayan [“Thank you very much to PCUP, I know we will work together to further improve the benefits we will provide to our countrymen],” he added. For her part, Gonzales recognized the efforts of DHSUD and SHFC in advancing the Expanded 4PH Program and pledged PCUP’s full support for the initiative. “Asahan n’yo po ang buong suporta ng PCUP. [You can count on the full support of PCUP.] More power to SHFC, and we will do our best to help empower the lives of the people and the communities who will live in the houses you will be building,” Gonzales said. As part of the celebration of CMP’s 38th anniversary with the theme “Bahay, Buhay, Magandang Kinabukasan,” SHFC also awarded Transfer Certificates of Title (TCTs) to 20 member beneficiaries from three CMP communities in Valenzuela and Caloocan cities. The recipients were from the Samahang Magkakapitbahay ng Rosepacking

Homeowners’ Association, Inc. (HOAI) Phase I and Villa Enrico Heights HOAI in Valenzuela City, and Samahang Mapalad ng Amparo HOAI in Caloocan City. Speaking on behalf of the beneficiaries, Samahang Mapalad ng Amparo HOAI President Carmelita Malinao expressed her gratitude to SHFC for helping their community achieve secure land tenure.”Nagpapasalamat po ako sa SHFC, dahil nagkaroon po kami ng bahay. Hindi na po kami nangungupahan at sarili na po naming lupa ito [I am grateful to SHFC, because we have a house. We are no longer renting and this is our own property],” she said. SHFC, together with the DHSUD, has been continuously awarding land titles and checks for land acquisition to housing beneficiaries, reaffirming the agency’s commitment under the leadership of Aliling to bring government housing programs and services closer to the people. Since its inception in 1988, the CMP has provided security of tenure to more than 300,000 families nationwide, a testament to the government’s enduring commitment to making homeownership accessible to low-income and underserved Filipino communities. For more information on SHFC projects and application procedures, the public may visit www.shfc.gov.ph or call (02) 5322-7300.

Okada Foundation, Inc. strengthens Naga City’s public health system with P135M healthcare donation

The ceremonial turnover was attended by OFI President James Lorenzana, Naga City Mayor Leni Robredo, local government officials, and healthcare leaders.

KADA Foundation, Inc. (OFI) is helping to strengthen Naga City’s public health system through a P135-million healthcare donation that supports hospitals, health centers, and community healthcare services across the city. Turned over on July 27, 2026, the initiative helps improve the capacity of local healthcare institutions to provide quality care while bringing essential medical services closer to more communities. The donation includes one customized mobile clinic and one garbage truck compactor for the City of Naga, together with medical equipment for the Naga City General Hospital, City Health Offices I and II, and Our Lady of Lourdes Infirmary. These resources strengthen healthcare delivery while supporting the city’s broader public health and sanitation efforts. The ceremonial turnover was attended by OFI President James Lorenzana, Naga City Mayor Leni Robredo, local government officials, and healthcare leaders. As the charitable arm of Okada Manila, OFI works alongside communities and institutions to support initiatives that address local needs and create meaningful, lasting impact. The donation strengthens healthcare services across multiple levels of care in Naga City. City Health Offices I and II and Our Lady of Lourdes Infirmary received medical equipment that supports routine laboratory testing, patient assessment, and primary healthcare services, while the Naga City General Hospital was equipped with specialized diagnostic, surgical, maternal care, and critical care equipment. Together with the city’s new mobile clinic, these resources help healthcare providers

respond more effectively to the everyday healthcare needs of residents. A customized mobile clinic further extends these services to more communities across the city. At the community level, City Health Offices I and II and Our Lady of Lourdes Infirmary received hematology and chemistry analyzers, portable X-ray units, ECG machines, microscopes, pharmacy refrigerators, sterilizers, centrifuges, fetal Dopplers, and other equipment that support routine laboratory testing and primary care. The Naga City General Hospital received more advanced medical equipment, including a tissue processor, centralized electronic fetal monitor, 2D echocardiography system, anesthesia machine, arterial blood gas analyzer, cardiotocography machine, infusion pumps, and other specialized equipment that enhance hospital-based patient care. The additional resources are expected to strengthen services across the city’s healthcare network. City Health Office I, which serves around 100 patients daily and supports 10 barangays with an estimated population of 63,000, will be better equipped to respond to the needs of its growing community. Meanwhile, Our Lady of Lourdes Infirmary, which attends to 50 to 60 patients each day, will also benefit from improved diagnostic and patient care capabilities. OFI President James Lorenzana shared that, “A strong public health system begins with giving healthcare professionals the resources they need to care for their communities. We hope these donations help strengthen healthcare services across Naga City and make a meaningful difference in the lives of the families who rely on them every day.” Strong public health extends beyond hospitals and clinics. The city’s new mobile clinic will help bring essential healthcare services closer to communities, while the garbage truck compactor strengthens sanitation efforts that help keep neighborhoods cleaner and healthier. Together with the donated medical equipment, these resources reinforce Naga City’s efforts to build a more responsive public health system. “This is a meaningful partnership for Naga City because it strengthens the work our healthcare institutions do every day. With these additional resources, we can better support our healthcare workers and provide quality care to more residents across our communities,” Robredo said. Healthy communities are built when healthcare services continue to evolve alongside the needs of the people they serve. With stronger support for hospitals, health centers, and public health programs, more families in Naga City can benefit from timely care, healthier surroundings, and a healthcare system better equipped to meet the needs of the community. For more information about Okada Foundation, Inc.’s initiatives, visit www.okadamanila.com.

