(FDI) inflows still posted a contraction in the first five months of the year.
On Monday, the Bangko Sentral ng Pilipinas (BSP) said net FDI inflows contracted 26.9 percent to $3 billion in January-May 2025 from the $4 billion posted in January–May 2024. This was despite the 21.3-percent growth in net FDI inflows to $586 million in May 2025 from $483 million in May 2024.
“The May FDI rebound shows investors still see value in the Philippines— but let’s be clear, it’s an emerging trend,” Jonathan Ravelas, senior adviser at professional services firm Reyes Tacandong & Co. told BusinessMirror
Ravelas said efforts to make FDI growth more sustainable require addressing ease of doing business concerns. This will make the country a more attractive place for investors to do business.
“To make it sustainable, we need to cut red tape, protect contracts, and position the country as a stable, strategic hub in Asia,” Ravelas told this newspaper. Meanwhile, Ateneo de Manila University economist Luis F. Dumlao told BusinessMirror that FDI flows “regularly
By Bless Aubrey Ogerio
in the country, amid persistent gaps in digital access. Science and technology chief Renato Solidum Jr. outlined measures aimed at preparing the workforce, students and the public to use AI in industries and daily life.
By Cai U. Ordinario @caiordinario
AREDUCTION in key policy rates remains “on the table” despite the recent increase in the country’s core inflation rate, according to the Bangko Sentral ng Pilipinas (BSP).
On the sidelines of the forum of the Economic Journalists Association of the Philippines (EJAP) on Monday, BSP Governor Eli M. Remolona Jr. said core inflation is not expected to reach 3 percent until 2027 while headline inflation is expected to average 2 percent this year.
Last week, the Philippine Statis-
tics Authority (PSA) reported that core inflation remains elevated at 2.3 percent in July. This is faster than the 2.2 percent recorded in June but slower than the 2.9 percent recorded a year ago. (See: https://businessmirror.com. ph/2025/08/06/july-core-inflation-worries-analysts/).
“Things look good, we have room for at least one more cut in the policy rate. We’ve cut already five times in the key rate, and we’ve cut [banks’] reserve requirements. Both measures help stimulate growth in the economy without stoking inflation,” Remolona said.
The Monetary Board began reducing key policy rates in August
2024 by 25 basis points to 6.25 percent, followed by another 25 bps cut in October to 6 percent; and another 25 bps in December to 5.75 percent at the end of 2025.
While the BSP kept interest rates steady in January 2025, by April 2025, the Monetary Board reduced policy rates by 25 bps to 5.5 percent, and by another 25 bps in June to 5.25 percent.
The Monetary Board has three more meetings left in 2025 and industry expectations are pointing toward another policy rate reduction in the next meeting slated for August 28.
This was after the BSP Governor issued forward guidance that
a rate cut is on the table in August 2025. (See: https://businessmirror.com.ph/2025/07/30/ august-rate-cut-seen-as-tariffchaos-clears/).
Last October, the BSP reduced the Reserve Requirement Ratio (RRR) for universal and commercial banks by 250 basis points to 7 percent from the initial 9.5 percent, with a promise of even more cuts in the coming months (See: https://businessmirror.com. ph/2024/10/09/banks-willprofit-from-cuts-in-reserve-requirement-ratio/).
“Three (cuts) is unlikely kasi lagpas na yun dun sa mga tinitignan
“But we would like to know what the industry needs so that we can train appropriately the current employees for the benefit of the industry,” Solidum said on the sidelines of the AI Festival here on Monday. He added that talent development will require support from the Department of Education (DepEd) and the Commission on Higher Education, while the Department of Science and Technology (DOST) committed to continue providing assistance through undergraduate and graduate scholarships.
By Andrea E. San Juan @andreasanjuan
MANILA is still aiming to shield “several items” that are exported to the United States from the reciprocal tariffs slapped by Washington on Philippine products.
Special Assistant to the President for Investment and Economic Afairs (SAPIEA) Frederick Go revealed this during the 2025 Economic Journalists Association of the Philippines (EJAP) Economic Forum on Monday after he was asked about the government’s response to US President Donald Trump’s announcement that he would slap 100 percent tariffs on imported semiconductors.
“On our part, we are negotiating with the USTR [United States Trade Representative], right? We are negotiating that the semiconductor exported out of the Philippines, which is the ATP [assembly test and packaging] be exempted from those. That is what we can do, or we can try to do,” Go said.
He said the Philippine government is “lobbying” for the country’s semiconductor exports to be exempted from the tariff imposed by Washington. “(But), we still have to schedule a call or a meeting with them to clarify this matter.”
On the sidelines of the 2025 EJAP Economic Forum, he said talks with Washington are ongoing and that the government is trying to include several items in the list
of products that will be exempted from tariffs.
As to the specific products that the government wants to exempt from the duties, he said, “For example, an exporting country produces a certain product in abundance that cannot be produced in the United States. You may seek exemption for such products.”
Go, however, refused to provide more details as the Philippine negotiating team is covered by a nondisclosure agreement (NDA). Trade Undersecretary Allan B. Gepty told reporters recently that the NDA would lapse in four years.
He said it is Philippines’s wish to spare the semiconductor and electronics outbound shipments, a major export product of the country,
from additional duties.
“We’re hoping that they [US] view the work we do here in the Philippines which is assembly, testing, and packaging to be part of the process that the United States may not really want to do,” Go told reporters. He said assembly, testing and packaging is a process that US semiconductor firms usually outsource. “They don’t want to do it in America. The very reason that this was outsourced means that this is probably something they are not keen on doing. So, we’re hoping that it will be viewed this way,” added Go.
Last week, global news reports
By Cai U. Ordinario
@caiordinario
Solidum also said he expects the Technical Education and Skills Development Authority (Tesda) to work with private companies in training employees, alongside community-level initiatives to engage younger Filipinos. For micro, small, and medium enterprises, the DOST said it has funded a center that will offer AI-asa-service to improve operations and efficiency.
The agency also reported that more than 30 AI-related enterprises have received support through its Startup Grant Fund.
Under the AI Workforce Development program, the government is targeting 1 million AI-skilled workers by 2028, including 10,000 AI developers, 3,000 AI engineers and 2,000 AI experts.
The Philippines rose to 56th out of 188 countries in the 2024 Government AI Readiness Index by Oxford Insights, up from 65th the previous year. In 2023, Department of Trade and Industry Deputy Chief Sebastian Ibanez said that at least 56 percent of Filipino workers are projected to use generative AI for 5 to 20 percent of their regular work, potentially contributing around $120 billion to the economy by 2030. (See: https://businessmirror.com.ph/2024/10/14/ over-half-of-phl-labor-force-touse-ai-experts-project/)
The AI Festival, themed “Coding a Better Future: Responsible AI for Cities and Communities,” runs until Wednesday and is the first such event hosted by DOST in Western Visayas.
Entry fees, minimum bets for online gaming sites pushed
By Reine Juvierre S. Alberto @reine_alberto
THEcountry’s economic managers want to introduce entry fees and minimum bets on top of tighter safeguards and higher tax rates to make it difficult to access online gambling sites.
During the Economic Journalists Association of the Philippines’ economic forum on Monday, Special Assistant to the President for Investment and Economic Affairs Frederick D. Go said “one good regulation” is to impose an entry fee for online gaming platforms.
Before bettors could enter the platform, an entry fee may be required, similar to the system implemented in Singapore.
“That way, you don’t have somebody coming in, a desperate person coming in, with P100 and betting everything he has on one bet,” Go said. Go also proposed setting a minimum bet of about hundreds of pesos instead of a one-peso bet. In some
games, players can bet as low as P5 to P10.
“We basically want sand in the wheels,” said Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr., who heads the supervision of banks and non-banks and oversight on payment systems.
“You can’t just go to your phone and then press one icon and then you’re in a gambling site. We want it to be more difficult,” Remolona added.
Those who are working in government and receiving “ayuda” or financial assistance should not be allowed to gamble, according to Remolona.
“Gambling leads to social harm. It’s not harming just the individual—it
harms his family or her family.
So, we want those things to be in place, especially in the payment system,” he said.
The BSP recently drafted a circular that seeks to place daily limits on gambling-related transfers to reduce excessive financial losses, as well as time-based restrictions on gambling payments to help curb impulsive behavior.
Know Your Customer standards, such as biometric checks, including facial recognition, will also help ensure that only eligible individuals can use their funds for online gambling.
In addition, user tools to set personal spending caps, take voluntary breaks, or self-excluding from gambling transactions are being eyed by the central bank.
Meanwhile, Finance Secretary Ralph G. Recto said the DOF is
studying the possibility of taxing online gambling.
Recto said further taxing online gambling could contribute at least P20 billion more in annual revenues by increasing the rate of how much the government collects from licensed operators’ gross gaming revenues (GGR).
“But we’ll consult with Pagcor (Philippine Amusement and Gaming Corporation) on that as well because they will have to implement it. This will not require any legislation anyway,” he said.
The DOF will also look into prohibiting state-run firms from investing in online gambling firms, Recto added.
Electronic games contributed more than half of the country’s GGR in the first half of the year, putting in P63.437 billion, based on Pagcor’s latest data.
namin na Goldilocks rate, output gap, maliit na yung output gap, sosobra na kung tatlo,” Remolona told reporters. Remolona added that core inflation, which monetary policy can affect and is driven by demand factors in the economy, still “looks good” and is expected to reach 3 percent only in 2027. Headline inflation, the BSP Governor said in his presentation, is also expected to be tame at 2 percent in 2025, better than most emerging economies which are expected to see faster inflation at 3.1 percent.
“We’re looking at 2027 headline inflation of 3.3 percent, core inflation of 3.1 percent. Both are within our target. We’re hoping we can achieve that, because I think that would help stabilize the economy, and that would help support investment, support lending by our banks, but as I said, we have work to do,” Remolona said.
Meanwhile, Remolona disclosed that the BSP has recently been intervening in the peso. However, he said, these have been made in small amounts.
Remolona stressed these interventions are being done to address sharp swings in the foreign exchange market and that the BSP does not intend to keep the peso at a certain rate.
“We’ve been intervening in small amounts. We have small day-to-day intervention to, just to limit the volatility, kung masyadong volatile ano rin eh,” Remolona said.
government can also adopt a “Philippines-first mindset” which supports local businesses. One of the ways this can be done is to see a depreciation of the peso.
He said that while cheaper foreign goods have helped keep inflation at bay—July inflation slowed to 0.9 percent—this has “edged out” local producers. By allowing the peso to depreciate, the government can make local goods become more competitive.
Ngo noted that helping local industries will also lead to higher productivity. Citing renowned economist Paul Krugman, he said, “productivity is not everything, but in the long run, it’s almost everything.”
“I actually would recommend that we think about a Philippines-first mindset. I think it is worth considering. We need clarity of national objectives, insti-
tutional resilience, and economic agility. Let us not squander our demographic advantage, but use it as a launchpad to high-income status,” Ngo said. Last year, HSBC said the Philippine economy is expected to encounter “structural tailwinds” as consumption recovers in the second semester of the year and is sustained in the coming years.
In a statement, HSBC Global Private Banking and Wealth Southeast Asia and India Chief Investment Officer James Cheo said the economy is drawing its strength from the country’s demographic dividend.
Cheo said consumption spending will recover in the second semester of the year due to the latest jobs data and “strong wage growth.” (See: https://businessmirror.com.ph/2024/06/21/ demographic-dividend-helping-phl-says-hsbc).
in May was due to the expansion in nonresidents’ net investments in debt instruments.
fluctuate” such that the May data may “mostly (be) noise.”
Dumlao said in order to improve the country’s FDI inflows, the government must allow a “bigger control of purchase of public float can create a virtual loop of even bigger FDI.”
“(The) definition of FDI is that the amount of investment should be big enough for foreigners to have deeper access and say in the direction of company. A lot of times, companies themselves are unwilling to give these to outsiders in this foreigners,” Dumlao explained.
The BSP said the growth in FDIs
The data showed an 88.3-percent year-on-year growth in nonresidents’ net investments in debt instruments to $427 million in May this year, from $227 million last year.
The BSP also said that reinvestment of earnings remained relatively stable at $97 million.
However, BSP said these gains were partly offset by the 61.4 percent decline in nonresidents’ net investments in equity capital, excluding reinvestment of earnings. The data showed nonresidents’ net investments in equity capital declined to $62 million in May 2025 from $161 million in the same period last year.
He also said the Philippines has no semiconductor plant in the US, adding: “I don’t think the Philippines has any budget to build an expensive semiconductor/Fab/ ATP in the US.”
indicated that Trump announced his plan to slap a 100 percent tariff on imported semiconductors. However, a Reuters news report quoted Trump as saying that the tariff will not apply to firms that have manufacturing operations in the US or “have committed to do so.”
Officials from the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI) said Trump’s tariff pronouncement is “alarming.”
“If Trump makes good on his threat, we are doomed,” Seipi Chairman Norberto Viera told the BusinessMirror
In a separate Viber message, Seipi President Danilo C. Lachica said the 100-percent tariff would be “devastating” to the semiconductor and electronics industries in the Philippines.
Lachica noted that 70 percent or $30 billion of the country’s exports last year are semiconductors. Meanwhile, he said “15 percent or about $6 billion semiconductor exports are US-bound.”
Viera said while 15 percent of the country’s semiconductor shipments are bound for the US, 20 to 25 percent of the shipments go to
“Volatility is bad for both imports and exports so wag naman yung masyadong magalaw. Kaya lang most of the time it’s a strong dollar story rather than a weak peso story. May mga episodes lang na hindi ganun,” he also said.
Earlier, University of Asia and the Pacific (UA&P) economist Victor A. Abola said if the government wants to blunt the impact of Trump’s higher tariffs, an economist recommended that the country adopt an “inclusive growth policy” that involves lowering interest rates and depreciating the peso. Abola said in a recent midyear economic briefing that these can help spur economic growth, with lower interest rates benefiting businesses and a depreciating peso helping household consumption and local industries. (See: https://businessmirror.com.ph/2025/07/25/ tweaks-on-rates-peso-good-wayto-blunt-tariff-impact/).
“Equity capital placements in May 2025 came mostly from the United States, Japan, Singapore, and South Korea. Industries that received most of these investments were manufacturing, real estate, and electricity, gas, steam, and airconditioning supply industries,” the BSP said. The BSP noted that FDIs include investment by a nonresident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent. It also includes the investment made by a nonresident subsidiary/associate in its resident direct investor. Net FDI flows refer to nonresidents’ net equity capital (i.e., placements less withdrawals) + reinvestment of earnings + debt instruments (i.e., net intercompany borrowings).
Europe while the rest go to countries within Asia.
In a Viber message on Thursday, former Albay representative Joey Sarte Salcedo explained that top semiconductor producers in the Philippines “already meet the conditions outlined by the Trump administration.”
These companies include Texas Instruments, Analog Devices, AmKor Technology, STMicroelectronics and ON Semiconductor.
“I think the best-case scenario, as it is often said, when there is a tariff imposed on all, then there is almost no tariff. That means everybody is reduced to a level playing field,” said Go. “So, if the US imposes a semiconductor tariff on all countries, then it is as if there is no tariff because then that becomes a level playing field for all,” he added.
Navy patrol monitors, challenges China ships
ANUMBER of Chinese warships and coast guard vessels were detected and subjected to radio challenge and monitoring last week off Batanes, the Navy (PN) bared on Monday.
In a statement, the PN’s Northern Luzon Naval Command (NLNC) said the unauthorized presence of the People’s Liberation Army (PLA) Navy and China Coast Guard in the area was monitored on Thursday (August 7, 2025) and Friday (August 8).
“The vessels were detected during ongoing sovereignty and maritime patrol operations conducted by BRP Jose Rizal [FF150] and BRP Emilio Jacinto [PS35], both patrol vessels assigned to Naval Task Force 11 of NLNC,” the NLNC said.
“Upon detection, the PN warships promptly initiated radio challenge protocols,” it added, noting that the foreign vessels were within the Philippines’ exclusive economic zone.
The NLNC said the Chinese ships were observed to have altered their course following the continuous monitoring and the assertive presence of the two PN vessels.
The NLNC commander, Commo. Edward Ike de Sagon said the Armed Forces (AFP), particularly the PN, remains committed to safeguarding the nation’s sovereignty.
“These ongoing patrols in the northern maritime domain reaffirm our dedication to protecting our sovereign rights and enforcing maritime law with vigilance and resolve,” he said. PNA
House WPS Bloc assails Chinese harassment of ‘Kadiwa’ mission
By Jovee Marie N. dela Cruz @joveemarie
LAWMAKERS belonging to the West Philippine Sea (WPS) Bloc in the House of Representatives on Monday strongly condemned the latest incident of harassment by Chinese vessels against Philippine ships during a mission to deliver aid to Filipino fishermen in Bajo de Masinloc.
Party-list Reps. Leila M. de Lima of Mamamayang Liberal and Chel Diokno of Akbayan denounced China’s obstruction of the so-called “Kadiwa” mission.
De Lima branded the incident “outrageous,” stressing that China’s actions were both dangerous and an outright violation of the country’s sovereignty.
“Not only are they recklessly using water cannons and blocking our ships, but they are also shamelessly preventing much-needed government assistance from reaching our fishermen in our own territory,” de Lima said.
Amid what she described as China’s “never-ending aggressions and incursions,” de Lima urged the government to strengthen its resolve in defending the Philippines’ sovereignty and territorial integrity.
She reiterated her support for filing another arbitral case against China before the appropriate international tribunal, warning against letting
the 2016 arbitral victory fade into obscurity.
“That win is not just a piece of paper—it is a firm stance for our national dignity, recognized and supported by other nations,” she added.
De Lima also pushed for the swift passage of House Bill 1625, or the West Philippine Sea Mandatory Education Act, which would integrate the WPS issue into the primary and secondary school curriculum, and HB 1626, which would declare July 12 as National West Philippine Sea Victory Day. Diokno, for his part, said that the Scarborough Shoal is part of Philippine territory and asserted that China has no right to interfere with or prevent Philippine vessels from navigating within the country’s own waters.
He also urged the government to take action against China’s latest hostile maneuver, commending the Philippine Coast Guard for offering to assist the crew of a Chinese Coast Guard vessel involved in a collision despite the tense situation.
“We also call on the government to take appropriate action regarding this move by China. We likewise commend the members of the Philippine Coast Guard [PCG] who did not hesitate to provide immediate assistance to the crew of the Chinese Coast Guard [CCG] vessel involved in the collision, despite the incident,” he added.
Impeachment complainants ask SC to reverse ruling
TChinese ships collide while pursuing Philippine vessel
TWO Chinese ships—China Coast Guard 3104 and People’s Liberation Army Navy ship 164 collided while they were trying to prevent a Philippine Coast Guard vessel from bringing supplies to Filipino fishermen at Bajo de Masinloc off Zambales.
Commo. Jay Tarriela, PCG spokesman for the West Philippine Sea, said the incident occurred some 10.5 nautical miles east of Bajo de Masinloc.
“The CCG 3104, which was chasing the BRP Suluan at high speed, performed a risky maneuver at the PCG vessel’s starboard [right] quarter, leading to the impact with the PLA Navy warship,” Tarriela said, who added that despite the Chinese ship’s aggressive, offensive and
unsafe action, the PCG “immediately offered support, including manoverboard recovery and medical aid for any injured CCG crew members.”
He added that the CCG vessel’s forecastle “sustained substantial damage, rendering it unseaworthy.”
However, Tarriela said that the Chinese ship did not respond to the PCG’s offer to help.
“Meanwhile, the MRRV 9701 safely escorted the Filipino
fishermen to a secure location, where they are now being provided with essential fuel and supplies,” he added.
No damage and injuries were reported from the Philippine ships, according to Tarriela.
Just before the collision, a Chinese vessel fired a water cannon at a PCG ship sent to aid Filipino fishermen in Bajo de Masinloc on Monday morning
“During the operation, Philippine vessels and fishermen encountered hazardous maneuvers and blocking actions from other vessels in the vicinity,” Tarriela said.
He said MRRV 4406 (BRP Suluan) was targeted with a water cannon, but the seamanship skills by PCG crew members allowed the vessel to successfully evade from getting hit.
Tarriela said the PCG sent BRP Teresa Magbanua and BRP Suluan, together with MV Pamamalakaya, to implement “Kadiwa Para sa Bagong Bayaning Mangingisda
[KBBM]” initiative.
There were at least 35 Filipino fishing vessels in Bajo de Masinloc.
“BRP Teresa Magbanua [MRRV 9701] safely escorted the Filipino fishermen to a secure location, where they are now being provided with essential fuel and supplies,” Tarriela also said.
No damage and injuries were reported from the Philippine ships. Won’t back out
IN the wake of the incident, President Marcos said Philippine assets would never back out.
“We have never instructed any of our vessels to back out,’” Marcos said at a press briefing.
“Never, never. But we have to always—we do not back out because natakot tayo, umatras tayo. Alam mo, I don’t know about other places, pero dito sa... dito sa gobyernong ito, hindi tayo umaatras sa laban [We do not back out just because we are scared. In this government, we will not back out],” he added.
Marcos: Only 15 contractors got lionshare of flood control projects
PBy Samuel P. Medenilla @sam_medenilla
RESIDENT Ferdinand Marcos has ordered a deeper and comprehensive investigation into flood control projects with “suspiciously similar budget allocations,” and no specified structures, as well as the 15 contractors, which got 20 percent of the P545.64 billion budget for those projects.
Marcos issued the order as he launched a new website on Monday to encourage the public to participate in the investigation that is being conducted by the Department of Economy, Planning, and Development (DEPDev) and other government agencies owing to the sheer number of flood control projects, which need to undergo audit.
In a news conference in Malacañang, Marcos released the initial findings of the investigation on the alleged irregularities in the implementation of flood control projects of the Department of Public Works and Highways (DPWH), which he first announced during his fourth State of the Nation Address (Sona) last month.
He noted of the 9,855 flood control projects from July 2022 to May 2025, 6,021 projects with an allocated budget of P350 billion did not specify the exact type of flood control structure that was built, repaired and rehabilitated.
“It is impossible for one barangay, even if they are the next barangay, to have the exact same project for the exact same amount with the exact same contractor. That’s impossible. And that is why that is a significant—significant finding already that we have made,” Marcos said.
The initial findings also showed that Cebu with 414 and Isabela with 341 were on the list of provinces with the most number of flood control projects next to Bulacan that had 668, despite not being included on the top 10 flood prone provinces.
Based on the National Adaptation Plan of the Philippines 20232050, the top Flood Prone Provinces are Pampanga, Nueva Ecija, Pangasinan, Tarlac, Bulacan, Metro Manila, Maguindanao, North Cotabato, Oriental Mindoro, and Ilocos Norte.
Disturbing findings
MARCOS said another “disturbing” finding was that only 15 contractors managed to get a considerable portion of the FCP budget.
MG Samidan Construction, L.R. Tiqui Builders Inc. and Road Edge Trading & Development Services.
Of the 15 contractors, he said Legacy Construction Corporation, Alpha & Omega Gen. Contractor & Development Corp., St. Timothy Construction Corporation, EGB Construction Corporation and Road Edge Trading & Development Services bagged flood control projects nationwide.
However, Marcos was quick to add that the administration is not accusing any of the said contractors of any wrongdoing for now as they further investigation is still ongoing.
When asked if the said contractors were linked to government officials or lawmakers, Marcos said investigators have yet to make such a conclusion.
“We are going to look at it also. But it’s very—it’s—it will be premature for me to name names, et cetera, until we really know what’s going on,” Marcos said.
and report any issues in their implementation.
“We are asking people to help us and to help themselves. Because if we fix this [flood control issue], there will no longer be flooding [in their areas] or at least not as badly as they are now,” he said.
The President, at the same time, assured the officials and contractors involved in flood control projects, who will face allegations of wrongdoing that they will be given due process.
“We will still go through every single one. And we still have to see what really is—what really is credible and what needs to be acted upon. So, let’s also be fair to everyone,” Marcos said. The public and the local governments (LGU), he said, can also assist in mitigating flooding through proper garbage disposal.
