recovery of the country’s current account balance could be made more difficult given global headwinds, according to United Kingdom-based think tank.
In its latest economic note,
a Fitch Solutions Company, noted that the country’s current account deficit widened to 3.7 percent of GDP in the first quarter 2025 from the 1.9 percent in the same period last year. BMI said this current account deficit is expected to continue in the medium term. The deficit is projected to average 2.8 percent of GDP in the next three years, significantly faster than the 0.4-percent average between 2015 and 2019.
“The Philippine external sector is set to come under pressure over the medium term as global trade headwinds mount. Consequently, we are forecasting wider current account deficits over the medium term compared to its historical average,” BMI said.
“We now expect the Philippines’s external position to deteriorate as trade
By Malou Talosig-Bartolome
HAINAN, China—China is set to transform Hainan into its first official free trade port (FTP), granting the southernmost island province greater autonomy over trade and investment policies.
“The Hainan FTP will officially commence island-wide customs operations on December 18 this year,” said Wang Bin, member of the Standing Committee of the Hainan Provincial Party Committee and Minister of the Publicity Department, during a briefing with Asean journalists.
By Cai U. Ordinario @caiordinario
TWO years after the Public Private Partnership (PPP) law was enacted, the government has yet to create a risk management fund (RMF) for the payment of contingent liabilities arising from PPP projects.
PPP Center Deputy Executive Director Eleazar Ricote recently told reporters that the fund is still being crafted, consistent with the provisions of the PPP Law.
Under Section 27 of Republic Act No. 11966 or the Public-Private Partnership (PPP) Code of the Philippines, the government
institutionalized the creation of the RMF, which will be managed by the PPP Center.
“I don’t have the exact timeline [on when it will be set up], but I know it’s being put together, yes,” Ricote told reporters. “”Hopefully no [project will need it].”
Under the law, the PPP RMF will be financed by general appropriations; income from existing PPP Projects; and other sources as may be determined by the Development Budget Coordination Committee (DBCC).
The law stated that the PPP Center and the Inter-Agency Technical Working Group will draft the guidelines for the management of
Contingent Liabilities from PPPs that will be subject to approval by the DBCC.
“The Inter-Agency Technical Working Group on Contingent Liabilities created under the DBCC Resolution No. 2015-2 is hereby institutionalized,” the law stated.
Contingent liabilities include but are not limited to government guarantees extended by the national government and stateowned enterprises when undertaking projects and programs with development partners, including private firms.
Based on the Fiscal Risks Statement 2025, a total of 47 PPP contracts are being monitored and
have a combined project cost, the estimated cost at project approval, of P1.84 trillion. The DBCC report also said 37 out of the 47 PPP contracts have a total foreseeable and definite liabilities amounting to at least P406.3 billion over the life of the contracts. “The P0.03-billion increase from the previous report is due to the addition of information on approved variation works, recently submitted by the IAs to the PPP Center. Of the total amount of foreseeable and definite liabilities, at least P171.41 billion has been confirmed paid,” the report stated.
BY DEC
This marks China’s first official free trade port, distinct from Hong Kong, which operates like a free port but lacks formal designation. Unlike China’s existing free trade zones in Shanghai, Fujian, Chongqing and Beijing—where the Communist Party maintains strict oversight—Hainan’s FTP status allows for more liberalized policies. Key features include: Zero tariffs on imported goods for production A low-tax regime with simplified systems
By Reine Juvierre S. Alberto @reine_alberto
THE country’s insurance industry continued to post higher profits as of the second quarter of this year, driven by higher premiums that also improved insurance penetration.
Latest data from the Insurance Commission (IC) showed total net income of the insurance industry grew to P28.78 billion as of the second quarter of 2025.
Earnings of life and non-life insurers, including mutual benefit associations (MBAs), increased by 3.62 percent from P27.77 billion in the same period a year ago.