‘Iwas Dialysis, Ligtas Kidneys’ brings early kidney health screening closer to Taytay residents

AYTAY residents are taking proactive steps to protect their kidney health through accessible community-based screening efforts led by the local government in partnership with Boehringer Ingelheim Philippines. Chronic kidney disease (CKD) often develops silently, with many individuals unaware they have it until symptoms appear or the disease has progressed. In the Philippines, an estimated 13 million Filipinos, or 11.2 percent of the population, are living with CKD, underscoring the importance of early screening to identify risks sooner, access timely care, and help prevent further disease progression. Recognizing the importance of early CKD detection, the Municipality of Taytay, in partnership with Boehringer Ingelheim Philippines, and with the support of Angat Taytay, has expanded access to kidney health screening and education through the “Iwas Dialysis, Ligtas Kidneys: Get CheCKD Habang Maaga Pa!” program. Implemented under the leadership of the Municipal Government of Taytay, and in coordination with local barangay officials, barangay health centers, and community groups, the program brings kidney health screening closer to residents, helping them understand their kidney health, identify potential risks early, and take proactive steps toward prevention. The initiative also supports the goals of the Universal Healthcare Act (RA 11223) by strengthening primary and preventive care at the community level and bringing essential health services closer to Filipino families. “Sa Taytay, naniniwala tayo na ang tunay na malasakit ay hindi lang nakikita sa paggagamot, kundi sa maagap na pag-iwas sa sakit. Ang kidney disease ay madalas tahimik, kaya mahalagang mailapit ang libreng screening sa ating mga kababayan. Kapag maaga nating natutukoy ang panganib, mas marami tayong buhay na napoprotektahan at mas maraming pamilyang naiiwasan sa mabigat na gastusin at pagdurusa,” said Taytay Mayor Allan De Leon. [“In Taytay, we believe that true compassion is not only shown through treating illness, but also through preventing it before it begins. Chronic kidney disease is often silent, which is why it is important to bring free screening closer to our communities. When we identify risks early, we can protect more lives and help more families avoid the burden of high medical costs and suffering.”] In Taytay, the initiative has reached nearly 4,000 residents in just two months, reflecting the strong community response and reach of kidney health screening efforts across the municipality. The program brought screening services to the Taytay Municipal Hall; barangays Sta. Ana, San Juan, San Isidro, and Dolores; communities such as Sitio Batasin, Montevista Subdivision, and Cielito Homes II; and key venues including SM Taytay, schools, police stations, and fishports. These efforts demonstrate how strong partnerships

between local government, community organizations, and the private sector can make preventive kidney care more accessible and encourage more residents across Taytay to take early action. “The best healthcare is the illness that never happens. Prevention is the most compassionate and cost-effective investment any local government can make. Kidney disease is often a silent condition, and through preventive screening, we give our residents something more valuable than medicine—we give them time, knowledge, and the chance to act early. A healthier community is ultimately a stronger and more resilient Taytay,” said Dr. Aldwin Aguinaldo, Municipal Health Officer of Taytay. The initiative reflects the shared commitment of Boehringer Ingelheim Philippines and the Municipality of Taytay to strengthen community-based healthcare and expand access to early detection. Through the “Iwas Dialysis, Ligtas Kidneys: Get CheCKD Habang Maaga Pa!”, Boehringer Ingelheim Philippines continues to support the Municipality’s efforts to raise awareness of CKD, promote early screening, and empower residents to take action toward better kidney health. “Early detection can make a meaningful difference in chronic kidney disease, and it begins with improving access to screening in communities that need it most. At Boehringer Ingelheim, we are committed to improving health outcomes by working with local governments, community organizations, and healthcare providers to bring kidney health education and screening closer to more Filipinos, empowering them to take action early,” said Dr. Greta Cortez, Head of Medicine, Boehringer Ingelheim Philippines. By bringing together local government, healthcare providers, community organizations, and industry partners, the initiative helps connect more residents to early screening, preventive care, and timely support. These collective efforts can help reduce the long-term burden of chronic kidney disease and build healthier communities. The program will continue expanding kidney health screening opportunities for Taytay residents through upcoming community-based activities in July and August. Screening activities will be held across different locations in Brgy. Dolores, Brgy. San Isidro, and SM Taytay, giving more residents opportunities to learn about their kidney health and take early action. Upcoming screening schedules include: August 8 – 30 – Brgy. San Isidro August 9 – 29 – Brgy. Dolores August 23 - Sitio Tagumpay August 29 - Sitio Bayabas Purok 1 August 30 - Sitio Bayabas Purok 5 Early screening can make a difference. Taytay residents are encouraged to visit their nearest health center or join the upcoming community screening activities to know their kidney health status and take proactive steps to protect their kidneys.

