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Wednesday, August 12, 2026 Vol. 21 No. 302

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OVERFLOWING CONCERN Residential areas near the Tullahan River are seen from the air in Quezon City on Tuesday, August 11, 2026, with the waterway snaking through communities as La Mesa Dam reached 80.20 meters, exceeding its 80.15-meter overflow elevation, according to PAGASA. The

FLOOD-CONTROL FUNDS RESTORED IN ’27 BUDGET

Tullahan River begins at the La Mesa reservoir and runs through Quezon City, Caloocan, Valenzuela, Malabon and Navotas before emptying into Manila Bay. When La Mesa reaches its overflow elevation, water spills into the river, posing a flooding threat to low-lying communities along its course. The rise comes amid continuing rains associated with the enhanced southwest monsoon, or “habagat.” NONOY LACZA

By Jovee Marie N. Dela Cruz

HE government has restored funding for flood-control projects in the proposed 2027 national budget, allocating P107.4 billion to continue, repair and improve existing infrastructure amid persistent flooding during the rainy season.

The restoration of the funding, the massive misuse of which sparked thorough reforms and stalled infrastructure spending that in turn reduced growth, comes at about a year after the 2025 State of the Nation Address where President Ferdinand Marcos Jr. first assailed massive corruption in flood-control projects. Its restoration is hoped to help revive economic activity and a lack-

luster growth, reported at only 2.3 percent in the second quarter. Acting Budget Secretary Kim Robert De Leon said the condition of unfinished projects and the continuing operational needs of flood-control facilities were among the major considerations in restoring the funding under the 2027 National Expenditure Program (NEP). See “Funds,” A2

’27 BUDGET MEANT TO HURDLE GEOPOLITICS, ECONOMIC WOES By Samuel P. Medenilla

RESIDENT Ferdinand Marcos Jr. said the government is bracing for extended “geopolitical tensions and economic challenges” in its proposed P7.2-trillion 2027 national budget to allow the country to sustain its economic growth next year by prioritizing “investments in the Filipino people.” The chief executive made the commitment in his 51-page President’s Budget Message with the 2027 National Expenditure Program, which was submitted by the Department of Budget and

Management (DBM) to the House of Representatives on Tuesday. “Amid continuing global uncertainties—including geopolitical tensions, persistent inflationary pressures, and volatile energy prices—we remain steadfast in pursuing growth that is both resilient and fiscally responsible,” Marcos said. He said the budget will allow the government to meet its Philippine Development Plan (PDP) 2023–2028 and its longterm vision under Ambisyon Natin 2040, while reducing unnecessary expenditures and See “Geopolitics,” A2

NG debt seen to swell to ₧21.48T by end-2027 By Reine Juvierre S. Alberto

HE national government’s outstanding debt is projected to swell to P21.479 trillion by the end of 2027, as a persistently weak peso, growing financing requirements and repayment of maturing loans add to the debt burden. The expected debt is seen to increase by 8.67 percent from the P19.765 trillion projected by the end of this year, based on the Budget of Expenditures and Sources of Financing released after the turnover of the 2027 proposed budget to the House of Representatives on Tuesday. Domestic debt is estimated at P14.282 trillion, while foreign obligations are seen to reach P7.197 trillion, data showed. The projected debt levels took into consid-

eration the peso at the P62 level against the US dollar. The government’s outstanding debt climbed to a new record high of P19.065 trillion as of end-June, or 66 percent of the gross domestic product (GDP) in the second quarter. Budget Assistant Secretary Romeo Matthew T. Balanquit told reporters after the turnover that the weaker peso increased the value of foreign-currency loans, many of which were contracted during the pandemic when the peso was around P46.60 to the dollar. “[The] peso weakened by 20 percent. So, that actually allows us to incur higher costs,” Balanquit said. Compounding this is the government “becoming less aggressive” and accommodating a wider budget deficit, Balanquit added, pointing to geopolitical tensions and the United

States’s tariff war. The deficit is pegged at P1.695 trillion in 2027, or 5.1 percent of the GDP, and will widen to P1.722 trillion in 2028 before contracting in 2029 and 2030. “If deficit has to increase a bit, then we have to finance [it] by borrowings,” Balanquit said.

Govt to borrow P3.3T in 2027

THE government programmed its gross borrowings for next year at P3.304 trillion, higher by 20.85 percent than the revised P2.733-trillion financing target this year. About 72 percent of the amount, or P2.389 trillion, would be sourced locally through the auction of government securities, such as Treasury bills and bonds. This increased by 24.53 percent from this year’s P1.918 trillion program.

The remaining P925.12 billion, up by 12.19 percent year-on-year, will come from foreign financiers. Of the amount, P549 billion are program loans and project loans extended by multilateral lenders, while P365.982 billion will be raised from the international bond market. “The problem is that compared to pandemic times, the old loans were actually contracted at a lower interest rate. Now, they are maturing,” Balanquit said. “So, we have to refinance using new loans. But worse, because this will be at a higher interest rate now.” The government calculated its debt service expenditures at a total of P2.704 trillion for next year, 32.23 percent higher than the P2.045 trillion allocated this year. About P2.148 trillion will be spent to pay for See “Debt,” A2

Congress asked: Keep ’27 UA level at ₧112B By Reine Juvierre S. Alberto

ITH unprogrammed appropriations now making up only 1.5 percent of the 2027 National Expenditure Program (NEP), Budget Secretary Kim Robert C. De Leon wants Congress to preserve that level as budget deliberations begin. “We would, of course, prefer that the UA level proposed in the NEP be maintained, as this reflects the position of the Executive. It is also the result of our extensive preparations for the budget,” De Leon told BusinessMirror in a message.

“At the same time, we respect the wisdom of Congress and its constitutional power of the purse. We will work closely with our legislators as the budget goes through deliberations,” he added. De Leon said at a press briefing after the turnover of the NEP to the House of Representatives on Tuesday that the proposed P111.984-billion unprogrammed appropriations is the lowest in nominal amounts since 2019, worth P197.135 billion. Its share in the NEP is also the smallest since 1991. See “UA level,” A7

IMPEACHMENT WATCH

COA AUDITOR ON THE STAND Commission on Audit Intelligence and Confidential Funds

Audit Office (COA-ICFAO) Supervising Auditor Xylene Mae del Campo answers questions from prosecution lawyer Lorna Kapunan during the 14th day of the impeachment trial of Vice President Sara Duterte at the Senate in Pasay City on Tuesday, August 11, 2026. Del Campo testified that Duterte and two Office of the Vice President officials were held liable for the P73.287 million in confidential-fund disbursements disallowed by COA. She said the OVP’s submissions failed to provide sufficient proof that information-gathering and surveillance activities funded by the cash advances had been successful, as required under government rules. The disallowed transactions were covered by a Notice of Disallowance involving the OVP’s 2022 confidential fund. Story on A3 Nation. ROY DOMINGO/SPPA POOL

PESO EXCHANGE RATES n US 60.7750 n JAPAN 0.3817 n UK 82.1009 n HK 7.7471 n CHINA 9.0086 n SINGAPORE 47.4693 n AUSTRALIA 42.8646 n EU 70.1587 n KOREA 0.0428 n SAUDI ARABIA 16.1860 Source: BSP (August 11, 2026)

News

BusinessMirror

A2 Wednesday, August 12, 2026

Peso slides back to ₧61:$1 level in volatile ME events By Andrea E. San Juan

HE Philippine peso slid back to the 61-per-dollar level as Brent crude nearly touched the $90 per barrel level amid renewed external pressures as negotiations between the United States and Iran stalled. Data from the Bankers Association of the Philippines (BAP) showed the peso closed at P61.26 against the dollar on Tuesday. This is 55.5 centavos or over half-apeso weaker than its previous finish of P60.705 against the greenback on Monday. John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS) said this “likely reflects renewed external pressures, particularly the rise in global oil prices amid uncertainty in the Middle East and continued cau-

Geopolitics… Continued from A1

maintain its Upper Middle Income Status (UMIC) as it is faced with economic headwinds in the coming months.

tion ahead of US inflation data.” As a net oil importer, Rivera said higher oil prices tend to increase the Philippines’s demand for dollars and put pressure on the peso. The senior research fellow for the state think tank said Brent crude rose about 5 percent over two days as USIran negotiations “stalled.” This was almost echoed by Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., who said: “The USD/PHP fell to 61.26 on higher oil prices and stronger dollar as USIran peace talks fall anew.” For his part, Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UBP) said the peso’s weakness appears to have been driven more by external factors than domestic developments. “Rising US Treasury yields, a stronger US dollar, and the sharp increase

in oil prices amid Middle East tensions likely weighed on emerging market currencies, including the peso,” added Asuncion. While markets also reacted to Bangko Sentral ng Pilipinas’s (BSP) Governor Eli Remolona Jr.’s remarks that slower GDP growth has eased pressure for further policy tightening, Asuncion said: “The magnitude of the peso’s depreciation suggests global factors were the more dominant driver.” Asuncion pointed out that as long as Brent crude remains near $90 per barrel and US Treasury yields stay elevated, the peso “may continue to face depreciation pressure.” “In the near term, global developments, particularly US inflation data, Federal Reserve expectations, and oil market dynamics, are likely to be more important drivers of the exchange rate than domestic factors,”

Asuncion explained further. Rivera also noted that the peso is expected to remain volatile with movements “largely influenced” by oil prices, geopolitical developments, US monetary policy, and domestic economic conditions. “Some depreciation is manageable, but sustained weakness could add to imported inflation, so stability rather than defending a particular forex rate level is more important,” added the PIDS senior research fellow. Ravelas expects the local currency to trade within the 61.0061.50 range against the dollar in the near term. Within Tuesday’s session, the local currency traded from as strong as 60.9 to as weak as 61.275 against the greenback.

“This budget strengthens our capacity to invest in strategic infrastructure, human capital, food and energy security, and social protection, while reinforcing transparency, accountability, and the efficient use of public resources,” he said. “Economic growth is meaningful only when it creates jobs, reduces pov-

erty, strengthens the middle class, empowers local communities, and ignites renewed hope that tomorrow will be better than today,” he added. The President directed all agencies to focus on measurable outcomes, align proposals to the development agenda, and eliminate unnecessary or inefficient expenditures.

The 2027 NEP, he said, will contain provisions of the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) initiative, which aims to provide support to sectors affected by the Middle East crisis including fuel and rice subsidies as well as cash aid. “More than a short-term intervention, UPLIFT is a comprehensive whole-of-government framework that equips the country to respond proactively to global disruptions while supporting households, businesses, and key productive sectors,” Marcos said. “Together with our broader fiscal reforms, it reinforces our strategy of stimulating economic activity through carefully calibrated public spending without compromising long-term fiscal sustainability,” he added. The war in the Middle East broke out after the United States and Israel attacked Iran last February disrupting global supply chains and triggering pump prices. As of press time, the US and Iran have yet to come out with a deal to end hostilities in the Middle East. The economic impact of the regional conflict was made worse by the slowdown in government spending on infrastructure projects after it launched a crackdown on anomalous flood control projects last year. The Bangko Sentral ng Pilipinas said the ongoing El Niño, which is expected to last until the first quarter of 2027, can also cause food supply pressures. Gross domestic product from January to March slowed down to 2.8 percent from 5.4 percent year-on-year, according to the Philippine Statistics Authority (PSA). Economic growth further weakened in the second quarter of the year to 2.3 percent. Marcos urged Congress to pass the 2027 national budget with provisions consistent with the “people-centric” goals of his administration. “Let us rise above differences and work together to ensure that every appropriation serves its intended purpose and every peso delivers real and lasting value,” he said.

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Funds…

Continued from A1

“Especially now that it is raining, we see the importance of having proper flood-control projects to prevent excessive water from damaging our roads,” De Leon said in a press conference after the turnover of the 2027 NEP to Congress. “That is why, when we were preparing the 2027 National Expenditure Program, one of the important considerations was whether to restore funding for flood-control projects,” he added. De Leon said the government could not abandon projects that had already begun because unfinished structures would fail to deliver their intended benefits. “First and foremost, we cannot simply abandon the flood-control projects that have already been started. They will not be effective if they are left unfinished,” he said. He also explained that flood-control spending is not limited to one-time construction expenses. Pumping stations and other facilities require funding for their continued operation and maintenance. “Second, not all flood-control projects are one-off expenditures. They also have operating requirements, including pumping stations and facilities that must be sustained year after year,” De Leon said. According to De Leon, these considerations led the government to approve several proposals from the Department of Public Works and Highways (DPWH) involving existing projects that must be continued, completed or repaired. “This is why we agreed to several proposals from the Department of Public Works and Highways involving existing flood-control projects that must be continued, completed and repaired so that their intended benefits can be realized by our people,” he said. Of the P107.4-billion allocation, P19.6 billion in capital outlay will finance ongoing foreignassisted flood-control projects. The total also covers the maintenance, repair, rehabilitation, and improvement of existing infrastructure. The Metropolitan Manila Development Authority (MMDA) will separately receive P3.41 billion under its flood-control program. The amount will support the operation and maintenance of existing flood-control structures, including pumping stations, facilities, and equipment. De Leon said flood-control proposals underwent stricter evaluation with the cooperation of DPWH Secretary Vince Dizon. “We ensured that the locations of the projects were properly identified and properly tagged and that they were already supported by actual programs of work to ensure that they would not become ghost flood-control projects once approved by Congress,” De Leon said. He added that the government would disclose information on the projects—from appropriations to the release of funds—through the DBM’s COMPASS platform. Implementation will also be monitored through the DPWH Transparency Portal and the DBM’s Project DIME, or Digital Imaging for Monitoring and Evaluation. “We will not rely solely on documentary reports stating the level of accomplishment. We will also use technology and satellite data to verify whether the reported structures actually exist,” De Leon said. He said the government was expanding the number of projects covered by Project DIME, not only within the DPWH but also across other government agencies. Meanwhile, De Leon said the proposed budget contains P10.773 billion for confidential and intelligence expenses—P4.368 billion for confidential funds and P6.405 billion for intelligence funds. “We wish to note that the P10.773 billion in combined confidential and intelligence funds is lower than the P11.818-billion level under the 2026 General Appropriations Act, or lower by 8.8 percent,” he said. The same agencies and departments that received the funds in 2026 will remain the recipients in 2027, although the Philippine National Police will receive a slight increase compared with its proposed NEP level. De Leon emphasized that only agencies legally authorized to perform confidential and intelligence functions would receive such funding—point deemed significant at this point, given the mind-boggling revelations at the Senate impeachment trial of how over P600 million CIFs were quickly disbursed by the offices of Vice President Sara Duterte under the OVP and the

Department of Education. “We wish to reiterate that the use of confidential and intelligence funds remains subject to existing budgeting, utilization, liquidation and auditing rules to ensure accountability and that the funds are used solely for their intended purposes,” De Leon said.

Tough scrutiny

HOUSE Speaker Faustino “Bojie” G. Dy III on Tuesday vowed that the House of Representatives would subject the proposed 2027 national budget to rigorous scrutiny to ensure that every peso delivers concrete benefits to the Filipino people. As the House formally received the 2027 NEP, Dy said lawmakers would keep Filipinos at the center of the budget process, guided by the government’s theme, “People-Centered Growth for an Inclusive and Resilient Future.” “It is not enough to state how much is being spent. We must show what every peso can accomplish. Every peso must bring tangible relief to every Filipino,” Dy said during the NEP turnover ceremony. “In the New Congress, we will carefully scrutinize every part of the proposal. We will ask agencies not only how much they are requesting but also how the funds will be used and what concrete benefits they will deliver to the Filipino people,” he added. The speaker said the proposed budget would be evaluated based on three fundamental questions: “Where will the funds go, what concrete changes will they bring, and how will ordinary Filipinos feel their impact?” Dy stressed that the national budget is more than a collection of figures and allocations, noting that behind every peso are Filipinos counting on the government for better services, greater opportunities and an improved quality of life. “This budget is for families hoping that food will become more affordable; parents who need adequate healthcare services; children who dream of completing their education; farmers who need support; and workers seeking decent jobs and fairer opportunities,” he said. “They must be the basis of our priorities,” he added. Dy noted that President Ferdinand R. Marcos Jr., in his State of the Nation Address, laid down the government’s direction of strengthening the country’s security and self-reliance while ensuring that government services reach those who need them most. From food and energy to education, healthcare, employment, infrastructure and disaster preparedness, Dy said the proposed 2027 national budget would be one of the government’s most important instruments for turning these priorities into concrete action. With the NEP now in Congress, Dy said the House has the responsibility to ensure that these objectives are preserved throughout the deliberations and reflected in the final version of the General Appropriations Bill. He also committed to keeping the congressional budget process open and transparent, building on reforms introduced last year. “Last year, we began implementing reforms such as the Budget Amendments and Review Subcommittee, or BARSC, and introduced the live-streaming of our bicameral meetings,” he said. “The budget belongs to the people. They have the right to know where their money will go. We will strive to make the process of crafting our national budget even more open,” he added. The Speaker also echoed the President’s call to prevent waste, improper spending and corruption, noting that every peso saved could instead be directed toward classrooms, hospitals, food, employment, agriculture and other services that Filipinos directly need. In the coming weeks, the Speaker said lawmakers would closely examine the NEP, question government agencies, listen to stakeholders, and keep the public informed throughout the process. “In the coming weeks, our work will be thorough. We will ask questions. We will listen. And we will ensure that every step of the process is clear to the public,” he said. Dy said the House would carry with it the challenge issued by President Marcos at the conclusion of his SONA: to finish what the government has started and fulfill its promises to the Filipino people. “For the New Congress, that is the purpose of the 2027 budget—to translate promises into programs, programs into concrete results and every peso spent into meaningful improvements in the lives of our fellow Filipinos,” Dy said.

NG debt seen to swell to ₧21.48T by end-2027 Continued from A1

some debts incurred domestically, while P555.859 billion will be for external debts. Although the debt stock appears massive, Balanquit said the money borrowed is used for productivity and long-term investments such as infrastructure. In the first half of 2026, the government’s gross borrowings reached P1.821 trillion, while debt payments amounted to P1.227 trillion.

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Wednesday, August 12, 2026

VP defense team ‘ghosts’ meeting with prosecutors

HE presiding officer of the Senate Impeachment Court on Monday said House prosecutors appeared to have been “ghosted” by Vice President Sara Duterte’s defense team after repeated attempts to arrange a court-ordered comparison of 4,492 acknowledgment receipts related to her confidential funds went unanswered. Private prosecutor Lorna Kapunan said Duterte’s lawyers ignored messages requesting a meeting on Thursday or Friday of the previous week, as directed by the Impeachment Court. The defense later proposed a meeting on Aug. 14 – four days after the scheduled resumption of the Commission on Audit auditor Xylene Mae del Campo’s testimony. “They stood us up,” Kapunan told the court. Presiding Officer Sen. Franc is Esc udero of fered a more contempora r y descr ipt ion. “Attorney Lorna, you were not merely stood up. Perhaps you were ghosted because they did not respond to you,” Escudero said. “We were ignored,” Kapunan replied. “That is exactly what ghosting means. ‘Ghosting’ is the more modern term,” Escudero said. The proposed comparison was intended to determine whether the acknowledgment receipts held

by the prosecution matched those in the defense’s possession. If the documents matched, both parties could potentially agree on their authenticity, sparing the court from having to examine thousands of individual records during Del Campo’s testimony. The 4,492 receipts are part of the documentary evidence being examined by prosecutors to determine how P612.5 million in confidential funds released to the Office of the Vice President (OVP) and the Department of Education (DepEd) under Duterte were accounted for. Kapunan said prosecutors first contacted the defense on Wednesday to ask whether the parties could meet the following day or on Friday to compare the documents. They received no immediate response. “On Thursday, we waited the entire day. We kept asking when we would meet because it was already Thursday and Friday was the next day. Our witness was scheduled to appear on Monday, but we still received no response for the entire day,” she said. According to Kapunan, the defense finally responded at 5:38 p.m. on Thursday and proposed Aug. 14 as the meeting date. See “Sara,” A8

COA auditor: Sara, 2 OVP execs liable for ₧73.287-M disbursements By Jovee Marie N. dela Cruz

@joveemarie

COMMISSION on Audit (COA) supervising auditor on Tuesday testified that Vice President Sara Duterte and two officials of the Office of the Vice President (OVP) were held liable for the disallowed use of P73.287 million in confidential funds in December 2022.

Xylene Mae del Campo of the COA Intelligence and Confidential Funds Audit Office (COA-Icfao) told the Senate Impeachment Court that a notice of disallowance covered confidential funds used by the OVP from December 13 to 31, 2022. Del Campo said the documents submitted by the OVP failed to provide sufficient proof that its information-gathering and surveillance activities had been successful—a requirement for paying rewards from confidential funds. The OVP listed 105 activities in its response, but del Campo

said it did not identify specific accomplishments demonstrating the success of those operations. “Based on this document, there was no proof showing the success of the information-gathering activities. It also included activities conducted on December 13, 15, 17, and 18, which fell outside the cash advance utilization period of December 21 to 31, 2022,” del Campo said. Del Campo cited Joint Circular No. 2015-01, which sets the rules governing confidential and intelligence funds. Under the circular, See “Coa,” A8

PHL bid to beef up defense gets boost T

HE Philippines’ bid to beef up its defensive capabilities through partnership with the United States got further boost following the signing of the 2027 Mutual Defense Board-Security Engagement Board (MDBSEC) Plan of Activities, the Armed Forces (AFP) said. The AFP said the signing was held on August 7 during a meeting in Camp General Emilio Aguinaldo

in Quezon City between the AFP chief of staff, Gen. Antonio Nafarrete, and the United States Pacific Command (USPacom) head, Adm. Samuel John Paparo Jr. “The meeting focused on enhancing joint training and exercises, advancing defense capability development, strengthening maritime security cooperation, and expanding collaboration in other areas of shared strategic

interest,” the AFP said. Both leaders underscored the importance of sustained engagement in addressing evolving regional security challenges and improving interoperability between the two allied armed forces. There were no immediate word on how many and what kind of activities the 2027 MDB-SEB Plan of Activities will consist due to security reasons.

The AFP said the MDB-SEB remains a vital mechanism for advancing the mutual defense and security interests of the Philippines and the United States. In a news release issued on Saturday, the US Pacific Command said the signed “8-Star memo” underscored the “mutual commitment to strengthening cooperation and See “Bid,” A8

Wednesday, August 12, 2026

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House eyes October 9 passage of national government budget By Jovee Marie N. dela Cruz

@joveemarie

HE House of Representatives will begin on August 17 deliberations on the proposed 2027 national budget that was submitted by Malacañang on Tuesday. Nueva Ecija Rep. Mikaela Suansing, House Committee on Appropriations chairman, said the Development Budget Coordination Committee, or DBCC, will be the first to face lawmakers. Com m it te e -le ve l he a r i ng s will run until September 8, after which the proposed budget will be submitted to the plenary for deliberations. Suansing said the House aims to approve the 2027 General Appropriations Bill, or GAB, on third and final reading by October 9. As with the deliberations on the 2026 General Appropriations Act, Suansing said the budget process will be transparent. All hearings of the Committee on Appropriations and the Budget Amendments Review Subcommittee, or BARC, will be livestreamed. Bicameral conference committee meetings are also expected to

be open to the public.

Education gets biggest share

EDUCATION will receive the largest allocation under the proposed P7.2-trillion national budget for 2027, as the government directs more than half of its expenditure program to 10 priority agencies and sectors. The proposed budget is 6 percent higher than the P6.793trillion allocation for 2026 and is equivalent to 21.7 percent of the countr y’s gross domestic product. Budget Secretary Kim Robert de Leon said the spending plan supports the administration’s commitments. “Most, if not all, of the pronouncements are properly funded in the budget,” de Leon said. The 10 biggest budget recipients will receive a combined P3.703

trillion, or about 51.4 percent of the total expenditure program. The Department of Education will obtain the highest allocation at P976 billion, representing 13.55 percent of the proposed national budget while the Commission on Higher Education and state universities and colleges will receive a combined P176.5 billion, placing higher education ninth among the largest recipients. T he Depar tment of Public Works and Highways ranked second with P644 billion, equivalent to 8.94 percent of the expenditure program. Hea lt h ra n ked t h i rd w it h P353.8 billion. The amount covers the Department of Health, Ph i l ippi ne Hea lt h Insu ra nce Corp. and specialty hospitals. Among the health spending priorities are P133.3 billion for health facility operations, P25.4 billion for the National Health Workforce Support System and P24.2 billion for medical assistance to indigent and financially incapacitated patients. The Zero-Balance Billing Program for national and local government hospitals will receive P19 billion. “ T he Zero -Ba l a nce Bi l l i ng Program not only extends to national government hospitals but also to local government hospitals nationwide,” de Leon said.

He added that maintenance and other operating expenses for hospitals increased by 6.21 percent to P66.59 billion. The Department of the Interior and Local Government ranked fourth with P332.5 billion, followed by the Department of National Defense with P328.8 billion. The transportation sector, covering the Department of Transportation, Philippine National Railways, and Light Rail Transit Authority, ranked sixth with P302.2 billion. Agriculture agencies will receive a combined P261.7 billion, placing the sector seventh. The allocation covers the Department of Agriculture, the Department of Agrarian Reform, the National Irrigation Administration, and several government corporations involved in agriculture. The Department of Social Welfare and Development ranked eighth with P241.6 billion. Its major allocations include P99.1 billion for the Pantawid Pamilyang Pilipino Program, P51.6 billion for the Social Pension for Indigent Senior Citizens and P33.3 billion for protective services for individuals and families in difficult circumstances. Higher education ranked ninth with P176.5 billion, while the judiciary completed the top 10 with an allocation of P86.3 billion.

Dole to electric-taxi operator: Draw up work manual for drivers By Mary Jade Jadormio

ABOR authorities ordered electric taxi operator AMRC Holdings to draw up a work manual covering drivers’ working hours, health conditions and safety measures following concerns over long shifts and revenue targets. Labor Secretary Francis N. Tolentino was after the Department of Labor and Employment investigated the death of Green GSM driver Arnel Cruz. Tolentino said the company should establish clearer internal rules as Dole continues to look into its labor and occupational safety practices. “Come up with a manual. If you still don’t have one, take into consideration the health condition of the drivers,” Tolentino told company representatives during a hearing. Cruz was found unconscious near an electric post while waiting near a charging station and was later declared dead on arrival at

the Amang Rodriguez Memorial Medical Center in Marikina City. He had been employed for 23 days. His death certificate listed presumed acute myocardial infarction or heart attack as the cause of death. Dole inspectors determined that drivers receive P755 for eight online working hours and may earn additional incentives after meeting a daily revenue target. Counsel for some drivers said workers need to generate P2,000 in revenues to qualify for incentives, while a P2,500 target is required for those who want to take their assigned vehicles home. He said reaching the higher target could require some drivers to remain online for more than 12 or 13 hours, apart from another two to four hours that may be spent waiting for vehicles to charge. The drivers’ counsel also alleged that workers were not being paid overtime for hours beyond their regular shifts and that some probationary employees had been

cited for inefficiency after failing to meet the P2,000 target. AMRC maintained that drivers have discretion over when to start and end their trips and are not required to extend their shifts. Company representatives also said that drivers are not required to personally charge their vehicles before turning them over, with some units handled under a separate charging arrangement. Tolentino, nevertheless, raised the need to clarify how overtime pay should be treated when drivers work beyond their regular hours. He also said the company should consider the health conditions of drivers assigned to early morning and night shifts and ensure that adequate medical and safety support is available. The drivers’ counsel asked that existing employment practices should also be considered in drafting the manual, warning against changes that could worsen current working conditions. He claimed that the revenue target had increased from

DSWD program reaches 2.5-M IP families

HE Depa r t ment of So cial Welfare and Development (DSWD) has reached 2,489,307 Indigenous Peoples’ (IP) households nationwide through its community-driven development program since 2003. Through the Kapit-Bisig Laban sa K ahirapan– Comprehensive and Integrated Delivery of Social Services (Kalahi-CIDSS), IP communities participate in identifying their needs and in planning, implementing, and monitoring local development projects. Kalahi-CIDSS Director and National Program Manager Bernadette Mapue-Joaquin said meaningful IP participation helps ensure that development programs respond to communities’ actual needs while respecting their culture, traditions,

and indigenous knowledge. “We do not regard our IPs merely as beneficiaries of government programs. They are partners in development. Through the CDD approach, they are given the opportunity to participate—from the planning stage to the implementation and monitoring of projects,” Mapue-Joaquin said on Tuesday. Under the CDD approach, communities collectively identify their most urgent concerns, develop appropriate solutions, and carry out projects based on local priorities. For IP communities, the process also allows traditional knowledge, cultural practices, perspectives, and lived experiences to inform development planning. See “DSWD,” A8

P1,800 to P2,500 without consultation with workers, which allegedly pushed some drivers to work longer hours to qualif y for incentives. Inspectors also found several labor and occupational safety deficiencies at AMRC, including the failure to present payroll records and proof of statutory remittances. The company was also cited for having no occupational safety and health program, trained safety officers, certified first aid personnel and proof of mandatory safety orientation for workers. Tolentino directed the Dole Metro Manila office to continue its investigation and ensure that AMRC complies with occupational health and safety requirements within its correction period. He also warned the company against dismissing, withholding vehicles from or changing the schedules of drivers who participated in the hearing, saying such actions could amount to constructive dismissal.

Performance reviews leave some Pinoys cold–study By Bless Aubrey Ogerio

ETTING feedback at work can be a mixed bag, with 23 percent of Filipino professionals saying their latest performance review made them feel less positive about their roles. This was according to global talent solutions firm Robert Walters’ Salary Survey Guide Philippines, which found that while 43 percent of professionals felt more motivated after their latest review, another 34 percent said the process had no impact on their engagement. “Performance reviews are becoming increasingly important management moments, particularly as organizations look to balance worker needs while managing tight budgets,” Robert Walters Chief Commercial Officer Andrew Powell said. “Employees want to know how their skills are valued, where they can progress, and whether the business is investing in their long-term development,” he added. Salary reviews also remain an important concern among Filipino professionals. More than half, or 53 percent, expect to receive a salary review this year, while 35 percent said they were unlikely to receive one. Another 10 percent were unsure, while only 2 percent had already received a salary review. However, compensation is not the only factor workers consider when assessing their jobs. Excellent compensation and benefits ranked highest among the factors professionals value from an employer, cited by 73 percent of respondents. This was followed by flexible working conditions at 47 percent and job security and stability at 29 percent. Career growth and advancement opportunities, flexibility in working hours and location, and a positive and inclusive company culture were also identified as key factors influencing professionals’ decisions to stay with their current employers.