Marcos said that many of the 170 pumping stations nationwide, which were meant to mitigate flooding, became “ineffective” after being blocked by garbage.
By Joel San Juan @jrsanjuan1573
HE complainants in the third impeachment complaint filed before the House of Representatives on Monday asked the Supreme Court (SC) to reverse and set aside its July 25 decision which declared as unconstitutional the fourth impeachment complaint against Vice President Sara Duterte for violating the one-year-bar rule and her right to due process. In their motion-for reconsideration-in-intervention, the movants argued that they have legal interest to intervene in the case since they stand to be affected by the Court’s ruling. They noted that the fourth impeachment complaint against
Duterte was built on the strength of the first three impeachment complaints which were archived by the House but were deemed dismissed by the Court in its July 25 decision.
“Thus, any ruling pertaining to the impeachment process of the Vice President also affects the cause of the movant-intervenors as complainants of the third impeachment complaint,” they claimed.
Among those who filed the third impeachment complaint and now movant-intervenors before the SC are Fr. Antonio Labiao, Jr., Rev. Father Joel Saballa, Fr. Ruben Villanuena and representatives of several nongovernment organizations such as Stand Up for Good
See “Impeachment,” A4
The President also expressed suspicion on why several flood control projects in different locations and terrain had the same contract cost.
The said contractors were Legacy Construction Corporation, Alpha & Omega Gen. Contractor & Development Corp.; St. Timothy Construction Corporation; QM Builders; EGB Construction Corporation; Topnotch Catalyst Builders Inc.; Centroways Construction and Development Inc., Sunwest Inc., Hi-Tone Construction & Development Corp., Triple 8 Construction & Supply Inc., Royal Crown Monarch Construction & Supplies Corp., Wawao Builders,
Marcos visited last Monday the Pasig–Marikina River Channel Improvement Project (PMRCIPPhase IV site, which is funded by the Japan International Cooperation Agency (Jica). The project was designed to minimize flooding caused by the overflow of the Pasig and Marikina rivers.
Stakeholder participation
TO assist DEPDev in auditing the flood control projects, Marcos launched the new iteration of the sumbongsapangulo.ph website that the public can to scrutinize flood control projects
He said San Miguel Corporation (SMC) has committed to assist the government in addressing flood problems in Metro Manila by desilting its waterways, including the Pasig River.
Earlier, SMC sought the assistance of LGUs and the public in making its flood control project a success through proper waste disposal.
The President said he welcomes similar assistance from the private sector to address the country’s flood problems.
Damage to infrastructure caused by storms, habagat still rising
By Jonathan L. Mayuga @jonlmayuga
THE damage to infrastructure caused by the southwest monsoon and tropical cyclones Crising, Dante, and Emong continues to rise, the National Disaster Risk Reduction and Management Council (NDRRMC) reported.
As of August 11, with reports from the regions still coming in, the NDRRMC said a total of 2,433 public infrastructure were damaged, with an estimated cost reaching up to P16.5 billion.
These damaged public infrastructures were reported in the Ilocos, Cagayan Valley,the Cordilleras, Central Luzon, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Mimaropa (Mindoro, Marinduque, Romblon and Palawan), Bicol, Western Visayas, Negros, Northern Mindanao, and Central Mindanao.
A total of 108,358 damaged houses were reported in Region 1, Region 2, CAR, Region 3, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Mimaropa (Mindoro, Marinduque, Romblon
and Palawan), Region 5, Region 6, NIR, Region 7, Region 9, Region 10, Region 11, Region 12, Caraga, and Muslim autonomous region.
The estimated cost of damage to houses is P6.2 billion.
NDRRMC said the massive floods during the onslaught of the southwest monsoon and successive storms resulted in the death of 37 people, with 32 others injured, and eight others reported missing. A total of 2,663,704 families or 9,727,374 persons were affected by the inclement weather, of which 7,485 families or 28,503 persons were served inside 265 ECs, and 11,330 families or 38,308 persons were served outside Ecs. The Office of Civil Defense said the government continues to aid the affected families. The cost of assistance provided by the government for the victims of calamities has so far reached P 3,478,836.51. Office of Civil Defense (OCD) deputy spokesperson Diego Mariano said all possible assistance is being provided to families
House leader nixes calls to abolish 4Ps
By Jovee Marie N. dela Cruz @joveemarie
ALEADER of the House of Representatives has rejected calls to abolish the government’s Pantawid Pamilyang Pilipino Program (4Ps), stressing that conditional cash transfer (CCT) programs—both in the Philippines and abroad—have long been proven to reduce poverty and improve health and education outcomes in marginalized communities.
“The 4Ps [program] has consistently proven to be a powerful tool for building human capital—encouraging school attendance, promoting preventive health care, and ensuring better nutrition for children,” said House Minority Leader Marcelino Libanan, the 4Ps partylist group nominee. “The program works. We just
Oil companies announce rollback
THIS week’s fuel price adjustment is a rollback, oil companies announced Monday.
In separate announcements the companies said, the price of a liter of gasoline will go down by P0.40, diesel by P1.50 per liter, and kerosene prices will be lower by P1.30 per liter.
Seaoil, Shell, Total, Unioil, Jetti, Petron, PTT, Phoenix said they will increase their pump prices at 6:00 a.m. of Tuesday, August 12. Cleanfuel, meanwhile, will adjust its prices at 8:01 a.m.
Other oil companies are expected to follow suit.
The Department of Energy (DOE) said the expected increase in oil production by the Organization of the Petroleum Exporting Countries and its allies (Opec+) and the continued tariff uncertainties contributed to the recent decline in fuel prices.
Oil companies adjust pump prices every week to reflect movements in the world oil market.
Last week, oil companies increased gasoline prices by P1.90 per liter, P1.20 for diesel, and P1 for kerosene. Lenie Lectura
(Sugod), Union of People’s Lawyers in Mindanao (UPLM), and Samahan ng mga detainees Laban sa Detention at Para sa Amnesty (Selda).
In calling for the reversal of the Court’s ruling, the movant-intervenors maintained that the House did not violate the one-year-bar rule under Article XI, Section 3(5) of the Constitution which states that no impeachment proceedings shall be initiated against the same official more than once within a period of one year.
They argued that the House nei -
need to give our poorest families a stronger push so they can stand on their own permanently,” Libanan added.
He emphasized that 4Ps cash grants are not mere handouts but incentives tied to conditions such as keeping children in school, undergoing regular health check-ups, and attending family development sessions. His remarks came after Sen. Erwin Tulfo suggested discontinuing the program and instead providing livelihood capital to beneficiaries.
While supporting Tulfo’s proposal for livelihood and skills training, Libanan stressed these should complement—not replace—the monthly cash grants that help sustain education, health, and nutrition for poor families.
As the 4Ps enters its 18th year, the DSWD is open to discussions on enhancing the program to ensure it remains effective in helping poor families achieve self-sufficiency, according to Assistant Secretary and spokesperson Irene Dumlao.
Launched in 2008 under President Gloria Arroyo and expanded nationwide under President Benigno Aquino III, the 4Ps was institutionalized through Republic Act 11310, signed by President Rodrigo Duterte in 2019. For 2025, it has a P64.2-billion allocation in the General Appropriations Act, benefiting millions of poor households.
President Marcos, in his latest State of the Nation Address, reported that over five million households have received 4Ps cash grants since he took office, with 1.5 million families “graduating” from poverty.
World Bank studies consistently show that CCT programs effectively reach the poorest sectors, with two main goals: providing immediate income support to alleviate poverty and breaking the intergenerational cycle of poverty through investments in human capital.
The World Bank has long been a financial partner of the Philippine 4Ps, as well as similar programs in Latin America, Eastern Europe, the Middle East, and East Asia.
Lawmaker seeks payment of government pandemic-era payables to health workers
ALAWMAKER has filed a resolution urging the Departments of Budget and Management (DBM) and of Health (DOH) to determine the exact amount of unpaid pandemic-era benefits for health workers, including these in the current year’s budget, and tasking the House Committee on Appropriations to secure funding for the arrears during budget deliberations.
Albay Rep. Raymond Adrian Salceda, who authored the House Resolution 127, urged the DBM and DOH to work with Congress on a mechanism that would allow the immediate release of pending Health Emergency Allowance (HEA) claims through individual sworn affidavits.
Thousands of HEA claims remain unpaid due to recordkeeping issues within the DOH. The allowance, mandated under Republic Act 11712, entitles health workers to a monthly payment during a declared public health
ther neglected nor failed to act on the first three impeachment complaints as these were included in the Order of Business within the required 10 session days.
“The number of complaints filed did not matter. So long as the complaints have been referred within the given period [i.e. 10 session days and 3 session days], the House violated no constitutional provisions,” they stressed.
Although four impeachment complaints were filed before the Secretary General, the movantintervenors argued that only one initiated the proceeding.
They added that the House of the 19th Congress could still re -
emergency, with rates determined by their level of exposure to risk. It was a key support for medical frontliners during the Corona-19 pandemic in recognition of their service and sacrifice.
“It’s shameful. Frontliners risked their lives during Covid-19 epidemic. This is a literal debt the government owes,” Salceda said. “The DBM is just following the law, and that’s fine. But there must be a way to pay our health workers while records are being completed. If records are incomplete, each frontliner should just prepare an affidavit to prove their service. If confidential funds can be released with just signed papers, surely we can do the same for our health workers.”
Under Salceda’s proposal, each unpaid health worker would submit a sworn affidavit detailing their eligibility, the period and nature of their service, and other relevant information. The DOH would validate these affidavits
fer the first three impeachment complaints to the Committee on Justice before June 30, 2025, thus, no constitutional provision was violated after February 5, 2025 when the fourth impeachment complaint was filed.
“Naturally, to avoid violating the one-year-bar rule, the House did not anymore refer the first three impeachment complaints to the Committee on Justice. Their referral was simply constitutionally barred,” they stressed.
Furthermore, the movant-intervenors argued that Duterte could not claim that she was harassed by the first three impeachment complaints since these did not reach the Committee on Justice.
“How exactly was she harassed? How did these complaints threaten her tenure? Why did her tenure need actual protection? Why did the Honorable Court focus on the anti-Harassment Provision instead of the House’s duty to consider and appreciate the first three impeachment complaints,” they pointed out.
Even assuming that the first three impeachment complaints’ dismissal initiated the impeachment proceedings, the movantintervenors argued that this could not bar the filing of the fourth complaint.
According to the movant-intervenors, the Constitution gives the House full discretion in choosing
Bill shortens contribution period for GSIS members
GOVERNMENT employees contributing to the Government Service Insurance System (GSIS) may soon become eligible for retirement pensions after just 10 years of service—down from the current 15—under a bill filed in the House of Representatives.
Party-list Rep. Rolando Ledesma Macasaet of SSS-GSIS Pensyonado, filed House Bill 3127, which seeks to align the GSIS contribution requirement with that of the Social Security System (SSS) for private-sector employees. Under the proposal, members could start receiving their monthly pension upon reaching retirement age after 10 years of contributions.
At present, Republic Act 8129 requires at least 15 years of government service, a minimum age of 60, and the absence of a monthly disability pension to qualify for GSIS retirement benefits.
“Given these parameters, a person who intends to retire at the age of 60 must be in government service by age 45 at the latest,” Macasaet noted.
As of March 2025, GSIS has
against whatever records are available, and the DBM would process payments immediately. The Commission on Audit would then conduct post-audit verification.
From 2020 to early 2025, the DBM has released P121.325 billion for Public Health Emergency Benefits, including P27.453 billion in July 2024 to cover more than five million HEA claims and 4,283 sickness and death compensation cases. Despite these allocations, many claims remain pending due to missing or inconsistent facility documentation.
Salceda said the affidavit-based solution aims to break the cycle of delays.
“This is not just paperwork— it’s the livelihood and rights of those who served during the most dangerous days of the pandemic. If we owe them, we must settle it immediately and work together to make it happen,” he said.
Jovee Marie N. dela Cruz
which complaint to use in initiating the impeachment proceeding.
On the due process requirements laid down by the Court for impeachment process, the movant-intervenors noted that the House does not exercise quasijudicial or judicial powers that would require compliance with such guidelines.
These numerous requirements, according to the movant-intervenors, would “unduly burden the impeachment proceedings, which already proved to be the most difficult and cumbersome mode of removing a public officer from office.”
They added that the impeachment process is not a criminal proceeding that requires the application of the due process clause.
“The fact that impeachable officers, including the Vice President, carry some of the most critical and important duties and responsibilities, occupy offices with the highest budget allocation, and are among those with the heftiest public remuneration, must be front and center in any discussion of impeachment and accountability,” the movant-intervenors said.
“Hence, the Honorable Court is respectfully and vehemently urged to give greater weight to the public wanting to hold their public officers accountable than to public officers wanting to protect their reputation,” they added.
2,736,710 members and pensioners, including 2,100,257 active members and 636,453 old-age and survivorship pensioners.
Macasaet pointed out that “only a portion” of active members are likely to complete the 15-year service requirement.
The vice chairman of the House Committee on Civil Service and Professional Regulation stressed the need to revisit the GSIS Act of 1997 (Republic Act 8291) and update its 28-year-old provisions to make retirement benefits more accessible.
HB 3127 also amends Presidential Decree 1146 to formalize the reduced service requirement.
“By shortening the required contribution period from 15 to 10 years, the bill harmonizes the GSIS and SSS systems, promoting fairness between public and privatesector workers,” Macasaet said. HB 3127 seeks to further amend Presidential Decree No. 1146, as amended by RA 8291, to shorten the mandatory service requirements for retirement benefits under the GSIS to 10 years.
Jovee Marie N. dela Cruz
Creating shared value
What is the proper role of business in society?
THE question certainly is not new. Debates about the private sector’s responsibility for its economic, social and environmental impacts have been raging since the dawn of capitalism. We now also have to navigate the disruptive tariff landscape created by Trump.
What is new is the global consensus that business is the engine of economic growth and international development (I sincerely hope that Trump and warmongers like Putin and others understands that). Business can and must play an indispensable role alongside government, civil society and communities to solve complex, global (and local) challenges like hunger (food security), poverty (inclusive growth), inequality (wealth sharing), unemployment (dignity comes with a job) and climate change (renewable energy).
The role of business in society is highly contested ground. Private sector firms-from leading multinational corporations to small and growing businesses to start-up social enterprises—have unique and essential assets and capabilities to resist major global (and local) challenges.
But there are also questions and concerns about how, when, where and why the private sector engages in development. For those of us involved in this debate, it is clear that power structures, motives, performance measures and clarity of definitions matter. Without that clarity, we will never find ourselves on the same page and will lose energy in debating rather than in doing.
Corporate Social Responsibility (CSR) and Creating Shared Value (CSV) practices offer differing perspectives: do these efforts contribute to the sustainable welfare of communities and community members?
You can see the influence of the CSR movement by looking at today’s business. language: Corporate citizenship; sustainability; triple bottom line; ESG (environmental, social and governance); inclusive business; cause related marketing (CRM); pro-poor value chains; bottom of the pyramid business models (BOP); socially responsible investing and impact investing; social enterprise; social purpose, public-private partnerships; green economy; collective impact; license to operate; license to lead; corporate ethics (integrity); and corporate volunteerism and employee engagement.(That is obviously a long list of things to do under corporate
responsibilities!)
Creating shared value has gained credibility, legitimacy and momentum as a new way of doing business. Shared value has meanwhile spread beyond the private sector to governments, nongovernment organizations, civil society and academia.
CSR is fundamentally about taking resources from the business and investing those resources in being a good corporate citizen: recycling, giving money to social causes, reporting on social and environmental impact, and engaging employees in community work. CSV is aimed at changing how the core business operates—strategy, structure, people, processes and rewards—in order to deliver triple bottom line returns.
The fundamental distinction is that CSR is about doing something separate from the business and CSV is about integrating social and environmental impact into the business, using that integration to drive economic value. Forward thinking businesses want to be part of the solution in tackling the complex problems facing our world. Companies and employees know that charitable donations are important. However, they want to expand their engagement so that their core business models improve the well-being of people and the planet, reduce or eliminate negative externalities, and earn a profit.
In conclusion, we are all called upon to ramp up our CSR and CSV efforts on complex local (and global) problems. There is no question that the toxic Trump attitude has made the focus on social responsibility and shared services much more important. In my dialogues with friends, business partners, family members, neighbors, etc, challenges like hunger (food security), poverty (inclusive growth), inequality (wealth sharing), unemployment (dignity comes with a job) and climate change (renewable energy) are discussed and
DHSUD clears 2K housing cases
By Bless Aubrey Ogerio
THE Department of Human Settlements and Urban Development (DHSUD) has reduced its backlog of cases involving Homeowners Associations (HOAs) and Housing and Real Estate Development Regulations (HREDR).
From about 3,000 cases, the pending workload is now down to 900 in less than two months, according to housing czar Jose Ramon Aliling.
He credited the agency’s Zero Backlog Program for the reduction, which aims to speed up the resolution of pending disputes.
On one hand, Aliling said reports of inefficiency from certain regional offices are being verified, with action to be taken once confirmed.
“We will not let anything slip by. We will not stop,” Aliling said in
Filipino during the DHSUD’s weekly flag-raising ceremony on Monday.
“You have three options: shape up, step out or be kicked out.”
The agency is also preparing to launch the rental housing component of the Expanded Pambansang Pabahay para sa Pilipino (4PH) Program, with the University of the Philippines identified as a pilot site, pending approval from its Board of Regents on August 28.
Another initiative, the Enhanced Community Mortgage Program, is expected to benefit about 7,000 families, with awarding to start in October.
Yet, the agency currently has no stated overall housing production target after it scrapped its earlier goal of building three million units.
DA imposes temporary ban on cattle and buffalo imports from France, Italy over LSD outbreak
TMarcos: PHL prepared for China-Taiwan conflict, prioritizes safety of 200,000 Filipinos in Taiwan
By Samuel P. Medenilla @sam_medenilla
WHILE President Ferdi -
nand Marcos has ruled out any “aggressive” response from the Philippines in case a China-Taiwan war erupts, he said the government will be ready to defend its interest in the said conflict.
Foremost of the government’s priorities in such a scenario, will be to bring, home the estimated 200,000 Filipinos who are living in Taiwan.
“But if it [China-Taiwan conflict] does, we have to plan for it already. And that’s what I was talking about. How do we get our people out,” Marcos said in a press conference in Malacañang last
Monday.
He said the Philippines will also mobilize its forces to secure the country’s borders in the said conflict due to Taiwan’s geographic proximity to Luzon.
“We are constant in our [position when it comes to] defense of the territory, of the state, of the population of the Republic of the Philippines. That’s just how we work. That’s just what we will do,” Marcos said partly in Filipino.
The President issued the statement after China’s Foreign Ministry condemned what he said in an interview with the Indian media in New Delhi last week, which it alleged undermined its “One-China” policy, which Manila has committed to adhere to.
Under the said policy, China
maintained that the self-governing Taiwan remains part of its territory, which it hopes to bring back to its jurisdiction in the future.
China’s Foreign Ministry accused Marcos of “playing with fire” and wanting to interfere with its sovereign affairs when he commented about the Philippines responses in a China-Taiwan conflict.
For his part, Marcos claimed China’s Foreign Ministry has misinterpreted the interview for propaganda purposes and used it as basis to increase its activities in the West Philippine Sea (WPS)--parts of the South China Sea within the country’s Exclusive Economic Zone. The latest of the said case hap -
pened last Monday, wherein a Chinese vessel fired a water cannon at a Philippine ship, which was bringing aid to fishermen at the Bajo De Masinloc.
Marcos stressed the Philippines will not back down in the ongoing attempts of China to claim parts of the WPS even after it was invalidated by the 2016 Arbitral Award.
“We will continue to defend our territory. We will continue to exercise our sovereign rights. And despite any opposition from anyone, we will continue to do that as we have done in the past three years,” he said. “Now, we do not intensify our operations, we just respond [to Chinese ships activities]. We are not aggressive. We are just defending [our territory].”
House to probe DPWH on flood control projects after Marcos flags irregularities
By Ada Pelonia @adapelonia
HE Department of Agriculture (DA) slapped a temporary ban on live cattle and buffalo along with their byproducts from France and Italy due to confirmed outbreaks of Lumpy skin disease (LSD).
Agriculture Secretary Francisco Tiu Laurel Jr. signed Memorandum Orders (MOs) 43 and 44, authorizing the ban on the entry of live cattle and buffalo, as well as their byproducts, such as milk, milk products, embryos, skin, and semen. However, certain products can enter the Philippines, such as hides that have been salt-treated or subjected to ante- and postmortem; meal and flour from blood, and meat other than skeletal muscle or bones.
Furthermore, casings, gelatine and collagen, tallow, hooves and horns; and milk and milk products subjected to pasteurization are also allowed entry.
Laurel noted that this measure serves as a precautionary step to safeguard the country’s livestock industry from LSD, a contagious viral disease that mainly affects cattle and water buffalo.
According to the agency, it decided to issue
the bans after authorities from Italy and France reported respective LSD outbreaks.
The outbreak was reported in Italy on July 18 in Orani, Nuoro, Sardegna, and confirmed by the National Reference Centre for Exotic Animal Diseases. France reported a similar outbreak in Chambéry on June 23, which was verified by the French veterinary office.
The DA noted that its move is in line with international animal health standards set by the World Organisation for Animal Health (WOAH) and further supported by existing Philippine regulations.
“The import restriction will remain in effect until further notice, pending developments in containment and eradication efforts in the affected countries.”
Currently, the Philippines doesn’t import meat products from Italy, while France remains one of the country’s sources of beef shipments.
LSD causes fever and distinctive skin nodules in infected animals, which is typically transmitted by blood-feeding insects such as flies, mosquitoes, and ticks. While rarely fatal, the disease can significantly reduce milk production, cause weight loss in infected animals, and trigger trade disruptions.
Cebu Pacific adds more flights to key foreign destinations
BUDGET carrier Cebu Pacific said on Monday it is ramping up its international services by adding more flights to key destinations in Thailand, Vietnam, Japan, and Australia, just in time for the busy holiday season.
Beginning October 26, the airline will increase its flight frequency between Cebu and Bangkok (Don Mueang) to four times weekly, adding an extra Sunday flight to meet rising demand.
Cebu Pacific will also offer more connectivity between Manila and Da Nang starting October 28, with flights increasing to 10 times weekly. These will include double daily services on Tuesdays, Thursdays, and Saturdays, offering greater flexibility to travelers.
In December, Cebu Pacific will introduce daily flights between Manila and Sapporo, starting December 10, to cater to the growing interest in Japan’s Hokkaido region.
Furthermore, flights between Manila and Melbourne will see an increase to five times a week from December 12, with the addition of a Friday flight.
“These additional frequencies reflect Cebu Pacific’s ongoing commitment to provide more accessibility, flexibility, and convenience to our valued passengers. As travel demand continues to rise, these expanded services allow us to better connect Filipinos to the rest of the world and welcome more visitors to the Philippines,” Cebu Pacific President and Chief Commercial Officer Xander Lao said.
Lao said these destinations are important to Cebu Pacific, as they represent key markets that drive tourism, trade, and cultural exchange between the Philippines and these global regions.
Cebu Pacific was the first Philippine carrier to operate direct flights between Manila and Da Nang, Vietnam, offering Filipino travelers a convenient way to visit the city’s Unesco World Heritage Sites and resorts. In 2024, the airline expanded its network to Thailand with
Cebu-Bangkok flights, providing travelers with easy access to one of Southeast Asia’s top destinations.
Since launching the Manila-Sapporo route in January 2025, Cebu Pacific has responded to growing demand for winter tourism in Hokkaido. Its Melbourne service, which marks its seventh year of operations, continues to cater to both Filipino travelers and families in Australia.
“Beyond convenience, this increased connectivity also plays a key role in stimulating tourism, enabling business opportunities, and strengthening economic ties with our neighbors in the Asia-Pacific region,” Lao said.
Cebu Pacific now serves 37 domestic and 26 international destinations across Asia, Australia, and the United Arab Emirates.
Cebu Air Inc., the operator of budget carrier Cebu Pacific, saw its profits doubling in the first six months of 2025 owing to strong travel demand.