NephroPlus Philippines expands kidney health advocacy through ‘Kaagapay sa Kalusugan ng Bato’ Initiative

AVING reached six communities across the Philippines since its launch in 2025, NephroPlus Philippines continues to expand its flagship kidney health education initiative, “Kaagapay sa Kalusugan ng Bato,” bringing essential kidney health education, patient empowerment, and community engagement closer to Filipinos nationwide. Conducted quarterly, the initiative underscores the organization’s commitment to improving kidney health awareness and equipping dialysis patients, caregivers, and the public with the knowledge and support needed to better manage chronic kidney disease (CKD). Launched in the second quarter of 2025 in Quezon City, Metro Manila, the initiative has steadily expanded its reach to communities across the country. Following its inaugural session, Kaagapay sa Kalusugan ng Bato was successfully conducted in Biñan, Laguna; Bacolod City (Negros Occidental); Isabela; Cagayan; and most recently, Baguio City. Held every quarter, the program reflects NephroPlus Philippines’ longterm commitment to making kidney health education more accessible to Filipinos nationwide and bringing essential kidney health information closer to the communities that need it most. Each session brings together dialysis patients, caregivers, healthcare professionals, and community members for interactive discussions on kidney disease prevention, early detection, proper disease management, nutrition,

medication adherence, vascular access care, and lifestyle modifications that help improve patients’ quality of life. Participants are also given the opportunity to raise questions and receive practical guidance from healthcare professionals regarding their treatment journey. Beyond health education, the initiative provides a valuable venue for patients and caregivers to connect, exchange experiences, and build a supportive community. By fostering these meaningful interactions, NephroPlus recognizes that emotional and social support are equally important in helping patients navigate the challenges of living with chronic kidney disease. “At NephroPlus, we believe that quality dialysis care extends beyond the treatment provided inside our clinics. Through “Kaagapay sa Kalusugan ng Bato,” we aim to empower patients and their families with the knowledge, confidence, and support they need to actively participate in their healthcare journey and improve their quality of life,” said Gowtham Arumugam, Country Head of NephroPlus. The initiative reflects NephroPlus Philippines’ patient-first philosophy, where every dialysis patient is regarded as a “guest” and receives holistic care that goes beyond clinical treatment. By continuously engaging communities through education and advocacy, the organization seeks to increase awareness of chronic kidney disease, encourage regular screening

among high-risk individuals, and promote timely medical intervention before the disease progresses. Chronic kidney disease remains a growing public health concern in the Philippines, with many patients diagnosed only after the disease has reached its advanced stages. Healthcare experts emphasize that regular monitoring of blood pressure, blood sugar, and kidney function—particularly among individuals with diabetes, hypertension, or a family history of kidney disease— can help detect kidney disease early and slow its progression. As one of the country’s leading dialysis care providers, NephroPlus Philippines remains committed to working closely with government agencies, local government units, healthcare professionals, and community organizations to improve access to quality dialysis care while advancing kidney health education throughout the country. Building on the momentum of its nationwide advocacy, NephroPlus Philippines will continue the “Kaagapay sa Kalusugan ng Bato” initiative with its next quarterly session scheduled in September 2026 in Guimba, Nueva Ecija. The upcoming event aims to reach more patients, caregivers, and community members with practical knowledge on kidney disease prevention and management while strengthening local partnerships that promote better kidney health outcomes. Now in its second year, “Kaagapay sa Kalusugan ng Bato” continues to

NephroPlus Philippines recently held its Kaagapay sa Kalusugan ng Bato program in Baguio City to promote kidney health awareness. The company welcomed Dr. Noli Velasquez, Transplant and Vascular Surgeon, who shared insights on vascular access and the importance of timely kidney care. reach more communities every quarter, reinforcing NephroPlus Philippines’ mission of delivering compassionate, patient-centered care while empowering Filipinos to take a more active role in protecting their kidney health. Through sustained education, collaboration, and community engagement, NephroPlus Philippines remains dedicated to building healthier communities and helping more Filipinos live better lives beyond dialysis.