L eadersh ip st yle, l i kew ise emerged as a factor in workplace engagement. A majority, or 56 percent, preferred transformational leaders who inspire and motivate change, while 34 percent favored a laissez-faire approach that gives employees greater autonomy. Yet, despite the generally positive impact of performance reviews, more than 80 percent of Filipino professionals remain open to exploring new job opportunities, the survey found. Robert Walters Southeast Asia Chief Executive Officer Kimberlyn Lu said the finding suggests that employers face a broader retention challenge even when employees have positive views of their current roles. “Even though performance reviews positively impact employee attitudes toward their current roles, our research reveals that over 80 percent of Filipino professionals remain open to exploring new opportunities,” Lu said. Lu said the figure ref lects the competitiveness of the Philippine talent market, where professionals continue to assess opportunities beyond their current employment. “The fact that over 80 percent of professionals in the Philippines remain open to new opportunities highlights just how competitive today’s talent market has become,” she said. She added that employers need to maintain open and transparent communication with workers, particularly on career development and what they value from their organizations. “It’s no longer just about offering competitive salaries; it’s about driving a sense of purpose and creating an environment where employees feel genuinely valued,” Lu said. Meanwhile, Philippine Statistics Authority data released last week showed that underemployment rose to 6.11 million in June, up from 5.76 million a year earlier, while employment also increased to 50.66 million from 50.47 million in June 2025.

WB eyes $258-M for Filipino workers’ TVET programs

N estimated $258 million World Bank-backed initiative is expected to improve the employability of Filipino workers by strengthening technical and vocational education and training (TVET) programs and aligning them more closely with labormarket demand. A new document released by the multilateral lender on Tuesday showed that the proposed Boosting Employability in Strategic TVET Sectors (Best) Project is scheduled for appraisal on August 17, while its consideration is tentatively set for July 7, 2027. The project, which will be implemented by the Technical Education and Skills Development Authority (Tesda), seeks to improve access to TVET, increase learner certification, and make training programs more responsive to employment opportunities in priority sectors. These include construction, agrifisheries, information and communications technology, manufacturing and semiconductors, as well as early-years worker training. The World Bank said the initiative would address both the supply and demand sides of the skills system. On the learner side, the project is expected to strengthen learner readiness, certification, and access to market-relevant programs through the Skills Passport, foundational skills assessments, remedial

learning, and nationally recognized credentials. On the demand side, it would expand enterprise-based training and micro-credentials and strengthen employer participation to ensure that training programs better reflect current and emerging skills requirements. “These reforms are expected to increase employment in related occupations, improve worker productivity and earnings, and strengthen pathways into higher-quality jobs in priority growth sectors,” the World Bank said. The lender said that at least 176,704 TVET learners is expected to benefit from the program, including youth who are not in education, employment or training, as well as beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps). Interventions will cover 37 project sites selected partly based on unemployment levels and the concentration of disadvantaged learners, including 4Ps beneficiaries and those not in education, employment, or training. The project would also upgrade 17 existing Tesda technology institution sites in five regions through investments in digital TVET infrastructure, learning systems, training equipment, and improvements to existing facilities. If approved, the Best project would be Tesda’s first World Bankassisted program. Justine Xyrah Garcia

Wednesday, August 12, 2026

PCG rescues over 8,000 in 6 provinces as DOTr keeps transport running amid storms By Lorenz Marasigan @lorenzmarasigan

HE Department of Transportation (DOTr) reported that the Philippine Coast Guard has rescued and assisted more than 8,000 people across six provinces, even as transport services in storm-hit areas stayed functional. Field personnel have remained deployed throughout the southwest monsoon (habagat) and tropical cyclones “Luis” and “Maymay.” Coast Guard teams were sent to Romblon, Batangas, Cavite, Laguna, Rizal and Pampanga for rescue and relief operations. The agency also ran free rides, or Libreng Sakay, for stranded passengers in Cavite and Batangas. Along the Edsa Busway, personnel from the Special Action and Intelligence Committee for Transportation (SAICT) were posted around the clock to assist passengers and keep the corridor running. Field personnel from SAICT, the Land Transportation Office (LTO), the Land Transportation Franchising and Regulatory Board (LTFRB) and the PCG were also tasked to monitor road and terminal conditions, assist

stranded commuters, and support relief and rescue efforts. “Muling ipinakita ng ating mga personnel mula sa SAICT, LTO, LTFRB, PCG at iba pang DOTr frontliners, kung ano ang ibig sabihin ng paglilingkod ng higit pa sa tawag ng tungkulin,” Transportation Secretary Giovanni Lopez said. “Nagpapasalamat ako sa kanilang tapat na dedikasyon at patuloy na paglilingkod para sa kapakanan ng ating mga komyuter.” Free rides were likewise mounted by the Office of the President (OP), the Department of Energy (DOE), the Department of Environment and Natural Resources (DENR), the Department of Public Works and Highways (DPWH), the Philippine Charity Sweepstakes Office (PCSO), the Department of Economy, Planning, and Development (DEPDev), the Department of Labor and Employment (DOLE), the Philippine National Police (PNP), the Philippine Ports Authority (PPA), the LTFRB and the LTO. The DOTr said it will continue monitoring weather conditions and coordinating with concerned agencies to safeguard both commuters and personnel.

Amid storms, give workers calamity work pay, stronger protection–Loren By Butch Fernandez @butchfBM

ORKERS who continue to sustain the economy during calamities deserve stronger protection, according to Senator Loren Legarda, as she stressed the need for fair compensation, safe working arrangements, and adequate support for the added risks and expenses they face. Legarda made the call following the release of the June 2026 Labor Force Survey, which showed that the number of employed Filipinos rose to 50.66 million as the services sector accounted for the largest share of employment at 62.7 percent, followed by the agriculture sector at 20 percent and the industry sector at 17.3 percent. “ Sa likod ng bawat numero ay isang manggagawang Pilipino na bumabangon araw-araw para kumita at may maiuwi sa pamilya. Isipin natin ang isang empleyadong kailangang humanap ng masasakyan sa baha, magbayad ng mas mahal na pamasahe, at bumiyahe nang mas matagal habang nangangamba kung ligtas ba siyang makakauwi skanyang pamilya ,” Legarda said, citing the workers in transport, food supply, healthcare, utilities, media retail, construction, agriculture, education, public services, and other onsite sectors who continue to perform duties despite severe weather and transport disruptions. Legarda earlier filed Senate Bill 520 or the proposed Calamity Work Compensation Act, which would grant covered privatesector employees required to report on-site an additional 30 percent of their daily wage during Signal No. 3, No. 4, or No. 5, or an equivalent level of calamity. The proposed additional compensation recognizes the additional burdens faced by workers, including limited transportation, increased commuting costs, restricted access to food and necessities, and heightened safety risks. Legarda clarified that the measure does not encourage workers to put themselves in danger, nor does it replace hazard pay or any other legally mandated benefit. The bill also allows employers to implement a Calamity Work Contingency Plan in lieu of monetary compensation,

subject to the approval of the Department of Labor and Employment and the concurrence of workers’ representatives, where applicable. Such arrangements may include safe transportation, food, temporary shelter, and occupational safety measures. “ Kung kinakailangang pumasok ang manggagawa sa gitna ng bagyo o baha upang mapanatiling bukas ang operasyon at maipagpatuloy ang serbisyo, nararapat lamang na kilalanin at tumbasan ang dagdag na panganib at gastos na ipinapasan sa kanya Dapat may kaakibat itong makatarungang dagdag na kompensasyon at sapat na proteksyon,” Legarda said. Legarda, likewise, underscored the need to strengthen protection for informal, platform-based and self-employed workers, including delivered drivers, vendors, and other daily earners whose livelihoods often require them to remain on the road or in public spaces despite dangerous weather. She cited the recent death of a delivery rider in Antipolo City, who died after a tree and utility pole fell on him he sought shelter amid heavy rain, as a painful reminder that worker protection must also extend to those outside traditional employer-employee arrangements. “ Maraming deliver y rider, driver, vendor, at iba pang-arawang kumikita ang patuloy na naghahanap-buhay kahit masama ng panahon dahil kapag hindi sila kumita ngayong araw, maaaring walang panggastos ang pamilya kinabukasan ,” Legarda said. “ Hindi dapat limitado ang usapin ng proteksyon. Kailangan natin palakasin ang safety measures, emergency assistance, insurance, at social protection para sa lahat ng manggagawa, anuman ang uri ng kanilang hanapbuhay,” Legarda added. The four-term senator stressed that worker protection must form part of disaster preparedness and climate adaptation, especially as “extreme during bad weather.” “Hindi dapat kapalit ng isang araw na kita ang kaligtasan ng isang manggagawa. Araw-araw, lalo na sa panahon ng kalamidad, dapat lang na tiyakin ang dignidad at proteksyon ng bawat isa, at mabigyan sila ng katiyakan na may masasandalansaorasng pangangailangan,” Legarda concluded.

DOJ files grave threats charges vs VP Duterte By Joel R. San Juan @jrsanjuan1573

HE Department of Justice (DOJ) on Tuesday confirmed that it has filed grave threats charges against Vice President Sara Duterte before the Regional Trial Court (RTC) of Quezon City. “We confirm that the complaint for Grave Threats against Vice President Sara Duterte was filed today, August 11, 2026, at around 1:30 p.m. with the Office of the Clerk of Court of the Quezon City Regional Trial Court,” DOJ spokesman Polo Martinez. Martinez said investigating prosecutors found prima facie evidence with reasonable certainty of conviction to indict Duterte for the crime of grave threats under Article 282 of the Revised Penal Code in relation to Section 6 of Republic Act 10175 or the Cybercrime Prevention Act of 2012 which punishes “any

person who shall threaten another with the infliction upon the person, honor or property of the latter or of his family of any wrong amounting to a crime.” The DOJ recommended a bail of P120,000 for the charge. However, Martinez said the case for inciting to sedition against the Vice President was dismissed after the panel of prosecutors found the evidence insufficient to file the case. The case stemmed from Duterte’s statement made in during an online press briefing in November 2024 claiming that she had hired someone to assassinate President Ferdinand “Bongbong” Marcos Jr, First Liza AranetaMarcos and House Speaker Martin Romualdez if a purported plot against her life succeeds. In a statement, Duterte’s lawyer Paul Lawrence Lim said three counts of grave threats were actually filed against the Vice President before the QC RTC.

ERC recommends VAT removal from system loss to lower power bills By Lenie Lectura

@llectura

HE Energy Regulatory Commission (ERC) has proposed a draft resolution to remove the 12-percent value-added tax (VAT) on system loss charges, aiming to lower electricity bills for consumers. System Loss refers to electricity that is generated and paid for but is physically dissipated or lost in the course of transmission and distribution before it ever reaches consumers. Under existing rules, consumers are charged for this lost electricity, and on top of that, they are also made to pay VAT on the charge. The proposal follows the directive of President Ferdinand R. Marcos Jr. in his State of the Nation Address (SONA), where he called for the reduction of electricity costs and the elimination of charges that do not reflect actual services rendered to consumers. The VAT on system loss has long been identified as a charge that consumers pay on electricity that was never actually delivered to them — a burden the President expressly sought to address. The draft resolution, once finalized and confirmed by the Bureau of Internal Revenue (BIR), will effectively remove the VAT on the system loss charge, delivering direct and immediate relief to household and commercial electricity users nationwide. “System loss is electricity that consumers pay for but never receive,” ERC Chairperson Francis Saturnino Juan said. “Imposing VAT on top of a charge for electricity that was never delivered to consumers is fundamentally at odds with the nature of VAT as a tax on the value of goods and services actually rendered. This proposed resolution addresses that and gives consumers the relief they rightly deserve.” The proposed resolution amends pertinent provisions of ERC Resolution No. 20, Series of 2005, and ERC Resolution No. 14, Series of 2022, to align the existing regulatory framework with this policy position. “This is a concrete and immediate step as directed by the President toward making electricity more affordable. Working within our existing regulatory authority and in close coordination with the BIR, we

are seeking to remove a layer of taxation that consumers have been shouldering for far too long,” he added. The ERC will conduct public consultations on the proposed resolution this month. “We invite all stakeholders to participate in the public consultation process,” Juan said. Should Congress amend the EPIRA law to remove the system loss charge, Juan said his office will abide. “We continue to coordinate with the DOE and Congress on how they want the removal of the system loss charge to happen. The policy direction from President is clear ,and we fully support it,” the ERC chief added. The ERC has required all distribution utilities to submit their system loss data from 2021 to 2025 and every year thereafter. In particular, the data required for submission include the generation purchased cost, transmission cost, energy output, energy input, sub-transmission and substation, feeder technical loss, non-technical loss, and kilowatt hour (kWh) shouldered by the DU in excess of the feeder loss cap, if any. The Department of Energy (DOE), ERC, National Electrification Administration (NEA), electric cooperatives (ECs) , distribution utilities (DUs), and Congress are now working on the technical, regulatory and legislative reforms needed to address system-loss charges and their corresponding VAT. The DOE has already created a joint task force to move this work forward across the distribution sector. For an average household--specifically residential customer consuming 200 kilowatt-hours in July--the system-loss charge was P0.8751 per kWh. Removing the VAT corresponding to that system-loss charge alone would translate to approximately P21 in potential savings for that household. “It may be one component of the electricity bill, but it reflects a larger

Auditor details OVP’s 2023 confidential fund expenses, flags ₧35M in rewards without proof By Jovee Marie N. Dela Cruz @joveemarie

T LEAST 23 unusual names—some resembling those of public figures and others referring to food—appeared on Tuesday on selected acknowledgement receipts submitted by the Office of the Vice President (OVP) to support its confidential fund expenditures in 2023. Commission on Audit (COA) Supervising Auditor Xylene Mae Del Campo confirmed before the Senate Impeachment Court that the receipts presented by the prosecution were among the documents submitted by the OVP to the Intelligence and Confidential Funds Audit Office (ICFAO) in response to audit observations. “During the evaluation, I organized the acknowledgment receipts according to the date they were issued, the nature of the expense and the amount involved,”Del Campo testified. For the first two quarters of 2023, the prosecution said Del Campo’s tabulations covered 1,049 acknowledgement receipts—519 from the first quarter and 530 from the second. The selected receipts bore names including Pia Piattos-Lim, Ralph Josh Bacon, Anne Ongpauco, Heart Santiago, Feonna Villegas, Beth Revilla, Clarisse Hontiveros, Jose Diokno Jr., Diane Maple Lapid and John A. Lapid Jr. Documents presented in court showed expenses of P140,000 under Piattos-Lim for the purchase of information,P150,000 under

Bacon for the same purpose, P250,000 under Santiago for supplies and P500,000 under Villegas for an expense described as medical and food assistance. For the third quarter, covering July 14 to September 30, the names presented included Beverly Claire Pampano, Matthew N. Keso, Nova Santos, Salah Casim, Renan Piatos, Xiaome Ocho, Jay Kamote, Miggy Mango, Kokoy Villamin, “Contis, Connor Adrian,” Honeylet Camille Sy, Kristine Applegate Estrada and Denise Tanya Escudero. The corresponding receipts included P250,000 under Keso, P200,000 under Kamote, P50,000 under Mango and P120,000 under Escudero. The stated purposes included the purchase of information or supplies and the payment of rewards. Del Campo clarified that ICFAO conducted only a compliance audit and did not verify whether the named recipients were real individuals or were connected to similarly named public figures. “At ICFAO, we conduct compliance audits,” she said. “We examine whether the transactions comply with the Joint Circular and whether the liquidation documents are complete and properly prepared.” The auditor also distinguished bet ween an allowable expense and a t ra n s a c t i o n t h at wa s a d e q u ate l y suppor ted by doc umentation. See “OVP,” A6

principle: consumers should not be made to shoulder costs that can and should be addressed through greater efficiency and accountability. This is one of the first steps toward carrying out the President’s call. We are working with Congress and the Senate to move the necessary reforms forward as quickly as possible,” said DOE secretary Sharon Garin. “If electricity is stolen, the cost should not simply be transferred to those who pay their bills honestly,” she added. DUs and ECs are not in favor of shouldering the cost related to system loss charges. The Manila Electric Company (Meralco) had warned that completely removing system loss charges would cost tens of billions of pesos, creating a financial burden that private power firms cannot survive. “It’s a big bill for the industry because it cuts across generation, transmission, and distribution. The bill is too big for the industry to absorb all of it. So, there’s got to be that discussion. It’s going to impact the entire power industry in this country. “It is not a small matter to simply [cut it] just because you can raise the bill, but the system loss is still there. It’s not going to disappear. So, who’s going to pay for that? The industry? It’s going to cost tens

of billions of pesos. We will not survive,” said Meralco chairman Manuel Pangilinan. Scrapping the charge, he added, would severely disrupt the generation, transmission, and distribution sectors. Meralco’s current system loss rate sits at six percent, keeping it safely below the ERC’s 6.5 percent regulatory cap. According to the NEA, if 25 percent of the non-technical systems loss is prohibited, 62 ECs will be affected or will suffer financial losses. If 50 percent will be removed, 71 ECs will experience financial losses. If 100 percent is removed, 89 out of the 121 ECs will surely experience financial losses. With these figures, we have formulated some programs of the NEA—whose mandate includes the extension of loans for sustainable capex [capital expenditures] to ECs. If the 25 percent will be implemented, we will be needing about P3.5 billion to cushion the effect to the ECs. If 50 percent of the non-technical loss will be implemented, we will be needing a loan equity fund to extend to ECs in the amount of P5.5 billion. “If there would be an outright implementation of 100 percent removal, NEA will be needing additional loan equity fund of P10 billion to extend loans to ECs,” said NEA administrator Antonio Mariano Almeda.

Wednesday, August 12, 2026

Marcos okays ₧90-B Parañaque spillway revival, blasts garbage-clogged canals

By Samuel P. Medenilla

@sam_medenilla

RESIDENT Ferdinand Marcos Jr. is eyeing to start the construction of the P90-billion Parañaque spillway and the creation of a comprehensive waste management system to further enhance flood control mitigation measures in Metro Manila. Speaking during the inspection of the deployment of a high vacuum self-priming drainage trailer pump at the Alido Bridge in Las Piñas last Tuesday, the Chief Executive highlighted the importance of the completion of the spillway, which he said was

shelved for over a decade. “So, I have instructed [Public works] Secretary Vince [Dizon] to review the plans first. Let’s see if anything needs to be changed. But whatever needs to be done, we must get it finished. Let’s put the

spillway in place. That is a huge factor in addressing flooding in the NCR [National Capital Region],” Marcos said. Last Monday, the Department of Agriculture and Laguna Lake Development Authority announced the revival of the 10.5-kilometer spillway, which was first proposed in the 1970s. It will connect the Laguna de Bay to the Manila Bay and pass through Muntinlupa, Parañaque, Las Piñas, and Bacoor City. DPWH Secretary Vivencio “Vince” B. Dizon said they will engage the affected local government units to finally implement the delayed project. “I think that is the issue there—there are some questions from local government units. But this is something that is important, but this is something that we will need the cooperation of the local government units,” Dizon said in Filipino in a press briefing last Monday. The project, which is expected to take

more than 10 years to complete, drew concerns from residents in Muntinlupa City and Bacoor City that it can lead to displacement. Marcos said the spillway will augment the ongoing dredging activities of DPWH to raise the capacity of waterways. He attributed the swift drop in the floodwater ways from the recent weather disturbances from the said dredging activities. “So, even though there is still some flooding, the water level has significantly receded—it is no longer as deep as before. Secondly, the water drains away faster because we have already opened up the drainage canals,” the President said.

Proper garbage disposal

THE Chief Executive, however, expressed his dismay on the tons of garbage which clogged waterways in Paranaque after the heavy rainfall caused by Tropical Storms “Maymay” and “Luis,” as well as, the Southwest Monsoon.

“But since the drainage canals had been opened, everything flowed into them; this coincided with high tide, causing the trash to get trapped there,” he added. To help manage the country’s garbage problem, Marcos reiterated his endorsement for the passage of the Waste Treatment Technology bill, which is now part of the priority pieces of legislation of his administration. In his explanatory note for House Bill (HB) No. 3913, the Lone District of Muntinlupa City Jaime R. Fresnedi said the piece of legislation will repeal “outdated prohibition on incineration” allowing the safe disposal of waste, while also generating energy. “It would be a huge help if our barangay personnel—who we know are already hardworking—would double their efforts to prevent this; after all, we will all end up as victims of the very trash we throw away—it will inevitably come back to haunt us,” she said in Filipino in a press briefing last Tuesday.

DOLE cancels permits of six Chinese nationals in raided Pampanga steel plant

HE Department of Labor and Employment (Dole) revoked the Alien Employment Permits (AEP) of six Chinese nationals who work at the raided Chuangxing Steel Incorporated plant in Magalang, Pampanga. Their records were endorsed to the Bureau of Immigration after authorities found that foreign workers

had allegedly been brought directly from mainland China without the required employment documents and permits. Chuangxing Steel was raided by the National Bureau of Investigation and the Presidential Anti-Organized Crime Commission in July over the alleged possession and use of radioactive-bearing industrial materials and

the production of substandard steel products. Authorities earlier reported seizing more than P3 billion worth of radioactive-bearing raw materials, substandard steel products and contaminated production equipment from the plant, while hundreds of workers were removed from allegedly hazardous working conditions.

Apart from the issue on employment of foreign workers, labor authorities flagged serious health and safety risks arising from the potential presence of radioactive materials inside the facility. An investigation also found that the company failed to present basic employment records and allegedly did not properly pay overtime and holiday wages. Workers were also found without mandatory Social Security System, PhilHealth and Pag-IBIG coverage. Chuangxing Steel also failed to present a workplace sexual harassment policy and establish a Committee on Decorum and Investigation. Labor Secretary Francis N. Tolentino directed Bantayan Manpower Services to cooperate with DOLE Regional Office 3 in resolving deficiencies involving wages and mandatory employee benefits. Meanwhile, the work stoppage order issued against the Magalang facility on July 25 remains in effect. “This hearing should also bring changes to the mechanism and process for protecting Filipino workers,” Tolentino said. Mary Jade Jadormio

OVP. . . Continued from A5

“Yes, under Section 4.8.1, the purchase of information is an allowable expense,” Del Campo said. For the purchase of supplies, however, she said the acknowledgment receipts did not indicate where the items were purchased or how they were used. “For the acknowledgment receipts covering the purchase of supplies, I requested additional documentation to establish that the money was actually used to buy supplies,” she testified. The OVP also submitted an April 4, 2024 certification signed by Col. Raymund Dante P. Lachica, along with Protective Intelligence Operations Reports, to support the payment of rewards. The certification referred to surveillance and intelligence-gathering activities conducted in 127 areas during the first quarter and 111 areas during the second quarter. Del Campo said the reports contained information about vice-presidential engagements, probable threats and operational timelines. However, they did not show the specific results needed to justify the payment of rewards. “I did not find any particular accomplishments that would warrant the payment of rewards,” she said. “The certification only contained a general statement that there were no untoward incidents,” Del Campo added. “But that was not sufficient.” For the third quarter, Del Campo identified four issues raised in an August 8, 2024 Audit Observation Memorandum: the absence of documentary evidence of payment; P35 million in reward payments without proof of successful intelligence-gathering or surveillance; failure to specify confidential activities in the physical and financial plan; and an unsigned receipt portion of the disbursement voucher. During an earlier Senate impeachment court hearing, defense counsel declined to categorically state whether the controversial names that previously surfaced—including Mary Grace Piattos—belonged to real individuals or were merely aliases.

Violated

MEANWHILE, the alleged transfer of confidential fund cash by OVP Special Disbursing Officer Gina Acosta to security officer Col. Raymund Dante P. Lachica violated government audit rules, Del Campo said. Del Campo said Acosta admitted during a November 2024 House hearing that, upon Duterte’s instructions, she turned over confidential fund cash advances to Lachica, then head of the Vice Presidential Security and Protection Group. “This directly violated the Joint Circular, specifically Item 6.1.1,” Del Campo said. The circular prohibits transferring confidential

Defense team rejects out-of-court exhibit comparison, cites unnecessary process

HE proposed out-of-cour t comparison and stipulation for 4,492 acknowledgment receipts (ARs) during the impeachment trial did not proceed as planned after the defense panel of Vice President Sara Duterte maintained that it would be unnecessary, and that it would be properly identified and evaluated during open court proceedings. During the Day 14 of the impeachment trial, defense counsel Kristine Ferrer likewise, said that their next available schedule to handle the matter would be on August 14. “The authenticity of the exhibits is something that the court will have to decide...And the court will only decide on that after the prosecution has already submitted their offer of evidence and that would be subject for our comment...And there’s no need for us to actually compare the exhibits, just so we can arrive at the stipulation that this and that are the same...,” Ferrer explained why they are against the necessity of comparing exhibits to expedite the proceedings. Ferrer also questioned the competence of the Commission on Audit (COA) witness Xylene May del Campo to identify certain documentary exhibits. Ferrer said that the defense did not stipulate to her ability to do so, nor are they aware of the full extent of her examination of the documents. “And also, your honor, with regard to the identification of the witness of the exhibits, that goes to the witness’ competence...we did not stipulate here in open court that the witness is competent to identify the exhibits. Your See “Defense,” A7

fund cash advances from one accountable officer to another. Such funds must be handled by a duly designated and bonded special disbursing officer or agency head. Based on Acosta’s testimony and COA’s review of the OVP’s records, Del Campo prepared a Notice of Disallowance covering three quarterly releases of P125 million each, totaling P375 million. The audit also cited P62 million in reward payments without proof of successful intelligence or surveillance activities and P199 million in supplies and medical and food aid that could not be adequately verified. Auditors also found a P300,000 information payment dated before the corresponding cash advance was released. Del Campo said the OVP’s certifications and intelligence operations reports failed to identify specific accomplishments justifying the reward payments. The notice named Duterte, Acosta, OVP Chief Accountant Julieta Villadelrey and Lachica as responsible for the questioned transactions. Duterte was included because she approved the transactions and use of the cash advances, Del Campo said.

Ordered

ALSO, Del Ocampo said the COA ordered the return of P448.287 million—nearly 90% of the P500 million in confidential funds spent by the OVP—due to irregular transactions, unsupported expenses, and auditing violations. Del Campo testified that Duterte and other officials were held accountable for the disallowed funds. The amount includes P73.287 million from the OVP’s December 2022 confidential fund and the entire P375 million released during the first three quarters of 2023. COA found that millions in reward payments lacked proof of successful intelligence or surveillance activities. Purchases of equipment, supplies, and medical and food assistance were also unsupported by sufficient receipts or evidence of their intended use. Auditors further found that confidential fund cash advances were transferred to Lachica, who was not the OVP’s designated special disbursing officer. COA said this violated Joint Circular No. 2015-01 and made the transactions irregular. Duterte was held accountable because she allegedly approved the transactions and use of the cash advances. Former OVP special disbursing officer Gina Acosta, chief accountant Julieta Villadelrey, and Lachica were also named accountable officials. The OVP’s appeal concerning the P73.287-million disallowance remains pending, while it may still appeal the P375-million disallowance before the COA Commission Proper.

Wednesday, August 12, 2026

SC asked to look into injunctive relief orders issued by Pasig RTC vs ₧85 wage hike

By Joel R. San Juan

@jrsanjuan1573

KBAYAN Party-list and several labor groups have asked the Supreme Court to conduct an administrative evaluation of the circumstances over the issuance by the Regional Trial Court (RTC) of Pasig City of two orders that effectively suspended the implementation of an P85 minimum wage hike in Metro Manila. UA level. . . Continued from A1

Unprogrammed appropriations are standby spending authorities approved by Congress that may only be used if specific legal conditions are met, such as the availability of additional revenues beyond projections or the realization of new loan proceeds. These funds are not automatically released and remain subject to strict rules and validation. Next year’s proposed unprogrammed appropriations are lower by 25.79 percent than the current year’s P150.905 billion. The 2027 unprogrammed appropriations introduce the restoration of the Philippine Deposit Insurance Corp.’s fund balances worth P57 billion.

Defense. . . Continued from A6

honor, kasi hindi naman namin kilala ang taga COA . Pangalawa , we don’t know the extent of her examination. Pangatlo, she

The groups were referring to the status quo ante order (SQAO) issued by the Pasig RTC Executive Judge dated July 23, 2026 and the temporary restraining order (TRO) issued by Pasig RTC Branch 152 dated July 30, 2026. In a letter addressed to the SC-Judiciary Integrity Office (JIO) Officerin-Charge lawyer Eduardo Tolentino, the groups stressed that the SQAO and the TRO run counter to Article 126 of the Labor Code. The said provisions specifically states: “No preliminary or permanent injunction or temporary restraining order may be issued by any court, tribunal or other entity against any proceedings before the

Recall that PDIC remitted P107.23 billion to the National Treasury in 2024, in accordance with the Department of Finance’s order to fund unprogrammed appropriations, and is trying to have it returned. Allocation for support to foreignassisted projects in 2027 also decreased to P42.55 billion from the P97.31 billion proposed in 2026. About P8.83 billion is likewise proposed to convert advances into subsidies for government-owned and controlled corporations. Also notable is the removal of several major priorities in this year’s unprogrammed appropriations from the 2027 proposal. These are allocations for Strengthening Assistance for Government Infrastructure

and Social Programs, Revised AFP Modernization Program, Public Health Emergency Benefits and Allowances and Marawi Siege Victims Compensation Program. It also does not include the Comprehensive and Adequate Insurance Protection for government assets, Fiscal Support Arrearages for the CARS Program, Prior Years’ LGU Shares and Refund of the Nampeidai Property Service Fee. “We will exercise the same due diligence as we go through the unprogrammed appropriations as contained in the NEP as we go forward with the House General Appropriations Bill,” said Nueva Ecija 1st district Rep. Mikaela Angela Suansing in the press briefing. “We will make sure that the items in the unprogrammed appropriations are those that are really necessary,” she added.

just assumed the work of Mr. [Roderick] Wamil,” Ferrer stated. Wamil, who is a lawyer, is a former COA state auditor who was one of the prosecution’s witnesses. However, Ferrer said they will not object to the implementation of Rule 130, Section 7 of the Rules of Evidence, which allows a witness

to testify based on a summary of documents. If the prosecution follows this procedure, Ferrer explained, they can efficiently identify exhibits in a short amount of time, provided they stipulate to the authenticity of the documents, “but subject to crossexamination.” Claudeth Mocon-Ciriaco

Commission or the Regional Boards.” “The request does not ask the Judicial Integrity Office to determine the merits of the pending declaratory relief case, nor to substitute its judgment for that of the trial court on the validity of the Wage Order,” the letterread. “Rather it seeks administrative evaluation of the circumstances surrounding the issuance of the interim orders, particularly in light of Article 126 of the Labor Code and the applicable rules governing injunctive relief,” it added. It may be recalled that the Regional Tripartite Wages and Productivity Board in Metro Manila last month issued a wage order mandating an

P85 increase in the minimum wage to be implemented in two tranches . The first amounting to P60 took effect on July 25 and the remaining P25 will take effect on January 20, 2027. However, the Pasig court issued an SQAO in response to a petition filed by construction companies Readycon Trading and Construction Corp. and R-II Builders Inc seeking to stop the wage hike. After the case was raffled, Pasig RTC Branch 152 Presiding Judge Marie Joyce P. Manongsong issued a TRO enjoining NCR wage board and the National Wages and Productivity Commission from implementing the wage order until August 13,

subject to the petitioners posting a P1-million bond. The groups also asked the SC-JIO to endorse to the SC en banc the issuance of an Administrative Circular providing guidance to first- and second-level courts on the application of Article 126 of the Labor Code and the procedural requirements governing interim injunctive relief. “The administrative question, therefore, is whether a trial court may employ an order denominated as a ‘Status Quo Ante Order’ to grant relief that, in substance and effect, suspends the implementation of a Wage Order notwithstanding the prohibition under Article 126 of the Labor Code,” the groups said.

