Issuu

‘Public infra could have yielded 5% growth in Q2’ By Justine Xyrah Garcia

WORLD » A13

‘VERY, VERY STRONG’ DEMAND FUELS GLOBAL TRADE AMID SUPPLY SHOCKS

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

HE Philippine economy could have grown by at least 5 percent in the second quarter had public construction merely stayed at its year-ago level, the Department of Economy, Planning and Development (DepDev) said. DepDev Undersecretary for Policy and Planning Rosemarie G. Edillon said public construction remained weighed down by additional government procedures and project checks introduced to strengthen oversight and ensure proper implementation of infra-

structure projects. “We estimate that if public construction were at the same level as the second quarter of last year, meaning 0 percent, then the [gross domestic product] would have grown by at least 5 percent,” Edillon said in a recent interview. The Philippine economy slowed further to 2.3 percent in the second quarter of 2026, as investments continued to contract. Gross capital formation shrank by 9.2 percent during the period, marking a fourth straight quarter of contraction. The deterioration was more pronounced in fixed investment,

with gross fixed capital formation contracting by 13.7 percent in the second quarter, worsening from a 2.5-percent decline in the previous quarter. Construction was among the biggest drags, contracting by 14.8 percent year on year in the second quarter, much steeper than the 4.3-percent decline recorded in the first quarter. Edillon said the contraction in public construction reflected the lingering impact of additional safeguards imposed on government projects, which slowed spending while projects underwent further scrutiny.

For the second half, she said the government expects infrastructure spending to pick up as agencies move from project review to implementation. The Department of Budget and Management (DBM) had already released the funds it could make available to infrastructure agencies beginning in June, leaving project implementation as the key task for the remainder of the year, Edillon said. She added that a significant portion of the 2026 budget remains to be spent, with the government expecting the Department of Public Works See “Infra,” A2

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

GOVT SETS ₱644-B EXCISE TAX COLLECTION GOAL www.businessmirror.com.ph

Friday, August 14, 2026 Vol. 21 No. 304

P25.00 nationwide | 2 sections 26 pages | 7 DAYS A WEEK

By Reine Juvierre S. Alberto @reine_alberto

HE government is poised to collect P644.433 billion in excise taxes next year, as it seeks to generate more revenue while deterring the consumption of “sin” products. Combined excise tax collection of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) is projected to grow by 8.69 percent in 2027 from this year’s P592.896 billion target, the Budget of Expenditures and Sources of Financing for 2027 revealed. BIR collections from selective excises on goods is seen to reach P380.861 billion, higher by 8.94 percent year-on-year from P349.578 billion. Nearly half of the BIR’s target will come from excise taxes on tobacco products, pegged at P182.209 billion, up by 10.84 percent from P164.386 billion this year. Collection of excise tax on alcohol products is estimated at P136.713 billion, a 7.21-percent increase from this year’s P127.508-billion program. Other sources of excise tax collections next year include sweetened beverages at P39.669 billion,

mining at P15.612 billion and automobiles at P6.241 billion. The BIR is also expected to collect P41 million from excise taxes on cosmetic procedures, P13 million from tobacco inspection fees and P364 million from other miscellaneous excise taxes. Meanwhile, the BOC’s excise tax collection is seen to rise by 8.32 percent to P263.572 billion in 2027 from this year’s P243.318billion target. The BOC collects excise taxes on specific imported goods at the port of entry before release from customs custody. These include petroleum products, alcoholic beverages, tobacco and vapor products, automobiles and other goods. In the first half of 2026, the BOC has collected P113.344 billion in excise taxes, or 46.58 percent of its full-year target. The BIR, on the other hand, See “Tax,” A2

DEEP FAITH A person wades through neck-deep floodwaters beside the Archdiocesan Shrine of Our Lady of Lourdes, popularly known as the “Sunken Shrine,” in Bacolor, Pampanga, on Thursday, August 13, 2026, following continuous monsoon rains. Pampanga has been declared under a state of calamity to enable authorities to immediately respond to the needs of flood victims in the province. NONOY LACZA

FOREIGN, LOCAL INVESTMENT PLEDGES UP 73% IN Q2–PSA

OFWs lost ₧50B from forex markup fees–fintech exec

N VESTMENT pledges from both foreign and Filipino nationals increased in the second quarter of 2026, according to data from the Philippine Statistics Authority (PSA). Approved investments from both foreign and Filipino nationals in the second quarter of 2026 reached P541.51 billion, a 73.1-percent increase from the P312.87 billion reported in the same period a year ago. Of the total, Filipino nationals contributed P426.31 billion or 78.7 percent of the amount. Foreign investment approvals, meanwhile, increased 68.2 percent to P115.20 billion. “Eight out of 16 Investment Promotion Agencies [IPAs] reported foreign investment approvals during the period,” the

ROUND P50 billion were lost by Overseas Filipino Workers (OFWs) in 2024 as they sent money home to their families due to foreign exchange markup fees, according to Wise Philippines, a financial technology platform. “So we estimate about 10 billion pesos for MSMEs and 40 billion pesos are being lost by personal customers when they send money across borders...so that is a very big problem. Because of the FX markups,” Areson Cuevas, Country Manager for Wise Philippines said at a briefing on Thursday. “Sayang [What a pity]. That’s P50 billion that should have been in the pockets of people to buy daily needs,” Cuevas also noted. To illustrate, Cuevas said if one is receiving a thousand US dollars in remittances through any bank or any other institution, markup would be around 3 to 5 percent. “So that would be around P3,000

PSA said. These IPAs are the Authority of the Freeport of Bataan, Bases Conversion and Development Authority, Board of Investments (BOI), Bangsamoro BOI, Clark Development Corporation, Clark International Airport Corporation, Philippine Economic Zone Authority, and Subic Bay Metropolitan Authority. PSA data showed that in terms of country of origin, the Netherlands was the leading source of foreign investment (FI) pledges, contributing P50.74 billion, or 44 percent of the total approved foreign investment. Germany followed with P18.05 billion or 15.7 percent, and Singapore with P9.95 billion or 8.6 percent of the total. Data from the PSA showed See “Investment,” A2

By Andrea E. San Juan

@andreasanjuan

OVERSEAS Filipino workers line up at the OFW Lane at the Ninoy Aquino International Airport Terminal 3 in Pasay City. FILE PHOTO

being charged at my remittance. And just goes to, of course, the banks and the intermediaries,” the country manager for Wise Philippines said. Cuevas pointed out that the 3 to 5 percent average cost to move

money across borders is “more or less uniform” across markets. Wise explained that the forex markup is the additional charge levied by banks and card issuers on top of the exchange rate. It is essentially the added fee for converting money.

The fintech firm explained further that the forex markup fee is applied to nearly all transactions that require a currency conversion. Wise said the markup impacts the exchange rate used in remittance, international spending, cash withdrawal and cross-currency spending. Moving forward, the country manager for Wise Philippines said this is one of the issues that the fintech platform would hope to be addressed. Citing an earlier survey it conducted, Cuevas said only 21 percent or 3 in 5 of the Filipinos surveyed engaged in international transactions are aware of hidden fees like exchange rate mark-ups. “So that’s why we are very strong in making sure that, you know, Filipinos, guys, you have to know how much you are paying for your remittances. Because that is your hard-earned money or the hardearned money of your family abroad. So that has been the biggest challenge,” added the country manager of Wise Philippines.

PESO EXCHANGE RATES n US 61.3230 n JAPAN 0.3847 n UK 82.7615 n HK 7.8156 n CHINA 9.0904 n SINGAPORE 47.9161 n AUSTRALIA 43.2940 n EU 70.6686 n KOREA 0.0433 n SAUDI ARABIA 16.3336 Source: BSP (August 13, 2026)

News

BusinessMirror

A2 Friday, August 14, 2026

Public infra could have… Continued from A1

and Highways (DPWH) and other infrastructure agencies to catch up in the second half. “We’re confident that DPWH will be catching up on this and then of course, the other agencies as well like the [Department of Transportation]. [The Department of Information and Communications Technology] is actually moving forward with their expansion, its digitalization expansion programs,” she added. Still, Edillon acknowledged that actual infrastructure spending has lagged behind the government’s target despite efforts to maintain infrastructure allocations at around 5 percent to 6 percent of GDP. Latest data from DBM showed that infrastructure program, including subsidies, equity and transfers to local government units, was reduced to P1.272 trillion this year from P1.558 trillion, equivalent to 4.2 percent of GDP. (See: https://businessmirror.com.ph/2026/08/13/ despite-slow-growth-2026-infraspend-cut/). “We hope that for the second half, then there will be an acceleration of this spending,” she added. In the midterm update of the Medium-Term Fiscal Framework released last year, the Development Budget Coordination Committee projected infrastructure spending at 5.1 percent of GDP in 2026 and 2027, rising to 5.2 percent annually from 2028 to 2030.

www.businessmirror.com.ph

Edsa rehab contractor must do repairs on potholed parts

By Samuel P. Medenilla

HE Marcos administration will require the contractor of the newly rehabilitated segment of the Epifanio de los Santos Avenue (Edsa) to conduct repairs on the major thoroughfare if it is proven to have cut corners in the completion of the project, according to Malacañang.

This after the Senator Panfilo “Ping” M. Lacson called for a probe on the first phase of the Edsa rehabilitation project, which was completed in April with a budget of P1.18 billion. The lawmaker called out the fresh

potholes in the newly repaired part of Edsa after the incessant rains from the southwest monsoon since last week. DPWH awarded the project to Readycon Trading & Construction Corporation last December.

Investment…

billion was posted in the first quarter of 2023, while the lowest was the P9.57 billion approved in the first quarter of 2022. The country that recorded the largest approved investments since 2011 was the Netherlands with P841.39 billion, followed by Singapore with P650.20 billion worth of pledges.

Continued from A1

that since 2011, approved foreign investments from IPAs amounted to P4.59 trillion. The largest approval worth P408.22

“Whatever happened here on Edsa [rehabilitation] must be accounted for; an investigation will be conducted to determine if there were any lapses or abuses, and this must be resolved without any cost to the government,” Castro said in Filipino in a press briefing on Thursday. “It is essential that this be addressed and rectified at no expense to the government, especially since it is still under warranty,” she added. Quoting DPWH, the Presidential Communications Office (PCO) undersecretary said the Edsa rehabilitation went through a proper bidding process. “According to the DPWH, their current contractors underwent the proper bidding process, and possess the necessary qualifica-

tions...under the law,” Castro said. Castro also denied that Readycon has any link with CWS partylist Representative Edwin Gardiola. “Readycon is reportedly not owned by Gardiola. It is a wellknown contractor engaged by conglomerates. That is according to the DPWH,” she said. In a related development, Castro also said that DPWH is expected to construct 16 more evacuation centers this year under Republic Act No. 12076 or the Ligtas Pinoy Centers Act. An additional 32 evacuation centers will be built next year. “So, that is the DPWH’s proposal so far, and the target is to have around 210 evacuation centers,” Castro said.

Other top countries that recorded the highest investment pledges were Japan with P587.17 billion; Germany, P427.92 billion; and the United States with P357.78 billion. “Approved investments for the second quarter of 2026 are expected to generate a total of 32,167 employment, reflecting a 21.9-percent decline from the 41,203 employment expected in the same period of 2025,” the PSA said. Meanwhile, in the second quarter, PSA data showed projects in the electricity, gas, steam and air conditioning supply industry continued to have the largest share, accounting for P321.06 billion or 59.3 percent of the total approved investments from Filipinos and Foreigners. The data also showed that manufacturing accounted for P98.16 billion or 18.1 percent of total

investment pledges while real estate activities had P49.38 billion or 9.1 percent. For foreign investment approvals, the manufacturing industry attracted the largest share of FI, amounting to P78.81 billion or 68.4 percent of the total investment pledges. This was followed by real estate activities with P11.09 billion or 9.6 percent and electricity, gas, steam and air conditioning supply with P8.81 billion or 7.7 percent of the total. By region, Cordillera Administrative Region received the highest share of FI pledges, amounting to P55.74 billion or 49.4 percent of the total. It was followed by Central Luzon with P36.81 billion or 32 percent of the total while Calabarzon had P14.75 billion or 12.8 percent of the total.

Tax…

ing budgets for health insurance coverage and medical assistance, among other areas. Recently, the Department of Finance (DOF) has proposed to expand excise taxes on sweetened beverages, distilled spirits, e-cigarettes and novel tobacco, plastic products and automobiles. Doing so would yield an average of P107.3 billion in revenues for the government, the DOF estimated. The recommendation is part of the DOF’s proposed “Progress Bill,” a comprehensive tax reform package that seeks to provide tax relief for the middle class and small businesses while expanding sin taxes.

Continued from A1

amassed P127.691 billion from January to May this year, latest available data showed. This accounts for 33.52 percent of its entire goal for the year. Aside from raising additional revenues for the government, excise taxes are imposed on certain products to discourage consumption of products considered harmful to health or the environment. In the Philippines, a portion of “sin” tax collections is earmarked for implementing the Universal Health Care program, increas-

Projects…

Continued from A15

but we also want them built to the highest standards. WTE cannot solve one environmental problem by creating another. These facilities must meet strict environmental safeguards while providing a reliable way to manage residual waste and generate useful energy,” Garin said. The DOE said it continues to engage relevant government agencies, local government units, developers, and other stakehold-

Umic…

Continued from A15

income shocks, and a genuine methodological rebasing, rather than a simple inflation adjustment, would probably reveal that

Justine Xyrah Garcia

ers on project eligibility, registration, feedstock requirements, technical standards, and implementation arrangements to ensure that projects advanced under the program are practical and deliverable. “We are moving WTE from policy into implementation. The President’s renewed push gives further momentum to that work. Our task now is to identify viable projects, uphold the necessary environmental and technical standards, and move qualified facilities toward construction and eventual delivery of electricity to the grid,” Garin added.

a meaningfully larger share of the population is economically vulnerable than current figures suggest,” he said. According to the PSA, preliminary results of the 2025 Family Income and Expenditure Survey (FIES) are expected to be released later this month.

DFA ‘notes arrest’ of 100 Pinoys in China

By Malou Talosig-Bartolome

HE Department of Foreign Affairs said it respects China’s sovereign right to enforce its immigration laws, as it “takes note” that over 100 Filipinos were arrested in China. The DFA statement came after China’s Foreign Ministry spokesman Guo Jiakun announced Monday that “actions have been taken in accordance with the law against over 100 Philippine nationals for illegally working or living in China.” “China’s national immigration authorities have made consistent effort to strengthen supervision of foreigners illegally entering, living or working in China and carried out special operations in accordance with the law. “While carrying out the special operations, our immigration staff acted in a standard and civil manner and ensured the protection of the rights and interests of the foreign nationals concerned,” Guo said. The DFA said it is closely coordinating with the Philippine Embassy in Beijing and consulates-general to verify the circumstances of the arrests, “ascertain the exact number and status of those apprehended, ensure that due process is ensured, and extend consular assistance as needed.” “The Philippines respects China’s sovereign right to enforce its immigration laws, as it does the right of every state to enforce its own laws on foreign nationals within its jurisdiction, in accordance with due process and established legal procedure,” DFA spokesperson Analyn Ratonel said in a statement. “At the same time, we call on Chinese authorities to safeguard the welfare of the arrested Filipinos and to promptly notify our Foreign Service Posts of their arrest and detention, consistent with the Vienna Convention on Consular Relations and the 2013 Philippines-China Consular Agreement,” she added.

DOJ confident of Quiboloy’s extradition… Continued from A15

Court in 2025, an extradition may be postponed in order for the extraditee to face criminal prosecution or serve a sentence in the Philippines for an offense other than the one for which extradition is requested. However, a temporary surrender of the extraditee may be granted by the court. It said that the secretary of Justice may file a motion in the court where the said criminal case is pending to request the temporary surrender of the extradite to the requesting state. When asked who has the final say on whether to postpone an order for extradition or allow a temporary surrender of the extraditee, Chan said: “So, it is Executive prerogative.” “So, [the decision] is with the Department of Justice, of course, weighing all the relevant circumstances and in consultation with our treaty partner.” Quiboloy is currently detained at the Pasig City Jail as trial proceedings for the qualified human trafficking and child abuse and exploitation cases filed against him are ongoing. The supposed extradition request stemmed from Quiboloy’s indictment by a California grand jury in 2021 for allegedly conspiring to engage in sex trafficking by force, fraud, coercion, sex trafficking of children. In March 2024, Central District of California Judge Terry Hatter Jr. ordered the unsealing of the arrest warrants against Quiboloy.

Friday, August 14, 2026

www.businessmirror.com.ph

COA has authority to examine CIF operations records–Lacson By Butch Fernandez

@butchfBM

HE Commission on Audit (COA) has the authority to inspect vaults containing classified records and supporting documents related to confidential and intelligence operations when circumstances so demand, according to impeachment Senator-Judge Panfilo M. Lacson. COA’s Joint Memorandum Circular 2015-01, Lacson said, provides that classified details and supporting documents of transactions kept in an agency’s vault may be inspected by the COA’s Intelligence and Confidential Funds Audit Unit (Icfau) “if circumstances so demand.” He cited the provision during his questioning of state auditor Xylene del Campo on whether the presence of numerous aliases in confidential and intelligence fund transactions could have warranted an inspection of the vault. “If you encounter many aliases and you harbor doubts, isn’t it natural and logical to inspect the vault to see if real people are behind the aliases?” he asked, speaking in Filipino. Under Paragraph 4.15.2 of the joint circular, expenses incurred in connection with an agency’s intelligence or confidential operations, as well as supporting documents and activities, must be supported by the required documentation. For intelligence funds, documentary evidence of payment is kept in a sealed envelope in the vault in the office of the Special Disbursing Officer (SDO). Paragraph 4.15.3 specifies that details and supporting documents of classified transactions are in the custody of the agency and kept in its vault, “which may be inspected by Icfau if circumstances so demand.” “Do circumstances not demand that you inspect the vault because there were so many aliases?” asked Lacson, a veteran intelligence officer who eventually became National Police chief before being elected senator. Lacson also pointed to a possible forensic benefit from such an inspection, noting that specimen signatures could have been obtained from the records and compared with known specimen signatures to check if the signatures were authentic or forged. Lacson said, in an earlier radio interview, an inspection of the vault could have helped advance the inquiry into the identities behind the aliases. “If the COA had done that, it could have advanced the inquiry,” he said.

House passes cyber-security bill By Jovee Maries N. dela Cruz

@joveemarie

HE House of Representatives has approved the proposed National Cybersecurity and Critical Information Infrastructure Protection Act of 2026 on third and final reading. The bill is a priority measure of the Legislative-Executive Development Advisory Council (Ledac).

With a vote of 198 in favor, three against, and one abstention, the House passed House Bill 9605, which is aimed at strengthening the country’s defenses against cyberattacks and protecting critical systems and essential services from increasingly sophisticated digital threats. Speaker Faustino G. Dy III

emphasized that stronger digital infrastructure would provide greater protection for Filipinos. T he bi l l add resses d ig it a l threats such as online fraud, identity theft, data breaches, ransomware, and cyberattacks that could disrupt essential services, including electricity, telecommunications, banking, and

other critical sectors. “A s o u r l i v e s b e c o m e i n creasingly dependent on digita l systems, t he r isk s posed by cyberattacks also grow. The House recognizes the need to strengthen the gover nment’s ability to protect Filipinos from these threats,” the Speaker said. “If a cyberattack were to occur on critical systems used in electricity, telecommunications, banking, and other vital services, thousands of Filipinos could be disrupted. That is why we need to be prepared long before such an incident happens,” he added. A key provision of HB 9605 is the creation of the National Cybersecurity Agency under the Office of the President. It would serve as the primary government body responsible for national cybersecurity policy, planning, coordination, and implementation. The proposed agency would establish minimum cybersecurity standards, audit critical information infrastructure, coordinate responses to cyber incidents, and strengthen the sharing of threat

@jonlmayuga

HE U.S. Embassy, through the Fish Right Project, launched the Community Illegal, Unreported, and Unregulated (IUU) Fishing Reporting Center in partnership with the Palawan Council for Sustainable Development. In a statement, the embassy said the new facility strengthens Philippine-led efforts to combat IUU fishing—a shared economic and security threat for both the United States and the Philippines. The initiative builds on the PCSD’s existing coordination mechanisms with local and national agencies. Under the partnership, Fish Right will integrate American technologies, such as Starlink and data visualization software EarthRanger, to strengthen connectivity, improve the collection and organization of community reports, and support timely information-sharing with Philippine authorities. The center will serve as a community hub for receiving and organizing real-time reports from fishermen on suspected IUU fishing, unusual vessel activity, and other illegal maritime activities. With support from the Bureau of Fisheries and Aquatic Resources, the National Maritime Center, and the Provincial Government of Palawan, these reports will be forwarded to concerned Philippine government agencies for validation, follow-up action, and feedback to local fishing communities. “Illegal, unreported, and unregulated fishing is both an economic and a national security challenge. It

depletes fish stocks, disrupts supply chains, distorts markets, threatens food security, and places responsible fishers and legitimate businesses at a disadvantage,” US Embassy Officer Taylor Fincher said. “Addressing illegal fishing and related maritime concerns is an important area of cooperation between the United States and the Philippines.” “By providing fisherfolk with a safe and accessible way to report suspected illegal fishing and other unlawful maritime activities, this Community IUU Fishing Reporting Center empowers coastal communities to become active partners in protecting our fisheries,” said Department of Agriculture Undersecretary for Fisheries Drusila Esther Bayate. The launch of the Community IUU Fishing Reporting Center coincides with the 80th anniversary of US-Philippines diplomatic relations and the 75th anniversary of the Mutual Defense Treaty between the United States and the Philippines, underscoring the two nations’ enduring partnership in upholding international law, promoting lawful activity at sea, and advancing a free and open Indo-Pacific. The Fish Right Project supports Philippine-led efforts to address illegal, unreported, and unregulated fishing in the Philippine exclusive economic zone bordering the South China Sea. It strengthens community reporting by connecting fishers’ observations with Philippine government systems, supports marine scientific research to inform decision-making, and promotes better market access for safe, legal, and sustainably sourced seafood.

intelligence among concerned institutions. The bill requires operators of critical information infrastructure to conduct regular risk assessments and continuous system monitoring. They must also submit authenticated cybersecurity audit and risk-assessment reports at least once every two years and promptly report critical and highrisk cyber incidents. National government agencies, government-owned or -controlled corporations, and local governments would, likewise, be required to adopt minimum cybersecurity measures and appoint or designate Chief Information Security Officers. HB 9605 also seeks to enhance the country’s incident-response capabilities through the National Computer Emergency Response Team and the National Security Operations Center. It promotes closer coordination among government agencies, law enforcement and intelligence bodies, critical infrastructure operators, and other stakeholders.

CA confirms promotion of ranking AFP officers

HE Commission on Appointments (CA) on Thursday confirmed the appointment of the Armed Forces (AFP) Chief of Staff, Gen. Antonio Nafarrete, and 37 other star-rank and senior officers, with lawmakers pledging continued support for military modernization and the resources needed to strengthen the country’s defense posture. Butuan City Rep. Jose Aquino II, chairperson of the CA Committee on Nationa l Defense, sponsored the 37 ad interim appointments and one nomination during the plenary session, saying the panel found the officers

qualified and ready for greater responsibilities. “We harbor no doubts regarding integrity and capacity of these 38 candidates. It is time we grant them the elevated status they have so justly earned,” Aquino said. He particularly cited Nafarrete’s record as former commanding general of the Army (PA) and commander of the Western Mindanao Command, as well as his direction toward integrating drone technology into the AFP’s defense doctrine. Sen. Joseph Victor Ejercito likewise manifested his full support for Nafarrete’s confirmation,

citing more than three decades of military service that also included leadership of the 6th Infantry “Kampilan” Division and 1st Infantry “TabaK” Division. Ejercito, chairperson of the Senate Committee on Finance, assured the military that Congress would continue supporting the AFP Modernization Program as the country strengthens its capacity to respond to security challenges. “Our soldiers, sailors, airmen, and marines must also be given the equipment, capabilities, training, and resources they need to fulfill their sworn oath to defend our country effectively,” he said.

US Embassy, PCSD partner House prosecution panel appeals to impeach court for ‘fairness’ to combat illegal fishing By Jonathan L. Mayuga

HE Hou se prosec ut ion panel urged the Senate Impeachment Court to apply its rules on public statements equally, arguing that Vice President Sara Duterte’s attacks on the proceedings were more alarming than the alleged sub judice violations attributed to prosecutors. The panel also warned that the rule should not be enforced so broadly that it prevents Filipinos from understanding a trial involving the accountability of one of the country’s highest officials. The controversy arose as Senate Impeachment Court Presiding Officer Francis Escudero prepared to rule on possible violations of Rule 18, which prohibits parties “from making any comments and disclosures in public about the merits of a pending impeachment trial.” Escudero said the court had been monitoring statements from both sides. Lawyer Benjamin Tolosa Jr., counsel and spokesperson for the prosecution panel, said the prosecutors’ remarks did not approach the gravity of Duterte’s statements about the impeachment process and the tribunal. Reports quoted the Vice President as saying: “I don’t think kailangan guluhin ang impeachment. Napaka-klaro naman ’yung bending the law diyan sa impeachment na yan simula pa sa House of Representatives, hanggang sa pagkakaroon ng dalawang tao na nakaupo doon sa ano bang tawag diyan? Stage or rostrum or elevated platform. Hindi na kailangan

guluhin ang impeachment dahil magulo na siya sa bending the law.” “I’m sure—100 percent sure— that none of us have said anything that is as close, that is anywhere that is even remotely close to how alarming and concerning the statements of the VP have been,” Tolosa said. He warned that Duterte’s remarks could weaken public confidence in the proceedings and cause people to dismiss an unfavorable ruling as the product of alleged irregularities.

Dangerous

“ T H AT i s v e r y d a n g e r o u s ,” Tolo s a s a id . House prosecutor Paery-list Rep. Terry Ridon of Bicol Saro said the remarks went beyond criticism of the prosecution because they directly questioned the tribunal’s credibility. “It is basically questioning the credibility, the integrity of the court itself,” Ridon said. He argued that Duterte should personally ex plain her statements instead of leav ing the matter entirely to her lawyers. “Because I think that if anyone must explain, it should be the defense and the accused. She is the one who should be asked to explain, more than anyone else,” Ridon said. House prosecution spokesperson Party-list Rep. Renee Co of K abataan, likewise, said the Vice President should be scrutinized if the court intended to call out anyone for undermining

its proceedings. “Ultimately, if the Impeachment Court must call someone out, it should be VP Sara,” Co said. “She is the one bending the law, especially in connection with her questionable expenditure of confidential and intelligence funds, for which the people have still received no answer,” she added. Co also cited Duterte’s statement on Day 4 of the trial, in which the Vice President allegedly described the evidence against her as fabricated and the proceedings as a waste of public resources. The prosecution said Duterte, as the respondent, should not be exempt from the rules. Co emphasized the panel’s call for “one court, one standard.” “If it is prohibited to disrespect the Impeachment Court, then it must be prohibited for everyone,” she said. Tolosa said parties may criticize events during a proceeding but should bring their objections before the proper forum instead of attacking the tribunal’s integrity.

Appear instead

“INSTEAD of attacking the integrity of the impeachment court, she should appear before it and directly answer the grave accusations against her,” he said. He added that the sub judice rule applies to lawyers and the parties themselves, including the respondent. Depending on the court’s interpretation, he said an See “House,” A5

Ejercito said modernization must be sustained while ensuring that public funds allocated to the military are spent responsibly and effectively. He also assured the AFP that the Senate would remain a partner in building a “credible, capable, and modern defense posture,” as the military protects the country’s sovereignty and territory. Aquino said Nafarrete’s modernization thrust, coupled with his leadership philosophy that “ever y soldier matters,” gave the commission confidence in the AFP’s direction under his leadership. PNA

Inclement weather prompts postponement of CSC exams By Mary Jade Jadormio

EVERE weather conditions forced the Civil Service Commission (CSC) to postpone the career service examination for more than 67,000 applicants in Metro Manila and parts of Luzon. The examination was supposed to be held on August 9. A total of 67,255 registered examinees were affected by the suspension in the National Capital Region, parts of Southern Tagalog and the Cordillera Administrative Region. Of the total, 59,558 were scheduled to take the Professional-level examination while 7,697 were registered for the Subprofessional level. CSC Chairperson Marilyn B. Yap said the examinations were called off in affected areas to avoid putting applicants and personnel at risk amid adverse weather conditions. Affected examinees were advised to monitor CSC’s official channels and regional Facebook pages for the announcement of new testing dates. Elsewhere, more than 240,000 applicants proceeded See “CSC,” A5

Economy

Friday, August 14, 2026

www.businessmirror.com.ph

Go: Stop spreading fake news about Pax Silica By Carmel Pedroza

EBU CITY—Finance Secretary Frederick Go urged the public to stop spreading unverified information about Pax Silica, saying misinformation could cloud understanding of what he described as “a potentially transformative project for the Philippine technology industry.”

“Please stop spreading” fake news,” Go said during his keynote speech at the Mandaue Chamber of Commerce and Industry (MCCI) Business Summit in this city on Thursday, urging people to first understand the initiative before sharing reports about it. Go said Pax Silica seeks to establish a logistics and industrial

ecosystem that will support the technology sector, including the production of cellphones, laptops, computers and other hardware, while strengthening the country’s role in the artificial intelligence (AI) ecosystem. “I think this is a generational project,” he said. The Philippines is the 24th

country to join Pax Silica, according to Go, after 23 other countries had already signed up for the initiative. He described Pax Silica as a consortium of countries working to develop an industrial supply chain for artificial intelligence (AI) and advanced technologies. Go also sought to clarify the relationship between Pax Silica and the Luzon Economic Corridor, stressing that the former represents only a small portion of the broader development program. Pax Silica covers a proposed 1,600-hectare industrial estate, which Go said accounts for only a fraction of the area covered by the Luzon Economic Corridor. “It’s just one component,” he said. Go also dismissed claims that farmers would be displaced by the proposed 1,600 -hectare development. “ There is no farmer that is being displaced in the 1,600

hectares,” he said. He sa id t he gover n ment ’s efforts to explain the project form part of its broader push to create a more predictable and investment-fr iend ly business environment. Go, who spent 35 years in the private sector before entering government, said improving the ease of doing business should focus on concrete measures rather than general assurances. “We in [the] government strive to give you the confidence to invest, succeed, and grow right where you are,” he said. He expressed hope that the government’s efforts would give businesses greater confidence in the country’s economic direction and investment prospects. “I hope that I leave you with more confidence, more optimism, and a picture of where our country is headed, which is a future filled with opportunity and promise,” Go said.

Power shortage persists in Visayas, Mindanao By Lenie Lectura @llectura

HE Visayas and Mindanao power grids have been placed again on yellow and red alerts, driven by widespread power plant outages and reduced power export capacity. As of 1:30 p.m. the National Grid Corporation of the Philippines (NGCP) said Thursday it placed the Mindanao grid on yellow alert from 12 noon to 8:00 p.m. A yellow alert is issued when the operating margin is insufficient

to meet the transmission grid’s contingency requirement. Mindanao’s available capacity stood at 2,752 megawatts (MW) wh i le pea k dem a nd reac hed 2,652MW. According to the grid operator, there are 17 plants that are on forced outage this month, seven plants since July, one plant since June, one plant since January, one plant since 2025, and one plant since 2024, while 8 eight plants are running on derated capacities, for a total of 719.8MW unavailable to the grid.