World Features

www.businessmirror.com.ph • Editor: Angel R. Calso

BusinessMirror

Tuesday, August 11, 2026

$20M wedding shows Zimbabwe who’s really running the country By Antony Sguazzin Bloomberg News

N late May, Zimbabwe’s one percent gathered at a polo club on the outskirts of Harare to celebrate the marriage of one of their own. The country had never before seen a wedding like this. From the groom’s father, a presidential advisor and USsanctioned tycoon, the couple received $17.5 million in cash and land. From government ministers, politically connected businessmen and the sons of President Emmerson Mnangagwa, Kudakwashe Tagwirei and Poneso Tinomuda Janda were showered with luxury cars, rare cattle and hundreds of thousands of dollars. The president delivered a speech, and the American R&B band Boyz II Men gave a surprise performance at the reception. This parade of wealth and influence, documented on state and social media, was a clear illustration of who now holds power in the southern African country. While Zimbabwe struggled with years of misrule and economic ruin under former leader Robert Mugabe, a Marxist who largely shunned business and abhorred ostentatious displays of wealth, that has changed dramatically under Mnangagwa. During his tenure, a handful of entrepreneurs have become enormously wealthy through government procurement programs, access to some of the country’s most profitable mines and generous state tenders. That’s happened as the prices of gold and platinum, two of Zimbabwe’s key resources, have surged, and the country has become a main lithium supplier to China. After a months-long campaign, some of those entrepreneurs accomplished one

of their main political objectives several weeks ago when the government abolished the presidential vote and amended the law to extend 83-yearold Mnangagwa’s term by two years, until 2030. That’s a major change to the system— even under Mugabe, elections were always held on the dates stipulated in the constitution. “It’s the beginning of a oneparty state,” warned Stephen Chan, a professor of world politics at the School of Oriental and African Studies in London, during a talk last month. “Not just a one-party state, but an authoritarian party state and an oligarchic party state.’’ By bankrolling politicians and securing powerful positions within the governing Zimbabwe African National UnionPatriotic Front (Zanu-PF), the businessmen have also started to alter the party, which has ruled the country since it achieved independence in 1980. Historically led by aging struggle veterans, some now rely on what Chan calls the “new class of oligarchs” for financial support. “The party needs money,” he said in an interview, “and they have bought their way in.’’ The major players were in attendance at the wedding. Kudakwashe Tagwirei, a tycoon under US and UK sanctions for alleged corruption, formally joined Zanu-PF’s leadership last year by being appointed to its top decision-making body. According to local media reports, he gifted 300 luxury vehicles to senior party leaders during this process. Wicknell Chivayo, a businessman whose ventures

COMMUTERS cross a footbridge in the central business district of Harare, Zimbabwe, on Monday, February 12, 2024. CYNTHIA R MATONHODZE/BLOOMBERG

include solar power and logistics, also gave expensive vehicles to opposition lawmakers who agreed to get behind scrapping presidential elections. And Scott Sakupwanya, a metals trader who was featured in an Al Jazeera investigation into gold smuggling, is a member of parliament for Zanu-PF. With these moves, “they are making sure they have access” to the president, said Trevor Ncube, a Zimbabwean owner of independent newspapers that are critical of the government. “Should anything happen, they will be part of the next administration or can inf luence it.” Tagwirei, Sakupwanya and Chivayo did not answer multiple phone calls or reply to text messages seeking comment. The men have all publicly rejected allegations of corruption, describing them as politically motivated. With the blessing of the senate and 280-member parliament, Mnangagwa signed the amendment to extend his term and empower parliament to select the next president on July 7, telling the state-run press it had been a “collective” decision. Just two years ago, the president forced one of Ncube’s newspapers to publicly apologize for suggesting he might try to

remain in power. Wilf Mbanga, the founder of the Zimbabwean, a newspaper distributed in the UK and South Africa, describes the changes as a way for the new business elite to entrench control and circumvent a vote. “They know they can’t appeal to all Zimbabweans to be elected,” he said. “That’s why they have been pushing for the amendments.” In response to queries, ZanuPF’s information secretary Chris Mutsvangwa said that the term extension will stabilize the business environment and usher in “a period of political and governance certainty.” He also dismissed suggestions that it was motivated by external factors. “The finger pointing at a few business figures is neither here nor there,” he said. Before the amendments were passed, they were met with deep public resistance. Court cases and requests for a referendum were brushed aside, and human rights groups say that protestors were assaulted and prevented from speaking at public hearings. The campaign has also fractured the ruling party. A prominent retired air marshal wrote to parliament in March demanding a referendum on the measures, saying the failure to hold one would be “a

betrayal not of us but of every Zimbabwean who hoped for a better country.” Constantino Chiwenga, Mnangagwa’s vice president, criticized Tagwirei for “buying” his way into the party and warned of “bloodshed” if the term extension went through. In an address last year at a graveyard where many of Zimbabwe’s liberation heroes are buried, he referred to the clique of businessmen as “Zvigananda” a word whose origins come from a Shona term for blood-engorged ticks. The vice president accused the men of betraying the country’s revolutionary values. “There is tension in the country,” said Ncube, the newspaper owner. Referring to Chiwenga, he added, he “has got a loyal group of military people, retired commanders, who are saying this is not what we fought for.” In a June report, the International Crisis Group warned that a coup could be one possible outcome: “The risk is that Chiwenga will come to see such a gambit as the only route to reach a position he feels he is owed.” Chiwenga led the 2017 coup. Still, he will struggle to secure power without the party’s financial backers, said Chipo Dendere, assistant professor of Africana at Wellesley College in Massachusetts. “The vice president has openly spoken against corruption” and oligarchs, she said, “but since these types hold the party purse I don’t see how he can have a political career without their support.” The situation echoes the waning years of Mugabe’s rule, when old allies were jettisoned after a group of businessmen won favor with the aging leader and his increasingly influential wife Grace. Mugabe removed Mnangagwa from his post as vice president in November 2017, and a coup followed a week later. At the time, Zimbabwe was deeply in debt to multilateral lenders. Its economy provided little formal employment, and waves of Zimbabweans were