PNP to tighten security measures for BARMM polls this September

HILIPPINE National Police (PNP) chief Gen. Jose Melencio Nartatez Jr. on Tuesday said the police force has committed to beefing up security measures in 108 areas tagged by the Commission on Elections (Comelec) as“areas of concern”for the first-ever parliamentary polls in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) scheduled this coming Sept. 14. “Ensuring the peaceful elections in BARMM is a continuing process. Security measures are in place, but regular monitoring and real-time adjustments are being done based on the situation on the ground,” he added. The classification covers areas facing varying levels of security risks that could affect the conduct of the polls. Comelec classifies red zones as areas marked

by severe risks and previous violent incidents that may warrant increased election oversight, while orange zones are areas confronted with serious armed security challenges. Yellow zones are areas with a documented history of election-related disturbances, while green zones are considered secure localities with no identified security threats. Lanao del Sur has the highest number of red zones with 21, followed by Maguindanao del Sur with 11 orange zones. Maguindanao del Norte and Basilan have areas classified from low to high risk, while Tawi-Tawi remains relatively secure and stable. “The goal has always been to provide the safest environment for all our kababayan in the area to freely choose their next leaders, and eventually prove that BARMM is way different now compared to what it was known

in the past, especially during elections,” Nartatez stressed. He also said the PNP will also strengthen coordination with the Armed Forces of the Philippines as part of its election security preparations. “We call on the public to remain alert and vigilant and report to authorities if they find any suspicious individuals or groups that may threaten security,” he added. Around 400 candidates are vying for 86 positions in the autonomous region’s first parliamentary elections. The elections will be held in Basilan, Lanao del Sur, Maguindanao del Norte, Maguindanao del Sur and Tawi-Tawi, Cotabato City and more than 63 barangays in Cotabato classified as special geographic areas. Rex Anthony Naval

Wednesday, August 12, 2026

BRIEFS Latvia to curb migration from Belarus, Russia

LATVIA will deploy drones, helicopters and more personnel to its eastern flank to stem the flow of migrants attempting to cross the border from Belarus and Russia. The heightened security will remain in force until the end of the year as officials in Latvia say the flow of migrants has been organized by Belarus from other countries to pressure the Baltics and Poland for their support of Ukraine. Latvia has struggled to stop irregular migrants crossing its 456-kilometer border with Russia and Belarus. Authorities discovered a tunnel used by migrants from Belarus to enter the Baltic country, Interior Minister Janis Dombrava said, adding it was similar to ones found in Lithuania. Bloomberg News

TheWorld

China hits US pecans with 54% levies before Xi-Trump summit By Nectar Gan

The Commerce Ministry said Monday pecans from both countries were being sold in China at unfairly low prices, citing the provisional result of an investigation. Starting Tuesday, importers of US pecans are required to pay a deposit rate of 54.3 percent, while those buying from Mexico face rates ranging from 17.8 percent to 51.6 percent. The decision comes as Washington and Beijing seek to keep preparations on track for Xi’s planned visit to the US in September, even as a renewed exchange of trade and technology restrictions strains their fragile truce. China last week announced a barrage of countermeasures including sanctions on US entities and tighter controls on drone-related exports. While the increase is drastic, the

new charges are unlikely to have a major impact on bilateral trade given China’s imports of US pecans had already plummeted after 2024. Shipments of the nuts amounted to just $6.9 million in the first four months of this year, compared with $77.2 million two years ago. Instead, it has boosted its purchases from South Africa in recent years, Chinese customs data show. China has been buying fewer pecans from Mexico, too, importing just $2.6 million so far this year, compared with $53.2 million in the same period of 2024, according to Chinese customs data. The Mexican government last Monday expressed its concern in a statement about the preliminary ruling and reiter-

ated its commitment to defending the interests of the country’s producers and exporters. The products from some Mexican companies face a lower rate due to their participation in the probe, but China put a blanket 54.3 percent rate on all American supplies because no US firms did, the Chinese Ministry of Commerce said in a separate statement. “China has consistently exercised prudence and restraint in its use of trade-remedy measures,” the ministry added, pledging to protect the rights of interested parties before issuing a final ruling. The investigation was launched last September under China’s Anti-Dumping Regulations. American pecans were already hit by 10 percent tariffs in March 2025, as China retaliated against Trump’s levies. The probe came weeks after Mexico announced plans to increase tariffs on China and other Asian nations as part of its budget proposal. The tariff hikes, which aim to shelter domestic manufacturers from subsidized Chinese competition and satisfy a longstanding demand of Trump, were later approved by Mexican lawmakers in December. Pecans were previously caught in the trade war during the first Trump administration, when China hit back against American pecans with 47 percent tariffs that left farmers in Georgia and Arizona without a key export market.

or Friday of last week,” she said. Kapunan added that prosecutors made one final attempt shortly before Monday’s hearing, offering to begin the comparison despite having only an hour remaining. “They refused,” she said. Duterte’s defense counsel, Kristine Ferrer, argued that comparing the documents was unnecessary merely to speed up the proceedings. “We do not even need to compare the exhibits to expedite the proceedings,” Ferrer said. She maintained that questions concern-

ing the documents’ authenticity could be addressed after the prosecution formally offered them as evidence. Nevertheless, Ferrer said the defense would not object to del Campo presenting summaries of the voluminous records, provided that she remained subject to cross-examination. Escudero confirmed that he had instructed both parties to attempt to meet on Thursday or Friday. “The chair issued an order directing the parties to try to meet on Thursday or Friday,” he said.

He then ordered Duterte’s lawyers to provide the court with copies of their premarked evidence so that the court could conduct the comparison itself. The records consist of 2,668 Office of the Vice President acknowledgment receipts and 1,824 Department of Education acknowledgment receipts. The P612.5 million under examination includes P500 million in confidential funds released to the OVP from December 2022 to September 2023 and P112.5 million released to DepEd while Duterte was serving as education secretary in 2023.

Bloomberg News

HINA ordered steep antidumping deposits on pecan imports from the US and Mexico, adding another source of trade friction weeks before an expected summit between President Donald Trump and Chinese leader Xi Jinping.

Global gas turbine orders soar

GLOBAL gas turbine orders hit a record in the April-to-June quarter on surging growth in power demand, according to JPMorgan Chase & Co. About 38 gigawatts of orders were placed in the three months, up 29 percent from the first quarter and 71 percent from the same period last year, analysts including Phil Buller said in a note last Monday. The US remained the dominant market, accounting for nearly half the orders, they said. Orders for gas turbines have surged in recent years due to the expansion of data centers and electrification. The boom has led to shortages in some regions, including Southeast Asia, as a scarcity of turbines puts constraints on the delivery of planned capacity additions. Bloomberg News

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“August 14, what good will that do us? The hearing is today, August 10,” she said. Kapunan accused Duterte’s lawyers of acting in bad faith, noting that the Presiding Officer had specifically identified Thursday or Friday as the dates for the comparison. “That constitutes bad faith, Your Honor, because the presiding officer specifically directed the parties to meet on Thursday

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Lahar. . . Continued from B8

Bayto, Sta. Cruz; and the San Juan Dike in Botolan town. PDRRMO head Rolex Estella also said that as of 5:00 p.m. on Monday, a total

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Marcos said waste-to-energy technology is already established, indicating that the government sees the program as a viable long-term measure for addressing the country’s waste problem. The initiative is being pursued alongside

COA. . . Continued from A3

the expenditure must be approved by the agency head, supported by documents proving the success of the information-gathering or surveillance activities, and directly related to the agency’s confidential operations. Among the activities presented by prosecution counsel Lorna Kapunan were an appreciation night for Department of Education partners and Christmas activities involving transport network vehicle services, tricycle operators and drivers’ associations, Angkas riders, food-delivery workers and persons with disabilities. COA-Icfao also disallowed P69.78 million reportedly spent on tables, chairs, desktop computers and printers. Del Campo said the submissions did not explain how the purchases were connected to confidential activities and were not supported by official receipts or sales invoices. She added that her draft notice of disallowance was approved by COA Assistant Commissioner Nilda Plaras, then officer-in-charge of COA-Icfao. When asked who was held liable, del Campo identified Duterte as the head of the agency who approved the transactions, including the use of cash advances. Also named were OVP special disbursing officer Gina Acosta, who was the payee of the checks and disbursed the cash advances, and OVP chief accountant Julieta Villadelrey, who certified that the supporting documents were complete and proper. The OVP filed a petition for review on February 5, 2025. On April 10, 2026, the COA Proper upheld the notice of disallowance and the demand for the return of P73.287 million. Del Campo said the OVP subsequently filed a motion for reconsideration, which remains pending before the COA.

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interoperability between the US and Philippine armed forces amid heightened regional tensions.” Among the activities for the 2027 MDB-SEB Plan are “large-scale exercises to subject-matter- exper t exchanges,

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The DSWD recognized these elements as essential to the identity and resilience of IP communities and as valuable contributions to inclusive and sustainable development. “When we talk about development, it must be inclusive and culturally sensitive. We must ensure that the culture, traditions, and indigenous knowledge of IP communities are neither disregarded nor left behind in the development process,” Mapue-Joaquin emphasized. Kalahi-CIDSS primarily serves poor, geographically isolated, and disadvantaged areas, where communities may have limited access to basic services and opportunities. By giving residents a direct role in decisionmaking, the program strengthens local ownership and accountability in addressing development concerns. The same commitment is reflected in the DSWD’s new modality, the Panahon ng Pagkilos: Philippine Community Resilience Project. The proportion of IPs in a municipality’s population is among the criteria used to select the project’s 500 beneficiary towns. The criterion recognized how IP communities’ culture, traditions, practices, and

of 7,044 individuals, or 2,441 families, have evacuated their homes due to rising floodwaters across the province. Of these, a total of 4,706 persons, or 1,621 families, remained in evacuation centers while 102 families composed of 285 individuals sought shelter with relatives, Estella said. flood-control measures under the administration’s Oplan Kontra Baha, including dredging waterways and completing floodcontrol infrastructure. Marcos was accompanied by Public Works Secretary Vivencio Dizon and Metropolitan Manila Development Authority General Manager Nicolas Torre III, as well as local officials, during the Las Piñas inspection. PNA

Unauthorized activities

DEL Campo said the OVP used confidential funds for Christmas events, gift-giving, tree planting and other activities not allowed under government rules. The listed activities included Christmas events in Tondo, Manila; a meeting with a tricycle operators’ group; tree planting; wheelchair distribution; gift-giving; and medical missions. Del Campo said these were not authorized uses of confidential funds under Joint Circular No. 2015-01. “Based on the joint circular, these are not included among the activities under Section 4.8 for which confidential funds may be used,” she said. When Kapunan asked specifically whether Christmas activities, tree planting and gift-giving were allowed, del Campo answered, “No.” The auditor also questioned the dates of some activities. Several reportedly took place from December 13 to 18, 2022, although the OVP’s cash advance covered only December 21 to 31. Del Campo said funds released on December 21 could not be used to reimburse expenses incurred before that date. The findings led COA’s Intelligence and Confidential Funds Audit Office to issue a notice of disallowance covering P73.287 million. Of this amount, P69.787 million was reportedly spent on rewards, while P3.5 million covered tables, chairs, desktop computers and printers without proof that they were intended for confidential operations. The OVP challenged the disallowance, but the COA Commission Proper upheld the entire P73.287-million amount in a decision dated April 10, 2026. Del Campo’s testimony formed part of the House prosecution panel’s evidence concerning Duterte’s alleged misuse of confidential funds.

continuing a partnership that has produced hundreds of bilateral activities annually in recent years.” These activities, it said, “are designed to sustain interaction between the two militaries and enhance operational readiness across a range of missions, including maritime security, humanitarian assistance and disaster response.” Rex Anthony Naval with PNA

experiences can help strengthen local resilience and advance community development. “Our goal is to work with all vulnerable sectors, including the IPs, respect what they bring to the table, and make sure that social protection and development interventions are responsive to their actual needs,” she said. The DSWD renewed its commitment to IP empowerment following the observance of National Indigenous Peoples Day and the International Day of the World’s Indigenous Peoples on August 9. National Indigenous Peoples Day is observed annually pursuant to Republic Act 10689, or the Act Declaring August 9 as National Indigenous Peoples Day and Mandating the Meaningful Observance Thereof. The national observance supports the International Day of the World’s Indigenous Peoples, established by the United Nations General Assembly to promote awareness of the rights, needs, and contributions of Indigenous Peoples around the world. “Our commemoration of National Indigenous Peoples Day is not only about celebrating the culture and traditions of our IPs. It is also a reminder that we must recognize their rights, their knowledge, and their important role in shaping their communities,” Mapue-Joaquin said. Jovee Marie N. dela Cruz

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FRAGMENTED USE OF DIGITAL PLATFORMS BUGS GOVT SYSTEMS By Justine Xyrah Garcia

HE Philippines has laws and digital platforms meant to make doing business easier, but fragmented implementation across government continues to leave enterprises dealing with separate systems for registration, renewal and closure, according to the Department of Economy, Planning and Development (DepDev). In a new policy note, DepDev said Republic Act 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, already sets standards for streamlined business permitting. However, implementation remains uneven across national government agencies and local government units (LGUs), partly due to differences in institutional capacity and digital readiness. “These gaps show the continued disconnect between policy intent and the actual implementation of [ease of doing business] reforms,” DepDev said. The agency cited the uneven adoption of electronic Business One-Stop Shops (eBOSS), limited interoperability, weak data sharing, local capacity constraints, and the lack of a standard business exit process. These problems have resulted in long processing times, redundant requirements, inconsistent records, and unresolved tax obligations. For business registration, 72 percent of surveyed enterprises still submitted their applications fully in person despite the availability of eBOSS in some LGUs. Businesses typically visited Business Permit and Licensing Offices (BPLOs) one to three times, while some made up to five visits. Registration usually took four to seven days, but nearly a fourth of respondents waited more than 20 days.

DepDev said difficult requirements included Bureau of Internal Revenue (BIR) registration, the Bureau of Fire Protection’s (BFP) Fire Safety Inspection Certificate, zoning clearance, and health permits. It also flagged limited interoperability among LGU eBOSS platforms, the BIR’s Online Registration and Update System, and the BFP’s Fire Safety Inspection System. This leads to separate applications and repeated document validation. For business renewal, 70.7 percent of surveyed enterprises still transacted fully in person. About 17 percent experienced processing times beyond 20 days. Business exit was identified as the most complex stage because there are no standardized national guidelines. Businesses separately deal with LGUs and the BIR to settle liabilities and secure closure documents. DepDev warned that “high financial settlement requirements, including outstanding taxes and penalties,” raise exit costs and may discourage firms from formally completing the closure process. To address these gaps, DepDev proposed permanent BPLOs in LGUs and a Unique Business Identification Number for enterprises across government platforms. It also recommended requiring interoperability under the E-Governance Act and rationalizing barangay-level fees. DepDev said these reforms could help attract investment, strengthen local industries, and encourage informal enterprises to enter the formal economy. Earlier, the socioeconomic planning agency said it is eyeing to push for the institutionalization of BPLOs in LGUs within the Marcos administration. (See: https://businessmirror.com. ph/2026/02/12/institutionalizing-bplos-inlgus-eyed-to-boost-ease-of-doing-business/).

Wednesday, August 12, 2026

Amid challenges, govt eyes ₧5.2-T revenue goal for ’27

By Reine Juvierre S. Alberto

EVENUES to be collected by the government are seen to reach P5.205 trillion in 2027 amid expectations of a recovery in economic growth, weighed down by the flood control corruption scandal and the Middle East crisis. Next year’s revenue goal is equivalent to 15.7 percent of gross domestic product (GDP) and is higher by 8.28 percent than this year’s reduced target of P4.807 trillion, based on the Budget of Expenditures and Sources of Financing for 2027 released on Tuesday. Of the projected amount, P4.851 trillion will come from tax revenues, up by 9.21 percent from this year’s target of P4.441 trillion. These will be sourced from taxes on net income and profits, property, domestic goods and services and international trade and transactions. The Bureau of Internal Revenue (BIR) will contribute most of the levies with P3.736 trillion, a 10.10-per-

cent increase from its tempered goal of P3.393 trillion this year. The Bureau of Customs (BOC), meanwhile, will collect an estimated P1.074 trillion, up by 6.29 percent from the increased P1.011 trillion target this year. In contrast, non-tax revenues are expected to drop by 22.66 percent to P252.9 billion in 2027 from the current goal of P327 billion. These will come from fees and charges, income from Treasury operations, income collected by the Treasury and other sources. Revenues from privatizing government assets were also increased to P101.5 billion next year, a 166.40

percent growth from this year’s revised P38.1 billion target. Moreover, the passage of tax reform measures is seen to contribute a total of P31.956 billion in revenues for the government in 2027. The value-added tax on digital service providers is expected to yield P24.673 billion, while the rationalization of the mining fiscal regime will generate P6.104 billion. Excise tax on pick-up trucks will also bring in P7.443 billion. However, the Capital Markets Efficiency Promotion Act and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Op-

portunities for Reinvigorating the Economy or Create More will result in P4.614 billion and P1.650 billion in revenue losses, respectively. The Cabinet-level Development Budget Coordination Committee (DBCC) expects GDP growth to accelerate to 5 to 6 percent in 2027 from 3.5 to 4.5 percent in 2026. Climate-related disruptions, concerns over anomalous flood control projects, and broader global economic uncertainties, which dampened construction activity and private consumption, prompted the DBCC to temper this year’s growth target and the fiscal program.

Balance AI push with human touch, hotels told By Ma. Stella F. Arnaldo Special to the BusinessMirror

OTELS are ramping up investments in artificial intelligence (AI), automation, and data analytics to respond to changing traveler expectations. But a new global study suggests they should be careful not to let technology come at the expense of the human touch. The Amadeus Insights Travel Dreams 2026 study also found that rising operational costs (38 percent), digital transformation (33 percent), and the growing demand for highly personalized experiences and changing guest expectations (31 percent each) are among the biggest challenges facing the hospitality industry this year. The study is based on a survey of 6,000 leisure and business travelers and 500 senior hoteliers, and a group of leading destination management organizations across the globe. For individual properties, improving guest satisfaction and experience ranked as the biggest concern at 33 percent, ahead of identifying new revenue streams at 31 percent and achieving consistent operational excellence across departments at 29 percent.

FISHING FOR TRANSPARENCY Small-scale fisherfolk, marine scientists, fisheries experts and representatives of Oceana call for the immediate installation of vessel-monitoring devices on commercial fishing vessels during a press briefing in Quezon City on Tuesday, August 11, 2026. The groups raised concerns over the Supreme Court ruling on Fisheries Administrative Order 266, which governs vessel-monitoring measures and electronic reporting for commercial Philippine-flagged fishing vessels. They said real-time vessel tracking is crucial in monitoring fishing activities and combating illegal, unreported and unregulated fishing. NONOY LACZA

World off-track in food system goals T

By Ada Pelonia

HE world is off track in meeting the internationally agreed 2030 food system goals, according to the latest global study. The study from the Food Systems Countdown Initiative (FSCI) showed that for most indicators of health, environment, livelihoods, governance and resilience, most countries will not meet the internationally agreed 2030 goals. For some indicators such as greenhouse gas emissions from food systems, no country is projected to meet the target. The study titled “Food systems performance evaluated against targets and benchmarks reveals urgent gaps and a path to 2050”

covered 197 countries and 44 indicators across five themes. This includes diets, nutrition and health; environment, natural resources and production; livelihoods, poverty and equity; governance; and resilience. The FSCI is a global interdisciplinary research collaboration co-led by Johns Hopkins University, Cornell University, the Food and Agriculture Organization of the United Nations (FAO), and the Global Alliance for Improved Nutrition (GAIN). “What makes this Countdown paper different is that it doesn’t just tell countries whether they’re moving in the right direction—it tells them how far they still have to go, and against a benchmark that’s actually within reach,” lead author

Bianca Carducci said. “That distinction between tracking trends and measuring performance is what turns a monitoring exercise into a tool for accountability,” she added. Despite this, the study showed that for seven of 33 indicators, one-third of countries are on track to meet the 2030 target, while half the indicators have been moving in a “desirable direction” globally. The study then showcases the urgent need for accelerated action across all indicators, according to the FAO. Priority actions should focus on indicators where progress is most offtrack, such as food affordability, food insecurity, government effectiveness and food systems emissions. “Food systems transformation is

a shared responsibility,” GAIN Executive Director Lawrence Haddad said. “The governance indicators, including government effectiveness, accountability and civil society participation, are not just one category among five. They are the enablers. Improving them unlocks progress across the entire system,” Haddad added. Bolstering government effectiveness and accountability are critical leverage points that interact with the largest number of indicators. The FAO, however, noted that the urgent need for transformation entails “more concerted, creative and accelerated action” from the global community that should recommit to achieving these targets by 2050, especially for those most vulnerable.

Chatbots in travel planning

AI is already becoming an increasingly influential part of the travel journey: In 2021, only six percent of travelers surveyed said they used chatbots for planning their trips. That figure has now tripled to 18 percent, putting chatbots on par with celebrities and travel influencers, and ahead of physical travel agents and newspapers as sources of travel inspiration. More significantly, 69 percent of travelers said they were confident that AI-generated summaries provided enough information to make an informed travel choice without further investigation. Confidence was particularly high in India at 87 percent and China at 86 percent. This indicated that hotels can no longer rely on just their websites to promote their properties and travel experiences. The study found that optimizing visibility in traditional search engines through SEO and in AI platforms through generative engine optimization (GEO) was the most important strategy cited by hoteliers for driving demand in 2026, at 38 percent. Other priorities they mentioned were AI-powered marketing and personalization, digital advertising, upgrading websites and mobile experiences, and improving presence on third-party channels. But technology has its limits, the study underscored. While 53 percent of travelers wanted in-room controls such as temperature, lighting

and entertainment systems to be automated, majority preferred human interaction for room service, luggage handling, service requests, check-in and checkout, concierge services and housekeeping. “Travelers want personalized, flexible, and emotionally satisfying experiences,” said Dan Ciocoiu, head of Advertising Solutions at Amadeus, adding that hotels need to use data and technology wisely to understand “who guests are, what they want, and when they want it.”

A new revenue opportunity

THE study added that poor service can have a direct impact on a hotel’s reputation, with 77 percent of leisure guests saying they will leave a bad review for poor customer service, rising to 83 percent among business travelers. At the same time, 88 percent said guest reviews were important when choosing where to stay. Beyond improving the guest experience, personalization is emerging as a potentially significant new revenue stream. The study found 74 percent of global travelers consider personalization important, while about 25 percent expressed interest in “pick and stay” hotels, where they can select from a range of paid add-ons. In a modeling example, Amadeus showed how six hotel features could theoretically generate more than $1 million annually for a hypothetical 150-room mid-scale hotel operating at 70-percent occupancy. These include early check-in/late checkout, preferred views or floors, personalized welcome amenities, sleep packages, enhanced air-quality rooms and local experience kits. The report also points to a growing effort among hoteliers to monetize experiences beyond the traditional room-and-board model. “Hotels are pouring investment into AI, datadriven personalization, and integrated systems to create more seamless, tailored guest experiences, and more efficient operations,” said Jill Boegel, head of sales, North America, Hospitality, Amadeus. “Yet, while technology can streamline tasks and offer convenience, these insights show travelers overwhelmingly value human interaction,” she added. Social events and curated experiences, including weddings and celebrations, and concierge or guided experiences tied for the top potential non-room revenue sources at 44 percent each. These were followed by spa, fitness and wellness packages at 40 percent, and specialty restaurants or bars at 37 percent. Group travel is likewise expected to become more important, with 83 percent of hotels anticipating higher revenues from meetings and events over the next two years.

A10 Wednesday, August 12, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Big gains in farm exports, bigger test for GI products in foreign markets

HE latest data on agricultural trade deficit from the Philippine Statistics Authority (PSA) provided a glimpse of what the country is capable of in terms of its export performance. PSA data showed that the farm trade gap in May shrank 6.4 percent to $988.65 million, from last year’s $1.06 billion. (See, “Farm trade deficit narrows to $988.65M in May—PSA,” in the BusinessMirror July 11, 2026). While payments for imported food continued to account for the lion’s share of agricultural trade during the period, the 12.8-percent increase in exports allowed the Philippines to narrow the deficit.

Of the products shipped out by the country, edible fruit and nuts, and peels of citrus fruit or melons were the top farm export in May, earning $299.68 million or 35.7 percent of total farm export revenues. This was followed by animal, vegetable, or microbial fats and oils and their cleavage products; preparations of vegetables, fruit, nuts, or other parts of plants; and tobacco and manufactured tobacco substitutes. Malaysia, according to the PSA, was the top buyer of Philippine food exports during the period. The government is building on the recent gains in farm exports through its latest initiative—origin-based branding, which has the potential to prop up the value of agri-fishery exports. The Department of Agriculture (DA) has tapped the assistance of the Intellectual Property Office of the Philippines (IPOPHL) for geographical indications or GI. (See, “Origin-based branding seen hiking farm export receipts,” in the BusinessMirror, July 29, 2026). According to IPOPHL, a geographical indication is any indication that identifies a good as originating in a territory, region or locality, where a given quality, reputation or other characteristic of the good is essentially attributable to its geographical origin or human factors. The Philippines’s aspiration is to have something like Champagne (France), Scotch whisky (Scotland), Parmigiano Reggiano (Italy), or Kobe beef (Japan). The DA said these products carry a bigger price tag because consumers associate them with a specific place, heritage and quality. These products, however, did not earn their reputation overnight; they were a result of years of innovation, attention to detail and the quest of producers to continually improve their offering. The IPOPHL website indicated that three local products are already in its GI register—Guimaras mangoes, Aklan pina and Albuquerque Asin Tibuok. While mangoes are considered a major farm export of the Philippines, the two other GI products have yet to make significant inroads into foreign markets and earn a status that will enable them to shore up the country’s export receipts. Although mangoes are popular worldwide, exporters continue to face hurdles related to sanitary and phytosanitary (SPS) standards and other non-tariff measures. The government intends to expand its GI list with the potential inclusion of Cordillera Heirloom Rice, Davao Pomelo, Zambales Mangoes, Davao Cacao, Davao Durian, Bonuan Bangus, Quezon Lambanog, Camarines Norte Queen Pineapple, Oriental Mindoro Calamansi, and Bohol’s Ubi Kinampay. These products, however, must be acceptable to foreign markets and must meet stringent international standards. Sans the necessary support that will allow local producers to hurdle nontariff measures, these products will surely struggle to reach foreign shores.

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Disaster-prone Mark Villar

THE BUILDER

AST week’s storm is yet another reminder of our region’s severe disaster risks—and how quickly lives and properties can be lost.

Fortunately, the Philippines is responding positively to the threats posed by storms, typhoons and other natural calamities. Acting ahead of a disaster rather than waiting for it to happen is the only logical move that can save lives and minimize property losses. We as a nation must do more to keep the damage to a minimum and avoid the trauma that goes with calamities. For one, I believe that more resources should be allocated to areas that are historically on the path of destructive typhoons. To recall, the Philippines in September 2025 took a landmark step toward forecast-based action by passing the “State of Imminent Disaster” law—the first in the world to authorize the use of national and local resources for anticipatory action. The law lent more credence when tropical storm ‘Maymay’ lashed the northern part of Luzon and other areas last week. The storm is a relatively weak weather disturbance with winds of 55 kilometers per hour.