The company’s net income stood at P8.97 billion as of end-June, more than double the P3.55 billion it posted the year prior.
Total revenues climbed 23 percent to P63.33 billion from P51.44 billion in the same period last year, buoyed by a 24 percent rise in passenger sales to P44.23 billion as demand for air travel remained strong.
Ancillary revenues grew 19 percent to P15.59 billion, while cargo revenues jumped 33 percent to P3.51 billion.
Operating expenses increased 21 percent to P55.42 billion from P45.95 billion, reflecting higher flying operations costs, repairs and maintenance, and airport servicing expenses due to increased flight activity.
Depreciation and amortization climbed to P9.48 billion following aircraft and engine acquisitions, while fuel consumption and peso depreciation against the US dollar further pushed costs higher.
The carrier ended the period with an operating income of P7.92 billion, up 44 percent year-on-year. Lorenz S.Marasigan
By Jovee Marie N. Dela Cruz @joveemarie
THE House Committee on Public Accounts will hold another briefing with the Department of Public Works and Highways (DPWH) this Wednesday to tackle issues raised by President Marcos regarding the country’s flood control projects.
Bicol Saro Rep. Terry Ridon, the panel chairman, said the discussion will integrate the President’s latest remarks, particularly on the need for transparency in the online listing of projects, the disparity between the locations of flood control infrastructure and flood-prone areas, and the actual performance record of the country’s top 15 flood control contractors.
“We will conduct a follow-up briefing with DPWH on Wednes -
day, incorporating the President’s latest remarks, particularly the online listing of projects, the disparity between flood control projects and flood-prone regions, and the actual performance report of the top 15 flood control contractors,” Ridon said.
The President disclosed on Monday that an initial review found that P100 billion worth of 20 percent of all flood control projects in the past three years were undertaken by 15 contractors.
Citing the preliminary report of the DPWH, Marcos said P545 billion in public funds went to flood control projects nationwide from July 2022.
The DPWH identified a total of 2,409 contractors for both local and national flood control projects.
Marcos ordered the ongoing audit to investigate further why 20
percent of flood control projects went to only 15 contractors.
Earlier, Ridon announced that two more committees will join the review of the government’s flood control projects amid allegations of widespread corruption and substandard implementation.
Joining Ridon’s panel in the inquiry are the House Committee on Public Works, chaired by Surigao del Sur Rep. Romeo Momo, and the Committee on Good Government and Public Accountability, led by Manila Rep. Joel Chua. The three committees will examine whether “rackets and kickbacks” exist at any level of government in relation to flood-control initiatives.
Ridon stressed that the DPWH must submit a comprehensive report on all flood-control projects over the past three years, includ -
ing those completed, delayed, substandard, or potentially nonexistent. The inquiry will also determine whether erring contractors have been blacklisted.
During last week’s preliminary briefing, DPWH Secretary Manuel Bonoan said flood mitigation remains a top priority under the Build Better More Program but admitted that progress has been slowed by right-of-way acquisition problems, procurement delays, and coordination issues with local government units and stakeholders.
He also cited significant budget cuts that have hindered project delivery, including P181.16 billion from foreign-assisted projects, P103.5 billion from right-of-way allocations, and P50.59 billion from preliminary and detailed engineering programs between 2023 and 2025.
SEC wants to adopt PFRS standard on sustainability reporting
THE Securities and Exchange Commission (SEC) may implement a standardized sustainability reporting for listed firms and large non-listed firms starting 2026, according to its draft guidelines.
The SEC said it will adopt Philippine Financial Reporting Standards (PFRS) S1 and S2 formats starting 2026.
For 2025, companies may still follow any internationally recognized framework for their sustainability reports.
The PFRS S1 pertains to general requirements for disclosure of sustainability-related financial information, while PFRS S2 refers to climate-related disclosures.
“The [sustainability reporting] Guidelines and Roadmap for PLCs [publicly listed companies] and LNLs [large non-listed firms] serve to encourage sustainable business practices and align company disclosures with international standards to attract Environmental, Social, and Governance [ESG]-focused investors in the Philippine capital market,” according to a draft
memorandum circular.
“The guidelines support companies in evaluating and managing their nonfinancial performance, including Economic, Environmental, Social and Governance factors, while also monitoring contributions to global and national sustainability agendas such as the UN Sustainable Development Goals and AmBisyon Natin 2040.” Currently, only listed firms are required to submit sustainability reports.
Under the draft guidelines, firms covered by the reporting guidelines are required to submit a sustainability report as an attachment to their annual reports.
Nonlisted firms that are not covered by the SRC provision will submit their sustainability report with their audited financial statements.
Tier 1 will cover listed firms with market capitalization of over P50 billion as of December 31, 2025, or as at the date of their listing after 2025. Reporting will begin in 2027, for the period covering fiscal year on or after January 1, 2026.
Tier 2 will include listed firms
with market capitalization of over P3 billion up to P50 billion as of December 31, 2025, or as at the date of their subsequent listing, with reporting beginning in 2028, covering fiscal year on or after January 1, 2027.
Tier 3 will include listed firms with market capitalization of P3 billion or less as of December 31, 2025, or as at the date of its listing beyond the period, and nonlisted firms with an annual revenue of over P15 billion as of the preceding fiscal year.
They will be required to report in 2029, covering the fiscal year beginning on or after January 1, 2028.
The SEC is also looking at implementing a mandatory limited assurance on Scope 1 and 2 greenhouse gas emissions by an independent assurance practitioner two years after the implementation of PFRS S1 and S2 for each tier, in line with applicable international standards.
Companies covered by Tier 1 and 2 will be permitted to disclose information on climate-related risks and opportunities only for one year, while
Tier 3 companies will be given two years. All covered corporations will be given a year to submit their sustainability report after the publication of their related financial statements at the same time as their next second-quarter or half-year interim financial statements, or within nine months if there are no interim financial statements.
All tiers will also not be required to disclose comparative information, and will be allowed to use a method other than the 2004 GHG Protocol for one year. Scope 3 emissions will also not be required for two years for all tiers. To ease reporting compliance, nonlisted firms will be exempted from submitting a sustainability-related report when its immediate, intermediate or ultimate parent is already preparing such disclosures in the country and its sustainability-related disclosures are included in the parent’s report. Listed firms that fail to attach their sustainability reports to the annual report will be penalized for incomplete reports, while the SEC is still crafting penalties for non-listed firms. VG Cabuag
As DAR wipes clean agrarian debt, Cordillera ARBs receive land titles and support services
THE Department of Agrarian Reform (DAR) in Cordillera Administrative Region (CAR) distributed a total of 813 electronic titles (e-Titles) and Certificates of Land Ownership Award (CLOAs) to 654 Agrarian Reform Beneficiaries (ARBs) across the region.
The land distribution, led by DAR Regional Director Rodrigo Realubit, was held at the Davidson Hotel in Tabuk City, Kalinga, covers a total of 351.33 hectares across six provinces, namely:
n Abra: 596 land titles to 439 ARBs covering 124.21 hectares
n Kalinga: 138 titles to 138 ARBs covering 131.82 hectares
n Benguet: 27 titles to 31 ARBs over 38.47 hectares
n Ifugao: 23 titles to 21 ARBs covering 34.93 hectares
n Mountain Province: 17 titles to 14 ARBs over 11.40 hectares
n Apayao: 12 titles to 11 ARBs covering 10.50 hectares
Meanwhile, to further empower the farmers, DAR-CAR also granted 135 Certificates of Condonation with Release of Mortgage (CoCRoMs), writing off a total of P6.62 million in unpaid land amortization loans—benefitting
135 ARBs. Kalinga accounted for the lion’s share, with 134 condonations amounting to P6.55 million, while one ARB in Benguet benefited from a P68,831.15 condonation.
DAR-Kalinga, meanwhile, turned over P3 million worth of farm machinery and equipment (FMEs)—including two fully equipped tractors—to two (2) ARB organizations: Urnos Bayabat RIC Marketing Cooperative and Rangay San Quintin Farmers Association. These tools are expected to significantly enhance farm productivity and ease the burden of manual labor.
Realubit emphasized that the event is a strong testament to the government’s continued commitment to agrarian reform and social justice.
“The documents and support that our ARBs received are instruments of empowerment. They secure their rights and open up opportunities for growth and improved livelihoods,” Realubit said. DAR-CAR vowed to deliver equitable land distribution and essential support services to farmers in the highlands—uplifting communities and sowing the seeds of lasting change. Jonathan L. Mayuga
A6 Tuesday, August 12, 2025
Editor: Angel R. Calso
Israeli strike kills journalists in Gaza City, worsening the death toll for the media
JBy Sam Metz & Samy Magdy
The Associated Press
ERUSALEM—Israel’s military targeted an Al Jazeera correspondent with an airstrike Sunday, killing him, another network journalist and at least six other people, all of whom were sheltering outside the Gaza City Hospital complex.
Officials at Shifa Hospital said those killed included Al Jazeera correspondents Anas al-Sharif and Mohamed Qureiqa. The strike also killed four other journalists and two other people, hospital administrative director Rami Mohanna told The Associated Press. The strike also damaged the entrance to the hospital complex’s emergency building.
Both Israel and hospital officials in Gaza City confirmed the deaths, which press advocates described as retribution against those documenting the war in Gaza. Israel’s military later Sunday
described al-Sharif as the leader of a Hamas cell—an allegation that Al Jazeera and al-Sharif had previously dismissed as baseless. The incident marked the first time during the war that Israel’s military has swiftly claimed responsibility after a journalist was killed in a strike. It came less than a year after Israeli army officials first accused al-Sharif and other Al Jazeera journalists of being members of the militant groups Hamas and Islamic Jihad. In a July 24 video, Israel’s army spokesperson Avichay Adraee attacked Al Jazeera and accused al-Sharif of being part of Hamas’ military wing. Al Jazeera called the strike “targeted assassination” and accused Israeli officials of incitement, connecting al-Sharif’s death to the allegations that both the network and correspondent had denied.
“Anas and his colleagues were among the last remaining voices from within Gaza, providing the
world with unfiltered, on-theground coverage of the devastating realities endured by its people,” the Qatari network said in a statement.
International media have been mostly barred from entering Gaza throughout the war and Al Jazeera is among the few outlets still fielding a big team of reporters inside Gaza, chronicling daily life amid airstrikes, hunger and the rubble of destroyed neighborhoods.
The network has suffered heavy losses during the war, including 27-year-old correspondent Ismail al-Ghoul and cameraman Rami al-Rifi, killed last summer, and freelancer Hossam Shabat, killed in an Israeli airstrike in March.
Like al-Sharif, Shabat was among the six that Israel accused of being members of militant groups last October.
Hundreds of people, including many journalists, gathered Monday to mourn al-Sharif, Qureiqa and their colleagues. The bodies
lay wrapped in white sheets at Gaza City’s Shifa Hospital complex. Ahed Ferwana of the Palestinian Journalists Syndicate said reporters were being deliberately targeted and urged the international community to act.
Al-Sharif reported a nearby bombardment minutes before his death. In a social media post that Al Jazeera said was written to be posted in case of his death, he bemoaned the devastation and destruction that war had wrought and bid farewell to his wife, son and daughter.
“I never hesitated for a single day to convey the truth as it is, without distortion or falsification,” the 28-year-old wrote.
The journalists are the latest to be killed in what observers have called the deadliest conflict for journalists in modern times. The Committee to Protect Journalists said on Sunday that at least 186 have been killed in Gaza and Brown University’s Watson Insti -
European leaders rally for Ukraine before Trump-Putin meeting,
By Samya Kullab
The Associated Press
KYIV, Ukraine—European nations have rallied behind Ukraine, saying peace in the war-torn nation can’t be resolved without Kyiv, ahead of an upcoming meeting between US President Donald Trump and Russia’s Vladimir Putin in Alaska.
Trump said next Friday’s meeting with his Russian counterpart on US soil would focus on ending the war, now in its fourth year.
In response, Zelenskyy thanked European allies in a post on X, writing Sunday: “The end of the war must be fair,
and I am grateful to everyone who stands with Ukraine and our people.”
Trump-Putin meeting spikes worries SATURDAY’S statement by top European leaders came after the White House confirmed the US president was willing to grant Putin the one-on-one meeting Russia has long pushed for, and suggestions from Trump that a peace deal could include “some swapping of territories.” That raised fears that Kyiv may be pressured into giving up land or accepting other curbs on its sovereignty.
A White House official, who spoke on condition of anonymity as they aren’t
allowed to speak publicly, told The Associated Press that Trump remained open to a trilateral summit with both the Russian and Ukrainian leaders, but for now, he will have a bilateral meeting requested by Putin.
In an interview with Fox News taped on Thursday but aired on Sunday, US Vice President JD Vance said Trump had got Putin to agree to meet with Zelenskyy and it was now only a matter of scheduling before a meeting would take place. The Kremlin has previously said that Putin and Zelenskyy should meet only when an agreement negotiated by their delegations is close. A request to the White House for clarification has not immediately been answered.
Trump previously said he would
tute in April said the war was “quite simply, the worst ever conflict for reporters.”
Al-Sharif began reporting for Al Jazeera a few days after war broke out. He was known for reporting on Israel’s bombardment in northern Gaza, and later for the starvation gripping much of the territory’s population. Qureiqa, a 33-yearold Gaza City native, is survived by two children.
Both journalists were separated from their families for months earlier in the war. When they managed to reunite during the ceasefire earlier this year, their children appeared unable to recognize them, according to video footage they posted at the time.
In a July broadcast al-Sharif cried on air as woman behind him collapsed from hunger.
“I am talking about slow death of those people,” he said at the time.
Al-Sharif’s death comes weeks after a UN expert and the New York-based Committee to Protect Journalists said Israel had targeted him with a smear campaign.
Irene Khan, the UN Special Rapporteur on freedom of expression, on July 31 said that the killings were “part of a deliberate strategy of Israel to suppress the truth, obstruct the documentation of international crimes and bury any possibility of future accountability.”
The Committee to Protect Journalists said on Sunday that it was appalled by the strike.
“Israel’s pattern of labeling journalists as militants without providing credible evidence raises serious questions about its intent and respect for press freedom,” Sara Qudah, the group’s regional director, said in a statement.
Al Jazeera is blocked in Israel and soldiers raided its offices in the occupied West Bank last year, ordering them closed.
Magdy reported from Cairo.
stressing need for just peace and sovereignty
meet with Putin regardless of whether the Russian leader agreed to meet with Zelenskyy.
The Trump-Putin meeting may prove pivotal in a war that began when Russia invaded its western neighbor and has led to tens of thousands of deaths, although there’s no guarantee it will stop the fighting since Moscow and Kyiv remain far apart on their conditions for peace.
Calls for a lasting peace deal
SATURDAY’S statement, signed by the president of the European Union and leaders of France, Germany, Italy, Poland, Finland and the UK, stressed the need for a “just and lasting peace” for Kyiv, including “robust
and credible” security guarantees.
“Ukraine has the freedom of choice over its own destiny. Meaningful negotiations can only take place in the context of a ceasefire or reduction of hostilities,” the statement said.
“The path to peace in Ukraine cannot be decided without Ukraine. We remain committed to the principle that international borders must not be changed by force,” the Europeans added.
The European statement follows a meeting between Vance and top European and Ukrainian officials at the British Foreign Secretary’s weekend residence to discuss how to end the war.
US Sen. Lindsey Graham, R-S.C., told
NBC’s “Meet the Press” on Sunday that a good deal would mean preventing an emboldened Russia, and aggressors elsewhere, from trying to once again redraw borders by force.
A Trump ally and Russia hawk, Graham nevertheless said that “you can’t end a war without talking.”
“I do hope that Zelenskyy can be part of the process. I have every confidence in the world that (President Trump) is going to go to meet Putin from a position of strength, that he’s going to look out for Europe and Ukrainian needs to end this war honorably,” he said.
See “European,” A8
Netanyahu defends new Gaza military offensive, claims Israel must ‘finish the job’ against Hamas
By Wafaa Shurafa, Sam Metz & Samy Magdy
The Associated Press
JERUSALEM—Israeli Prime Minister Benjamin Netanyahu on Sunday defended a new military offensive in Gaza that’s more sweeping than previously announced, declaring in the face of growing condemnation at home and abroad that Israel “has no choice but to finish the job and complete the defeat of Hamas.” Even as more Israelis express concern over the 22-month war, Netanyahu said the security Cabinet last week instructed the dismantling of Hamas strongholds not only in Gaza City but also in the “central camps” and Muwasi. A source familiar with the operation, who spoke on condition of anonymity because they were not authorized to talk to the media, confirmed that Israel plans it in both areas.
The camps—sheltering well over a half-million displaced people, according to the U.N.—had not been part of Israel’s announcement Friday. It was not clear why, though Netanyahu faced criticism this weekend within his ruling coalition that targeting Gaza City was not enough. Netanyahu said there would be “safe zones,” but such designated areas have been bombed in the past.
Late Sunday, heavy bombardment was reported in Gaza City. Shortly before midnight local time, broadcaster Al Jazeera said correspondent Anas al-Sharif was killed in a strike. Rami Mohanna, administrative director at the nearby Shifa Hospital, said the strike hit a tent for Al Jazeera journalists outside the hospital’s walls. Along with al-Sharif, three other journal -
ists and a driver were killed.
Israel’s military confirmed it, asserting al-Sharif had “posed as a journalist” and alleging he was with Hamas. Al-Sharif had denied having any political affiliations. The Committee to Protect Journalists last month said it was gravely concerned for his safety and said he was a “targeted by an Israeli military smear campaign.”
Netanyahu spoke with Trump about plan
NETANYAHU’S office late Sunday said he had spoken with US President Donald Trump about the plan and thanked him for his “steadfast support.”
Rejecting starvation in Gaza as well as a “global campaign of lies,” Netanyahu spoke to foreign media just before an emergency meeting of the United Nations Security Council, a platform for outrage but little action on the war.
“Our goal is not to occupy Gaza, our goal is to free Gaza,” Netanyahu asserted. The goals, he said, include demilitarizing the territory, the Israeli military having “overriding security control” and a non-Israeli civilian administration in charge.
Israel wants to increase the number of aid distribution sites in Gaza, he said, but in a later briefing to local media, he asserted: “There is no hunger. There was no hunger. There was a shortage, and there was certainly no policy of starvation.”
Netanyahu also said he has directed Israel’s military to “bring in more foreign journalists”—which would be a striking development, as they haven’t been allowed into Gaza beyond military embeds during the war.
He again blamed many of Gaza’s problems on the Hamas militant
group, including civilian deaths, destruction and aid shortages.
“Hamas still has thousands of armed terrorists,” he asserted, adding that Palestinians are “begging” to be freed from them.
Hamas responded with a lengthy statement that summed up Netanyahu’s remarks as “blatant lies.”
US defends Israel at Security Council meeting THE United States defended Israel, saying it has the right to decide what’s best for its security. It called allegations of genocide in Gaza false.
The US has veto power at the council and can block proposed actions there.
Other council members, and U.N. officials, expressed alarm. China called the “collective punishment” of people in Gaza unacceptable. Russia warned against a “reckless intensification of hostilities.”
“This is no longer a looming hunger crisis; this is starvation,” said Ramesh Rajasingham with the U.N. humanitarian office. “Humanitarian conditions are beyond horrific. We have frankly run out of words to describe it.”
Israel faces growing action even by its closest allies. Netanyahu said Chancellor Friedrich Merz of Germany had “buckled under” the growing international criticism by stopping exports of military equipment to Israel that could be used in Gaza. Merz, for his part, told public broadcaster ARD that
Germany and Israel were talking “very critically” but Berlin’s overall policies of friendship haven’t changed.
More Palestinians killed as they seek aid AT least 31 Palestinians were killed while seeking aid in Gaza, hospitals and witnesses said. The Associated Press spoke to witnesses of gunfire in the Israelicontrolled Morag and Netzarim corridors and the Teina area in the south. All accused Israeli forces of firing at crowds trying to reach food distributions or waiting for convoys.
Fifteen people were killed while waiting for trucks near the Morag corridor that separates the southern cities of Rafah and Khan Younis, according to Nasser hospital.
The situation is a “death trap,” said Jamal al-Laweh, who said Israeli forces opened fire there. “But I have no other choice to feed the kids.”
Six were killed while waiting for aid in northern Gaza near
the Zikim crossing, according to Gaza’s Health Ministry and Shifa hospital.
In central Gaza, witnesses said they heard warning shots before fire was aimed toward crowds trying to reach a distribution site operated by the Israeli-backed and U.S.-funded Gaza Humanitarian Foundation. The AP could not independently confirm who fired.
Awda hospital said four people were killed by Israeli gunfire.
Six other aid-seekers were killed while trying to reach GHF sites in Khan Younis and Rafah, Nasser hospital said.
The GHF sites opened in May as an alternative to the U.N.-run aid system, but operations have been marred by deaths and chaos. Responding to AP inquiries, the GHF media office said: “There were no incidents at or near our sites today.” Israel’s military said there were no incidents involving troops near central Gaza aid sites.
Hunger death toll among children hits 100 ISRAEL’S air and ground offensive has displaced most Palestinians and pushed the territory toward famine. Two Palestinian children died of malnutrition-related causes on Saturday, bringing the toll among children to 100 since the war began.
Americans face slight inflation rise in July as higher tariffs start to bite
By Vince Golle & Craig Stirling
UNITED STATES consumers
probably experienced a slight pickup in underlying inflation in July as retailers gradually raised prices on a variety of items subject to higher import duties.
The core consumer price index, regarded as a measure of underlying inflation because it strips out volatile food and energy costs, rose 0.3% in July, according to the median projection in a Bloomberg survey of economists. In June, core CPI edged up 0.2% from the prior month.
While that would be the biggest gain since the start of the year, Americans—at least those who drive—are finding some offset at the gas pump. Cheaper gasoline probably helped limit the overall CPI to a 0.2% gain, the government’s report on Tuesday is expected to show.
Higher US tariffs have started to filter through to consumers in categories such as household furnishings and recreational goods. But a separate measure of core services inflation has so far remained tame. Still, many economists expect higher import duties to keep gradually feeding through.
That’s the dilemma for Federal Reserve officials who’ve kept interest rates unchanged this year in hopes of gaining clarity on whether tariffs will lead to sustained inflation. At the same time, the labor market—the other half of their dual policy mandate—is showing signs of losing momentum.
As concerns build about the durability of the job market, many companies are exploring ways to limit the tariff pass-through to price-sensitive consumers. Economists expect government figures on Friday to show a solid gain in July retail sales as incentives helped fuel vehicle purchases and Amazon’s Prime Day sale drew in online shoppers.
“One reason firms are having trouble hiking prices is that households’ real disposable income growth has been dismal—running at a third of the pandemic peak. Incorporating payroll revisions, we estimate that real income growth actually contracted in June. Yet nominal retail sales were likely robust in July. We caution against equating a strong headline print with resilient consumption,” said Bloomberg economists Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins.
Excluding auto dealers, economists have penciled in a more moderate advance. And when adjusted for price changes, the retail sales figures will likely underscore an uninspiring consumer spending environment.
Among other economic data in the coming week, a Fed report is likely to show stagnant factory output as manufacturers contend with evolving tariffs policy.
A preliminary trade truce between the US and China is set to expire on Tuesday, but a move to extend the detente is still possible.
The week ahead THE Bank of Canada will release a summary of the deliberations that led it to hold its benchmark rate at 2.75% for a third consecutive meeting; it also left the door open to more cuts if the economy weakens and inflation is contained. Home sales data for July will reveal whether sales gains continued for a third straight month.
Elsewhere, several Chinese data releases, gross domestic product readings for the UK and Switzerland, and a possible rate cut in Australia are among the highlights.
Asia ASIA has a hectic data calendar, led by a wave of Chinese indicators, GDP reports from several economies, and a closely-watched rate decision in Australia. The week will see credit numbers from China, which will be assessed for signs that policymakers’ efforts to revive economic growth are beginning to bear fruit. Money supply data will offer a complementary signal on underlying liquidity conditions.