This comes after total premiums paid amounted to P242.84 billion, up by 12.98 percent year-on-year from P214.94
FLOODED WITH QUESTIONS An unfinished section of
Apart from widening the deficit, returning the funds would affect the country’s credit ratings, which keeps borrowing costs low for the country and indicates strong investor confidence, Recto said.
In 2024, the Philippines received its credit rating upgrade of A minus from the Rating and Investment Information, Inc. and an outlook upgrade to Positive from Standard and Poor.
Fitch Ratings affirmed the Philippines’s “BBB” credit rating with ‘Stable’ outlook, while the Japan Credit Rating Agency, Ltd. affirmed its high “A-” credit rating and stable outlook this year.
“If we are to comply, we do it in the succeeding year’s budget,” Recto said.
To recall, the DOF issued Memorandum Circular No. 003-2024 in July 2024, ordering PhilHealth and PDIC to remit P89.9 billion and P110 billion, respectively, to the National Treasury.
The Supreme Court issued a temporary restraining order to stop the transfer, leaving PhilHealth remitting P60 billion and P107.3 billion from PDIC.
The DOF defended the move by saying the funds will be used for health, social services and infrastructure projects under unprogrammed appropriations (UA) in the 2024 General Appropriations Act (GAA) amounting to P203.1 billion.
Labor groups back 14th mo, but wage hike non-negotiable
By Justine Xyrah Garcia
LABORgroups on Monday welcomed a Senate proposal seeking to institutionalize a 14th month pay for workers in the private sector, but said the measure should not divert attention from the more urgent call for a legislated wage hike.
The Federation of Free Workers (FFW) backed Senate Minority Leader Vicente “Tito” Sotto III’s bill that would add another month’s pay on top of the 13th month already mandated under Presidential Decree No. 851.
FFW President Sonny Matula described the initiative as a “long overdue response” to the continuing rise in the cost of living.
“Workers across both private and public sectors deserve this reform,” Matula said.
Under the measure, the 13th month pay must be released by June 14 to help families with school expenses, while the 14th month pay should be distributed by December 24 to ease holiday and year-end costs. (Related: https://businessmirror.com.
The bill covers all non-government rank-and-file employees, household workers under the Kasambahay Law, and others already entitled to 13th month pay, provided they have worked at least one month during the year.
Distressed companies, non-profit institutions suffering from major income declines, and employers already granting a 14th month or its equivalent would be exempted.
Sotto said these exemptions are necessary so that the measure will not “burden struggling businesses as they are equally important for our economy.”
Matula, however, urged lawmakers to ensure exemptions are time-bound, valid only for one year and renewable upon proof of continuing hardship.
“This ensures struggling firms are not unduly burdened while preventing abuse of the exemption system,” the labor leader added.
Push for wage hike
DESPITE backing the measure, Matula stressed that the group’s campaign for an across-the-board P200 daily wage hike remains “urgent and non-negotiable.”
He said bonuses like the 13th and 14th month pay provide short-term relief but cannot replace the Constitutionally guaranteed right to a living wage.
Meanwhile, Sentro ng mga Nagkakaisa at Progresibong Manggagawa (Sentro) SecretaryGeneral Josua Mata echoed similar concerns.
Mata said that while the proposed 14th month pay is welcome, its impact may still be limited unless coupled with a meaningful
To help…
in the trade of local produce are still bearing the brunt of high prices of local ingredients due to the presence of “a lot of middlemen.”
“I really hope the government would support that [localization]. Because in the long run, it’s going to benefit our economy. Just imagine, we won’t be reliant on importation,” Morales told the BusinessMirror on the sidelines of Breville’s Project Pizza Masterclass on Sunday in Taguig City.
Morales told this newspaper that the ratio of local against foreign restaurants is now split at “50-50.”
For instance, he said Bo’s coffee, a homegrown coffee chain, is continuously expanding and is even trying to compete with Seattle-based coffee chain Starbucks, which has already put up 400 stores in the Philippines.