emigrating to South Africa and the UK. Upon taking power, the new president promised a revival and return to the global economy. “Mnangagwa spent years presenting himself as a reformer who had broken with the Mugabe era, and was committed to international re-engagement,” said Zaynab Hoosen, a senior Africa analyst at intelligence advisory agency Pangea Risk. But nine years on, that still hasn’t happened. Despite a booming lithium industry, record tobacco production and the surge in gold and platinum prices, Zimbabwe remains in default to international lenders. It’s been in arrears for 26 years, and a quarter of its population has left. For now, the country’s relationships with external creditors remain frozen. The World Bank, African Development Bank, European Investment Bank and Paris Club, which have loaned to Zimbabwe in the past, are precluded from extending more credit until previous debts have been paid. In addition, unlocking access to credit is also contingent on enacting democratic reforms. The recent amendments could make the country even more of an international pariah and deepen its economic crisis, said Hoosen. “Political and governance reforms are an explicit part of Zimbabwe’s dialogue with creditors,” she said. At home, the brazen intermingling of money and politics is likely to add to ordinary Zimbabweans’ disillusionment with democracy. Since 2000, every election has been marred by allegations of voter intimidation and fraud. “It was never like this in the past,” said Tinei, a construction worker in Harare who asked that his surname not be used. “But maybe times are changing very fast. I guess it pays to be in politics.”

Outsiders pay $6,500 to learn Southern sorority rush’s unwritten rules By Gabriel Baumgaertner Bloomberg News

HEN Lindsay Lookingbill told a friend that her daughter, Reagan, would be attending the University of Mississippi, the friend offered an unexpected bit of advice: If Reagan is rushing a sorority, she should hire a rush coach. Lookingbill, a teacher in Mount Airy, Maryland, found the idea of paying four figures to help her daughter accessorize outfits and socialize with college students absurd. When she floated the idea past her husband, he called it the most ridiculous thing he’d ever heard. One year later, Lookingbill says she’s glad they changed their mind. “You’re not going into another world. You’re not going to Mars,” she says. “But you are going into a different culture.” The push by tens of thousands of young women to gain acceptance into sororities at large schools in the Deep South has moved beyond TikTok to something more fixed in the American zeitgeist. At the same time, more of these sororities’ potential new members, or PNMs, are outsiders from the Northeast, Midwest and West. Many want to be part of Southern Greek life but don’t know where to start. Their parents are turning to rush coaches like the one Lookingbill hired to ensure that their daughter isn’t heartbroken before classes begin. Rush coaches have been around for most of this decade. But the area codes of the clients blowing up their phones have

changed, they say. “Until very recently, people didn’t even know this industry existed outside of the South,” says Trisha Addicks, founder of It’s All Greek to Me, a sorority consulting firm in Atlanta. Her one-year program costs $6,500. This fall, Addicks is unveiling a two-year Legacy Mentorship package for $12,000. When Lorie Stefanelli arrived at the University of Alabama on the eve of the school’s annual sorority rush, which started Saturday, the founder of Greek Chic consultants in New York spent much of the day exchanging texts with eight families. Six of those eight hailed from New York, New Jersey or Connecticut. The other two were from Texas and Missouri. After Stefanelli leaves Tuscaloosa, she plans to stop at Auburn University, where most of her clients are from the tristate area and Illinois. “I used to have five clients a season when I started doing this,” Stefanelli says. “Now I have close to 80.” She left her job as a human resources manager to run Greek Chic full-time in 2024.

Rules of the game

CLIENTS get advice on securing cute, elegant outfits and auditing social media profiles to scrub any images that could jeopardize their candidacy. That means removing photos with red Solo cups (it’s unbecoming) or skimpy outfits (too suggestive) and highlighting photos with friends. A profile featuring too many selfies may look self-absorbed. This advice comes at a steep price.

Lookingbill, the Maryland teacher, was already paying $21,000 in out-of-state tuition. Dues would easily add at least $3,000 per semester if Reagan got into a sorority, even if she lived outside the house. Lookingbill changed her mind after the friend described her daughter’s rush week at Auburn University. It included more than a week’s worth of August days with mid-90s heat walking a new campus, often in fitted dresses, high heels and perfect makeup. Young women also had to navigate conversations as sorority members judged everyone’s character and appearance. Any runny mascara, lazy gaits or vocal fry could be grounds for rejection. It didn’t go well for the friend’s daughter, marring her freshman year. The Lookingbills took a meeting with Mindy Farr, the founder of SororitySolutions in Alabama. Farr acknowledged that the process — a few days of meetings, the pain of getting cut or the thrill of selection — would look familiar to the one she and Lookingbill endured during their college days. The difference, Farr stressed, was the added pressure that social media creates. She’d witnessed more girls focusing too much on purchasing expensive and unnecessary outfits, often promoted by active sorority members through their social media profiles. Instead, Farr said, they ought to concentrate on honing the ability to present themselves naturally and confidently so they can conduct stimulating and appropriate conversations in a noisy room.