On Tuesday, the Reserve Bank of Australia is poised to lower policy rates for a third time this year after second-quarter inflation cooled further. A gauge of Australian business confidence due the same day will offer a timely read on sentiment heading into the second half. Wednesday brings Australia’s wages data, followed by the employment report on Thursday. India reports CPI data on Tuesday, which will likely show prices cooled further in July from a year ago. Wholesale prices follow on Thursday, and will indicate whether cost pass-through remains muted.
Trade figures during the week will show how strong India’s external sector was before Trump imposed an additional 25% tariff on Indian goods over its ongoing purchases of Russian energy, taking the total import levy to 50%.
On Wednesday, Thailand’s central bank is expected to cut rates amid subdued price pressures and weak economic growth.
Thailand’s King Maha Vajiralongkorn has endorsed the appointment of Vitai Ratanakorn as the nation’s new central bank governor, capping a monthslong selection process that has been overshadowed by concerns over government attempts to erode the autonomy of the Bank of
Thailand. Vitai is set to take office from Oct. 1, according to a Royal Gazette notification issued Sunday.
Also on Wednesday, New Zealand releases retail card spending data, South Korea publishes its unemployment rate for July, and Japan releases its producer price index—a gauge of wholesale inflation.
China’s big reveal comes on Friday, with a suite of July activity data including industrial production, retail sales, fixed asset investment, and jobless figures.
Also on Friday, Japan publishes preliminary estimates of secondquarter GDP, with forecasts suggesting the country likely avoided a recession.
Singapore, Malaysia, Taiwan and Hong Kong are among the other economies reporting GDP, providing a broader look at growth momentum and external balances across the region.
Europe, Middle East, Africa
THE UK will take prominence again with some key data reports. Following Thursday’s Bank of England rate cut, after which officials said they’re on “alert” for second-round effects from a spike in inflation, wage data will be released on Tuesday. Economists anticipate a slight slowdown in pay growth for private-sector workers.
Meanwhile, second-quarter GDP is expected to show economic momentum slowing sharply after a growth spurt at the start of the year, meshing with the BOE’s view that the economy has started to show more slack.
Much of continental Europe will be on holiday on Friday, and data may be sparse too. Germany’s ZEW index of investor sentiment comes on Tuesday. In the wider euro region, a second take of GDP, along with June industrial production, will be
published on Thursday.
In Switzerland, still reeling from Trump’s imposition of a 39% tariff, initial data on Friday may reveal that the economy suddenly contracted in the second quarter, even before that trade shock hit. Investors will also be watching for any update on Bern and Washington inching toward a trade deal after all.
The Swiss government has reached out to local drugmakers Roche Holding AG and Novartis AG to discuss the tariff situation, a spokesperson said on Sunday.
Meanwhile, the US expects to largely complete negotiations with countries that have yet to secure a trade deal by the end of October, Nikkei Asia reported, citing an interview with Treasury Secretary Scott Bessent.
Norwegian inflation is set for Monday. Three days later, the central bank in Oslo is likely to keep its rate at 4.25% after its first postpandemic cut in June surprised investors.
Recent data included weaker retail sales, rising unemployment and gloomier industrial sentiment, though price pressures have also appeared to be stickier. Most economists expect two more quarterpoint cuts in Norway this year, in September and December.
Monetary decisions in Africa ON Tuesday, Kenya’s central bank will probably adjust the key rate lower for a seventh straight time, from 9.75%, with inflation expected to remain below the 5% midpoint of its target range in the near term.
Uganda’s policymakers will probably leave their rate at 9.75% to gauge the impact of US tariffs on inflation and keep local debt and swaps attractive to investors.
Torrential rains in southern Japan cause flooding, mudslides, travel disruptions
By Mari Yamaguchi The Associated Press
TOKYO—Downpours on Japan’s southern main island of Kyushu caused flooding and mudslides on Monday, injuring a number of people and disrupting travel during a Buddhist holiday week. Evacuation advisories were issued and several reported missing.
A low-pressure system has been stuck over the region since last week, dumping torrential rain over the southern prefecture of Kagoshima and the island’s northern part.
The Japan Meteorological Agency early Monday issued the highest-level warning in the prefecture of Kumamoto, saying rainfall had exceeded 40 centimeters (15.7 inches) in the last 24 hours and more was expected through Tuesday afternoon over Kyushu. The agency later downgraded the alert for Kumamoto as the showers moved east toward the Tokyo region, but kept a lowerlevel warning for western Japan, where up to 20 cm (7.8 inches) of rainfall was expected by noon Tuesday.
The Fire and Disaster Management Agency said local authorities have issued evacuation advisories to tens of thousands of people in Kumamoto and six other prefectures in the region. Defense troops were deployed to Kagoshima to provide fresh water to the residents in the affected areas, Chief Cabinet Secretary Yoshimasa Hayashi said.
In Kumamoto, rescue workers were looking for three people: a family of three hit by a mudslide
He argued that “Ukraine is not going to evict every Russian” soldier, but said the West should give Kyiv robust security guarantees, keep some of its forces on the ground “as trip wires,” and keep arming Ukraine “so that Russia will be deterred by the most lethal army on the continent of Europe.”
A fruitless push toward a truce
A MONTHLONG US-led push to achieve a truce in Ukraine has so far proved fruitless, with Kyiv agreeing in principle while the Kremlin has held out for terms more to its liking.
Trump also moved up an ultimatum to impose additional sanctions on Russia and introduce secondary tariffs targeting countries that buy Russian oil if the Kremlin did not move toward a settlement. The deadline was Friday. The White House did not answer questions Saturday about possible sanctions.
The Kremlin earlier this week reiterated demands that Ukraine give up territory, abandon its bid to join NATO, and accept limits on its military, in exchange for a withdrawal of Russian troops from the rest of the country.
Particularly galling for Kyiv is Moscow’s insistence that it cede pockets of eastern and southern Ukraine the Kremlin claims to have annexed, despite lacking full military control.
Mark Galeotti, a British expert in Russian politics who heads the Mayak Intelligence consultancy, says Moscow’s tactic of encircling towns in eastern Ukraine has brought a string of territorial gains for Russia, and Putin “does not appear to feel under pressure.”
For the Kremlin, “further delaying any more serious US action and the optics of a meeting with the US president will already be wins,” Galeotti argued in an analysis published Sunday by the UK’s Sunday Times newspaper.
Zelenskyy rules out giving up territory
ZELENSKYY said Saturday that Ukraine
while driving to an evacuation center. Two were dug out alive, but a third person was still missing. Two others were missing elsewhere in the prefecture.
Several other people were also reported missing after falling into swollen rivers in Kumamoto and the nearby Fukuoka prefecture.
In Kamiamakusa city, about 20 people stranded at a camping site and a couple of other residential areas are waiting for the rescuers, NHK public television reported.
Television footage showed muddy water gushing down, carrying broken trees and branches, and residents wading through knee-deep floodwater.
Prime Minister Shigeru Ishiba said his government was supporting search and rescue operations for the missing and helping others in affected areas. He urged residents “to use maximum caution,” encouraging them to “please prioritize actions to save your lives.”
Heavy rain also impacted people traveling during Japan’s Buddhist “bon” holiday week. Bullet trains connecting Kagoshima and Hakata in northern Kyushu, as well as local train services, were suspended Monday morning. While trains partially resumed in Kyushu, services were starting to be affected in western Japan as heavy rains gradually headed east.
About 6,000 households were out of power in Kumamoto, according to Kyushu Electric Power Co., but nearly half got the power back later Monday.
The torrential rains last week left one person missing and four injured in Kagoshima.
“will not give Russia any awards for what it has done” and that “Ukrainians will not give their land to the occupier.” Ukrainian officials previously told the AP privately that Kyiv would be amenable to a peace deal that would de facto recognize Ukraine’s inability to regain lost territories militarily. But Zelenskyy on Saturday insisted that formally ceding land was out of the question.
Galeotti argued that any deal that involves Ukraine abandoning territory would be “agonizing” and politically dangerous for Zelenskyy.
Pushing for sanctions
GERMAN Chancellor Friedrich Merz said Sunday that European leaders are “intensively preparing” ahead of the Alaska summit, while they “hope and expect” that Zelenskyy will be invited.
Merz told Germany’s public broadcaster ARD that he has for weeks been encouraging Washington to toughen sanctions against Russia, adding that “Putin only acts under pressure.”
Mikhail Kasyanov, Putin’s first prime minister and later a political opponent, similarly told the BBC Sunday that the Kremlin would be more willing to negotiate seriously and make some concessions when sanctions have further strained Russia’s economy.
NATO Secretary General Mark Rutte on Sunday praised Washington for taking steps such as allowing more military equipment to flow to Ukraine and imposing secondary sanctions on India for purchasing Russian oil, saying Trump “clearly is putting pressure on Putin.” “Next Friday will be important because it will be about testing Putin—how serious he is—on bringing this terrible war to an end,”
SHOPPERS on 5th Avenue in New York. YUKI IWAMURA/BLOOMBERG
Ukrainian drone strike kills 1 in Russia ahead of planned Trump-Putin summit
KYIV, Ukraine—A Ukrainian drone attack killed one person and wounded two more in Russia’s Nizhny Novgorod, the region’s governor said Monday, as fighting continued ahead of a planned summit meeting in which Russian President Vladimir Putin hopes to persuade his US counterpart to back a peace deal locking in Moscow’s gains.
Nizhny Novgorod Gov. Gleb Nikitin said in an online statement that drones targeted two “industrial zones” that caused unspecified damage along with the three casualties. A Ukrainian official said at
least four drones launched by the country’s security services, or SBU, struck a plant in the city of Arzamas that produced components for the Khinzal 32 and Khinzal 101 missiles.
The official, who spoke on
condition of anonymity to discuss operations, said the Plandin plant produces gyroscopic devices, control systems and on-board computers for the missiles and is an “absolutely legitimate target” because it is part of the Russian military-industrial complex that works for the war against Ukraine.
Russia’s Defense Ministry said its air defenses intercepted and destroyed a total of 39 Ukrainian drones overnight and Monday morning over several Russian regions as well as over the Crimean peninsula that Russia annexed in 2014.
The summit, which US President Donald Trump will host in Alaska later this week, sees Putin unwavering on his maximalist demands to keep all the Ukrainian territory his forces now occupy but also to prevent Kyiv from joining NATO with the long-term aim to keep the country under Moscow’s
sphere of influence.
Putin believes he enjoys the advantage on the ground as Ukrainian forces struggle to hold
back Russian advances along the 1,000-kilometer (600-mile) front.
But Ukrainian President Volodymyr Zelenskyy insists he
will never consent to any Russian annexation of Ukrainian territory nor give up his country’s bid for NATO membership. European leaders have rallied behind Ukraine, saying peace in the war-torn nation can’t be resolved without Kyiv.
German Chancellor Friedrich Merz also spoke with Trump on Sunday, Merz’s spokesman said Monday, but didn’t disclose the contents of the talks.
Spokesman Steffen Meyer reiterated that the German government “has always emphasized that borders must not be shifted by force” and that Ukraine should decide its own fate “independently and autonomously.”
Meanwhile on the front lines, few Ukrainian soldiers believe there’s an end in sight to the war, other than a brief respite before Moscow resumes its attacks with even greater might. AP
Whitmer told Trump in private that Michigan auto jobs depend on a tariff change of course
By Joey Cappelletti & Josh Boak
Associated Press
The
WASHINGTON—Mich -
igan Gov. Gretchen
Whitmer met privately in the Oval Office with President Donald Trump to make a case he did not want to hear: The automotive industry he said he wants to save was being hurt by his tariffs. The Democrat came with a slide deck to make her points in a visual presentation. Just getting the meeting Tuesday with the Republican president was an achievement for someone viewed as a contender for her party’s White House nomination in 2028.
Whitmer’s strategy for dealing with Trump highlights the conundrum for her and other Democratic leaders as they try to protect the interests of their states while voicing their opposition to his agenda. It’s a dynamic that Whitmer has navigated much differently from many other Democratic governors.
The fact that Whitmer had “an opening to make direct appeals” in private to Trump was unique in this political moment, said Matt Grossman, a Michigan State University politics professor.
It was her third meeting with Trump at the White House since he took office in January. This one, however, was far less public than the time in April when Whitmer was unwittingly part of an impromptu news conference that embarrassed her so much she covered her face with a folder.
On Tuesday, she told the president that the economic damage from the tariffs could be severe in Michigan, a state that helped deliver him the White House in 2024.
Whitmer also brought up federal support for recovery efforts after an ice storm and sought to delay changes to Medicaid. Trump offered no specific commitments, according to people familiar with the private conversation who were not authorized to discuss it publicly and spoke only on condition of anonymity to describe it.
Whitmer is hardly the only one sounding the warning of the potentially damaging consequences, including factory job losses, lower profits and coming price increases, of the import taxes that Trump has said will be the economic salvation for American manufacturing.
White House spokesman Kush Desai said no other president “has taken a greater interest in restoring American auto industry dominance than President Trump.” Trade frameworks negotiated by the administration would open up the Japanese, Korean and European markets for vehicles made on assembly lines in Michigan, Desai said.
But the outreach Trump has preferred tends to be splashy presentations by tech CEOs. In the
Oval Office on Wednesday, Apple CEO Tim Cook gave the president a customized glass plaque with a gold base as Cook promised $600 billion in investments. Trump claims to have brought in $17 trillion in investment commitments, although none of those numbers has surfaced yet in economic data.
Under his series of executive orders and trade frameworks, US automakers face import taxes of 50% on steel and aluminum, 30% on parts from China and a top rate of 25% on goods from Canada and Mexico not covered under an existing 2020 trade agreement. That puts America’s automakers and parts suppliers at a disadvantage against German, Japanese and South Korean vehicles that only face a 15% import tax negotiated by Trump last month.
On top of that, Trump this past week threatened a 100% tariff on computer chips, which are an integral part of cars and trucks, though he would exclude companies that produce chips domestically from the tax.
Whitmer’s two earlier meetings with Trump resulted in gains for
Michigan. But the tariffs represent a significantly broader request of a president who has imposed them even more aggressively in the face of criticism.
Materials in the presentation brought by Whitmer to the meeting and obtained by The Associated Press noted how trade with Canada and Mexico has driven $23.2 billion in investment to Michigan since 2020.
General Motors, Ford, and Stellantis operate 50 factories across the state, while more than 4,000 facilities support the auto parts supply chain. Altogether, the sector supports nearly 600,000 manufacturing jobs, forming the backbone of Michigan’s economy.
Whitmer outlined the main points of the materials to Trump and left copies with his team.
To Grossman, the Michigan State professor, a key question is whether voters who expected to be helped by tariffs would react if Trump’s import taxes failed to deliver the promised economic growth.
“Everyone’s aware that Michigan is a critical swing state and the auto industry has outsized influence, not just directly, but symbolically,” Grossman said.
AP VoteCast found that Trump won Michigan in 2024 largely because two-thirds of its voters described the economic conditions as being poor or “not so good.” Roughly 70% of the voters in the state who felt negatively about the economy backed the Republican. The state was essentially split over whether tariffs were a positive, with Trump getting 76% of those voters who viewed them favorably.
The heads of General Motors, Ford and Stellantis have repeatedly warned the administration
that the tariffs would cut company profits and undermine their global competitiveness. Their efforts have resulted in little more than a temporary, monthlong pause intended to give companies time to adjust.
The reprieve did little to blunt the financial fallout.
In the second quarter alone, Ford reported $800 million in tariff-related costs, while GM said the import taxes cost it $1.1 billion. Those expenses could make it harder to reinvest in new domestic factories, a goal Trump has championed.
“We expect tariffs to be a net headwind of about $2 billion this year, and we’ll continue to monitor the developments closely and engage with policymakers to ensure U.S. autoworkers and customers are not disadvantaged by policy
change,” Ford CEO Jim Farley said on his company’s earning call.
Since Trump returned to the White House, Michigan has lost 7,500 manufacturing jobs, according to the Bureau of Labor Statistics. Smaller suppliers have felt the strain, too.
Detroit Axle, a family-run auto parts distributor, has been one of the more vocal companies in Michigan about the impact of the tariffs. The company initially announced it might have to shut down a warehouse and lay off more than 100 workers, but later said it would be able to keep the facility open, at least for now.
“Right now, it’s a market of who is able to survive, it’s not a matter of who can thrive,” said Mike Musheinesh, owner of Detroit Axle.
UKRAINIAN soldiers from air-defense unit of 59th brigade fire at Russian strike drones in Dnipropetrovsk region, Ukraine, Sunday, August 10, 2025. AP/EVGENIY MALOLETKA
Power rates debate: Service quality and sustainability should take center stage
IN recent discussions surrounding electricity rates in the country, Meralco finds itself defending its pricing structure against comparisons with electric cooperatives (ECs). This public discourse has highlighted the complexities of the energy landscape, where the nuances of pricing, service reliability, and energy sourcing are often overshadowed by oversimplified comparisons.
Meralco has reiterated that its rates are subjected to rigorous regulatory scrutiny, resulting in one of the lowest distribution charges nationwide, unchanged for a decade, and falling in the bottom 30 percent among distributors. Its Weighted Average Cost of Capital (WACC), approved by the Energy Regulatory Commission, is the lowest among private distribution utilities. These facts underscore Meralco’s commitment to offering fair pricing while ensuring a stable, reliable power supply to its over eight million customers. (Read the BusinessMirror story, “Meralco: Power rates one of the lowest among all distributors in PHL,” August 9, 2025).
Unlike many ECs that primarily source cheaper coal power due to limited demand and customer base, Meralco’s power mix includes a significant portion of gas-fired plants—accounting for about half of its supply. This diversification aligns with national policy and helps sustain grid stability, especially given the ongoing coal moratorium and the increasing demand for cleaner, more reliable energy. The company’s procurement strategy supports the government’s broader agenda of transitioning to 50 percent renewable energy by 2040, a goal that would be undermined by calls to revert to more coal reliance or abandon natural gas initiatives.
The focus on rate comparisons alone obscures glaring service deficiencies in many electric cooperatives. Frequent power outages, prolonged blackouts, and poor disaster resilience plague several EC-served areas—from Siquijor’s 10-hour to 20-hour blackouts to La Union’s slow power restoration after storms. The National Electrification Administration (NEA), tasked with overseeing these cooperatives, has been slow to act and has instead engaged in public debates that distract from its core mandate.
Cheaper electricity is a hollow victory if it is accompanied by unreliable service and a lack of infrastructure investment. Consumers deserve not just low rates, but also consistent power, responsive customer service, and resilience in the face of natural disasters—all areas where many ECs currently fall short. Reports from consumer groups like Laban Konsyumer Inc. emphasize this disconnect and call for NEA to shift its focus accordingly.
The NEA’s preoccupation with price comparisons—often framed in selective and misleading ways—does little to address the root problems. Instead, the agency should prioritize facilitating competitive, transparent power procurement processes for ECs, especially encouraging the use of indigenous natural gas as a transition fuel. NEA should also start holding electric cooperatives accountable for service reliability, system losses, and financial sustainability. It would do well for the agency to accelerate rural electrification efforts in underserved and disaster-prone communities.
NEA should also provide full transparency on the operational and financial health of ECs to the public. The ongoing discourse must move beyond simplistic rate comparisons to a more nuanced understanding of the country’s power landscape. Meralco’s balanced approach, aligned with national policies, demonstrates how affordability and reliability can coexist. The challenges faced by ECs highlight the urgent need for regulatory oversight, infrastructure investment, and operational reforms. Ultimately, the public deserves a transparent, accountable, and sustainable electricity sector that delivers more than just cheap rates—it must provide consistent power, support economic growth, and contribute to the country’s renewable energy ambitions. Calls to equate Meralco’s rates with those of ECs without considering the full context risk undermining progress toward a more resilient and sustainable energy future. The NEA must refocus on its core responsibilities and ensure that all Filipinos have access to electricity that is not only affordable but reliable and sustainable. The debate over electricity pricing should serve to illuminate the path forward, not obscure the critical issues that affect millions of consumers nationwide.
Opinion
Why the chaos feels familiar
MT. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M.
John Mangun
OUTSIDE THE BOX
ARKETS surge, bombs fall, and leaders ramble about peace. But underneath it all, history is running its script with a rhythm. That is why I keep coming back to Strauss and Howe. Long-term patterns cut through the noise.
William Strauss and Neil Howe’s generational theory suggests that history unfolds in cycles of approximately 80 years, each ending in what they call a “Fourth Turning”—a period of upheaval and transformation. Their model is not prophecy, but it helps explain why today feels unstable. Step back far enough, and the panic begins to make sense.
We have been here before. Past Fourth Turnings gave us the American Revolution, the Civil War, and World War II. Each era ended in fire, blood, and collapse—but also in reinvention. The Renaissance followed the plague. Democracy followed monarchy. Reconstruction followed ruin.
The current cycle is right on schedule. And so is the turmoil. Strauss and Howe warned that every Fourth Turning ends in flames. The only question is whether the fire burns the system clean or burns it to the ground.
War used to be something you
declared. Now it is something you tweet or livestream. You do not win wars anymore; you manage them like a public relations crisis. The Israel–Iran skirmish resembled a video game trailer more than warfare. Precision missile strikes. Staged retaliation. Ceasefires broken right on cue. When enemies start announcing airstrikes in advance, it is not war—it is choreography.
And the only real winners wear suits and sit on the boards of defense contractors.
But this is not just about bombs and bullets. The real war is financial. Global debt levels make Weimar Germany look frugal. Markets no longer respond to value—they respond to narrative. Western governments— once symbols of stability—are now led by elite egos and talking points.
Every crisis is followed by a “solution”; a digital currency, a surveillance tool, an AI model. Each sold as progress, each built for control.
This Fourth Turning feels like a
rerun of all the worst chapters. The EU funds the Ukraine fire while pretending to condemn the smoke. Not winning is the point. The longer the conflict drags on, the longer the story survives.
Filipinos are told to pick sides— Team America or Team China—pretending there is any real leverage.
Politicians talk “asserting sovereignty” as Chinese ships creep closer to Palawan. New US bases appear without a vote, without a whisper, without apology. Inflation is blamed on “global trends,” but ordinary Filipinos feel it at the palengke: food prices climb, power bills spike, and the peso stumbles while the economic planners insist everything is under control.
The financial system broke in 2019 when liquidity vanished as major US banks stopped lending to each other. Debt is not just a weapon. It is a leash—invisible, and inescapable. Then came Covid—right on cue, offering cover for a bailout disguised as emergency response. Lockdowns, stimulus, and record debt were never about public health. They were about public obedience.
The same playbook is unfolding again. One day, a Central Bank Digital Currency will be introduced as a temporary solution—after your bank account evaporates. Just for a while, they will say—like the lockdowns, the vaccine cards, the debt ceiling.
We are now living under a system where every lever of control—monetary, political, digital, pharmaceuti-
Divergence emerges between human traders and computer-driven investors
By Jessica Menton
THE thing about trading stocks is everyone has an opinion. And right now there’s an unusual divergence in the market that’s as stark as man versus machine.
Computer-guided traders haven’t been this bullish on stocks compared to their human counterparts since early 2020, before the depths of the Covid pandemic, according to Parag Thatte, a strategist at Deutsche Bank AG.
The two groups look at different cues to form their opinions, so it’s not a shock that they see the market differently. While computer-driven fast-money quants use systematic strategies based on momentum and volatility signals, discretionary money managers are individuals looking at economic and earnings trends to guide their moves.
Still, this degree of disagreement is rare—and historically, it doesn’t last long, Thatte said.
“Discretionary investors are waiting for something to give, whether that’s slowing growth or a spike in
inflation in the second half of the year from tariffs,” he said. “As the data trickles in, their concerns will either be proven right if the market sells off on growth fears, or the economy will remain resilient, in which case discretionary managers would likely begin to lift their stock exposure on economic optimism.”
Wall Street offers a lot of confident predictions, but the reality is nobody knows what will happen with President Donald Trump’s trade agenda or the Federal Reserve’s interest-rate policy.
With the S&P 500 Index repeatedly hitting all-time highs, professional investors aren’t sticking around to find out. As of the week ended August 1, they’d cut their equity exposure from neutral to modestly underweight on lingering uncertainty surrounding global trade,
corporate earnings and economic growth, according to data compiled by Deutsche Bank.