The heavy rains it generated for many days, however, have matched, if not exceeded the damage expected from a stronger typhoon. The rains saturated and soaked many areas that resulted in flooding and landslides. A hillside gave way in Benguet province and collapsed on a small restaurant on Thursday, burying three employees in the kitchen. The national disaster agency also confirmed two others have been killed in a landslide in Rizal province the day before the Benguet incident. Perhaps, local government units (LGUs) should be more pro-active ahead of crises as what Republic Act No. 12287, or the “Declaration of State of Imminent Disaster Act,” demands. Pre-existing anticipatory action plans will prove essential in protecting lives across the country. The law has established a legal framework that allows national and local governments to shift from reactive disaster response to proactive “anticipatory action” before a severe

calamity strikes. It requires a pre-disaster risk assessment indicating a highly probable disaster with severe or catastrophic projected impacts and gives sufficient lead time for early intervention. Disasters overlap in the Philippines, leaving no time for communities to recover, but large-scale preemptive evacuations proved the most critical outcome of early warning and government action as shown last year. Over 1.5 million people in 2025 were evacuated ahead of typhoon’s Uwan’s landfall—a nationwide effort to move communities to safer ground before conditions deteriorated. And although the storm caused extensive damage, casualties remained comparatively low—with 213 deaths following typhoon Tino and 33 following Uwan. Without the actions that followed the anticipatory action trigger, the loss of lives would have been exponentially higher, as previous disasters show. The law reminds our LGUs to pre-position relief goods, mobilize response teams, execute pre-emptive evacuations, distribute early cash or food aid, and secure livelihood assets like livestock and boats. But last week’s typhoon should not lull us into believing that the typhoon season has already heralded La Niña. On the contrary, we should brace for El Niño more. The UN Meteorological Organization (WMO) has just warned that El Niño, a powerful climate pattern

shaping global weather, will intensify starting this month despite the current wetter conditions. The WMO has stepped up coordination, climate information services and early warning to help those affected prepare for potential impacts, including governments, humanitarian agencies, such climate-sensitive sectors as agriculture, and health as well as vulnerable communities. “El Niño is one of the most closely monitored climate phenomena in the world, but forecasts in themselves do not prevent hazards, people do,” says WMO Secretary-General Celeste Saulo. She said El Niño is developing against the backdrop of unprecedented ocean heat and rising temperatures, but governments and communities have a window of opportunity to anticipate risks and act before impacts unfold. “The decisions we make today will shape the impacts we experience tomorrow,” Saulo said, adding that WMO and its members are committed to ensuring that credible and relevant climate information reaches those that need it most. Again, as in a typhoon season, preparations are a must to reduce the damage of El Niño on crops and our farmers. A nation like the Philippines that is prone to extreme weather should be a step ahead of impending disasters. For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph

Bessent’s whatever-it-takes yen vow masks limited firepower By Daniel Flatley & Anya Andrianova

REASURY Secretary Scott Bessent’s suggestion of a no-limits approach toward helping Japan rescue the yen risks getting called out by market participants flagging his limited firepower to do the job. Japan’s currency slid as much as 1 percent Monday to past 159 per dollar, wiping out half the rally triggered by the July 31 US-Japan intervention. The exercise, the first coordinated effort since 1998, had lifted the currency near 155 before the retreat resumed. In the wake of that unusual operation, Bessent said “we will do whatever it takes to support them in a way that helps the American economy, the American taxpayer, stabilizes the global economy.” Trouble is, as far as currencyintervention ammunition goes, the Treasury chief is seen limited by his main dedicated instrument—the Exchange Stabilization Fund, with holdings of less than $220 billion. As a gauge of comparison, Japan on its own is estimated to have spent $53 billion on yen operations on July 30, the day before the coordinated move.

“The US can influence the narrative by coordinating with Japan on intervention, but can’t rewrite the fundamentals,” said Nathan Thooft, a senior portfolio manager at Manulife Investment Management. With regard to American authorities’ capacity, “the pockets are deep but not limitless,” he said. In the US, the Federal Reserve is the agency with—in principle— unlimited firepower for foreign-exchange intervention to drive down the dollar, as it’s effectively able to manufacture greenbacks. In the case of last month’s operation, however, its role was limited to the actual conduct of the yen purchases, done on behalf of the Treasury. Historically, the Fed has sometimes joined in with the Treasury with its own funds to show its support for interventions. Back in 1998, the yen intervention at that time was

Bessent’s key likely motivation for propping up the yen, according to economists and market participants, has been to halt any contagion into Treasuries. Japanese government bond selloffs have occasionally spilled over to US securities, and if Tokyo offloads its dollars, that could send American yields higher.

done 50-50 with Fed and Treasury funds. A 2011 joint intervention to sell yen and a 2000 one to buy euros similarly involved even splits. This time, media reporting on the intervention suggests the Fed “did not stump up” for the US intervention, Derek Tang, an economist at Monetary Policy Analytics wrote in a note Monday. Official data are unlikely to be available to confirm that until later this year.

Fed capacity

“ITS intervention capacity is theoretically limited only by its willingness,” Tang noted of the US central bank. The Fed on Monday declined to comment about the US intervention.

The Treasury didn’t immediately respond to a request for comment. Bessent has put a spotlight on a separate way the Fed could prove helpful: via its Foreign and International Monetary Authorities Repo Facility. That program would allow Japan to swap a portion of its $1 trillion-plus stockpile of Treasuries for dollar cash. Two days after the intervention, Bessent recommended the program be “upsized.” Fed data published Thursday suggested Japan hasn’t used the tool, however. Earlier this month, Japanese Finance Minister Satsuki Katayama signaled it could be used at some point.

160 threshold

PRESSURE for either Japan or the two allies together to step in again could rise should the yen sink past 160 per dollar, a level seen earlier this year as a key psychological threshold. Authorities intervened to support the currency when it crossed that level in the summer of 2024. “If the US and Japan let the yen go back to trading durably above 160, markets could interpret the absence See “Bessent,” A11

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Singapore raises growth forecast to as high as 5.5% on AI boom

Opinion BusinessMirror

The hidden cost of good intentions: Why new taxes could hurt the very people they’re meant to help

By Srinidhi Ragavendran

Dr. Jesus Lim Arranza

INGAPORE upgraded its 2026 economic growth forecast anew as the artificial intelligence boom lifts trade and manufacturing, offsetting the drag from continued fighting in the Middle East.

Gross domestic product is expected to come in at 4.5 percent to 5.5 percent this year, the Ministry of Trade and Industry said on Tuesday, raising the 2 percent to 4 percent estimate it set back in February before the outbreak of the war in Iran. It’s the second upward revision to the growth outlook, which was initially set at 1 percent to 3 percent last year. The move comes as GDP grew 5.9 percent in the second quarter, above the government’s advance estimate of 5.7 percent and the median 5.8 percent forecast in a Bloomberg survey. It eased from the 6.3 percent notched in the January-March period. The benchmark Straits Times Index rose 1.2 percent while the Singapore dollar was steady at 1.2799 versus the greenback. “The global AI investment boom has been stronger than expected,” MTI said in a statement. “For the rest of the year, a further acceleration in AI-related capital expenditure is expected to lift the growth prospects of economies plugged into the global technology value chain.” Singapore accounts for about 10 percent of all chips produced globally and 20 percent of semiconductor manufacturing equipment. At the same time, the economic impact of the Middle East conflict has been “less severe than initially feared,” the ministry said, adding that the drawdown of oil inventories and substitution to alternative energy sources have capped the rise in global energy costs. “This is a massive upgrade from MTI. We expected ‘only’ 3 percent to 5 percent from 2 percent to 4 percent,” said Nomura Holdings Inc. economist Euben Paracuelles. “This implies the economy is growing well above trend for an impressive third year in a row.” The global appetite for AI has lifted economies including Taiwan and South Korea. Taiwan’s economy expanded at the fastest pace in about 50 years in the first half of 2026 while economists raised their outlook for South Korea again on the back of the AI boom. Singapore’s manufacturing and wholesale trade were the main growth

drivers last quarter, expanding 12.5percent and 8.3 percent, respectively, as robust AI demand lifted the electronics, precision engineering and machinery sectors. Strong credit growth also helped boost finance and insurance. All services sectors expanded except for food and beverage, which shrank 1.5% last quarter, partly due to a decline in visitor arrivals. On a seasonally adjusted basis, the economy grew 1.4 percent from the previous quarter, beating the 1.2 percent estimate. The better-than-expected economic performance, however, risks driving up inflation at a time when continued tensions in the Middle East keep global energy costs elevated. In anticipation, the government has nearly doubled its support package, including cash vouchers, grants and rental assistance, to help households and businesses defray higher costs. The Monetary Authority of Singapore has also delivered back-to-back policy tightening, warning at its July meeting that inflation is likely stay elevated through mid-2027. The central bank’s inflation forecast remains unchanged at 1.5 percent to 2.5 percent, despite the latest GDP data, MAS Deputy Managing Director Edward Robinson said in the briefing on Tuesday. Its latest assessment and policy stance also remain appropriate, he said. Inflationary pressures will more likely come from fuel, fertilizers and food, rather than from the AI boom, MTI Permanent Secretary Beh Swan Gin added. “The key question going forward is whether the current AI-related uplift broadens to more domesticoriented sectors,” Jonathan Koh, Asia economist and FX analyst at Standard Chartered Plc said. A wider spillover would make Singapore’s economic expansion more durable, but also generate stronger wage and price pressures. “Signs of such second-round effects would raise the possibility of further MAS tightening,” he said. With assistance from Benjamin Liu/Bloomberg

Bessent. . .

ner liquidity could create conditions for another bout of intervention—as officials could get bigger bang for the buck. Still, Monday’s currency moves highlight the limits of that mechanism in changing the yen’s broader trajectory when the forces behind its decline remain largely intact. Those forces include wide interest-rate differentials between Japan and the US, concerns over Japan’s fiscal outlook and geopolitical uncertainty. The yen’s retreat on Monday came alongside a rise in the price of oil amid continuing tensions over Iran. Japan imports most of its energy, leaving it vulnerable to higher prices. As for policy rates, the Bank of Japan’s benchmark is currently 1 percent, versus the Fed’s 3.5percent to 3.75 percent target range for its own key rate. A summary of the BOJ’s most recent policy meeting flagged rising risks of inflation heating up, with one board member pointing to the possibility of an acceleration in the pace of rate hikes. Swaps show traders pricing about a 63 percent chance of an increase by September, with an October move almost fully priced. “We think the relatively muted response to the intervention reflects the fundamental reasons for the currency’s weakness,” Goldman Sachs Group Inc. strategists including Kamakshya Trivedi wrote in a note. The team expects “depreciation pressures to reemerge over time absent a shift in global conditions or a policy surprise.” With assistance from John Cheng,

continued from A10

of FX intervention” as a sign of US reluctance toward selling dollars, Marco Casiraghi and Gang Lyu at Evercore ISI wrote in a note Monday. “The result could invite additional market pressure that would test the commitment to a stronger yen.” Bessent’s key likely motivation for propping up the yen, according to economists and market participants, has been to halt any contagion into Treasuries. Japanese government bond selloffs have occasionally spilled over to US securities, and if Tokyo offloads its dollars, that could send American yields higher. Benchmark 10-year Treasury yields recently hit their highest since Bessent took office. “If Bessent is concerned about the impact of yen trading exerting possible upward pressure on US Treasury and longer-term US yields, the best way to tackle the problem is to counter US fiscal profligacy,” said Mark Sobel, who served at the Treasury for over three decades. “FX intervention and FIMA usage is a Band-Aid.” “Renewed yen weakness alongside higher Treasury yields could draw Washington back in. If the US eventually sells dollars, rather than euros as it did in July, that would be a much stronger deterrent to still short yen positioning,” said Skylar Montgomery Koning, Bloomberg macro strategist. With Japan observing a holiday on Tuesday, traders are wary that thin-

Enda Curran and Neha D’silva /Bloomberg

Wednesday, August 12, 2026 A11

MAKE SENSE

E’VE all heard the saying, “The road to hell is paved with good intentions.” It’s a warning that even the most wellmeaning plans can lead to terrible outcomes if we don’t think them through. Right now, I’m worried that our lawmakers are walking straight down that road.

Recently, my good friend and House Committee on Ways and Means Chairman Rep. Miro Quimbo proposed a plan to raise taxes on vape products, sugary drinks, and single-use plastics. The goal seems noble on the surface: offset a massive P50-billion revenue loss that will come from President Marcos’ proposed tax relief for workers. In other words, the government wants to give hardworking Filipinos a break on their income taxes, but they need to find that missing money somewhere else. On paper, it sounds like a fair trade. Give with one hand, take with the other—but take from products that are considered “sin” or “environmental” items. However, when you look closer, this proposal isn’t a fair trade at all. It’s a tax on the poor, and it could be the final straw for our struggling local industries.

A tax on instant noodles is a tax on the poor

LET’S talk about the tax on singleuse plastics. Why is that dangerous? Because if you walk into any sarisari store or small neighborhood market, you’ll see that the products wrapped in single-use plastics are exactly what poor families rely on every single day. Instant noodles, three-in-one coffee, and shampoo sachets—these are the staples of survival for families living paycheck to paycheck. When you tax the plastic packaging of instant noodles, you are not taxing a luxury item. You are taxing breakfast, lunch, and dinner for a poor child. You are taxing the affordable coffee that helps a factory worker stay awake during the night shift. Manufacturers won’t just absorb this cost; they will pass it on to the consumer. So, while the rich might not notice an extra peso or two on their grocery bill, for a poor family, that extra peso is a choice between food and fare. This is not just an opinion; it’s ba-

sic math. With global inflation spiking due to conflicts like the Iran war, the price of everything is already going up. Now is the worst possible time to add a new tax that hits the most vulnerable the hardest.

Remember the EPR Law: A cautionary tale

THIS is not the first time we’ve seen good intentions backfire. I have written before about the Extended Producer Responsibility (EPR) Law of 2022. That law shifted the burden of garbage collection from the government to private businesses. The idea was to make companies responsible for the plastic they produce. That sounds great for the environment, right? But in reality, it has been a nightmare for local manufacturers. After the devastation of the pandemic, our small and medium enterprises—the backbone of our economy—are barely surviving. The EPR law forces them to spend millions on waste recovery programs instead of using that money to hire more workers or keep their prices low. Just imagine a candy manufacturer in Manila who is required to collect his candy wrappers in Tawi-Tawi! That’s the effect of the EPR law. The government, which is legally mandated by Republic Act 9003 to collect garbage, has simply passed the buck to businesses. It doesn’t get more ironic than this: For 20 years, the government failed to solve our solid waste management problem. Instead of fixing their own system, they handed the problem to the private sector, making businesses pay for the government’s failure. I truly respect Rep. Quimbo, and I’m sure he only has good intentions. That said, as an industry leader who understands the real downsides of adding another tax on plastics, I feel it’s important to speak up for the manufacturers and hundreds

We have to stop the cycle of creating laws that sound good in Congress but hurt people in the real world. Instead of reflexively taxing the things poor people use, Congress should take a step back and study why the government has failed to collect garbage properly for two decades. They need to talk to the people on the ground—the small business owners, the environmentalists, and even the garbage collectors themselves—to find a solution that actually works without killing our local economy.

of workers who would be affected. This proposal would not just mean higher prices at the store—it would place even more strain on our manufacturers. They are already paying under the EPR law, and adding an additional excise tax on the materials they rely on could push some local businesses past the point of recovery. In short, it risks harming the very industries and jobs it is meant to protect. That’s the “law of unintended consequences”—good ideas that lead to serious, unforeseen outcomes.

A better way forward

I BELIEVE our members of Congress are intelligent people. They understand that when you take a tax away (like the income tax relief for workers), you have to get the money somewhere else. But the “somewhere else” should not be the dinner table of a poor family or the budget of a struggling factory. We have to stop the cycle of creating laws that sound good in Congress but hurt people in the real world. Instead of reflexively taxing the things poor people use, Congress should take a step back and study why the government has failed to collect garbage properly for two decades. They need to talk to the people on the ground — the small business owners, the environmentalists, and even the garbage collectors themselves—to find a solution that actually works without killing our local economy. Good thoughts don’t always lead to good results. If we don’t think things through carefully, Rep. Quimbo’s “good intentions” could end up hurting the poorest Filipinos— and our local industries. Let’s hope our lawmakers choose wisely and

China’s teapots may boost Iran oil buying as stockpiles dwindle

HRINKING regional oil stockpiles held by China’s independent refiners in Shandong province may spur increased buying of Iranian crude, offering Tehran a needed boost after a period of slow sales.

Inventories in Shandong— home to most of China’s socalled teapot refiners—dropped to 360 million barrels in July, the lowest level in eight months, according to data compiled by Energy Aspects. Stockpiles in the region are held by both private as well as state-run processors. China’s teapots dialed back purchases and relied heavily on stockpiles after Beijing instructed them to maximize fuel production to help cushion the impact of the Iran war. The refiners are by far the biggest buyers of Iranian crude, typically accounting for about 90 percent of sales, and softening demand led to a swelling hoard of the country’s oil on tankers at sea. Energy Aspects estimates stockpiles in Shandong declined by 35 million barrels last month, the biggest monthly draw since

the consultant started compiling the figures in 2016. Across China, meanwhile, the nation’s inventories still stands at a robust level of 1.208 billion barrels as of August 6, according to Kpler estimates which includes underground strategic reserves sites. China doesn’t publish inventory data and estimates from third-party providers can often vary. China’s teapots, which operate on razor-thin margins, favor discounted barrels from Iran and Russia. Unlike state refiners, they require government-issued import quotas, and Beijing granted additional allowances after ordering higher fuel production. The directive was eased in June as domestic fuel inventories swelled and processors grappled with mounting losses. “We expect sanctioned crude to gain market share in Chi-

There are close to 30 million barrels of Iranian crude currently on tankers in Asian waters, according to Kpler, which could help replenish teapot stockpiles. Iranian Light for delivery in September was offered at discounts of about $4 a barrel to ICE Brent earlier this month, narrowing from about $5, according to traders. Russian ESPO crude was recently offered at a discount of around $1 below Brent to parity with the benchmark. na during August with Iranian crude imports expected to rebound,” said Emma Li, lead China analyst at Vortexa Ltd. The consultant estimates crude inventories held by teapots in Shandong fell by about 20 million barrels in July. China aggressively built up its crude stockpiles last year, providing a buffer for refiners after the Iran war disrupted supplies from the Middle East. Tapping that inventory also took

make the right course correction before it’s too late.

Simplify, do not complicate

TO discourage indiscriminate dumping and clear clogged, stagnant waterways in Metro Manila and other urban areas, I propose a simple, budget-neutral solution that local government units (LGUs) can implement immediately: Pass a Penalty and Reward Ordinance: LGUs should enact a local ordinance that imposes a mandatory fine—such as P500—on anyone caught dumping garbage into waterways. Incentivize citizens via smartphone reporting: To ensure enforcement, the ordinance should offer a 50 percent reward (e.g., P250) to citizens who capture photo or video evidence of violators using their smartphones. LGUs can receive these submissions through dedicated portals on their official websites and social media pages, while barangay officials assist in identifying local offenders. Include community service options: If a violator is unable to pay the fine, the ordinance should require them to complete two days of community service—specifically focused on cleaning local waterways—so the community still benefits. If strictly enforced, this selfsustaining reward system would create a strong deterrent against illegal dumping and significantly reduce the garbage accumulation that drives urban flooding.

Plastic recycling: A high-value resource strategy for LGUs

I BELIEVE local government units have a major opportunity to convert municipal plastic waste into a valuable economic and operational asset. Unlike organic waste, plastic waste preserves much of its high chemical energy content through recycling—making it an underutilized reserve of energy and raw materials. By turning plastic waste from a disposal challenge into a localized resource, LGUs can help build cleaner, more energy-resilient, and economically sustainable communities. In my next column, I will fully detail the negative effects of raising taxes on vape products, sugary drinks, and single-use plastics. Dr. Jesus Lim Arranza is the Chairman Emeritus of the Federation of Philippine Industries and concurrent Chairman of the Anti-Smuggling and Anti-Illicit Trade Committee.

some demand pressure off the global market, and is one of the reasons why oil prices haven’t surged much higher. Shandong refiners have ramped up operations since early July, with utilization rising to 50.26 percent as of August 7, according to data compiled by Mysteel OilChem. The end of maintenance has boosted run rates, although they remain below seasonal norms. Margins have improved to their strongest since March after being mostly negative since late April, according to JLC. There are close to 30 million barrels of Iranian crude currently on tankers in Asian waters, according to Kpler, which could help replenish teapot stockpiles. Iranian Light for delivery in September was offered at discounts of about $4 a barrel to ICE Brent earlier this month, narrowing from about $5, according to traders. Russian ESPO crude was recently offered at a discount of around $1 below Brent to parity with the benchmark. With assistance from Martin Ritchie/Bloomberg

Sports BusinessMirror

A12 Wednesday, August 12, 2026

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

ALAS GIRLS IN CRUCIAL MATCH VS VENEZUELA Baldwin, Ateneo BALDWIN

TOLENTINO

fined for DOLE policy violations By Mary Jade Jadormio

ORMER Ateneo men’s basketball coach Tab Baldwin and Ateneo de Manila University were ordered to jointly and solidarily pay P4.9 million for his failure to secure the required certificate of exemption while working for the university. The Department of Labor and Employment (DOLE) also imposed separate P10,000 fines on Baldwin for working without a valid Alien Employment Permit (AEP) and on Ateneo for employing him without the required permit. The P4.9-million penalty covered 490 days from February 10, 2025 until Baldwin’s resignation on June 15, 2026, with DOLE imposing P10,000 for each day he rendered services without the required certificate of exemption under Department Order No. 248-25. The separate AEP violations covered Baldwin’s employment with Ateneo from December 1, 2015 to September 28, 2016, when he worked for at least nine months without a valid permit. Labor Secretary Francis N. Tolentino also referred Baldwin’s case to the Bureau of Immigration for summary deportation proceedings, without prejudice to civil, administrative or criminal complaints pending before other investigative agencies or the courts.

Que, FCVBA out to regain seniors crown T

HE Filipino-Chinese Veterans Basketball Association (FCVBA) is out to reassert its class in the Asean Seniors Basketball Tournament that tipped off last Tuesday in Kuching, Malaysia. With the inclusion of former Philippine Basketball Association stars Elmer Reyes, Aries Franco and Benjie Poblete, the FCVBA Bearcats are confident of regaining the 70 years division title after losing to ZAAP of Bangkok last year. The other members of the team are Rain or Shine co-team owner Terry Que, Ironcon Builders’ Jimi Lim, Eduard Tio, Danny Ching, Andrew Ongteco, Julio Cruz, Amang Santos, James Chua, Med Sultan and Achit Kaw. Former Adamson University player Chingka Lee is the team’s coach. “With Reyes and Franco around, I think we have a good chance of winning the title again,” said Que, one of the team’s godfathers along with Lim and Tio. FCVBA will also competing in the premier 50-year’s division for the first time in a long while with former Ateneo star Jean Alabanza, team captain Edster Sy, Dexter Quan and Oliver Choa leading the team. Completing the 50-years cast supported by ITG/Triangle Tires are Kerby Chua, Kenneth Lim, Calvin Li, Francis Sy, Edwin Herrera, Edwin Yap and Sherwin Yao.

By Aldrin Quinto

AN FELIPE, Chile—Amid the din of horns and a raucous crowd, the Alas Pilipinas Girls could not hold off a hard-charging Peruvian squad. They have less than a day to iron out their lapses as they battle another powerhouse in No. 12 Venezuela in a highstakes match on Tuesday in the FIVB Volleyball Girls U17 World Championship at Liceo Mixto San Felipe. The Philippines let slip a chance to secure a Round of 16 berth on Monday, unraveling under pressure against the world No. 6 Peruvians, 2628, 25-22, 25-23, 25-20. Like the Peru match, Tuesday’s clash could feel like another home-and-away game, given Chile’s big Venezuelan community. The results could shake up the bracket, as the Philippines could either end up gaining a prime spot in the knockout round or wind up relegated to the classification phase. China overpowered Mexico, 25-12, 25-15, 25-17, to make it four victories without dropping a set and lock up the top spot, while Peru holds provisional second with a 3-1 win-loss record in Pool B. They face off on Tuesday. Venezuela and the Philippines stand at 2-2, with the former occupying the No. 3 spot on

Rojo bags first Ironman title, Reig triumphs

Korea leads Pool D at 4-0, Italy is in second with a 3-1 record, followed by Chinese Taipei and Puerto Rico at 2-2. Alas Pilipinas had a solid start but struggled to respond when Peru started catching fire amid the blare of horns and a raucous crowd. The Philippines squandered a 10-point lead in the third set, at one point allowing Peru to string up eight straight. Nahir Cueva Coaguila led Peru with 19 points on 17 attacks and two blocks, Fernanda De Los Angeles Pinto Tellez added 16 points on 13 attacks and three

XYZ RAYCO digs deep in this bit of action in the Alas Pilipinas Girls-Peru match on Monday. VOLLEYBALL WORLD

aces, while Cielo Yamileth Quispe Venegas had 10 points on nine attacks and a block. Fourteen-year-old Sharina Rhyza Lleses led Alas Pilipinas with 18 points, all on attacks, Caera Celis had 17 points on 15 attacks and two aces, while Xyz Rayco scored 12 on 10 attacks and two aces.

South wields home course edge in JPGT Finals at Pueblo de Oro

ICOLE ROJO announced her arrival as a rising force in Philippine triathlon after becoming the first Filipina finisher in the Ironman 70.3 Lapu-Lapu while multi-titled Irienold Reig Jr. continued his remarkable run of form with another age-group victory in Cebu last Sunday. Rojo final struck big after a string of victories in smaller endurance races to finish her first Ironman with a flourish in five hours, 15 minutes and 27 seconds. It’s not easy completing the 1.9-km swim, 90-km bike and 21-km run race but Rojo got off to a strong start in the swim and sustained her charge through the bike and run legs with split times of 19:16 and 2:59:38, respectively before making it in1:49:37 in the run. The South Cotabato pride beat Melona Yucot (6:06:54) and Rachel Wong (7:38:52) to dominate the women’s 18-24 age-group in the 12th staging of the premier endurance race presented by Megaworld and organized by Sunrise Events Inc. Reig, meanwhile, further cemented his status as one of the country’s most promising young triathletes by ruling the men’s 18-24 division in 4:23:03 on splits of 18:24, 2:26:00 and 1:32:49. He beat Dutchman Rik Beugel, who clocked 4:34:28, and fellow Filipino Eryk Omandam who

NICOLE ROJO breaks into tears as she crosses the finish line as Irienold Reig Jr. reasserts his mastery over his local rivals. SEI PHOTO placed third in 4:45:41. The victory came months after Reig also topped the Ironman 70.3 Davao, giving further weight to the Quezon City standout’s emergence as a potential next big name in Philippine triathlon. Jewin Ochea provided another local highlight after he ruled the Elite Category put up by the Philippine Sports Commission in 4:26:10—splits of 20:09 in the swim, 2:27:55 on the bike and 1:32:38 in the run. The specialized Elite Category featured toptier athletes, including members of the national pool as well as high-performing local elites, placing them in a separate division from the standard age-group competition while running parallel to the international professional fields.

EAM South will have the home-course advantage against Team North in the International Container Terminal Services Inc. Elite Junior Philippine Golf Tour (JPGT) Finals from August 18 to 20 at the Pueblo de Oro Golf and Country Club in Cagayan de Oro. South, however, will be out to erase the bitter taste of its 21 1/2-26 1/2 setback to North at The Country Club as the defending champions return with a battle-tested formula built on preparation, chemistry and a belief in one another. For South, the mission is clear: change the script. The hosts boast a formidable cast of players with proven familiarity and success at Pueblo de Oro, including Stephen Clementer and Soleil Molde in the 7-10 age group, Jared Saban and Brittany Tamayo in the 11-14 division, and Alexis Nailga and Precious Zaragosa in the 15-18 class. North’s title defense begins with a deep and talented 7-10 lineup led by girls Winter Serapio, Jaicee Cervantes, Andrea Dee and Jehanne Mendoza, and boys Zach Guicio, Zoji Edoc, Kenzo Tan and Kingston Ching. Backing Molde and Clementer on the South side are Ana Marie Aguilar, Vanya Go and Akeisha Yocte in the girls’ division, and Ethan Lago, Lucas Revilleza and Darren Ong among the boys. Another tightly contested battle looms in the 11-14 division, where North will lean on girls Cailey Gonzales, Georgina Handog, Mavis Espedido and Quincy Pilac, and boys Chan Ahn, Vito Sarines, Javie Bautista and Jacob Casuga. South counters with girls Marqaela Dy, Rafella Batican, Zuri Bagaloyos and Tamayo, and boys Ken Guillermo, Ralph Batican,

Mico Woo and Saban. The 15-18 division could provide another compelling chapter in the North-South rivalry. North fields girls Lisa Sarines, Rafa Anciano, Mona Sarines and Kendra Garingalao against South’s Tashanah Balangauan, Apple Gotiong, Lois Lane Go and Zaragosa. The spotlight, meanwhile, will shine brightest on the premier boys’ division, where North’s Shinichi Suzuki, Jakob Taruc, Nathan Belandres and Santi Asuncion brace for high-caliber matchups against South’s Sebastian Sajuela, Clement Ordeneza, Roman Tiongko and Nailga. THE hosts boast a formidable cast led by Stephen Clementer and Soleil Molde in the 7-10 age group. JPGT PHOTO

RAIN or Shine co-team owner Terry Que and Ironcon Builder’s Jimi Lim (standing, fifth and sixth from left) with the other members of the squad. CVBA PHOTO

Dog tired AS if by design, Alex Eala lost to Belinda Bencic. It’s a bold assessment, but I’ll stick to it. This was last Monday, August 10 Philippine time, when Bencic, the 29-year-old Swiss machine, hammered out a 6-4, 6-0 win over the 21-year-old Eala in the Round of 16 of the National Bank Open in Toronto, Canada. It was a mismatch, to say the least. The scores showed it as results never lie. How can Eala lose a set at love when she had just gallantly, courageously, piled up seven straight wins before she faced Bencic? There is but only one credible explanation to this: Eala was exhausted going into the Bencic match. Dog tired.

seven points and the latter in fourth with six points. That gives Alas Pilipinas and Venezuela, which clash on Tuesday, a shot at moving up the ladder and avoid the top team from Pool D. The top four from each six-team pool advance to the Round of 16. Mexico is running fifth with a 1-3 record with three points, but can still raise its total to six with a three- or fourset victory over Tunisia. For Alas Pilipinas Girls—supported by the Philippine Sports Commission, Philippine Olympic Committee and Asics—a convincing victory over Venezuela will vault them back up to No. 2. Even a five-set loss would yield one point and earn them a spot in the Round of 16. A three- or four-set defeat, coupled with a Mexico sweep of Tunisia, would relegate the Philippines to the classification phase.

Anyone daring to question that is absolutely out of order. Eala appeared visibly spent playing Bencic, huffing and puffing to save shots, groaning and groping to retrieve blistering returns that, on ordinary days, were mere chicken feed. Eala’s been in grueling battles for two straight weeks. She had struggled to win big matches. Did she not string up five straight wins to win the Mubadala DC Open in Washington for her first WTA 500 title?