In 2022 the University of South Carolina found that the average #RushTok video garnered about 66,000 views. That kind of exposure drives the obsessions with “top houses” and brand ambassadorships that Farr says warps the rush process. She also says that active sisters can sniff out any candidate too focused on potential fame and fortune. Two months before stepping onto campus, PNMs need to record an introductory video for every chapter to view, prepare a résumé with a professional headshot, secure letters of recommendation from respected chapter alumnae and detail their philanthropic goals. Lookingbill says that Farr has the cultural literacy she lacks, plus a strategy to attack a process that resembles applying to college more than joining a social club. And Farr’s connections helped Reagan secure those trusted letters of recommendation. Several schools in the Deep South have successfully lured students from elsewhere over the past decade with big football games, active Greek life and generous scholarship offers, resulting in a massive surge in enrollment. Since 2004, Louisiana State University, Alabama, Georgia, Mississippi and Tennessee have more than tripled their percentage of incoming first-year students from outside the regional South, according to data from the National Center for Education Statistics. “Most of my clients are looking for sports culture, school spirit and a place where the community really rallies

around the university and their students,” Stefanelli says. “And if you’re going to go to a school like that, you may as well go all the way and join Greek life.” More than half of the undergraduates at Mississippi and Auburn are affiliated with either a fraternity or sorority, and about 40% of undergrad students at Tennessee and Alabama go Greek. At Clemson University, there were twice as many new sorority members in 2025 (1,869) as in 2017 (905).

Bama or bust

WHEN Alabama sophomore Brooke Goodrich traveled from Millbury, Massachusetts, to visit Tuscaloosa during her junior year of high school, she decided it would be the only school she’d apply to. She was determined to join the waterski team and rush a sorority, so Goodrich and her mom hired Stefanelli. For $3,000, she received four individual prep sessions and full on-call access to Stefanelli during rush week. “I knew nothing about Southern sorority rush before I hired Lorie,” Goodrich says. “By the time I got to campus, I felt confident, because she prepared me for what questions to expect, how to have a successful conversation, and helped me pick out my outfits.” After “six months and a lot of texting,” Goodrich earned a bid to Alpha Chi Omega. “I got what I paid for, 100%.” Addicks, author of the 2026 book The Rush Bible, says she started consulting because she recalled the pain of not receiving a bid in her freshman year at

the University of Georgia in 1986. She argues that the confluence of social media and increased enrollment from the Northeast and West Coast has made Southern sorority rush “exponentially” more intense than it was even 10 years ago. Addicks hosts an annual mock rush event to psychologically prepare her clients. Demand for rush coaching is high enough that current undergraduates are starting businesses: Auburn senior Marisa Mathson, who grew up in Iowa, started hers, Refined Presence, this year. She sold out of gold ($315) and platinum ($550) packages that include wardrobe consultations, social media audits and interview coaching sessions. She says that she’s been in touch with about 70 girls before rush. “I work with a lot of girls who are from California, Chicago and up in the Northeast who either don’t have family members who have rushed at all or did not rush in the South,” Mathson says. “And so they’re just very nervous and very apprehensive about what the process is going to be like.” When Farr began working with Reagan, Lookingbill says, her daughter learned how to polish her résumé and conduct cheerful and engaging conversations with strong posture and focused eye contact. Reagan knew to steer clear of forbidden topics like partying, religion and politics. Projecting that kind of confidence, Farr argues, impresses prospective sorority sisters the way it might one day impress a hiring manager at a Fortune 500 company.

Tuesday, August 11, 2026

www.businessmirror.com.ph

Ombudsman sets investigation of ₧60-B flood control projects

By Carmel Pedroza

EBU CITY—The Office of the Ombudsman is set to scrutinize some P60 billion worth of floodcontrol projects implemented in Cebu over the past six years, as Ombudsman Jesus Crispin Remulla raised questions over whether the projects were properly designed and executed or were tainted by corruption.

Remulla said the amount was based on the office’s initial accounting of flood-control spending in Cebu, with a significant portion going to the province’s Seventh District and about 25 percent to a single contractor. “That should be a lot of money to control the flooding,” Remulla said during a news conference here. However, he noted that flooding remained a recurring problem in the province, particularly after recent rains, prompting the office to examine whether the projects were technically deficient or whether corruption was involved. “We have to look at what’s happening. Is it the design? Is it the execution? Or is it just corruption?” Remulla said. He said the investigation would cover flood-control projects in the province, as well as Cebu City, including projects affecting several local governments. The Ombudsman for the Visayas is expected to file cases soon, Remulla said, although he stressed that the agency would first have to establish sufficient evidence. “We always go by the evidence,” he said, adding that the office could not simply file cases or order people jailed without strong evidence that could withstand scrutiny in court.