With the ratio split between local and foreign restaurant players, the Filipino chef pointed out the need to address supply chain woes in the country.
“Because again...[food in] restaurants are expensive in the
wage hike.
“Of course—forcing through a legislated 14th-month pay, as Senator Sotto proposes, would be a welcome relief for Filipino workers—but only if it comes in addition to a substantive, legislated increase in the minimum wage,” he added.
Mata also said that while an additional payout may help families during tuition season or the holidays, it cannot offset the long-term erosion of purchasing power.
The wage hike bill died in the 19th Congress after the Senate and House of Representatives failed to convene a bicameral conference committee to reconcile their versions of the measure before their adjournment sine die on June 11.
Both chambers passed on third and final reading their respective nationwide wage hike bills for all minimum wage earners—the House approved a P200 increase in early June 2025, while the Senate passed a P100 hike in February 2024.
Philippines compared to other countries, because our ingredients are mostly imported. Second, in Agriculture, it’s an open secret that there’s a lot of middlemen in the vegetable suppliers, so definitely prices go up,” the local chef told this paper.
“So if we can streamline that process, if we can support the farmers, then they can provide cheaper supply, that would be helpful,” added Morales.
The Filipino chef and the owner of local pizza chain Pomodoro Pizza said restaurant prices go down if there are cheaper alternatives.
Philippine Statistics Authority (PSA) showed that on the demand side, Household final consumption expenditure (HFCE) grew year-on-year by 5.5 percent in the second quarter of 2025, higher than the 4.8 percent posted in the same quarter in the previous year.
The top five contributors to HFCE growth in the second quarter of 2025 were Transport, 11.2 percent; Education, 9.7 percent; Restaurants and hotels, 7.4 percent; Food and non-alcoholic beverages, 5.7 percent; Miscellaneous goods and services, 4.3 percent. Andrea E. San Juan
Airport
• Sanya Phoenix International Airport
• Cruise terminals
Corporate and personal income tax capped at 15 percent
These incentives aim to attract foreign investors and high-income professionals to set up businesses in Hainan.
Asean: Strategic trade partner
HAINAN is positioning itself as a hub for Asean trade and investment, leveraging its geographic proximity and existing economic ties.
“Asean has been Hainan’s largest trading partner for several consecutive years,” Wang said. In 2021, trade reached 30 billion RMB. By 2024, it grew to 57.91 billion RMB.
To support tourism and business travel, Hainan offers 30-day visa-free entry to citizens of 68 countries, including the Philippines, Brunei, Singapore, Malaysia, Thailand, and Indonesia.
However, the visa-free policy currently applies only to travelers entering through designated ports: Haikou Meilan International
fragmentation and its knock-on effects on global demand will weigh heavily on exports,” it added. BMI also traced the dim outlook on the current account position to the weakness of export earnings, the softness of the services sector, and possible slowdown in remittances. The think tank said the country’s export earnings may slow down due to the weakness of the United States economy and the property downturn in China.
The think tank said the US accounts for 16 percent of Philippine exports while China is the country’s top import source and one of its largest export markets.
US GDP may slow down to 1.7 percent this year from the growth of 2.8 percent in 2024, while China’s GDP may slow down to 4.8 percent in 2025 and 4.2 percent in 2026 from 5 percent in 2024.
“Beyond the two economic giants, the global trade landscape is clouded by a rise in US tariffs, which we think will impact the global economy more negatively in the coming years,” BMI said.
Meanwhile, BMI noted that one of the country’s top dollar earners in the services sector, the Business Process Outsourcing (BPO) industry, may also face challenges this year. The country’s BPO sector has a 15-percent global market share in these services and accounts for 7.5 percent of the country’s GDP, per BMI.
Apart from services, BMI also noted that remittances could also slow due to dim economic conditions in migrant host countries.