For the Visayas power grid, a red alert is hoisted from 3:00 pm to 9:00 pm and yellow alert from 1:00 pm to 3:00 pm and from 9:00 pm to 10 pm. A red alert status is issued when power supply is insufficient to meet consumer demand and the transmission grid ’s regulating requirement. The NGCP reported that there are 15 power plants 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 13 plants are running on derated capacities, for a total of 957.6MW unavailable to the grid. Visayas’ available capacity was recorded at 2,148MW while peak demand hit 2,376MW. The NGCP cited additional forced outage of diesel plants of around 70MW and increased in forecasted demand in Mindanao, which resulted in a decrease in available power export to Visayas grid, as factors that contributed to the red alert.

Stop ‘build anywhere’ practice in power generation, DOE urged By Jovee Marie N. dela Cruz @joveemarie

HOUSE of Representatives deputy minority leader has urged the Department of Energy (DOE) to end the “build-anywhere” practice of power generation companies, warning that allowing facilities to be built in suboptimal locations increases transmission losses, ultimately passing unnecessary costs to electricity consumers. During a recent House Committee on Energy hearing, Partylist Rep. Presley C. de Jesus of Philreca asked if the government has a clear policy requiring power developers to coordinate with the National Grid Corporation of the Philippines (NGCP) before selecting project sites.

“I’ve noticed here that generation companies seem to build wherever they want. To minimize technical losses, do you have a policy on this [issue]? And is this coordinated with NGCP?” he asked. T he law maker argued that the location of new power plants should not be determined solely by the preferences of generation companies. Instead, proposed facilities should be aligned with existing transmission infrastructure, available grid capacity, and major electricity demand centers. The DOE told lawmakers that it is coordinating with NGCP through the Transmission Development Plan, the grid operator’s long-term program for expanding, reinforcing, and rehabilitating

the power transmission network. NGCP says the plan anticipates the entry of new generating plants and increases in electricity demand. The agency also said future bidders under the Green Energy Auction Program would be required to consider transmission readiness and proximity to major load centers when choosing project locations. The proposed requirements are expected to be incorporated into the terms of reference for a succeeding auction round. De Jesus, however, urged the DOE to move quickly and institutionalize the policy instead of leaving the matter at the planning stage. Ending the “build-anywhere” practice, he said, would compel developers to consider whether

the grid can efficiently absorb and deliver electricity from their proposed plants before construction begins. The DOE has laid out a 10-year green energy auction schedule intended to facilitate at least 25 gigawatts of additional renewableenergy capacity by 2035. Aligning those projects with available transmission infrastructure could become increasingly important as more renewable facilities are connected to the grid. De Jesus maintained that closer coordination among the DOE, NGCP, and generation companies would provide a long-term solution to technical system losses, improve transmission efficiency, and prevent unnecessary costs from being passed on to consumers.

Capas mayor threatens to withhold local govt support for intl project By Ashley J. Manabat

LARK FIELD, Pampanga—The mayor of Capas, Tarlac, Roseller Rodriguez, said the local government would withhold its support for the proposed Pax Silica project in New Clark City until the Bases Conversion and Development Authority (BCDA) has conducted “a meaningful” public consultation. Rodriguez said that the local government would neither support nor oppose the development until it had received clear information about the project’s scope and potential effects on residents and the environment. “So what’s the use of opposing it if we cannot do anything about it? We are demanding public consultation,” Rodriguez said in an interview. “We are not supporting, we are not opposing until there is a public consultation,” he stressed. Rodriguez said the municipality has not yet determined whether Pax Silica would pose unacceptable risks to Capas residents or the environment. Rodriguez formalized the request in letters dated August 11 addressed to President Marcos and the BCDA. In his letter to Marcos, Rodriguez invoked Sections 26 and 27 of the Local Government Code which provide for consultation with affected local governments and stakeholders for certain national government and government-owned or -controlled corporation projects that may have environmental impacts. Rodriguez asked the President to direct the BCDA, the Department of Trade and Industry, and other concerned agencies to conduct comprehensive

consultations with the Capas government, Sangguniang Bayan, affected barangays, residents, indigenous peoples, civil society groups and other stakeholders. He also asked the government to disclose the project’s technical specifications, environmental and social assessments, projected water and energy requirements, mitigation measures, and other information needed for informed public participation. Rodriguez said the municipality’s earlier position paper was prepared on the assumption that Pax Silica would include a data center. BCDA has since said the proposed site in Capas, Tarlac, will not host data centers and will instead focus on advanced manufacturing including semiconductor-related activities. “If there is no data center, why didn’t they tell us right away? This whole uproar on social media could’ve been avoided” Rodriguez said. He said the change indicates the need for BCDA to explain precisely what will be built, as well as the project’s requirements and potential impacts. In the August 11 letter to BCDA, Rodriguez described Capas as the host local government and said it has a responsibility to assess the project’s implications for the environment, natural resources, public welfare and future generations. Rodriguez said the municipality remains open to dialogue and cooperation with BCDA and other government agencies, provided that the process is transparent and includes meaningful stakeholder participation. Only after that process, Rodriguez said, will Capas determine its institutional position.

Marcos expands social protection programs for govt temp workers

R E S I DE N T M a rc o s h a s expanded access to social protection programs for contract of service (COS) and job order (JO) workers in the government through an administrative order allowing the voluntary deduction and remittance of their contributions to key government socia l insurance and sav ings programs. In a statement on Thursday, the Presidentia l Communications Office (PCO) said Marcos, through Administrative Order 43, directed government agencies to facilitate the voluntar y deduction of prescribed contributions to the Social Security System (SSS), Philippine Health Insurance Cor p. (PhilHealth), and Pag-IBIG Fund from the

compensation of covered COS and JO workers. “All covered government agencies are hereby directed to facilitate the voluntary deduction of prescribed SSS, PhilHealth, and Pag-IBIG Fund contributions from the compensation of COS and JO workers, subject to the prior consent of the worker and in accordance with Republic Acts 11199, 11223, and 9679,” the President said in the order. “For this purpose, agencies shall ensure that appropriate mechanisms are in place to enable participation and shall provide COS and JO workers with the necessary information on available social protection coverage,” he added. The order covers departments,

agencies, bureaus, offices and instrumentalities of the national government, including government-owned or -controlled corporations and state universities and colleges that engage individual COS and JO workers. Local governments are also encouraged to observe the provisions of AO 43. Under the order, concerned agencies will directly remit the deducted contributions to the SSS, PhilHealth and Pag-IBIG Fund and ensure their timely remittance. They are also directed to execute the necessary agreements with the three institutions to facilitate implementation. T he order, however, c lar ified that the voluntar y deduction and remittance mechanism

will not alter, amend or modif y the existing contractual relationship between government agencies and their COS or JO workers. The order directs the Department of Budget and Management (DBM), Civil Service Commission (CSC), Commission on Audit (COA), SSS, PhilHealth and PagIBIG Fund to jointly issue the necessary rules, guidelines and accounting procedures. The order follows Joint Circular 1, s. 2025, issued by the CSC, COA and DBM, which allows COS and JO workers to receive a premium of up to 20 percent of their compensation to cover voluntary or self-employed contributions to government-mandated social security programs. Samuel P. Medenilla

News

www.businessmirror.com.ph

NDRRMC. . . Continued from B8

worth P36.69 million. Pagcor Chairman and Chief Executive Officer Alejandro H. Tengco said the agency has been distributing relief packs to affected areas since August 8 as part of its continuing disaster response efforts. “Calamities cause immediate burden on families, particularly when basic needs become difficult to secure. Pagcor is committed to providing timely assis-

AFP. . . Continued from B8

Lacson raised the growing role of drones in modern conf licts, citing their use in Ukraine and their potential as a less costly mea ns of st reng t hen i ng t he countr y’s defenses compared with more expensive platforms, such as large warships and longrange missiles. He also offered congressional support for funding requirements once the AFP presents concrete specifications for the program during deliberations on the national budget. Nafarrete said the AFP is also working with partners and studying how unmanned systems are being used elsewhere as it develops its own capabilities, but some operational details remain classified. The drone initiative forms part

House. . . Continued from A3

attack on its integrity could go beyond a sub judice violation and constitute contemptuous conduct. Meanwhile, the prosecution c aut ioned aga i nst u si ng t he rule to prevent the public from following the trial. R idon said the proceedings involve technical evidence, lengthy documents, and legal concepts that ordinar y citizens may find difficult to understand w ithout explanation. “We do not want a trial that is divorced from the understanding of the public,” Ridon said. He stressed that both sides have a role in explaining why particular evidence matters and how courtroom developments relate to the accountability issues before the tribunal. “It is very important to strike a balance on this matter,” Ridon said. He warned that overly severe restrictions could exclude citizens from a constitutional process undertaken in their name. “Within the trial itself, no one provides an explanation of why the proceeding matters to the people or why a particular piece of evidence matters to the ordinary Filipino,” he said. Despite those concerns, Ridon said the prosecution would respect the court’s decision on permissible public statements. Tolosa explained that fair and accurate reporting of matters already presented in open proceedings is a recognized exception to the sub judice rule. “As long as it’s fair and accurate reporting of what was said,” he said. He added that the prosecution had tried to base its public statements on testimony, documentary evidence, and other matters already included in the official record. If the court found that prosecutors had crossed the line, Tolosa said they would accept responsibility. “But if we made a misstep here, a mistake, of course we’ll be humble enough to take accountability for that,” he said.

tance to communities that need them most,” Tengco said. Since last week, PAGCOR’s relief operations team has been delivering assistance to affected communities, The relief goods have either reached or are on their way to Bulacan, La Union, Baguio City, Isabela, Nueva Ecija, Cavite and Rizal provinces, as well as parts of Pangasinan, Quezon, Batangas, Camar ines Nor te, Abra, Laguna and Pampanga. In Metro Manila, assistance has also been allocated to Parañaque and Marikina. of a wider modernization effort aimed at improving the military’s ability to monitor and defend the archipelago. Earlier in the hearing, Nafarrete identified unmanned systems, communications, and joint command-and-control as among the capabilities the AFP needs to upgrade and improve maritime domain awareness under its Archipelagic Defense Concept. “Our modernization, really... we need to upgrade our capabilities, especially on our unmanned systems, our communications, our joint command and control for us to tend and improve our maritime domain awareness,” he said. Nafarrete said the AFP’s defense concept is geared toward protecting the country’s sovereignty, sovereign rights, and people, including through continued presence in Philippine territorial waters. Rex Anthony Naval with PNA House prosecutor Party-list Rep. Chel Diokno of Akbayan also called for consistent enforcement of the rules against the prosecution, defense, respondent, and senator-judges. “The appeal from all sides, of course, is that the application of all the Senate rules on impeachment cases must be fair and evenhanded,” Diokno said. Tolosa reiterated the panel’s appeal: “But we hope that the same liberality will be applied to all of us. The Senate Impeachment Court was expected to issue its ruling on the sub judice matter when proceedings resumed on Monday, August 17.

Nothing improper

THE House prosecution panel also defended counsel Amando Virgil Ligutan’s social media post stating that “misleading questions are not allowed even on crossexamination.” Tolosa said the post merely explained a basic evidentiary rule and was not intended to disrespect the Senate Impeachment Court or influence its decision. “In our view, we saw nothing wrong with it,” Tolosa said. He explained that leading questions are generally permitted during cross-examination, while misleading questions are prohibited because they assume unproven or contradictory facts. “It was not made with malice. He did not intend to disrespect anyone,” Tolosa added. Co agreed, saying: “Let us be clear: misleading questions are not allowed, while leading questions may be asked during crossexamination.” Diokno said the sub judice rule does not prohibit factual reporting or explanations of legal principles. “The only statements prohibited are those intended to influence the outcome of the case,” Diokno said. Duterte’s defense panel has called out Ligutan over a Facebook post on the rules governing crossexamination, arguing that public comments made during an ongoing impeachment trial violate the decorum expected of lawyers appearing before the impeachment court. Jovee Marie N. dela Cruz

Friday, August 14, 2026

Erwin Tulfo: Digital finance must cut access barriers, not just fees

RINGING more Filipinos into the digital financial system will require more than cheaper transaction costs, Sen. Erwin Tulfo said on Thursday, noting that complicated account requirements, poor connectivity, and fear of fraud continue to keep many people from using formal financial services.

Tulfo said reducing or eliminating transaction fees could encourage t he use of d ig ita l payments, but would have little impact on people who struggle to open accounts, understand banking applications, or safely navigate digital platforms. “Lower or even zero fees can

certainly help encourage digital transactions, but they are only one part of the bigger picture,” he said in a press release. Tulfo said the focus should instead be on making financial services “easy to enter, easy to understand, and easy to use,” particularly for first-time users and

Filipinos who are less familiar with digital technology. He said digital banks, traditional banks, electronic wallets, financial technology firms, telecommunications companies and regulators should work toward an ecosystem that allows consumers to move money and access basic ser vices without unnecessar y obstacles. He noted that the Bangko Sentral has been expanding access to basic deposit accounts and digital payments, but said financial inclusion should ultimately be measured by how these policies affect ordinary Filipinos. Consumer trust, he added, is equally important as wider access. “People will not embrace digital finance if they believe their money or personal information is unsafe,” Tulfo said. He cited safeguards against fraud, transparent information

on fees and charges, accessible customer support, and effective complaint mechanisms as essential to encouraging more people to use digital financial services. Tulfo also underscored the need for financial and digital literacy, simpler interfaces and reliable connectivity, particularly for people who may be using online financial services for the first time. He said success should not be measured merely by the number of accounts opened or digital transactions recorded, but by whether Filipinos are actually able to save, receive payments, send money, obtain responsible credit, secure insurance, and better manage their finances. “If we can create a financial ecosystem with zero unnecessary barriers—not necessarily zero fees—we can bring digital finance closer to the people who need it most,” he said. PNA

Angara asks Palace for expansion of Tupad By Claudeth Mocon-Ciriaco @claudethmc3

DUCATION Secretary Juan Edgardo Angara has asked Malacañang to expand emergency labor support through the Tulong Panghanapbuhay sa Ating Disadvantaged Workers (Tupad) program to fast-track the cleanup of public schools affected by the recent heavy rains, while establishing a year-round recovery framework under Brigada Eskwela 2.0. “The scale of the damage underscores the need for additional inter-agency assistance and resource augmentation to expedite debris removal, cleanup, and the restoration of safe and functional learning spaces,” Angara said as he expressed gratitude to President Marcos, Executive Secretary Ralph G. Recto, and Labor Secretary Francis N. Tolentino for their continued support. “Brigada Eskwela should

CSC. . . Continued from A3

with the Career Service Examination–Pen and Paper Test in 83 testing centers nationwide.

DAR. . . Continued from B8

link to the department’s history and leadership. The rehabilitation of the building was made possible through the support of Sen. Raffy T. Tulfo, whose initiative under the General Appropriations Act for Fiscal Year 2025 provided funding for the project. Implemented by DPWH Quezon City First District Engineering Office, under the leadership of engineer Guilmar Francis C. Galla, the first phase of the renovation transformed the former Faspo Building into a more functional and modern workplace for DAR personnel. Estrella III said the project goes beyond improving the physical structure, as it also reflects the

not end when classes begin, because calamities can strike at any time. Through Brigada Eskwela 2.0, we are creating a year-round mechanism to help schools clean up, recover, and reopen safely right after disasters,” Angara added. “Dole [Department of Labor and Employment] stands ready to work with DepEd in responding to the needs of schools affected by calamities. Through Tupad, we are not only providing temporary employment to our workers but also helping restore safe and functional learning spaces for our children,” Tolentino said. “This is the spirit of bayanihan—when government agencies come together, we are able to provide immediate assistance to both our workers and communities,” Tolentino added. The initial DepEd-Dole collaboration for the Brigada Eskwela school opening preparations has expanded its scope from an initial target of 5,000 public schools to

more than 9,300 nationwide. The initiative has reached around 171,000 beneficiaries, marking a significant jump from previous years when coverage was limited to a few hundred schools. DepEd observed that the expanded response to assist affected schools may be supported by the remaining balance of the existing P2 billion Tupad allocation for Brigada Eskwela, with around P1.09 billion already utilized or earmarked.

CSC data showed 240,972 of 268,468 registered applicants took the examination, equivalent to an attendance rate of 89.76 percent. Professional-level examinees accounted for most of the turnout, with 220,395 of 245,396

reg i stered appl ic a nt s t a k i ng the test. This translated to an attendance rate of 89.81 percent. For the Subprofessional level, 20,577 of 23,072 registered applicants showed up, or an attendance

rate of 89.19 percent. Another 27,496 registered applicants were absent in areas where the examination pushed through. The CSC expects to release the official list of passers on or before October 12.

Department’s continuing commitment to more efficient public service. “This building represents more than a physical transformation. It reflects DAR’s commitment to providing faster and more efficient public service and building a stronger institution that remains focused on the needs of every agrarian reform beneficiary,” Estrella said. Agrarian Reform Undersecretary Rowena O. Taduran said Tulfo has pledged an additional fund for the second phase of the building’s renovation. The Phase 2 funding will be used for the installation of an elevator and generator, as well as the acquisition of office machines, fixtures and furniture to further improve the facility. Taduran said the improved facility would provide DAR employees with a more conducive environment as they fulfill their

responsibilities to the public. “A proper workplace gives dignity to employees. It inspires productivity, strengthens collaboration and reminds us that those who serve the Filipino people also deserve an environment that enables them to perform at their best,” said Taduran, who heads the Special Concerns Office–External Affairs and Communications Operations Office (SC-Eacoo). Taduran, who chairs the Coordinating Committee for the Rehabilitation of the Faspo Building, said the project was made possible through the collective effort of DAR officials and personnel who worked to turn the rehabilitation plan into reality. Undersecretary for Policy, Planning and Research Lani de Leon serves as vice chairperson of the committee. Other members of the DAR Committee are Eric Arevalo,

Director of the Legislative Liaison and External Affairs Service; Rina So, Assistant Director of the Legislative Liaison and External Affairs Service; Von Mark R. Mendoza, Director of the Project Management Service; Artemio L. Dumaoang, Director of the Management Information System; and Sheila D. Imperial, Assistant Director of Clientele Relations Service. Estrella Sr. is best remembered for implementing the handwritten Presidential Decree 27, which distributed agricultural lands to tenant farmers. Decades later, his grandson, Estrella III, now leads the Department and continues the institution’s work of serving Filipino farmers. Marcos wrote PD 27 in the presence of farmers’ representatives in an agrarian reform event in Malacañang in late 1972.

Damaged classrooms

AS of August 11, recent severe weather from the enhanced southwest monsoon and Tropical Storm Maymay has forced in-person class suspensions in 9,096 public schools across eight regions, affecting over 6.9 million learners and 293,920 personnel. Initial assessments indicate 3,348 classrooms suffered minor damage, requiring an estimated P27 million for cleanup and clearing

operations alongside P161.6 million for minor repairs. To maximize disaster response, Angara proposed expanding Tupad deployment for clearing operations and extending support to the 171 public schools currently serving as evacuation centers to maintain sanitation, upkeep, and safety. In addition, Angara recommended aligning efforts with the Department of Social Welfare and Development’s (DSWD) Cashfor-Work program to prioritize parents and guardians of affected learners, providing vulnerable families with immediate income support while mobilizing community bayanihan for school restoration. DepEd is also coordinating with the Department of Public Works and Highways (DPWH) to deploy heavy equipment for large-scale debris removal in severely hit areas, ensuring a comprehensive recovery for affected communities.

Jonathan L. Mayuga

Friday, August 14, 2026

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Friday, August 14, 2026

BusinessMirror

www.businessmirror.com.ph

Friday, August 14, 2026

DOE, BARMM forge partnership to boost energy security and total electrification By Lenie Lectura

@Llectura

HE Department of Energy (DOE) and the Bangsamoro government are collaborating to enhance energy security, promote total electrification, and manage petroleum resources in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) region. Key initiatives include the co-management of Sulu Sea contracts, exploration of native hydrogen, and the phased devolution of energy functions to the region. DOE Undersecretary Giovanni Carlo J. Bacordo said the DOE is working closely with BARMM’s Ministry of Environment, Natural Resources and Energy (MENRE), particularly through the Intergovernmental Energy Board, to put in place the policies, regulatory frameworks, and institutional arrangements needed to accelerate energy development in the region. “Our direction is clear: BARMM must not be left behind in the country’s energy development. We are working with MENRE to develop new energy resources and build the institutions and systems that can translate these resources into reliable, cleaner and accessible energy for Bangsamoro communities,” Bacordo said. On energy resource development, the DOE and MENRE are working on the joint circular that will establish the co-management arrangements for newly awarded Petroleum Service Contracts 80 and 81 in the Sulu Sea. Both are also moving toward the adoption of a regulatory framework that could support the exploration and development of native hydrogen in BARMM. The DOE said it is fully supportive in strengthening BARMM’s framework for renewable energy development following the transition agreement signed in November 2024. This includes formalizing the turnover of renewable energy documents through a data sharing agreement, developing joint guidelines for projects involving overlapping national and BARMM jurisdictions, and providing technical assistance to MENRE in crafting guidelines for hydropower, wind and biomass development. The DOE said these efforts will support the national target of increasing renewable energy’s share in the country’s power generation mix to 50 percent by 2040, while helping establish clearer rules for renewable energy investments and development within BARMM. The DOE and MENRE will also work with the BARMM Parliament toward the enactment of a proposed Universal BARMM Electrification Act, aimed at supporting sustained electricity access across the region. “Total electrification must mean reaching communities where providing electricity is most difficult. Our objective is both improving electrification figures and making sure that geography does not hinder Bangsamoro family to electricity access,” Bacordo added.

BCDA breaks ground on ₧200-million D11 Super Station in New Clark City

HE Bases Conversion and Development Authority (BCDA) announced that construction has commenced on the first phase of the D11 Super Station in New Clark City, with completion slated for 2027. The two-hectare mixed-use commercial development project is part of BCDA’s long-term lease agreement with Double 11 Properties Corporation. The firm has committed a total investment of P200 million, with P100 million earmarked for the first one-hectare phase and another P100 million for the second phase of the development. “As New Clark City continues to grow, developments like the D11 Super Station provide the commercial and mobility infrastructure needed to support its expanding communities and businesses,” BCDA President and CEO Joshua Bingcang said. “This project demonstrates how strategic partnerships with the private sector are helping build a vibrant urban center.” See “BCDA,” A12

A10

Friday, August 14, 2026

BusinessMirror

www.businessmirror.com.ph

Friday, August 14, 2026 A11

ERC overhauls WESM pricing rules to curb recurring line rental spikes in Visayas By Lenie Lectura

@llectura

HE Energy Regulatory Commission (ERC) has adopted corrective measures to address recurring spikes in Wholesale Electricity Spot Market (WESM) line rental charges, which have driven up electricity costs for Visayas consumers, particularly during HVDC (high-voltage direct current) link constraints. Following a petition by the Independent Electricity Market Operator of the Philippines (IEMOP), the ERC is amending the net settlement surplus (NSS) distribution formula to mitigate the impact on electric cooperatives (ECs) and address concerns raised by the Federation of Rural Electric Cooperatives in Region VIII (FRECOR 8). FR ECOR 8 questioned whether WESM’s pricing, which constitutes the sum of system marginal price, transmission losses, and congestion costs, accurately ref lects physica l market conditions. T he Commission determined that the recurring line rental spikes, arising from price differential between generator and load and the resulting inequitable distribution of NSS (net settlement surplus), were not attributable to the NSS al-

location formula itself, which IEMOP had initially proposed to address. R at her, t he Com m i ssion traced the problem to the way the market’s dispatch optimization model computes electr icit y pr ices whenever the HV DC interconnections between Luzon and Visayas, or between Visayas and Mindanao, reach their transmission limits,” the ERC said. As such, the Commission adopted a two-part solution to correct the root cause of the problem. A n immediate fix is to suspend the collection of line rental trading amount. T he ERC said that any resulting recovered market shortfalls from customers in higher-priced regions. IEMOP must implement this measure within 30 days. A s a long-ter m solution,

the Commission also adopted a methodology to recalculate node-specific price components. The Commission directed IEMOP to enhance the market dispatch optimization model (MDOM) and the central registration and settlement system (CRSS). It a l so ordered a n i nde pendent audit of NSS and net settlement deficit (NSD) allocations from June 26, 2021 onward. Based on that audit, there should be a proposed methodolog y and timeline to execute the resulting refunds or col lections f rom market participants. “This Order marks a significant, consumer-focused intervention by the Commission. Rather than simply tweaking the NSS allocation formula as proposed by IEMOP, the ERC dug into the underlying pricing methodology of the WESM to identify and fix the actual source of a problem that has unduly burdened consumers, especially those in the Visayas, for years already,” said ERC chairperson Francis Saturnino Juan. “By suspending the erroneous charges immediately, addressing the root cause of the Line Rental issue, and ordering a retroactive audit with the prospect of refunds dating back to 2021, the Commission aims to ensure that Line Rental and NSS allocations genuinely reflect the cost-causation principles embedded in the PDM [price determination methodology], so that consumers pay only for the actual cost of the power they consumed, nothing more,” he added.

Comelec sees ₧3-B minimum cost for one-year BSKE delay By Mary Jade Jadormio

ONE-year postponement of t he Barangay and Sangguniang Kabataan elections (BSKE) could require at least P3 billion in additional funding as the Commission on Elections (Comelec) prepares for a possible reopening of voter registration. Comelec Chairman George Erwin M. Garcia said the amount would likely exceed the P2.56 billion needed when the barangay and SK polls were previously postponed. “Because the number of voters continues to increase, it will not be lower than P3 billion for every year that we reset the elections,” Garcia said in Filipino. If the Nov. 2 BSKE does not push through, Comelec may re-

sume voter registration as early as September instead of February next year. Registration could then run until September 2027 as part of preparations for the 2028 national and local elections. Garcia said this would allow around 3 million deactivated voters to reactivate their records, while those turning 18 and previously unregistered Filipinos could also enter the voters’ list. He pointed to the Aug. 1 to 9 registration period, when nearly 3 million people went to Comelec sites for new registration, transfer and other transactions. “We expect that with a registration period lasting almost a year, many voters will register and therefore we will need an additional budget,” Garcia said. The added requirement would

come on top of expenses already incurred for the Nov. 2 polls. Garcia said around P8 billion already covers printing, election paraphernalia and other preparations, while P9 billion of the remaining P11 billion is earmarked for electoral board members, P1 billion for training and another P1 billion for equipment deployment. Not all election materials would go to waste if the polls are reset, however, as ballots already printed for Nov. 2 and several forms may still be reused through a Comelec resolution. “There are always some things that go to waste, although many can still be used in the next election,” Garcia said, citing supplies such as indelible ink and other materials with limited shelf lives.

DSWD keeps food stamp credits at ₧3K, citing sufficiency study By Samuel P. Medenilla @sam_medenilla

ESPITE the rising cost of living, the Department of Social Welfare and Development (DSWD) will not increase the P3,000 food credits under its flagship Walang Gutom Program (WPS), citing a study

that found a higher allowance would not yield significantly better outcomes. Citing a still unpublished study from the Asian Development Bank (ADB) on the pilot of the WPS, DSWD Secretary Rexlon “Rex” T. Gatchalian disclosed that the current amount is already sufficient to meet the dietary needs of their

WPS beneficiaries. He said credits in excess of the P3,000 had no “direct impact on nutritional status” of the families covered by the WPS since they used it for other expenses such as rent, school supplies, and transportation. See “DSWD,” A12

A12 Friday, August 14, 2026

Mindanao, Davao position to be part of Pax Silica ecosystem By Manuel T. Cayon

@awimailbox

AVAO CITY—Mindanao would like to explore it becoming part of the production chain of the ecosystem generated by the entry of Pax Silica in the Philippines, as other interest groups were also positioning themselves over the similar possibility, a ranking official of the Mindanao Development Authority (MinDA) said. “We are exploring the possibility of having Mindanao getting part of the entire

ecosystem of a Pax Silica operation in the Philippines,” Romeo Montenegro, deputy

executive director of the MinDA, told the BusinessMirror on Wednesday. He said Mindanao’s export of nickel ore will be a key factor in getting the Pax Silica operation in the Philippines, saying that this mineral resource is a vital component in semiconductor. He said a crucial discussion will be putting up power generation plant in Surigao del Norte to ensure a reliable nickel extraction operation in the province, where the biggest number of mining companies were extracting nickel, gold, copper and other minerals. “Part of Pax Silica operation will be in Surigao when it comes to mining, although it has varied interests and operations

in artificial technology supply chain and semi-conductor,” he added. He said the MinDA and other cyber-based groups will be lobbying or negotiating some part of the ecosystem “especially that Mindanao, notably Davao, has the advantage of a stable and reliable internet connection and broadband connectivity, with Davao being the landing port of the submarine internet cable running from Singapore to Jakarta, connecting Davao to Guam and the US.” Lawyer Samuel Matunog, chairman of the Information Communication Technology (ICT)-Davao said his business group is also already developing a possible Davao-based Cloudbased services, to take a slice of

Construction material costs accelerate in July–PSA By Justine Xyrah Garcia

HOLESALE prices of construction materials in Metro Manila rose faster in July, according to the Philippine Statistics Authority (PSA). The Construction Materials Wholesale Price Index (CMWPI) in the National Capital Region (NCR) grew by 3.5 percent year on year in July, faster than the 2.9 percent recorded in June. This was also a reversal of the 0.3 percent contraction recorded in July 2025. The latest figure brought the average CMWPI growth in the

first seven months of 2026 to 2 percent. The PSA said the faster increase was mainly driven by concrete products, whose index rose by 5.2 percent in July from 4.1 percent in June. Faster annual increases were also recorded in sand and gravel at 5.1 percent from 3.3 percent, and cement at 1.9 percent from 1.2 percent. Tileworks saw its annual increase accelerate to 2 percent from 1.9 percent, while doors, jambs and steel casement inched up to 0.5 percent from 0.3 percent. Price growth for painting

workers also quickened to 8.6 percent from 5.3 percent, while PVC pipes rose to 0.8 percent from 0.5 percent. Meanwhile, metal products posted a 0.3 percent annual increase in July after recording zero growth in June. Glass and glass products similarly grew by 0.1 percent from a flat reading a month earlier. However, slower annual increases were recorded in several other commodity groups. Hardware prices rose by 0.3 percent, slower than the 0.6 percent recorded in June, while lumber eased to 0.9 percent from 1.5 percent.

The index for galvanized iron sheets slowed to 0.4 percent from 0.6 percent, while reinforcing steel eased slightly to 2.2 percent from 2.3 percent. Electrical works also moderated to 2 percent from 2.9 percent, while plumbing fixtures and accessories and waterworks slowed to 0.5 percent from 0.9 percent. Price growth in fuels and lubricants, likewise, eased to 5.7 percent from 6.4 percent in June. The PSA said the remaining commodity groups retained their respective annual growth rates from the previous month.