Ghost projects, substandard work

R EMULL A said the Ombudsman would also verif y reports of alleged ghost f lood-control projects, including one in barangay Singsing in Balamban that was being disputed by a former congressman. The agency will use digital tools

and project coordinates to determine whether projects actually exist at their reported locations and whether the structures comply with their specifications. He said investigators would also examine the possibility of projects being counted more than once or locations being altered in project records. “We will look at all possible violations,” Remulla said. “So it’s possible that it’s a ghost. But we will have to check and verify and validate,” he added. The investigation will also look into whether flood-control structures were built according to contract specifications. Remulla cited sheet piling as an example, saying the national specification calls for 14-meter sheet piles in certain flood-control structures. He said investigators would determine whether the specified depth was appropriate and whether contractors actually complied with it. He recalled findings from investigations in Bulacan where 14-meter specifications were allegedly reduced to four meters, leaving a substantial portion of the required structure unbuilt. For Cebu, he said investigators would similarly examine whether projects were built according to their contracts rather than relying solely on what could be seen on the surface.

Contractors, bidding under scrutiny

ASIDE from project implementation, the Ombudsman will examine the contractors involved in the projects, possible rigged bidding and the alleged practice

of awarding contracts without competitive bidding. Remulla said lifestyle checks would also be conducted on district engineers and other Department of Public Works and Highways (DPWH) engineers, although he cautioned against focusing exclusively on government personnel. Contractors would be examined alongside government officials as part of the investigation, he said. The Ombudsman will also look into the “no-bidding phenomenon” and possible rigging of procurement processes. Remulla acknowledged that investigating flood-control projects is complicated because of the volume and technical nature of government contracts. He said artificial intelligence could assist investigators in reviewing documents, but could not completely replace human examination of contracts and evidence. “Proving our cases is always possible. But it’s not as easy as it seems. It’s easy to conclude. But to prove is harder,” Remulla said.

20 more lawyers

TO strengthen the agency’s investigative and prosecutor ia l capacity in the region, Remulla said he had committed to add 20 lawyers to the Ombudsman Visayas office. The lawyers would be involved in prosecution, fact-finding and preliminary investigations. He said strengthening the regional office was necessary given the volume of cases and the need to build evidence-based cases before filing them in court. Remulla emphasized that the Ombudsman should not be used to “weaponize” investigations against individuals. “What we want to happen is that cases are filed because there is evidence against those who we go up against,” he said.

Greater transparency

REMULLA also reiterated his push for legislation requiring greater transparency in government transactions from the barangay level up to national agencies. He said government bidding processes should be digitally recorded and made accessible to the public, including through digital platforms that would allow citizens to monitor government contracts and transactions.

The Ombudsman said he had already discussed the proposed transparency measures with the Speaker and the Senate President. He said the proposed reforms would cover government hiring, salaries, contracts, permits and business and licensing transactions at the local-government level. Remulla argued that existing digital technology, including mobile phones, closed-circuit television cameras, artificial intelligence and the internet, could make greater transparency possible without requiring prohibitively expensive systems. He said transparency should not stop at national government agencies but should extend to local governments, where corruption could also begin.

Conflict of interest

BEYOND implementation of flood control projects, Remulla said the Ombudsman would investigate other government programs and alleged schemes involving the misuse of public funds. He identified conflict of interest as one of the agency’s major concerns, particularly situations where public officials and contractors have overlapping interests. He said the Ombudsman would examine instances where politicians and contractors are closely linked, noting that public office should not become a means of serving private interests. “We have to start with conflict of interest. Everywhere in the country. We have to return to decency,” Remulla said. Remulla added the Ombudsman’s broader objective was not simply to pursue individual cases but to help restore public confidence in government and create a culture where corruption carries a greater certainty of punishment. He said the agency expects the next three years to be focused heavily on filing, investigating and prosecuting cases involving corruption. “It’s not about targeting people. It’s about targeting a change in our society,” Remulla said. For Cebu, however, the immediate focus will be determining what happened to the billions of pesos spent on flood-control projects—and whether the spending delivered the protection it was supposed to provide.