That was a tough act to follow as her victims included top notch players like 2024 Olympic champion Qinwen Zheng, defending champion Leylah Fernandez and No. 1 ranked and world No. 3 Jessica Pegula. In the finals of the Mubadala DC Open, Eala had to buck a 4-6 first-set loss to win the last two sets—capping her maiden WTA crown with a phenomenal 6-0 triumph over Pegula in the thirdset decider after a crucial 6-4 win in the second set. And before she faced Bencic in the National Bank Open third round, Eala hurdled previous tormentor Alycia Parks in another nervewracking three-setter, 6-1, 4-6, 6-2, in the first round. And in her second-round match against American Caty McNally, Eala had to again dig deep into her arsenal of tricks to capture a lungtearing 6-3, 5-7, 6-4 victory over an opponent that had ousted reigning Wimbledon champion

Linda Noskova just the day before. You complete back-to-back wins in as many days—both three-setters at that—what does that tell you? Add the previous five energy-sapping wins before that and what have we got here? A WMD—Weapon of Mass Destruction? Oh, yes, wait a minute. What about Eala’s doubles date with Venus Williams? A disaster as they bowed in the first round— after Eala’s hard-earned win over Parks. That loss added up to Alex’s fatigue factor. In the end, though, I’ll give it to Bencic, albeit grudgingly. Bencic is a 10-time champion to Eala’s solitary title. A mother of one from Flawil, Switzerland, Bencic knew she had a virtual weakling at her disposal in Eala—Alex was obviously there for

the taking, like a game fowl. The cruel thing in sports is, you are like a soldier. You kill everything that moves. No quarters given. But Eala knows, too, that a loss is but a temporary setback. And, in fact, her defeat to Bencic will afford her the luxury of grabbing more rest in preparation for the Cincinnati Open set Aug. 14-23 in Ohio, USA. Then, after that, it’d be the real deal: the US Open from Aug. 30 to Sept. 13, the season’s fourth and last Grand Slam set in Flushing Meadows, New York. Not to worry, Alex. The Filipino got your back. THAT’S IT Birthday greetings to Col. Serge Austria (ret.) on August 11 from his JALOTS wine mates: Jake P. Ayson, mistah Admiral Louie Fernandez (ret.), Los Angeles-based Tony Sisante and yours truly. Isang manipis!

Editor: Jennifer A. Ng

Companies BusinessMirror

‘CREDIBLE R.E.C. MARKET WILL MAKE PHL MORE COMPETITIVE’

HE Philippines should ensure that its renewable energy (RE) certificate (REC) market is credible and well-regulated given its potential to become a source of capital for RE projects, according to an Asean-based management consulting firm. Arthur D. Little Southeast Asia Principal Anna Rellama told the BusinessMirror in an email interview that a viable REC market could provide RE developers with an additional revenue stream while giving companies a verifiable way to demonstrate that the electricity they consume comes from renewable sources. Rellama said it will also enhance the Philippines’s ability to compete for investments in data centers, semiconductor manufacturers and other sustainability-conscious industries. “When a data center operator, a semiconductor manufacturer or a regional headquarters chooses where to build, they run through a familiar list--cost of power, reliability of supply, land,

talent, permits,” she said. “Over the last few years, a new question has joined that list: if we operate here, can we credibly report this electricity as renewable, in the language our head office, our auditors and our own customers understand?” Rellama said the opportunity is “significant” because RECs effectively create a second revenue-generating product from RE. One REC represents the environmental attribute of one megawatt-hour of renewable electricity. The certificate can be separated from the physical power and sold to a company seeking to substantiate its renewable-energy consumption. For RE developers, she said this means that a single megawatt-hour can generate revenue from both the electricity itself and its renewable attribute. Rellama said the additional income could prove particularly valuable for projects that are technically viable but require incremental revenues to reach financial close. Rizal Raoul Reyes

Wednesday, August 12, 2026

Strong Q2 results fail to lift Jollibee profit in Jan-June

By VG Cabuag

@villygc

OLLIBEE Foods Corp. (JFC) on Tuesday said its net income fell 17 percent to P4.92 billion in the first semester from the previous year’s P5.91 billion despite its solid performance in April to June. Systemwide sales for the period rose 12 percent to P244.67 billion from the previous year’s P217.73 billion. For the second quarter alone, the company posted an income growth of 3 percent to P3.52 billion from the previous year’s P3.41 billion. Systemwide sales jumped by 14 percent to P130.8 billion from the previous year’s P114.54 billion. “Our second-quarter results demonstrate the continued strength of

the Jollibee Group’s global brand portfolio and the resilience of consumer demand across our key markets. We delivered healthy systemwide sales growth across all regions, supported by strong contributions from both our Philippine and international businesses, continued same-store sales growth, and ongoing expansion of our global store network,” Ernesto Tanmantiong, the company’s CEO, said. The company said its second-

quarter figures indicate that it has been able to adjust to the cost pressures in January to March. Reported profitability for the quarter was affected by the P239million in transition-related costs, covering store closure and lease termination costs associated with the ongoing turnaround of Yonghe King and Smashburger toward predominantly franchised business models, it said. “The second quarter represents an important step forward in our earnings momentum. Pricing actions implemented beginning in April, together with productivity, sourcing and cost discipline initiatives, contributed to the recovery in gross profit margins and supported stronger operating income and NIAT [net income after tax] margins,” Richard Shin, the company’s chief financial and risk officer, said. Jollibee maintained its guidance for a systemwide sales growth of 8 percent to 12 percent and store net-

work growth of 5 percent to 10 percent for the entire year, supported by continued demand across key markets and disciplined execution across its global brand portfolio. Full-year same-store sales growth guidance is being revised to 3 percent to 4 percent, while the gross new store opening target is being updated to 1,000 to 1,100 stores. Despite the lower gross opening target, Jollibee said it expects overall store network growth to remain in line with its previous guidance, reflecting ongoing portfolio optimization and the timing of store openings and closures. Capital expenditures are now expected to be in the range of P13 billion to P15 billion. Operating income growth guidance is revised to 10 percent to 15 percent, reflecting the updated same-store sales assumptions, the revised expansion assumptions, continued transitionrelated costs for China and Smashburger, and the still-dynamic cost environment.

Wilcon posts higher H1 income

ILCON Depot Inc. on Tuesday said its net income grew 3 percent to P1.2 billion in January to June from last year’s P1.16 billion due to higher foot traffic and sales. Lorraine Belo-Cincochan, the company’s president and CEO, said its second-quarter results showed solid demand, with total sales up 12 percent and same-store sales rising 8 percent. “Every region delivered positive same-store sales growth. The mix shifted toward lower-margin non-exclusive products, which brought down our blended gross profit margin,” Cincochan said. “We are encouraged by the gains in customer

count and sales volume. These show we are reaching more customers and give us room to improve the product mix and manage costs in the second half.” Wilcon opened five new stores in the first half and is targeting to open three more stores for the rest of the year. “We have so far spent P1.2 billion in capex [capital expenditures] with the bulk spent on construction of new stores and warehouses,” Cincohan said. Net sales in the first rose by 11 percent to P18.97 billion from the previous year’s P17.11 billion, as all regions, including project sales, recorded positive comparable sales growth. VG Cabuag

Pag-IBIG Fund net income up 24% to P41.35 billion in first half of 2026

SALE OF BATTERY VENTURE

General Motors Co. will sell its half of a planned $3.5 billion electric-vehicle battery joint venture in Indiana to partner Samsung SDI Co. in a further retreat from electric cars. Samsung SDI will buy GM’s 49.99 percent stake in the venture and operate it as a wholly owned entity, the South Korean battery maker said in a statement Tuesday, confirming an earlier Bloomberg News report. The 680-acre property in New Carlisle, Indiana, will be Samsung SDI’s first standalone manufacturing hub in North America, and will also produce energy storage cells to cater to surging demand, it said. Photo shows the exterior of General Motors global headquarters at Hudsons Detroit in Detroit, Michigan, US, on Monday, January 12, 2026. PHOTOGRAPHER: JEFF KOWALSKY/BLOOMBERG

Voltai details expansion strategy By Lenie Lectura @llectura

B OI T I Z Power Cor p.backed mobility startup Voltai plans to expand its motorcycle battery-swapping network to approximately 1,000 stations over the medium-term, starting 2027. Following the launch of 15 stations at Cleanfuel sites, the company is prioritizing the saturation of the National Capital Region (NCR) market before expanding north and south. Currently, Voltai already has the largest 2W electric vehicle (EV) swap network in the Philippines. “Our current network density is already sufficient to cover our targets for the next year or so. We’ll prob-

ably see more network expansion by next year,” said Voltai co-founder and chief product officer Nico Policarpio. “Our current priority is first to saturate Metro Manila and then go up to the north and south of it.” The company has successfully tested its EV ecosystem through pilot runs with providers like JRS Express and Xpress, leading to ongoing commercial agreements. “Most of our initial pilot partners are continuing into commercial agreements with us, and that’s a great boost of confidence and a testimonial that the ecosystem, the product, and the technology works and can do so on a greater scale,” Policarpio said. The Voltai ecosystem offers twowheel EVs, battery-swapping stations, fleet software, rider apps, and

full after-sales support. This is all on a lease basis for a fixed fee, removing upfront vehicles spare parts, and repair costs. Fleet operators have achieved 20 percent to 60 percent in operational savings during pilots. Maximizing its two battery capacities, a two-watt Voltai motorcycle can travel up to 140 kilometers, with a maximum speed of around 80 kilometers per hour and a carrying capacity of 200 kilograms. “At any given time, the platform shows where the motorcycles are in real time, the trips they’ve been on, how far they’ve gone, where they went, and how much tailpipe emissions were avoided,” added Policarpio. Plans are also underway to expand in Cebu and Davao.

Voltai is under 1882 Ventures, the startup and innovation arm of AboitizPower. The Aboitiz energy unit recently reported that its net income rose by 45 percent year-on-year to P18.4 billion in the first half, driven by higher generation margins and capacity expansion. While earnings before interest, taxes, depreciation, and amortization (EBITDA) for generation and retail supply rose 29 percent, distribution business EBITDA declined 3 percent due to higher expansion expenses. AboitizPower said overall financial performance was buoyed by increased energy sales and contributions from new solar and hydro assets.

AG-IBIG Fund posted record first-half net income of ₱41.35 billion in 2026, up 24% from the same period last year. The increase was supported by sustained earnings from its housing and shortterm loan portfolios, higher investment income and disciplined cost management. The performance came even as Pag-IBIG Fund lowered housing loan rates and increased its maximum housing loan amount to P10 million. It reflects the agency’s sustained financial strength and capacity to make home financing more affordable under President Ferdinand R. Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino (Expanded 4PH) Program. Department of Human Settlements and Urban Development Secretary Jose Ramon P. Aliling, who also chairs the Pag-IBIG Fund Board of Trustees, said the agency’s strong financial position allows it to advance the government’s housing objectives while prudently managing and growing the savings of Filipino workers. “President Ferdinand R. Marcos Jr. has directed us to make homeownership more affordable and accessible to more Filipino families through Expanded 4PH. As the program gains momentum, with more housing projects taking shape and more families gaining opportunities to own homes, Pag-IBIG Fund plays a crucial role by providing affordable financing that sustains this progress. Our financial strength enables us to open more doors to homeownership and help Filipino workers fulfill their dream of having a home of their own, while prudently managing and growing the savings entrusted to us,” Aliling said. Pag-IBIG Fund also ended the first half with a stronger financial position, with total assets reaching

P1.32 trillion as of June 30, 2026. This was more than 6%, or P81.95 billion, higher than the P1.23 trillion recorded at the end of 2025. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said gross income rose 19%, or P8.58 billion, to P52.98 billion from P44.39 billion a year earlier. Investment income, derived mainly from bonds, preferred shares and time deposits, increased 47%, or P2.18 billion, to P6.85 billion and accounted for nearly 13% of gross income. She said the stronger earnings ultimately benefit PagIBIG members because a substantial portion of the agency’s annual net income is returned to them as dividends credited to their savings. “We fully recognize the trust our members place in Pag-IBIG Fund to safeguard their hard-earned savings and help their money grow. This trust is reflected in the fact that, in recent years, voluntary savings from our members have accounted for more than half of our total savings collections. That is why we continue to manage every peso with utmost prudence and seek the highest possible returns, while providing affordable home financing under Expanded 4PH. Through these efforts, we help realize President Ferdinand R. Marcos Jr.’s vision of enabling more Filipino families to enjoy better, more dignified lives through homeownership and greater financial security,” Acosta said. Earlier this month, Pag-IBIG Fund reported that the Commission on Audit issued an unmodified opinion on its 2025 financial statements, marking the 14th consecutive year it received the highest audit opinion. The opinion means the statements fairly present the agency’s financial position and operating results in accordance with applicable financial reporting standards.

Companies BusinessMirror

Wednesday, August 12, 2026

ACEN profit soars as clean energy generation expands

By Lenie Lectura

@llectura

CEN Corp., the listed energy platform of the Ayala Group, said its net income surged by 411 percent year-on-year to P3.9 billion in the first half, driven by a 21-percent rise in renewable energy (RE) generation to 4,024 gigawatt hours (GWh).

The company’s attributable renewables portfolio expanded to 7,517 megawatts (MW), with 57 percent of the portfolio now operational, alongside a 40-percent increase in its earnings before interest, taxes, depreciation, and amortization (EBITDA) to P14.7 billion. “ACEN’s performance in the first half of 2026 underscores our recovery from the challenges of the previous year while reflecting the company’s transition into a phase of measured growth. Amid a continually uncertain environment, our priorities remain clear—protecting our balance sheet,

growing our contracted energy sales, and expanding our energy storage asset base,” said ACEN President Eric Francia. In the Philippines, the company’s RE portfolio generated 1,091 GWh, representing a 17-percent increase year-on-year, due to the improved availability of its Pagudpud and Capa 2 wind assets in Ilocos Norte. Revenues jumped by 41 percent year-on-year to P23.6 billion while its attributable EBITDA climbed by 48 percent to P6.6 billion. Results were bolstered by higher contracted energy sales, driven by the sustained expansion of the retail electricity

P&A Grant Thornton, Peza ink deal

CCOUNTING firm P&A Grant Thornton (Punongbayan and Araullo) said it signed a memorandum of understanding (MOU) with the Philippine Economic Zone Authority (Peza) to strengthen knowledgesharing initiatives and capability-building programs for Peza employees, registered business enterprises and members of the ecozone industry. The partnership will focus on P&A Grant Thornton’s role as a knowledge partner of Peza, through the Peza Academy, on matters relating to accounting, audit, taxation, compliance, advisory and other business-relevant topics. Backed by the accounting firm’s experience in helping businesses address regulatory and operational challenges, the collaboration aims to support Peza’s development programs and equip them with practical insights to strengthen standards compliance, business resilience and sustainable growth. The agreement was signed by Romualdo V. Murcia III, chairman and managing partner of

P&A Grant Thornton and Tereso O. Panga, Director General of Peza. “By sharing our experience and expertise, we hope to contribute to Peza’s continuous efforts to empower its registered enterprises, enhance their competitiveness, and create lasting value for the broader business community,” Murcia said. “Beyond enhancing individual capabilities, this partnership contributes to PEZA’s broader mission of fostering a competitive and investment-friendly business environment. A well-equipped workforce and well-informed enterprises translate into better services, stronger governance, and greater confidence among investors—qualities that reinforce the Philippines’ position as a preferred investment destination,” Panga said. The accounting firm said it will deliver learning initiatives that translate technical knowledge into practical guidance for employees, supporting the shared goal of building more informed, prepared and resilient enterprises. VG Cabuag

supply business (ACEN RES)—which grew its portfolio to 587 MW, an increase of nearly 22 percent from end-2025—and the full effectivity of the company’s 160-MW Meralco mid-merit contract. In Australia, attributable revenues and EBITDA soared by 59 percent and 35 percent, to P2.2 billion and P1.2 billion, respectively. These were driven by the full operational contributions from Stubbo Solar and reduced grid curtailment at New England Solar (NES) 1. Work continued to progress on the 200 MW/400 MWh New England Solar Battery Energy Storage System (NE BESS), which is set for full operationalization by the end of the year, while the 102-MWdc Jinbi Solar Phase 1 also broke ground during the period and is expected to be completed in late 2028. ACEN Australia delivered 862 GWh during the period. In India, attributable output remained stable at 476 GWh, reflecting contributions from the commissioning of the 153 MW Maharashtra hybrid project. Amid stable generation, attributable EBITDA rose 31 percent to P764.4 million on the back of lower operating costs.

MUTUAL FUNDS

Other projects under construction are the 350 MW Tejorupa Solar, 120 MW Bijapur Wind, 389 MW Sheo 1 Hybrid, and 399 MW Sheo 2 Hybrid projects. ACEN’s Mekong operations delivered 996 GWh of attributable output, brought about by the first full half-year contribution of Monsoon Wind in Lao PDR and improved solar resource conditions. This translated to a 35 percent increase in attributable EBITDA to P4.2 billion. Attributable output from the rest of ACEN’s international markets reached 196 GWh in the first half. In Indonesia, generation from the Salak and Darajat Geothermal plant grew 6 percent year-on-year, while the 40 MW Salak Unit 7 expansion reached 67 percent completion and is expected to be operational in 2027. “The growing global emphasis on indigenous renewable energy presents significant opportunities for ACEN. We intend to benefit from this growth while maintaining a prudent, financially disciplined path forward, including continued focus on cost management across all our businesses,” said Jonathan Back, ACEN chief financial officer and chief strategy officer.

August 11, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A216.94 -2.25% 1.33% 0.31% -2.44% 1.33% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2382 6.26% 15.33% 9.34% 4.59% 3.55% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.8822 -3.48% -0.27% -0.47% -4.28%1.09% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7747 1.63% 4.47% 0.97% N.A5.52% FIRST METRO CONSUMER FUND, INC. -A 0.5136 -15.04% -7.33% -6.89% N.A -7.64% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.3975 -6.02% -1.82% -1.47% -2.41% 0.56% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6681 -1.17% -1.1% -1.12% N.A3.97% MBG EQUITY INVESTMENT FUND, INC. -A 74.08 -9.91% -3.9% -5.29% N.A -17.19% PAMI EQUIT Y INDEX FUND, INC. -A 43.68 1.1% 0.64% 0.06% -2.06% 5.61% PHILAM STRATEGIC GROWTH FUND, INC. -A 455.59 -2.44% 0.98% -0.16% -2.33% 1.35% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6236 7.74% 11.47% 7.56% 1.93% 3.99% PHILEQUITY FUND, INC. -A36.8668 3.48% 3.06% 2.21% -0.41% 7.08% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.994 9.16% 5.17% 3.18% N.A 11.97% PHILEQUITY PSE INDEX FUND, INC. -A 4.7252 2.03% 1.72% 1.13% -1.15% 5.72% PHILIPPINE STOCK INDEX FUND CORP. -A 777.41 1.61% 1.33% 0.78% -1.38% 5.78% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7144 1.02% 1.64% 0.81% -2.83% 1.75% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 3.2282 -6.83% -1.25% -1.32% -2.92%0.58% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.8716 1.4% 0.92% 0.42% -1.63%5.78% UNITED FUND, INC. -A3.4858-0.61% 4.16% 2.22% -0.32% 6.03% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 1.0919 1.61% 1.37% N.A N.A 5.71% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0765 -0.42% N.A N.A N.A 3.16% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9363 -3.44% -3.02% -2.65% N.A -0.85% PHILIPPINE STOCK INDEX FUND CORP. -A 938.02 1.6% 1.12% N.A N.A 5.82% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C 106.0718 1.84% 1.59% 1.11% -0.95%6.06% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.2377 31.43% 13.13% 0.59% 3.33% 20.81% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.4726 19.4% 16% 6.2% 8.99% 11.16% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) N.A N.A N.A N.A N.A PHILEQUIT Y GLOBAL FUND, INC. -A,2 1.0807 BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2056 2.6% 0.91% 0.35% -0.94% 3.05% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7134 7.22% 5.26% 0.64% -0.84%4.71% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5203 -0.39% 0.27% -0.21% -0.71%2.37% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2321 0.43% 6.31% 4.53% N.A0.09% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.024 2.41% 1.06% 1.08% 0.32% 1.07% PAMI HORIZON FUND, INC. -A3.8054 1.58% 3% 1.01% -0.34% 0.41% PHILAM FUND, INC. -A16.0832 -1.25% 1.73% -0.15% -0.9% 0.46% SOLIDARITAS FUND, INC. -A2.1393 0.58% 2.15% 1.16% -0.05% 1.86% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.4528 -2.34% 0.93% -0.1% -1.3%0.86% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.9069 -3.1% 0.81% 1.02% -0.98% -0.42% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.7 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9819 0.67% 1.95% 0.3% N.A 0.32% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8469 -1.97% 0.38% -0.74% N.A 0.61% -2.51% SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.8161 -0.15% -1.11% N.A 0.6% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03354 2.04% 0.95% -2.56% -0.72% -2.22% PAMI ASIA BALANCED FUND, INC. -B $1.1672 -0.43% 8.78% 1.15% 2.21% -3.54% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.7089 12.54% 11.62% 3.55% 5.88%6.94% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2102 5.34% 6.51% 0.36% 2.38%2.26% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 423.95 2.7% 3.26% 2.57% 2.51% 0.94% ATRAM CORPORATE BOND FUND, INC. -A 1.9836 2.27% 1.2% 0.58% 0.41% 1.28% COCOLIFE FIXED INCOME FUND, INC. -A 3.602 1.82% 3.06% 2.17% 3.22% 0.06% EKKLESIA MUTUAL FUND, INC. -A 2.4386 0.88% 3.12% 1.45% 1.33% -0.57% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5075 -1.17% 1.37% 0.5% 1.1% -2.39% PHILAM BOND FUND, INC. -A4.5132 -0.45% 2.73% 0.02% 0.58% -2.1% PHILAM MANAGED INCOME FUND, INC. -A 1.5396 3.11% 4.55% 3.15% 2.92% 1.29% PHILEQUITY PESO BOND FUND, INC. -A 4.3174 1.6% 3.07% 1.62% 1.71% 0.1% SOLDIVO BOND FUND, INC. -A1.1298 2.71% 2.89% 1.66% 1.6% 0.83% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.452 -1.66% 2.37% 1.38% 1.75% -2.5% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8317 -1.46% 2.02% 0.87% 1.16% -2.8% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0053 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.66 2.13% 2.84% 1.8% 1.94% 0.68% ALFM EURO BOND FUND, INC. -A Є223.2 0.42% 1.8% 0.26% 0.55% -0.26% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0558 -1.7% -0.07% -2.56% -0.62% -1.79% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0259 -0.77% 2.01% -0.15% 0.27%-2.26% PAMI GLOBAL BOND FUND, INC. -B $1.0465 -1.65% 7.43% 0.02% -0.59% -1.27% PHILAM DOLLAR BOND FUND, INC. -A $2.4311 0.26% 2.76% -0.69% 0.52% -1.97% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0636454 -0.15% 1.68% 0.18% 1.13% -1.25% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8694 -0.13% 1.54% -2.08% -0.74%-2.16% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1847 2.76% N.A N.A N.A 1.57% ALFM MONEY MARKET FUND, INC. -A 152.36 4.23% 4.08% 3.15% 2.84% 2.34% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2215 3.46% 3.77% 2.99% N.A1.99% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5126 3.7% 3.58% 2.96% 2.75% 2.1% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.73 4.2% 4.31% N.A N.A 2.44% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1934 2.56% 3.3% 2.43% N.A 1.45% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.449 6.6% 3.21% N.A N.A 2.9% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.811 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5209 30.55% 21.43% 13.54% N.A16.17% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1802 11.42% N.A N.A N.A 5.78% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS)

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PSE STOCK QUOTATIONS

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

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

49 124.3 10.28 102.5 53.85 11.18 66.95 6.92 14.78 62.05 52.3 23.05 68 25.5 0.49 1.32 11.8 0.55 4.3 0.96 204 4,850 0.8

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49.2 125 10.48 103 53.95 11.2 67.05 7 14.8 62.45 52.5 23.25 68.2 25.65 0.53 1.34 11.86 0.57 4.6 0.97 204.2 4,876 0.82

49.1 122.9 10.48 100.2 54.05 11.34 66.35 7 14.8 62 52.8 23.25 68.2 25.85 0.51 1.31 11.58 0.55 4.29 0.96 205 4,850 0.81

49.1 125.1 10.5 103.5 54.2 11.34 67.5 7 16 62.5 52.8 23.25 68.35 25.85 0.54 1.34 12.42 0.56 4.6 0.96 205 4,850 0.81

48.9 122.1 10.48 99.95 53.7 11.14 66.2 7 14.8 61.6 52.2 23.25 67.5 25.4 0.48 1.31 11.3 0.55 4.12 0.96 204.2 4,850 0.81

49 125 10.48 103 53.95 11.18 66.95 7 14.8 62.45 52.5 23.25 68.2 25.5 0.53 1.34 11.8 0.55 4.6 0.96 204.2 4,850 0.81

22,800 1,035,180 40,100 730,320 153,950 601,700 1,208,350 1,000 3,100 68,460 550 500 52,290 75,000 43,000 20,000 6,532,600 70,000 58,000 22,000 2,410 115 20,000

1,117,605 128,477,954 421,004 74,462,863 8,296,165 6,769,624 80,877,548 7,000 46,240 4,256,181 28,839 11,625 3,560,757 1,913,705 22,000 26,260 77,814,298 38,600 253,110 21,120 492,554 557,750 16,200

240,470 42,909,773 20,063,814 195,416 3,205,074 21,522,071 6,300 537,053 -10,983 -594,912 -476,605 -1,590 1,301,458 4,800 141,282 557,750 -

INDUSTRIAL ACEN CORP 2.99 3 3.05 3.05 2.94 2.99 22,133,000 65,863,500 -8,306,370 0.73 0.75 0.76 0.78 0.72 0.75 2,096,000 1,552,050 -213,910 ALSONS CONS 0.76 0.76 0.76 0.78 331,000 253,410 -13,110 ALTERNERGY HLDG 0.78 0.78 44.2 44.35 43.3 44.45 43.15 44.35 1,976,700 87,288,145 8,704,335 ABOITIZ POWER 0.99 1.01 1.02 0.97 0.99 915,000 912,010 -62,560 RASLAG 1.02 0.114 0.116 0.117 0.117 0.114 0.114 7,190,000 825,500 BASIC ENERGY 4.4 4.46 4.47 4.47 4.4 4.46 35,000 156,210 -8,860 CITICORE RE 21.3 21.4 19.72 21.6 19.7 21.3 5,518,700 115,977,777 4,033,616 FIRST GEN 90.45 90.5 91.5 91.5 90.1 90.45 183,230 16,557,680 1,130,280 FIRST PHIL HLDG 483.4 486 492.2 496 483.4 483.4 506,930 2,715,268 MERALCO 246,724,680 34.7 34.95 34.6 35 34.3 34.7 1,031,100 35,803,665 13,771,735 MANILA WATER 18.12 18.14 18.32 18.38 18.06 18.14 3,641,000 66,256,488 8,568,538 MAYNILAD 2.3 2.31 2.36 2.36 2.3 2.31 1,214,000 2,803,820 -1,330,070 PETRON 3.52 3.55 3.55 3.5 3.55 52,000 184,400 3,550 PETROENERGY 3.58 14.82 14.7 14.7 14.82 27,600 410,842 PRYCE CORP 15 15 9.05 9.41 9.41 9.5 300 2,832 REPOWER ENERGY 9.5 9.5 18.04 18.12 19.36 19.38 17.7 18.04 8,072,400 147,521,634 -11,591,004 SEMIRARA MINING 27.7 27.8 27.75 27.9 27.25 27.8 776,900 21,493,760 1,812,595 SYNERGY GRID 9 9.01 9.03 9.03 8.78 9 367,800 3,297,256 1,347,930 SHELL PILIPINAS 9.93 9.95 9.99 9.99 9.87 9.93 1,020,700 10,135,475 3,093,418 SPC POWER 1.27 1.29 1.3 1.32 1.25 1.29 22,358,000 28,307,920 -3,610,570 SP NEW ENERGY 1.72 1.73 1.72 1.75 1.69 1.73 2,674,000 4,560,790 -1,223,570 TOP LINE 19.18 20.75 20.75 20.75 2,000 41,500 VIVANT 20.75 20.75 2.85 2.87 2.86 2.84 2.87 302,000 860,940 -5,560 AXELUM 2.88 9.6 9.95 9.94 9.94 9.94 9.94 200 1,988 CNTRL AZUCARERA 32.8 32.9 33 33.3 32.65 32.9 705,700 23,199,565 3,077,515 CENTURY FOOD 3.77 3.9 3.78 3.8 3.77 3.77 19,000 71,820 15,120 DEL MONTE 3.55 3.56 3.56 3.59 3.52 3.55 3,366,000 11,930,960 -1,623,640 DNL INDUS 15.54 15.56 15.64 15.48 15.56 2,511,000 38,993,986 -3,092,712 EMPERADOR 15.64 48.45 48.5 48.7 48.7 48.45 48.5 134,400 6,520,495 -6,102,790 SMC FOODANDBEV 0.65 0.67 0.62 0.69 0.6 0.65 41,578,000 25,797,790 -94,140 FIGARO GROUP 0.295 0.29 0.29 0.31 40,000 11,950 -8,850 ALLIANCE SELECT 0.31 0.31 0.68 0.7 0.68 0.69 4,000 2,750 FRUITAS HLDG 0.7 0.7 249.8 250 250.2 250.2 249 250 17,970 4,494,156 -3,506,598 GINEBRA JOLLIBEE 156 156 155.9 148.5 147 156 1,724,660 263,533,745 93,778,839 KEEPERS HLDG 1.86 1.87 1.88 1.89 1.86 1.87 2,730,000 5,118,040 -1,916,930 LIBERTY FLOUR 22.25 23.5 22.5 24 22.2 22.25 6,700 150,760 2.07 2.09 2.1 2.1 2.07 2.09 169,000 351,820 12,540 MAXS GROUP MG HLDG 0.07 0.075 0.07 0.07 0.07 0.07 10,000 700 7.15 7.16 7.13 7.29 7.13 7.16 1,147,100 8,236,585 -501,311 MONDE NISSIN SHAKEYS PIZZA 5.99 5.99 5.98 5.97 5.97 5.98 7,200 43,039 2,396 ROXAS AND CO 2.14 2.26 2.28 2.28 2.15 2.26 424,000 931,430 -15,870 RFM CORP 5.32 5.32 5.31 5.31 5.31 5.32 751,400 3,994,364 -927,873 SWIFT FOODS 0.048 0.05 0.048 0.049 0.048 0.048 700,000 34,000 -9,800 UNIV ROBINA 61.35 61.5 61.25 61.6 61 61.35 418,330 25,648,560 -3,677,865 VITARICH 0.5 0.5 0.495 0.5 0.495 0.5 583,000 288,605 1.95 1.94 2 1.95 1.95 1.95 15,000 29,250 -3,900 VICTORIAS CONCRETE A 51.6 57.7 57.9 57.9 51.2 51.35 350 19,740 1.08 1.08 1.07 1.08 1.05 1.07 2,798,000 2,985,500 69,480 CONCREAT HLDG EEI CORP 1.93 1.95 1.99 1.99 1.94 1.95 185,000 361,540 -190,300 MEGAWIDE 4.54 4.53 4.5 4.7 4.46 4.53 2,323,000 10,689,970 -646,510 PHINMA 14.9 14.9 15 14.9 14.9 14.9 5,000 74,500 1.94 1.94 1.92 1.92 1.87 1.94 935,000 1,774,250 -194,590 CROWN ASIA EUROMED 1.04 1.04 1.08 1.04 1.04 1.04 4,000 4,160 4.91 5.06 5.05 5.05 5 5 12,500 62,575 50,000 MABUHAY VINYL CONCEPCION 11.28 11.28 11.12 11.28 11.28 11.28 300 3,384 0.166 0.153 0.158 0.139 0.139 0.158 5,010,000 787,990 -134,930 GREENERGY INTEGRATED MICR 7.36 7.39 7.11 7.6 7.11 7.39 3,922,000 29,023,226 2,977,515 IONICS 1.54 1.52 1.53 1.48 1.47 1.53 2,259,000 3,430,730 149,670 PANASONIC 7.73 7.39 7.6 7.73 7.38 7.69 3,100 23,489 1.17 1.18 1.11 1.19 1.08 1.17 9,465,000 10,955,770 2,728,400 CIRTEK HLDG STENIEL 2.09 2.09 2 2.09 2 2 51,000 103,080