DA lifts poultry ban on Japan after bird flu outbreak resolved By Ada Pelonia @adapelonia

HE Philippines can resume poultry imports from Japan after the government lifted the ban it slapped on the country. The Department of Agriculture (DA) decided to lift the temporary ban on poultry imports from Japan after its veterinary authorities declared it free of the highly pathogenic avian inf luenza (HPAI). This reversed the previous restriction imposed last year when Japan reported a bird f lu outbreak. The move covers domestic and wild birds along with their byproducts, including day-old

BCDA. . . Continued from A9

The BCDA said the D11 Super Station will feature a modern, full-service station with electric vehicle (EV) charging facilities, local and international food establishments, retail stores, and other commercial spaces. Designed to serve as one of New Clark City’s key commercial gateways, the station will cater to visitors, residents, and motorists while complementing the area’s growing portfolio of

chicks and hatching eggs. According to an official confirmation from Japan’s Ministry of Agriculture, Forestry and Fisheries, the DA said the outbreak had been resolved, and no additional cases had been detected. The World Organisation for Animal Health (WOAH) has also recognized Japan as free from avian influenza under its animal health standards. Based on its risk assessment, the agency said the likelihood of disease transmission through imports from Japan is now considered negligible. Agriculture Secretary Francisco Tiu Laurel Jr. said the decision ref lects the DA’s science-based approach developments. Once completed, the D11 Super Station is expected to open food and retail establishments, create jobs for residents of Tarlac and neighboring communities, and generate revenues for the government. This will improve the availability of commercial offerings and mobility services for residents, workers, investors, and visitors, according to the BCDA. “With the ongoing partnerships, flagship openings, and upcoming projects masterplanned by BCDA, it is

to balancing food security with the protection of the country’s livestock and poultry industries. “We will never compromise the health of our poultry industry, but we also recognize the importance of keeping reliable supply channels open when science tells us the risk has been effectively eliminated,” Tiu Laurel said. “Lifting the ban supports food security by ensuring access to quality breeding materials, strengthens the competitiveness of our poultry sector, and demonstrates that sound animal health measures can protect both public health and agricultural production,” he added. suitable to launch a mixed-use commercial development that caters to visitors, motorists, vicinity residents, and employees within New Clark City,” Double 11 Properties Corporation president Romeo Siccion said. “D11 Super Station aims to be the premier stopover destination for dining, shopping, fuel, and EV-charging needs of traveling locals and tourists by bringing our local and international food and retail brand partners to New Clark City.” Double 11 Properties

The resumption of poultry trade is crucial to the domestic poultry industry since Japan supplies high-quality breeding stock and hatching eggs that help sustain local production and improve flock genetics. Restoring these imports could ease supply constraints for commercial producers while supporting long-term productivity, according to the DA. The agency, however, stressed that the reopening does not equate to a relaxation of biosecurity measures. Veterinary inspections, quarantine protocols and import requirements will remain in place to prevent the entry of animal diseases, it added. Corporation is a Filipinoowned company engaged in the development and operation of super stations, industrial parks, and themed attractions. The company has developed several key commercial service hubs across Central Luzon, including Mega Station KM 64 along the North Luzon Expressway (NLEX), Shell of Asia KM 36 NLEX Southbound, Northwalk Clark, Northwalk 1 and 2 in San Fernando, Pampanga, and the PTT Station along the Subic-Clark-Tarlac Expressway (SCTEX). Ada Pelonia

the cloud technology services currently monopolized by Google and other powerhouse Western countries. “We want to form our own Cloud-based services to capture a slice of the market, as well as to increase protection to Filipino data,” it said. The Cloud account will be presented this November in a business gathering, he told the BusinessMirror. The MinDA positioning of Davao City and Mindanao as part of the Pax Silica ecosystem came amid the positioning of other groups, including the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) which announced it wanted Pax Silica to serve as the manufacturing anchor of

the Luzon Economic Corridor (LEC), “helping the country move beyond its traditional role in semiconductor assembly and testing.Electronic Components.” Seipi has made a position paper on this saying that Pax “Silica should be developed as an integrated manufacturing ecosystem that brings together advanced manufacturing, research and development, logistics, digital infrastructure and supporting industries rather than operate as another standalone industrial estate.” “Pax Silica should be developed not merely as another industrial estate, but as the flagship manufacturing ecosystem of the Luzon Economic Corridor,” Seipi said.

PCG, Japan beef up safe and stable seas partnership By Rex Anthony Naval

HE Philippine Coast Guard (PCG) and Japan further beefed its partnership for safe and stable seas following the visit of the Japanese Minister of Land, Infrastructure, Transport and Tourism Yasushi Kaneko at its headquarters in South Harbor Manila last Aug. 11. In a statement on Thursday, PCG commandant, Admiral Ronnie Gil Gavan, emphasized that cooperation between the Philippines and Japan has remained steadfast through the years, anchored in their mutual interests and shared responsibilities. “As maritime nations, Japan and the Philippines have always understood something in our bones: that safe and stable seas are not a convenience. They are the condition on which our people, our economies, and our region’s peace all depend,” Gavan said. Likewise, the PCG chief also recognized Japan’s continuing support for the development of Coast Guard capabilities through vessel acquisition and capacitybuilding. Through its partnership

DSWD. . . Continued from A11

“So perhaps, even if we keep increasing the amount, it helps the family—not necessarily with food, but with other things that are also important to them,” Gatchalian said in Filipino in a press briefing in Malacañang last Thursday. He noted that when they were still finalizing the details of the program, they gave beneficiaries the following credits: P3,000, P5,000 and P8,000. “It [study] showed that the effects of five [thousand pesos] and eight [thousand pesos] were the same as three [thousand pesos],” Gatchalian said. “Part of that study—the recommendation—calls for a stronger behavioral shift. This is because families naturally have other priorities besides

with Japan, the PCG acquired its largest vessels to date, BRP Teresa Magbanua (MRRV-9701) and BRP Melchora Aquino (MRRV-9702), which perform maritime security and safety operations within the country’s vast exclusive economic zone. Meanwhile, Kaneko reaffirmed Japan’s resolve to work closely with the PCG in strengthening maritime cooperation to uphold safe and stable seas. He emphasized Japan’s commitment to its partnership with the Philippines in addressing emerging maritime issues and promoting regional stability. Gavan thanked the Government of Japan, the Japan International Cooperation Agency, and the Japan Coast Guard (JCG for their sustained technical cooperation with the PCG through specialized training conducted through the JCG Mobile Cooperation Team. “As the maritime challenges facing this region continue to evolve, that trust is worth more than any single vessel or program. It is what allows two nations to keep building together, year after year, even as circumstances change,” Gavan said. food—specifically, balanced, nutritious meals,” he added. The WPS was piloted in 2023 before its nationwide rollout the following year with a budget of P42 billion. Since its launch, Gatchalian said they have already disbursed P14 billion of the program’s funds, which now covers 600,000 family beneficiaries, who were given credits to purchase food from DSWD’s 1,369 accredited retailers using Electronic Benefit Transfer cards. Two surveys conducted by the Social Weather Station commissioned by Globe Telecom this year showed that WGP beneficiaries who experienced food insecurity declined to 83 percent from 94 percent. It also showed incidents of involuntary hunger dropped to 26.9 percent from 33.6 percent, while food poverty among those covered by WGP also declined to 77.6 percent from 79 percent.

50 emergency vehicles, dialect-inclusive assistance to boost Eastern Visayas 911 response–Remulla

O strengthen the Unified 911 emergency response capability in Eastern Visayas, the Department of the Interior and Local Government has turned over 50 Class 1 motorcycles for emergency response, increasing mobility and faster response for every emergency call, Secretary Jonvic Remulla said. Remulla also highlighted the system’s dialect-inclusive assistance that allows callers to seek help in the language they

are most comfortable using. Remulla personally led the turnover of the Unified 911 emergency vehicles to eight Tourist Police Units across Eastern Visayas at the Police Regional Office (PRO) 8 in Camp Kangleon, Palo, Leyte. He was joined by Philippine National Police-PRO 8 Regional Director PBGen Jason L. Capoy; Leyte Governor Carlos Jericho L. Petilla; Eastern Samar Governor

Ralph Vincent Evardone; Samar Vice Governor Arnold Tan; Southern Leyte Board Member Rolando Bacoy; Northern Samar Board Member Engr. Lope E. Dorado, Jr.; Biliran Provincial Disaster Risk Reduction and Management Office Sofronio Dacillo, Jr.; Tacloban City Vice Mayor Raymund A. Romualdez; and Ormoc City Vice Mayor Carmelo Locsin, Jr. The Eastern Visayas turnover follows Remulla’s distribution of 20 emergency

response vehicles on Monday to the Albay Police Provincial Office and Camarines Sur Police Provincial Office as part of the DILG’s continuing push to strengthen Unified 911 response capabilities across the country. Remulla assured Eastern Visayas residents that Unified 911 is designed to make emergency assistance more accessible, including for callers who may be more comfortable communicating in

their native dialect. Through the region’s satellite command center, emergency calls can be handled with greater sensitivity to local dialects, helping operators better understand the situation on the ground and relay critical information to responders for faster and more appropriate action. The DILG said the capability is particularly important during

emergencies, when clear communication can save valuable time and ensure that callers are properly understood. Aside from strengthening emergency response, Remulla convened the Regional Management and Coordinating Committee (RMCC) to improve coordination among agencies responsible for peace and order, public safety, and local governance in Eastern Visayas. Jonathan L. Mayuga

Editor: Dennis Estopace | www.businessmirror.com

The World

Oil tanker can’t unload after Malagasy decree

GROUP of companies including TotalEnergies SE warned that Madagascar’s requisition of the island’s only oil-storage facility could disrupt fuel supplies by preventing tankers from unloading. The government last week decreed that it would need the Galana storage facility, owned by Rubis Energie SAS, in the port of Toamasina, to unload a tanker that arrived on Wednesday carrying 67 million liters (17.7 million gallons) of diesel for use in power plants operated by state utility Jirama. The companies, represented by the Groupement Pétrolier de Madagascar, had scheduled their own tanker, carrying diesel, gasoline and kerosene, to arrive at about the same time. The lack of storage will make it difficult for the Torm Eva to offload its cargo. The ship can carry a load of about 71,000 metric tons of oil products, data compiled by Bloomberg shows. Madagascar’s total annual consumption of oil products is about 1 million tons. The order makes “it impossible to unload the vessel chartered under the GPM’s supply program,” the group, who’s members also include Rubis and Vitol SA, said in a note on August 11 to customers and seen by Bloomberg. The decision “could affect the balance of available stocks and, consequently, nationwide distribution,” it said. The diesel shipment for Jirama, carried by the Liberian-flagged Sunda 1 tanker, follows a July 1 law creating a state-run oil company responsible for fuel imports. The move ended a 25-year arrangement under which GPM members, including a unit of local company Axian Group, handled imports. “We have imported fuel directly from

abroad. This is a major step because, for several years, previous leaders had not dared to undertake such an initiative,” Madagascan President Michael Randrianirina said after the Sunda 1 docked. “We had always depended on our previous partners. I am not saying that these former partners were bad, but we believe that this new approach could help save Jirama.” Randrianirina said the step will cut fuel costs for the power company but also cautioned the company to avoid losing its fuel to theft. In letters to the government, seen by Bloomberg earlier, GPM expressed concern that authorities could import oil products from sanctioned suppliers and they would then be unable to handle them. Russia has held talks with Madagascar over building fuel storage facilities in the country. The GPM declined to comment when contacted by Bloomberg. “The GPM stresses that its members cannot be held responsible for any consequences affecting the availability, regularity, or distribution of petroleum products resulting from decisions that unilaterally alter a supply system that had already been planned and committed to,” the group said in a statement sent to its customers seen by Bloomberg. The Sunda 1, identified as the ship carrying the diesel by the oil minister last week, has been traveling to Toamasina from China’s Qinglanshan Oil Terminal, data compiled by Bloomberg shows. The Torm Eva is a Danish-flagged tanker that loaded in the Persian Gulf. “What would be the reason for a disruption in fuel supplies in Madagascar?,” Randrianirina said. “An agreement needs to be reached and the situation resolved calmly.” Bloomberg

Citigroup sees robust ADR pipeline in Asia

ITIGROUP Inc. sees more Asian companies selling shares in the US as technology firms look to raise valuations and tap the deep pools of capital in the world’s largest equity market. Asian tech firms are trying to boost their valuation by being traded alongside US peers in the form of American Depositary Receipts, according to Adrian Nye, Japan, Asia North and Australia Head of Issuer Services at Citigroup. Companies on the Philadelphia Semiconductor Index, known as the SOX, trade at about 22 times estimated earnings on average, more than double that of Asian peers, according to data compiled by Bloomberg. “There are a lot of interesting and large transactions that are in the ADR pipeline,” Nye said in an interview, without elaborating on the size or the timeline. Higher share prices, buoyed by the artificial intelligence rally, also bode well for the sector, he said. Asian companies have sold about $28 billion of ADRs so far this year, already the most since 2020, according to data compiled by Bloomberg.

SK Hynix Inc.’s $26.5 billion listing accounts for the bulk of that, with Japan payment service provider PayPay Corp.’s fist-time offering adding $1 billion. The offering by SK Hynix unlocked access to a fresh pool of investors and helped narrow the valuation gap with competitors including Micron Technology Inc. It also followed Taiwan Semiconductor Manufacturing Co., whose US listing enabled it to tap into foreign investor flows, cementing its status as a US investor favorite. Chip-related stocks remain volatile though, leaving investors on edge. Concerns over hyperscalers’ massive AI investments have led to a global selloff in chipmakers last month. Still, after the South Korean memory chipmaker’s record-breaking listing, Japanese peer Kioxia Holdings Corp. said it’s planning to offer ADRs next year. Meanwhile Samsung Electronics Co. is said to be in the early stages of weighing a US listing, motivated by the successful debut of its homegrown rival. “The pipeline for new ADR issuance is quite strong at the moment,” Nye said. Bloomberg

BusinessMirror

‘Very, very strong’ demand fuels global trade amid supply shocks By Brendan Murray Bloomberg

HREE workhorses of global goods trade indicated demand remains solid as the artificial intelligence boom and energy transition help the world economy absorb shocks stemming from extreme weather, wars and tariffs. A .P. Mol ler-Maersk A /S, t he world ’s second-biggest container carrier, raised its full-year outlook for the second time in seven weeks, crediting higher freight rates and a “more resilient global economy than initially feared.” Hapag-Lloyd AG, the No. 5 container line, cited “strong exports out of Asia and improved US demand, which helped offset the significant cost headwinds” of about $600 million last quarter tied to the Mideast conflict. DP World, the Dubai-based port operator and logistics giant, also released results Thursday, disclosing increased revenue and higher container volumes in the first half. The gains came despite a sharp drop in ship arrivals at Jebel Ali, its flagship port and industrial zone on the Persian Gulf. The announcements underscore the durability of consumer and corporate demand even as a war rages between Russia and Ukraine, and the

CONTAINERS at the Port of Mobile in Mobile, Alabama. MICAH GREEN/BLOOMBERG US and Iran jockey for control of the Strait of Hormuz. Those conflicts are helping keep energy costs elevated.

‘Very fast’ MEANWHILE, droughts are parching inland waterways from North America’s Saint Lawrence Seaway to the Rhine and Danube rivers across Europe. Vessel bottlenecks are building at Chinese ports and queues are lengthening to transit the vital Panama Canal. Maersk CEO Vincent Clerc said it’s an environment where freight rates will remain volatile.

Rio Tinto Australia aluminum plant gets $1.8 billion bailout

HE owners of Australia’s biggest aluminum smelter, including Rio Tinto Group, have secured a A$2.5 billion ($1.8 billion) government bailout to keep the plant operating as they grapple with high energy costs. The Tomago facility in New South Wales secured financial support from both the federal and state governments, they said in a joint statement. As part of the arrangement, Tomago Aluminium, the venture that runs the plant, will invest A$1.1 billion, and cut power consumption at times of high demand on the grid. The bailout was first reported last Wednesday, without financial details. Electricity costs have strained aluminum smelters around the world, forcing some operators to shut or reduce output, while competition has also intensified from lower-cost plants in China. Rio has previously said electricity accounts for more than 40 percent of Tomago’s operating costs, and Prime Minister Anthony Albanese pledged financial support in December, after the miner warned that soaring costs could force the plant to close when its existing power-supply contract expires later this decade. Tomago is Australia’s biggest single electricity user, consuming more than 10 percent

of the electricity in New South Wales, the country’s most populous state. The investment will underpin almost 3 gigawatts of new renewable generation, according to the government statement. “This announcement today secures the future of this facility,” Albanese told workers at the plant on Thursday. The government support was aimed at “making sure that there is a future made right here in Australia and a future made right here in the Hunter,” he said, referring to the region where the smelter is located. Under the bailout, Tomago Aluminium will enter into a 10-year power-purchase agreement for electricity when its current contract expires at end-2028, all of which will come from renewable sources by 2033, Rio said in a statement. The shift to 100 percent green energy will cut the facility’s Scope 1 and 2 carbon emissions by 7.1 million tons a year, the miner said. Rio owns slightly more than half of the smelter, which has produced aluminum for more than 40 years. Gove Aluminium Finance Ltd. and Norsk Hydro ASA also hold stakes. As part of the arrangement, the owners also committed to spending A$100 million to reduce emissions. Bloomberg

US govt trade enforcers tap AI against tariff dodgers

HE Trump administration is developing an AI-powered “detective border” to crack down on trading partners suspected of enabling China to skirt tariffs on US imports. In a report released last Thursday, the White House Office of Trade and Manufacturing Policy accused dozens of countries of being part of China’s “shadow transshipment network,” sorting them “according to the scale of China-linked trade, the depth of their economic integration with China, and the weaklink advantages that make them susceptible to rerouting activity.” The values of these goods, described as flowing through third countries to evade levies on imports and other trade remedies, are based on analysis from two government and three private-sector sources. AI supply chain firm Exiger provided a mid-range estimate of $75 billion in illegally transshipped goods between February 2025 and February 2026, which corresponds a loss of tariff revenue between $19 billion and $34 billion.

More than 40 countries are associated with elevated illegal transshipment risk, the report from White House trade adviser Peter Navarro’s office said, and “China’s biggest enablers range from Mexico and Canada on US land borders to the European Union, India, Japan, and South Korea.” In addition to China preserving access to the US market counter to US trade policy, “the spoils of illegal transshipment also enrich the transshipping countries themselves,” the report said. “Local firms capture assembly fees, warehousing revenue, logistics margins, port charges, customs brokerage income, land rents, and export-processing-zone investment. Governments benefit from jobs, tax receipts, foreign investment, and trade growth.” Other named countries include Indonesia, Thailand and Brazil and Malaysia. Still others are noted for comparative advantages that can be exploited, like the cost of labor, strategic port access, lax customs enforcement or free trade zones. The trend isn’t new. When President

Friday, August 14, 2026 A13

Donald Trump imposed high tariffs on exports from China in his first term, many businesses responded by diversifying their supply chains, moving some manufacturing outside of China when possible. The so-called “China +1” strategy spurred big investments in Vietnam, Cambodia and other countries, often by Chinese-owned factories. Upon returning to office, Trump unleashed a wave of country-specific duties with some of the highest rates aimed at US allies and major trading partners. Tens of billions of dollars in tariffs have hit compliant importers especially hard.

‘Detective border’

THE White House’s report acknowledges these “tariff differentials” can increase the incentive to illegally transship, but said tools designed to “detect, deter and prevent” tariff evasion are being deployed. Those tools include an AI-powered “detective border” that will scan shipment data against routing histories, confirm production capacity and ownership

relationships and even analyze packaging patterns and X-ray imaging at ports to detect mismatches between what’s declared and what’s actually in a container. US trade enforcement authorities have for decades focused limited resources on cases with the biggest payout potential. Such cases are complex and often take years to build, meaning illicit goods often continue flowing into the US market at below fair-market prices, undermining US commerce. Illegal transshipment can be notoriously hard to detect and determining country of origin is complex, especially when imports are made from components manufactured in multiple countries. It’s unclear how much of the supply chain shift outlined in the report reflects illicit activity rather than legitimate changes to global production and trade. “Effective enforcement therefore requires distinguishing legitimate manufacturing and substantial transformation from pass-through trade and origin shifting,” the report said. Bloomberg

“The underlying current is very, very strong, resilient demand for container transport on the back of electrification—whether it is generation, storage, new products such as electric vehicles, data centers, cooling,” Clerc told Bloomberg Television. “Anything that has to do with that is growing; the fabric of what we’re moving is changing and the volumes are growing very fast.” In a separate interview Thursday, Jan Rindbo, CEO at D/S Norden A/S, one of the largest commodity shipping companies, agreed that demand is strong. “And it’s broad-based,” he said. “We’re seeing it in grain, iron ore and steel, and increasingly in project cargo such as batteries and wind turbine blades.”

A14 Friday, August 14, 2026

The World BusinessMirror

Japan PM Takaichi protests Putin visit to disputed isles T

www.businessmirror.com

Trump enlists private sector for cyber-offensive arsenal

By Bloomberg News

APANESE Prime Minister Sanae Takaichi issued a protest after Russian President Vladimir Putin made his first visit to a territory disputed with Japan, underscoring tensions between the countries. Putin’s visit to Iturup Island, known in Japan as Etorofu, came after Japan had repeatedly urged him not to go, Takaichi told reporters in Tokyo on Thursday. His decision “hurts the feelings of the Japanese people and is absolutely unacceptable,” she said. “It has turned Japanese people’s views on Russia even more negative and made the restora-

tion of relations more difficult in the medium to long term,” she added. T he island for ms part of the southern Kurils, which Japan calls the Northern Territories. They are controlled by Russia but claimed by Japan, which says the island Putin visited—along with Kunashiri, Shikotan and Habomai—are its territory. The dispute has prevented Moscow and Tokyo from signing a formal World War II peace treaty, making Putin’s visit a politically sensitive assertion of Russian control. Putin’s trip marks the sixth visit to the islands by a Russian head of state or government. Dmitry Medvedev traveled there four times, first as

president in 2010 and later as prime minister in 2012, 2015 and 2019, while Prime Minister Mikhail Mishustin visited Iturup in 2021. Putin pledged in 2024 to make a personal visit. As he made good on that promise, Putin this week inspected a fish processing plant, according to a video released by the Kremlin press service. Prior to visiting Iturup, Putin attended the final stage of the Pacific Fleet drills in Yuzhno-Sakhalinsk, and held a meeting with military commanders on protecting Russia’s eastern borders. During a visit to Sakhalin island on Wednesday, Putin said Russia wasn’t threatening Japan and was ready to

continue the search for a diplomatic settlement. Japan Defense Report Cites China, Russia, NK Military Ties While Russia’s possession of the Kurils is “enshrined in international documents as a reality that emerged following World War II,” Russia was still prepared to seek a solution through a peace treaty with Japan, Putin said. He added that Japan had recently changed its attitude toward Russia without provocation. He criticized sanctions over the war in Ukraine, and said Russia had been described as a major threat in Japanese defense documents.

HE US government is partnering with private-sector firms to launch cyber attacks abroad, expanding the scope of national security operations that until now have been largely conducted by government agencies. Private companies under the direct control and oversight of the federal government will be able to conduct offensive cyber operations aimed at disrupting criminal organizations that target Americans, according to a National Security Presidential Memorandum signed by President Donald Trump and released last Wednesday. The memo, which will create a new program run by the Department of Homeland Security, marks a significant shift for the US where such operations are usually carried out by the government. The program will be overseen in coordination with the Justice Department. For months, the Trump administration has been laying the groundwork for private-sector firms to legally conduct of-

fensive cyber operations. The idea is highly polarizing due to fears that such activities could lead to unintended consequences and escalation. Advocates argue that tapping a larger pool of professionals would expand the country’s ability to counter cyber threats. The move is about granting “cyber letters of marque,” said Ari Redbord, head of government affairs at the blockchain intelligence firm TRM Labs, referring to a 19th century government license that allowed privately owned ships to attack pirates and other designated threats. The federal government’s partners would be able to conduct surveillance operations and cyber attacks against “foreign cyber-enabled transnational criminal organizations,” the memo said. To qualify for the program, companies will have to maintain a bond or escrow of at least $1 million that will be forfeited if they don’t comply with contractual agreements. Bloomberg

Tiff over counting forest carbon roils standard-setter By Olivia Raimonde Bloomberg

SCIENTIST has resigned from the World Resources Institute amid disagreement over how to tally forest carbon in accounting rules that are under development. Those rules, which are being drafted by Greenhouse Gas Protocol (GHG Protocol)—a global standard-setting body overseen in part by the non-profit—will shape how companies in the forest industry report their carbon footprints. Tim Searchinger, a senior research scholar at Princeton University’s School of Public and International Affairs, told Bloomberg News and non-profit newsroom SourceMaterial that he will be leaving his role as technical director of land-related issues at the World Resources Institute this month because of what he said are shortcomings in the GHG Protocol’s process in drawing up the new rules. “As technical director, my charge is to ensure the scientific integrity of WRI’s work related to land use,” Searchinger said. “Be-

cause developments with the Protocol undermine that integrity in both substance and process with large potential consequences, and because I was unable to correct them, I have resigned.” The World Resources Institute confirmed his resignation. Danny Cullenward, a senior fellow at the University of Pennsylvania’s Kleinman Center for Energy Policy, stepped down from his seat on the body’s Independent Standards Board in June over the same issue. The resignation comes as the group deals with another battle over potential changes to how businesses report their emissions from electricity they purchase. Earlier this year, a group of large companies, including Apple and Amazon, lobbied the GHG Protocol to make it optional to comply with stricter standards under consideration for Scope 2 emissions reporting. The argument centers on two competing approaches to calculate carbon stores and emissions from forests. Both approaches seek to account for how

forests absorb, store and release carbon, but they differ in how those changes should be attributed. Activity-based accounting seeks to distinguish changes caused by humans from those resulting from natural processes. The managed land proxy approach instead generally treats any changes on managed forest land as the result of human activity. Some experts have raised concerns that managed land proxy would allow companies to essentially double count carbon removals and take credit for those occurring naturally, regardless of their business operations. “We are extremely opposed to the application of [managed land proxy] in the Greenhouse Gas Protocol because it will result in the opposite of what it tries to do, which is climate change mitigation,” said Miguel Mendonça Reis Brandão, who served on the body’s technical working group for forest carbon accounting and is associate professor of industrial ecology and life cycle assessment at KTH Royal Institute of Technology in Sweden. “It’s counterproductive.” A spokesperson for the GHG Protocol said

the matter is still under review. This is the first time the group will publish guidance on forest carbon accounting; it is accepting comments through February and won’t make a decision until after its standards board evaluates the feedback. Until then, companies can use either accounting approach but must be transparent, the representative said. The issue has split experts and stakeholders involved in the GHG Protocol, with most academics supporting the first approach and most representatives of industry the second, reporting by Bloomberg and SourceMaterial found. Of the hundreds of groups and individuals that have submitted comments regarding the two methodologies, the majority of scientists and non-governmental organizations either expressed support for activity-based accounting or criticism of managed land proxy. A much smaller number of scientists wrote in favor of managed land proxy, along with forest industry professionals. Charles Canham, a senior scientist emeritus at the Cary Institute of Ecosystem Stud-

A LUMBER yard in British Columbia, Canada. JAMES MACDONALD/BLOOMBERG

ies who sat on the technical working group, said that “there were basically scientists on one side, forest products industry on the other side.” Supporters of the managed land proxy approach have criticized activity-based accounting as technically flawed and hard to implement. Managed land proxy, they say, is proven and more reliable, partly because it is already used by countries in national climate inventories. To address what they acknowledge as its limitations, they have proposed a revision called “managed land proxy plus.” Nathan Truitt, an executive vice president at the non-profit American Forest Foundation who was on the working group, said the approach won’t lead to over-claiming of removals. “You don’t want any actor who has a climate goal to be reporting removals from the atmosphere without acknowledging or somehow taking into account the fact that some of those forest-based removals really have nothing to do with their corporate action,” Truitt said. “That is absolutely not what will happen if we adopt [managed land proxy plus].” Truitt last year sent a complaint to the GHG Protocol in which he expressed concern that the working group “established a biased and unfair dynamic” of scientists supporting one approach and industry the other. He asked that academics who back managed land proxy be added to the working group. The nature of the complaint, Truitt told Bloomberg, was “not about the scientists on

the panel” but about whether or not the “full breadth of scientific opinion” was represented. Backers of each approach submitted proposals to the standard-setter. Neither proposal, the spokesperson said, “represented a fully developed or pilot-tested methodology” and its standards board “identified limitations” in both. The board commissioned four independent experts who pointed to the need for more work on the proposals, according to the spokesperson. Forestry and forest product companies tested managed land proxy in a 2022 pilot study that the GHG Protocol oversaw. The results showed many of the companies that participated were able to report significant carbon removals as a result of their land management. Jennifer Skene, global forest policy director at the Natural Resources Defense Council, says managed land proxy was never intended to be used for private sector accounting. “This was an imperfect solution that was developed to account for emissions at a country level,” said Skene. “It’s not an accurate reflection of the actual carbon emissions tied to products that are derived from forests.” The revised approach includes several “safeguards” to ensure it would be “applied responsibly,” according to Vaughan Andrews, a senior program manager for sustainability at Weyerhaeuser Co. who co-authored the managed land proxy plus proposal.

www.businessmirror.com.ph

2nd Front Page BusinessMirror

INTEREST IN WTE PROJECTS DRIVES UP PROPOSALS–DOE By Lenie Lectura

HE Department of Energy (DOE) said Thursday the growing developer interest in waste-to-energy (WTE) projects has driven aggregate proposals to nearly 400 megawatts (MW). “We are seeing significant interest from developers, but our objective is not simply to award capacity. We want projects that are technically sound, environmentally compliant, supported by sustainable feedstock, commercially viable, and capable of delivering electricity to the grid,” DOE Secretary Sharon Garin said. The auction proper for the special green energy auction (GEA) round for WTE projects is scheduled on October 13, while the awarding of bidders is on December 16. The installation target was adjusted from 230MW to 400MW. The DOE emphasized that the proposed 400MW capacity does not automatically translate into project awards. It said projects will have to demonstrate adequate and sustainable waste supply, technical and financial capability, environmental compliance, competitive cost, and the ability to meet required development timelines.