“No one wants to buy pricier stocks already at records so some are praying for any selloff as an excuse to buy,” said Frank Monkam, head of macro trading at Buffalo Bayou Commodities.
Chasing momentum
TREND-FOLLOWING algorithmic funds, however, are chasing that momentum. They’ve been lured into a buying spree after cut-to-the-bone positioning in the spring cleared the path to return in recent months as the S&P 500 rallied almost 30 percent from its April low. Through the week ended August 1, long equity positions for systematic strategies were the highest since January 2020, Deutsche Bank’s data show.
This divergence underpins the tug-of-war between technical and fundamental forces, with the S&P 500 stuck in a tight range after posting its longest streak of tranquility in two years in July. The Cboe Volatility Index—or
cal—is automated. Propaganda is no longer printed. It is streamed until resistance becomes noise. Even dissent has been monetized. This is no longer about America. Or China. Or Russia. The fight is not freedom versus tyranny anymore. It is chaos versus control—and everyone is losing.
The Philippines sits on a fault line—geological, geopolitical, and economic. One misstep in the Taiwan Strait. One false flag in the South China Sea. One blackout that lasts more than two days. That is all it would take for the illusion of stability to vanish.
Strauss and Howe outlined four potential outcomes to this Fourth Turning: total annihilation, the collapse of modernity, the death of the American-led world order, or a global rebirth. Most people believe they are rooting for the fourth. But look around. The most terrifying part is not nuclear weapons. It is the growing realization that no one in charge seems even remotely worried. Do the people currently running the show look like the ones who will rebuild a better society?
We are not spectators. We are participants. The next chapter is being written. If we stay quiet, the authors will be the same ones who set the fire—and they do not plan on rebuilding anything.
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.
VIX—which measures implied volatility of the benchmark US equity futures via out-of-the-money options, closed at 15.15 on Friday, near the lowest level since February. The VVIX, which measures the volatility of volatility, dropped for the third time in four weeks.
“The rubber band can only stretch so far before it snaps,” said Colton Loder, managing principal of the alternative investment firm Cohalo.
“So the potential for a mean-reversion selloff is higher when there’s systematic crowding, like now.” This kind of collective piling into a trade periodically happens with computer-driven strategies. In early 2023, for instance, quants loaded up on US stocks on the heels of the S&P 500’s 19 percent drop in 2022, until volatility spiked in March of that year during the regional banking tumult. And in late 2019, fast-money traders powered stocks to records after a breakthrough in trade talks between Washington and Beijing.
This time around, however, Thatte expects this split between
Stock transaction tax: Nature and exemption
IOpinion
United in resistance: Commemorating 80 years of victory in the anti-fascist war and China’s resistance against Japan
TFulvio D. Dawilan
TAX LAW FOR BUSINESS
N my previous article in this column, I discussed the changes in the taxation of the original issuance and the subsequent sale and other transfers of shares of stock, as a result of the amendments introduced by Republic Act (RA) 12214 or the Capital Markets Efficiency Promotion Act (CMEPA). Essentially, I presented the changes in tax rates and the new coverage of the capital gains tax (CGT) and the stock transaction tax (STT).
Apparently, there are two different tax treatments of sale or other disposition of shares of stock—one imposing the CGT and the other imposing the STT. These two types of taxes are found in different Titles of the National Internal Revenue Code (NIRC)—with CGT found under Title II (Tax on Income), while the STT is part of Title V (Other Percentage Taxes). These two types of taxes, resulting in different tax treatments, had been existing long before CMEPA was enacted. Before 1994, the STT was part of the sections on CGT, specifically under Title II of the NIRC. In fact, it was described as presumed capital gains. Clearly then, the STT was an income tax. It was transferred to Title V (Other Percentage Taxes) with the enactment of RA 7717. CMEPA did not make any change on this classification. It only made further changes on what should be covered by these taxes—with CGT now applied on transfers of shares not traded in stock exchanges, while STT is imposed on shares sold or disposed of through local or foreign stock exchanges. Before CMEPA, only the shares of stock traded in the local stock exchange were subject to the STT.
Subsequent to the transfer made by RA 7717, and with the presence of the STT under Title V of the NIRC, this has resulted in a number of controversies between the taxpayers and the tax authority, and that had required the clarification by the tax authority and the intervention of the Courts. That controversy is usually associated with the nature of the STT and whether it should be entitled to the same exemption available for the CGT. Recently, the Supreme Court declared in GR 256973, November 15, 2021, that the STT is a percentage tax and not income tax, and therefore not entitled to the tax exemptions that are available for income taxes.
Indeed, there are certain types of tax exemptions or preferential tax treatments that are clearly applicable to tax on income (or income tax), including the CGT on the sale of shares of stock. Does that exemption from income tax or preferential income tax treatment extend to STT? The answer to that question rests on the nature of STT—is it an income tax, business tax, or other type of tax?
Let’s focus on the application of the exemptions provided under the existing tax treaties which the Philippines has with other countries. Apparently, in the recently issued Revenue Regulations No. 0212025, which implemented some of the changes introduced by CMEPA, and which indicated the tax rates applicable to each type of income, it included parenthetical notations that the tax treaty rate may instead apply. This notation suggests that the income, including capital gains on sale of shares not traded in the stock exchange, may be subject to tax rates based on a tax treaty if so applicable. Apparently, there is no similar notation for the stock transaction tax. The tax authority had not actually been consistent in its view. To be sure, unless specifically provided, the exemptions or preferential tax treatments available under the tax treaties extend only to income taxes. And many of these tax treaties exempt from Philippine tax the capital gains realized from transfers of shares, subject to specific conditions. While this exemption refers
The tax authority had not actually been consistent in its view. To be sure, unless specifically provided, the exemptions or preferential tax treatments available under the tax treaties extend only to income taxes. And many of these tax treaties exempt from Philippine tax the capital gains realized from transfers of shares, subject to specific conditions.
to income tax, our tax authority has issued a number of rulings confirming the exemptions from STT as well. The reason is that while these tax treaties cover only tax on income, they include provisions applying their coverage to any identical or substantially similar taxes. In essence, the STT is identical or similar to the CGT. If the CGT enjoys exemption, so does the STT. More importantly, some of these rulings declared that the reclassification of the tax on sale of shares listed and traded through the stock exchange from Title II (Tax on Income) to Title V (Other Percentage Taxes) does not remove the same from the coverage of the tax treaties. In fact, in some rulings, the tax authority declared that since the tax treaties do not distinguish whether or not the shares of stock being sold are listed and traded in the stock exchange, the exemption provisions of the tax treaties should apply as well to tax on shares of stock listed and traded through the local stock exchange which had been reclassified to percentage tax. But contrary to these rulings, the tax authority has also declared that the STT cannot be considered as an identical or substantially similar to tax on income in place of the CGT. Hence, the shares listed and traded through the facilities of the stock exchange should not avail of the benefits under the treaty.
My final note: The STT is a percentage tax and not a tax on income; hence, the exemption on tax on income under Title II of the NIRC should, as a general rule, not extended to the STT, which is governed by Title V (Other Percentage Taxes). In the application, however, of tax treaties, a reference to the provisions of the applicable tax treaty is a must. There are some tax treaties that specifically include stock transaction tax in the list of taxes covered by the tax treaty. In that case, the STT should be entitled to the same tax treaty relief as that of the CGT. There are also some tax treaties with specific provision extending their coverage to any identical or substantially similar taxes, which are imposed in addition to, or in place of, the existing taxes. In this regard, I take note of the addition made by CMEPA of the phrase “in lieu of capital gains tax” in describing the STT. That addition is so significant, such that the STT, being a tax imposed in lieu of the CGT, should also enjoy the same tax relief as that of the CGT.
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.
By Chinese Ambassador H.E. Huang Xilian
HIS year marks the 80th anniversary of the victory of the World Anti-Fascist War and the Chinese People’s War of Resistance Against Japanese Aggression. Eight decades ago, under the shadow of fascism, more than 50 nations—including China and the Philippines—stood together, forming a broad international united front against fascist and militarist forces.
Among the most compelling chapters of that struggle was the shared resistance of Chinese and Filipino people. Chinese-Filipino anti-Japanese organizations, such as the “Philippine-Chinese Anti-Japanese Guerrilla Forces” (known as the WhaChi), earned the reputation of being the “iron backbone” of the anti-Japanese resistance behind enemy lines in Southeast Asia. Meanwhile, Chinese diplomats like Consul General Clarence Kuangson Young (Yang Guangsheng), gave their lives to defend national dignity and protect their fellow countrymen in the Philippines. These heroic efforts represent a moving epic of international solidarity—one that remains little known to many in the Philippines today.
It is important that we remember and honor this shared legacy of sacrifice and courage, as it continues to offer valuable lessons for peace and cooperation in today’s world.
The main theater in the East: A key front in the global fight against fascism
China was the first country to take up arms against fascist aggression. Following the “September 18 Incident” in 1931, the Chinese people launched what would become the longest and most arduous campaign of the World Anti-Fascist War, resisting Japanese forces for a total of 14 years. This was 3.5 times longer than the US’s involvement in the war, and 2.5
times longer than Britain’s.
Over 35 million Chinese were killed or wounded during this prolonged struggle. In this process, China tied down more than two-thirds of Japan’s ground forces. Chinese forces killed, wounded or captured more than 1.5 million Japanese troops—accounting for over 70 percent of Japan’s total losses. China’s immense sacrifices played a decisive role in weakening Japan’s war capabilities and paving the way for eventual Allied victory.
Strategic impact: Winning time and space for the Allies
THROUGHOUT the war, the Communist Party of China (CCP) led a broad-based resistance movement, organizing guerrilla warfare in enemy-occupied areas while coordinating with Kuomintang’s frontline forces. Japan, bogged down in the quagmire of this protracted resistance, was unable to redeploy significant forces to the Pacific and European theaters.
Historians argue that without China’s sustained resistance, Japan could have quickly overrun Southeast Asia, threatening British India and Australia, and dramatically altering the strategic balance in the Pacific. After joining the Allied forces, China sent expeditionary troops to aid the fight in Myanmar, helped establish the vital Hump air route with the US, and supported guer-
This shared historical memory of jointly resisting foreign aggression serves as a source of strength and wisdom. We hope that the people of China and the Philippines can draw wisdom and strength from it, firmly safeguard the fruit of the victory in World War II and the postwar international order, and inject more stability and positive energy into international relations.
rilla movements across Southeast Asia. These efforts earned China international recognition and underscored its pivotal role in securing global victory.
Overseas sacrifice: Chinese-Filipinos and overseas Chinese in the Philippines joining the struggle In the Philippines, Chinese-Filipinos and overseas Chinese courageously stood alongside local Filipinos in resisting Japanese occupation. They organized anti-Japanese groups including the “Philippine-Chinese Anti-Japanese Guerrilla Forces,” the “Philippine Overseas Chinese Great Anti-Japanese and Anti-Collaborator League” and the “Philippine Overseas Chinese Anti-Japanese and Purging Collaborators Volunteer Corps.” These units played an essential role in supporting Allied liberation efforts, becoming a formidable force in the resistance behind enemy lines.
Today, their legacy lives on. Every year, my colleagues and I would visit the Manila Chinese Cemetery to honor these fallen heroes and pay respects to the surviving Wha-Chi veterans. Their stories are a vital part of both Chinese and Filipino resistance history.
Looking forward: Lessons from shared history THIS year we commemorate the 80th anniversary of the victory of the World Anti-Fascist War and the Chinese People’s War of Resistance Against Japanese Aggression. At this important juncture, China is firmly committed to building a community with a shared future for humanity. China also remains committed to fostering an amicable, secure and prosperous neighborhood, the principle of amity, sincerity, mutual benefit and inclusiveness and the vision of a shared future in developing relations with all neighboring countries, including the Philippines. China unswervingly follows the path of peaceful development and is joining hands with neighboring countries to create a bright future together. This shared historical memory of jointly resisting foreign aggression serves as a source of strength and wisdom. We hope that the people of China and the Philippines can draw wisdom and strength from it, firmly safeguard the fruit of the victory in World War II and the postwar international order, and inject more stability and positive energy into international relations.
As Japanese forces advanced toward Manila, then-Chinese Consul General Clarence Kuangson Young courageously chose to stay behind to protect the local Chinese community. He, along with eight fellow Chinese diplomats, was captured, tortured, and ultimately killed by Japanese troops. Their courage and sacrifice stand as a powerful symbol of international solidarity and form an unforgettable chapter in the history of the anti-Japanese resistance in the Philippines.
Lithium market soars as CATL shuts one of world’s biggest mines
By Martin Ritchie, Annie Lee & Alfred Cang
LITHIUM prices and stocks spiked on Monday after battery giant Contemporary Amperex Technology Co. Ltd. halted operations at a major mine in China, spurring speculation that Beijing might move to suspend other projects as it tackles overcapacity across the economy.
Tianqi Lithium Corp. jumped as much as 19 percent in Hong Kong, while Ganfeng Lithium Group Co. surged 21 percent, and Australian miners rallied, after CATL confirmed it had shut the mine in Jiangxi province. Prices of the battery metal on the Guangzhou Futures Exchange surged by the daily limit.
The fate of the CATL mine—the biggest in China’s lithium hub of Yichun—had been under close scrutiny for weeks, amid speculation that authorities wouldn’t extend its license.
The mine accounts for some 6 percent of global output, according to Bank of America Corp., while other mines in the region account for at least another 5 percent.
“I think it will mean the lithium price in the near term has very big upside,” Matty Zhao, co-head of China equity research at the lender, said in a Bloomberg TV interview.
Lithium producers have struggled with a global supply glut exacerbated by demand headwinds for electric vehicles, including President Donald Trump’s rollback of incentives for the
Divergence . .
Continued from A10
man and machine to last weeks, not months. If discretionary traders start selling in response to weaker growth or softening corporate earnings trends, pushing volatility higher, computer-based strategies are likely to begin to unwind their positions as well, he said.
In addition, fast-money investors will likely reach full exposure to US equities by September, which could prompt them to sell stocks as they become vulnerable to downside mar-
industry in the US. In China, the socalled anti-involution campaign has fueled speculation about a possible crackdown on a sector that’s clearly suffering from oversupply.
CATL, the world’s biggest battery producer, confirmed the closure of its Jianxiawo mine on Monday morning, saying it’s seeking to renew its expired permit without giving more details. The operation will be shut for at least three months, people familiar with the matter told Bloomberg News at the weekend, after its mining license expired on August 9.
The Chinese company said the stoppage would have little impact on its overall operations, and its shares rose as much as 2.8 percent in Hong Kong before paring about half of the gains.
“For CATL we do not expect any meaningful operational impact to battery production from the Jiangxi mine suspension,” said Eugene Hsiao, the head of China equity strategy at Macquarie Capital. “The concern from the mine suspension
ket shocks, according to Scott Rubner of Citadel Securities.
CTA risk
GIVEN how systematic funds operate, selling may start with commodity trading advisors, or CTAs, unwinding extreme positioning, Loder said. That would increase the risk of sharp reversals in the stock market, although there would need to be a substantial selloff for a spike in volatility to last, he added.
CTAs, who have been persistent stock buyers, are long $50 billion of US stocks, putting them in the 92nd percentile of historical exposure, according to Goldman Sachs Group Inc.
is less on CATL and more on if the broader lithium supply chain can see tighter capacity, and if this will be coordinated via Chinese government actions.”
The “anti-involution” theme has gripped China’s financial markets in recent months, with investors trying to pinpoint industries and companies that might benefit from Beijing-led efforts to tackle deflation and overcapacity. It’s encompassed sectors from e-commerce to EVs and steelmaking.
“We believe this could be part of the government’s anti-involution initiative,” Citigroup Inc. analysts said in a note. Closures in Yichun “should help China to re-price its strategic resource in the long-run, and the government can ensure lithium is mined and extracted in a proper and compliant way.”
Like many Chinese battery companies, CATL has aggressively expanded investments in minerals from lithium to nickel and cobalt in order to lock in long-term supplies and lower costs. That vertical integration has in turn aided China’s push to become the world’s leading EV manufacturer.
The most-active lithium carbonate futures contract on the Guangzhou Futures Exchange jumped by the daily limit of 8 percent at the open on Monday, according to traders who have access to live pricing.
However, the S&P 500 would need to breach 6,100, a decline of roughly 4.5 percent from where the index closed on Friday, for CTAs to begin dumping stocks, said Maxwell Grinacoff, head of equity derivatives research at UBS Group AG. So the question is, with quant positioning this stretched to the bullish side and pressure building in the stock market due to extreme levels of uncertainty, can any rally from here really last?
They asked not to be named as they aren’t authorized to speak publicly. The contract due in November traded at 81,000 yuan a ton, up from a settlement of 75,000 yuan on Friday, they said.
Australian miners SHARES of Australian lithium producers also spiked. PLS Ltd., formerly Pilbara Minerals Ltd., jumped as much as 19 percent in Sydney, while Liontown Resources Ltd. surged as much as 25 percent. Mineral Resources Ltd. was up as much as 14 percent.
Traders and industry executives are now watching for other mining curbs around China’s Yichun city, which has emerged as a batterymetals hub. A local government department has asked eight miners to submit reserves reports by the end of September, according to notes from brokers and analysts, following an audit that found non-compliance in the registration and approvals process.
“CATL’s situation does not change the oversupply structure in the market,” said Zhang Weixin, an analyst at China Futures Co. “However, if production disruption is expanded to other mines in Yichun after Sept. 30, the lithium price level could go even higher.” With assistance from PaulAlain Hunt, Chunying Zhang and Charlotte Yang/Bloomberg
What’s more, any pullback from systematic selling would likely create an opportunity for discretionary asset managers who missed out on this year’s gains to re-enter the market as buyers, warding off a more severe plunge, according to Cohalo’s Loder.
“Whatever triggers the next drawdown is a mystery,” he said.
“But when that eventually happens, asset-manager exposure and discretionary positioning is so light that it will add fuel to a ‘buy the dip’ mentality and prevent an even bigger selloff.” Bloomberg
“Things are starting to feel toppy,” said Grinacoff, adding that the upside for stocks “is likely exhausted” in the short run given that CTA positioning is near max long. “This is a bit worrisome, but it’s not raising alarm bells yet.”
Tuesday, August 12, 2025
BusinessMirror
Pinoys remain the greatest asset of economy–banks
By Cai U. Ordinario @caiordinario
THEFilipino remains the greatest asset of the economy and banks stressed the importance of harnessing human capital to catapult the Philippines into high-income country status.
At the forum of the Economic Journalists Association of the Philippines (EJAP) on Monday, banks stressed that the country’s young population provides the economy a window of opportunity.
East West President Jerry G. Ngo said 64 percent of the country’s population is between the ages of 15 and 64 years old—a demographic sweet spot—that boosts the country’s economic prospects.
“Our demographics provide us a window of opportunity. We remain one of our greatest structural advantages,” Ngo said in a speech on Monday.
“However, we must not squander this demographic dividend. Without the right policies, this opportunity could pass us by. The danger is not stagnation. The danger is what we call the middle-income trap,” he also said.
HSBC Philippines President and CEO Sandeep Uppal said in his presentation that the bank considers the country a “rising star” in the Asean partly due to the young population.
Uppal noted that while other Asian countries such as Japan and China are seeing aging populations, the Philippines’s median age re -
mains below 30 years old.
The country’s economic growth is only expected to increase as more Filipinos join the labor force and boost consumption. The young workforce, he said, is also very technologically adapted which is a major plus.
“Now, what really stands out from us is the demographics of the Philippines. So the size of the population, the fact that it’s growing, it’s literate, and the median age is 25. So if you step back, something which the Philippines can really do is to harness the power of the human capital, because we do believe it’s probably the best in the region,” Uppal said.
But having a young and growing population is not a guarantee to faster and more inclusive as well as sustainable growth. The government should also take steps toward helping its young population thrive in this day and age.
Uppal said “micro-reforms” in the ease of doing business will help the private sector better operate in the country. On the top of the list is improving infrastructure which can help improve the mobility of people.
He said better infrastructure will allow more Filipinos and businesses
to access economic opportunities; move goods and services; and provide stable electricity and water supply.
“Often I describe both the opportunity and challenge for the Philippines as mobility. How do you move people? How do you move goods? How do you move electricity? How do you move water? How do you move money? How do you move data? So clearly that huge investment in infrastructure would appear massively,” Uppal said.
Apart from this, Ngo said, there is a need to invest in Artificial Intelligence (AI). He said the country’s “Asean peers are adopting AI, twice the pace of the Philippines.” The country cannot afford to fall behind because of industries like the BPO sector which is employing nearly 2 million Filipinos.
“AI isn’t just a threat, it is also an opportunity. As they say, AI will not take over your job immediately, but probably someone, another person working with AI will. If harnessed well, we can turbocharge productivity, especially in our services sector,” Ngo said.
Ngo said in terms of policy, the
By Justine Xyrah Garcia
THE Marcos administration’s plan to unify all government identification systems could soon be used to regulate online gambling too, with the Department of Economy, Planning, and Development (DepDev) saying the platform can bar social protection beneficiaries from placing bets online.
DepDev Secretary Arsenio M. Balisacan on Monday said the Philippine Identification System (PhilSys) is now being integrated with databases of other agencies—such as the Department of Foreign Affairs, Social Security System, and Government Service Insurance System—so that each citizen has a single number for verification across programs.
This, he noted, would allow government to check not only who is eligible for benefits but also whether restrictions, such as a gambling ban for aid recipients, are being followed.
“If you are receiving any form of government assistance—whether it’s [from] the Department of Health, [Department of Social Welfare and Development], or [Department of Labor and Employment]— you can, you are banned from using online gambling. I think you can easily implement that under the current system,” Balisacan said during an economic forum conducted by the Economic Journalists Asso-
ciation of the Philippines (Ejap).
Data from the Philippine Statistics Authority show that as of June 2025, 93.48 million individuals have registered for a national ID, with 54.91 million holding physical cards. Balisacan, who chairs the interagency council on ID unification, said the government aims to complete the integration of these systems within one to two years. Once in place, the platform is expected to improve efficiency in government transactions, prevent duplication in aid distribution, and give regulators the tools to enforce certain restrictions, such as curbing online gambling among vulnerable households.
“That will improve substantially the efficiency in government as well as the transactions between government and the private sector…If you are going to regulate online gambling, this is a perfect instrument,” Balisacan added. The regulation of online gambling remains a contentious issue in the Philippines, with some lawmakers in the 20th Congress calling for tighter controls and others pushing for an outright ban.
The Senate is also set to open an inquiry on August 14 to determine whether online gambling should be declared illegal in the country.
WHILE the 60-day rice import ban which will kick off on September 1 could result in foregone revenues, Finance Secretary Ralph G. Recto said this will not be a fiscal burden for the government.
Speaking to reporters on the sidelines of the Economic Journalists Association of the Philippines’ economic forum on Monday, Recto said tariff collections from rice imports will drop slightly following the suspension of rice importation in the country.
“I don’t expect much revenue loss,” Recto said, noting any remaining deficit in the supply could still be filled by imports after the harvest season and before the end of the year. Since the government will collect nothing from regular-milled and well-milled rice for 60 days due to the ban, Recto said this will not further shrink the government’s fiscal space since all rice tariff collections are allotted to the Rice Competitiveness Enhancement Fund (RCEF).
Recto said the law guarantees a minimum of a P30-billion allocation for RCEF every year.
“There’s always P30 billion available for rice in addition to whatever is in the GAA [General Appropriations Act], which is good. We support that,” he added.
The Department of Agriculture (DA) recommended to President Ferdinand R. Marcos Jr. the ban on rice imports for 45 to 60 days during the peak harvest season to
prop up farmgate prices of palay. (See: https://businessmirror. com.ph/2025/08/06/d-a-eyes2-month-ban-on-rice-importation-starting-september/).
Under Republic Act (RA) 12078, the President can suspend or prohibit the importation of rice for a specific period when there is an “excessive” supply of imported or locally produced rice resulting in an “extraordinary” decrease in local prices.
Recto said it is unlikely for Marcos to extend the validity of the rice import ban, adding that there are no plans yet to increase the tariffs imposed on rice imports.