Climate-resilient farming success in Cavite

MID heav y ra i ns t h at caused widespread flooding in many areas of Luzon, an agrarian reform beneficiaries organization (Arbo) based in Magallanes, Cavite, celebrated its Harvest Festival, highlighting a successful harvest. The Pacheco Agrarian Reform Cooperative (PAR-C), a program beneficiary of the Climate Resilient Farm Productivity Support Program Major Crop-Based Block Farm Productivity Enhancement Area (CRFPSP-MCBFPEA), held the activity on August 5, 2026, at barangay Pacheco, Magallanes, Cavite, to celebrate a successful harvest this season. The activity, led by Director III and Provincial Agrarian Reform Program Officer (Parpo) II James Arthur T. Dubongco, gathered

agrarian reform beneficiaries (ARB), cooperative members, and representatives from the Department of Agrarian Reform (DAR), local governments, and partner agencies to celebrate the season’s harvest and recognize the gains of c l i m ate -resi l ient fa r m i ng technologies and interventions. Despite the heav y rainfall, participants remained steadfast throughout the program, symbolizing the resilience and determination of Filipino farmers in the face of increasingly unpredictable weather conditions. The event also highlighted the importance of climate-smart agriculture for food security, farm productivity, and the livelihoods of agrarian reform beneficiaries. In his message, Dubongco emph a si zed t he sig n i f ic a nce

of equipping farmers with climate-resilient technologies and strengthening partnerships to ensure sustainable agricultural production. “The Climate Resilient Farm Productivity Support Program is crucial in helping our farmers learn appropriate technologies and farming practices, especially in the face of changing weather conditions. Through the collaborative efforts of the DAR, LGUs, and various government agencies, we strengthen the capacity of our farmers and promote more resilient and sustainable agricultural production,” Dubongco said. “I am deeply grateful to Secretary Conrado Estrella III because he is one of the reasons why we were given this opportunity. I am also thankful for DAR’s as-

sistance because they provide us with various projects and continuously support us. This has been a tremendous help to us farmers,” Roselyn Iyaya, a member of the PAR-C Board of Directors, said. PAR-C Chairperson Ernie S. Somogod recognized the gover n ment ’s cont i nued ef for t s to strengthen the capacities of agrarian reform beneficiaries through agr icultura l support services and programs focused on climate resilience. “I am grateful to DAR and all the government agencies that are helping us. We, farmers, are very happy with these programs because we were not only given a tractor, but also various forms of support that truly help us in our farming and livelihood,” Somogod said. Jonathan L. Mayuga

DILG, DepEd, ECCDC issue early childhood care guidelines By Jonathan L. Mayuga @jonlmayuga

Under the guidelines, every province, city, and municipality is mandated to establish an ECCD office to oversee local programs and service delivery. LGUs are also directed to maintain functional childcare facilities, including Day Care Centers, Childminding Centers, and Health Stations, while developing childcare programs in workplaces and communities. Local governments are tasked to provide funding for ECCD programs through available local funds, the Special Education Fund, and the Gender and Development Fund, while pursuing partnerships to expand services and reach more children. The DILG will oversee LGU compliance with RA 12199 and provide capacity development support to strengthen local implementation. The Department will also facilitate the integration of ECCD into the assessment criteria of the Seal of Good Local Governance (SGLG), reinforcing early childhood development as a measure of responsive and effective local governance. Present during the signing were DILG Assistant Secretary Jesi Howard Lanete, Congressional Education Commission 2 chairman Pasig Rep. Roman Romulo and Party-list Rep. Jude Acidre of Tingog, ECCD Council members, and other government officials and partners.

PNP cites Indanan model of peace, order restoration

HEPhilippine National Police (PNP) will study the recent peace and security gains of Indanan, Sulu, as a possible model for encouraging other communities to voluntarily surrender loose firearms and help prevent the return of armed violence. In a statement, the National Police Chief, Gen. Jose Melencio Nartatez Jr., welcomed the declaration of State of Stable Internal Peace and Security (SIPS) in the former Moro rebel hotbed and a “gun-responsible municipality,” saying it showed the value of cooperation among security forces, local officials and residents. “The declaration of Indanan as a place of stable peace and a gunresponsible municipality is a significant achievement for the community and the security forces. It shows what can be achieved when the police, military, local government and residents work together

to protect peace,” Nartatez said. Indanan was recently placed under a State of Stable Internal Peace and Security and tagged as a gun-responsible municipality following a declaration involving the local government and security forces. “I have directed the Sulu police to help sustain these gains, strengthen coordination with local stakeholders, and continue efforts to account for loose firearms,” Nartatez said. “We will also study Indanan’s experience as a model for encouraging other communities to voluntarily surrender firearms and work with authorities in keeping their communities safe,” he added. The PNP said sustaining the gains in Indanan would require continued cooperation between police personnel, the military, local government units, community leaders and residents. PNA

‘Risk-based taxation of smoke-free products can raise revenues, curb illicit trade’

WO globally recognized economists, said government s t h at adopt pro portionate ta xation on smokefree nicotine products—such as vapes, heated tobacco, and nicotine pouches—may see i nc rea sed re venues, reduced smoking rates, and diminished incentives for illicit trade. “The Philippine government should adopt data-driven taxation policies that strike a balance between fiscal sustainability and public health goals. Find that sweet spot where you have just

the right taxation, you discourage as many smokers as possible without losing them to illicit tobacco, and you collect revenues to implement [tobacco control] programs,” said Arthur Laffer, founder and chairman of Laffer Associates, an economic research and consulting firm. A former member of President Reagan’s Economic Policy Advisory Board, developed the Laffer Curve, which shows how tax rates affect government revenues. See “Tax,” A16