As an emerging renewable energy (RE) technology, WTE project development is one of the country’s strategies to address solid waste management, serve as flood control mitigation, and provide additional clean energy. Metro Manila alone generates an estimated 9,000 metric tons of municipal solid waste daily. Based on DOE estimates, the current waste stream in the metropolis could support around 200 MW of WTE capacity, subject to the availability and suitability of feedstock and other technical requirements. The DOE stressed, however, that WTE is intended to complement, not replace, waste reduction, segregation, reuse, recycling, and materials recovery under the country’s solid waste management framework. Only acceptable residual wastes should be considered as feedstock for WTE facilities. Also, the DOE said environmental compliance will likewise remain a central requirement in the development of WTE projects. Facilities will be required to comply with applicable environmental laws, permitting requirements, and emissions standards throughout their development and operation. “We want these projects built, See “Projects,” A2

Friday, August 14, 2026 A15

PHL’s entry into Umic club spurs poverty stats review

By Justine Xyrah Garcia

HE Philippines’s entry into the upper-middle-income country bracket should prompt a reassessment of whether the country’s poverty standard still reflects the living conditions expected of a more affluent economy, according to the country’s former chief statistician. This comes as the initial monthly poverty threshold for a family of five rose to P14,600 in 2025, an increase that former National Statistical Coordination Board (NSCB) Secretary General Jose Ramon G. Albert said appears to largely reflect higher prices rather than a higher standard of basic needs. “Official statistics may currently be understating both the number of poor Filipinos and the vulnerability of those just above the threshold,” Albert told the BusinessMirror. Earlier this week, National Statistician Claire Dennis S. Mapa con-

firmed during a House committee hearing that the initial estimate of the poverty threshold, or the minimum income needed to meet basic food and non-food requirements, had risen to P14,600 for a family of five in 2025. This means families earning above that threshold are classified as non-poor. In 2023, a family of five needed at least P13,873 per month to meet its minimum basic needs. About 10.9 percent, or 3 million Filipino families, were considered poor that year. At the individual level, pov-

erty incidence stood at 15.5 percent, equivalent to 17.54 million Filipinos. Albert said the increase to P14,600 closely tracks what the previous poverty threshold would amount to after accounting for price increases, suggesting that the same basic standard has largely been carried forward at current prices rather than substantially revised. “An inflation-adjusted threshold tells us that the peso cost of meeting basic needs has risen, which is expected and mechanical, but it does not tell us anything new about whether our definition of a decent minimum standard of living has kept pace with the country’s actual economic progress,” he added. Albert, now a senior research fellow at the Philippine Institute for Development Studies (PIDS), said the country’s move to upper-middle-income status raises a separate question of whether the poverty line itself should be updated to reflect higher living standards, rather than simply repricing the existing basket of basic needs. He said that using a conservative 20-percent increase to reflect the income gains associated with

upper-middle-income status would put the monthly poverty threshold for a family of five closer to P17,400. The figure, however, is only his back-of-the-envelope estimate and not an official poverty line. Albert also pointed to the World Bank’s international poverty lines, noting that the Philippine national threshold is closer to the benchmark used for lower-middleincome economies than that for upper-middle-income countries. The World Bank currently uses a poverty line of $4.20 per person per day for lower-middle-income economies and $8.30 for upper-middle-income economies, both expressed in 2021 purchasing power parity terms. “That gap suggests our current national poverty line may be understating the true extent of poverty relative to the standard that international benchmarks would apply to a country at our income level,” Albert said. He added that this could also mean that families earning just above the P14,600 threshold remain financially vulnerable despite being classified as non-poor. “They remain highly exposed to See “Umic,” A2

DOT lists ₧398-M bid to refresh, roll out ‘Love the Philippines’ drive By Ma. Stella F. Arnaldo Special to the BusinessMirror

GROWTH TRAJECTORY Finance Secretary Frederick Go delivers the keynote address at the Mandaue Chamber of Commerce and Industry (MCCI) Business Summit 2026 in Cebu City on Thursday, August 13, 2026, where he expressed confidence that the Philippine economy will return to a 5 percent–6 percent growth trajectory in the second half of 2026 and beyond. Go cited the country’s solid macroeconomic fundamentals and ongoing reforms aimed at improving competitiveness, attracting investments and lowering business costs amid global uncertainties. The summit carries the theme “Navigating Change, Rising Stronger.” PHOTO BY CARMEL PEDROZA

DOJ confident of Quiboloy’s extradition to US By Joel R. San Juan

@jrsanjuan1573

HE Department of Justice (DOJ) on Thursday expressed confidence that it would be able to secure a favorable ruling once it filed a petition for the extradition of Kingdom of Jesus Christ (KOJC) Pastor Apollo Quiboloy to the United States provided that all the requirements under the RP-US Extradition Treaty are complied with. At a press briefing, Chief State Counsel Dennis Chan noted that requests for extradition should

comply with the requirements set under Article 7 of the treaty which include determination of the identity of the person to be extradited, facts of the case, provisions of the law describing the elements of the offense for which extradition is requested, the punishment for the offense and prescription on the prosecution or the execution of punishment for the offense. Chan said the DOJ would also have to ensure that capital punishment or penalty will not be imposed should the extraditee is found guilty for the offenses.

“The court where the petition will be filed will have to determine whether the petition we submitted and the supporting documents are compliant with the extradition treaty and if found to be compliant and all the other elements are established, then I do not see any reason for extradition not to be granted,” Chan said. He stressed that it would be good for the country’s image in the international community if would comply with its obligations under the treaty. “So, while I am not saying that the outcome will be an automatic

extradition of the person but we have to also show to our treaty partners that we are serious in complying with our treaty obligations and that we understand the need for justice to be served but at the same time we have to balance it also with the interest of the Philippines,” the Chief State Counsel pointed out. In the event that the court orders Quiboloy’s extradition, Chan said the Justice department would study its next steps. Under the Rules on Extradition Proceedings issued by the Supreme See “Extradition,” A2

HE Department of Tourism (DOT) has announced the bidding for some P398 million in consulting services that will undertake a refreshed “Love the Philippines” (LVP) campaign to be rolled out internationally. As per documents published on the DOT’s corporate governance site, the bidding for the project will be in two lots: one for the creative campaign strategy (DOT-BAC-REI NO. 2026-003), with a budget of some P149.75 million; and the second, for the global media rollout (DOT-BAC-REI NO. 2026-004), with a budget for some P247.94 million. Both projects are open to “qualified full service digital marketing agencies (integrating digital first creative ideation and production, media strategy and execution, influencer marketing, and live events activation); digital creative agencies; and digital media agencies,” as per the projects’ terms of reference (TOR). The TOR, as written by Tourism Assistant Secretary for Brand and Marketing Communications Armand Lorenze V. Sapitan, said: “Creative communications and strategic media execution are critical to Tourism sector recovery, together with travel infrastructure investment, tourism product development, international business and diplomatic relations, and pricing competitiveness for air travel and hospitality.” The agency maintains that LVP will remain as a “Tourism Brand tagline and visual identity will not be changed in the near term.”

Change in tone

HOWEVER, there appears to be some leeway in how said brand slogan is framed or executed by the project bidders. As per the TOR, the refresh should: “Transform the campaign’s current tone of voice from an imperative into a single, clear, and emotionally resonant proposition which must give the Filipino people a shared statement of identity, not a government instruction.” One of the main criticisms against LVP as a slogan is the lack of a unique value proposition presented for the Philippines, since “Love” has been used in the tourism slogans of Barbados, New York, and other cities or countries. Its critics have also noted that the slogan sounds more like an order, instead of an invitation for tourists to visit the Philip-

pines. (See, “Love Barbados or Love the Philippines,” in the BusinessMirror, June 29, 2023.) A DOT official, speaking on background, said DDB Philippines Inc. (now GGC Group Asia), will be allowed to join the bid: “They haven’t been blacklisted.” DDB was the advertising agency that created the pilloried mood video for the LVP launch in June 2023, which used foreign scenes in place of local tourist spots. Following the fiasco, the DOT, then under Tourism Secretary Christina Garcia Frasco, said it would not pay the ad agency its P49-million contract. Meanwhile, target markets of the refreshed campaign include: South Korea, the United States, Japan, Australia, Canada, China, the United Kingdom, Taiwan, Singapore, India, Malaysia, and Indonesia.

Optimized for social media

THE DOT wants the refreshed campaign to be optimized for social and digital media; encourage the audience to participate in it, and give Filipinos a sense of ownership in a nationwide movement; and sustain and amplify the Philippines as a top of mind destination. Aside from social and digital media, the rollout will cover out-of-home advertising platforms (billboards, transit wraps, digital screens, etc. in public spaces); television commercials, print ads, editorial content such as features, audio content for radio, and “on-ground experiential activations.” The proponent for the global media rollout shall also implement a “Strategic Marketing Communication, Brand Reputation and Risk Management Plan” which covers media engagement and press release development and seeding, monitoring of social media feedback on the DOT campaign, crisis communications management, among others. The separate contracts for the creatives and global media rollout projects will be for 12 months to commence immediately after the notice of award of the winning bidders. Tourism experts have complained of the LVP’s alleged lack of a unique value proposition for the Philippines, while tourism stakeholders, including DOT’s own marketing arm, the Tourism Promotions Board, were not consulted about the crafting of the brand slogan. (See, “Stakeholders, TPB shut out of new tourism drive decision,” in the BusinessMirror, July 3, 2023.)

A16 Friday, August 14, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Red tape nation: How govt slows down business

HE Philippines has a law called the Ease of Doing Business and Efficient Government Service Delivery Act of 2018. The irony writes itself.

Eight years after Republic Act 11032 promised to streamline government services, the Department of Economy, Planning and Development has delivered a damning verdict: the policy exists, but the implementation does not. And in the gap between legislative ambition and bureaucratic reality, Philippine enterprises are still drowning in paperwork, redundant visits, and processing delays that would embarrass a nation with far fewer resources. (Read the BusinessMirror story: Fragmented use of digital platforms bugs govt systems, August 11, 2026). The numbers tell a story of institutional failure. Seventy-two percent of businesses still register fully in person. Seventy percent renew their permits the same way. Nearly a quarter wait more than 20 days for registration—20 days in an era when a teenager can launch a global e-commerce store before lunch. What went wrong? The usual suspects: fragmented systems, weak interoperability, and the persistent refusal of government agencies to talk to each other. The Bureau of Internal Revenue has its own online system. The Bureau of Fire Protection has another. LGUs run their own eBOSS platforms, each speaking a different digital dialect. The result? Businesses submit the same documents multiple times to different offices, validating the same information repeatedly because the left hand of government refuses to acknowledge what the right hand has already certified. This is not a technology problem. It’s a coordination problem. It’s a political will problem. And it’s a problem that costs real money. The DepDev report identifies business exit as the most egregious bottleneck—a process so convoluted that firms simply abandon formal closure rather than navigate the labyrinth of separate settlements with LGUs and the BIR. This creates a shadow economy of zombie businesses and informal operators who would prefer legitimacy but can’t afford the price of admission—or exit. High settlement requirements and unclear procedures don’t just inconvenience entrepreneurs; they actively discourage formalization, undermining tax bases and regulatory oversight alike. DepDev’s proposed solutions are sensible enough: permanent Business Permit and Licensing Offices, a Unique Business Identification Number to finally unify fragmented records, mandatory interoperability under the EGovernance Act, and the rationalization of barangay-level fees that often serve more as local revenue extraction than legitimate regulatory costs. These are not revolutionary ideas. They are basic governance infrastructure that functioning economies implemented years ago. But here’s the uncomfortable truth: the Philippines does not lack good policy. It lacks follow-through. Every administration discovers the same problems, proposes similar solutions, and watches implementation stall against the rocks of institutional inertia. For a country positioning itself as a regional investment destination, this is embarrassing and economically self-defeating. Foreign investors have options. They can go to Singapore, where incorporation takes hours. They can go to Vietnam, where industrial zones operate with streamlined efficiency. The DepDev report should be required reading for every legislator and local official who claims to support business growth. The message is clear: laws alone don’t build economies. Execution does. Interoperability does. The boring, unglamorous work of making systems talk to each other, of standardizing procedures across 1,724 LGUs, of actually implementing the reforms already on the books. Until then, “Ease of Doing Business” remains not a description of reality, but a cruel joke—and a warning to entrepreneurs that in this country, the government still makes everything harder than it needs to be.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

D. Edgard A. Cabangon ✝ Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com

www.businessmirror.com.ph

Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

Publishers Association of the Philippines Inc.

Child actors shine in Cinemalaya Dennis Gorecho

Kuwentong Peyups

ALENTED child actors continue to shine at the annual Cinemalaya Philippine Independent Film Festival. “Ganggang“ (2026) by JL Burgos tells the story of children in a rural community experiencing the looming threat of anti-insurgency operations by the military.

Three boys Mel (Raine Dela Cruz), Ilay (Kenneth Vincent Mendoza) and Ten-ten (Don Richmond Cerbito) form an unlikely bond to find the best fighting spider against the spider of the school bully Anton (Prince España) until their own search puts their friendship to a test. Burgos said that the film does not only wish to show the intricate web of human rights violations in the Philippines. It also aims to bring these issues to a broader public discourse. “Basic human rights are often swept under the mantle of economic growth. Those who speak and protest are silenced or forced to obey. The implementers are given too much power to suppress and enforce obedience to ensure economic progress,” Burgos said. He added: “A nation with no respect for human rights is a nation without a spine. Its progress is forever delayed. A nation can only achieve genuine peace and economic growth when the basic rights of its

people are established, recognized, and protected.” In “Hand of God” (2026), KD Omalin portrays 10 -year-old Khaleel, a child soldier of a violent terrorist group in Basilan. The war drama follows a military lieutenant (Ruru Madrid) who uses sports, specifically football, as a means of intervention and a chance at a different path away from war. He sets up a makeshift football post to win the trust of residents suspected of terrorist ties. The movie highlights how children are the primary victims of adult-driven wars. The narrative emphasizes the urgent need to protect youth from being weaponized, focusing on a soldier trying to help a child soldier “remember how to be a child.” The director, Mark Duane Angos, aims to break down prejudices and stereotypes surrounding conflictscarred Muslim communities, sending a powerful reminder that every

marginalized community deserves to be seen, heard, and valued. “Kaka Sa Yawan (2026) is the coming-of-age drama follows Niko (Bryce Nicolo Mercader), as he returns to Mindoro island years after a life-changing childhood friendship with Ayan (Dennis Dato), a Tadyawan-Mangyan boy. As he fulfills a long-forgotten promise, Niko confronts memories of loss, belonging, and the bond that once changed his life. It is a story about friendship that slowly crosses the lines of culture and circumstance. They may come from very different worlds, but they share many of the same hopes, dreams and desire for a better life. In Mag-iina (2026), Lucas Andalio plays Ynigo as strange adopted son in the Abreu family. The film follows Anj (Janine Gutierrez) as she returns to her ancestral home days before the 40th day of her father’s death. She reunites with three generations of women in her family, mother Mita (Agot Isidro), aunt Ysobel (Cherry Pie Picache), and matriarch Angela (Jackie Lou Blanco) who are trapped in grief and

The mother who raised a nation By Bryan Jayson T. Borja

EW cultures honor mothers the way Filipinos do. We call our country the Inang Bayan. We kiss our mothers’ hands before leaving home. We entrust grandchildren to their grandmothers with complete confidence. Family reunions happen because family matriarchs make them happen. Even after they are gone, we continue speaking to them in our prayers, remembering their advice, and living by the values they quietly taught us.

For Filipinos, motherhood is more than a role within the family. It is the foundation upon which families are formed, values are passed on, communities are nurtured, and nations are built. Before we learn from teachers or books, we first learn from our mothers. Our first classroom has always been our home. I understand this more with each passing year. My mother, Echie, departed this world three years ago, yet there has never been a day that I have not remembered her. Time has softened grief but has never erased gratitude. Death ends a life, but it never ends motherhood.

Last August 4, my grandmother Demeng celebrated her 81st birthday. Together with my other grandmother, Merced, she reminds me that Filipino grandmothers are the keepers of family history, tradition, and faith. Through them, we inherit not only our names but also our identity. It is in this spirit that I remember Teodora Alonso. August 16 marks the 115th anniversary of her passing. History remembers her as the mother of Jose Rizal, but to define her only through her son is to overlook her own remarkable contribution to the Filipino nation. Although born in Manila, Teo-

dora Alonso was proudly a daughter of Biñan. Her family was among the town’s most distinguished. Her father Lorenzo Alonso de Alberto, and her grandfather Cipriano Alonso, both served as town captains of Biñan during the Spanish colonial period. It was also in Biñan where she met Francisco Mercado, beginning the family that would one day produce our National Hero. Before Rizal became the conscience of a nation, he was first a child shaped by his mother. Teodora was Rizal’s first teacher. She taught him to read, nur-

madness, uncovering long-buried “dark forces.” Director Giancarlo Abrahan described Mag-iina as an eerie family drama—“undomesticated by a horror that announces itself openly: in nightmares that bleed into waking, in the dead who have not crossed toward eternal light, in secrets that linger longer than the ghosts themselves.” The youngest winner of best actor award was Noel Comia Jr. for Kiko Boksingero (2017) when he was then 13 years old, followed by 15-year-olds Jansen Magpusao for John Denver Trending (2019) and Enzo Osorio for The Hearing (2024). Nathan Lopez was also 13 when he was given Special Citation (for acting performance) for Ang Pagdadalaga ni Maximo Oliveros (2005). The Hearing (2024) focuses on Lucas (Enzo Osorio) as a deaf boy from a remote fishing village who becomes central to a high-profile criminal case. Love Child (2024) is about a young couple (RK Bagatsing, Jane Oineza) that navigates the challenges of raising their autistic son John Tyrron Ramos in an increasingly unforgiving world, testing their love and resilience. Iska (2019) follows Iska (Ruby Ruiz), a struggling photocopy machine operator at the University of the Philippines who single-handedly raises her 10-year-old grandson (Pryle Gura) with severe autism. John Denver Trending (2019) is about the life of a 14-year-old farm See “Gorecho,” A17

tured his imagination through stories, instilled discipline, encouraged curiosity, and cultivated the compassion and moral courage that would later define his life. Long before classrooms and universities refined his intellect, it was his mother who awakened his love for learning. Without Teodora, there would have been no Rizal as we know him. And without Rizal awakening the Filipino consciousness through Noli Me Tangere and El Filibusterismo, our nation’s struggle for freedom would have taken a very different course. Teodora herself experienced the injustices of colonial rule. Wrongfully imprisoned after being accused of poisoning her sister-in-law, she endured humiliation, separation from her family, and the cruelty of a system her son would later expose through his writings. Before she became the mother of a hero, she was herself a woman of remarkable courage. See “The mother,” A17

Opinion BusinessMirror

www.news.businessmirror@gmail.com

System loss: Transparency, not artificial savings Dr. Jesus Lim Arranza

MAKE SENSE

VERY Filipino wants lower electricity rates. Industry wants them. Consumers need them. Government rightly seeks them. But if we are serious about bringing down the cost of electricity, we must distinguish between actually reducing a cost and merely removing that cost from the electricity bill. This distinction is important in the ongoing discussion on the proposed removal of the system loss charge.

The Coconut Refiners Association has called for a careful and comprehensive review of system loss charges. We support measures that will make electricity more affordable, but reforms must be based on the technical realities of delivering electricity and must produce genuine—not merely apparent—savings for consumers.

System loss is a physical reality

SYSTEM loss refers to electricity that is lost as power travels through the distribution network before reaching customers. Part of this is technical loss, arising from the physical characteristics of electrical systems—such as resistance in wires, transformers and other network equipment. Another part is non-technical loss, which may result from electricity theft, meter tampering and other unauthorized consumption. The distinction matters. Technical loss cannot simply be legislated out of existence. Electricity is lost whenever it passes through conductors and electrical equipment. Distribution utilities must continuously invest in better equipment, network upgrades and improved system design to minimize these losses, but they cannot bring technical loss

down to zero. More importantly, every kilowatt-hour that is technically lost must first be purchased. A distribution utility cannot tell a generation company: “We will not pay for this electricity because some of it was lost while traveling through our network.” The generation company supplied that electricity, and somebody must pay for it. This is why I agree with the Energy Regulatory Commission’s (ERC) fundamental position that legitimate technical system loss is a cost of service. Prohibiting its recovery from customers does not make the underlying cost disappear. It merely raises the question of where that cost will ultimately be recovered.

Transparency creates accountability

EPIRA was designed around the concept of unbundling electricity rates so that consumers can see what they are paying for. Section 25 of Republic Act No. 9136, or the Electric Power Industry Reform Act, requires every distribution utility to identify and segregate in its bills to end-users the components of the retail rate. Section 36 likewise requires the unbundling of rates so that the rates reflect the re-

spective costs of providing electricity services. Under Section 43(f), the Energy Regulatory Commission exercises its authority to regulate distribution wheeling rates and retail rates. Consistent with this framework, Rule 15 of the EPIRA Implementing Rules and Regulations provides for the identification and separation of the individual charges for generation, transmission, distribution and supply, with the ERC establishing efficiency standards that expressly include system losses. The principle is straightforward: let consumers see the costs. If system loss remains a legitimate cost but the system loss line item is simply removed from the bill, where will the cost go? If it is incorporated into another rate component, consumers may see a lower or disappearing “system loss” charge, but that does not necessarily mean they are paying less. That would risk creating artificial savings on paper rather than real savings in the monthly bill. I would rather have system loss clearly disclosed, measured and scrutinized than hidden inside another cost component. Today, consumers can see how much system loss contributes to their electricity bill. In Meralco’s case, system loss accounts for roughly 5 percent of the bill. Regulators and the public can also examine the utility’s system loss performance and distinguish between technical and non-technical losses. If we backtrack from this transparency, consumers may eventually lose sight of how much electricity is being lost, how much they are paying for it, and whether utilities are becoming more efficient. That would be a step backward.

There is no shortcut to reducing system loss

None of this means distribution util-

ities should be given a blank check. Quite the opposite. System loss must remain subject to strict regulatory oversight and efficiency standards. Utilities should continuously be challenged to reduce technical losses through investments in better conductors, transformers, substations, network configuration, advanced metering and other technologies. Non-technical losses likewise deserve aggressive attention, particularly electricity theft, meter tampering and illegal connections. The objective should therefore be to reduce system loss itself—not merely remove the words “system loss” from the bill. There is no shortcut. If we want lower technical losses, we need efficient networks and sustained investment. If we want lower non-technical losses, we need stronger enforcement against electricity theft and better cooperation among utilities, law-enforcement agencies, local governments and communities. These are harder solutions than deleting a line item from an electricity bill. But they are also the solutions that produce real and lasting results.

Focus on the biggest part of the bill

AT the same time, our national discussion must maintain perspective. System loss represents only around 5 percent of the electricity bill. The generation charge, by comparison, accounts for roughly 64 percent and is by far the largest component. If our collective objective is to achieve a meaningful and sustainable reduction in electricity prices, then this is where much of our attention must be directed. Recent increases in electricity bills have been driven primarily by higher generation costs. These are

Friday, August 14, 2026 A17

affected by international fuel prices, movements in the peso-dollar exchange rate and geopolitical developments that disrupt global fuel and energy markets. A weaker peso makes imported fuel more expensive. Higher international coal, oil and gas prices increase the cost of producing electricity. Wars and geopolitical tensions can disrupt supply chains and send global energy prices upward. These factors are largely beyond the control of distribution utilities, which purchase electricity from generation companies and pass through generation costs to consumers subject to regulation. This is why the debate on electricity affordability should go beyond one component of the bill. We need to ask the larger questions: How do we secure more competitive generation? How do we reduce our vulnerability to imported fuel prices? How do we attract investments in reliable and least-cost power supply? How can government taxes, regulatory policies and other charges be reviewed without compromising reliability and energy security? These are difficult questions. But difficult questions are exactly what we must confront if we want meaningful reductions in electricity prices.

A bayanihan approach to electricity costs

THE Coconut Refiners Association has long believed that complex national problems cannot be solved by government or the private sector acting alone. We have seen this in our campaign against smuggling. For many years, COR A has worked with government agencies, legitimate manufacturers, industry associations and other stakeholders to fight illicit trade and protect Philippine industries. The campaign

succeeds when government and industry stop viewing each other from opposite sides of the table and instead recognize that they share a common national interest. We need the same bayanihan spirit in addressing high electricity costs. Government, regulators, distribution utilities, generation companies, consumer groups and Philippine industries should work together — not to defend particular interests, but to identify where costs can genuinely be reduced without compromising reliability, investment and energy security. Instead of asking who should be blamed for every component of the electricity bill, let us ask what each sector can contribute to bringing the total bill down. Distribution utilities must improve efficiency and reduce system losses. Generation companies must compete to provide reliable electricity at the lowest reasonable cost. Regulators must ensure that only prudent and reasonable costs are recovered while maintaining a regulatory environment capable of attracting the investments our power system needs. Government must examine taxes, policies and regulatory requirements that contribute to electricity costs and accelerate reforms that can strengthen competition and energy security. Consumers, businesses and communities must also support efforts against electricity theft and promote responsible energy use. This is what bayanihan means in the energy sector: shared responsibility toward a common objective. The author is the Chairman and President of the Coconut Refiners Association, and Chairman Emeritus of FPI.

The mother. . .

Gorecho. . .

India warns border strains could weigh on China relations

For us in Biñan, remembering Teodora also means remembering the Historic Alberto Mansion, her family’s ancestral home. Sixteen years ago, when the mansion faced demolition, Biñanenses united through the Save the Alberto House Movement. I was privileged to stand alongside my dear friend, the late Dr. Bimbo Sta. Maria, and many heritage advocates who believed we were saving far more than a centuriesold house. We were preserving a place deeply woven into our national history. The movement found a steadfast partner in the local government. Through the political will of then Mayor Arman Dimaguila, the Alberto Mansion was expropriated and preserved for future generations. Today, it stands proudly in the heart of Biñan—not only as a beautifully restored ancestral house, but as a testament to what a community can achieve when citizens and government unite to protect their heritage. After 20 years in heritage preservation, I have realized that saving ancestral homes and honoring our mothers arise from the same deep instinct: gratitude. Both remind us that who we are today is because someone came before us, nurtured us, taught us, protected us, and left us something worth inheriting. Whenever I remember my mother Echie and my grandmothers Demeng and Merced, I realize that every Filipino family has its own Teodora Alonso. Their names may never appear in textbooks or hang in museums, but the lives they shape become the lives that shape the nation. As we commemorate the 115th death anniversary of Teodora Alonso on Sunday, may we honor not only the mother of Jose Rizal but every Filipino mother and grandmother whose quiet sacrifices continue to build better families, stronger communities, and a better Philippines. For before there was a hero, there was a mother. And before there was a nation, there were mothers who raised one.

boy (Jansen Magpusao) that is suddenly upended when a video of him brutally attacking a classmate goes viral. Pan de Salawal (2018) follows a wandering 7-year-old girl named Aguy who has the miraculous ability to heal sick people by physically striking them. “Kiko Boksingero” (2017) is about a young boy (Noel Comia Jr) attempting to build a bond with his estranged father through their shared love for the sport of boxing. “Ang Pagdadalaga ni Maximo Oliveros” (2005) follows a gay teen (Nathan Lopez ) in Manila torn between a young cop and his criminal family. It won Best Film (Special Jury Prize).

continued from A16

Peyups is the moniker of the University of the Philippines. Atty. Dennis R. Gorecho heads the Seafarers’ Division of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@ sapalovelez.com, or call 0908-8665786.

By Sudhi Ranjan Sen

NDIA’S government said any incident at its border with China was considered “serious,” in response to social media speculation of a possible standoff between the two militaries in India’s Arunachal Pradesh. Randhir Jaiswal, spokesman for the Ministry of External Affairs, didn’t directly respond to a question on the matter during a biweekly briefing to reporters on Tuesday. In a subsequent statement, the ministry didn’t confirm whether an incident had occurred but warned that a stable border was important for broader ties between the two countries. “In matters relating to the border areas between India and China, we have always emphasized in discussions with the Chinese side that we consider these issues as most serious and that the maintenance of peace and tranquility in these areas is of the utmost importance,” according to

the statement. “We have also stated that the state of the border affairs will reflect on the state of our larger bilateral ties.” Social media videos by some content creators in Arunachal Pradesh have gone viral in recent days alleging incursions by Chinese military into India’s territory. The videos couldn’t be independently verified. Pema Khandu, chief minister of Arunachal Pradesh, said last week that the government would verify the reports, while expressing confidence in the Indian Army’s deployment along the border, according to local media. India’s Ministry of Defense and

the Indian Army didn’t respond to messages seeking comment. In response to a question from Bloomberg News, a spokesperson for China’s Ministry of Foreign Affairs said Wednesday the border situation is generally stable at present. China and India share a 3,488 kilometer-long (2,167 mile) unmarked border that has been a source of tensions in recent years. A border clash in June 2020 led to the deaths of several soldiers on both sides and raptured ties between the two nuclear-armed neighbors. Relations have been steadily improving since Prime Minister Narendra Modi met Chinese President Xi Jinping in Tianjin a year ago, with direct flights between the two countries resuming. Arunachal Pradesh, which China calls Zangnan, remains disputed territory between the two countries. Earlier this week, Beijing condemned India for formally announcing

names for 27 sites, including mountain passes, settlements and a lake, in the disputed border area. Jaiswal said Tuesday that India reiterated its position about the border during a recent meeting of the joint military and diplomatic working committee on border affairs. “India again underlined that peace and tranquility in the border areas is essential for the overall development of bilateral ties,” according to the MEA’s statement. China’s MOFA said the two sides had agreed during the joint committee meeting to maintain communication through diplomatic and military channels and jointly maintain peace and stability in the border areas. The tension comes weeks before Xi’s expected visit to India for the BRICS summit in September, which New Delhi is hosting as the group’s rotating chair. With assistance from Philip Glamann, Foster Wong and Unni Krishnan/ Bloomberg

German spies to gain powers in deterring mounting threats By Michael Nienaber

HANCELLOR Friedrich Merz’s cabinet approved a set of measures that would expand the ability of Germany’s foreign and domestic intelligence agencies to more actively respond to a new set of security threats. The draft legislation signed off on Wednesday in Berlin provides legal backing and enhanced tools for the Federal Intelligence Service, or BND, and the Federal Office for the Protection of the Constitution, which oversees counterintelligence at home. The draft will go to parliament for final approval. The new measures will allow German authorities to actively intervene in certain circumstances to disrupt a threat from a foreign power. They include the ability to hack IT infrastructure during a cyberattack, permission for

longer retention of data relevant to intelligence operations and access to telecommunications and digital-services systems, according to draft legislation seen by Bloomberg. Marc Henrichmann, a conservative lawmaker who chairs the parliamentary committee that oversees intelligence services in the Bundestag, said the legislation was aimed at giving German operatives the ability to deal more firmly with hybrid attacks and hostile cyberspace activity. Those risks “require that our services also have the necessary

capabilities to comprehensively investigate such threats, determine their origins, and respond to them effectively,” Henrichmann told Bloomberg News. Russia’s full-scale invasion of Ukraine over four years ago upended the security landscape in Europe. The Kremlin has expanded efforts to undermine democratic institutions across the European Union through disinformation, sabotage and other campaigns designed to deepen social divisions. The war in Ukraine has presented a more acute threat to security. German authorities are looking into an explosive-laden drone that was discovered at an airport in Leipzig last week near a Ukrainian cargo plane, though the government has stopped short of pointing the finger at Moscow. A more active posture for Germany’s intelligence services trans-

forms the role they’ve played in the decades since World War II, when their mission has been to collect information and provide a risk assessment. In comments at BND headquarters last year, Merz said the changes amount to a paradigm shift for the country. The chancellor’s chief of staff, Nina Warken, said pursuing “active measures” among security agencies—including acts of sabotage against hackers or manipulation of production lines—will strengthen German abilities. They will also allow officials to work more closely with partner services, rather than maintaining a “one-way street.” “Our country, our democracy, are under threat to an extent which we could not have imagined a few years ago,” Warken told reporters after the cabinet meeting. Interior Minister Alexander Dobrindt, who oversees counterintelli-

gence, said covert operatives would be enabled to manipulate data to mislead hostile actors and render certain data useless for attackers. Financing to intelligence agencies has increased with the decision by Merz’s government to lift constitutional debt restrictions to fund defense, an effort that puts Germany on course to building up its military with state-of-the-art weaponry. The legislation includes additional oversight as well. It aims to develop an independent oversight board, in which federal judges are able to rule on the admissibility of intelligence measures, in advance and retrospectively. “We must ensure that our intelligence services remain capable of acting, but we must not allow this to come at the expense of the rule of law,” Henrichmann said. Bloomberg

Sports BusinessMirror

A18 Friday, August 14, 2026

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

KOREAN EFFICIENCY powers ECLIPSES ALAS EFFORT Peralta Filipino lifters By Aldrin Quinto

OS ANDES, Chile—Alas Pilipinas showed improved cohesion but could not match Korea’s efficiency in pressure situations. World No. 12 Korea held off a gritty Alas Pilipinas side, 25-21, 25-18, 2514, on Wednesday to advance to the quarterfinals of the FIVB Volleyball Girls U17 World Championship. Fueled by the “sipag lang” mantra from the coaching staff, Alas Pilipinas kept pace in the early goings by grinding through rallies, but hustle play just wasn’t enough as Korea repeatedly turned broken plays into points. A small group of Chileans that came to support the Philippines at Liceo Mixto Los Andes erupted in cheers as Alas Pilipinas Girls, behind Xyz Rayco’s steady play and Caera Celis’s persistent offense, held slim leads in several instances. But while Alas Pilipinas kept it close in blocks, 5-7, and hit four aces against six, the Koreans’ ability to score off-system gave them a 45-29 advantage in attacks.