In 2024, Marcos reduced the rice tariffs to 15 percent from 35 percent to bring down rice prices.
The measure, however, has resulted in foregone revenues for the government.
Since its implementation in June 2024, the reduction in rice tariffs has cost the government P13.3 billion in foregone revenues as of December 2024, according to the Bureau of Customs.
The DA has proposed to increase the rice import tariff to prevent excessive importation while generating much-needed revenues to support programs that boost local farmers’ productivity and competitiveness. Specifically, the DA wants to increase the rice tariffs to around 25 percent in the third periodic review to prevent the drop in farmgate prices of palay. (See: https://businessmirror.com.ph/2025/07/30/ da-eyeing-rice-tariffs-hike-to25-to-arrest-farmgate-pricedecline/).
By Ma. Stella F. Arnaldo Special to the BusinessMirror
THE decrease in energy demand in the hospitality sector, along with poor tourist arrivals are among the reasons the country’s largest power distribution firm has downgraded its energy sales forecast for the year.
In a recent briefing, the Manila Electric Co. (Meralco) revised its energy sales forecast this year to a growth of just 1-2 percent, from an earlier 4-percent to 4.5-percent increase due to sluggish industries, the cooler weather, and an overall slowdown in macroeconomic conditions.
“One of the macroeconomic factors we mentioned was weak tourism and this was primarily based on our observation of lower energy demand from the hotels sector during the first half of the year and its correlation to lower tourist arrivals during the same period,” said Meralco Senior Vice President and Chief Revenue Officer Ferdinand Geluz in a Viber message to the BusinessMirror Specifically, he noted that as of July 2025, “the hotels sector posted a 1-percent decline in energy sales year-to-date in volume, which is a big dif-
ference versus the double-digit average growth observed during the past three years.” The tourism sector accounted for 8.9 percent of the gross domestic product last year.
Global uncertainties HE added, “This also coincides with what is reported in the DOT [Department of Tourism] website: 3-percent lower foreign tourist arrivals from January to April 2025 [versus same period 2024]. Given this trend, we foresee a neutral to low positive annual growth should any ramp up happen during the second half of the year.”
Latest data from the DOT showed 3 million international visitors in the Philippines in the six months to June, unchanged from the same period in 2024. Of the number, foreign nationals were just 2.73 million, 5.9 percent less than the same period last year.
“With global uncertainties and tensions affecting travel trends, as well as factors affecting behavior of tourists in the region, we are cautious on giving optimistic projections for the sector,” said Geluz. “Nevertheless, our facilities are ready to support should demand increase in the coming second half of 2025,” he underscored.
Research by Leechiu Property Consultants showed that it is mostly the high-end hotel market which have recovered in terms of occupancy levels. In the first five months of 2025, the average occupancy rates of the upscale hotels have risen to 57 percent from just 53 percent in the same period in 2024, while the upper upscale market hotels’ occupancy averaged 73 percent from 70 percent in the same reference periods.
Upper upscale hotels (P7,500-P11,000/night) include properties like Makati Diamond Residences, Feliz Hotel Boracay, and international brands like Ascott, Hilton Manila, and Manila Marriott Hotel. Upscale hotels (P5,700-P7,500/night) include Seda BGC, Diamond Hotel, Novotel Araneta Center, and Citadines Bay City Manila. (See, “Airbnb rentals giving budget hotels a run for their money–Leechiu exec,” in the BusinessMirror, July 11, 2025.)
Optimistic HSMA STILL, fueling the optimism of the Hotel Sales and Marketing Association (HSMA) for the tourism industry
Editor: Jennifer A. Ng
JG Summit profit nearly flat on petrochem unit losses
By VG Cabuag @villygc
JG SUMMIT Holdings Inc., the holding firm of the Gokongwei Group, said its income in the first half was nearly flat at P15 billion, compared with last year’s P14.82 billion.
Revenues in January to June slightly grew 3 percent to P194 billion from the previous year’s P187.84 billion.
In the second quarter alone, revenues rose by 5 percent to P95.9 billion from the previous P91.25 billion, on high demand for travel benefiting its airline and property businesses, alongside the sustained domestic consumption seen by its food and beverage arm.
These more than made up for the expected decline in petrochemical sales given the plant shutdown which began early this year, the company said.
P6.59 billion recorded a year ago,
mainly as a result of a one-time impairment loss caused by the cessation of the operations of the packaging division.
Revenues grew a slim 6 percent to P85.88 billion from the previous year’s P80.74 billion, on volume expansion of most of its branded consumer foods in the Philippines, Malaysian and Indonesian markets, and its sugar division.
nancial flexibility through prudent balance sheet management.
We remain focused on creating long-term value as we expand strategically and innovate across both investment and development portfolios,” said RLC President and CEO Mybelle V. Aragon-GoBio.
ABC Impact invests in Ayala Healthcare
AYALA Healthcare Holdings Inc. (AC Health) on Monday said Singapore’s Temasekbacked ABC Impact has bought a 16-percent stake in the company.
AC Health did not disclose the cost of the acquisition.
The said investment marks ABC Impact’s entry into the Philippine healthcare sector, expanding its regional footprint.
Under the agreement, ABC Impact will infuse primary capital for a minority stake in AC Health.
“We continue to see sustained topline performance from our core business units as we benefit from improving consumer sentiment driven by easing inflation. This growth has trickled down to improving core earnings, further helped by the lower losses from the shutdown of our petrochemicals facility. We also expect higher dividends this year coming from our core units and investments,” JG Summit’s President and CEO Lance Y. Gokongwei said. “Overall, we are optimistic on the future prospect of the business and will continue to look for opportunities to scale up into adjacencies in airport infrastructure, supply chain, logistics and digital finance.”
Robinsons Land Corp.’s (RLC) attributable net income for the period reached P6.87 billion, down by 5 percent from the previous year’s P7.25 billion.
Revenues grew to P23.03 billion, an 8-percent increase from the previous year’s P21.33 billion. The company said the growth came from both the investment and development portfolios, resilient performance across business units and prudent financial management.
The net income of its food unit Universal Robina Corp. declined by 5 percent to P6.27 billion from the
“RLC’s solid results in the first half of 2025 reflect the strength of our diversified portfolio and our commitment to disciplined execution. We sustained our growth momentum with strong performances across our core businesses, while enhancing fi-
The company said all of JG Summit Olefins Corp.’s debt has been transferred to the parent company and cash burn has also been reduced, while its LPG trading arm continues to operate.
Management has also been actively engaging with various parties as it explores “strategic possibilities,” further deepens its understanding of market dynamics, and identifies the most viable path that will maximize value for the company.
JG Summit’s share in Manila Electric Co.’s net income grew by 5 percent year-on-year to P6.1 billion, while equity income from Singapore Land increased by 9 percent P1.5 billion, supported by higher contributions from property investments as well as better occupancy and rental rates from commercial properties.
Horizontal projects boost CPG earnings
CENTURY Properties Group
Inc. (CPG), the real estate firm of the Antonio family, said its income rose 14 percent to P1.22 billion in the first half from the previous year’s P1.07 billion, on higher sales of its horizontal projects. Consolidated revenues went up by 7 percent to P7.64 billion from P7.16 billion last year, the company said.
“Our strong performance in the first half of 2025 reflects the continued trust of our customers and the resilience of our diversified portfolio. As we move forward, we remain focused on expanding strategically into high-potential markets through both our affordable and premium
Alternergy looks into Albay wind potential
ALTERNERGY Holdings Corp. has started assessing the wind potential in Albay Province where it plans to put up a 150-megawatt (MW) wind power project.
In a statement, Alternergy said it has deployed a Light Detection and Ranging (LiDAR) system, which will help it prove the commercial viability of the project site.
“Our LiDAR system has started collecting wind measurement that will be instrumental in determining feasibility of the project. We are excited to explore the wind power potential ofAlbay Province and support the province’s sustainability goals,” said Knud Hedeager, president of Alternergy Wind Holdings Corp., a unit of Alternergy.
The wind resource assessment is one of the activities approved by the Department of Energy (DOE) in the issuance earlier this year of the Certificate of Authority (COA) for the company’s Albay Wind Power Projects. Lenie Lectura
residential offerings,” Marco R. Antonio, the company’s president and CEO, said.
The company said its horizontal developer First-Home Residential Developments Inc. remains the primary revenue growth driver, contributing P5.23 billion, representing 68 percent of total revenues.
The premium residential developments, which builds high-rise condominiums and horizontal projects, accounted for 21 percent with a contribution of P1.61 billion, while commercial leasing and property management segments contributed 7 percent or P535 million and 3 percent or P264 million, respectively.
As part of its strategic diversification efforts, the company is set to expand its premium residential developments portfolio with the planned launch of two new horizontal projects.
The first will be in Pampanga, while the next is in Cavite. Both developments are scheduled for formal launch in 2026.
The PHirst brand, the company said, is on track with its planned launches of six to eight new projects in this year including its first development in Mindanao, slated for launch in the third quarter.
“As we move forward, CPG remains focused on diversifying its rev-
enue streams within the affordable and premium residential segments supported by commercial leasing and property management, while strategically expanding its market presence across key growth corridors nationwide.
These initiatives are aligned with our long-term vision of delivering enduring value to our stakeholders and meeting the evolving needs of Filipino families across the country,” Antonio said.
For 2025, CPG’s capital expenditure is set at P12 billion, comprising up to P10 billion for PHirst and up to P2 billion for Century’s premium line. VG Cabuag
AI-driven cancer treatment technology gets nod
By Andrea E. San Juan @andreasanjuan
THE Board of Investments (BOI) has greenlit the registration of the country’s first-ever AI-driven cancer treatment technology which shortens treatment period.
In a statement on Monday, the investment promotion agency said the P334-million CyberKnife Radiotherapy Service of Asian Hospital Inc. (AHI) represents a “major leap forward” in the country’s cancer care capabilities. The technology cuts treatment period to 1 to 5 sessions from 28 to 39 sessions.
The CyberKnife system is a “non-invasive” treatment platform capable of addressing both cancerous and non-cancerous tumors in complex of sensitive areas like the brain, spine, lungs, liver and prostate.
“It uses real-time robotic targeting and AI motion tracking to deliver radiation from multiple angles with extreme precision,” the BOI said.
According to BOI, the CyberKnife unit will operate as a standalone facility within the Asian Cancer Institute, equipped with its own entrance, consulta -
tion and CT rooms, and a radiation-safe bunker.
BOI Managing Head and Trade Undersecretary Ceferino S. Rodolfo said the project is more than an investment. “It’s a clear signal that the Philippines is ready to embrace next-generation healthcare technologies and serve more people with compassion and precision.”
Trade and Industry Secretary Cristina A. Roque said the project is aligned with the directive of President Ferdinand R. Marcos Jr. to enhance the country’s healthcare infrastructure and promote high-impact investments.
“We are proud to support forward-looking investments like CyberKnife that harness state-ofthe-art technology to address the country’s pressing public health needs. This innovation aligns with our commitment to uplift the quality of life for Filipinos and build a Bagong Pilipinas—where healthcare is inclusive, advanced, and accessible to all.”
Citing the Philippine Statistics
Authority, BOI said cancer was the second leading cause of death, with 33,910 deaths recorded from January to August 2024.
“Despite having over 110 health facilities, Muntinlupa City previously had no dedicated cancer treatment center,” added BOI.
The agency noted that AHI’s investment addresses this “critical gap” and positions the city as a hub for advanced oncology services in the country.
The BOI said the registration of this project “reaffirms” the agency’s steadfast support for transformative, high-impact investments that uplift the lives of Filipinos, ranging from high-tech agriculture to infrastructure, renewable energy, data centers, and now, precision oncology.
“With commercial operations set to begin in August 2025, the CyberKnife launch marks a pivotal milestone in the country’s journey toward a more innovative, inclusive, and health-secure future.”
“The investment will support AC Health’s vision of transforming health for every Filipino by building a seamless, integrated healthcare ecosystem.”
The fresh capital will fuel AC Health’s expansion across its core pillars of hospitals, multi-specialty clinics and retail pharmacies, through a combination of organic initiatives and targeted acquisitions, the company said. By 2027, AC Health aims to expand its network to at least 10 hospitals, 300 clinics and 1,150 pharmacies.
“ABC Impact’s investment reinforces the strength of our integrated model and our commitment to making healthcare more inclusive. This partnership creates valuable opportunities for knowledge exchange, technology transfer, and the adoption of global best practices, further enabling AC Health to raise the bar in care quality, patient safety, and operational efficiency as it moves toward world-class standards,” Paolo Borromeo, president and CEO of AC Health, said.
“Healthcare is a fundamental human need, and this partnership with Ayala and AC Health reflects our mission to improve lives by advancing access to quality care,” David Heng, CEO of ABC Impact, said.
“We believe AC Health is well positioned to deliver meaningful social outcomes alongside sustainable growth. Through our regional healthcare experience and impact lens, we aim to support AC Health’s efforts to strengthen systems and serve more communities across the Philippines.”
As an impact investor dedicated to Asia, ABC Impact brings regional insights and networks that can support AC Health in tapping into
clinical excellence and healthcare innovation across the region. With existing healthcare investments in India, China and Vietnam, ABC Impact sees opportunities for knowledge-sharing and future collaboration that can complement AC Health’s integrated care model in the Philippines.
The partnership brings together AC Health’s integrated delivery network and ABC Impact’s thematic investing experience in inclusive healthcare solutions.
The investment also marks ABC Impact’s first direct entry into the Philippine healthcare sector, building on its regional track record of purpose-driven investments.
These include Vietnam-based Kim Dental, the country’s largest private dental care network; India-based DCDC Kidney Care, a dialysis provider operating over 200 centers across underserved regions; and HiRo, a clinical research organization supporting mid-sized global pharma and biotech companies across Asia Pacific and the United States.
This investment also deepens the longstanding relationship between the Ayala Group and the Temasek, reinforcing their shared commitment to long-term, valuesdriven growth.
“We are honored to expand our relationship with Temasek and Temasek Trust, and welcome ABC Impact as a partner in our healthcare journey,” Fernando Zobel de Ayala, chairman of AC Health and director of parent firm Ayala Corp., said.
BofA Securities acted as the exclusive financial advisor to AC Health in connection with the transaction. VG Cabuag
Banking&Finance
T-bill yields dip on strong peso, rate cut bets
By Reine Juvierre Alberto @reine_alberto
YIELDS of Treasury bills (T-bills) continued to decline for six consecutive weeks on investors’ hope of local interest rates easing.
Rizal Commercial Banking Corp.
(RCBC) Chief Economist Michael L. Ricafort believes the T-bill yields went down on the recent appreciation of the peso against the US dollar and signals from local monetary officials of a possible reduction in interest rates.
Reserve] rate cuts,” added the RCBC executive.
All these could support further lowering of the key policy rate that could match future Fed rate cuts for the rest of 2025, Ricafort said.
Last Monday, the Bureau of the Treasury’s (BTr) auction committee fully awarded P25 billion worth of T-bills to investors seeking to park their funds for a short time.
percent to as high as 5.318 percent. Bids for the security reached P30.470 billion, 3.8 times higher than the P8 billion worth of T-bills up for sale.
Meanwhile, the average yield of 182-day T-bills settled at 5.506 percent, lower by 2.9bps from the previous week’s 5.535 percent. Yields ranged from a low of 5.448 percent to a high of 5.533 percent.
to P31.006 billion, or 3.4 times the P9-billion offer of the government.
All average T-bill yields were lower than the secondary benchmark rates.
The Philippine Bloomberg Valuation (PHP BVAL) rates are 5.370 percent for the three-month tenor, 5.557 percent for the six-month debt paper and 5.665 percent for the oneyear tenor as of August 10.
0.9 percent in July. Another MB member, Finance Secretary Ralph G. Recto, maintained his stance for rate cuts.
This August, the Treasury seeks to raise
Ricafort said the T-bill yields eased after the strengthening of the local currency in more than two weeks as global crude oil prices declined.
“T-bill auction yields also eased lately amid uncertainties over Trump’s tariffs/trade wars after the August 7, 2025, extended deadline in US trade deals as these could slow down the global economy and could support future [US Federal
Living within your means
IT is important for you to learn how to live within your means. Typically, it connotes spending not more than you earn or even less.
This may sound simple at first. But it is a practice that is hard to do amidst the seemingly unlimited wants of people and the increasing prices of goods and services. Despite this situation, living within your means may benefit you from avoiding or reducing debt, decreasing financial worries, and living a more financially stable life.
People often spend more than they earn because credit is easy to get. Using credit cards or loans to buy things seems convenient: they get what they want now and pay later. However, when bills arrive, they become surprised by how much the amount ballooned due to the interest. In effect, they find it hard to pay off their debt and get trapped in this cycle. To avoid this, living within their means is essential.
Another challenge pertains to daily expenses. Prices of food, utilities, transportation and school expenses often rise. It may be hard to keep up with rising expenses if these outweigh income. This is where budgeting comes into play. Budgeting doesn’t have to be complex. A simple one can help you go farther. It will be easy to lose track of your money if there is no budget in place. Saving money is also important. Even small savings add up over time. Savings help during emergencies, like illness or sudden expenses. They also help if you want in the future to spend on something important: like a house or to start a business. Saving regularly teaches discipline and prepares you for surprises. Many want to enjoy life and buy things they like, which is natural. But it’s important to understand the difference between needs and wants. Needs are things you must have to live comfortably, such as food, clothes, shelter and transportation. Wants are things that make life easier or more fun, like gadgets, dining out or new clothes. Spending too much on wants and ignoring needs makes it hard to live within your means. It’s better to cover your needs first; then spend on wants if you have extra money. Peer pressure and social me -
dia also make it difficult. Seeing others with new phones, clothes or trips can make people feel left out or less successful. This pressure can push people to borrow or spend more than they can afford just to keep up. But this often causes bigger problems later.
It’s better to be content with what you have and focus on what you really need and can afford. True happiness comes from peace of mind, not possessions.
Some simple habits help you live within your means.
One is tracking all your spending, even small things likeº snacks or rides. Knowing where your money goes helps find things to cut back on. Another is avoiding impulse buying. Think before purchasing something just because it’s on sale or others have it. Using cash instead of credit cards can help control spending better.
Many communities offer programs that teach money management. Joining them gives useful tips and support. Learning from others’ experiences helps avoid mistakes and build good habits. Talking about money openly with family helps everyone work together on budgeting and saving.
Living within your means isn’t about limiting yourself but making smart choices for a better future. Spending wisely, saving regularly, and avoiding unnecessary debts build a financially stronger and safer life. You gain control over your money and can handle surprises without panic. Financial stress affects health and relationships; reducing it improves well-being.
In the end, living within your means is a skill anyone can learn. It takes patience, discipline and saying no to some things. But the reward is less stress and more security. You enjoy simple pleasures and prepare for the future without fear.
No matter your income, managing it well is the key to a happier, more stable life. It’s never too late to start making better choices and live within what you truly have.
Clyde Gamolo is a Registered Financial Planner of RFP Philippines. To learn more about financial planning, attend the 112th RFP program this July 2025. Please email info@rfp. ph to get more information on how join. The views the writer expressed in this article do not necessarily reflect those of the B usiness M irror s
All three tenors were oversubscribed, with total tenders reaching P94.926 billion, or 3.8 times oversubscribed the P25-billion overall offering.
Broken down, the 91-day debt papers fetched a lower average yield of 5.287 percent, down by 3.1 basis points (bps) from last week’s 5.318 percent. Rates were as low as 5.210
ABy Ada Pelonia
BOUT 81 percent of the budget allotted for the government’s flood management program has been utilized, according to the Department of Budget and Management (DBM).
Citing the latest DBM data, Budget Assistant Secretary Romeo Matthew T. Balanquit said that P212.28 billion of the P263.39 billion allotted for the Flood Management Program was already utilized as of June 30.
The budget allocation comes from the “Fiscal Year 2025 General Appropriations Act” (GAA) and “FY 2024 Continuing Appropriations.”
Balanquit, however, noted that only 41 percent has been disbursed from the obligated fund of P212.28
The 182-day securities attracted P33.450 billion in bids, equivalent to 4.2 times the P8-billion offering.
Lastly, the 364-day government IOUs capped a reduced average yield of 5.612 percent, a 2.5-basis points decrease from the 5.637 percent recorded in the previous auction for the same tenor.
Tenders for the T-bills amounted
billion or those that have been obligated to some suppliers for the implementation.
“Another thing is to really check the performance or the accomplishment rate of these projects,” the DBM official said during the 2025 EJAP Economic Forum in Pasay City last Monday.
Balanquit also noted that the DBM is in the process of a “convergence planning” involving the water sector. He said Department of Economy, Planning, and Development (DepDev) Secretary Arsenio M. Balisacan and Budget Secretary Amenah F. Pangandaman recently led a discussion with the project steering committee.
“[This is to] really identify those flood control projects that are really in need now of implementation and
BSP names Lyn Javier new Deputy Governor
sion Sub-Sector in 2021.
PThe declivity of T-bill yields came after top monetary officials continue to hint the possibility of two more rate cuts this year.
Bangko Sentral ng Pilipinas (BSP)
Governor Eli M. Remolona Jr., who chairs the Monetary Board, said a rate cut could likely be delivered in its next rate-setting meeting on August 28, after inflation eased to
to come up with a real solution for all these problems,” Balanquit said. Meanwhile, the DBM official noted that the agency is set to launch a dedicated flood control management platform under its “Digital Information for Monitoring and Evaluation,” or “Dime, project.
He said this project under the DBM will be linked with the University of the Philippines’s Nationwide Operational Assessment of Hazards (UP-NOAH) Center.
Balanquit noted that the UP Noah Center maps out areas that are frequently flooded, while the agency inspects the status of the flood control projects on these areas.
“Through our partnership with UP NOAH, we are also integrating disaster resilience and climate risk
analysis into this monitoring system.” He forwards a belief that the Dime project is a “game-changer” in budget monitoring and ensuring that the budget remains responsive as it will use satellite and drone technology to verify whether government projects are being implemented, especially in far-flung areas.
“Through Project DIME, we will not have to do personal visits on each project or on each site, which can be very taxing. So, through geotagging, satellites and drones, we will now be able to monitor each project even from our office,” Balanquit said. Under the 2025 GAA, the budget for flood control projects stands at P346.6 billion, which was cut to P274.9 billion in the proposed budget for next year.
accessible on our network.”
By Lorenz S. Marasigan @lorenzmarasigan
LDT Inc. and its wireless arm, Smart
Communications Inc. have blocked access to ten unregistered digital currency exchanges (DCEs) following a directive from the Securities and Exchange Commission (SEC).
The platforms, flagged for operating without the necessary licenses, have been restricted to safeguard Filipinos from potential financial and cybersecurity risks.
“We work closely with government regulators to protect Filipinos from potential threats,” PLDT First Vice-President Jose Roberto “Roby” A. Alampay said. “Upon receipt of the order from the National Telecommunications Commission (NTC), we restricted access to the identified websites. These web addresses are no longer
The SEC’s advisory, issued earlier this month, warned the public against engaging with the following crypto exchanges: OKX; Bybit; Mexc; Kucoin; Bitget; Phemex; Coinex; Bitmart; Poloniex; and, Kraken.
The regulator cited the failure of these DCEs to register with the Commission as required by the SEC’s two circulars issued this year: MC 4 and MC 5 that outline the regulations for crypto-asset platforms. According to the SEC, the unregistered exchanges expose Filipino investors to significant risks, including potential loss of funds, fraud, market manipulation, and identity theft.
The advisory also raised concerns about the platforms’ potential use in illegal activities such as money laundering and terrorist financing.
ABy Cai U. Ordinario @caiordinario
CERTIFIED public accountant and longtime public servant has taken on the helm of the Financial Supervision Sector (FSS) of the Bangko Sentral ng Pilipinas (BSP).
On Monday, BSP Governor Eli M. Remolona Jr. administered the oath of office of BSP
Assistant Governor Lyn I. Javier as the new Deputy Governor of the BSP’s FSS.
Javier succeeds former Deputy Governor Chuchi G. Fonacier who retired on August 1.