HOLDING & FRIMS

ABACORE CAPITAL 0.325 0.33 0.33 0.335 0.32 0.33 7,910,000 2,560,100 262,200 53.7 54 53.2 54.9 53 54 539,190 29,107,118 20,296,601 ASIABEST GROUP 505 499.6 497.8 505 84,640 42,675,998 20,017,536 AYALA CORP 507 507 36 36.3 36.2 36.8 35.85 36 948,200 34,393,590 -13,493,240 ABOITIZ EQUITY 9 9.02 9 9.05 8.95 9 1,501,800 13,524,708 -2,708,126 ALLIANCE GLOBAL 16.9 16.94 16.9 16.9 90,700 1,541,810 -1,465,400 ANSCOR 17 17 1.27 1.29 1.36 1.38 1.26 1.27 6,540,000 8,472,290 -1,938,090 ANGLO PHIL HLDG 8.08 8.06 8 8.08 349,600 2,816,639 1,840,310 COSCO CAPITAL 8.1 8.1 7.57 7.62 7.45 7.73 7.45 7.57 9,178,500 69,816,750 15,376,400 DMCI HLDG 3.4 3.46 3.45 3.46 3.34 3.36 4,506,000 15,131,170 13,840 FILINVEST DEV 495 506 498 509 492 495 213,140 106,529,289 21,932,961 GT CAPITAL 5 5.16 5.17 5.17 4.95 5 20,000 100,290 HOUSE OF INV 22.45 22.6 22.65 22.7 22.3 22.45 226,700 5,110,645 969,870 JG SUMMIT 0.33 0.345 0.335 0.345 170,000 57,750 6,900 LODESTAR 0.345 0.345 6.07 6.08 6.1 6.1 5.99 6.07 4,911,100 29,516,321 411,354 LOPEZ HLDG 14.68 14.7 14.66 14.8 14.66 14.7 1,202,100 17,672,554 3,327,958 LT GROUP 0.086 0.097 0.086 0.086 0.086 0.086 10,000 860 MABUHAY HLDG 0.8 0.83 0.82 0.82 0.82 0.82 1,000 820 PRIME MEDIA 3.01 3.12 3.11 3.11 3.1 3.1 12,000 37,210 REPUBLIC GLASS 1.19 1.2 1.16 1.21 1.16 1.2 21,000 24,850 SOLID GROUP 602 603 598 607.5 592.5 602 614,700 370,160,495 -42,893,870 SM INVESTMENTS 63.8 63.9 63.8 64.15 63.75 63.8 230,020 14,683,713 -418,371 SAN MIGUEL CORP 54 54.95 54 54 54 54 5,050 272,700 TOP FRONTIER 0.065 0.063 0.063 0.069 550,000 35,630 ZEUS HLDG 0.069 0.069 PROPERTY ARTHALAND CORP 0.425 0.445 0.425 0.425 0.425 0.425 30,000 12,750 16.1 16.2 15.9 16.36 15.78 16.1 10,582,800 170,836,918 66,637,980 AYALA LAND 1.19 1.21 1.21 1.23 1.18 1.21 382,000 458,900 -25,270 AYALA LAND LOG 10.62 10.6 10.6 11.2 4,300 47,102 ALTUS PROP 11.2 11.2 0.27 0.28 0.27 0.27 0.27 0.27 20,000 5,400 ARANETA PROP 38.3 38.4 37.7 38.6 37.7 38.3 1,036,700 39,547,225 -11,519,940 AREIT RT 0.69 0.74 0.74 0.75 0.69 0.74 95,000 66,810 38,500 A BROWN 0.6 0.61 0.61 0.61 42,000 25,620 CITYLAND DEVT 0.61 0.61 2.17 2.19 2.19 2.2 2.17 2.18 60,000 130,450 6,490 CEB LANDMASTERS 0.76 0.77 0.74 0.78 0.73 0.77 11,967,000 9,026,050 -1,436,560 CENTURY PROP 3.37 3.38 3.39 3.4 3.3 3.38 1,834,000 6,133,660 253,730 CITICORE RT 11.9 12.06 12.1 11.88 12.06 255,900 3,065,686 -28,842 DOUBLEDRAGON 12.06 1.03 1.03 1.03 1.04 2,670,000 2,757,310 4,120 DDMP RT 1.04 1.04 4.9 5.3 5.79 5.79 4.75 5 13,700 73,140 -3,103 DM WENCESLAO 0.027 0.028 0.028 0.029 2,200,000 61,800 -2,800 EVERWOODS 0.029 0.029 0.098 0.099 0.099 0.099 50,000 4,950 EMPIRE EAST 0.099 0.099 2.96 2.97 2.96 2.97 2.93 2.97 480,000 1,413,640 70,010 FILINVEST RT 0.7 0.7 0.69 0.7 275,000 190,790 -11,210 FILINVEST LAND 0.71 0.71 0.58 0.6 0.6 0.6 4,000 2,400 GLOBAL ESTATE 0.6 0.6 2.5 2.6 2.5 2.59 2.5 2.59 6,000 15,180 KEPPEL PROP 2.27 2.25 2.23 2.27 15,124,000 34,209,130 13,082,250 MEGAWORLD 2.28 2.28 0.69 0.7 0.68 0.7 18,185,000 12,615,110 791,400 MRC ALLIED 0.7 0.7 14.28 14.3 14.26 14.32 14.2 14.3 993,400 14,185,996 -1,977,496 MREIT RT 0.102 0.104 0.102 0.102 0.102 0.102 620,000 63,240 OMICO CORP 0.15 0.152 0.154 0.154 0.15 0.15 250,000 37,760 -1,540 PRMIERE HORIZON 1.06 1.06 1.06 1.06 58,000 61,700 1,060 PREMIERE RT 1.07 1.07 0.91 0.96 0.92 0.94 0.9 0.94 172,000 156,220 4,550 PRIMEX CORP 7.26 7.27 7.26 7.28 7.2 7.27 2,059,400 14,960,777 2,501,570 RL COMM RT 16.72 17.06 17 17.06 16.72 16.72 270,800 4,576,132 -738,264 ROBINSONS LAND 0.085 0.094 0.089 0.089 0.081 0.081 1,020,000 86,730 1,700 PHIL REALTY 2.92 2.95 2.92 3 2.9 2.95 813,000 2,395,620 328,840 ROCKWELL 3.24 3.25 3.24 3.27 170,000 551,430 -479,730 SHANG PROP 3.27 3.27 1.9 2.05 2.05 2.05 2.05 2.05 1,000 2,050 STA LUCIA LAND 19.08 19.1 18.48 19.18 18.28 19.1 17,564,700 334,374,216 21,425,206 SM PRIME HLDG SUNTRUST RESORT 0.41 0.41 0.405 0.41 0.4 0.41 330,000 133,150 -4,050 PTFC REDEV CORP 50 55 52.05 52.05 50 50 100 5,083 SERVICES ABS CBN 3.54 3.65 3.67 3.7 3.51 3.65 435,000 1,587,640 4.46 4.5 4.5 4.52 4.46 4.46 52,000 233,660 GMA NETWORK 5.11 5.5 5.12 5.12 5.11 5.11 400 2,045 MLA BRDCASTING 0.74 0.75 0.73 0.75 0.72 0.75 12,137,000 8,918,160 717,410 DITO CME HLDG 1,757 1,758 1,740 1,766 1,730 1,757 23,965 41,800,880 -6,185,175 GLOBE TELECOM 1,216 1,222 1,225 1,216 1,216 31,115 37,923,310 -15,904,080 PLDT 1,225 0.0062 0.0063 0.0062 0.0064 0.0061 0.0062 123,000,000 757,100 -30,500 APOLLO GLOBAL 10.9 11.04 11.08 10.8 10.92 3,698,200 40,456,274 -9,439,772 CONVERGE 10.92 0.64 0.65 0.65 0.66 0.64 0.65 685,000 444,870 -11,060 DFNN INC 2.3 2.61 2.31 2.31 2.31 1,000 2,310 EASYCALL 2.31 0.131 0.132 0.165 0.165 0.128 0.131 87,560,000 11,960,490 3,620 ISLAND INFO 0.495 0.51 0.5 0.51 0.485 0.51 224,000 112,560 -2,500 NOW CORP 0.115 0.117 0.117 0.117 30,000 3,510 TRANSPACIFIC BR 0.117 0.117 0.83 0.8 0.79 0.88 936,000 805,010 CHELSEA 0.88 0.88 28.65 28.7 28.95 28.95 28.65 28.65 463,700 13,330,365 -2,284,540 CEBU AIR 996 997.5 998 1,003 992 996 927,360 923,862,505 -20,937,810 INTL CONTAINER 6.53 7.14 6.53 6.53 6.53 6.53 200 1,306 LBC EXPRESS 0.65 0.65 0.65 0.7 8,000 5,540 LORENZO SHIPPNG 0.7 0.7 3.78 3.81 3.82 3.73 3.81 250,000 944,960 6,580 MACROASIA 3.83 0.61 0.84 0.86 0.86 0.85 0.85 33,000 28,130 METROALLIANCE B 2.09 2.1 2.14 2.14 2.07 2.1 445,000 934,620 -554,750 PAL HLDG 1.13 1.14 1.11 1.14 1.11 1.14 786,000 891,980 46,670 HARBOR STAR 1.21 1.39 1.21 1.21 1.21 1.21 34,000 41,140 ACESITE HOTEL 0.029 0.03 0.029 0.031 15,000,000 449,100 9,000 BOULEVARD HLDG 0.031 0.031 0.38 0.395 0.37 0.395 0.37 0.395 4,410,000 1,632,450 WATERFRONT 14.68 14.74 14.5 14.74 2,700 39,430 CENTRO ESCOLAR 14.74 14.74 800 805 800 800 799 800 970 775,750 FAR EASTERN U 6.95 7.2 7.2 6.95 6.95 300 2,110 IPEOPLE 7.15 1.21 1.2 1.2 1.22 1,714,000 2,081,140 839,200 STI HLDG 1.23 1.23 1.17 1.19 1.19 1.19 1.17 1.17 114,000 135,170 49,980 BELLE CORP 2.06 2.03 2.02 2.06 2,814,000 5,783,130 -75,970 BLOOMBERRY 2.07 2.07 1.7 1.84 1.79 1.79 1.68 1.7 239,000 411,890 15,360 PACIFIC ONLINE 10.14 10.18 10.66 10.06 10.14 8,695,600 90,349,768 6,806,180 DIGIPLUS 10.66 13.72 13.8 13.5 13.4 13.8 3,945,300 53,857,298 2,191,454 PHILWEB 13.82 METRO RETAIL 1.04 1.05 1.05 1.07 1.03 1.04 220,000 227,920 2,110 PUREGOLD 40.95 41 40.65 41.3 40.2 40.95 1,657,200 67,972,160 -18,845,470 PHIL SEVEN CORP 32.8 33.5 34 34.5 32.9 33.5 296,600 10,040,525 -1,071,430 SSI GROUP 2.03 2.04 2.05 2.05 2.03 2.03 22,000 44,780 30,450 UPSON INTL CORP 0.68 0.69 0.7 0.7 0.68 0.7 169,000 115,580 31,280 WILCON DEPOT 5.96 6 5.95 6.07 5.9 5.96 890,000 5,312,396 961,983 MEDILINES 0.223 0.223 0.22 0.22 0.22 0.223 70,000 15,490 2.64 2.51 2.65 2.89 2.51 2.51 157,000 402,230 PAXYS 1.65 1.61 1.61 1.61 1.61 1.61 46,000 74,060 PHILCOMSAT MINING & OIL ATOK 1.77 1.94 1.94 1.84 1.87 12,000 22,600 1.85 15.06 15.16 14.86 15.36 14.82 15.06 6,435,200 97,373,382 -5,985,810 APEX MINING 16 16.02 15.5 16.2 15.5 16 4,491,700 71,837,532 -15,489,714 ATLAS MINING 6.6 6.76 6.76 6.76 45,300 306,228 BENGUET A 6.76 6.76 6.68 6.79 6.78 6.78 6.68 6.68 10,400 69,482 -48,106 BENGUET B 1.87 1.86 1.85 2 97,000 187,850 116,910 CENTURY PEAK 2 2 0.275 0.29 0.29 0.29 0.275 0.29 210,000 59,850 EC VULCAN 2.09 2.1 2.13 2.07 2.09 1,299,000 2,714,280 -1,010,000 FERRONICKEL 2.13 0.1 0.101 0.077 0.107 0.077 0.101 9,350,000 853,160 -1,760 GEOGRACE 0.242 0.243 0.235 0.26 0.23 0.242 132,140,000 32,494,340 LEPANTO A 0.24 0.247 0.232 0.25 0.232 0.24 23,790,000 5,769,130 -280,800 LEPANTO B 0.0074 0.0075 0.0076 0.0077 0.0075 0.0075 10,000,000 76,000 MANILA MINING A 0.0073 0.0074 0.0078 0.0078 0.0074 0.0074 2,000,000 15,200 MANILA MINING B 0.71 0.71 0.7 0.72 2,491,000 1,767,480 69,560 MARCVENTURES 0.72 0.73 0.365 0.38 0.355 0.355 0.365 880,000 325,550 -163,800 NIHAO 0.385 4.2 4.25 4.26 4.35 4.11 4.25 28,731,000 120,920,390 -9,464,190 NICKEL ASIA 35.85 35.9 35.5 35.9 35.45 35.9 903,400 32,320,760 3,751,555 OCEANAGOLD 0.465 0.48 0.475 0.48 110,000 52,550 -14,250 ORNTL PENINSULA 0.48 0.48 10.18 10.2 9.78 10.38 9.78 10.18 7,575,500 76,779,139 -16,287,069 PX MINING 0.007 0.0078 0.0075 0.0075 0.0075 0.0075 4,000,000 30,000 UNITED PARAGON 3 3 2.98 3.07 32,000 96,810 -15,190 ENEX ENERGY 3.07 3.07 0.013 0.014 0.013 0.014 0.013 0.013 42,900,000 558,200 ORNTL PETROL A 0.0079 0.008 0.0079 0.0079 0.0079 17,000,000 134,300 PHILODRILL 0.0079 2.67 2.7 2.62 2.73 2.57 2.67 441,000 1,187,530 -275,370 PXP ENERGY PREFFERED ACEN PREF A 1,000 1,010 1,010 1,010 1,010 1,010 15 15,150 1,025 1,063 1,058 1,063 1,058 1,063 1,225 1,301,775 ACEN PREF B 2,492 2,498 2,490 2,490 2,490 2,490 3,965 9,872,850 AC PREF AR 1,949 1,964 1,950 1,950 1,950 1,950 200 390,000 AC PREF B3R 1,960 1,969 1,950 1,969 1,950 1,960 3,310 6,480,830 AC PREF B4R 485 499.8 483 483 483 483 100 48,300 ALCO PREF F 100.8 103.8 100.7 100.9 100.5 100.8 2,950 297,316 BRN PREF B 103.9 104 101.7 104 101.7 104 50 5,176 BRN PREF C 1,000 1,010 1,000 1,000 1,000 1,000 50 50,000 CLI PREF A1 1,020 1,049 1,020 1,020 1,020 1,020 30 30,600 CLI PREF A2 98 99 99 99 99 99 40 3,960 CPG PREF B 93.2 93.35 93.35 93.35 93.2 93.35 29,790 2,780,017 DD PREF 1,981 2,000 1,980 1,981 1,980 1,980 50 99,020 GLO PREF ANV 2,000 2,010 2,000 2,010 2,000 2,010 30 60,050 GLO PREF BNV 982 999 999 999 982 982 1,810 1,792,890 GTCAP PREF B 983 998 983 990 982.5 990 1,550 1,527,075 -1,032,075 JFC PREF B 102.5 105 102.5 102.5 102.5 102.5 500 51,250 MWIDE PREF 6C 99 101.5 100 100 100 100 70 7,000 MWIDE PREF 7A 985 992.5 980 990 980 985 1,320 1,302,650 PCOR PREF 4C 990 1,000 997 1,000 997 1,000 1,000 999,970 PCOR PREF 4D 996 998 999 999 995 999 2,570 2,566,230 PCOR PREF 4E 77.65 79 79 79 79 79 50,100 3,957,900 SMC PREF 2L 77.55 78.95 78.95 78.95 77.5 77.5 118,460 9,186,867 -8,913,700 SMC PREF 2O 74.8 78.6 74.8 74.8 74.8 74.8 7,840 586,432 SMC PREF 2R 74 75 74 74 74 74 10 740 SMC PREF 2S 75 76.95 77 77 77 77 10 770 SMC PREF 2U 79.3 79.4 78.6 79.4 78.6 79.4 76,870 6,082,628 SMC PREF 2V 78.7 79.45 78.6 79.5 78.55 79.5 610 48,044 SMC PREF 2W 79.7 80.2 79.4 80.2 79.4 80.2 67,610 5,410,159 -1,073,878 SMC PREF 2X 6.88 7.4 6.88 6.88 6.88 6.88 100 688 TECH PREF B2D 100 100.4 100 100.4 100 100 340 34,032 TOP PREF A1 100.9 101.7 101.1 101.9 100.9 100.9 4,120 416,444 65,585 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR

3.16

3.4 3.26 3.26 3.14 3.16 13,000 42,040 4.39 -

4.21 GMA HLDG PDR ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8135 0.63% 0.95% -3.85% N.A 0.43% WARRANTS A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. AGI WARRANT 1.05 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, 2026. SM A L L, M ED I U M & EM E R G IN G 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, CTS GLOBAL 0.35 2025. 1.35 HAUS TALK 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. 0.65 ITALPINAS 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE 1.35 KEPWEALTH DEBT VEHICLE, INC. 0.019 LFM PROP 0.19 XURPAS “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

August 11, 2026

1.11

1.05

12,000

12,600

0.36 1.36 0.68 1.4 0.02 0.203

0.35 1.37 0.67 1.35 0.021 0.205

0.35 1.37 0.68 1.35 0.021 0.205

0.35 1.36 0.65 1.35 0.02 0.19

70,000 292,000 15,000 22,000 2,700,000 260,000

24,500 397,630 9,800 29,700 55,400 51,020

-12,300

EXHANGE TRADE FUNDS FIRST METRO ETF

106.5

106.8

105 106.5 104.5 106.5 31,900 3,362,438 -40,082

www.businessmirror.com.ph

Entrepreneur BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, August 12, 2026 B3

Homegrown success: Thinking Machines’ decade of AI excellence attracts Singapore investment TikTok Shop spotlights Filipino MSMEs empowered by discovery e-commerce

EYECONIC founder and CEO Bridget Cortez (left) and a selection of the brand's contact lens products. Launched in 2020 with a P15,000 loan, Eyeconic has grown into a homegrown brand that leverages TikTok Shop to reach customers through discovery commerce.

S Filipino entrepreneurs increasingly embrace digital commerce, TikTok Shop is supporting the growth of local businesses through seller education and public and private partnerships that expand opportunities for micro, small, and medium enterprises (MSMEs). This commitment was recently highlighted through TikTok Shop’s participation in the GoNegosyo MSME Summit, where Jonah Ople, Cluster Lead at TikTok Shop Philippines, joined industry leaders in a conversation on how technology and digital commerce can support Filipino businesses. During the panel discussion, Ople emphasized the growing role of discovery e-commerce in helping MSMEs reach more customers through short-form videos, live selling, and online communities. “MSMEs are the backbone of the Philippine economy, and many already have strong products and compelling stories to tell. The challenge today is about being discoverable in an increasingly digital-first environment,” said Ople during the panel. “Through content, creators, and live selling, discovery e-commerce is helping level the playing field for businesses of all sizes, enabling MSMEs to build trust and connect with customers in more authentic ways.” More than 90 percent of sellers on TikTok Shop are local businesses, and many of these are increasingly adopting livestreaming, creator collaborations, and digital tools to engage new audiences and strengthen their online presence.

From a P15,000 loan to a growing Filipino brand

FOR 22-year-old entrepreneur Bridget Cortez, founder of contact lens brand Eyeconic (@eyeconic_ph), TikTok Shop has played an important role in the company’s growth from a small business idea into a homegrown brand. Launched in 2020 with a P15,000 loan from her grandmother, Eyeconic began as a side venture while Bridget was still in high school. What started as a small resale operation has since evolved into a homegrown brand that develops its own contact lens designs in collaboration with manufacturing partners, serving customers across the country and beyond. While pursuing her degree in Business Management at the University of the Philippines, Bridget juggled classes, supplier meetings, and regular trips between Pampanga and Manila, often applying lessons from both the classroom and the workplace. The experience ultimately shaped not only her approach to entrepreneurship but also her belief that education and business can complement one another. As consumer discovery increasingly shifts toward content-driven platforms, Eyeconic turned to TikTok Shop to reach a new generation of customers. For Bridget, the platform became more than just another sales channel—it provided a space where the brand could share its story, educate consumers about contact lenses, and build a community around authenticity and self-expression. Through short-form videos, livestreaming, and creator-led content, Eyeconic was able to expand its reach without relying on the large marketing budgets typically associated with established brands. “What I love most about TikTok Shop is that it gives MSMEs a fair chance. We

don’t need a massive marketing budget to be seen. As long as we have content that connects with people and a product that delivers, customers will naturally support us,” said Cortez. TikTok Shop has since become Eyeconic’s primary sales channel and has supported the brand’s expansion, including the growth of its livestreaming team. According to Bridget, many of the company’s livestream hosts are students who are able to earn income while continuing their studies, creating opportunities for other young Filipinos pursuing both education and entrepreneurship.

Building sustainable livelihoods through digital commerce

FOR Pampanga-based Naturefood (@naturefoodorganics), digital commerce has opened new possibilities for business growth and community development. Founded in 2020 by Emmanuel Gantalao and Bryan Lagman, the company was established to create better market opportunities for Filipino farmers and producers. Beginning with honey sourced from Mangyan communities in Mindoro, Naturefood has since expanded its offerings to include a range of locally sourced products while building an integrated business model spanning sourcing, repackaging, marketing, fulfillment, and distribution. After hearing positive feedback from suppliers and customers, Naturefood expanded to TikTok Shop and began investing more heavily in livestreaming, creator partnerships, and content creation as part of its digital commerce strategy. The company later recorded a 300% increase in sales after expanding its use of livestreaming, affiliate partnerships, and additional TikTok Shop tools. Beyond business performance, Naturefood has used its growth to create sustainable employment opportunities within its community. The company employs more than 130 people and continues to work closely with local suppliers and farming communities. By connecting producers directly with consumers through digital commerce, the business aims to create long-term value not only for its customers, but also for the communities it serves. “Many Filipino MSMEs already have excellent products, but they need better access to digital tools, education, and platforms that can help them reach more customers,” said Gantalao. “Through TikTok Shop, we’ve been able to connect with communities beyond our immediate area while creating meaningful opportunities for our employees, local partners, and the farmers we work with.”

Supporting the next chapter of MSME growth

AS consumer behavior evolves, content, community, and collaboration continue to play an increasingly important role in digital commerce. Through investments in education, creator ecosystems, and partnerships with public and private stakeholders, TikTok Shop aims to help more Filipino MSMEs participate meaningfully in the digital economy. Eyeconic and Naturefood are among the many local businesses leveraging these opportunities to strengthen their operations, expand their reach, and create opportunities for employment for employees, suppliers, and the communities they serve.

By Rizal Raoul S. Reyes

@brownindio

ESPITE ongoing macroeconomic and political challenges in the Philippines, the country’s tech ecosystem received a major boost as Singapore-based artificial intelligence (AI) and digital transformation firm Temus announced a strategic investment in Thinking Machines Data Science. The Manila-founded AI leader is also OpenAI’s first official services partner in the Asia-Pacific (APAC) region. The deal highlights a major shift in Southeast Asia’s tech landscape: regional giants are turning to Philippine-built talent and engineering to drive complex, enterprise-grade AI deployments across the region. Temus, a 500-strong firm based in Singapore that keynotes critical initiatives under Singapore’s Smart Nation and National AI Strategy, selected Thinking Machines for its decadelong track record in solving complex data architecture and operationalizing production-ready AI systems. For Temus, investing in Thinking Machines is direct recognition that the Philippines possesses world-class engineering, data governance, and execution capabilities required for high-stakes enterprise applications. “Many enterprises are navigating the challenge of running AI systems that hold up under real operating conditions—constrained data, regulatory requirements, complex workflows,” said Sng Ren Yeong, Chief Ex-

ecutive Officer of Temus. “Thinking Machines brings deep capability in that layer of the problem. This investment connects two parts of the system that need to work as one: how AI is built, and how it is made to operate at scale.” Sng emphasized that the strategic backing goes beyond market expansion—it reflects shared roots and belief in local talent. “This investment is a recognition of a shared mission—two teams that were each built by people who came home to build. Thinking Machines gains the reach and resources of the Temus group. Temus gains a team that has been doing serious AI delivery work for over a decade,” he added. Founded in Manila in 2015 by Stephanie Sy, Thinking Machines has proven that Philippine technology firms can achieve elite international standards. The company was named OpenAI’s first APAC Services Partner and recently achieved Ope-

The deciding factor

HAT truly makes someone a leader? Conventional literature and global experts often draw a hard line between leadership and followership, implying that followers cannot lead. But this rigid distinction misses a fundamental truth. Consider an employee who follows a manager’s directive but must make real-time decisions that impact customers and colleagues. Or a salesperson who adheres to company policy yet makes daily choices that either build or destroy client trust. This leads to a simple proposition: The ultimate defining factor of a leader is the ability to make decisions. Leadership Begins with Choice Every day presents an array of choices. We choose whether to speak or remain silent, act or wait, confront or avoid, help or ignore, and accept responsibility or deflect it. Even refusing to decide is a decision. Not every choice carries equal weight. However, the moment our choices create consequences that ripple beyond ourselves, leadership responsibility begins. The greater

the consequence, the heavier the responsibility.

Followers Are Leaders in Disguise

FOLLOWING is not necessarily passive; it can be an active choice. We choose whom to trust, whose direction to accept, and which ideas to support. We decide whether to comply, question, challenge, or disengage. In fact, choosing to follow can sometimes be the most responsible leadership decision available. Recognizing that someone else possesses greater expertise does not diminish your leadership—it demonstrates sound judgment. Perhaps the real question, then, is not, “Am I leading or following?” Instead, ask: “What am I choosing, and what consequences will my choice create?”

The Accountability Filter

SIMPLY making decisions does not guarantee good leadership. Leadership can be responsible or irresponsible. Leaders can make choices that create immense value, or choices that deeply damage people, relationships, and

nAI Advanced Partner status—a testament to its field-tested reliability across diverse operating environments. “We built Thinking Machines on the belief that the Philippines can build up and scale world-class AI capability,” said Sy, founder and CEO of Thinking Machines, who will also take on the role of managing director of Applied AI and Data at Temus. “Joining the Temus group allows us to pursue that ambition at a much greater scale while staying true to our team, our clients, and our mission.” Across Southeast Asia, enterprises are rushing to move past the experimental “pilot” phase of AI into full workflow integration. However, companies continue to grapple with fragmented data, legacy systems, and talent gaps. By combining Thinking Machines’ specialist AI execution, OpenAI expertise, and regional delivery

organizations. This distinction is particularly important in sales leadership. When matching a client with a solution, a salesperson faces a defining choice: Do I recommend what genuinely solves the customer’s problem, or do I push a mismatched product simply to hit my quota and secure a commission? Both are decisions. Both are acts of leadership. But only one represents responsible leadership. And therein lies the deciding factor. True leadership is not found in a job title. It is revealed in the choices we make, the consequences those choices create, and our willingness to be accountable for them. And that is precisely why decision-making is perhaps the most difficult task of leadership. Every meaningful decision carries consequences—not only for the leader, but for the people who have entrusted that leader with the responsibility to choose. Leadership begins with the ability to choose. Responsible leadership begins with choosing well. Alexey “Coach Lex” Rola Cajilig is the President and CEO of ARCWAY Consultancy Inc., a recognized Sales Leadership Coach, Strategic Sales Operations Consultant, Christian Motivational Speaker, and Human Ecologist. As the author of The Effective Seller and Solving the Sales Puzzle, Coach Lex empowers leaders and sales professionals to turn knowledge into action, and action into measurable results. He is also the creator of ARCH Styles, a cutting-edge behavioral discovery framework that helps individuals and teams unlock their true potential and perform at their peak. Connect and collaborate with Coach Lex at arcway.ph.

experience with Temus’ enterprise reach and transformation infrastructure, the partnership offers a seamless, end-to-end framework covering data engineering, governance, workflow integration, and workforce capability building. Over the past ten years, Thinking Machines has established a formidable track record out of Manila, serving over 110 clients, training more than 10,000 professionals in AI applications, and deploying hundreds of production-grade systems across financial services, retail, conglomerates, and civic organizations. Now operating as a Temus entity with offices in Manila, Singapore, and Bangkok, Thinking Machines’ expanded resources backed by Temus signal a bright trajectory for Philippine technology leaders—proving that Philippine-born innovation is fully equipped to power the region’s digital future.