Despite the defeat, head coach Edwin Leyva expressed pride in the team’s grit and progress. “I believe if we had more time to prepare, we could have matched them more closely,” Leyva said. Soyeon Son had 19 points, including 13 attacks, while Minseo Eo scored 15, with 14 coming from attacks as Korea advanced to the quarterfinals against Turkiye, which swept Japan, 25-18, 25-7, 25-23. Celis again paced the Philippines with 14 points on 12 attacks, a block and an ace. Rayco had a near allaround performance, scoring nine and contributing on defense. The Philippines—supported by the Philippine Olympic Committee, Philippine Sports Commission and Asics—gears up for battle against Japan in the playoffs for 9th to 16th on Thursday in the capital city Santiago after the tournament break on Wednesday. In Santiago, Thailand pulled off the upset of the tournament so far, the Asian power that underachieved in pool play with a 2-3 win-loss record

PERALTA

in Pool A turned back Pool C winner Poland, 25-19, 2521, 10-25, 25-23. China, meanwhile, suffered its first dropped set of the tournament, overcoming a stiff challenge from the Dominican Republic, 2518, 17-25, 25-19, 25-17, in San Felipe. Chinese Taipei routed Venezuela, 25-21, 25-19, 2522, making it four Asian teams in the final eight. The USA extended its streak without dropping a set, defeating Argentina, 25-15, 25-23, 25-15. Italy marched on with a 25-13, 25-11, 25-13 drubbing of Peru, while Croatia rolled past Czechia 25-21, 25-21, 25-19.

in Uzbekistan

HODIE PERALTA bagged two titles to lead the Philippines’s haul of 16 gold medals in the Asian Youth and Junior Weightlifting Championships early this week at the Complex of Martial Arts in New Uzbekistan in Tashkent. Peralta, 16, ruled the women’s 53 kgs division with gold medals in snatch (86 kgs) and total lift (188 kgs) and a silver in the clean and jerk (102 kgs) behind Turkmenistan’s Shabnam Kerimbayeva (103 kgs). Peralta’s two golds were the Philippines’s 16th mint and with three silvers and three bronzes, the Filipinos topped the overall medal tally for the combined youth and juniors divisions. Host Kazakhstan was second with nine golds, three silvers and six bronzes and Vietnam was third with a 5-2-8 gold-silver-bronze tally. “We are thankful that our youth and junior weightlifters won gold medals,” national coach Allen Diaz told the BusinessMirror through a text message. “We are hoping we sustain our winning drive in upcoming competitions abroad.” The other Filipino medalists were Alexandra Ann Diaz (3 golds and 2 bronzes, 48 kgs), Althea Bacaro (2 golds, 45 kgs), and Angeline Colonia (1 gold and 2 silvers, 49 kgs) in the women’s competition and Jerick Icon Castro (3 golds), Albert Ian Delos Santos (3 golds, 70 kgs), Prince Keil Delos Santos (1 gold and 2 bronzes, 49 kgs), Kirby Kent Alas-as (2 bronzes, 56 kgs boys) and Jay-R Colonia (2 silvers, 55 kgs youth). Josef Ramos

CAERA CELIS leaps high for a spike as head coach Edwin Leyva watches his ward in the background in their entertaining match against the Koreans on Wednesday. VOLLEYBALL WORLD

Rowing body taps young foreign-based talents

HE future of Philippine rowing looked even brighter with the addition of three young foreign-based talents to the national team under Belarusian coach Aliaksandra Tsekhanovich. The rowers, born overseas to Filipino parents, graced Tuesday’s Philippine Sportswriters Association (PSA) Forum at the Philippine Sports Commission (PSC) Media Room. They are Ross Llaneta from New Zealand, 15; Enzo Santos from the United States, 17; and Jesu Matteo Manalo from Canada, 17. They have been training in the country for three weeks. “We have our targets and we’re working hard,” Tsekhanovich said. “They are improving every day, every row. We all dream big together—one dream.”

BELARUSIAN coach Aliaksandra Tsekhanovich (with microphone) expounds on their program with athletes (from left) Jesu Matteo Manalo, Enzo Elpidio Santos and Ross Geoffrey Llaneta. PSA PHOTO

They are being groomed for the Asian Under-19 Championships to be held in India from December 1 to 7, and underwent rigid training at the La Mesa Dam and were quartered at PhilSports in Pasig. They will leave on August 16 and return to their home base. “But we will track their performances through GPS,” said national team coach Maricon Fornea, referring to the satellitebased technology for on-water performance monitoring. “We have yet to determine the other members of the team to the Asian Championships,” added Fornea in the forum presented by San Miguel Corp., PSC, Philippine Olympic Committee, Milo and the country’s 24/7sports app ArenaPlus. PSC chairman Patrick Gregorio aired high hopes on the latest additions to the national team, referring to them as “future Olympians and part of the future of Philippine rowing.” Manalo vowed to “give my best” for the Philippines, a sentiment that was echoed by Santos and Llaneta who promised to “make the country proud.”

Sarines, Balangauan renew rivalry in CdO

Safety priority in open water race

OCAL organizers will implement optimum measures for the safety, security and well-being of swimmers in the Fourth Southeast Asia Open Water Swimming Championships presented by the Philippine Sports Commission (PSC) from August 21 to 23 at the Boracay Newcoast in Malay, Aklan. “The safety of all our athletes is our top priority now, ensuring they will have a secure and safety environment during the competition,” said Philippine Aquatics Inc. (PAI) vice president Jojo Quilop following the recent interagency coordinating meeting for the event. “What PAI and the local organizing committee have done is submit a comprehensive plan to Asia Aquatics on the safety protocols, including how many kayaks, rubber life boats and jet skis that will be required for

the meet, for its approval” Quilop said. “We also are looking at whatever loopholes that are left so that our safety measures are airtight,” said the PAI official, adding that they also will also be supported by the Philippine Coast Guard and Philippine National Police once the regional open water showcase unfolds. Quilop noted that the inaugural international open water swimming meet that the country will host would be within the popular resort island’s cove “so that the waters and weather will be calmer compared to the other side of Boracay.” Supplementing these measures, he said, was the assistance of Philippine Lifesaving, which will send five highly-trained lifeguard daily while the races are going on. “One of Philippine Lifesaving’s 68 centers nationwide is in Boracay so we will send five volunteer lifeguards daily during the competition to supplement and complement whatever safety requirements that are needed by the organizers,” Philippine Lifesaving secretary general DJ Salonga said.

Jerom in action Magnolia’s Jerom Lastimosa eludes a Phoenix Super LPG double team by import BJ Johnson and John Louisse de los Santos as the Hotshots score a vengeful 115-101 victory over the Fuel Masters to tie their victims at 4-3 won-loss in Group B of the Philippine Basketball Association Governors’ Cup on Wednesday night at the Ynares Center in Antipolo City. PBA IMAGES

Westbrook: Beloved for his devotion and talent

S RUSSELL WESTBROOK is the National Basketball Association’s career leader in triple-doubles and the 2017 MVP. AP

ACRAMENTO, California— Russell Westbrook—the National Basketball Association’s (NBA) career leader in triple-doubles and the 2017 MVP—announced Wednesday he’s retiring after 18 seasons during which he was selected to the league’s 75th anniversary team. The two-time scoring champion shared his decision on social media in a post featuring a video narrated

by actor Michael B. Jordan where the guard never says a word. “Sometimes you don’t even know when you’ve already watched the end,” Westbrook wrote. “You had to be there. And now it’s over.” Westbrook was the No. 4 pick in 2008 out of UCLA by the Seattle SuperSonics, just before they moved to Oklahoma City. He played his first 11 seasons with the Thunder and

spent this past season with the Sacramento Kings. Westbrook led the NBA in assists three times and was a twotime MVP of the All-Star Game. He won an Olympic gold medal in the 2012 London Games. Westbrook leaves with 209 tripledoubles, the last on March 15. Nikola Jokic ranks second in that category with 198 going into this season. AP

HE International Container Terminal Services Inc. Elite Junior Philippine Golf Tour (JPGT) Finals blasts off Tuesday with North’s Lisa Sarines and Team South’s Tashanah Balangauan and Precious Zaragosa renewing their rivalry in the girls’ 15-18 division at the Pueblo de Oro Golf and Country Club. Sarines comes into the Ryder Cupstyle showdown with bragging rights firmly in hand after dominating Balangauan and Zaragosa in the National Stroke Play Championship at Pradera Verde. But while Sarines proved her mettle in a pressure-packed individual battle, Zaragosa has since shown signs of a strong bounce-back, particularly in head-to-head competition. Zaragosa emerged as the top performer among the three in the National Match Play Championship, advancing all the way to the final before settling for runner-up honors to champion Grace Quintanilla. Sarines, meanwhile, placed third, while Balangauan also saw action in the tournament. The three, however, did not cross paths, leaving Zaragosa without a chance to face Sarines directly. Still, Zaragosa’s deep run in match play provides a timely boost heading into the team showdown, where she and Balangauan will look to turn the tables

on Sarines and the North squad. And with the South players boasting greater familiarity with Pueblo de Oro, the rematch could take on a much different complexion from their previous encounter. Balangauan and Zaragosa will be driven not only by the desire to avenge their recent setbacks but also by the confidence that comes with playing on familiar turf. Pueblo de Oro’s rolling terrain, deep natural ravines and five interconnected lakes provide a demanding test, but one that the local players know perhaps better than anyone in the field. That familiarity could prove especially valuable in a format where teamwork, strategy and momentum can be just as decisive as individual shot-making. Sarines, teaming up with twin sister Mona, Rafa Anciano and Kendra Garingalao, will also have ample opportunity to get acquainted with the Robert Trent Jones Jr.-designed layout before the matches begin.

NORTH’S Lisa Sarines (left) hopes to bring a winning momentum against a South team led by Tashanah Balangauan. JPGT PHOTO

Editor: Jennifer A. Ng

Companies BusinessMirror

‘MORE PHL APPLIANCE RETAILERS SCALING UP DIGITAL OPERATIONS’

HILIPPINE appliance retailers are expanding their online presence as more consumers turn to digital channels for major household purchases, with several established players recently launching or upgrading their stores on e-commerce platforms. Among those expanding their digital operations are Robinsons Appliances, Western Appliances, Automatic Centre, Fair N Square, Addessa Appliances and Tarlac MAC Enterprises, according to e-commerce giant Lazada Philippines. Citing DataReportal’s Digital 2026 report, Lazada said that 56.3 percent of Filipino consumers make at least one online purchase each week, pointing to the growing role of e-commerce in consumer spending. Robinsons Appliances recently enhanced its flagship store on Lazada and expanded its online product assortment, wh i le Wester n A ppl i a nces launched an upgraded digital storefront and expanded its appliance selections. Automatic Centre, meanwhile, is using the platform’s marketing tools, campaign support and data to increase its visibility during major online sales events. The shift is also being seen

among regional retailers. Fair N Square, which Lazada identified as one of its fastest-growing appliance retail partners, has been expanding its online presence alongside its physical stores. Addessa Appliances, a Northern Luzon-based appliance and furniture retailer, recently launched its official Lazada store as part of its digital expansion. Tarlac MAC Enterprises is also scheduled to open its online store this month. Lazada Philippines electronics category director Michele de la Cruz said retailers are increasingly using online channels alongside their physical stores rather than treating e-commerce as a separate sales channel. “Our role today goes beyond providing a marketplace. What makes these partnerships particularly meaningful is that we are supporting retailers at different stages of their digital journey, whether they are strengthening an established online business or taking their first steps into eCommerce,” de la Cruz said. “Ultimately, when retailers can grow their digital presence while complementing their physical stores, consumers benefit from greater choice, wider access to trusted brands, and a more seamless way to shop.” Bless Aubrey Ogerio

Friday, August 14, 2026

H1 results due to absence of one-time gains–Ayala

By VG Cabuag

@villygc

ONGLOMERATE Ayala Corp. on Thursday said its income dipped 2 percent to P22.86 billion in January to June from the previous year’s P23.35 billion, mainly as a result of the weak performance of its property unit and some one-off items in 2025. The company said its performance in the first half of 2025 was boosted by the disposal of some its shares in Mynt Inc., the operator of GCash, with the entry of Mitsubishi Corp. into AM 50 Ventures Inc. Excluding one-off items, Ayala’s income for the period was much lower at P22.1 billion. The company said earnings growth from Globe Telecom Inc. and AC Energy and Infrastructure Corp. (ACEIC), helped offset lower

contributions from Ayala Land Inc. and the slower performance of Bank of the Philippine Islands. For the second quarter alone, its income was flattish at P10.91 billion compared with the previous year’s P10.72 billion. Revenues for the first half were up by 4 percent to P192.07 billion from the previous P183.49 billion. Globe’s core net income, which excludes non-recurring items, foreign exchange and mark-to-market

charges, declined 2 percent to P10.2 billion as higher interest expense offset topline growth. ACEIC, the parent company of ACEN Corp. almost doubled net income to P4.9 billion from P2.5 billion in the previous year, lifted by stronger thermal plant contributions, higher net interest income and foreign exchange gains. ACEN’s core net income rose 21 percent year-on-year to P4.2 billion driven by higher generation. Share in net profits of associates and joint ventures fell 2 percent to P22.8 billion due to lower equity in net earnings in Mynt and Globe. Ayala reduced ownership in AM 50 Ventures Inc., which holds its direct stake in Mynt, following the entry of Mitsubishi Corp. in 2025. For its share in Globe, there’s no dilution gain from MUFG’s investment in Mynt. “These were partly offset by higher equity in net earnings from ACEIC AJVs and Light Rail Manila Holdings Inc., due to government recoveries during the period,” the company said. AC Mobility’s core net loss, which

First Gen: KKR offers to acquire stake in FPH

PLDT set to build large data center

By Lenie Lectura @llectura

IRST Gen Corp. on Wednesday confirmed that global investment giant KKR & Co. has submitted a preliminary, non-binding proposal to acquire an 8.43-percent stake in First Philippine Holdings Corp. (FPH). “In this proposal, KKR has offered to purchase 8.43 percent of FHP’s common shares in First Gen and enter into a shareholders’ agreement with FPH,” the Lopez firm said in a disclosure. Following this, KKR intends to launch a tender offer for 11.67 percent of First Gen’s outstanding shares to support a potential voluntary delisting from the Philippine Stock Exchange. “We have been informed that FPH has acknowledged the letter and is evaluating the proposal, especially in light of recent developments. To date, no agreements have been signed, no formal discussions have taken place, and no advisors or consultants have been appointed by First Gen,” it said. Last Monday, Lopez Inc. (LI) president Federico “Piki” R. Lopez confirmed that Ramon S. Ang has acquired a 25.68-percent stake in LI previously held by Crème Investment Corporation, representing a new partnership. Crème Investment is the Lopez family branch led by Eugenio “Gabby” Lopez III. Ang’s Illumina Investments Holding, Inc. executed a deed of assignment with the members of the family of E. Lopez family for the purchase of 25.68 percent of shares of LI in Crème Investment “upon the invitation of E. Lopez family.” “It’s a great step toward resolving issues that have affected our family as well as our businesses and can only be good for everyone,” Piki added.

excludes equity earnings from its share in Honda Cars Philippines Inc., stood at P57 million from a P34 million profit last year. Profitability was affected by higher inventory costs arising from peso depreciation and softer Kia and Isuzu performance. Total unit sales grew 25 percent to 25,048 from 20,020 led by strong demand for BYD vehicles. This increased ACMobility’s total industry market share by 2.9 percentage points to 10.9 percent, making it the third-largest automotive player in the country. ACMobility continues to hold the largest market share in the new electric vehicles segment at 56.9 percent. Its charging network expanded to 542 electrified charging points across 222 locations. For 2026, Ayala has budgeted a total of P220 billion to P230 billion for capital expenditures across the group. Parent-only capex amounted to P3 billion as of end-June, mostly for subscriptions in ACX and ACMobility and acquisition of Ayala Land shares.

TRUMP MEDIA PITCH

Donald Trump’s social media company has been leaning on Wall Street’s fear of missing out in its pitch for a controversial new subscription to faster feeds from the president’s Truth Social account. It’s the latest gambit by Trump Media & Technology Group Corp., which has previously leaned into Wall Street fads like cryptocurrencies and prediction markets and is now looking to capitalize on its most-followed user and biggest shareholder, the US president. More than 10 customers—mostly high-speed trading firms—have signed up for its new Truth API service, executives told investors and analysts this week. It also plans to sell the feeds to a wider range of customers, including retail investors, news outlets and large-language model developers. Photo shows the Truth Social website on a smartphone arranged in New York, US, on Friday, March 22, 2024. Bloomberg

ABS-CBN gets funds for makeover By Lorenz S. Marasigan @lorenzmarasigan

BS-CBN Corp. is raising P6 billion in new equity from members of the Lopez family and a private investment firm, fresh capital meant to shore up a balance sheet battered by six years of losses since the network went off free television. In a statement, the company said Crème Investment Corp., Mantes Corp., and Presta Holdings Company Inc.—representing three branches of the Lopez family—committed to subscribe to a combined P2.2 billion worth of ABS-CBN shares using personal resources.

I&C Holdings Corp., a 100-percent Philippine-owned private investment holding company, will take the largest tranche at P3.5 billion, while Lopez Inc. will subscribe to an additional P300 million. “This substantial investment is a vote of confidence in ABS-CBN,” said Mark Lopez, chairman of ABS-CBN Corp. “It tells us there are people who continue to believe in the company and in our mission of being In the Service of the Filipino.” Proceeds will strengthen the company’s balance sheet and fund its transformation into a content-led media and entertainment business. The investments are subject to definitive agreements and regulatory

requirements. The infusion is ABS-CBN’s biggest capital event since Congress rejected its franchise renewal in 2020. The media conglomerate posted a consolidated net loss of P813 million in January to March, deteriorating 63 percent from the P500-million net loss recorded in the same period last year, according to its disclosure to the stock exchange. Consolidated revenues declined 21 percent to P3.33 billion from P4.23 billion in the first quarter of 2025, dragged mainly by weakness in its cable TV and broadband segment. On the expense side, the group managed to trim consolidated operating costs by 12 percent, or P568

million, to P4.06 billion from P4.63 billion, as cost-control measures reduced general and administrative expenses and employee costs. The announcement came on the heels of San Miguel Corp. (SMC) Chairman Ramon S. Ang’s acquisition of a 25.68-percent stake in Lopez Inc. held by Eugenio “Gabby” Lopez III’s branch, amid a family rift in which the cousins had been at odds over additional investments in ABS-CBN. Ang said in a separate statement that he bought the shares under the invitation of the Gabby’s group. They did not disclose the amount of transaction. Lorenz S. Marasigan and VG Cabuag

LDT Inc.’s data center arm is planning its next facility at a capacity of at least 100 megawatts (MW)—larger than its nine existing data centers combined—as demand from hyperscalers, artificial intelligence (AI) workloads, government, and enterprises accelerates, its top executive said. Vitro Inc. President Victor S. Genuino said the company’s next build would have to dwarf its current footprint, which stands at 63 MW of total capacity across nine facilities, including its newest campus in Santa Rosa, Laguna. “’Pag magtatayo tayo ng next data center, I think it has to be not less than 100 megawatts,” Genuino told reporters. “Malaki na siya, and why that size? Kasi, we see the demand coming in— from gover nment, enter pr ise workloads, AI, hyperscalers.” The company is evaluating several locations for the facility, including New Clark City in Tarlac, its property in General Trias, Cavite, and sites closer to Metro Manila. Genuino said the final location will depend on the type of data center to be built. Facilities serving consumer-facing applications—such as financial transactions and online gaming—must be situated near urban centers to minimize latency, while AI training workloads can be housed farther away. Construction, however, will not begin until the company fills up its Santa Rosa campus, which was inaugurated just over a year ago. The site has an information technology (IT) capacity of 36 MW, of which the 10-MW first phase has been energized. Half of that initial capacity was committed within a year of operations. Lorenz S. Marasigan

Companies BusinessMirror

Friday, August 14, 2026

PAL posts $25-M loss as oil shock hikes operating costs

By Lorenz S. Marasigan

@lorenzmarasigan

HILIPPINE Airlines (PAL) swung to a net loss of $25.1 million in the first half from a net income of $136.7 million in the same period last year, as a spike in fuel expenses driven by the conflict in the Middle East wiped out gains from higher revenues. The flag carrier’s fuel costs jumped 48.2 percent year-on-year to $674.5 million, an increase of $219.5 million, pushing fuel ’s share of operating expenses to 39.2 percent from 30.3 percent a year earlier. This overshadowed the airline’s topline growth, with total revenues

rising 5.9 percent to $1.746 billion from $1.648 billion, supported by higher passenger yields and stronger cargo performance. “The Middle East conflict has created significant near-term pressure on our fuel costs, and our secondquarter results reflect that impact. At the same time, our first-half

performance demonstrates PAL’s underlying resilience,” PAL President Richard Nuttall said. Passenger revenues grew 4.5 percent to $1.47 billion, while cargo revenues climbed 30 percent to $98.2 million, both aided by fare and freight rate adjustments. Ancillary revenues also continued to expand on increased uptake of travel-related products and services. Non-fuel costs, meanwhile, remained well contained, rising by only 4.1 percent year-on-year. Earnings before interest, taxes, depreciation and amortization (Ebitda) fell 28.5 percent to $271 million, with Ebitda margin narrowing to 15.5 percent from 23 percent in the first half of 2025. To cushion the impact of elevated fuel prices, the airline implemented schedule adjustments on selected domestic, Middle East, and regional routes while keeping its long-haul

international network largely stable. Available seat kilometers were flat at 22.8 billion. Passenger volumes, however, slipped 3.1 percent to 8.2 million in the first six months of the year, while load factor eased to 78.9 percent from 81.6 percent a year ago. “We moved quickly on fare and network adjustments, protected our liquidity, and continued investing in the fleet and partnerships that will strengthen our long-term competitiveness,” Nutall said. He said the ongoing Middle East conflict remains the key variable for PAL’s second-half outlook, given its impact on fuel prices, inflation, and travel demand. “International demand remains strong, our cost discipline is holding, and we enter the second half with the flexibility to manage through this disruption while staying focused on our strategic plan.”

Converge adjusts revenue guidance C

ONVERGE ICT Solutions Inc. expects its residential business—which accounts for more than 80 percent of its top line—to remain in flattish growth territory for the rest of the year. The company noted that inf lationar y pressures continue to squeeze household spending, prompting the fiber broadband provider to lean on its enterprise and wholesale segments to deliver its tempered full-year targets. “That’s why we downgraded our estimates. If you think about our business, more than 80 percent is residential, and so any potential disruptions to residential will significantly affect top-line revenue,” Converge CFO Robert A. Yu said during the company’s first-half briefing on Thursday. “That’s why we have been investing in the enterprise side, because it’s a good balance to de-risk our revenue stream.”

The firm slashed its full-year 2026 revenue growth guidance to 4 percent to 6 percent from the 10.2-percent expansion it posted in 2025. It also lowered its earnings before interest, taxes, depreciation, and amortization (Ebitda) margin target to 58 percent to 59 percent from last year’s 60.4 percent, trimmed its capital expenditure program to P17 billion to P20 billion from P17.7 billion, and reduced its return on invested capital (ROIC) goal to 15.5 percent to 16.5 percent from 17.7 percent. Despite the near-term drag, Yu said the runway for residential growth remains “long,” noting that fiber penetration in Philippine households stands at only about 30 percent—well below Malaysia and Thailand at close to 60 percent and Vietnam at nearly 90 percent. Lorenz S. Marasigan

MUTUAL FUNDS

August 13, 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. -A221 0.35% 1.96% 0.87% -2.18% 3.23% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2471 7.38% 15.48% 9.71% 4.62% 3.96% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.9318 -0.83% 0.3% 0.06% -4.07%2.83% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7813 2.4% 4.77% 1.19% N.A 6.42% FIRST METRO CONSUMER FUND, INC. -A 0.5213 -12.77% -6.87% -6.49% N.A -6.26% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.4669 -3.64% -1.3% -1% -2.19% 2.15% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6758 0.78% -0.72% -0.73% N.A5.17% MBG EQUITY INVESTMENT FUND, INC. -A 77.09 -2.28% -2.62% -4.56% N.A -13.83% PAMI EQUITY INDEX FUND, INC. -A 44.2217 3.2% 1.05% 0.51% -1.86% 6.92% PHILAM STRATEGIC GROWTH FUND, INC. -A 463.82 0.08% 1.59% 0.37% -2.07% 3.18% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6346 8.51% 11.72% 7.78% 2.08% 4.69% PHILEQUITY FUND, INC. -A37.4207 5.86% 3.57% 2.72% -0.19% 8.68% N.A PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 1.005 11.39% 5.55% 3.6% 13.21% PHILEQUITY PSE INDEX FUND, INC. -A 4.7851 4.13% 2.15% 1.59% -0.95% 7.06% PHILIPPINE STOCK INDEX FUND CORP. -A 786.84 3.65% 1.74% 1.23% -1.19% 7.06% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7273 3.72% 2.25% 1.37% -2.58% 3.59% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.2918 -4.07% -0.6% -0.74% -2.66%2.56% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8824 3.48% 1.33% 0.88% -1.44%7.09% UNITED FUND, INC. -A3.6534.32% 5.8% 3.32% 0.21% 11.12% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.1045 3.59% 1.76% N.A N.A 6.93% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0952 1.69% N.A N.A N.A 4.95% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9541 -0.96% -2.41% -2.16% N.A 1.04% PHILIPPINE STOCK INDEX FUND CORP. -A 949.37 3.65% 1.53% N.A N.A 7.1% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 107.3603 3.9% 2% 1.56% -0.76%7.35% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2383 31.97% 13.15% 0.59% 3.32% 20.87% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4686 19.02% 15.94% 6.17% 8.95% 10.98% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A PHILEQUITY GLOBAL FUND, INC. -A,2 1.0857 N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2254 4% 1.22% 0.66% -0.82% 3.98% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7248 8.1% 5.49% 0.8% -0.74% 5.41% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5432 0.91% 0.58% 0.08% -0.61%3.3% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2342 1.96% 6.63% 4.78% N.A0.99% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0372 3.48% 1.28% 1.31% 0.43% 1.73% PAMI HORIZON FUND, INC. -A3.8333 2.61% 3.25% 1.28% -0.23% 1.14% PHILAM FUND, INC. -A16.2017-0.15% 1.98% 0.1% -0.79% 1.2% SOLIDARITAS FUND, INC. -A2.1513 1.63% 2.34% 1.39% 0.04% 2.43% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4797 -1.07% 1.19% 0.18% -1.19% 1.64% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9141 -1.75% 1.08% 1.33% -0.88% 0.37% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.73 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9842 1.03% 2.03% 0.44% N.A 0.55% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8557 -0.36% 0.73% -0.31% N.A 1.65% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8268 0.28% -0.63% N.A -0.51% 1.92% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03352 2.04% 0.93% -2.59% -0.75% -2.27% PAMI ASIA BALANCED FUND, INC. -B $1.1644 -0.46% 8.7% 1.09% 2.15% -3.77% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.6982 12.29% 11.55% 3.52% 5.85%6.74% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2078 5.22% 6.44% 0.35% 2.33%2.06% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424 2.69% 3.27% 2.6% 2.51% 0.95% ATRAM CORPORATE BOND FUND, INC. -A 1.9838 2.25% 1.21% 0.59% 0.41% 1.29% COCOLIFE FIXED INCOME FUND, INC. -A 3.6028 1.81% 3.07% 2.17% 3.22% 0.09% EKKLESIA MUTUAL FUND, INC. -A 2.4384 0.84% 3.12% 1.49% 1.32% -0.58% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5073 -1.22% 1.37% 0.51% 1.1%-2.4% PHILAM BOND FUND, INC. -A4.5151 -0.36% 2.75% 0.06% 0.59% -2.06% PHILAM MANAGED INCOME FUND, INC. -A 1.5406 3.11% 4.57% 3.16% 2.93% 1.36% PHILEQUITY PESO BOND FUND, INC. -A 4.3165 1.53% 3.07% 1.62% 1.7% 0.08% SOLDIVO BOND FUND, INC. -A1.1295 2.58% 2.88% 1.67% 1.6% 0.8% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4505 -1.66% 2.35% 1.38% 1.75% -2.54% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8309 -1.46% 2.01% 0.87% 1.15% -2.84% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0059 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.66 2.1% 2.84% 1.8% 1.94% 0.68% ALFM EURO BOND FUND, INC. -A Є223.09 0.39% 1.78% 0.24% 0.53% -0.31% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0551 -1.81% -0.09% -2.57% -0.64% -1.85% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 -1.15% 1.88% -0.23% 0.24%-2.64% PAMI GLOBAL BOND FUND, INC. -B $1.0469 -1.61% 7.44% 0.11% -0.62% -1.24% PHILAM DOLLAR BOND FUND, INC. -A $2.4269 0.05% 2.7% -0.73% 0.49% -2.14% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0636133 -0.21% 1.66% 0.17% 1.13% -1.3% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8637 -0.34% 1.47% -2.12% -0.76%-2.35% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1848 2.73% N.A N.A N.A 1.58% ALFM MONEY MARKET FUND, INC. -A 152.39 4.21% 4.08% 3.15% 2.84% 2.36% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2218 3.45% 3.78% 2.99% N.A2.01% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.513 3.69% 3.58% 2.96% 2.76% 2.13% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.76 4.18% 4.32% N.A N.A 2.47% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1936 2.54% 3.31% 2.44% N.A 1.47% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.9141 7.61% 3.55% N.A N.A 3.91% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8355 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5374 30.83% 21.69% 13.63% N.A16.93% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1903 12.35% N.A N.A N.A 6.69% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS)

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

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

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

48.95 125.4 10.34 106.1 53.65 11.1 68.85 6.92 64.2 52.25 23 68 25.05 0.5 1.32 15.34 0.51 4.23 0.1 2,580 0.98 206 4,800 0.8