“Deputy Governor Javier will lead the BSP in supervising banks and other financial institutions under its jurisdiction, in line with the central bank’s mandate of promoting financial stability,” the BSP said.
Javier joined the central bank as Bank Officer at the BSP’s supervision sector in 1998. She rose from the ranks to assume the position of Assistant Governor of the FSS’ Policy and Specialized Supervi-
“As Assistant Governor, she has overseen the development of supervisory policy and data management, as well as the supervision of financial institutions’ treasury, trust, information technology, and anti-money laundering operations,” read a statement issued by the BSP.
Javier earned a Master of Business Administration degree from the Ateneo de Manila University and a bachelor’s degree in Business Administration and Accountancy, cum laude, from the University of the Philippines.
A CPA, she represents the BSP in the Financial Reporting Standards Council. Javier has, likewise, served as the designated BSP representative to the Basel Consultative Group.
Javier also represented the central bank at the Executives’ Meeting of East Asia-Pacific Central Banks Working Group on Banking Supervision as well as in the Network for Greening the Financial System-Workstream on Scaling Up Green Finance.
Insurance
THE Insurance Commission (IC) announced last week that it has placed Carehealth Plus Systems International Inc. (Carehealth), a health maintenance organization (HMO), under liquidation.
In a notice dated August 6, Insurance Commissioner Reynaldo A. Regalado informed the public that Carehealth can no longer continue its operations starting August 5. The company, the IC added, must stop taking in new members or renewing existing health plans.
Carehealth was placed under receivership on June 27, 2024, due to its liquidity problems, resulting in continuous delays and difficulty in paying all its obligations.
The IC said those having claims against Carehealth or claimants who have not yet filed their claims should file their claims with lawyer Erwin C. Onglengco—the ICappointed liquidator—no later than 180 days or until February 19, 2026.
“[Claims must be filed] together with all supporting documents and/or relevant
proofs, detailing the character, basis and amount of each and every claim for consideration in the company’s liquidation,” the IC said in the notice.
Claims filed after the deadline shall be barred from normal liquidation proceedings but instead shall be referred to the company for reconsideration in its dissolution and winding up proceedings. “Hence, all claimants are reminded to file their claims on time,” the IC said. The notice of stay order issued by IC to Carehealth last June 21, 2024, will remain effective until the liquidation proceedings of Carehealth are terminated or until further notice.
Last data available from IC showed that
Art BusinessMirror
BSP exhibits slice of its expansive art collection at Nat’l Museum
FOLLOWING nearly a year of preparation, the Bangko Central ng Pilipinas (BSP) is set to mount an exhibition at the National Museum, granting the public access to some of the biggest Filipino contemporary artworks under its vast and prized collection.
Titled Kultura. Kapital. Kasalukuyan: Contemporary Art from the Bangko Central ng Pilipinas Collection, the exhibit will be on view for free for more than two years at the National Museum of Fine Arts. The show opens on Friday, August 15, and will run until November 15, 2027.
Kultura. Kapital. Kasalukuyan features 36 artworks from as many distinguished Filipino artists, segregated into two important periods in Philippine art history. The first presentation, titled Pagmulat, explores the lead-up to the contemporary period,
covering modernism with artworks that mostly center on social realism. The second, titled Pagtanaw, looks at contemporary Filipino art, from the late 1980s to more recent years, highlighting changing styles, techniques and subjects as a deliberate break from established conventions.
Pagmulat takes over Gallery XVIII and features the likes of Pablo Baen Santos, Antipas Delotavo, and Renato Habulan—key figures in the social realist movement, depicting the Filipinos’ daily life.
Meanwhile, Pagtanaw will be staged at Gallery XIX with works by Emmanuel Garibay, BenCab, Marina Cruz and Geraldine Javier, to name a few. There are works as well by major contemporary artists such as Santiago Bose, Roberto Chabet, Charlie Co, Ofelia Gelvezon Tequi and Onib Olmedo, among others.
BSP’s exhibit, led by the Museo BSP, took nearly a year to curate. It took even a longer time to finalize, in response to the growing clamor for BSP to have its artworks more accessible. There are over 4,000 artworks under the BSP collection, kept in vaults and hung over its premises and private offices.
The BSP’s art collection started in the 1980s with the efforts of former Governor Jaime Laya, who remains in the acquisitions committee today. Aside from contemporary paintings, the BSP Collection also lists pre-colonial gold and Spanish-era artworks and furniture.
3 MEN CONVICTED IN THE THEFT OF ANCIENT CELTIC GOLD COINS FROM A GERMAN MUSEUM
BERLIN—Three men were convicted Tuesday in the theft of hundreds of ancient gold coins from a German museum in 2022 and handed prison sentences ranging up to 11 years.
A court in the southern city of Ingolstadt convicted the defendants of gang robbery over the museum heist, German news agency dpa reported. A fourth defendant was acquitted of involvement in the museum heist but convicted for other thefts carried out by the group.
The suspects from northern Germany were arrested months after a November 22, 2022 break-in at the Celtic and Roman Museum in the Bavarian town of Manching, in which 483 Celtic coins discovered during an 1999 archaeological dig were stolen. The coins dated to around 100 B.C.
The coins and a lump of unworked gold were originally discovered during excavations of an ancient settlement in Manching, and authorities have said they are considered the biggest trove of Celtic gold found in the 20th century.
Most of the stolen treasure is still missing, but investigators found lumps of gold on one of the suspects when he was arrested that appear to have resulted from part of the treasure being melted down.
Investigators have said that cables were cut at a telecommunications hub, knocking out local networks, before the heist, and that the thieves got in and out of the museum in nine minutes during the night without triggering an alarm. AP
Filipino contemporary artists confront the realities of creation in ‘True Struggle’
TRUE Struggle, which opened on August 9 at Boston Gallery in Cubao, brought together 12 Filipino artists whose works confronted the conditions of making art amid economic precarity, mental unrest, and social fragmentation. The exhibit resists easy catharsis in favor of clarity, where suffering is transformed into articulation, not escape.
True Struggle draws together a diverse chorus of Filipino artists who embrace suffering as an elemental condition of truth instead of just spectacle. It brings together a formidable lineup that consists of BB Suralta, Charles Rosal, Cydric Lagunilla, Lawrence Marcos, Oddin Sena, Isaac Sion,
Ram Castillo, Remster, RA, Gemart Ortega, Sigwada Knicolai, and Humbly.
The showcase asserts that art is less a gesture of escape than a confrontation, where creativity is shaped by necessity, disillusionment, and a kind of delirious resolve. In the Philippines, where economic uncertainty and political turbulence are constant, such intensity is ambient. These artists refuse to romanticize struggle. They work through it, with it, often despite it.
“This exhibition reveals the pains that shape the artmaking process,” co-curator Remster Bautista explains. “The artists selected were asked to respond to the idea
of ‘ecstatic frenzy.’ Each artist confronts the complex topographies of solitude, poverty, mental instability, and fragmented identity that define life on the periphery.”
True Struggle invites viewers to witness this confrontation, to listen as suffering speaks through layered, deliberate and articulate images. It is a call to see what art looks like when it comes from the margins, in the grip of frenzy, and against all odds.
True Struggle is ongoing until August 27 at Boston Gallery, 72 Boston Street corner Lantán, Cubao, Quezon City. More information can be found at the official Facebook page of the Boston Art Gallery.
GEMINI
from situations that are damaging to your ego, reputation or the lifestyle you want. ★★
CANCER (June 21-July 22): Honesty is necessary if you want to bring about positive change. Don’t get wrapped up in someone else’s plans when you should follow the path that leads to feeling good about who you are, what you can do and where you want to be.
LEO (July 23-Aug. 22): A change of perspective will help you see the road to victory. Follow your heart and use your intelligence to navigate your way forward with confidence. Put your energy where it can work its magic and bring the return you crave. ★★★
VIRGO (Aug. 23-Sept. 22): A change will make you feel uncomfortable, but don’t hesitate if it’s necessary. Take a deep breath and proceed with your eyes wide open, ready to make a difference. Recognize that adaptability, combined with discipline and personal flexibility tailored to your needs, will lead to greater satisfaction.
LIBRA (Sept. 23-Oct. 22): Use your energy wisely. Refuse to waste time on nonsense you have no control over. Utilize your intelligence to outsmart any associate or competitive individual trying to undermine you. A little ingenuity and discipline will carry you and ensure that you receive the acknowledgment you deserve. ★★★
SCORPIO (Oct. 23-Nov. 21): Listen and observe, but when it comes to personal preferences, take the initiative to pick and choose what’s best for you. Feeling good about how you look and present yourself to others will change the dynamics of your conversations and your ability to get the assistance you require to reach your destination. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): You are in the zone and ready to achieve whatever you set out to do. Bask in the glory of having the confidence and swagger to bring your vision to the forefront and captivate individuals who have something to contribute. Leave nothing to chance.
CAPRICORN (Dec. 22-Jan. 19): Be careful what you wish for. Recognize negativity, deception and false claims. Verify information and distance yourself from anyone or anything that appears dubious. Protect your health, finances and possessions from anyone who tries to invade your privacy or infiltrate your plans. Your best course of action is personal gains, working alone and self-improvement projects. ★★
AQUARIUS (Jan. 20-Feb. 18): You’re on the right track. Maintain the momentum and keep your communication with key people open. Partnerships and progress will go hand in hand, providing you with plenty to work toward. A financial opportunity is gaining interest, and an investment in you and what you want to achieve looks promising. ★★★★
PISCES (Feb. 19-March 20): Engage in events that offer insight into physical or financial gains, and start working on self-improvements that make you competitive. Refuse to let a change to your environment unnerve you or make you reluctant to voice your opinion. ★★★
BIRTHDAY BABY: You are intuitive, emotional and spontaneous. You are engaging and thoughtful.
ARTWORK by Remster
Jericho Rosales on spending, saving and supporting local cinema
President Manuel L. Quezon, set to premiere in October—will inspire audiences to revisit Philippine history while reviving the tradition of moviegoing. “Beyond inviting people to watch, many
REVENGE GAME HEATS UP IN ‘BEAUTY EMPIRE’ THE rivalry and cutthroat war is getting fiercer in GMA Network, Viu Philippines, and CreaZion Studios’ revenge drama series Beauty Empire.
Noreen (Barbie Forteza) becomes the mastermind of the fiery war between Velma (Ruffa Gutierrez) and Shari (Kyline Alcantara).
Through his investigation, Migoy (Sam Concepcion) starts to find Eddie’s (Sid Lucero) secrets piece by piece. What danger lies upon Migoy while uncovering the truth about Juancho’s (Mark Dionisio) death?
Meanwhile, as Noreen sets a trap for Velma Beauty, it looks like she is close to winning Velma’s heart. Now, what could be Velma’s tricks as she returns to Velma Beauty? With the mystery of Marie Armani, Velma suspects Shari is behind the masked person.
So many dark schemes are set to unfold this week in the No. 1 drama on its timeslot and on
Philippines for one straight month.
athlete navigating the pressure of representing the country in an international competition while confronting challenges familiar to many Filipino women. Racal said its themes are meant to resonate
EVERY amazing show deserves a repeat.
This holds true for a comedy revue billed as Sex and the Seniors, first staged at the Teatrino in Greenhills during the tail-end of three successive weather disturbances that hit the island of Luzon last month.
People came in droves—followers, fans, family, and friends old and new—to support and cheer for the tandem of Mitch Valdes and Fe de los Reyes, joined by paying patrons who all wanted a good laugh and a fun, frivolous, festive night after the storms that kept the metropolis soaked and somber for more than a week.
We learned that the late creative genius Floy Quintos was supposed to head the production, tasked to write, direct and put everything together and in order, but his sudden demise a week after their first meeting caught everyone by surprise, and left Mitch and Fe taking over just to move forward and make the show happen.
“The show is free-wheeling, as our subject sources are all from real life—mine, Mitch’s, and some from people we both know,” shared Fe.
“Then these stories and anecdotes are interspersed with songs orchestrated by Mel Villena [with the AMP7 big band], who knows us and our brand of artistry by heart, because more than a colleague in the music business, Mel is also a friend,” shared Mitch. Mitch and Fe have been friends for many years so this show is more like a reunion of sorts.
Fe started her career as part of Music & Magic a showband where names like Butch Elizalde, Bobby Taylo, Jet Montelibano, Kuh Ledesma, Angeli Pangilinan, Toto Gentica and Eva Caparas were mainstays.
For her part, Mitch rose to popularity as an all-
the best that we can so that a lot of Filipinos can watch it,” she added. Barretto, who previously starred in the romantic fantasy Hold Me Close with Carlos Aquino, reflected drama series later this year with Enrique Gil, marking nearly 11 years since their pairing in the 2014
For Shailesh Baidwan, group president of Maya and co-founder of Maya Bank, the three ambassadors reflect the company’s belief in innovation. “For us, everything is about innovation. It’s about doing things differently. We are serving a largely unserved, underserved—even unhappily banked—customer base. We want to work with people who push the boundaries in what they do, whichever field they may be in,” Baidwan said.
Songs, sex and laughter with Mitch Valdes and Fe de los Reyes
around artist—a thespian for film and television, a rock singer, and a musical theater star who later on also filled up the intimate venues as an A-list standup comedian.
A common denominator of the two is that both can sing, and sing very well at that. This is perhaps also a reason why Sex and the Seniors is a sure-fire hit.
“We delve on age-ing, and issues concerning women’s dreams, desires and fantasies, and of course a lot of sex,” said Mitch, who has consistently proven that artists can be real, no-nonsense, intelligent and straightforward, and still be charismatic, funny, wellloved, revered and highly-respected.
Her characters on films, like Bulaklak ng City Jail, Manila By Night, Oro Plata Mata, Totoo Ba ang Tsismis remain unforgettable. We last saw her acting chops as Konsehala Gina Magtanggol in the TV series Ang Probinsyano where her uncomplicated and chill lifestyle underwent major modification for two years.
“Working on a local TV series is so different from all the other mediums and platforms. Believe me, you have to be tougher than tough in order to survive and enjoy,” she said bursting out into her signature alto laughter.
Fe observed that the acting landscape for television has changed.
“We all have to just go with the flow because as artists, we experience a different kind of high and satisfaction when we are surrounded by creative people who also love their jobs. Perhaps schedules just need to be more incisively planned and followed so as to be more mindful of everyone’s time. I enjoyed my stint in Saving Grace and I am proud to say that working with the megastar was a breeze. She is fun on the set, always makwento and sarap kasama kumain, but when it’s time to face the cameras, Sharon [Cuneta] is always so prepared and she knows her lines by heart.
Saludo ako.” Mitch and Fe are certainly enjoying this chapter in their respective lives and they are more than glad to spread and share this happy energy to their audiences.
Some of our friends who have watched the first run told us that it’s like Sex and the City meets The Golden Girls, two of the classic TV series that focus on the loves and lives of middle age to senior women punctuated by a lot of lust and laughter. This, plus a lot
stories about life, friendships,
B5
Editor: Gerard S. Ramos • Tuesday, August 12, 2025
SHAILESH BAIDWAN, Maya Group president and Maya Bank cofounder
FROM left: Maria Magdalena Surtida, Maya head of credit card business; brand ambassador Julia Barretto; Pepe Torres, group chief marketing officer; brand ambassador Maris Racal; Baidwan; and brand ambassador Jericho Rosales at the launch of Maya Black and Maya Preferred in Manila.
MITCH VALDES (left) and Fe de los Reyes
Park Inn by Radisson Clark Welcomes New Leaders: A New Generation of Moment Makers
Park Inn by Radisson Clark, a vibrant hotel under SM Hotels and Conventions Corp. and managed by the Radisson Hotel Group, is thrilled to announce the addition of new members to its Executive Committee. These dynamic leaders bring a wealth of experience, fresh perspectives, and a shared commitment to delivering on the hotel’s signature Feel Good promise.
Lorenzo Tang appointed General Manager
Earlier this year, Tang was appointed as the General Manager of Park Inn by Radisson Clark. A multi-awarded hospitality executive, Tang has led upscale properties across Asia and Europe. Known for his strategic foresight, operational excellence, and people-centered leadership, he previously served as Area General Manager in Manila, where he drove significant performance improvements. In 2019, he was recognized as one of the Philippines’ Best General Managers by CMO Asia.
Jenny Imbag-Rivera joins as Director of Sales and Marketing Imbag-Rivera took on the role of Director of Sales and Marketing recently. With 20 years of experience in the hospitality industry, Imbag-Rivera brings deep expertise in brand building, commercial strategy, and market development. She was part of the pre-opening teams of both an international hotel brand and a prominent homegrown hotel in Clark. Her collaborative leadership style and passion for mentoring were further demonstrated in her tenure as Chair of the Next Gen Business Council. Imbag-Rivera was named Manager of the Year in 2023 and Manager of the Fourth Quarter in 2024.
Jinky Singian appointed Financial Controller Singian joined the hotel as Financial Controller this month. With over 15 years of experience in finance and accounting, Singian is highly skilled in financial planning, audit management, and controls. Her previous roles, including Assistant Director of Finance at an international hotel chain in Clark, resulted in strengthened audit compliance and more efficient financial systems. She was named Leader of the Quarter and Audit Boot Camp Champion in 2023. Fernando Manalang continues as Cluster Director of Human Resources Rounding out the leadership team is Fernando Manalang, Cluster Director of Human Resources for Park Inn by
Radisson Clark and Park Inn by Radisson North EDSA. In 2024, he was recognized as Training Excellence Ambassador by Radisson Academy and continues to lead key people initiatives and champion a strong culture of employee development and engagement.
Together, this powerhouse team embodies the values of heartfelt hospitality, innovation, and teamwork. As Park Inn by Radisson Clark continues to strengthen its presence in Central Luzon and the Philippines, these new Moment Makers are poised to elevate guest experiences and drive the hotel’s continued growth.
Yamaha Motorshow 2025 ignites power, performance with Sport Night Machine
THE final day of the Yamaha Motorshow delivered a high-octane finale, as the spotlight turned to the Sport Machine lineup in a full-throttle celebration of speed, style, and high-performance engineering. At the heart of the excitement was the preview of the all-new R9, a special display exclusively for the Motorshow.
The R9 captivated the crowd with its MotoGP-inspired design, aerodynamic silhouette, and high-powered 890cc triple-cylinder engine. It served as a symbol of Yamaha’s racing DNA and future-forward engineering, adding serious momentum to the Motorshow’s speed and high-performance theme.
The event was a showcase of Yamaha’s power-packed machines; previously known as Yamaha big bikes, now as Sport Machines, these are motorcycles with high displacements, that exude more power and premium performance quality. Each machine drew attention for its impeccable styling, advanced engineering, and dynamic performance. The Dark Side of Japan was in full
effect with the MT-07, MT-09 SP and MT-10 SP, taking the spotlight with its aggressive styling and torque-heavy engines, representing the raw power and street dominance that define Yamaha’s Hyper Naked segment.
The XSR700 and XSR900 brought retro flair with modern performance, merging timeless design with today’s engineering, paying homage to Yamaha’s rich sport heritage.
The 560cc premium sport machine that offers Nothing but the Max— the TMAX and TMAX Tech Max, with its dynamic sporty body design that combines refined, premium urban riding experience with sportbike-level performance and technology.
Designed to deliver the performance pinnacle on and off track, the R- series lineup of R7, R9, and R1M reflected Yamaha’s deep-rooted racing excellence. Built for precision and speed, these machines turn every ride into a trackworthy experience. Adventure-ready models like Ténéré
Belle Mariano makes BDO Pay a family affair
BELLE Mariano is booked and busy, with her schedule packed full of shoots, filming, guest appearances, rehearsals and more. But she always makes sure to take a break so she can spend time with family.
In a recent vlog, Belle joined younger sibling Daniela for a chill sister date. “Daniela and I just celebrated our birthdays but we both really haven’t gotten the time to spend with each other and hindi pa kami nag da-date so long overdue na.”
On their way out, Belle tells Daniela: “I rarely bring my wallet na, kasi I have BDO Pay.” It’s all she needs. With her everyday payment app, Belle can confidently leave her wallet at home.
Powered by the country’s leading bank, BDO Pay lets users scan to pay, send money, and pay bills without ever needing to cash in. BDO clients can easily link their choice of bank accounts and credits cards to the app, making every transaction effortless. Each time they scan, send, pay or even split the bill, users can simply choose which account or card to use.
After the two enjoyed a nice meal, Belle was ready to go but Daniela reminded her about the bill. “I settled na,” says Belle while hurrying her sister so they can squeeze in grocery shopping. “I used BDO Pay, download mo na kasi.”
At the grocery, it was Daniela’s turn to pay but realized she left her wallet. Belle joked this is probably no accident “but it’s okay kasi may lifesaver tayo. I’ll use my BDO Pay.” She heads for the cashier with her app ready, and paid via QR PH in seconds.
“Download BDO Pay and use your BDO
Online details to log in, then you can pay na through QR,” Belle instructs her sister. Seeing just how quick and easy it was, Daniela didn’t need any more convincing and took her big sister’s advice. Discover the convenience of BDO Pay today. Join Belle and Daniela and download the app from the App Store, Google Play Store, or Huawei AppGallery. No registration needed. Simply sign in using your BDO Online username and password and you can start to scan, send, and pay with BDO Pay.
Fidel Villanueva, Hospital Chief, QMC; Dr. Zarina Rosales, Pediatric Consultant, QMC; Salome Paycao, Chief Nurse, QMC; and Dr. Ramon Carmona, Jr., Chief of Clinics, QMC.
IT was a night of strengthened partnership as BingoPlus, the country’s most comprehensive digital entertainment platform and BingoPlus Foundation, the social development arm of DigiPlus Interactive Corp., joined GMA 7’s pregala 2025, held last July 24, 2025 at a Japanese restaurant in Manila.
700 and Super Ténéré ES lets you explore the Next Horizon, with rugged, tough, and dependable spirit embedded in its DNA, opening the possibility of endless travel and adventure.
The powerhouse Tracer 9 GT stood tall amongst the machines, built for riders who crave long-distance adventures when travelling Roads of Life. It combines outstanding performance, all-around versatility, and serious quench for adventure.
Adding energy to the show was the appearance of the Drama Moto Club, consisting of Jake Cuenca, John Prats, Sancho Vito, Marc Solis, and Gerald Anderson. They brought a wave of enthusiasm and style as they shared their countless adventures with Yamaha across the country.
As the Yamaha Motorshow 2025 reached its apex, the energy remains electric. With a focus on speed, performance, and passion, Yamaha continues to lead the way into the future of two-wheeled performance.
Now in its 4th year, GMA’s Gala is one of the most awaited annual events of the network. It is a gathering of well-known “Kapuso” celebrities and other personalities in the showbiz industry, where they dress in their most fashionable attire. An even more amazing feat is that the proceeds of the gala will go to a charitable cause.
The event was the prelude to the Sparkle Gala 2025 that took place on August 2, 2025 at the Marriott Grand Ballroom in Pasay City.
Centered on multiplying the good, BingoPlus and BingoPlus Foundation donated P500 thousand to the Kapuso Foundation for our kababayans, an amount that is expected to have an impact on their projects.
After a toast with GMA 7’s First Vice President of Sparkle GMA Artist Center and Talent Development and Management, Joy Romina C. Marcelo, Executive Director of BingoPlus Foundation, Angela Camins-Wieneke officially turned over the certificate of donation to Rikki Escudero Catibog, Executive Vice President and COO of the Kapuso Foundation, signaling an even more powerful partnership. BingoPlus and BingoPlus Foundation
In the photo are, from left, Senior Vice President for Programming, Talent Management, President and CEO of GMA Films, Atty. Anette Gozon-Valdez, Executive Vice President and COO of the Kapuso Foundation, Rikki Escudero Catibog, Executive Director of BingoPlus Foundation,
envision a digitally-advanced and resilient Philippines. Having partnered with the Kapuso Foundation moved us closer to the achievement of our advocacy. Their work doesn’t end here; they will continue to reach for the Foundation’s mission, helping the nation one step at a time.
In the photo are, from left, Jinky Singian, Lorenzo Tang, and Jenny Rivera, who recently joined Park Inn by Radisson Clark as the newest members of the property’s Executive Committee.