QC makes business permitting accessible

USINESS permit applications in Quezon City are now more gender-inclusive after an enhancement to the QC Biz Easy platform, allowing applicants to select a non-binary gender option. The enhancement helps ensure that more residents can accurately represent themselves when transacting with the city government, while enabling the city to gather more data that can support programs and services that are better geared to the business sector. For business owners who do not identify strictly as male or female, the update removes options that do not accurately reflect who they are. It also strengthens the city’s efforts to build government systems that are responsive to the realities and experiences of all QCitizens. Mayor Joy Belmonte said inclusive governance means ensuring that every resident can access government services with dignity, respect, and equal opportunity. “The true measure of innovation is not how advanced a system becomes, but how many people it empowers. By making our business permit process more inclusive, we are ensuring that more entrepreneurs can participate fully in the city’s economic growth and access government services in a way that recognizes who they are,” Belmonte said. The update delivers on the city’s commitment to continuously improve public services through digital innovation and evidence-based governance. By strengthening the quality and inclusiveness of the data it collects, Quezon City can better understand the communities it serves and develop policies and programs that respond to their needs. The enhancement was first announced during the 2025 QC LGBTIQ+ Business Summit, where the city vowed to revisit its online business permits system and explore ways to better capture information on non-binary business ownership. Today, that commitment has been translated into a concrete service improvement through QC Biz Easy.

Banking&Finance BusinessMirror

Wednesday, August 12, 2026 • Editor: Dennis D. Estopace

Bond yields dip as investors price in tempered rate bets E

Visa, e-money issuer ink deal for payment system By Andrea E. San Juan

By Reine Juvierre Alberto

@reine_alberto

IELDS on the 7-year Treasury bonds (T-bonds) were lower than comparable secondarymarket rates as the auction drew strong demand from investors pricing in lower chances of an aggressive rate hike from the central bank as weak economic growth persisted. The Bureau of the Treasury finally awarded in full the bids for 7-year securities as tenders reached P51.920 billion, or 1.7 times the P30 billion offering. Total bids were much higher compared to the P18.057 billion tendered during the previous auction for the 7-year T-bonds last July 14.

The Treasury has been rejecting bids for 7-year T-bonds recently and last made a full award for the tenor last June 16 when the yield averaged at 6.779 percent due to the US-Iran interim deal back then, which lowered world oil prices. The T-bonds, which have a remaining life of seven years and six

days, fetched an average yield of 7.182 percent. Investors’ asking yield ranged from a low of 7.1 percent to a high of 7.182 percent. The Treasury said the average rate is “broadly in line with the prevailing secondary market benchmark rate” as this is slightly lower by 1.5 basis points than the 7.197 percent yield for the 7-year tenor. However, the average auction yield is higher than the government security’s original coupon rate of 6.625 percent. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said yields eased as investors saw less need for aggressive rate hikes. Ricafort was referring to the signaling by Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona of reduced pressure for the central bank to raise the key interest rate as second-quarter economic growth was weaker-than-expected.

Remolona said last Monday that the BSP could still tighten monetary policy “as much as necessary” to bring inflation back down to its target range of 2 to 4 percent. July inflation eased to 6.2 percent from 6.4 percent in June, extending the downtrend from the 7.2-percent peak in April. The Monetary Board, the highest policy-making body of the BSP, will hold its next rate-setting meeting on August 27. Next week, the Treasury will auction 91-, 182- and 364-day Treasury bills, as well as 4-year and 10-year T-bonds. This is part of the government’s P2.733 trillion borrowing program this year, which follows a 70:30 financing mix. The national government’s outstanding debt ballooned to a new record high of P19.065 trillion as of end-June, or 66 percent of the gross domestic product in the second quarter.

The paper issue banks want machines to solve By Bless Aubrey Ogerio

F all the tasks financial executives could hand over to automation, checking business documents and compliance requirements came out on top, scoring 4.4 out of 5, according to an internal industry poll by IDfy Technologies (Philippines) Inc. and Mastercard Inc. During “The Anatomy of Merchant Trust” roundtable in Manila, executives from the banking, fintech and payments sectors discussed how financial institutions can make it easier to verify and onboard micro-sized, smallscale and medium-sized enterprises (MSMEs). The focus on document checks reflects a broader challenge facing financial institutions as they try to bring more businesses into the digital economy while keeping fraud and compliance risks in check, executives said. According to those who participated in the poll, traditional merchant verification remains fragmented, often relying on paper-based checks and physical audits that can slow down onboarding and make it harder for institutions to assess smaller businesses with limited credit histories. For IDfy, this condition can lead to broad risk policies that exclude legitimate merchants from formal financial services. “Because traditional merchant identity verification remains fragmented and unverified at the micro-level, it trickles down to ecosystem-wide trust issues that compel institutions to enforce rigid, blanket risk policies,” the company said. The poll revealed that participants see automating document verification and compliance checks could allow banks and fintech firms to assess businesses more quickly while applying risk controls based on individual merchant profiles. The issue extends beyond getting a business through the door. As digital payments expand, financial institutions also face threats such as forged documents, deepfakes and fraud committed after a merchant has already been approved. This has increased the need for continuous monitoring rather than relying solely on checks conducted during onboarding.

“Merchant trust is no longer a one-time verification exercise— it is a continuous lifecycle,” IDfy Philippines Country Head Raghuraman Chandrashekhar said. Chandrashekhar said financial institutions need to move away from fragmented onboarding processes and combine identity verification with alternative data and real-time monitoring as digital payments grow. “The future of financial inclusion depends on enabling MSMEs to be onboarded quickly and safely at scale,” he added. The need for better verification also ties into the financing gap faced by smaller businesses, many of which lack conventional credit records. Financial institutions are increasingly looking at alternative information, including digital payment records, utility payments and transaction histories, to assess the creditworthiness of merchants. These records can also be used in lending models that increase credit limits as businesses build a stronger transaction history. The industry estimates that such approaches could help expand formal financing to more than one million underserved merchants nationwide. Moreover, digital payments have continued to gain ground in the Philippines, with Bangko Sentral ng Pilipinas data showing that digital payment channels such as QR Ph have surpassed 57 percent adoption. Mastercard Philippines Country Manager Jason Crasto said merchant trust would require closer coordination among banks, payment providers, fintech companies and technology firms as more businesses move into digital transactions. “As more businesses participate in the digital economy, the industry needs to strengthen collaboration across banks, payment providers, fintechs, and technology stakeholders,” Crasto said. “Each stakeholder brings unique capabilities, perspectives, and expertise to the table. Through stronger public-private collaboration, shared intelligence, and advanced risk solutions, we can build a more secure, scalable, and inclusive digital ecosystem that empowers Philippine MSMEs to grow with confidence,” he added.

BSP PARTNERS This August 10, 2026, photo courtesy of the Bangko Sentral ng Pilipinas

shows BSP Governor Eli M. Remolona, Jr. (bottom row, third from left) and Deputy Governor Bernadette Romulo-Puyat (bottom row, fourth from left) during the recognition ceremony for the outstanding partners of the BSP Head Office. They were joined by (bottom row, from left) BSP Deputy Governor Lyn I. Javier, Monetary Board Member Rosalia V. De Leon, Deputy Governors Elmore O. Capule, Zeno Ronald R. Abenoja, and the awardees. The BSP honored the outstanding partners from North Luzon last 30 July 2026. Similar regional ceremonies will also be held in South Luzon, Visayas, and Mindanao. CREDIT: BANGKO SENTRAL NG PILIPINAS

Moratoria on housing loan amortizations set By Justine Xyrah Garcia

OUSING borrowers affected by heavy rains and flooding may avail themselves of temporary payment relief measures, according to the Department of Human Settlements and Urban Development (DHSUD). The DHSUD announced last Tuesday that its key shelter agencies have been ordered to implement moratoriums on housing loan amortizations for qualified beneficiaries in areas affected by the enhanced southwest monsoon, Tropical Depression Luis, and Tropical Storm Maymay (International Name “Kujira”). The relief covers qualified beneficiaries of the National Housing Authority (NHA), the Social Housing Finance Corp. (SHFC) and the National Home Mortgage Finance Corp. (NHMFC), although the scope and terms will depend on guidelines issued by each agency. DHSUD Secretary Jose Ramon P. Aliling said the moratorium is intended to ease the immediate financial obligations of households affected by flooding and other weather-related disruptions. The NHA has already issued its implementing guidelines, granting a one-month automatic moratorium on housing loan amortizations and lease payments for August. The moratorium applies to residential account holders in affected NHA projects in Metro Manila, Ilocos Sur, La Union, Pangasinan, Abra, Benguet, Bataan, Bulacan, Pampan-

ga, Tarlac, Zambales, Cavite, Batangas, Rizal, Occidental Mindoro, and Oriental Mindoro. Eligible beneficiaries are not required to apply for the payment reprieve. No delinquency or additional interest charges will be imposed during the month, while penalties, interest and surcharges will also be suspended. NHA said payments will resume on September 1, while the repayment period of covered residential accounts will be extended by one month. Fees and charges that accrued before August 1 will likewise be reinstated after the moratorium. The SHFC and the NHMFC are expected to separately issue their respective guidelines on the coverage of the payment suspension and the process for availing of the relief. Meanwhile, the Home Development Mutual (Pag-IBIG) Fund continues to offer its “Special Assistance for Financial Emergencies” loan, which allows qualified members to borrow up to P10,000 or 90 percent of their total Pag-IBIG Regular Savings, whichever is lower. The loan carries an annual interest rate of 5.95 percent and may be repaid over one, two or three years. Qualified members must have at least 12 months of cumulative savings. Apart from the loan moratorium, the DHSUD said it has also directed its regional offices to coordinate with local governments and other agencies to assess the housing needs of affected families.

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XECUTIVES of Visa Inc. and USSC Money Services Inc. (UMSI) launched last Tuesdaya payment solution they said would enable micro-sized, smallscale, and medium-sized enterprises (MSMEs) in the Philippines to turn smartphones into payment acceptance devices, removing the need for traditional point-of-sale terminals. Explaining the concept of accepting payments through smartphones instead of POS terminals, UMSI Chief Marketing Officer J. Richard Soriano said that “as you can see in a restaurant, the business model for most of those business terminals, you also have to pay a rental fee for those devices; plus, of course, the compliance requirements. This one [the solution called ‘U Accept’], it’s really, you already spent on a phone.” “I just have to put an app there and suddenly with a tap of the card, you can accept the payment. So, again, it’s not for everyone. It’s really just for business owners,” Soriano told reporters on the sidelines of the launch. According to him, “U Accept” is integrated in UMSI’s digital platform for entrepreneurs and small businesses called “uGrow.” A statement provided by the company read that the solution helps remove barriers to digital acceptance and helps MSMEs participate “more fully” in the digital economy. Visa Philippines Country Manager Jeffrey Navarro explained, however, that the solution is not designed to compete with POS. Instead, this payment solution intends to onboard businesses into digital transactions, Navarro said. “What we’re looking for is a graduation model, meaning this is the ba-

sic—it gets you into digital transactions,” he told reporters. “You would see that there there is a cap. So, once demand has been developed, and you always reach that cap, then probably the next proposition for you is, we graduate towards the SMB program, which can qualify now for a POS device. So, what we’re trying to do is, get you started first,” Navarro added. “When you graduate, it means business is doing great for you.” For a smartphone to be “eligible” or to start accepting contactless card payments, Visa Head of Product Michelle F. Mascariñas explained that the smartphone needs to be NFCenabled. “It works on Android and iOS devices as well. So those are the basics which I think almost everyone, even in this room, have,” added Mascariñas. According to Visa, MSME owners can activate “U Accept” within the “uGrow” app to accept contactless payments including cards and payby-link, making digital acceptance “more accessible and inclusive” without the need to invest in additional proprietary hardware. As a customer-centric innovation, the solution was designed around the realities of running a small business, read documents provided by Visa executives. Business owners and customers can use the solution to transact with confidence and ease with the security, reliability, and dispute protections expected from Visa card payments, the document read. With U Accept, MSME users can also send digital receipts to buyers via email and check transaction history, which “complements” the uGrow app’s other features, such as sales monitoring and inventory management, according to Visa executives.

Financial equilibrium

ASICALLY, the simplest way to explain financial equilibrium is to think of being able to match your cash outflows with you cash inflows. As an example, if your only source of income is what your account gets credited for your salary and you are able to pay off all your expenses from that ac-count with practically nothing left behind for investments and other unplanned or unprogrammed expenses then you are in a state of financial equilibrium. There are those that think that being in financial equilibrium is a good thing. After all, many people are in a negative cash flow position and end up having to borrow money and make use of their credit card just to make ends meet. I agree that drowning in debt is indeed worse than being in financial equilibrium, which brings me to the point that you really should not be happy being just in financial equilibrium. Being in financial equilibrium is being in the proverbial “isang kahig, isang tuka” situation where you just make enough to live day to day. You have to set your goals higher than just meeting your day to day expenses. If you cannot find a way to increase your income, then find a way to reduce your expense by prioritizing what you are spending on. Go through what your expenses are and focus on those that you can do without. Do you really need your daily Starbucks coffee before getting to the office or could you live off on hav-ing brewed coffee at home? Do you need to have a fine dining weekly date with your wife, or can you make to with a movie night? It is imperative that you realize that you will have unavoidable expenses specially when you are starting off a family like having hospital expenses when you start getting children, tuition fees and other school expenses, and unforeseen expense from ageing parents, facing certain health issues, or a sudden setback in your career that puts your promotion on hold or worse losing your job. What do you do then? It is in your best interest to do something about it as early as possible, rather than wait

FINEX FREE ENTERPRISE George S. Chua for these things to overwhelm you. Getting a higher paying job either through a promotion or moving into a new job is not as easy as it sounds. There are too many factors involved that are beyond your control or influence. Which makes cutting down on your expenses more doable. The whole point is to reduce your expenses to allow you to have a net savings. Once you have savings, a whole new world of opportunities opens up for you. Depending on how much you are able to save, the opportunities improve the bigger your savings are. As an example, bank time deposit rates becomes higher as the amounts gets bigger. A P10,000 time deposit will give you a lower interest rate than a P1-million time deposit. Likewise, a P100-million time deposit will give you a higher interest rate than a P1-million time deposit. Investment opportunities expand as your capital increases, such as fixed income bonds or listed equities. You could also look into investing in real estate to give you rental income and capital gain. You could also explore going into your own business or partner up with the right people. Financial equilibrium should only be your starting point where your ultimate goal is achieving financial freedom. How much is that? That is where sky is the limit. The views and comments of Dr. George S. Chua are his own and not of the BusinessMirror or the Financial Executives Institute of the Philippines (Finex). The author was 2016 Finex president and a life member, 2010 to 2020 Federation of Philippine Industries president and an entrepreneur. Dr. Chua is a Fellow at the Institute of Corporate Directors and a Professorial Lecturer 2 at the University of the Philippines Diliman and BGC campuses. He is also vice-chairman of the Market Governance Board of the Philippine Dealing and Exchange Corp. Comments may be sent to georgech-uaph@yahoo.com or gschua@up.edu.ph.

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

Image BusinessMirror

Editor: Gerard S. Ramos • Wednesday, August 12, 2026

CCP appoints Carlos Quijon Jr. as chief curator ahead of Main Building reopening THE Cultural Center of the Philippines (CCP), the country’s premier institution for arts and culture, announces the appointment of art historian, critic, and curator Carlos Quijon Jr. as the new chief curator of its CCP Contemporary Art Museum. Quijon’s vision will shape the way CCP (www. culturalcenter.gov.ph) showcases and exhibits its extensive contemporary art collection. This move comes at a crucial time when the CCP is set to reopen its doors to the public by the first quarter of 2027, after going through meticulous conservation and rehabilitation efforts that began in 2021, following a series of inspections in 2015 and 2018. “As we prepare for the reopening of the CCP next year, we are not only boosting our facilities that will host our audiences and the public, but also our lineup of visionaries who will curate and conceptualize art exhibitions and performances that we can truly be proud of. We’re glad to welcome Carlos into our artistic family. We know that we will learn from his global experiences, as much as he will also be inspired by our contemporary art collection,” said CCP president Kaye C. Tinga. A Filipino talent with a global portfolio, Quijon joins CCP after a successful tenure at the Museum of Modern Art in New York as the inaugural C-MAP Fellow for Southeast and East Asia. He has notably curated the Philippine Pavilion at the 60th Venice Biennale in 2024, where he presented the work of artist Mark Salvatus. He has also curated exhibitions in São Paulo, New York, Seoul, Busan, Singapore, Hong Kong, Kuala Lumpur, and Manila, and participated in residencies and fellowships in museums in Asia, Europe, and the Americas. “I’m excited to join the CCP as their new chief curator as it enters its new era. As a practitioner, I believe in CCP’s role in advocating for and enriching the artistic sensibilities of our Filipino artists and promoting them to our local public and our international audiences, as well. The goal is to strengthen the place of the CCP in national and regional conversations around contemporary art,” Quijon said.

CHINABANK BRINGS APPLE PAY TO PHL CUSTOMERS

FINANCIAL institution Chinabank brings Apple Pay to its cardholders in the Philippines. Apple Pay is an easy, secure, and private way to pay in-store, in-app, and online. To pay in-store, customers simply double-click the side button, authenticate, and hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or device passcode, as well as a one-time unique dynamic security code. Apple Pay is accepted in grocery stores, pharmacies, restaurants, coffee shops, retail stores, and many more places that accept contactless payments. “At Chinabank, we continuously enhance the way our customers pay by providing secure and convenient experiences that are aligned with our customers’ evolving needs. With Apple Pay, our cardholders can enjoy a seamless way to make purchases in stores, in apps, and online using the Apple devices they use every day. This reflects our focus on delivering best-in-class payment experiences all while enabling our customers to continue enjoying the rewards and benefits of their Chinabank cards,” said Jose Julian E. Baduria Jr., payment solutions head of Chinabank. Customers can also use Apple Pay on their iPhone, iPad, and Mac to make faster and more convenient purchases in apps or on the web without having to create accounts or repeatedly type in contact information, card details, or shipping and billing information. Security and privacy are at the core of Apple Pay. When customers use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element, an industry-standard, certified chip designed to store the payment information safely on the device. Apple Pay is easy to set up. On an iPhone, simply open the Wallet app, tap the “+”, and follow the steps to add Chinabank credit or debit cards. Once a customer adds a card to iPhone, Apple Watch, iPad, and Mac, they can start using Apple Pay on that device right away. Customers will continue to receive all of the rewards and benefits offered by Chinabank cards. More information can be found at www.chinabank.ph/ applepay.

PHOTO BY KEEGAN HOUSER ON UNSPLASH

Savoring solitude

VERY so often you find yourself alone with no plans, no messages waiting for a reply, and no clear reason to leave the house. For some people, this stretch of quiet feels like a gift. For others, it feels like a punishment that grows heavier the longer it lasts. The two experiences can look identical from the outside, yet they are shaped by something entirely different happening on the inside. And learning to tell them apart may be one of the most useful skills you ever develop for your own peace of mind. Solitude is time alone that you have chosen, or at least made peace to set aside for yourself. You might spend it reading, cooking a meal slowly, taking a long walk without your phone, or simply sitting with your own thoughts. There is a settled quality to it, a sense that you are not missing anything important, only giving yourself space that was overdue. Loneliness, on the other hand, carries a restless edge. Even when you are surrounded by people at a party or a family dinner, you can still feel disconnected, unseen, or as though nobody in the room truly knows what you are carrying that day. The confusion between the two often begins early in life when being alone gets treated as something

to fix. A child who eats lunch by themselves is quickly labeled as having a problem, even if that child genuinely enjoys the quiet 15 minutes before the noise of the afternoon begins again. Carrying that assumption into adulthood can make ordinary solitude feel like a personal failure, which pushes you to fill every evening with plans you do not actually want just to avoid the discomfort of being by yourself for an hour. Social media adds another layer to this confusion, when a quiet Friday night suddenly feels like you were excluded when you see pictures of a gathering you were never even interested in attending. Learning to sit with your own company takes practice, especially if you have spent years associating stillness with something being wrong. You can start small. Choose one evening a week to stay in without treating it as a placeholder until something better comes along. Notice what you actually think about during that time. You might find a wave of restlessness at first, or an urge to check your phone every few minutes, but eventually it will settle into something closer to calm. This does not mean you should avoid people altogether. It means giving yourself permission to enjoy your own presence instead of treating it as a holding time before real life resumes. At the same time, it is important to be honest with yourself when solitude has quietly crossed the line into isolation. If weeks pass without a meaningful conversation, if you find yourself turning down invitations out of habit rather than genuine preference, or if the peace you once enjoyed has begun to feel heavy and empty, these changes are worth noticing. Rather than brushing them aside, give yourself a moment to consider what they might be telling you

about what you need. Recognizing that the balance has shifted is an opportunity to reconnect before isolation becomes your new normal. Sometimes, the first signs are not emotional but physical. You may notice feeling unusually sluggish, struggling to maintain a healthy sleep routine, or experiencing changes in your appetite without any obvious explanation. These signals can be reminders that your mind and body are asking for more connection. Reaching out first, even with a brief message to an old friend, can be enough to interrupt the pattern and begin restoring the balance between healthy solitude and meaningful relationships. The difference between solitude and isolation often comes down to whether the silence feels like your own choice, or if it is like something happening to you. A canceled plan that leaves you relieved points toward solitude. The same canceled plan leaving you with a hollow feeling points toward loneliness asking to be noticed. Neither answer is something to judge yourself but are simply information about what you need at the moment. And paying attention to that information is far more useful than forcing yourself into either extreme. As you grow more familiar with your own rhythms, you will likely find that solitude and connection are not opposites competing for your time, but two ingredients your life needs in different amounts depending on the season you are in. Some weeks call for more people around you. Others call for a closed door and a book you have been meaning to finish. Trusting yourself to know the difference, and being honest with whichever one you actually need, is what turns quiet time from something to endure into something you genuinely look forward to, week after week, for the rest of your life.

Karina of aespa, Matt Champion lead Converse’s latest silhouettes LIFESTYLE brand Converse (www.converse.ph) introduces fresh expressions of its iconic footwear while bringing together two influential voices who embody individuality in their own distinct ways. Global K-pop sensation Karina of aespa joins the Converse family as its newest global ambassador, while genre-defying artist Matt Champion fronts the campaign for the all-new Chuck Taylor Throwback, celebrating the brand’s rich heritage through a contemporary lens. At the heart of the collection is the belief that self-expression has no single form. Whether through elevated classics, fashion-forward experimentation, or archival-inspired designs, Converse continues to evolve its icons for a next generation. Leading the season is Karina, who makes her Converse debut wearing two new interpretations of the Chuck franchise: the refined Chuck 70 X and the bold Run Star Crush. Known for effortlessly blending music, fashion, and culture, Karina represents a new era of creativity—one that embraces authenticity and encourages people to express themselves without boundaries. For those looking to make a stronger statement, the Run Star Crush pushes Converse design into new territory. With its exaggerated platform sole, sculptural proportions, and lightweight construction, the silhouette transforms the familiar Chuck into a bold fashion piece that balances athletic inspiration with avant-garde styling. Joining the lineup is another standout addition: the Chuck Taylor Throwback, fronted by rapper, singer and songwriter Matt Champion. Inspired by the raw energy of 1990s street style and vintage Chuck Taylors, the silhouette pays tribute to Converse’s archives while embracing today’s

MATT CHAMPION touting his latest Chucks

sneaker culture. The Chuck Taylor Throwback celebrates the imperfections that made the original Chucks iconic. Saturated colors, oversized eyelets, fat laces, an intentionally off-center Chuck patch, irregular foxing tape, and a slightly stretched toe bumper all serve as subtle nods to the handcrafted character of Converse’s past. Rather than perfecting history, the Throwback proudly preserves it.

Matt Champion perfectly embodies the spirit of the silhouette. His fearless creativity, effortless confidence, and boundary-pushing artistry reflect the same authenticity that defines the Chuck Taylor Throwback, proving that true style comes from embracing individuality. Converse has stores in Power Plant Mall, Araneta Gateway Mall, select Ayala Malls, SM Malls, and Robinsons Department Stores.

Wednesday, August 12, 2026

THE BEST BUSINESS ADDRESS MAY NO LONGER BE AN OFFICE

OR today’s entrepreneurs, consultants, freelancers, and growing businesses, success is no longer defined by having a large office with a long-term lease. Many businesses now operate with leaner teams, digital platforms, and more flexible ways of working. Meetings happen in person or online, while teams collaborate from different locations. As the workplace changes, so do expectations from real estate. For some entrepreneurs and professionals, this is also changing what they look for in a property, particularly when home and work no longer need to occupy completely separate spaces. That is the opportunity ICE Tower was designed to meet. In today’s competitive property market, buyers have no shortage of residential condominiums to choose from. ICE Tower offers something different. As a purpose-built residential office development within the SM Mall of Asia Complex, ICE Tower gives owners the flexibility to use their property according to their professional or business needs. A consultant can meet clients, an entrepreneur can establish a headquarters, a growing company can maintain a satellite office, while independent professionals can have a dedicated workspace without taking on a conventional office lease. The difference is not simply where people work, but

how much more they can do with the property they own. For many entrepreneurs and professionals, operating a business can mean paying separately for a residence, office, meeting facilities, or coworking memberships. By bringing different functions into a single property, owners can reduce their dependence on separate spaces while retaining flexibility as their business requirements change. For entrepreneurs and independent professionals who do not require a traditional corporate office, this can mean fewer separate space requirements and greater control over how much they spend on where they work. Ownership also offers an alternative to continually paying for office or coworking space that may no longer match the way the business operates. While flexibility is reshaping the way people work, location remains an important consideration. ICE Tower stands within the SM Mall of Asia Complex, with access to SM Mall of Asia, the SMX Convention Center, the E-Com office buildings, Mall of Asia Arena, IKEA, hotels, retail destinations, restaurants, and Manila Bay. Directly across ICE Tower rises SMXCITE (SMX Center for International Trade and Exhibitions), an upcoming international exhibition and convention venue scheduled to open in 2027. Together with the continued growth of the E-Com office district, these developments are expected to

ICE Tower unit as a workspace

bring more business activity, professionals, entrepreneurs, exhibitors, and visitors into the area. For residential office owners, this means being close to the businesses, clients, events, and services that can support their work. For entrepreneurs and growing businesses, space requirements rarely stay the same.

GTBA-ONEKLIK honors 80 outstanding leaders at 3rd Ambassador of the Year Awards

HE Global Tourism Business Association (GTBA) and ONEKLIK Events successfully staged the 3rd Ambassador of the Year Awards, an annual tribute recognizing 80 individuals and organizations whose work builds meaningful bridges between communities, cultures, and nations. The ceremony was graced by H.E. Shri Harsh Kumar Jain, Ambassador of India to the Philippines. Quezon City Mayor Joy Belmonte delivered the keynote address and was conferred the LGU Ambassador of the Year award. Department of Tourism (DOT) Secretary Dita Mathay was represented by DOT Undersecretary Verna Buensuceso, who, together with DOT Undersecretary Rica Bueno, received the Tourism Ambassador Award. A key highlight of the event was the presentation of the Ambassador of the Year Award and Diplomatic Excellence Award, conferred to: n H.E. Malik Melvin Castelino, Ambassador of

Malaysia to the Philippines n H.E. Lai Thai Binh, Ambassador of Vietnam to the Philippines n H.E. Thippasone Sengsourinha, Ambassador of the Lao People’s Democratic Republic to the Philippines n H.E. Sin Saream, Ambassador of Cambodia to the Philippines n H.E. Ahmed Bin Saad N.A. Al‑Homidi, Ambassador of Qatar to the Philippines n H.E. Nasser Said Al Manwari, Ambassador of the Sultanate of Oman to the Philippines n Diplomatic Excellence Award: Atty. Hesti Dewayani, Chargé d’Affaires, Embassy of the Republic of Indonesia n H.E. Wallace Min Gan Chow, Representative, Taipei Economic and Cultural Office (TECO) n Media Ambassadors: Daily Tribune, The Manila Times, GMA News Online, Net25, SMNI,Hudyat News,

United News. Other distinguished awardees include TIEZA Chief Operating Officer Mark Lapid as Tourism Infrastructure Ambassador of the Year; Governor Jun Aguto of Batanes, recipient of the Batanes Ambassador Award; and Governor Jose Enrique Miraflores of Aklan, recipient of the Aklan Ambassador Award. Additional LGU Ambassadors recognized are Malay Mayor Frolibar Bautista, Baybay Mayor Carlos Cari, and Pagadian Mayor Sammy Co. They were joined by other key officials from the DOT, various government agencies, foreign embassies, and the private sector. Further award categories include Airline Ambassadors, Hospitality Ambassadors, IATA Ambassador, NTO Ambassadors, LGU Tourism Ambassadors, Tourism Excellence Trade Partner Ambassadors, Bank and Credit Card Brand Ambassadors, and GTBA Ambassadors. A multi‑sectoral panel of judges evaluated nominees based on three core criteria: depth of contribution, measurable impact, and consistent commitment to advancing tourism and inclusive national development. The award stands as a symbol of dedication to progress, Filipino hospitality, and shared prosperity. “In every sense, these are the real ambassadors— defined not by their titles or appointment alone, but by the work they do,” shared GTBA President Michelle G. Taylan. “They turn policies into tangible progress, places into world‑class destinations, and stories of culture and heritage into opportunities for all.” The awards ceremony coincided with the official launch of the 4th Travel Sale Expo, scheduled for October 2 to 4, 2026 at SM Megamall, Mandaluyong City. The event also formalized key partnerships: Metrobank was named Official Bank Partner and was likewise conferred the Bank and Credit Card Brand Ambassador of the Year award, while Daily Tribune serves as Official Media Partner.

Pink Ventures brings Italian medical aesthetics leader Promoitalia to the PHL

INK Ventures officially introduced Italian medical aesthetics leader Promoitalia Medical Aesthetics to the Philippine market through an exclusive launch event that gathered leading dermatologists, aesthetic physicians and clinic owners at Shangri-La The Fort in Bonifacio Global City. The launch marked Promoitalia’s official Philippine debut and underscored Pink Ventures’ commitment to bringing globally recognized, science-driven innovations to the country’s growing medical aesthetics industry. More than a product launch, the event served as a platform for physician education, highlighting the importance of evidence-based practice and continuous learning in delivering safe and effective aesthetic treatments. Headlining the scientific program was Dr. Pasquale Ruggiero, Promoitalia’s Italian Key Opinion Leader, who shared the latest developments in regenerative and injectable aesthetic medicine. His presentations covered skin biostimulation, skin quality optimization and physician-led intimate care, reinforcing Promoitalia’s philosophy that clinical excellence begins with science, education and responsible practice.