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

49.5 126 10.46 106.9 53.9 11.12 68.95 6.97 65 52.3 23.25 68.05 25.75 0.51 1.35 15.38 0.56 4.25 0.109 2,600 1 207.6 4,876 0.81

48.95 127 10.46 107.5 53.55 11.08 67.4 6.99 62.2 52.8 23 67.6 25.5 0.51 1.34 13.88 0.54 4.38 0.105 2,580 0.96 207.6 4,800 0.8

48.95 127 10.48 108 54.05 11.14 69.15 6.99 65 52.8 23 68.1 25.85 0.52 1.35 15.38 0.56 4.38 0.109 2,600 1 207.6 4,850 0.81

48.8 124.9 10.32 105.2 53.55 11.06 67.4 6.92 61.25 52.3 23 67.6 25 0.5 1.34 13.08 0.5 4.1 0.1 2,580 0.96 206 4,800 0.8

48.95 126 10.46 106.9 53.9 11.12 68.95 6.92 65 52.3 23 68 25 0.5 1.35 15.38 0.56 4.25 0.109 2,600 0.99 206 4,850 0.81

51,700 1,111,670 13,200 1,118,920 176,820 342,200 4,410,150 11,500 952,720 1,740 100 27,020 275,000 213,000 39,000 18,057,400 480,000 64,000 70,000 25 611,000 970 20 8,000

2,527,425 140,428,547 137,400 119,703,812 9,505,185 3,797,448 302,309,562 79,787 61,130,254 91,196 2,300 1,835,078 6,913,575 107,430 52,640 260,568,512 246,160 271,750 7,340 64,900 600,850 200,684 96,500 6,410

136,055 -52,824,586 -8,353,233 3,361,390 -789,964 86,569,635 69,400 43,046,853 -41,463 326,183 -203,915 -20,841,520 -50 244,880 -50,224 48,000 -4,800

INDUSTRIAL ACEN CORP 2.97 2.98 3.02 3.02 2.96 2.97 7,454,000 22,179,060 -2,095,190 ALSONS CONS 0.74 0.78 0.8 0.82 0.74 0.78 1,973,000 1,534,680 -159,120 0.76 0.77 0.77 0.78 0.76 0.77 29,000 22,170 1,520 ALTERNERGY HLDG ABOITIZ POWER 45 45.1 45 45.3 44.35 45.1 2,096,800 94,544,265 25,060,910 1 1 1 1.01 374,000 374,770 23,490 RASLAG 1.01 1.01 0.112 0.114 0.115 0.115 0.112 0.112 6,270,000 708,180 -234,910 BASIC ENERGY CITICORE RE 4.41 4.8 4.46 4.72 4.45 4.72 525,000 2,423,740 28 28.2 28.1 29.95 28 28 9,635,200 275,373,145 -13,719,425 FIRST GEN FIRST PHIL HLDG 98 98.1 95 100 95 98 427,570 42,199,507 1,747,491 491 492 493 485.2 491.6 177,370 87,017,232 4,563,990 MERALCO 493.6 33.4 33.6 34 34 33.25 33.4 3,035,100 101,760,155 -5,969,690 MANILA WATER MAYNILAD 18.34 18.1 18.12 18.34 18.02 18.12 2,155,900 39,139,570 -7,101,496 2.29 2.3 2.3 2.29 2.3 1,114,000 2,564,370 -373,120 PETRON 2.32 PETROENERGY 3.68 3.66 3.9 4 3.6 3.9 359,000 1,412,320 -39,000 PRYCE CORP 15 15 14.72 14.82 14.82 15 20,700 310,482 9.06 9.4 9.4 9.5 600 5,650 9.5 9.5 REPOWER ENERGY SEMIRARA MINING 18.42 18.66 18.5 19.3 18.34 18.42 3,532,800 66,015,600 5,738,312 28.05 28.1 27.95 28.25 27.6 28.1 812,700 22,763,960 2,729,530 SYNERGY GRID SHELL PILIPINAS 9 9.1 8.9 9.19 8.86 9 564,400 5,077,214 -1,817,878 SPC POWER 9.57 9.76 9.92 9.92 9 9.59 354,900 3,276,205 -1,540,705 1.24 1.25 1.26 1.27 1.24 1.25 10,762,000 13,414,500 107,630 SP NEW ENERGY TOP LINE 1.72 1.73 1.74 1.74 1.71 1.73 575,000 990,120 -312,660 19.2 20.7 20.7 20.7 3,400 70,380 VIVANT 20.7 20.7 AXELUM 2.88 2.85 2.85 2.9 2.82 2.88 237,000 676,320 2,880 BALAI FRUITAS 0.315 0.325 0.315 0.315 0.315 0.315 30,000 9,450 9.6 9.95 9.8 9.8 9.8 9.8 900 8,820 CNTRL AZUCARERA CENTURY FOOD 32.6 32.8 33.9 33.9 32.5 32.6 812,200 26,664,050 -2,701,635 3.75 3.84 3.84 3.85 3.75 3.75 7,000 26,640 -7,700 DEL MONTE 3.55 3.57 3.56 3.58 3.55 3.57 2,143,000 7,646,870 34,320 DNL INDUS EMPERADOR 15.52 15.12 15.14 15.24 15.08 15.14 510,200 7,731,892 -4,886,004 48.6 48.65 48.6 48.7 48.6 48.65 81,200 3,949,705 -3,385,680 SMC FOODANDBEV FIGARO GROUP 0.64 0.64 0.63 0.64 0.62 0.63 247,000 156,040 -51,180 0.65 0.67 0.67 0.67 0.65 0.67 800,000 527,750 640 FRUITAS HLDG 244.8 245 245.8 244 245 59,820 14,638,400 -955,768 GINEBRA 245.8 143,360,037 JOLLIBEE 153 153.9 154.2 154.3 151.5 153.9 938,740 41,786,648 1.88 1.89 1.87 1.9 1.85 1.88 3,636,000 6,849,710 -2,650,870 KEEPERS HLDG LIBERTY FLOUR 22.25 23.1 23.2 23.25 22.25 22.25 3,500 80,255 -46,480 2.07 2.1 2.07 2.12 2.07 2.08 36,000 75,590 -4,200 MAXS GROUP 0.07 0.075 0.07 0.07 0.07 0.07 20,000 1,400 MG HLDG MONDE NISSIN 7.2 7.22 7.25 7.3 7.11 7.22 1,253,000 9,069,933 -618,226 5.91 5.95 5.97 5.97 5.95 5.95 3,700 22,031 -3,582 SHAKEYS PIZZA ROXAS AND CO 2.39 2.45 2.18 2.71 2.18 2.4 214,000 527,860 -46,800 RFM CORP 5.3 5.32 5.33 5.33 5.3 5.3 539,400 2,867,476 -1,053,244 0.047 0.052 0.05 0.051 0.05 0.051 1,030,000 52,480 -1,520 SWIFT FOODS UNIV ROBINA 62 62.05 61.45 62.2 61.2 62 761,460 47,102,017 13,003,449 0.495 0.51 0.5 0.51 0.495 0.51 632,000 318,900 VITARICH VICTORIAS 1.92 2.05 1.93 1.93 1.93 1.93 5,000 9,650 -9,650 ATN HLDG A 0.415 0.43 0.415 0.415 0.415 0.415 600,000 249,000 0.415 0.42 0.415 0.415 0.415 0.415 650,000 269,750 -41,500 ATN HLDG B CONCRETE A 56 56 51.55 56 56 56 10 560 51.45 56 55.1 55.1 55.1 55.1 10 551 CONCRETE B CONCREAT HLDG 1.14 1.04 1.04 1.15 4,490,000 4,953,080 335,220 1.15 1.15 EEI CORP 2.01 2.1 1.95 2.09 1.95 2.01 190,000 387,590 -2,000 4.54 4.58 4.51 4.6 292,000 1,326,990 435,260 MEGAWIDE 4.6 4.6 PHINMA 14.9 14.9 14.8 14.9 14.9 14.9 3,000 44,700 8 8 8 8 8 100 800 10.02 SUPERCITY CROWN ASIA 1.86 1.88 1.9 1.9 1.87 1.88 159,000 300,010 55,580 EUROMED 1.09 1.05 1.04 1.08 1.04 1.04 15,000 15,690 5 5 5 5.06 300 1,512 5.06 5.06 MABUHAY VINYL CONCEPCION 11.46 11.48 11.1 11.26 11.1 11.46 13,200 150,386 0.158 0.159 0.159 0.159 0.154 0.158 1,020,000 159,800 GREENERGY INTEGRATED MICR 7.1 7.23 7.1 7.24 6.91 7.1 3,194,800 22,541,454 -786,344 IONICS 1.46 1.47 1.5 1.5 1.45 1.47 2,200,000 3,203,460 7.38 7.5 7.48 7.37 7.48 21,000 156,974 7.66 PANASONIC CIRTEK HLDG 1.17 1.18 1.17 1.2 1.11 1.17 2,212,000 2,535,920 26,360 STENIEL 2.1 2.1 2.01 2.1 2.1 2.1 11,000 23,100

HOLDING & FRIMS

ABACORE CAPITAL 0.32 0.33 0.325 0.33 0.325 0.33 690,000 225,500 66,000 ASIABEST GROUP 53.3 53.45 54 54 52.5 53.45 544,470 28,956,164 8,853,737 502 506 512 513 499.4 502 96,870 48,835,197 5,267,935 AYALA CORP ABOITIZ EQUITY 37 37 36.6 36.8 36 37 1,557,900 57,139,330 -10,063,985 9.14 9.15 9.11 9.2 9 9.14 5,971,500 54,078,142 -2,070,671 ALLIANCE GLOBAL 17.1 17.24 17.38 17.08 17.08 79,600 1,372,282 ANSCOR 17.38 ANGLO PHIL HLDG 1.06 1.09 1.07 1.16 0.97 1.09 7,766,000 8,392,850 90,950 8.1 8.3 8.08 8.12 7.91 8.1 408,200 3,292,156 1,909,120 COSCO CAPITAL DMCI HLDG 8 8.01 8.07 8.07 7.86 8 4,128,800 32,852,188 -5,373,834 3.5 3.58 3.59 3.65 3.5 3.5 527,000 1,894,130 1,032,580 FILINVEST DEV 506 508 510 510 500.5 506 88,870 44,992,315 -28,025,470 GT CAPITAL JG SUMMIT 22.25 22.75 23 23 22.05 22.25 2,039,700 45,385,185 1,378,665 0.335 0.35 0.35 0.35 40,000 14,000 LODESTAR 0.35 0.35 LOPEZ HLDG 6.26 6.37 6.59 6.6 6.25 6.37 2,058,000 13,127,489 -440,418 LT GROUP 14.9 14.94 14.88 14.98 14.84 14.9 1,695,500 25,251,942 3,938,454 0.77 0.83 0.83 0.83 1,000 830 PACIFICA HLDG 0.83 0.83 PRIME MEDIA 0.96 0.97 0.85 0.96 0.85 0.96 213,000 191,610 1.18 1.19 1.2 1.2 1.18 1.18 125,000 147,800 SOLID GROUP SM INVESTMENTS 607 610 617.5 617.5 606 610 420,680 257,024,685 1,291,455 SAN MIGUEL CORP 65.45 65.7 65 66 65 65.7 230,080 15,105,776 2,154,580 54.2 57 55 55 54.2 54.2 2,260 124,020 TOP FRONTIER ZEUS HLDG 0.063 0.066 0.063 0.063 0.063 0.063 100,000 6,300 PROPERTY ARTHALAND CORP 0.44 0.475 0.475 0.475 0.475 0.475 30,000 14,250 ANCHOR LAND 4 4 3.52 3.8 3.8 4 11,000 42,000 14.92 14.98 15 15.2 14.72 14.98 33,192,400 493,737,772 -181,975,588 AYALA LAND AYALA LAND LOG 1.19 1.21 1.21 1.26 1.18 1.19 178,000 212,520 -112,130 10.72 11.42 10.7 10.7 3,000 33,756 -3,210 ALTUS PROP 11.42 11.42 0.265 0.28 0.27 0.27 0.27 0.27 30,000 8,100 ARANETA PROP AREIT RT 38.45 38.45 38.1 38.1 38 38.1 811,300 30,988,780 -12,150,800 0.68 0.68 0.68 0.7 172,000 117,190 6,800 A BROWN 0.7 0.7 CITYLAND DEVT 0.6 0.63 0.61 0.64 0.61 0.63 1,586,000 1,000,840 -54,550 0.085 0.086 0.086 0.086 0.085 0.085 1,640,000 139,810 CROWN EQUITIES CEB LANDMASTERS 2.18 2.2 2.2 2.21 2.18 2.21 69,000 150,720 CENTURY PROP 0.76 0.76 0.74 0.74 0.74 0.76 2,275,000 1,713,970 -73,080 3.37 3.39 3.38 3.41 3.36 3.37 1,026,000 3,472,780 -815,320 CITICORE RT DOUBLEDRAGON 11.86 11.94 12 12.1 12.1 12 243,700 2,923,316 -172,598 DDMP RT 1.04 1.04 1.03 1.03 1.03 1.03 2,238,000 2,313,710 -11,480 4.9 5.2 5.15 5.15 5.15 5.15 5,400 27,810 DM WENCESLAO EVERWOODS 0.029 0.029 0.026 0.029 0.029 0.029 200,000 5,800 0.096 0.1 0.097 0.097 0.096 0.096 580,000 55,830 -970 EMPIRE EAST FILINVEST RT 2.96 2.97 2.98 2.99 2.96 2.96 671,000 1,989,250 FILINVEST LAND 0.68 0.69 0.69 0.69 0.68 0.69 8,564,000 5,891,640 -5,045,090 1.6 1.59 1.57 1.77 5,000 8,090 -1,590 JACKSTONES 1.77 1.77 KEPPEL PROP 2.44 2.59 2.5 2.58 2.5 2.58 28,000 70,080 2.29 2.3 2.31 2.26 2.3 4,470,000 10,259,740 5,632,310 2.31 MEGAWORLD MRC ALLIED 0.71 0.71 0.69 0.71 0.69 0.71 21,618,000 15,132,420 -126,700 MREIT RT 13.74 13.92 14.14 14.14 13.74 13.74 21,012,600 289,717,716 18,597,726 0.151 0.157 0.153 0.158 0.15 0.155 440,000 67,580 -17,270 PRMIERE HORIZON PREMIERE RT 1.06 1.07 1.08 1.08 1.07 1.07 145,000 155,330 -43,870 1.04 1.04 1.04 1.12 94,000 103,380 PRIMEX CORP 1.12 1.12 RL COMM RT 7.29 7.3 7.25 7.32 7.25 7.3 4,201,300 30,664,537 12,538,352 ROBINSONS LAND 17.3 17.5 17.3 17.5 17.06 17.5 366,600 6,399,422 2,723,150 3.05 3.09 2.98 3.1 1,908,000 5,782,670 2,440,220 ROCKWELL 3.1 3.1 SHANG PROP 3.2 3.2 3.18 3.16 3.15 3.18 621,000 1,965,020 -6,270 1.9 2.04 2.04 2.05 2.04 2.05 26,000 53,050 STA LUCIA LAND SM PRIME HLDG 18.2 18.3 18.62 18.8 18.16 18.2 21,021,400 384,595,518 -214,182,630 SUNTRUST RESORT 0.4 0.415 0.405 0.405 0.405 0.405 140,000 56,700 4,050 50 54.95 50 50 50 50 10 500 PTFC REDEV CORP SERVICES ABS CBN 4.34 4.35 4.5 4.8 4.28 4.34 3,545,000 15,968,900 GMA NETWORK 4.44 4.5 4.41 4.54 4.41 4.5 324,000 1,442,370 0.179 0.195 0.182 0.199 0.182 0.199 20,000 3,810 MANILA BULLETIN MLA BRDCASTING 5.1 5.49 5.11 5.11 5.11 5.11 300 1,533 0.73 0.74 0.77 0.77 0.74 0.74 10,292,000 7,705,160 -1,709,900 DITO CME HLDG 1,734 1,737 1,774 1,775 1,730 1,734 58,070 100,937,525 3,030,475 GLOBE TELECOM PLDT 1,225 1,225 1,220 1,220 1,206 1,225 77,380 94,020,125 12,435 0.0061 0.0061 0.0061 0.0063 41,000,000 252,200 55,800 APOLLO GLOBAL 0.0063 0.0063 CONVERGE 10 10 9.95 9.83 9.6 10 8,477,400 83,641,390 -743,408 0.65 0.65 0.65 0.66 24,000 15,800 DFNN INC 0.66 0.66 EASYCALL 2.28 2.36 2.29 2.29 2.29 4,000 9,160 -9,160 2.29 ISLAND INFO 0.119 0.12 0.123 0.13 0.12 0.12 11,100,000 1,379,130 -96,970 0.49 0.5 0.49 0.5 154,000 76,680 1,460 NOW CORP 0.5 0.5 TRANSPACIFIC BR 0.116 0.116 0.115 0.116 0.115 0.115 240,000 27,630 0.85 0.85 CHELSEA 0.8 0.83 0.8 0.85 171,000 141,230 -32,260 28.65 28.7 28.65 28.85 28.65 28.65 52,100 1,493,630 229,100 CEBU AIR INTL CONTAINER 965 970 971 979.5 965 965 548,830 532,479,155 -35,761,135 0.65 0.69 0.65 0.7 0.65 0.65 21,000 14,110 LORENZO SHIPPNG MACROASIA 3.75 3.75 3.74 3.75 3.71 3.75 984,000 3,680,040 326,990 METROALLIANCE B 0.87 0.87 0.85 0.85 0.85 0.87 18,000 15,620 2.12 2.13 2.1 2.12 228,000 481,810 -308,180 2.14 2.14 PAL HLDG HARBOR STAR 1.09 1.1 1.08 1.12 1.06 1.1 365,000 402,390 -5,600 0.03 0.029 0.029 0.03 14,700,000 436,700 BOULEVARD HLDG 0.031 0.031 WATERFRONT 0.39 0.385 0.4 0.39 0.39 0.39 60,000 23,400 CENTRO ESCOLAR 14.68 14.8 15 15 14.8 14.8 500 7,440 7.3 7.33 7.34 7.34 7.34 200 1,468 7.34 IPEOPLE STI HLDG 1.21 1.23 1.21 1.22 1.21 1.21 1,185,000 1,434,380 1,263,360 1.16 1.17 1.19 1.19 1.15 1.16 1,008,000 1,167,980 102,960 BELLE CORP 2.07 2.08 2.12 2.12 2.06 2.07 5,032,000 -4,001,800 BLOOMBERRY 10,472,480 PACIFIC ONLINE 1.84 1.88 1.8 1.85 1.8 1.84 215,000 391,310 -23,050 9.65 9.66 10.18 9.49 9.65 5,371,400 52,600,886 5,348,541 DIGIPLUS 10.22 PHILWEB 14.54 14.42 14.46 14.54 14.1 14.46 2,475,900 35,651,940 1,786,254 1.04 1.05 1.05 1.07 58,000 61,520 1,070 METRO RETAIL 1.07 1.07 41 41.1 41.4 40.2 41 1,698,100 69,375,560 -5,720,095 PUREGOLD 41.05 PHIL SEVEN CORP 33.4 33.6 33.65 34 33.2 33.6 216,000 7,288,060 -1,027,710 2.01 2.02 2.03 2.03 2.02 2.02 139,000 280,850 260,580 SSI GROUP UPSON INTL CORP 0.72 0.74 0.7 0.8 0.7 0.72 1,262,000 908,780 140,590 5.8 5.83 5.84 5.88 5.76 5.83 682,100 3,961,786 437,609 WILCON DEPOT 0.102 0.112 0.113 0.113 0.113 0.113 20,000 2,260 APC GROUP MEDILINES 0.21 0.22 0.21 0.21 0.21 0.21 80,000 16,800 3.16 3.17 2.9 2.9 3.16 224,000 685,710 117,450 3.16 PAXYS PHILCOMSAT 1.65 1.62 1.61 1.61 1.61 1.61 189,000 304,290 SBS PHIL CORP 3.05 3.23 3.23 3.23 3.23 3.23 315,000 1,017,450 MINING & OIL 2.01 2.01 ATOK 1.84 1.77 1.77 2.01 29,000 53,120 30 14.68 14.7 15.24 15.24 14.64 14.7 2,484,000 36,771,964 8,183,812 APEX MINING ATLAS MINING 15.48 15.5 15.5 15.78 14.5 15.5 8,650,900 131,616,228 1,474,224 6.8 6.99 6.81 7 6.8 6.8 25,300 172,640 BENGUET A BENGUET B 6.8 6.98 6.99 6.99 6.99 6.99 200 1,398 CENTURY PEAK 2.29 2.3 2.09 2.32 2.09 2.3 171,000 391,720 117,670 0.27 0.27 0.27 0.28 70,000 19,000 EC VULCAN 0.28 0.28 FERRONICKEL 2.16 2.15 2.17 2.16 2.07 2.15 1,165,000 2,454,390 -1,056,840 0.105 0.098 0.12 0.097 0.108 3,990,000 410,060 GEOGRACE 0.108 LEPANTO A 0.222 0.223 0.237 0.237 0.221 0.222 99,510,000 22,359,640 LEPANTO B 0.223 0.228 0.237 0.239 0.226 0.228 6,820,000 1,563,610 662,650 0.0074 0.0075 0.0073 0.0076 0.0073 0.0075 24,000,000 180,800 MANILA MINING A MARCVENTURES 0.75 0.72 0.74 0.73 0.73 0.73 2,479,000 1,830,860 240,750 NIHAO 0.365 0.34 0.34 0.39 0.34 0.365 3,990,000 1,380,050 -300 4.07 4.11 4.25 4.25 4.05 4.07 6,783,000 28,017,620 -2,584,220 NICKEL ASIA OCEANAGOLD 36.85 36.8 37 37 36.35 36.8 423,000 15,515,370 3,386,605 0.465 0.48 0.48 0.485 160,000 77,150 ORNTL PENINSULA 0.485 0.485 PX MINING 10.18 10.2 10.58 10.6 10.1 10.2 2,584,400 26,504,948 -8,048,380 UNITED PARAGON 0.0076 0.0076 0.0075 0.0076 0.0075 0.0075 37,000,000 281,000 15,400 0.013 0.014 0.013 0.014 0.013 0.014 61,000,000 793,100 ORNTL PETROL A ORNTL PETROL B 0.013 0.014 0.014 0.014 0.014 0.014 250,100,000 3,501,400 0.008 0.0081 0.0081 0.0081 14,000,000 113,400 0.0081 0.0081 PHILODRILL PXP ENERGY 2.69 2.7 2.75 2.8 2.69 2.7 598,000 1,656,600 -621,600 PREFFERED ACEN PREF B 1,035 1,057 1,063 1,063 1,030 1,030 1,015 1,046,995 AC PREF B3R 1,939 1,949 1,949 1,949 1,943 1,943 560 1,088,140 -19,490 1,948 1,955 1,955 1,955 1,950 1,950 495 966,250 AC PREF B4R BRN PREF A 98 100 100 100 100 100 10 1,000 102 103.9 103.8 103.8 103.8 103.8 1,000 103,800 BRN PREF C CEB PREF 30.1 30.2 30.1 30.1 30 30.1 14,600 438,430 CPG PREF B 98.5 99 98.5 98.5 98.5 98.5 590 58,115 93.35 93.35 93.3 93.4 10,150 947,526 186,700 93.4 93.4 DD PREF EEI PREF B 95.25 98.45 96.75 97.25 96.75 97.25 15,850 1,541,379 911.5 990 990 990 990 990 10 9,900 FDC PREF A GLO PREF ANV 1,976 2,000 1,971 1,971 1,970 1,970 515 1,014,555 GLO PREF BNV 2,000 2,014 2,010 2,010 2,010 2,010 50 100,500 101 102.5 102.5 102.5 102.5 102.5 10 1,025 MWIDE PREF 6B MWIDE PREF 7A 99.75 101 101 101 101 101 20 2,020 MWIDE PREF 7B 100.5 101 100 100.1 100 100 5,010 501,300 990 993 989.5 990 989.5 990 430 425,600 PCOR PREF 4C PCOR PREF 4E 999 1,000 999 999 999 999 50 49,950 79.2 79.35 78.95 79.2 78.95 79.2 32,950 2,604,271 SMC PREF 2O SMC PREF 2P 73 74.95 74.95 74.95 74.95 74.95 10 750 SMC PREF 2R 74.9 77 74.9 74.9 74.9 74.9 5,400 404,460 79.3 79.35 79.3 79.35 79.3 79.35 9,750 773,176 794 SMC PREF 2V SMC PREF 2W 79.35 79.5 79.5 79.5 79 79.5 1,370 108,835 795 79.8 80 80.25 80.25 79.8 80 23,430 1,877,544 800 SMC PREF 2X TOP PREF A1 100 100.1 100.1 100.1 100 100 150 15,012 TOP PREF A2 101 101.8 101 101 101 101 1,100 111,100 -

PHIL. DEPOSITARY RECEIPTS

3.73 3.69 3.89 3.65 3.65 242,000 899,380 4.3 4.38 4.38 4.06 4.07 32,000 130,850

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8151 0.73% 1.01% -3.81% N.A ABS HLDG PDR 3.66 0.63% GMA HLDG PDR 4.08 A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. WARRANTS 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, AGI WARRANT 1.06 2026. 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, SM A L L, M ED I U M & EM E R G IN G 2025. HAUS TALK 1.37 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. ITALPINAS 0.65 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE 1.35 KEPWEALTH DEBT VEHICLE, INC. XURPAS 0.18 2.68 NEXGEN ENERGY “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 13, 2026

1.07

1.05

1.06

1.05

1.06

83,000

87,160

1.38 0.66 1.39 0.191 2.72

1.37 0.67 1.35 0.194 2.7

1.43 0.67 1.35 0.199 2.72

1.36 0.66 1.35 0.181 2.7

1.38 0.66 1.35 0.181 2.72

345,000 104,000 1,000 200,000 2,000

473,760 68,650 1,350 37,260 5,420

-2,720 -1,940 -

EXHANGE TRADE FUNDS FIRST METRO ETF

105.5

-92,070 -44,900

106.4

106.7 106.7 106.4 106.4 770 82,101 -3,192

www.businessmirror.com.ph

Banking&Finance

Merci, as France OKs €200M ODA for PHL By Reine Juvierre Alberto @reine_alberto

HE Philippines secured €200 million in official development assistance (ODA) financing from France to strengthen marine ecosystem protection and support the development of the country’s blue economy. A statement issued by the Department of Finance (DOF) last Thursday read that the ODA from the French development bank Agence Française de Développement will fund the Marine Ecosystem for Blue Economy Development (MEBED 1) program. Multilateral development bank Asian Development Bank will also co-finance the initiative. The funding, roughly P14.11 billion, will support policy reforms on marine conservation, solid waste management and investments in sustainable ocean-based industries, the DOF said. The project is expected to create and sustain livelihoods for more than three million people, including fisherfolk, aquaculture operators and tourism workers, while boosting national income and improving the

resilience of coastal communities. Earlier, the DOF obtained €200 million in financing from the AFD to bankroll the “Reducing Food Insecurity and Undernutrition with Electronic Vouchers,” or “Refuel,” project to be implemented by the Department of Social Welfare and Development. It is expected to benefit around 750,000 low-income households through monthly electronic food vouchers, which can be redeemed at accredited retailers. Participating families will also receive nutrition and livelihood support through sessions on maternal and child nutrition, proper hygiene, healthy meal planning and incomegenerating opportunities. “France and the Philippines share a long-standing partnership grounded in joint action for sustainable growth and the resilience of ecosystems and population,” AFD Country Director for the Philippines Bénédicte Gazon was quoted in a statement as saying. “As a development partner, the French Development Agency is proud to help translate these shared commitments into concrete projects and tangible impact,” Gazon added.

Digital transformation begins by listening

IGITAL transformation is often described as a technology journey. I have come to believe that it is, first and foremost, a leadership journey. Many organizations begin by asking, “What technology should we buy?” Perhaps the better question is, “What prevents our people from doing their best work?” This is one of my most important takeaway from a recent conversation with Jessica DiPietro, an association professional and technology strategist, on the Philippine Council of Associations and Association Executives (PCAAE) “Association Matters” podcast titled “Leading Digital Transformation: How One Association Reimagined Its Technology for Greater Impact.” Jessica’s story will sound familiar to many association executives. Staff members create workarounds. They manually transfer information from one system to another. They perform tasks that technology should have automated years ago. Because they are dedicated and resourceful, the work gets done. Members are served. Programs continue to operate. Leaders celebrate the outcome, unaware that their most valuable resource, their people, is paying the price. The greatest irony of high-performing organizations is that exceptional people can unintentionally conceal broken systems. Success can become an excuse for maintaining the status quo. Jessica shared that her organization was managing 17 member-related technology platforms that did not integrate effectively. The association was spending approximately US$70,000 annually on technology while simultaneously absorbing the hidden costs of inefficiency like manual processes, duplicated work, staff frustration, and lost opportunities to create greater member value. What I found particularly instructive was where the transformation began. It did not begin with software demonstrations or requests for proposals. It began with conversations. Jessica asked her colleagues simple but powerful questions: “Walk

Association World Octavio Peralta me through your day,” “What annoys you?” and “What would make your work easier?” By listening carefully, documenting workflows, and aligning technology decisions with organizational goals, the association discovered not only where systems could improve, but where processes could simply be eliminated. The results were remarkable: technology subscriptions were consolidated, annual costs were reduced by $20,000, staff time was significantly recovered, and member experience improved dramatically. Website login times, for example, dropped from as much as 15 seconds to half a second. Yet I suspect the most important outcome cannot be measured financially. Staff members gained something increasingly precious in today’s workplace: the time and freedom to focus on meaningful work. Instead of wrestling with technology, they could devote their efforts to advancing their mission and serving their members. There is an important lesson here for every association leader. Technology is not an end in itself. Digital transformation succeeds only when it strengthens people, advances purpose, and deepens member value. If I may leave one thought with our readers, it is this: Organizations do not transform when they simply modernize their technology. They transform when their leaders listen deeply enough to discover what their people and their mission truly need. Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.” The PCAAE will hold its 14th Annual Associations Summit (AS14) on November 24, 2026, at the Asian Institute of Management. The views he expressed herein do not necessarily reflect those of the BusinessMirror. E mail: bobby@pcaae.org

BusinessMirror

Editor: Dennis D. Estopace • Friday, August 14, 2026

BSP must continue cautious policy stance—Guinigundo

By Andrea E. San Juan

ONETARY authorities should focus more on managing inflation and leave the task of addressing the weak growth to fiscal authorities and those in the Agriculture and Trade and Industry agencies, a former central banker recommends.