TeaM ENERGY DONATES LIFE-SAVING MEDICAL EQUIPMENT TO QUEZON HOSPITALS. Quezon Governor Angelina Helen Tan (center) is shown formally receiving from TeaM Energy, represented by Froilan Gregory H. Romualdez III, Assistant Vice President for External Affairs, vital newborn care equipment during the recent turnover ceremony at the Quezon Medical Center in Lucena City. The donation, facilitated by TeaM Energy Foundation Inc. (TEFI), aims to support the improvement of the province’s public healthcare services, a priority of Tan. The life-saving items include two clinical incubators, four photography lights, two infant warmers and resuscitation tables, and two fetal dopplers. Also in the photo during turnover ceremonies were, from left, Carlo Calvario, External Affairs Associate, TeaM Energy; Ethel Osio, External Affairs Manager, TeaM Energy; Dr. Reyce Cristina Laborte, Pediatric Consultant, QMC; Dr. Augustina Cabangon, Pediatric Department Head, QMC; Dr. Juan Eugenio
The world nearly beat polio: Fake records and imperfect vaccine aided its comeback
By Maria Cheng & Riazat Butt The Associated Press
KARACHI, Pakistan—For the past decade, Sughra Ayaz has traveled door to door in southeastern Pakistan, pleading with parents to allow children to be vaccinated against polio as part of a global campaign to wipe out the paralytic disease. She hears their demands and fears. Some are practical—families need basics like food and water more than vaccines. Others are simply unfounded—the oral doses are meant to sterilize their kids.
Amid rampant misinformation and immense pressure for the campaign to succeed, Ayaz said, some managers have instructed workers to falsely mark children as immunized. And the vaccines, which must be kept cold, aren’t always stored correctly, she added.
“In many places, our work is not done with honesty,” Ayaz said.
The World Health Organization and partners embarked on their polio campaign in 1988 with the bold goal of eradication—a feat seen only once for human diseases, with smallpox in 1980. They came close several times, including in 2021, when just five cases of the natural virus were reported in Pakistan and Afghanistan. But since then, cases rebounded, hitting 99 last year, and officials have missed at least six self-imposed eradication deadlines.
Afghanistan and Pakistan remain the only countries where transmission of polio—which is highly infectious, affects mainly children under 5, and can cause irreversible paralysis within hours—has never been interrupted. The worldwide campaign has focused most of its attention and funding there for the past decade.
But in its quest to eliminate the disease, the Global Polio Eradication Initiative has been derailed by mismanagement and what insiders describe as blind allegiance to an outdated strategy and a problematic oral vaccine, according to workers, polio experts and internal materials obtained by The Associated Press.
Officials have falsified vaccination records, selected unqualified people to dole out drops, failed to send out teams during mass campaigns, and dismissed concerns about the oral vaccines parking outbreaks, according to documents shared with AP by staffers from GPEI—one of the largest and most expensive public health campaigns in history, with over $20 billion spent and nearly every country in the world involved.
In Afghanistan and Pakistan— which share a border, harbor widespread mistrust of vaccines, and have weakened healthcare systems and infrastructure—local staffers like Ayaz have for years flagged problems to senior managers. But those issues, along with concerns by staffers and outside health officials, have long gone unaddressed, insiders say.
report from Kandahar, Afghanistan, local government authorities and others interfered in choosing vaccinators, “resulting in the selection of underage and illiterate volunteers.”
Vaccination teams worked “in a hurried manner,” reports said, with “no plan for monitoring or supervision.” A team in Nawzad, Afghanistan, covered just half of the intended area in 2017, with 250 households missed entirely. Village elders said no one visited for at least two years.
Vaccine workers and health officials in Afghanistan and Pakistan confirmed the issues in the documents and told AP it’s hard for campaign leadership to grasp the difficulties in the field. Doorto-door efforts are stymied by cultural barriers, unfounded stories about vaccines, and the region’s poverty and transience.
it will be very hard to trust them,” he said.
Mistrust of the polio eradication effort persists
WITH an annual budget of about $1 billion, the polio initiative is among the most expensive in all of public health. This year, the US withdrew from WHO, and President Donald Trump has cut foreign aid. WHO officials have privately admitted that sustaining funding would be difficult without success.
Some say the money would be better spent on other health needs.
“We have spent more than $1 billion (in external polio funding) in the last five years in Pakistan alone, and it didn’t buy us any progress,” said Roland Sutter, who formerly led polio research at WHO.
“If this was a private company, we would demand results.”
Dr. Jamal Ahmed, WHO’s polio director, defended progress in those two countries, citing workers’ tailored response in resistant pockets.
“There’s so many children being protected today because of the work that was done over the past 40 years,” he said. “Let’s not overdramatize the challenges, because that leads to children getting paralyzed.”
Ahmed said he believes authorities will end the spread of polio in the next 12 to 18 months. Its latest goal for eradication is 2029. The campaign says about 45 million children in Pakistan and 11 million in Afghanistan must be vaccinated this year. Children typically need four doses of two drops each to be considered fully immunized.
Dr. Zulfiqar Bhutta, who has served on advisory groups for WHO, the Gates Foundation and others, said campaign officials should listen to the criticism of its tactics.
“Continuing blindly with the same strategies that we have relied on since eradication began is unlikely to lead to a different result,” he said.
Documents show yearslong problems on polio vaccination teams
INTERNAL WHO reports reviewing vaccination drives in Afghanistan and Pakistan over the past decade—given to AP by current and former staffers—show that as early as 2017, local workers were alerting significant problems to senior managers.
The documents flagged multiple cases of falsified vaccination records, health workers being replaced by untrained relatives and workers improperly administering vaccines.
On numerous occasions, WHO officials noted, “vaccinators did not know about vaccine management,” citing failure to keep doses properly cold. They also found sloppy or falsified reporting, with workers noting “more used vaccine vials than were actually supplied.”
According to an August 2017
Officials tout the successes—3 billion children vaccinated, an estimated 20 million people who would have been paralyzed spared—while acknowledging challenges in Pakistan and Afghanistan. Remote villages are hard to reach, some cultural and religious authorities instruct against vaccination, and hundreds of polio workers and security staff have been killed because of their alignment with a Western-led initiative.
“Most of the time when we go to vaccinate and knock on the door, the head of the house or the man is not at home,” said one worker, speaking on condition of anonymity because they weren’t authorized to talk to the press. “Many people find it offensive that a stranger knocks on the door and talks to a woman.”
Some workers find families have moved. Occasionally, they say, they encounter abuse.
“We have shared these problems with our senior officials,” the worker told AP. “They know about it.”
In an e-mail response to AP’s questions about officials’ knowledge of the issues, WHO polio director Ahmed noted “operational challenges” in Afghanistan and Pakistan and said the program has “robust monitoring and evaluation processes.”
Worker Ayaz described “fake finger marking”—placing the ink used to show a child is vaccinated on their pinky even when no vaccine has been given.
“There is so much pressure,” Ayaz said.
Critics point to continued use of the oral polio vaccine
BEFORE the first polio vaccine was developed in 1955, the disease—spread mostly from person to person, through contaminated water and via fecal particles—was among the world’s most feared, paralyzing hundreds of thousands of children annually. People avoided crowded places during epidemics, and hospital wards filled with children encased in iron lungs after the virus immobilized their breathing muscles.
Polio is mainly spread when
people are exposed to water infected with the virus. In countries with poor sanitation, children often become infected when they come into contact with contaminated waste.
WHO says that as long as a single child remains infected, kids everywhere are at risk.
Eradication demands nearperfection—zero polio cases and immunizing more than 95% of children.
But public health leaders and former WHO staffers say campaign efforts are far from perfect, and many question the oral vaccine.
The oral vaccine—proven to be safe and effective—has been given to more than 3 billion children. But there are some extremely rare side effects: Scientists estimate that for every 2.7 million first doses given, one child will be paralyzed by the live polio virus in the vaccine.
In even rarer instances, the live virus can mutate into a form capable of starting new outbreaks among unimmunized people where vaccination rates are low.
Worldwide, several hundred vaccine-derived cases have been reported annually since at least 2021, with at least 98 this year.
Most public health experts agree the oral vaccine should be pulled as soon as possible. But they acknowledge there simply isn’t enough injectable vaccine—which uses no live virus and doesn’t come with the risks of the oral vaccine—to wipe out polio alone. The injectable vaccine also is more expensive and requires more training to administer.
More than two dozen current and former senior polio officials
The World Health Organization and partners embarked on their polio campaign in 1988 with the bold goal of eradication—a feat seen only once for human diseases, with smallpox in 1980. They came close several times, including in 2021, when just five cases of the natural virus were reported in Pakistan and Afghanistan. But since then, cases rebounded, hitting 99 last year, and officials have missed at least six selfimposed eradication deadlines.
told AP the agencies involved haven’t been willing to even consider revising their strategy to account for some of the campaign’s problems.
Dr. Tom Frieden, a former director of the US Centers for Disease Control and Prevention who sits on an independent board reviewing polio eradication, said it would be impossible to eliminate polio without the oral vaccine. But he’s urged authorities to find ways to adapt, such as adopting new methods to identify polio cases more quickly. Since 2011, he and colleagues have issued regular reports about overall program failures.
“There’s no management,” he said, citing a lack of accountability.
Last year, former WHO scientist Dr. T. Jacob John twice e-mailed WHO Director-General Tedros Adhanom Ghebreyesus calling for a “major course correction.” John shared the e-mails with AP and said he’s received no response.
“WHO is persisting with polio control and creating polio with one hand and attempting to control it by the other,” John wrote.
In his response to AP, WHO polio director Ahmed said the oral vaccine is a “core pillar” of eradication strategy and that “almost every country that is polio-free today used (it) to achieve that milestone.”
“We need to step back and really care for the people,” he said.
“The only way we can do that in large parts of the world is with oral polio vaccine.”
Ahmed also pointed to the success WHO and partners had eliminating polio from India, once considered a nearly impossible task.
In the four years before polio was wiped out there, health workers delivered about 1 billion doses of the oral vaccine to more than 170 million children.
Today, nearly all of the world’s polio cases—mostly in Africa and the Middle East—are mutated viruses from the oral vaccine, except for Afghanistan and Pakistan.
Scott Barrett, a Columbia University professor, called for an inquiry into how things went so wrong—particularly with a failed effort in 2016, when authorities r emoved a strain from the oral vaccine. They miscalculated, leading to outbreaks in more than 40 countries that paralyzed more than 3,000 children, according to an expert report commissioned by WHO. Last year, a mutated virus traced to that effort paralyzed a baby in Gaza.
“Unless you have a public inquiry where all the evidence comes out and WHO makes serious changes,
Villagers, too, have protested the cost, staging hundreds of boycotts of immunization campaigns since 2023. Instead of polio vaccines, they ask for medicine, food and electricity.
In Karachi, locals told AP they didn’t understand the government’s fixation on polio and complained of other issues—dirty water, heroin addiction. Workers are accompanied by armed guards; Pakistani authorities say more than 200 workers and police assigned to protect them have been killed since the 1990s, mostly by militants.
The campaign also is up against a wave of misinformation, including that the vaccine is made from pig urine or will make children reach puberty early. Some blame an anti-vaccine sentiment growing in the US and other countries that have largely funded eradication efforts and say it’s reaching even remote areas of Afghanistan and Pakistan.
In suburban southwest Pakistan, Saleem Khan, 58, said two grandchildren under 5 were vaccinated over his family’s objections.
“It results in disability,” said Khan, without citing evidence for his belief. “They are vaccinated because officials reported our refusal to authorities and the police.” Svea Closser, professor of international health at Johns Hopkins University, said Pakistan and Afghanistan were less resistant to immunization decades ago. Now, people are angry about the focus on polio and lack of help for diseases like measles or tuberculosis, she said, spurring conspiracy theories.
“Polio eradication has created a monster,” Closser said. It doesn’t help, she added, that in this region, public trust in vaccine campaigns was undermined when the CIA organized a fake hepatitis drive in 2011 in an attempt to get DNA and confirm the presence of Osama bin Laden or his family.
Workers see that continued mistrust every day.
In a mountainous region of southeastern Afghanistan where most people survive by growing wheat and raising cows and chickens, a mother of five said she’d prefer that her children be vaccinated against polio, but her husband and other male relatives have instructed their families to reject it. They believe the false rumors that it will compromise their children’s fertility.
“If I allow it,” the woman said, declining to be named over fears of family retribution, “I will be beaten and thrown out.”
Cheng reported from London.
Napolis gets another chance at gold medal
JENNA KAILA NAPOLIS tries to move heaven and earth on Tuesday to snatch that gold medal she missed winning by a tad two nights ago at the Chengdu World Games in China.
The pride now not only of Muntinlupa City but the entire country, fell short of Team Philippines’ first gold in women’s -52-kilogram ne-waza of jiujitsu on Sunday night but will try to get one in the open category which will be a scramble of all athletes from Napolis’s weight up to the 63-kg division.
There, if her plans align, the Filipino grappler could seek payback at the Jianyang Cultural and Sports Centre Gymnasium and meet her finals tormentor, South Korea’s Eon Ju Im, for a chance at bagging her second medal and further give the Philippine delegation—supported by Philippine Olympic Committee president Abraham Bambol” Tolentino, a
measure of pride halfway through the competition.
“I believe in miracles,” Napolis said while being wary of the challenging work at hand. “I don’t know what will happen ahead because I will be battling other fighters in heavier divisions, but we’ll see what I can do for the country.
I’m always ready,” she added. Eighteen athletes from three weight classes—52, 57 and 63kgs—will be competing from Round of 16 up to medal rounds set in the afternoon.
“Those in the 63 kgs are surely tough to beat,” said Annie Ramirez, who gets her shot at redemption after an early exit in the 57-kg division.
On a rather light day in competition venues for athletes and team officials, the Filipinos, who are backed by the Philippine Sports Commission, used the spare time to recover from the toll of Chengdu action, some visiting recreational places inside the Athletes’ Village, others doing laundry, while some had fun watching the musical performance from Chinese
acts Sunday night. But hostilities will resume on all fronts the day after, with Hergie Bacyadan, the Paris Olympics boxer, returning to national team duty as a kickboxer at the Sichuan Gymnasium.
The Kalinga Province native will test her mettle in the women’s 70-kg division with her foe yet to be revealed with the draw set Monday evening Chezka Centeno, despite losing her last preliminary game in women’s 10-ball against Yu Han of China, 6-7, will advance to the quarterfinals at the Civil Aviation Flight University of China Tianfu Campus Gymnasium. She beat Easton Savannah of the US, 7-2, last Sunday.
Fighting for survival are Rubilen Amit and Jeff de Luna, who both lost their first games and will need a ton of effort against Shasha Lui of China and Oliver Szolnoki of Poland, respectively, in their crucial matches being played as of press time.
After losing, 0-18, against Switzerland, the men’s floorball team is hoping to end its Chengdu mission on a high note when it faces the host nation in the classification match for 7th place at 10 p.m. Tuesday at the Xindu Xiangcheng Sports Centre.
JENNA KAILA NAPOLIS poses with her silver medal as Jeffrey de Luna couldn’t get his shots going in billiards. ROY DOMINGO
Castro finally wrests crown, Tan hangs tough
ZACH CASTRO finally laid claim to a long-elusive crown following a blistering finish in the International Container Terminal Services Inc. Pradera Verde Intercollegiate Tour legin Lubao, Pampanga, on Monday.
The De La Salle-1 standout birdied his final two holes, including a pressurepacked finish on the par-4 eighth and the closing ninth of the Pinatubo layout for a five-under 67 that disposed of clubhouse leader Sean Granada by two strokes.
After two close calls—a runner-up finish in Round 1 at Royal Northwoods and a joint fifth-place effort at Splendido Taal—Castro wasn’t going to be denied a third time in the four-round Tour co-developed by Pilipinas Golf Tournaments Inc. and the Philippine Golf Foundation.
If the men’s finish was a display of clutch execution, the women’s side proved to be a test of survival—and Shane Tan barely held on.
The Ateneo-2 mainstay looked poised for a runaway victory after dominating the field for most of the day. Standing on the 16th tee with a four-shot cushion over University of the Philippines (UP)-1’s Addie Manhit, Tan looked well on her way to her first Tour title with a par—then the collapse came. Tan unraveled back-to-back triple bogeys on the final two holes, ending up with a 90 that opened the door for Manhit to stage a dramatic comeback. Manhit, the Caliraya Springs leg champion, capitalized with a birdie
on 16 to close the gap, but just when a playoff looked inevitable, she too faltered under pressure—bogeying 17 and making a triple-bogey 7 on the last to finish with a 91, missing a golden opportunity to steal the win.
S tacey Chan of De La Salle-1 parred the final two holes to finish with a 96, edging College of St. Benilde (CSB)1’s Natasha Bantug and Ateneo-1’s Simi Tinio, who also both wound up with 24-over rounds, for third in the countback in women’s play.
L ocked in a thrilling duel with Granada, the CSB-1 ace who carded a 69 in an earlier flight, Castro summoned nerves of steel down the stretch.
The decisive moment came on the par-5 sixth, where Castro’s clinical approach set up a birdie to tie Granada at three-under.
T hen came the fireworks—a birdie on the eighth and a composed finish on the ninth—as he stormed past Granada to finally capture the individual crown in style. “It’s all about attitude,” said Castro, reflecting on his performance. “I stayed composed even when the putts weren’t falling. I just kept it simple—hit the fairways, hit the greens. I know the putts will drop eventually.”
Castro also acknowledged the challenging conditions, saying: “The course is in great shape, but it’s just so hot out there. Hydration was key.”
Unlike many of his fellow competitors, Castro made it a point to track live scoring updates throughout the round.
Sean’s a good friend, and I know what he’s capable of,” he said. “He was 2-under going into his last hole. When I refreshed the scores and saw he finished at 3-under, I was on my approach shot on 17. That’s when I knew—I had to birdie the last two holes [to win].” UP, however, bagged the team title for the second straight time as it pooled a 188, counting Katrisse Datoc’s 97. La Salle-1 finished second with a 193 from Chan’s 96 and Janine Yusay’s 97, while Ateneo-2 clinched third place with a 200 from Tan’s 90 and Tatiana Ong’s 110.
Big weekend at Metro Manila Turf
The twin events—sponsored by Costa Cruises, DLTB and the Philippine Racing Commission (Philracom)—have one of the highest stakes awards of the year, demonstrating the increased interest and investment in the Philippine horse racing sector. MMTCI chairman and president Atty. Narciso O. Morales said that special guest delegations from ThoroughBid and Tattersalls, two major UK auctioneers, will be in attendance. Their involvement demonstrates the international interest in Philippine racing and the possibilities for European investment in the local sector,” Morales said.
prizes.
“Despite the hurdles created by the Covid-19 epidemic, MMTCI has
Chimaev, du Plessis and 49ers
successfully increased its contribution to the government through taxes generated by its activities, demonstrating the industry’s resilience and growth,” Morales added.
Morales will also offer various changes to improve the horse racing experience, including the start of “Claiming” races, which are modeled after the well-known Kentucky racing system.
This program will allow participants to purchase horses that are running in actual races, providing a potential for
ownership once the event is over.
“This novel method is likely to draw more enthusiasts and investors to the sport, thereby increasing the local racing economy,” Morales said.
ThoroughBid’s CEO, James Richardson thanked Morales in a letter of intent for inviting him to visit the Philippines to witness the races.
ThoroughBid’s objective is to modernize and globalize the bloodstock market by linking buyers and sellers in Europe, the Middle East, America, and now the Philippines,” Richardson said. “The planned tour seeks to investigate financial options, cooperation potential, and the promotion of high-quality European bloodstock in the region.”
Preparations for FIVB MWCH shift to higher gear with one month to go
TBy Josef Ramos
HE Philippines is on course to getting in full harness just one month before the first serve is made in the FIVB 2025 Men’s World Championship.
Proof of preparedness were evident from the Philippine National Volleyball Federation (PNVF) and Local Organizing Committee (LOC), as well as all stakeholders from the government led by Malacañang and the Philippine Sports Commission (PSC) and the private sector.
“Everything is on track when it comes to preparedness,” said PNVF president Ramon “Tats” Suzara in his address to the Final Technical Working Group Inter-Agency Meeting on Monday morning at the Century Park Hotel.
“I am so thankful to all government and private sectors for their valuable contributions and time to make our hosting of the game safe, convenient and exciting,” added Suzara, also president of the Asian Volleyball Confederation and executive vice president of the FIVB.
William Vincent “Vinny” Araneta Marcos—co-chair of the LOC with Senator Alan Peter Cayetano and Tourism Secretary Christina Garcia Frasco—graced the well-attended meeting held exactly a month before the September 12 to 28 world championship at the Smart Araneta Coliseum and the SM Mall of Asia Arena.
“I t’s going to be busier weeks ahead of us with all agencies working hand in hand,” Suzara said. “We’re thankful
THE Pradera Verde Golf and Country Club sets the stage Tuesday for a high-stakes showdown as the penultimate leg of the International Container Terminal Services Inc. Junior Philippine Golf Tour Luzon Swing tees off—a make-orbreak moment for mid-teen and young contenders fighting to secure a spot in the North vs South Elite Junior Finals.
With only two stops remaining in the Luzon series, this sixth leg looms large for players still vying for a coveted berth in the October 7 to 10 championship finale where they will be pitted against their counterparts from the VisayasMindanao series.
W hile several players have already cemented their places after standout performances in the first five legs, the battle for the last two spots in each division is still fiercely contested.
Among those who have all but clinched their finals berths are Mavis Espedido and Winter Serapio (girls’ 7-10), Zach Guico and Zoji Edoc (boys’ 7-10), twins
to President Ferdinand ‘Bongbong’ Marcos Jr., First Lady Liza and son Vinny, who is part of the LOC, and the FIVB for helping us.” P SC chairman Patrick Gregorio, who chairs the government task force for the world championship, expressed his confidence over the hosting chores to the close to a hundred officials and representatives from the government, private and sports sectors who attended the meeting.
“I ’m so confident that [PNVF] president Tats Suzara will absolutely make this work. He knows how to do it,” Gregorio said. “We make sure that everybody is in coordination and, yes, they are.”
The LOC has as members Senator Pia Cayetano, Manuel V. Pangilinan and POC president Abraham “Bambol” Tolentino. The attendees were from the Philippine Olympic Committee (POC), Philippine National Police, Bureau of Immigration, Philippine Amusement and Gaming Corp., Philippine Charity Sweepstakes Office, Metro Manila Development Authority and the Departments of Education, Tourism, Budget and Management, among othjers. On Tuesday (August 12) starting at 1 p.m., there will be a Light Rail Transit Authority Ride with the members of the Alas Pilipinas Women from LRT Line 2’s Recto to Santolan Station and on Wednesday (August 13), the “Set Na ‘To! An Electrifying Launch” will be held at the SM MOA Music Hall from 4 p.m. onwards.
Mona and Lisa Sarines (girls’ 11-14), Ryuji Suzuki and Vito
(boys’ 11-14), Rafa Anciano and Levonne Talion (gir;s’ 15-18) and Patrick
and Shinichi
15-18). W ith these frontrunners likely locked in, positions three to six in each division are now in a pressure-packed scramble, as only the top four in each category will advance. For these hopefuls, Pradera Verde is nothing short of a final audition before the last Luzon leg at Camp John Hay next week.
Third-ranked Tyra Garingalao, No. 4 Penelope Sy, and fifth-seeded Venus delos Santos are all set for a heated battle in the girls’ 7-10 division as they aim to secure a coveted Top 4 finish in the series organized by Pilipinas Golf Tournaments Inc. D espite already locking in a spot in the finals, dominant campaigner Espedido remains in the hunt for a fourth victory in the 36-hole tournament, having swept the first three legs.
Sarines
Tambalque
Suzuki (boys’
MORALES
ZACH CASTRO wins on for his De La Salle team while Shane Tan makes Ateneo proud.
LOCAL Organizing Committee co-chairman William Vincent “Vinny” Araneta Marcos (center) with Philippine Sports Commission chairman Patrick Gregorio (left) and Philippine National Volleyball Federation president Ramon “Tats” Suzara.