Founded in Italy, Promoitalia has built an international reputation for combining scientific research, advanced technology and medical innovation to develop aesthetic solutions that promote skin health while delivering natural-looking results. Driven by a commitment to excellence and continuous research, the company has become a trusted name in modern aesthetic medicine. “At Pink Ventures, we believe Filipino physicians deserve access to the same world-class innovations that are transforming aesthetic medicine around the world,” said Mary Grace Juliano, CEO of Pink Ventures. “Our partnership with Promoitalia is about more than introducing exceptional products. It’s about bringing science, education and internationally recognized clinical expertise closer to our local medical community. We are proud to help shape the future of regenerative aesthetic medicine in the Philippines.” The partnership reflects Pink Ventures’ vision of equipping Filipino physicians with internationally developed treatment platforms while fostering a culture of continuous learning and responsible aesthetic practice. Throughout the launch, guests explored Promoitalia’s

IN the photo are, from left, Andy Wee; Bruno Varricchio; Dr. Kim Espiritu; Dr. Maika Slatensek, CEO & Founder, Slate Medical Clinic; Mary Grace Juliano, CEO and Founder of Pink Ventures Inc.; and Dr. Pasquale Ruggiero, renowned plastic surgeon and Promoitalia Trainer.

portfolio of regenerative aesthetic solutions and engaged with international experts and product specialists in discussions on emerging trends, clinical protocols and best practices. Among the innovations introduced was the Skinfill Series, Promoitalia’s portfolio of regenerative aesthetic solutions designed to address a wide range of patient needs. The collection includes Skinfill Blue, a biorestructuring platform that supports overall skin quality; Skinfill Bianco, an injectable treatment that combines pigment management with complexion harmonization; Skinfill Endurance, a next-generation skin booster developed to promote skin longevity and address chronic microinflammation associated with aging; and Skinfill Bacio, a lip-quality treatment that enhances hydration, softness and natural definition without focusing solely on volume enhancement. The launch also showcased Promoitalia’s Pink Intimate Series, a physician-directed platform for intimate wellness that offers professional treatment protocols focused on hydration, tissue quality and overall intimate rejuvenation. A highlight of the event was the announcement of an exclusive physician training workshop, allowing participants to further deepen their understanding of Promoitalia’s treatment protocols, patient selection and clinical applications. The initiative reflects the company’s commitment to ensuring that innovation is supported by proper education and responsible practice. By bringing Promoitalia to the Philippines, Pink Ventures is expanding access to internationally developed regenerative aesthetic technologies while helping elevate standards in physician education and patient care. As demand for minimally invasive aesthetic procedures continues to grow, the partnership positions both companies at the forefront of a new generation of aesthetic medicine—one that emphasizes scientific innovation, responsible clinical practice and natural-looking outcomes that prioritize skin health as much as beauty.

A business may begin with one person, expand into a small team, or eventually require another location. ICE Tower gives owners a property that can remain useful through these different stages. The space can support an owner-operated business today, serve as a satellite office as the company expands, or be leased to another professional or enterprise in the future.

That ability to respond to change is increasingly relevant as businesses become leaner, more mobile, and less dependent on traditional office setups. For generations, a business address meant an office: a dedicated space where people worked, clients met, and companies established their presence. That definition is changing. As businesses become more digital, mobile, and flexible, what matters is no longer simply having an office, but having a space that supports how the business actually operates. ICE Tower represents one response to that shift—a purpose-built Residential Office within an established business district that gives owners greater flexibility in how they use their property over time. The traditional office will continue to have its place. But for a new generation of entrepreneurs, professionals, and growing businesses, the best business address may no longer have to be an office at all. And that may be where the next chapter of the workplace begins. To learn more about ICE Tower Residential Offices and discover how one address can support the way you live, work, and invest, visit www.smdcheights.com or speak with an SMDC property specialist through the SMDC Sales Hotlines at (+632) 8858-0300, +63 917 555 7632, or +63 917 777 7632.

Dusit Thani Davao Hotels welcomes Kadayawan with a festive preview

HE spirit of Kadayawan came alive at Madayaw Café of Dusit Thani Davao Hotels as the hotel welcomed media and influencer friends, tourism partners, and distinguished guests for its Kadayawan Preview Launch, offering an early taste of the sights, sounds, and flavors that will define its month-long celebration of Davao’s most anticipated festival. The festive evening brought together members of the media and the local creative community, alongside distinguished guests including Tanya Rabat-Tan, Regional Director of the Department of Tourism XI; Willenito Tormis, OIC of the Davao City Tourism Office; Harvey James Lanticse, Davao City Information Office (CIO); Deddy Faisal, Consul General of Malaysia; Wang Mingqing, Deputy Consul General of the Consulate of China; Liu Lang, Consul of the Consulate of China; and Romeo Castanaga, Regional Director of the Department of Trade and Industry XI. From the moment guests entered the hotel, the atmosphere reflected the vibrancy of Kadayawan. A colorful and abundant lobby display welcomed visitors, accompanied by the official Kadayawan music, immediately setting the mood for an evening centered on Davao’s culture, harvest, and spirit of celebration. At Madayaw Café, the abundance of the season took center stage. A vibrant display of local fruits complemented a buffet spread inspired by the diverse flavors and culinary traditions of Mindanao. Among the highlights were desserts that celebrated some of Davao’s most beloved fruits, including durian and mangosteen. More than a preview of Kadayawan’s flavors, the evening brought together tourism leaders, media, and influencers in a shared celebration of Davao’s culture, community, and harvest. “Kadayawan is a celebration that reflects the heart and soul of Davao. Through our curated experiences, we

hope to create meaningful moments that allow both visitors and locals to appreciate the city’s rich culture while enjoying the gracious hospitality that defines Dusit Thani Davao,” said Franz Manalo, Cluster Director of Marketing of Dusit Thani Davao Hotels & Resort. The Kadayawan Preview Launch offers a first taste of what’s in store, with the Kadayawan Feast at Madayaw Café officially available from August 14 to 16, 2026, alongside other curated culinary, cultural, and stay experiences across Dusit Thani Davao Hotels. At Benjarong Bar & Restaurant, guests can enjoy a specially curated Thai set menu from August 14 to 16, while Siam Lounge will feature Kadayawan-inspired beverages throughout August. The celebration extends beyond the dining table, with Stay Longer savings of up to 40 percent and a Davao City tour add-on for guests who wish to explore the city and discover its vibrant culture. Throughout the festival, guests can also experience HOMEGROWN: A Kadayawan Market, take part in the Kadayawan Floral Atelier in partnership with Aethereal, and enjoy cultural music and dance performances that showcase the rich traditions and artistry of Mindanao. Through its Kadayawan celebrations, Dusit Thani Davao Hotels offers more than a festive getaway. By bringing together local flavours, culture, community, and gracious hospitality, the hotels invite guests to experience Kadayawan not simply as visitors, but as part of a celebration that reflects the vibrant spirit and abundance of Davao. Celebrate Kadayawan the Dusit way. For reservations and inquiries: Dining reservations: +63 905 562 1370 | d2dv.fbreservations@dusit.com Room reservations: +63 82 272 7500 | d2dvrsvn@dusit. com / dtrdrsvn@dusit.com

Paco Park presents ‘Harana ng Hangin: Isang Gabi ng Musikang Pilipino para sa Woodwind Quintet’

N celebration of Buwan ng Wikang Pambansa, the National Parks Development Committee (NPDC), in cooperation with the Department of Tourism (DOT), presents Harana ng Hangin: Isang Gabi ng Musikang Pilipino para sa Woodwind Quintet on August 14, 2026, at the historic Paco Park, Manila. Beginning at 6 pm, this musical gathering invites the audience to experience the rich colors of Filipino musical heritage reimagined through the expressive range of a premier woodwind ensemble. The event is free and open to the public. Featured in this special performance is Symphonic Five, a distinguished woodwind quintet composed of gifted and established orchestral musicians. Founded in 2021 by Philippine Philharmonic Orchestra clarinetist Jayson C. Rivera—originally as the Rivera Woodwind Quintet—the group adopted its new name in 2026 to reflect its artistic evolution toward performing symphonic works and altogether reimagining orchestral masterpieces through the expressive palette of five wind instruments. The ensemble delivers performances

marked by extraordinary depth, versatility, and refined musicality. For this year’s Buwan ng Wikang Pambansa showcase, Symphonic Five will serenade attendees with a thoughtfully curated program celebrating legendary Filipino masters, including National Artists for Music Antonino Buenaventura, Ernani Cuenco, and Ryan Cayabyab, alongside select symphonic repertoire. Bringing these masterworks to life through flute, oboe, clarinet, bassoon, and French horn are Ms. Crystal Milarose Rodis-Concepcion (Flute), Mr. Reynato M. Resurreccion (Oboe), Mr. Jayson C. Rivera (Clarinet), Mr. Alvin Cerda Sison (Bassoon), and Mr. John Gerald Calma (French Horn). Hosted by Mary Grace Atienza, the concert offers a rare opportunity to enjoy timeless OPM classics and classical heritage under the open skies of one of Manila’s most cherished historical landmarks. Mark your calendars for an evening of melody and national heritage on August 14, 2026, at 6 pm at Paco Park, Manila. Admission is completely free.

BusinessMirror

Editor: Tet Andolong

Wednesday, August 12, 2026 B7

AYALA LAND STRENGTHENS NUVALI PORTFOLIO WITH ENTRY OF CHAN-TOEI PROPERTIES

By Rizal Raoul S. Reyes

@brownindio

S demand for master-planned communities continues to grow in Southern Luzon, Nuvali is drawing another major developer into its expanding eco-city. Ayala Land Inc. (ALI) has tapped Chan-Toei Properties Inc. (CTP) to develop a new residential community within Nuvali, further broadening the residential offerings in the country's largest and one of its most established sustainable mixed-use estates. As one of the country’s leading mixed-use estates, Nuvali continues to generate interest and attract residential developments that align with its vision of creating masterplanned,nature-integrated communities. Moreover, the addition of ChanToei Properties reflects the estate’s continued evolution as Nuvali grows into one of Southern Luzon’s leading business, lifestyle and residential destinations. “We are pleased to welcome ChanToei Properties as one of the select residential developers in Nuvali,” said Meean Dy, President and CEO of ALI in a press statement. “Their approach to residential development aligns

with our long-term vision for Nuvali as a well-planned, nature-integrated community. We look forward to the new residents, ideas and experiences this community will bring as Nuvali continues to grow.” The upcoming residential community will be developed solely by CTP. While ALI continues to guide the longterm planning, stewardship and sustainability of Nuvali, CTP will lead the planning, design, development and marketing of the new neighborhood. Located within walking distance of CTP’s flagship residential project, Hana Garden Villas, the new development builds on the company’s growing reputation for crafting thoughtfully designed homes inspired by Japanese principles of quality, functionality, and timeless design. The strong market reception of Hana Garden Villas has seen an influx of end-users where nearly all buyers were end-users rather than specula-

FROM left: John Estacio, AVP and Estate Development Head, Ayala Land; Chris Maglanoc, President, Ayala Land Estates; Mayi Rodriguez, Head of Project Development, Ayala Land Estates; Elizabeth Chan-Parpan, Director, Chan-Toei Properties; Meean Dy, President, Ayala Land; Jose Mari Chan, Chairman, Chan-Toei Properties; Takamasa Sashida, Toei Housing Corporation Head of Int’l Business and Director, Chan-Toei Properties; Francis BJ Albert, President and CEO, Chan-Toei Properties; and Tomokazu Aoyama, Chief Technical Officer and Director, Chan-Toei Properties

FROM left: John Estacio, AVP and Estate Development Head, Ayala Land; Chris Maglanoc, President, Ayala Land Estates; Francis BJ Albert, President and CEO, Chan-Toei Properties; Kimberly Lee, Head of Project Development, Chan-Toei Properties

tive investors, emphasizing the appeal of CTP's developments among families seeking homes for long-term living. The sustained end-user demand underscores a growing preference for communities that deliver enduring value, quality craftsmanship, and a lifestyle centered on comfort, convenience, and well-being. “We are deeply honored by the opportunity to become part of Nuvali’s continuing story,” said CTP Chairman Jose Mari Chan. “At Chan-Toei Properties, we believe a home should enrich everyday life. We look forward to creating a community that reflects our commitment to thoughtful design, quality craftsmanship and places where families can build meaningful lives for generations,” Chan said. The newest community under the CTP will offer future homeowners immediate access to the estate’s expanding network of educational institutions, healthcare facilities, retail destinations and recreational parks that seamlessly integrates Japaneseinspired, family-centric homes into a vibrant and connected environment. CTP is a joint venture between the Chan family—whose business interests span sugar manufacturing, trading and power co-generation— and TOEI, a subsidiary of IIDA Group Holdings, Japan’s largest homebuilder by number of homes built annually.

PHL hotel players race to secure foreign brands Topping-off celebration for

HE biggest competition in Philippine hospitality today is not for guests. It is for brands. Across Metro Manila and major tourism destinations, developers are scrambling to secure partnerships with internationally recognized hotel operators, convinced that the right global flag can unlock a property’s long-term value and competitiveness. Latest hospitality investment trends indicate that global hotel operators are making a major vote of confidence in the Philippine hospitality market. Rising tourist arrivals, the return of Chinese travelers, expanding visa-free programs, and the surge in MICE (meetings, incentives, conferences, and exhibitions) demand are encouraging international brands to aggressively expand across Metro Manila and key areas outside of the capital region. The Philippine hotel sector is entering a new era, with global hospitality brands ramping up their expansion plans amid improving tourism fundamentals and growing demand for world-class accommodation facilities including world-class convention centers.

Foreign brands betting big on PH hospitality LATEST Colliers Philippines data reveal that foreign hotel operators are significantly increasing their presence across Metro Manila and major provincial destinations, accounting for nearly half of the new hotel supply expected from 2026 to 2029. International brands such as Hilton, Mandarin Oriental,

Banyan Tree, Citadines, Radisson, Dusit, Sofitel, Pullman, and Moxy are among those strengthening their footprint in the country. The expansion comes as the country’s tourism sector continues to gain momentum. Foreign visitor arrivals reached 3.16 million in the first half of 2026, up 5.4 percent year-on-year. One of the most notable developments is the resurgence of the Chinese market, with arrivals from China surging by 64.5 percent annually, helping offset softer arrivals from South Korea. Global brands are not investing based solely on current demand. They are positioning themselves for the next wave of growth driven by tourism recovery, expanding air connectivity, visa liberalization, and the country's rising prominence as a business and events destination. Colliers noted that Metro Manila alone is expected to deliver 2,486 new hotel rooms in 2026, a 236% increase from the previous year's completion level. From 2026 to 2029, annual hotel completions are projected to average about 1,880 rooms, bringing a fresh wave of internationally branded accommodations into the market.

Strategic expansion outside Metro Manila BEYOND leisure travel, the emergence of large-scale MICE facilities is also poised to drive hotel demand. More than 522,000 square meters of new exhibition space are expected to be added nationwide, including major developments in Metro Manila, Clark, Cebu, and Cavite. These projects are expected to support higher room demand from business travelers, convention delegates, and event organizers. Colliers believes that the combination of rising tourist arrivals, expanding MICE infrastructure, and aggressive international brand expansion supports a positive long-term outlook for the Philippine hospitality market. The consultancy forecasts hotel occupancy to return to pre-pandemic levels of

72 percent by 2028, supported by an estimated 7.5 million foreign arrivals. As more global brands plant their flags across the country, the Philippines is steadily strengthening its position as one of Southeast Asia's most compelling hospitality investment destinations,” Bondoc added. “The message from international operators is simple: they’re betting big on Philippine tourism.

Avesta Residences Tower 1

Bringing in more international brands INCREASINGLY, local developers see affiliation with global operators as a competitive advantage rather than a marketing exercise. In a market where travelers are becoming more brand-conscious and investors are prioritizing institutional-grade assets, securing an international flag can enhance project value, improve financing prospects, and drive stronger longterm occupancy. This helps explain why developers are aggressively pursuing partnerships with established hotel groups across both Metro Manila and key tourism destinations. The growing scramble among Philippine developers to secure global hotel brands signals more than just confidence in tourism, it reflects a broader recognition that hospitality is becoming a strategic real estate play. Colliers Philippines believes that in an increasingly competitive market, internationally recognized operators bring not only brand prestige but also global distribution networks, operational expertise, and access to high-value travelers. As foreign arrivals rebound, MICE activity accelerates, and infrastructure upgrades improve connectivity, developers are racing to align with brands that can capture future demand. By aggressively pursuing these partnerships, Philippine developers are making a major bet on local tourism. If current trends in hospitality, infrastructure, and business travel continue, we see a greater comeback story for major hospitality players in the country.

STANDING left to right: Megawide Construction AVP for Operations, Jules Ronquillo; PH1WD President, Gigi Alcantara; Imus City Mayor, Alex Advincula; Pag-IBIG CEO Marilene “Manang” Acosta; Megawide Chairman and CEO, Edgar B. Saavedra; DHSUD Secretary, Jose Ramon “Ping” Aliling; DHSUD Undersecretary, Ed Robles; Megawide Construction, Frederick Tan.

H1 World Developers toppedoff of Tower 1 of Avesta Residences on August 4, 2026, located in the City of Imus, Cavite— marking a significant construction milestone for its pioneering development under the expanded Pambansang Pabahay Para sa Pilipino (4PH) program. The ceremony commemorated the completion of the structural framework for the first building of the project’s multi-tower development. “For both PH1 World Developers and Megawide Construction, the topping off after less than 10 months from the start of construction conveys a clear message—we can deliver using our engineering expertise and pre-cast technology. We have a long way to go but it is always good to start on the right footing,” said Edgar Saavedra, Chairman and CEO of Megawide. Avesta Residences serves as PH1 World Developers' first project under the government’s Expanded 4PH Program—the national housing initiative aimed at addressing the country's housing backlog through collaborative efforts between the public and private sectors. The milestone follows the suc-

cessful Mega-Unit Draw conducted for Tower 1 beneficiaries held at the New Imus City Hall in December 2025 and reflects the project's continued progress from planning to on-site construction, bringing future homeowners one step closer to homeownership. “Our projects would not have come to fruition without the support and collaboration from our valued stakeholders and government partners. We warmly welcome these types of private and public cooperation as we push forward for more 4PH developments from PH1 and Megawide Construction,” said Gigi Alcantara, President of PH1 World Developers. Following the launch of Avesta Residences, PH1 World Developers expanded its participation in the program through additional developments in Dasmariñas and Bacoor in Cavite, as well as in Caloocan, further augmenting the government’s efforts to increase the supply of quality, affordable, and accessible housing across the country. More than just buidling homes, PH1 World Developers ensures Filipinos experience First-World Living in the Philippines.

Wednesday, August 12, 2026

www.businessmirror.com.ph

Group backs investigation of Taguig land reclamation

NATIONAL federation of fishermen has expressed support for the investigation of the “unauthorized” reclamation activities disguised as flood control projects in the Taguig City side of Laguna de Bay, citing its violation of the “socio-economic and environmental rights” of fisherfolk and urban poor families. In a statement, the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) said that the reclamation is part of the 37-kilometer Laguna Lakeshore Road Network (LLRN) that has already displaced urban poor families and fishermen in Muntinlupa and Taguig City. The LLRN Phase 1 orginates in Calamba, Laguna, and ends at Lower Bicutan in Taguig City. “Whether it be unauthorized or compliant with the proper procedures, reclamation is never beneficial to the coastal residents and aquatic resources. The said activity has been proven to be disadvantageous to the socio-economic rights of the people and the environment. Indeed, the Cayetano political clan in Taguig City must be held accountable for pushing for the destructive reclamation projects in Laguna de Bay, under the guise of f lood control projects,” Ronnel Arambulo, Pamalakaya vice chairperson said.

Pamalakaya also refuted Senate Minority Leader Alan Peter Cayetano’s defense of the reclamation projects, which he claimed are meant for flood control and lake’s protection. “May we remind Senator Cayetano that the reclamation project can never be a f lood control, nor a protectionary measure to the lake’s ecosystem. Scientific records and our actual experiences already point to a different reality from what Senator Cayetano is saying. “Reclamation projects carried out across the lake have further weakened the coastal communities’ defense against flooding because such activities obstruct the natural waterways,” Pamalakya noted. The said government activities are also to blame for the gradual degradation of Laguna de Bay’s aquatic and fishery resources. Aside from displacement, Laguna de Bay fishermen experience firsthand environmental degradation through depleted fish catch and the loss of the lake’s traditional and endemic fish species. “We support any investigation that will hold accountable the officials who pushed for the destructive reclamation projects in Laguna de Bay,” Arambulo said. Jonathan L. Mayuga

Catapang relieves 2 prison officers over missing ₧6-M PDL trust fund By Joel R. San Juan @jrsanjuan1573

IRECTOR General Gregorio Pio P. Catapang Jr. of the Bureau of Corrections has ordered the relief of two senior officers from the Correctional Institution for Women (CIW) to pave the way for an investigation into the P6 million missing trust fund of persons of deprived of liberty (PDLs). Rel ieved were Cor rect ions Senior Supt. Da isy Sev i l laC a st i l lote, C I W, super i ntendent and her deputy. C/Ssupt. Marites Lebardo. Catapang directed the two officers to report to the Office of the Deputy Director General for Administration (DDGA) at the National Headquarters in Muntinlupa City. He also sought the assistance of Muntinlupa Police Station in tracking down Corrections Officer 2 Bianca Ramos, who handles the PDLs’ trust fund. Ramos has been absent without leave (Awol) since July 29. Corrections Technical Senior Insp. Lariza Martin, the chief of the Reception and Diagnostic Center, has been designated as the acting superintendent of CIW.

Catapang has also directed BuCor’s Chief of the Internal A u d it S e r v i c e Un it Edgardo Virtudazo to conduct an internal audit concerning the alleged mishandling of trust funds. The audit will include gathering and verifying all relevant details, existing information, and reports related to the issue. Catapang also directed the Directorate for Intelligence and Investigation chief, lawyer Ferdinand V. Balduman, to conduct a parallel investigation to determine the extent of culpability among both former and current CIW officers. “If it were true that there are missing funds amounting to about P6 million, this did not happen overnight. We need to get to the bottom of this and hold those accountable in their proper place,” said Catapang. Catapang also expressed disappointment over the alleged involvement of BuCor personnel over the alleged anomaly. “It pains me that while we are striving to reform the Bureau of Corrections, our own men would be involved in this kind of anomaly. That is why I want this to be thoroughly investigated so that we can determine who should be held liable,” Catapang said.

Death toll climbs to 19 Yellow alert up as habagat grips Luzon at Visayas By Jonathan L. Mayuga

@jonlmayuga

HE casualties of the combined effect of Tropical Cyclones Luis and Maymay and the prevailing Southwest Monsoon continue to rise, with the National Disaster Risk Reduction and Management Council (NDRRMC) verifying reports from affected provinces. As of 6:00 a.m. on Tuesday, the confirmed death toll has reached 19, with 15 others on the injured list. The NDRRMC also received reports that four persons are still missing as of reporting time. The non-stop rains induced by Luis, Maymay and the southwest monsoon, locally known as habagat, flooded many areas in Luzon, including Metro Manila. Still reeling from severe flooding, some parts of Luzon will continue to experience heavy rains, the weather bureau said. Zambales, Bataan and

Occidental Mindoro continue to experience 100 to 200 mm of rain today, August 12 and will last until Wednesday, The Philippine Atmospheric, Geophysical and Astronomical Services Administration’s (Pagasa) weather advisory issued at 6 a.m. said. Pa n g a s i n a n a nd B e n g ue t , meanwhile, will have moderate rains or 50 to 100 mm of rain until Wednesday. The number of affected families have reached 646,676 or nearly 2.3 million people in all

regions of Luzon, the NDRRMC said. Because of the inclement weather, communities were submerged by flashflood, prompting evacuations of affected families to safer grounds. The NDRRMC said a total of 26,174 families or 94,997 people are presently sheltered in 919 d if ferent evac u at ion centers Luzon-wide. Most of those who perished were killed by landslide, including two in La Trinidad, Benguet, nine in Baguio City and one in Atok. In Rizal, four people were killed including two from Rodriguez due to landslide, one in Antipolo who was pinned down by a fallen tree, and one in Binagonan due to drowning. Three others were killed in Batangas due to drowning, electrocution and landslide. The NDRRMC said a total of 684 houses were damaged by floods. So far, damage to public and private infrastructure has reached P1.5 billion while damage to agriculture is pegged at P135 million. T he go ve r n me nt s a id t he cost of assistance provided to affected families has reached P73.5 million.

Lahar still threatens Zambales villages By Henry Empeño

OTOLAN, Zambales—Zambales officials are closely monitoring major river systems still containing massive lahar deposits following week-long heavy rains that swelled waterways and inundated floodplains in several towns in the province. Gov. Hermogenes Ebdane Jr. on Monday ordered the preemptive evacuation of residents in barangay San Juan, this town, after inspecting a collapsed portion of a dike that shields at least six barangays from the lahar-filled Bucao River. “As of now, we are dropping armor rocks into the scoured portion and doing sandbagging to strengthen the dike foundation and prevent a total breach,” Ebdane said. “We’re doing all we can to prevent a dire situation like that in 2009 when the earth dike along Buc ao g ave w ay a nd c au s e d a major d isa ster in Botol a n. We don’t wa nt t hat to happen aga in,” Ebd a ne sa id. Domingo Mariano, the provincial consultant on infrastructure development, the barangays of San Juan, Paudpod, Carael, Bangan, Capayawan, and Batonlapoc could be flooded should the Bucao River Dike burst owing to prolonged

pressure from the swollen river. T hese v illages are directly on the path of the Bucao River and bore the brunt of the massive f looding in 2009, Mariano pointed out. Aside from Bucao River, Mariano said all eyes are now onto the Sto. Tomas River bordering San Marcelino, San Felipe and San Narciso towns in southern Zambales, after strong current washed out a bridge in barangay Sta. Fe, San Marcelino, on Sunday, and isolated the upland barangay. At least 15 barangays in the three adjoining towns are located along the Sto. Tomas River, which drains directly from the foothills of Mount Pinatubo. Ebdane said the lahar from the 1991 volcanic eruption continues to be a major threat to Zambales communities during the rainy season when heavy downpour dislodges massive deposits upstream and send them cascading downriver. The Mines and Geosciences Bureau (MGB) in Central Luzon estimated that 6.7 billion cubic meters of volcanic debris remain on the Zambales side of Pinatubo, with three billion cubic meters, or 63.8 percent of river-bound lahar, in the Bucao River basin, and 1.6 billion cubic meters in the Sto. Tomas River basin. Mariano said the provincial

government has been actively undertaking dredging of the Bucao and Sto. Tomas rivers under the Zambales River Restoration Program since 2023, but had so far only cleared the river deltas due to the huge volume of lahar sand in the waterways. Heavy rains from habagat or the southwest monsoon and the recent typhoons that entered the country also brought more lahar downriver and temporarily stopped dredging operations, Mariano added. Meanwhile, the Zambales Provincial Disaster Risk Reduction and Management Office (PDRRMO) said in an initial report that six infrastructure facilities in the province were damaged during heavy habagat rains induced by the Typhoons Luis and Maymay starting last week. The Sta. Fe Bridge in San Marcelino town, which was swept away by strong river current, and a Small Water Impounding Project in barangay Amungan, Iba, which was buildt at a cost of P700,000, were totally destroyed, it said. The PDRRMO also listed four partially damaged structures: a multi-purpose hall in San Miguel, San Antonio; the Tanguay Slope Protection in Sto. Niño, Cabangan; another slope protection project in See “Lahar,” A8

Garbage buildup prompts Marcos to push WTE P

RESIDENT Marcos on Tuesday said the government will push ahead with its wasteto-energy program as part of efforts to address garbage buildup in waterways and help mitigate flooding. Marcos raised the issue after inspecting a high-vacuum selfpriming drainage trailer pump in Barangay Zapote, Las Piñas City,

amid heavy rains brought by two back-to-back tropical cyclones and the enhanced southwest monsoon or habagat in parts of Luzon. The President said garbage had accumulated in waterways in nearby Parañaque City after floodwaters opened drainage channels, with high tide causing the waste to be trapped. “Nakita ninyo ang mga picture,

punong-puno ng basura iyong mga kanal na hindi naman galing sa Parañaque, galing sa ibang lugar iyon (You saw the pictures – the canals were full of garbage that did not come from Parañaque. It came from other places],” Marcos said. He urged local governments (LGU) and the public to dispose of waste properly, warning that

garbage dumped indiscriminately could worsen flooding and cause significant damage. Marcos said the government will continue its waste-to-energy program, which involves processing garbage to generate electricity. “Kami naman sa pamahalaan, itutuloy na namin ang waste-to-energy program. Iyon iyong kinukuha basura at ito ay pino-process at gi-

nagawang kuryente [For the government’s part, we will continue with the waste-to-energy program. It takes garbage, processes it, and turns it into electricity],” he said. “Napak alak ing baga y niyan kapag nagawa natin [That would be a ver y significant thing once we accomplish it].” See “WTE,” A8

again

By Lenie Lectura @llectura

ORE than 1,700 megawatts (MW) were shaved off from the Visayas and Mindanao grids on Tuesday owing to the unavailability of power plants. From 3:00 pm to 8:00 pm, the red alert is hoisted over the Visayas power grid and yellow alert from 1:00 pm to 3:00 pm and from 8:00 pm to 10:00 pm. The red alert status is issued when power supply is insufficient to meet consumer demand and the transmission grid’s regulating requirement. A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement. The National Grid Corporation of the Philippines (NGCP) said available capacity stood at 2,123 MW while peak demand reached 2,418 MW. Eight power plants are on forced outage this month, two plants since July, three plants since June, seven plants since May, one plant since March, three plants since 2025, two plants since 2024, two plants since 2023, and one plant since 2021, while 14 plants are running on derated capacities, for a total of 961.3MW unavailable to the grid. The unavailability of large coal plants such as the Themal Visayas Inc. 1 and 2 and the Cebu Energy Development Corp. 1 contributed to the issuance of the yellow and red alerts. Also, there is limited power import from Mindanao due to the extended outage of Sarangani Energy Corp. (SEC) 2, maintenance outage of GNPower Kauswagan (GNPK) 2 and GNPK 1 emergency shutdown due to boiler tube leak. In Mindanao, the yellow alert notice is from 10 am to 8:00 pm. NGCP said Mindanao’s available capacity stood at 2,696MW while peak demand reached 2,616 MW. Nine plants are on forced outage this month, seven plants since July, one plant since June, two plants since January, one plant since 2025, and two plants since 2024, while five plants are running on derated capacities, for a total of 777.7 MW unavailable to the grid. It cited the maintenance outage of GNPK2, emergency shutdown of GNPK 1, decrease in Pulangi hydro power plant’s capacity by 40MW, and increase in the forecasted demand by 94MW.