“While it is true that it seems to be moderating in the last three months, the core inflation, which measures the underlying demand components of inflation, continues to gain momentum,” Former Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said in a televised interview last Thursday. “And that should alert our monetary authorities to continue with its cautious monetary policy stance,” added Guinigundo. As such, he said, the central bank can sustain what it calls “baby steps” and provide another 25-basis-point (bps) increase in the policy rate. “Precisely because the headline inflation continues to be elevated

higher than the 2-percent to 4-percent inflation target this month,” Guinigundo added. He emphasized that, in the case of significant slowdown in growth, “the challenge lies more on the fiscal authorities” and on the Department of Agriculture and the Department of Trade and Industry. “The BSP should focus more on management of inflation,” Guinigundo said. The Manila Branch of Citigroup N.A. concurs; mainly on the policy stance. A separate commentary issued by the lender after sent questions by the BusinessMirror on the matter read that Citi economists still expect a 25bps this month and another one

THIS August 10, 2026, photo shows Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. speaking during the 2026 Outstanding BSP Stakeholders Appreciation Ceremony. CREDIT: BANGKO SENTRAL NG PILIPINAS

in October. The Citi economists added they remain “monitoring the risk scenario of an October pause.” According to the commentary, Citi is opting for a rate hike as the real policy rate remains low. “In spite of slowing second-quarter GDP [gross domestic product] and easing core inflation momentum,” the lender’s economists muse that monetary authorities may hike on Aug 27 “as the ex-ante real policy remains low.” Our measure of inflation pervasiveness suggests that inflation didn’t broaden across categories in July, while core inflation (4.2 percent year-on-year, or YoY) declined 0.2pps along with the headline (6.2

percent YoY)—all encouraging developments, the commentary read. Citi economists who wrote the commentary pointed out that the policy rate at 4.75 percent seems at a “too-thin margin” over BSP’s 2027 inflation forecast of 4.5 percent published in June. “Recall that BSP’s terminal rates in the past three hiking cycles were between 1-2 percent above year t+1 expected inflation, although we think that the weaker growth momentum this time warrants a lower terminal real policy rate,” Citi explained. As such, it noted that risk scenario of an October pause, instead of a hike, could increase if central bank revises down its inflation forecast after the August meeting, or if “coincident indicators” into the third quarter of 2026 shows signs of continued weakness of GDP growth. Last Monday, BSP Governor Eli M. Remolona answered in the affirmative when asked if the slow growth rate in the second quarter reduced the pressure for the central bank to raise the key interest rate. “Growth is implied by the inflation mandate. If you can maintain price stability, that tends to sustain growth,” Remolona said. “Sometimes there are problems with growth. And we take that into account. We don’t ignore that,” the BSP chief added.

BIR clarifies 20% penalty Pag-IBIG Fund, Ayala Land on withdrawals from PERA ink deal for housing loans

HE Bureau of Internal Revenue (BIR) clarified that the 20 percent penalty for early withdrawals from the Personal Equity and Retirement Account (Pera) will only apply to the actual income earned from assets pulled out from the voluntary retirement program. Internal Revenue Commissioner Charlito Martin R. Mendoza issued a circular to provide “proper determination” of the base amount for penalties while protecting the remaining portions of a contributor’s retirement nest egg. An Early Withdrawal Penalty (EWP) will be imposed when a contributor makes an “unqualified” withdrawal before the allowable retirement period or at the age of 55. The penalty consists of 20 percent of the gross income earned from the specific assets within the account and losing the 5 percent tax credit attributable to the portion of assets withdrawn. The BIR cleared that any gross income earned that remains invested, reinvested or retained with the PERA, including unrealized gains and proceeds from the sale, redemption or liquidation of PERA investment products that continue to be held under PERA custody, will be excluded from the EWP base. However, any losses incurred in other PERA accounts or sub-accounts cannot be used to reduce the taxable gain of the withdrawn assets, the BIR said. In a separate issuance, the BIR said PERA contributors are entitled to a 5 percent tax credit based on the total qualified amount contributed to the program in a given year. These credits, designed to incentivize annual contributions, now

have a 5-year expiration period from the date of issuance. For self-employed individuals and overseas Filipinos, any credit amount that exceeds their total tax due in a given year will be forfeited in favor of the government. These tax credits are strictly nontransferable and cannot be passed on to heirs or applied against the estate tax of a deceased contributor. Furthermore, the BIR clarified that tax exemptions under PERA apply strictly to assets and income that remain within the program. This includes the final withholding tax on interest from bank deposits and trust funds, 10 percent tax on dividends received from domestic corporations or mutual funds and capital gains taxes on the sale or exchange of bonds, debentures and shares of stock in domestic corporations. However, several taxes are excluded from the exemption, including value-added tax, stock transaction taxes on shares listed and traded through the local stock exchange, documentary stamp taxes and percentage taxes on certain persons and entities, such as banks and non-bank financial intermediaries. Pera is a voluntary retirement savings program, complementing benefits from the mandatory Social Security System and the Government Service Insurance System. Employees based in the Philippines can put up to P200,000 per year into a Pera account. Filipinos based abroad can put up to P400,000 a year. Employers who contribute to their employees’ Pera can avail themselves of tax incentives under the Pera framework. Reine Juvierre S. Alberto

By VG Cabuag

@villygc

XECUTIVES behind Ayala Land Inc.’s residential brands Avida Land and Amaia Land signed an agreement with Pag-IBIG Fund officials to provide qualified members with more housing choices that may be financed through the stateowned firm’s housing loans of up to P10 million. The partnership, formalized through a memorandum of understanding, will explore special offers on identified Avida and Amaia homes for qualified Pag-IBIG Fund members. Pag-IBIG Fund, or Home Development Mutual Fund, recently increased its maximum housing loan amount to P10 million per borrower and has been strengthening partnerships with private developers to give members access to a wider range of housing options through affordable financing. The partnership builds on Ayala Land’s long-standing commitment to expanding access to quality homes across different segments of the market, while strengthening collaboration with government and other stakeholders to make homeownership more accessible to Filipino families. Avida Land president Raquel S. Cruz said the partnership builds on Avida and Amaia’s longstanding relationship with Pag-IBIG Fund and creates opportunities to serve more Filipino families looking for quality homes within their financial capacity. “Our longstanding partnership with Pag-IBIG Fund has helped make homeownership possible for many Filipino families. With its competitive housing loan rates and increased loan ceiling of up to P10 million, we see an even greater opportunity for Avida

and Amaia to serve more middle- and upper-middle-income members and pursue further synergies that will help more Filipinos own quality homes,” Cruz said. The parties will also explore the registration and accreditation of identified Avida and Amaia projects for developer-Assisted housing loan processing, including qualified Amaia projects under the Expanded Pambansang Pabahay para sa Pilipino Program (Expanded 4PH). The partnership will also look at ways to streamline documentation and loan processing and support prospective buyers in meeting program requirements. Pag-IBIG CEO Marilene C. Acosta said the agency continues to work with trusted private-sector partners to provide members with more quality housing choices and affordable financing. “At Pag-IBIG Fund, we understand that every member has different housing needs and financial capacities. We are working with a growing number of trusted developers to bring our members more quality housing choices and special offers. By combining these with our affordable rates and housing loans of up to P10 million, we hope to help our members find homes they can comfortably afford, with monthly payments that may be comparable to or even lower than rent. In this way, their hard-earned money goes toward a home they can truly call their own and a better future for their families,” Acosta said. Department of Human Settlements and Urban Development Secretary Jose Ramon P. Aliling said the partnership advances the government’s efforts to expand homeownership through stronger collaboration between the public and private sectors.

Monetary Authority of Singapore seen creating fund to climate-proof food system

INGAPORE, which imports more than 90 percent of its food, is exploring a proposal to raise about $500 million for a fund to boost climate resilience in Southeast Asia’s supply chains. The plan would see the Monetar y Authorit y of Singapore establish an adaptation fund fo-

cused on protecting sectors like agriculture and aquaculture from the impacts of extreme weather and global warming, according to people familiar with the discussions. Officials aim to help secure finance for projects that currently struggle to attract funding, said the people, who asked not to be

identified as discussions are confidential. A fund could be launched early next year as Singapore takes on the rotating chairmanship of the Association of Southeast Asian Nations, the bloc of 11 regional economies, the people said. Considerations are at an early stage and no final deci-

sions have been made, including on the final fundraising amount, they said. Development finance institutions and private capital sources would be targeted to deliver funding, said the people. Under the proposals, Singapore’s government also intends to invite philanthropic

foundations to provide concessional capital to absorb some investment risk and help encourage private investors and commercial banks to back the projects, according to one of the people. The Monetary Authority of Singapore didn’t immediately respond to a request for comment.

The adaptation fund’s structure could be similar to energy transition vehicles created under the Financing Asia’s Transition Partnership initiative led by Singapore, which use blended finance and risk-sharing mechanisms for infrastructure projects in South and Southeast Asia, the people said. Bloomberg

Relationships

Friday, August 14, 2026 • Editor: Gerard S. Ramos

BusinessMirror

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

Tsinelas nation

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Mila Kunis, 43; Halle Berry, 60; Jackee Harry, 70; Steve Martin, 81.

PHOTO BY ZULFUGAR KARIMOV ON UNSPLASH

HAPPY BIRTHDAY: Take nothing for granted. Put your heart and soul into whatever you pursue. You have plenty to gain if you are determined and dedicated to reaching your goals. Refuse to let little annoyances weigh you down. Swiftly deal with whatever blocks you, and proceed with a positive attitude. Dealing with institutions and government agencies will be time-consuming, but it will also put your mind at ease. Set a good example by following the rules. Your numbers are 4, 16, 22, 28, 33, 41, 45.

ARIES (March 21-April 19): If you take a unique approach to self-care and healthy living, the outcome will make for a better and happier you. Choose to get involved in activities that make you think and challenge you in a positive way. If you use your energy wisely, the gains will be significant and encourage you to become the best version of yourself. Romance is favored. ★★★

NE of the more annoying things to watch in this Impeachment Trial of Sara Duterte is her defense counsel’s propensity to say “yeah” instead of “yes.” Call me old, but I just feel that it’s a very informal manner of speaking, which has no place in a court—at the Senate, no less! The defense counsel isn’t just drinking an overpriced beverage in a popular coffee chain and gossipping with her friends. Thus, I fully endorse the prosecution lawyer giving her a spanking. But I suppose this is what’s wrong with most people these days. And I’m not just talking about our youth as there are also older people whom I see almost daily, living a very casual, flip-flop (and I mean the tsinelas) existence. This was worsened by the 2.5 years we had to lock ourselves at home due to the Covid pandemic. We worked and did our video, online meetings in our pambahay, pajamas, and house slippers. Many of us seem to have forgotten that the pandemic is now over, and we have to return to our official lives, where a more formal manner of speaking, clothing, and overall demeanor is demanded. I don’t think I’m being a snob, when I say it bothers me that whether it’s summer or the rainy season, people walk around in thonged rubber slippers everywhere. To the mall, to restaurants, to their doctor’s office, to hotels, hospitals—anywhere except the beach, it seems. I don’t care that your flip-flops cost over P1,000, pamatay pa din ‘yan ng flying ipis, as my former STC classmate and media colleague Jessica Zafra used to say. Since the early 2000s, when high-priced brands of rubber flip-flops were introduced in the country, these tsinelas keep being used like the official outsidethe-house footwear. What’s worse, in the malls, visitors wearing these flip-flops will sit in benches watching videos on their mobile phones, lift a foot, then finangle their toes with the fingers of their free hand, as if they’re just seated in their living room sofa. Yuck. I recognize that there are people from lowerincome classes, who may only own a pair of flip-flops to wear inside or outside their homes. But I refer here to wealthier mallgoers, lugging shopping bags, putting up their unshod feet for the world to see. The same is true at church. One sits at the bench and right beside you, a churchgoer will remove

TAURUS (April 20-May 20): Ask yourself tough questions that encourage you to face any emotional or medical situations that are causing you concern. Making the right decision isn’t always easy, and engaging in talks with experts can help you do what’s right and best for yourself. Don’t overreact; positive action will lead to good results. Constructive lifestyle changes are favored. ★★★★★

GEMINI (May 21-June 20): Refrain from letting the changes others make affect you emotionally. Look at what serves you best, and align yourself with friends and associates striving to reach similar goals. Pay attention to improving your profile and qualifications and setting yourself up for success. Nurture relationships, and make home improvements that are comforting. Look out for your best interests. ★★

her sandals, then rest her bare feet on the kneeler. Similarly, parents will let their children run and shout willy-nilly at Mass, even when the priest has started his Homily. (I wish Church-minders strictly enforce the use of family rooms for parents and their toddlers. These rooms exist so other churchgoers are not disturbed by boisterous children.) Some shoppers also have the temerity to bring their dogs, who subsequently relieve themselves on the mall floors, like they do in one corner of their furparents’ homes. Not the pet’s fault of course— they do what is natural to them—but far too many furparents are able to get away with not keeping their animal babies in diapers, despite polite requests by malls and other similar establishments through visible signs at their entrances. At movie theaters, people talk way too much. We’ve all experienced this. One person will keep asking her seatmate what’s happening on the screen, especially if the movie is a sequel. (Think Avengers: Doomsday and the 21 theater releases before that! Mahaba-haba na kwentuhan ‘yan.) I must admit, on a few occasions, I’ve had to call the attention of these noisy people in the audience to STFU. Nicely, of course, unless they continue their rowdy behavior. At another time, also at the cinema, a woman was seated beside me, and she kept looking at her phone, as if checking her messages, or perhaps waiting for a phone call. Again, as if she was just at home, watching a film on her streaming subscription. Madam! Kindly hide the phone in your bag if you want to sneak a look at your SMS, so the light on your screen doesn’t bother the rest of us. Or better yet, sit out the movie and go to a cafe instead to read your

messages or wait for your so-important phone call. Perhaps what I’m really asking for is not old-fashioned etiquette but some amount of consideration. We share public spaces. And the fact that we are free to dress, speak, eat, scroll, or behave as we please does not mean we shouldn’t care about how our behavior affects everyone around us. There is nothing wrong with being comfortable. I enjoy my pambahay and tsinelas as much as anyone— when I’m at home. But there is a time and place for everything, as Mama used to say. A courtroom calls for decorum. A church calls for reverence. A restaurant calls for a little civility. A movie theater calls for silence. And a shopping mall, definitely, isn’t an extension of our sala. Perhaps we need to remember that how we comport ourselves in public is not about being sosyal, rich, or trying to impress other people. It is about acknowledging that we are not alone. Our comfort should not come at the expense of another person’s peace, concentration, or dignity. Be sensitive and respectful towards others. That’s all I ask, really. So yes, I will continue to cringe at the casual “yeah” in a Senate impeachment proceeding, the feet on the kneeler, the tsinelas on the mall bench, the barking dog that leaves a little “present” on the floor, and the glowing cellphone screen in a dark cinema. Call me old-fashioned. I can live with that. After all, good manners never really go out of style. And perhaps, in these increasingly informal—and sometimes downright inconsiderate—times, we could all use a little more of them.

Museum to host photo meet-up at Luneta this month THE Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB) invites photographers, image-makers, and camera enthusiasts to engage with the fleeting qualities of light in a Golden Hour photo meet-up at Luneta Park. The event is the second public learning program of the ongoing exhibition Olafur Eliasson: Your Curious Journey. It takes inspiration from the Icelandic-Danish artist’s exploration of light as a medium and serves as a response to his invitation “to celebrate

the felt connectivity living under the same sun.” The activity promotes awareness of the environment, particularly the quality of light—both natural and artificial—and its effect on one’s perception. The session will be facilitated by photographer and graphic designer Abdullah Mapandi. He will discuss the importance of light in photography and how it may contribute to capturing images. Mapandi, who serves as a full-time professor and academic adviser under the college’s Photography Program, will

likewise share key tips on how to capture the cinematic golden hour—the period before sunset, when the sunlight is softer and warmer. A graduate of the Benilde Multimedia Arts Program, Mapandi’s professional experience includes freelance photography, creative department leadership, and project management for Galerie Joaquin. He has expanded his expertise as Exhibition Associate at the Cultural Center of the Philippines (CCP) under the Visual Arts and Museum Division.

Golden Hour is scheduled on Saturday, August 29, 2026, at 4 pm. Meet-up is at the Rizal Monument in Rizal Park, Luneta, along Roxas Boulevard, Ermita, Manila. It is free and open to the public. Interested participants are encouraged to bring their own photography gear of choice, whether professional or digital cameras, or mobile phones. Registration is available at tinyurl.com/ MCADGoldenHour. Aspiring partakers from outside of Metro Manila may likewise send their entries to mcad@benilde.edu.ph.

CANCER (June 21-July 22): Keep the peace, stick close to home and focus on rejuvenation, self-help and looking and feeling your best. You owe it to yourself to take a pause to enjoy life’s little pleasures. Refuse to let anyone talk you into something you don’t want to do. A change of pace will help you hit the reset button. ★★★★

LEO (July 23-Aug. 22): Be bold, get things done and plan to have some fun. A change of location, scenery or people will be uplifting and offer insight into options you haven’t considered in the past. Getting a fresh look at life will spark your imagination and encourage you to consider new beginnings. Avoid joint ventures and shared expenses. ★★★

VIRGO (Aug. 23-Sept. 22): Curl up in a comfortable spot. Take the time to make sense of everything that’s unfolding around you. Change isn’t always easy, but once you wrap your head around the pros and cons, you’ll know what to do. Having a positive attitude and checking rules, regulations and what’s available to you will put your mind at ease. ★★★

LIBRA (Sept. 23-Oct. 22): Decide what you want to discard. Decluttering will set you free, allowing you to put more thought into how and where you want to spend your time. An open mind and a chance to discover what’s available will encourage you to research and pursue what excites you most. Letting go is the first step to reshaping what’s ahead. ★★★

SCORPIO (Oct. 23-Nov. 21): Be careful what you agree to. Don’t let someone talk you into something you don’t need. Excess is the enemy, and restraint is your best choice. Pay attention to details and price tags. Spend more time with people who make you smile and less with those trying to take advantage of you. ★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Design your surroundings to ensure success, happiness and comfort. What you achieve depends on your state of mind and accessing what you need mentally, physically and emotionally to reach your goal. Let your creative imagination lead the way and your energy and enthusiasm help you finish what you start. Keeping busy will help you avoid trouble. ★★

CAPRICORN (Dec. 22-Jan. 19): Pace yourself and stay on track until you are satisfied with what you accomplish. Putting your time and energy to good use will be profitable and encourage you to remain persistent. A partnership will require honesty and being nurturing. Leave nothing to imagination. Having direct conversations and verifying facts will pay off. Don’t scrimp or cut corners. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): You’ll be drawn to overdoing it and people who are out to impress you. Proceed with caution; too much of anything is a red flag. You may need a change, but don’t sacrifice what you’ve worked so hard to achieve for something or someone who isn’t worthwhile. Focus on yourself, not trying to win favors or impress others. ★★★

PISCES (Feb. 19-March 20): An unexpected change will catch you off guard. Be prepared to adjust quickly to whatever you encounter and to put your emotions aside if you become frustrated. Spend more time at home and less time facing off with those who oppose you or your suggestions. Proceed to do what fits your routine, lifestyle and emotional well-being. ★★★ BIRTHDAY BABY: You are brave, resolute and generous. You are aggressive and unshakable.

‘beginning german’ BY JAKE HALPERIN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 “O ___ can you see ...” 4 Little cotton wand 8 Strong, silent types of dogs 14 Event planner’s placeholder: Abbr. 15 It’s not as big as the Big Island 16 Laptop brand 17 Fantasy monster 18 *Quick read in your mailbox? 20 Focus of some wildlife vets 22 Curry night bread 23 “C’___ la vie” 24 *Grumble about a parent? 28 “Just an ___” 29 Pre-adulting period 33 Hit, as a fly 36 ___-llelujah! (Spanx line) 38 “Yo, dude” 39 Animation, e.g. 40 *GI doc’s query? 42 Cutlass fish look-alike 43 Afternoon cup filler 45 “Scram!” 46 Born and ___

47 Salad-protecting wrap 48 ___-Cola Scholars Foundation 50 *Nicer kids? 57 Skin care brand name on a red jar 58 Sex drive 59 Language combo on display in this grid? 64 “The Flea” of soccer 65 Luxury arm of Honda 66 “if it’s not 2 much trouble” 67 Cooks cookies 68 Paycheck extra 69 Japanese currency 70 Way of arranging hair DOWN 1 Loud weather event 2 2020 AL MVP Jose 3 Upscale boat 4 Cried in bursts 5 Pre-armistice state 6 Tuna tossed with shoyu 7 Well, in Oaxaca 8 Name said while facing Mecca 9 Like a hawk

10 Coder’s data type for whole nos. 11 Sturdy bag 12 City grid lines: Abbr. 13 Put in order 19 Aid in vitamin D absorption 21 Trading barbs 25 Dismantle, as accusations 26 Mini-___ (shop by gas pumps) 27 “Ted Lasso” character Kent 30 Cashless ride option 31 Fig or fir 32 Have room for 33 Exams with math sections 34 Lead to, as havoc 35 Maker of a wood-grain console 37 “Many years ___ ...” 38 Sauteing medium 40 Venice or Vail rides 41 “That was painful!” 44 Bash on IMDb 46 Poker loss against the odds 49 Goes the rung way? 51 Patriots nemesis Manning 52 Like an overused voice

53 Do part of a triathlon 54 Like skipping insurance 55 Overhyped Ford 56 “Shh!” prompter 59 Apply gently 60 ___-friendly (green) 61 Ascetic woman 62 Minions’ overlord 63 Channel with product demos Solution to today’s puzzle:

Show BusinessMirror

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

Editor: Gerard S. Ramos • Friday, August 14, 2026

Where Travis Kelce finds welcome ‘sanctuary’ after closely watched wedding to Taylor Swift

S HEART EVANGELISTA

Heart Evangelista renews her contract with Sparkle GMA Artist Center; newest campus cuties arrive AS she enters her 28th year in show business, Sparkle artist and fashion icon Heart Evangelista renews her contract with Sparkle GMA Artist Center, further cementing her partnership with GMA’s talent management arm. A visionary artist, Heart fulfilled milestones by garnering prestigious collaborations and awards such as Fornasetti Italy x LME, ION Orchard Singapore Campaign, CASETiFY x Heart Evangelista, Vone World Indonesia 1st and 2nd Bag Collection, Mugler Fragrances Regional Ambassador for Southeast Asia, and the EMIGALA 2025 Global Fashion Influencer of the Year Award, to name a few. She has also appeared in local and international magazine covers and features, namely Harper’s Bazaar Singapore (2026), Tatler Philippines (2024), L’Officiel Singapore (2024), ELLE Indonesia (2024), Grazie Malaysia (2024), GLAM Malaysia 20th Anniversary Special 2024, and ICON Magazine Singapore (2023). Present in the contract signing were senior vice president for programming, talent management, worldwide, and support group, and president and CEO of GMA Pictures Atty. Annette Gozon-Valdes, first vice president for Sparkle GMA Artist Center Joy C. Marcelo, vice president for musical, variety, specials, and alternative productions for entertainment group Gigi Santiago-Lara, and assistant vice president for talent management Vic Del Rosario. Hosting the event was Heart’s co-host in GMA’s evening game show The People Have Spoken, Sean Lucas. It’s an exciting season for Heart. Aside from her upcoming projects, she recently teased fans with former on-screen partner John Prats for a possible reunion. She also has a jewelry line called The Love Marie Edit, showcasing her creativity and passion in weaving art and jewelry. A career defined by style and sophistication, Heart Evangelista paints another beautiful chapter of her journey with Sparkle. Meanwhile, the second season of Campus Cutie concluded with a grand finale on August 9. Rayu Gravador of Far Eastern University and Frances Lacap of Enderun Colleges were hailed as the Ultimate Campus Cuties, earning them a 5-year Sparkle management contract. Ronnie Pasamba of De La Salle-College of Saint Benilde and Abi Arnold of Angeles University Foundation took their place as first runners-up, followed by Enzo Torrano of Mapua University Makati and Ysa Prats of Mapua Malayan Colleges Laguna as second runners-up. With the presence of GMA Network’s Atty. Annette Gozon-Valdes and Joy C. Marcelo, the candidates filled Studio 7 with such amazing energy through their electrifying performances throughout the competition, garnering various special awards. The event was also hosted by Sparkle artist and Ms. Chinatown Philippines 2025 Yza Uy. Ethan Benares and Mary Francine Pamintuan both received the GMA Playlist Awards, providing one single for each. Frances and Ethan will lead the cast in an upcoming Studio Who short film as recipients of the Studio Who Stars award. TikTok Live Viewers’ Choice is Rayu. Meanwhile, this year’s Social Media Favorites are Rayu and Frances for first place, and Mateo Artadi and Euanne Preglo as the second placers. Joining Rayu, Frances, Ronnie, Abi, Enzo, and Ysa in the Top 10 were Rion Cheng, Mhai Arekat, Madoxx Miguel, and Geanne Castro. The determination and passion of these aspiring young artists are what made this season memorable. Their journey in Campus Cutie has reached the finish line, but this is just the beginning of what’s ahead of them.

By Dave Skretta The Associated Press

T. JOSEPH, Missouri—Travis Kelce likes to call training camp with the Kansas City Chiefs his “sanctuary,” whether that be the quiet, hourlong drive north to Missouri Western State University or the solitude that he finds while living in college dorms for a month. Such refuge was probably never more welcome than on the heels of this past summer. It was just over a month ago that Kelce exchanged vows with Taylor Swift in a star-studded wedding that tied together one of the best tight ends in NFL history with the biggest pop star on the planet. At the intimate gathering in cavernous Madison Square Garden, Adam Sandler served as the surprise officiant, Stevie Nicks performed to a crowd of sports and entertainment icons, and fans lined the New York City sidewalks outside the historic venue hoping to catch a glimpse of it all. “The wedding was the best night of my life,” Kelce said Wednesday, speaking for the first time at camp. “I appreciate everybody who came out and celebrated and had fun with us. That’s about all I got for that night. It was a crazy night.” The guest list included actors Bradley Cooper, Zoë Kravitz, Hugh Grant and Ethan Hawke; models Gigi Hadid and Karlie Kloss; comic Chris Rock; film director Steven Spielberg; and plenty of NFL players, including retired quarterback Tom Brady and several of Kelce’s teammates with the Chiefs, like his best friend and quarterback, Patrick Mahomes. The Swift-Kelce relationship began with his failed attempt at giving her a friendship bracelet at a concert. Kelce invited Swift to watch him play at Arrowhead Stadium, she took him up on the offer, and the rest of their courtship has been a celebrity fairy tale. Right down to the nuptials at Madison Square Garden, which has always captured Kelce’s imagination, and where Swift has played to plenty of sold-out shows; she also turned up there to watch the Knicks play the Spurs in the NBA Finals in June. “I always told myself I’d go for a playoff game when the Knicks were rocking, and my wife went when I was stuck in minicamp,” Kelce said with a wry smile. “It was kind of cool to live out my childhood dream to be in that venue. I can’t thank the owners of MSG enough for allowing us the opportunity to do that, knowing we wanted a private event.”

Besides the wedding, Kelce has been busy pursuing several business opportunities since the end of last season, including his decision to buy a small share of David Blitzer’s stake in his hometown Cleveland Guardians. That puts him into rivalry territory with Mahomes, who owns his own small stake in the Kansas City Royals. Yet on the field, the quarterback and tight end continue in lockstep, and never has it been more

important for them to lift each other up. Mahomes is coming off a season-ending knee injury that required surgery in December, and Kelce is trying to prove that at age 36—he turns 37 in October—he can still get it done in a young man’s game. “I still got a lot of love for this game. I still think I can go out and play at a high level,” Kelce said. “I want to go out there and prove to myself that I can play at a better level than last year. I think that’s the biggest thing for me.

Bosco Films brings inspiring spanish documentary film ‘Just Javier’ to PHL theaters BOSCO Films, the Spain-based production and distribution company known for bringing inspiring, valuesdriven films to audiences around the world, announces the Philippine release of Just Javier beginning August 12, 2026, exclusively in select Ayala Malls Cinemas nationwide. Following its successful premiere in Spain on September 12, 2025, Just Javier has become one of the biggest documentary surprises in recent Spanish cinema. The film drew more than 23,000 moviegoers during its run and continued screening in cinemas for more than a month after its release. Following its international rollout across nearly 10 Spanish-speaking countries, the documentary now makes its Philippine debut.

Directed by Josepmaria Anglès and produced by Adauge, Just Javier tells the extraordinary true story of Javier Sartorius Milans del Bosch, a charismatic young man from one of Spain’s aristocratic families who gave up a promising future in sports, business and privilege to embrace a life of missionary work, contemplation and faith. Javier appeared to have everything many aspire for. A gifted athlete, he became a paddle tennis champion while studying Business Administration in the United States, with an equally promising future in tennis ahead of him. Yet despite his achievements, he found himself searching for a deeper purpose. His encounter with the homeless

community in Los Angeles profoundly changed his outlook on life and set him on an unexpected spiritual journey. What began as a search through meditation and self-reflection

ultimately led him to a missionary experience in Cusco, Peru, where he discovered a life devoted to prayer, service, simplicity, and complete trust in God.

More than a documentary or traditional biographical film, Just Javier explores universal questions about purpose, fulfillment, sacrifice, and the courage to pursue one’s true calling. Through Javier’s remarkable transformation, the film invites audiences to reflect on what it means to live authentically and discover a joy that transcends worldly success. Beginning August 12, Philippine audiences can watch Just Javier exclusively at Ayala Malls Cinemas: Greenbelt, Glorietta, Circuit in Makati City, Feliz in Pasig City, Trinoma and UP Town Center in Quezon City, and Manila Bay in Paranaque, among Ayala Malls Cinemas nationwide More information about Just Javier can be found at www.justjavier.com.

New indictment alleges son was lying in wait before killing parents Rob and Michele Reiner LOS ANGELES—A Los Angeles County grand jury has indicted Nick Reiner on murder charges in the killings of his parents, Rob Reiner and Michele Singer Reiner, and adds the allegation that he was lying in wait before attacking them. The grand jury, which had been meeting in secret, returned the indictment on July 20, and it was unsealed Wednesday, when 32-year-old Nick Reiner entered a not guilty plea. Rob Reiner, a director, actor and Hollywood luminary, and his wife, a photographer and producer, were stabbed to death in their home in the upscale Brentwood section of Los Angeles on December 14. Nick Reiner was arrested within hours and charged two days later. The grand jury indictment is a major step toward trial and allows prosecutors to skip California’s

preliminary hearing process, where evidence is publicly aired. Lying in wait means a suspect waited for or hid from victims in order to ambush them, and as an allegation it’s meant to show premeditation. A finding that he was lying in wait along with a murder conviction would make Reiner eligible for the death penalty, but prosecutors said they haven’t decided whether to seek it. “This was a profound betrayal by someone who was loved and trusted by the very people he is accused of killing,” Los Angeles County District Attorney Nathan Hochman said in a statement. “We hope that by having a grand jury return an indictment in this case it will bring us one step closer to a trial and achieving justice.” Prosecutors have said nothing about possible

motives, and leaks in the case have been virtually nonexistent on both sides. The Los Angeles County chief medical examiner told The Associated Press he would like to make their autopsy reports public, but a court order has prevented him from doing so. The unsealed indictment reveals few new details in a case that has been shrouded in secrecy. It does not explain how or why Reiner was lying in wait. Without elaborating, prosecutors have said since December that the parents were stabbed. The indictment includes a special allegation of use of a deadly weapon—a knife—that could also contribute to a stiffer sentence. The indictment comes as Reiner is seeking unpaid money from a trust his parents established for him, saying he needs it to help in his defense. AP

Friday, August 14, 2026

Over 15,300 families to get payment relief from SHFC amid habagat

ore than 15,300 families affected by the enhanced southwest monsoon (habagat) and tropical cyclones Luis and Maymay will benefit from a one-month payment moratorium implemented by the Social Housing Finance Corporation (SHFC). The moratorium, equivalent to more than P5.3 million in housing assistance, covers member-beneficiaries from more than 90 community associations in the National Capital Region (NCR), Bulacan, Nueva Ecija, Rizal, and Cavite. Led by President and CEO Federico Laxa, SHFC is an attached agency of the Department of Human Settlements and Urban Development (DHSUD) under Secretary Jose Ramon Aliling, mandated to implement socialized housing initiatives under the Expanded Pambansang Pabahay

para sa Pilipino (4PH) Program. The relief measure is in line with President Ferdinand R. Marcos Jr.’s directive for government agencies to extend assistance to families affected by the recent calamities. It will be in effect from August 6 to September 5, 2026, providing beneficiaries temporary relief from their monthly amortization payments as they recover from the damage caused by the floods and other weather-related incidents. Aliling said the moratorium seeks to ease the financial burden on affected families and give them more time to recover. “Sa panahon ng kalamidad, mahalagang

mabawasan natin ang kanilang mga alalahanin, at ito ang ambag ng DHSUD upang kahit papaano ay makatulong tayo sa pagbangon ng mga biktima ng pagbaha [During times of calamity, it is important that we reduce their worries, and this is DHSUD’s contribution so that we can at least help in the recovery of flood victims],” he said. Laxa, meanwhile, reiterated SHFC’s commitment to standing with communities during times of crisis. “Sa ganitong sitwasyon, mananatiling kaagapay ng komunidad ang SHFC ng ating mga kababayan na labis na naapektuhan upang maibsan natin ang kanilang pag-aalala [In this situation, SHFC will remain by the side of the community of our countrymen who have been severely affected so that we can alleviate their concerns],” he said, emphasizing SHFC’s goal to relieve the financial stress on affected communities. Beneficiaries in covered areas are advised to get in touch with their respective SHFC branch offices for details on how to avail of the moratorium. For more information on SHFC projects and application procedures, the public may visit www.shfc.gov.ph or call (02) 5322-7300.

Beyond a stay: How sampaguita brings Filipino wellness, purpose to the guest experience

Executive Chef Kit Carpio holding dried Sampaguita Flowers

N today’s fast-paced world, finding time to pause has become a luxury. At Savoy Hotel Manila, wellness begins with a simple invitation: slow down, reconnect, and make time to feel restored. Inspired by the calming qualities of the Sampaguita, the Philippines’ national flower, the hotel brings wellness, Filipino culture, and hospitality together through its Sampaguita Brand of Service—creating thoughtful experiences that nurture the body, calm the mind, and uplift the spirit. The Sampaguita Wellness Staycation is designed for Guests

seeking a meaningful pause. From a sampaguita-inspired welcome drink, Granola Bar and Polvoron turndown treat to a calming room scent, sampaguita-inspired dining, and a relaxing sampaguita oil massage, every detail encourages guests to rest, breathe, and reconnect. The experience comes alive through the five senses: taste through sampaguita-inspired dishes, smell through its signature scent, touch through the sampaguita oil massage, sight through the warm smiles and genuine care of associates, and hearing through Filipino music that welcomes guests upon arrival. But the sampaguita experience extends beyond the hotel. Through community partnerships and livelihood initiatives, Savoy supports the cultivation of sampaguita for bouquets, scents, oils, and culinary use, helping support more than 5,000 families through sampaguita-based livelihood programs. This includes the planting of sampaguita seedlings in Pasay City, as well as efforts to plant the national flower in heritage sites and public spaces for future generations. Guests can also become part of this purpose through the Plant a Sampaguita Project. Donations and purchases of the hotel’s Sparky plush help fund the planting of Sampaguita seedlings in public spaces—turning a small act of kindness into a lasting legacy. For Savoy Hotel Manila, wellness is more than taking a break. It is about reconnecting with oneself, Filipino culture, community, and purpose. Reconnect with yourself and experience the soothing essence of sampaguita—where every thoughtful detail is designed to leave you feeling refreshed, restored, and renewed.

Singapore Comic Con 2026 opens ticket sales, unveils Superhero Pack, artist collab merchandise

Collectors and fans can look forward to a specially INGAPORE Comic Con (SGCC), Southeast Asia’s premier curated collection of limited-edition SGCC merchandise, pop culture convention, today announced that tickets for created in collaboration with internationally renowned Singapore Comic Con 2026 are now on sale. comic artists. Returning to Sands Expo & Convention Centre, Level The 2026 collection includes: 1 & Basement 2, from December 4 to 6, 2026, SGCC • Artgerm SGCC Exclusive A5 Notebook promises 2.5 action-packed days celebrating the best of • Lucio Parrillo & Carla Cohen SGCC Exclusive Tote Bag Eastern and Western pop culture, spanning comics, toys, • Peach Momoko or Olivier Coipel Exclusive SGCC T-Shirt cosplay, games and collectibles. • Official SGCC T-Shirts available in two designs This year’s edition introduces an all-new SGCC Available while stocks last! Superhero Pack, offering fans premium access and Singapore Comic Con 2026 is kicking off its guest exclusive collectibles, alongside a brand-new collection announcements with acclaimed comic artists Jeff of artist collaboration merchandise featuring original Dekal and Clayton Crain as the first two confirmed artwork by internationally acclaimed comic artists. Singapore Comic Con 2026 opens ticket sales, unveils Superhero collab merchandise guests. More internationally renowned creators and Families can Pack, also artist enjoy greater accessibility, with free Singapore Comic Con (SGCC), Southeast Asia's premier pop culture convention, today announced that tickets for Singapore artists will be revealed in the months leading up to the admission for children under eight years old, making SGCC Comic Con 2026 are now on sale. event, with exciting announcements to come across an exciting destination for fans of every generation. Returning to Sands Expo & Convention Centre, Level 1 & Basement 2, from December 4 to 6, 2026, SGCC promises 2.5 actionpacked days celebrating best ofseeking Eastern andthe Western pop culture,convention spanning comics, toys, cosplay, gamesofficial and collectibles. SGCC’s channels. Designed forthefans ultimate This year's edition introduces an all-new SGCC Superhero Pack, offering fans premium access and exclusive collectibles,you’re searching for rare collectibles, Whether experience, the SGCC Superhero Pack includes fast-lane alongside a brand-new collection of artist collaboration merchandise featuring original artwork by internationally acclaimed comic artists. Families can also enjoy greater accessibility, with free admission for children under eight years old, making SGCC an meeting your favourite comic artists, discovering access, exclusive merchandise and limited-edition items. exciting destination for fans of every generation. creators, showcasing your latest cosplay, or Check 2026 ticket types andSuperhero theirPack includesindependent Designed for fans out seekingSGCC the ultimate convention experience, the SGCC fast-lane access, exclusive merchandise and limited-edition items. simply spending an unforgettable weekend with family entitlements below: Check out SGCC 2026 ticket types and their entitlements below: and friends, Singapore Comic Con 2026 offers something Ticket Types Entitlement for every fan. SGCC ● Fast Lane Access to Ultimate Preview Night $288 Superhero Pack Access (4 Dec, 5pm–9pm) Tickets are now on sale on Fever: https://feverup. ● 2-Day Fast Lane + Early Access (5–6 Dec, 9.30am–8pm) com/m/704945?thm=16436&thm_force=true ● Superhero Lounge Access ● SGCC Badge & Lanyard ×1 ● Official SGCC T-Shirt ×1 (1 of 2 Designs) Fans are encouraged to secure their preferred ticket ● Exclusive Peach Momoko or Olivier Coipel TShirt ×1 (Random Design) category early, as premium experiences and exclusive ● Artgerm Exclusive A5 Notebook ×1 ● Lucio Parrillo & Carla Cohen Exclusive Tote merchandise are available in limited quantities. Bag ×1 ● Random Power Rangers Postcard x1 More exciting announcements are on the way, ● Comic Variant Cover x1 including internationally renowned guests, exclusive *Limited quantities available while stocks last. exhibitor reveals, cosplay competition registrations, SGCC 2 Day + Includes access to Exclusive Preview Night (on 4th $128 Ultimate Preview Dec, 5pm-9pm) stage programmes and immersive experiences. Stay up to Night Ticket Includes 2-day access (BOTH 5th and 6th Dec) to date by following Singapore Comic Con across its official SGCC 2026 SGCC 1-Day Includes 1-day access (EITHER 5th or 6th Dec) to $38 social media channels and subscribing to updates on the Ticket SGCC 2026 from 10.30am - 8pm SGCC website as more details are revealed in the months leading up to the event. SGCC 1-Day Includes 1-day access to SGCC (EITHER 5th or 6th $48 Ticket + Early Access

Dec) to SGCC 2026

SGCC 2-Day Ticket

Includes 2-day access (BOTH 5th and 6th Dec) to SGCC 2026 from 10.30am - 8pm

$68

Ultimate Preview Night Ticket (Available as add-on)

Entry to SGCC's Ultimate Preview Night on 4th Dec ONLY from 5pm - 9pm

$78

1 hour early access into SGCC halls (EITHER 5th or 6th Dec) to SGCC 2026

Collectors and fans can look forward to a specially curated collection of limited-edition SGCC merchandise, created in collaboration with internationally renowned comic artists. The 2026 collection includes: ● Artgerm SGCC Exclusive A5 Notebook ● Lucio Parrillo & Carla Cohen SGCC Exclusive Tote Bag ● Peach Momoko or Olivier Coipel Exclusive SGCC T-Shirt ● Official SGCC T-Shirts available in two designs Available while stocks last!

We Hope Medical Group to open free chemotherapy center in Valenzuela

E Hope Medical group is preparing to open its first Free Chemotherapy Center in Valenzuela City, a landmark initiative aimed at expanding access to life‑saving cancer treatment for residents. Mayor Wes Gatchalian visited the facility recently to inspect ongoing preparations and meet with the We Hope Medical Group leadership. Located within the city’s growing health services hub, We Hope Valenzuela Chemotherapy Center is designed to provide free chemotherapy sessions, medical consultations, and patient support services for Valenzuela residents diagnosed with cancer. This private initiative is aligned with the city’s commitment to strengthen public health programs and reduce the financial burden faced by families undergoing longterm treatment. During his visit, Gatchalian met with the medical team, staff, and clinic manager overseeing the final stages of setup. He emphasized the city’s goal of making cancer care accessible, compassionate, and community-centered. “Cancer treatment should never be out of reach for any Valenzuelano. This center is a promise that the city will stand with every patient and every family fighting this battle,” Gatchalian said during the inspection. The facility is currently undergoing final compliance requirements, staff training, and safety checks. Once operational, it will offer: Free chemotherapy sessions for eligible residents On-site oncologists and specialized nurses Patient navigation and counseling services

Laboratory and diagnostics Despite the passage of the National Integrated Cancer Control Act (NICCA), many patients continue to struggle with late diagnosis, limited access to specialized care, and high out‑of‑pocket expenses. Chemotherapy alone can cost up to P120,000 per cycle, with total treatment reaching P5 million or more, pushing families into debt, asset liquidation, or treatment abandonment. With thousands of patients delaying or abandoning treatment due to cost, We Hope Medical Group is here to operate specialized medical facilities and programs that make treatments accessible, affordable, and sustainable. This is made possible through strong partnerships with local government units, the national government, and communities. “Our mission is simple but powerful. No Filipino should ever have to choose between financial survival and life-saving cancer treatment,” Dr. John Paul Aclan DBA. We Hope Medical Group proudly highlights the visionary leadership of the Chairman and CEO, whose bold vision and unwavering commitment to accessible healthcare have redefined cancer care for Filipino families. We Hope Medical Group believes that every Filipino deserves access to quality healthcare. The organization’s rapid growth reflects a deep commitment to public health innovation, community partnership, and sustainable healthcare delivery. By targeting 100 operational centers by year-end, We Hope Medical Group is setting a new national standard— one where compassion meets innovation, and where healthcare systems are built around the needs of the people.

Secure Connection announces launch of Honeywell-licensed products in PHL Mayor Wes Gatchalian being interviewed by Bon Delos Reyes, a Health Vlogger inside the treatment area of the Chemotherapy Center.

Valenzuela Mayor Wes Gatchalian with Patrick Bonales Head of Corporate Communications and guests.

ECURE Connection Ltd., the Hong Kong-based electronic product manufacturer, announced its strategic expansion into the Philippines market with its wide range of Honeywell-licensed products. Secure Connection is an authorized licensee for Honeywell International Inc. and has sole rights to manufacture, market, sell and support a wide range of licensed products in Southeast Asia, South Asia, the Middle East, and Africa. Our licensed categories in the Philippines include Home and Personal Audio products, Mobile & IT accessories, and Structured Cabling Systems. Mohit Anand, CEO, Secure Connection Limited, shared insights on the significance of this market expansion, stating, “The Philippines presents an exciting opportunity for us. The Philippines is known for its vibrant economy and dynamic consumer landscape and presents tremendous opportunities for our Honeywell-licensed product range. We are confident and excited about this launch and look forward to delighting Filipino consumers with our comprehensive product offerings. Our entry into this key market has been further strengthened by our strategic partnership with Goldtech International Distributors, Inc., one of the Philippines’ premier technology product companies, appointed as our official distributor.” This partnership is testament to the huge potential for Honeywell-licensed products in the Philippines market.

The Philippines distributor and Secure Connection have articulated a shared vision and commitment to deliver exceptional consumer experiences to consumers who use Honeywell-licensed products. This move represents a noteworthy step for Secure Connection’s global growth plans by exemplifying its dedication to pursuing new prospects and business opportunities. Secure Connection is committed to the Philippines market and is demonstrating this by investing resources to help create a robust business and footprint across the country. Secure Connection boasts of a rich legacy of more than 30 years of delivering best-in-class products and breakthrough innovations in consumer technology products, Air Purifiers, Home & Personal Audio products, Mobile & IT accessories and Structured Cabling Systems spread across global markets. Secure Connection has emerged as a global leader with a wealth of expertise in building brands, creating consumer loyalty, and delivering a rich experience that enriches a consumer’s digital lifestyle. For more information, please visit www. honeywellconnection.com. The Honeywell trademark is used under license from Honeywell International Inc. Honeywell International Inc. makes no representations or warranties with respect to these products. These products are manufactured by Secure Connection Limited, Hong Kong.

Motoring BusinessMirror

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

www.businessmirror.com.ph

➊

Editor: Tet Andolong • Friday, August 14, 2026

➋

BYD expands lineup with All-New Atto 2, rolls out New Seal 5 DM-i By Randy S. Peregrino

YD Cars Philippines has expanded its lineup of electrified vehicles with the launch of the All-New Atto 2 in DM-i and EV versions, while simultaneously rolling out the updated Seal 5 DM‑I, marking another step forward to bring sustainable mobility. The addition of these two Atto 2 versions reflects the brand’s intent to offer practical choices across different segments, whether for families, professionals, or businesses seeking to modernize their fleets. The Seal 5 DM‑i enters as a refined sedan built on plug‑in hybrid technology, combining efficiency with everyday usability. Meanwhile, the All-New Atto 2 arrives as a versatile SUV, available in both pure electric and hybrid variants, designed to lower barriers to ownership and make the switch to electrified driving more attainable. Together, these models strengthen BYD’s growing portfolio of New Energy Vehicles.

ATTO 2 EV

THE Atto 2 EV stands as BYD’s most accessible full battery electric SUV, expanding the brand’s electrified lineup with a model that blends everyday usability and modern design. Beneath its clean, compact form lies a front‑wheel‑drive system powered by a permanent‑magnet synchronous motor that produces 174 horsepower and 290 N-m of torque. Energy comes from BYD’s trusted Blade Battery (Lithium Iron

Phosphate) with a 45-kWh capacity. This setup delivers up to 380 kilometers of pure electric range on the NEDC cycle. From the outside, the Atto 2 EV carries a youthful SUV stance with balanced proportions, a bold front fascia, and aerodynamic lines that give it a confident yet approachable look. LED headlamps, daytime running lights, and side‑mirror‑integrated turn lamps complete its contemporary styling. Inside, the cabin emphasizes comfort and connectivity. A 12.8‑inch rotating touchscreen infotainment system anchors the dashboard, paired with seamless smartphone integration via Apple CarPlay and Android Auto. The interior layout is straightforward and functional, with supportive seating, multiple charging ports, and thoughtful storage spaces that suit Filipino families and professionals alike. Safety and visibility are central to the Atto 2 EV’s design. It comes equipped with six parking sensors and a 360‑degree see‑through mode camera system, giving drivers a clear view of their surroundings and added confidence in tight spaces. Multiple airbags, electronic stability control, and advanced braking technologies further enhance protection across varied driving conditions. A highlight feature is its Vehicle‑to‑Load (V2L) capability, allowing owners to power external electronics, appliances, or equipment directly from the vehicle. Pricing begins at ₱1.338 million, effective September 1, 2026. Ownership

is supported by an 8‑year Drive Unit warranty, a 6‑year/160,000 km bumper‑to‑bumper coverage, and an 8‑year/160,000 km Blade Battery warranty. With its grounded design, proven powertrain, and dependable safety systems, the Atto 2 EV stands as a confident step into full electric mobility.

ATTO 2 DM-I

FOR those seeking flexibility, the Atto 2 DM‑i comes in Dynamic and Premium variants, both built on BYD’s Super DM‑i plug‑in hybrid system. Each combines a 1.5‑liter high‑efficiency gasoline engine with an electric motor powered by a 7.9-kWh Blade Battery (Lithium Iron Phosphate). The system delivers a balanced output of 162 hp and 300 N-m of torque. With up to 45 km of electric‑only range and a combined range of 1,340 km certified by the Automobile Association Philippines, the Atto 2 DM‑i offers the practicality of a hybrid with the efficiency of an EV. Visually, the DM‑i variants distinguish themselves from the EV model through subtle exterior cues. Both feature LED headlamps, daytime running lights, and side‑mirror‑integrated turn lamps, but the DM‑i lineup carries its own color palette—Midnight Blue, Ski White, Harbour Grey, and Cosmos Black—and rides on 215/60 R17 alloy wheels. The Premium variant adds power‑folding side mirrors and a 360‑degree see‑through mode camera system with six parking sensors, enhancing visibility and maneuverability in tight spaces.

Inside, the Dynamic variant offers a 10.1‑inch touchscreen infotainment system with smartphone connectivity and fabric upholstery, while the Premium steps up with leather seats, a 12.8‑inch display, and DiPilot ADAS, BYD’s advanced driver‑assistance suite featuring adaptive cruise control, lane‑keeping assist, and automatic emergency braking. Both share the same smart‑first SUV DNA—comfortable seating, multiple USB ports, and practical storage—built for everyday use. Pricing starts at ₱1.048 million for the Dynamic and ₱1.258 million for the Premium, effective September 1, 2026. Each variant includes an 8‑year Drive Unit warranty, 6‑year/160,000 km bumper‑to‑bumper coverage, and 8‑year/160,000 km Blade Battery warranty, ensuring long‑term reliability for Filipino motorists.

SEAL 5 DM-I

THE facelifted Seal 5 DM‑i builds on the success of its predecessor, now offered in Essential and Dynamic variants. At its core is BYD’s fifth‑generation Super DM‑i plug‑in hybrid system, combining a 1.5‑liter high‑efficiency gasoline engine with an electric motor powered by BYD’s 7.42 kWh Blade Battery (Lithium Iron Phosphate), generating 160 hp and 210 N-m of torque. Both variants deliver up to 55 kilometers of pure electric range, with the hybrid system seamlessly taking over for longer journeys. Together, the setup provides a combined driving range of

up to 1,600 kilometers, making the Seal 5 DM‑i a practical sedan for both city commutes and extended travel. On the outside, the Seal 5 DM‑i presents a refined sedan silhouette with sharper lines, a reworked front fascia, and LED lighting signatures that highlight its modern character. The Dynamic variant adds sportier alloy wheels and chrome detailing, distinguishing it from the Essential. Inside, both variants feature an 8.8‑inch digital cluster and a 10.1‑inch infotainment system with Apple CarPlay and Android Auto. Automatic climate control with rear vents, multiple USB ports, and a spacious 522‑liter trunk expandable to 1,295 liters with folded seats emphasize everyday usability. Safety and driver confidence are enhanced with Cruise Control, TPMS, rear parking sensors, Vehicle Dynamic Control, Hill Hold Control, Automatic Vehicle Hold, and multiple airbags. Both variants also integrate BYD’s DiPilot driver‑assistance system, offering adaptive cruise control, lane‑keeping assist, and collision mitigation features— technology that elevates the Seal 5 DM‑i beyond conventional sedans. Pricing begins at ₱948,000 for the Essential and ₱1.048 million for the Dynamic, effective September 1, 2026. Each unit includes an 8‑year Drive Unit warranty, 6‑year/160,000 km bumper‑to‑bumper coverage, and 8‑year/160,000 km Blade Battery warranty, underscoring BYD’s commitment to long‑term reliability.

8th Lexus ES launch draws a jam-packed crowd EVERY car launch is a momentous event as it resembles the coming of a new-born baby. The recent unveiling of the eighth generation Lexus ES was no exception. Brilliantly emceed by the famed Issa Litton, the occasion immediately became the talk of the town as avid car enthusiasts packed the Lexus Gallery Manila for a look-see of the iconic Lexus flagship. And to give you a ringside view of the spectacle, it is my honor to print here the speech of Alfred V. Ty, the always dapper chairman of both Lexus Philippines and Toyota Motor Philippines (TMP). Here: “The Lexus ES has been in the Philippines since Lexus arrived 17 years ago, and today, we are bringing to you the 8th generation of this iconic model. “Your new ES delivers the most evocative and expansive change ever. It combines a redesigned exterior, a more spacious cabin and a renewed platform and powertrain. “An extended wheelbase, along with improvements to the body and chassis, elevates ride comfort, handling stability and interior space, ensuring that ES transforms itself while staying true to its heritage. “The all-new ES is the ultimate executive sedan that provides an unparalleled passenger experience, quiet, comfort, big leg room while also offering thrilling driving moments when you are behind the wheel. “Most of all, the all-new ES will now come with both the hybrid electric power train and, yes, a full battery electric variant.

DOWNTREND

“LAST year, the Philippine economy experienced a downtrend as an off-shoot of the infrastructure irregularities and extraordinary natural disasters in the second half of the year. This

slowing of economic activity carried forward to 2026. “Matters took a turn for the worse when the war started between the USA and Iran and a fuel crisis was declared. The local—and global—economy went into a tailspin. “While the deceleration of GDP reflected the general decline in economic sentiment, the negative impact was more immediately felt by banks, malls, restaurants and hotels even on the first month of the war. “Fuel pump prices rose to record highs. The automotive market dropped in March then experienced an even more significant decline in April.

RECOVERY

“HOWEVER, the market has started to show signs of an early recovery in May, June and July. It might be too soon to claim a recovery, but it appears that the market is hopefully heading in the right direction. “In light of the economic challenges, a surge in demand for new energy vehicles has been a silver lining. It is clear

that electrified mobility is real. Toyota/Lexus prides itself in pioneering the transition to EVs going back to 1997 with the global launch of the Toyota Prius. “Since then, Toyota and Lexus have sold approximately 27 million electrified vehicles worldwide—far more than any other automaker. (This has resulted in a cumulative reduction of 197 million tons of CO2.)

April. In June, this rose even higher by another 10 percent versus May.] “This fuel crisis has proven that there is a continued strong demand for xEV and ICE-driven models. This makes our multi-pathway approach to carbon neutrality more relevant.

MOST PREFERRED

“JUST last Monday, August 3, Toyota Motor Philippines celebrated its 38th year of partnership with the Philippines towards nation building. “Last year’s 229,000 unit sales contributed 45 billion pesos in taxes to the government and another 19 billion pesos in 2026, so far. This year, Toyota and Lexus will breach the three million mark in cumulative sales from 1989. This is a humbling testament to our commitment to our relentless pursuit of perfection and to our winning the smiles of Filipinos, one Filipino at a time. We sincerely thank you for your past and continuing trust. “As we welcome our newest Lexus ES, I invite you all to experience its unmatched performance and comfort. “Thank you for joining us this evening. Please enjoy. This is your home.”

“IN the Philippines, Lexus has been the most preferred luxury brand. In fact, last year, thanks to your most valued support, Lexus Philippines was recognized as having the highest market share in the Asean region. “We remain committed to building automobiles that deliver unmatched comfort, durability and driving pleasure. As well, we continue to craft ownership experiences that are based on the highest levels of “omotenashi” in the world. “It has been 15 years since Lexus Japan first introduced the technology of the hybrid engine and combining with the renowned quiet comfort and proven durability. “Since then, our offering of Lexus HEV models has increased to 9 with a total of 19 variants. Aside from today’s ES, Lexus also offers two full battery electric vehicles.

14,200 UNITS

“CUMULATIVE sales of Lexus in the Philippines from 17 years ago has reached almost 14,200 units of which almost half are xEVs. In fact, for the first half of this year, 93 percent of our Lexus sales are electrified. “The recovery of auto sales was also driven by a return of demand for Internal Combustion Engine vehicles. [In May, sales of ICE vehicles rose by 32 percent from the lows of

38TH YEAR

PEE STOP The next Toyota Gazoo Racing Philippine Cup is set on August 15 in Rosario, Batangas, before the event goes back to Clark in Angeles, Pampanga, possibly on September 12. As usual, the events are free to the public...Yayee Tobia sends her birthday greetings to MTRCB board members Miray Muhlach (August 8), Atty. Cesar Pareja (August 21) and Gelo Jamias (August 24). Belated birthday greetings also to BM KitaKeats Musngi (July 24). Cheers!

➊ THE New

BYD Seal 5 DM-i introduces a refreshed design.

PHOTOS BY BYD PHILIPPINES

➋ THE All-New BYD Atto 2 DM-I and EV versions.

Friday, August 14, 2026

www.businessmirror.com.ph

Nonstop rains severely affect 3,637 barangays–NDRRMC By Jonathan L. Mayuga @jonlmayuga

HE nonstop rains brought about by two successive storms and the prevailing southwest monsoon have affected a total of 3,637 barangays in Luzon, the National Disaster Risk Reduction and Management Council (NDRRMC) said. Record-high rainfall was observed in various parts of Luzon, submerging communities in floodwater, triggering flashfloods and rain-induced landslides, claiming the lives of 15 people in Benguet, Rizal, and Batangas province, where deaths were recorded due to landslides and floods. NDRRMC reported 21 confirmed dead, while 14 others were injured because of the combined effects of tropical cyclones Luis and Maymay, and the southwest monsoon or habagat. The NDRRMC said search and rescue operations are ongoing for three other missing persons in Pangasinan, Batangas, and Quezon. The inclement weather began in early August with Tropical Cyclone Luis entering the Philippine Area of Responsibility as early as August 3. So far, over one million families or 3.7 million people were affected in Luzon, including the National Capital Region (NCR).

The NDRRMC said more evacuation centers are being put up to accommodate more people who were forced to evacuate their homes due to flooding. A total of 15,017 families or 53,570 people are being provided with food and medical care in 553 different evacuation centers. The NDRRMC said a total of 1,339 houses were damaged by flood or landslide. The damage to public and private infrastructure has reached P2.64 billion, while damage to agriculture is pegged at P347.3 million. Various government agencies are currently providing help to affected communities, with the cost of assistance reaching P458 million as of Thursday morning, the NDRRMC reported.

Pagcor sends aid

THE Philippine Amusement and Gaming Corp. (Pagcor) has released an initial Php65.60 million in food and non-food assistance to communities in Luzon and Metro Manila affected by Tropical Cyclones Luis and Maymay and the enhanced southwest monsoon or habagat. The assistance came in the form of 47,192 relief items consisting of 23,596 food packs worth P28.91 million and 23,596 non-food packs See “NDRRMC,” A5

Lacson seeks additional AFP-developed drone system on testing stage year of service for cops, T firefighters, jailguards

ETERAN police officers, firefighters, and jail personnel may soon get an additional year in government service under proposals seeking to retain experienced uniformed personnel longer and give them more time to pass on their expertise to younger officers.

Sen. Panfilo Lacson said on Thursday that he filed Senate Bills 2395 and 2396, proposing to raise the compulsory retirement age of uniformed personnel of the National Police (PNP), Bureau of Fire Protection (BFP), and Bureau of Jail Management and Penology (BJMP) from 56 to 57. “This bill [SB 2395], which seeks to increase the retirement age of the members of the PNP to 57 years old, intends to give

the PNP leadership more time to implement their intended institutional reforms and for the institution to maximize the years’ worth of knowledge and skills of their personnel,” Lacson said in a news release. For the BJMP and BFP, Lacson said keeping senior officers in service for another year would allow the bureaus to further benefit from their “expertise, leadership, and institutional knowledge”

while providing more time to impart these to younger officers. T he proposed adju st ment would also align the compulsory retirement age of the three uniformed services with that of members of the Armed Forces (AFP). Lacson, who served as PNP chief from 1999 to 2001, noted that the police force has 230,410 uniformed personnel, while the BJMP and BFP have 26,000 and 41,286 personnel, respectively. SB 2395 provides that PNP personnel who have less than one year in the service upon the measure’s effectivity may opt to retire at 56 and still be considered compulsorily retired. The incumbent PNP chief, however, would continue to be compulsorily retired at age 56. Under SB 2396, an officer of the BJMP or BFP with the rank of chief superintendent, director, or deputy director general may be retained in the service for an unextendible period of one year. Butch Fernandez with PNA

HE Armed Forces (AFP) has moved portions of its drone development program into the testing stage, with plans to eventually integrate unmanned systems being developed across the military services. Gen. Antonio Nafarrete, Armed Forces chief of staff, disclosed the progress Thursday during the Commission on Appointments’ deliberation on his ad interim appointment, as lawmakers explored how the military could strengthen its capabilities for modern warfare. “Meron po, sir. Meron. But this is being tested (We have some, sir. But these are being tested),” he told Sen. Panfilo Lacson when asked whether the AFP already had practical drone capabilities beyond research and development. Nafarrete said research and development efforts are being undertaken both at the AFP General Headquarters and by the major services, with the military working toward bringing the separate initiatives under an integrated system. See “AFP,” A5

DAR gets newly-renovated building

AGRARIAN Reform Secretary Conrado Estrella III (in Barong) leads the ribbon cutting ceremony for the newly-renovated building named after his grandfather, Conrado Estrella Sr., who headed the DAR at its inception. Photo below shows the newly renovated Conrado F. Estrella Sr. Building. DAR

HE Department of Public Works and Highways (DPWH) turned over on Tuesday the newly renovated Secretary Conrado F. Estrella Sr. Building to the Department of Agrarian Reform (DAR) in Quezon City. In a statement, the DAR said the turnover of the modern-

ized building marks another step in the agency’s efforts to strengthen its capacity to deliver better services to agrarian reform beneficiaries. Formerly known as the Foreign-Assisted Special Projects Office (Faspo) Building, the facility was named after Conrado F. Estrella Sr., the the first

Secretar y of Agrarian Reform, who ser ved from 1971 to 1986 u nd e r P re s id e nt Fe rd i n a nd Marcos Sr. Minister Estrella Sr. was the grandfather of current Agrarian Reform Secretary Conrado M. Estrella III, adding a generational See “DAR,” A5