“Using a weighted average of nominal GDP growth across the top five remittance sources—the US [40 percent], Singapore [7 percent], Saudi Arabia [6.2 percent], Japan [5 percent] and the UK [4.7 percent]—we anticipate softer remittance growth in 2025 compared to 2024,” BMI said.
In a presentation on Monday, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Zeno Ronald Abenoja shared the components of the current account.
“We are on more solid footing, but global trade tensions and geopolitical uncertainties could pose challenges ahead,” Abenoja said in his presentation at the briefing of the DBCC at the House of Representatives. “BSP will stay vigilant and promote stability that fosters sustainable and inclusive growth.”
Based on the latest data, Abenoja said the goods or merchandise trade deficit was at 14.8 percent of GDP as of the first quarter of 2025; services was at 2.9 percent of GDP while income accounted for 8.2 percent of GDP.
There are no direct flights yet between the Philippines and Hainan.
“With relaxed entry policies, visa-free access has become the primary means for foreigners to enter Hainan,” Wang added.
Xi Jinping’s vision for reform
WANG emphasized that the Hainan FTP is a “major strategic initiative of reform and opening up in the new era, personally planned and promoted by President Xi Jinping.”
“As a hallmark of China’s reform and opening up, the Hainan FTP has become a new frontier for global engagement, a hotspot for regional cooperation, and a new engine driving economic globalization,” he said.
Editor’s Note: The Hainan provincial government, in partnership with China Media Group, invited 29 journalists from Asean to explore the cities of Sanya, Lingshui, Wanning, and Qionghai. BusinessMirror and AliwTV represented the Philippines.
Further, the BSP said the country’s overall deficit reached $5.6 billion in the January to June 2025 period, a reversal from the $1.4-billion surplus in the same period last year. However, BSP said goods exports are expected to contract 2.5 percent this year and recover to a 2-percent growth in 2026. Imports, meanwhile, are expected to average 3.5 percent in 2025 and 4 percent next year. As of July 2025, the country’s Gross International Reserves reached $105.7 billion. This represents an import cover of 7.2 months and covers 3.4 times the country’s short-term external debt based on residual maturity.
Continued from A1
The report said the RFM can be used to negotiate better financing terms for PPP Projects and be tapped by Implementing Agencies for the payment of contingent liabilities. The PPP Center anticipates the expanded scope in monitoring contingent liabilities, which includes local projects as well as possible additional initiatives on local PPP fiscal management. Further, new/additional policies on the treatment of contingent liabilities, structuring contingent liabilities in PPPs, and improving risk mitigation measures are also anticipated.
Legislator seeks ₧74.43-B more for NHIP
By Jovee Marie N. dela Cruz @joveemarie
ALEADER of the House of Representa -
tives has filed a measure seeking to appropriate P74.43 billion as supplemental funds for Fiscal Year 2025 to ensure the uninterrupted and expanded delivery of health services under the National Health Insurance Program (NHIP).
Deputy Majority Leader Julienne “Jam” Baronda filed House Bill 3733 to strengthen Republic Act 11223, or the Universal Health Care (UHC) Act, which guarantees all Filipinos equitable access to quality and affordable health care services.
“Given the growing population, inflationary pressures on medical costs, and the expansion of benefit packages, there is a pressing need for additional resources to sustain and enhance PhilHealth coverage,” Baronda, who represents Iloilo, said.
Under the proposed measure, the P74.43-billion supplemental appropriations will be distributed to key health programs. A total of P53.13 billion will go to the payment of health insurance premiums of indirect contributors and their qualified dependents, including indigents, senior citizens, unemployed persons with disabilities, and financially incapable point-of-service patients.
Meanwhile, P21.17 billion will be allocated to improve benefit packages under the Universal Health Care (UHC) Law. This will cover expanded dialysis sessions, mental health outpatient services, improved Z-benefits, treatment for severe acute malnutrition, rationalized medical procedures, and comprehensive outpatient care such as free consultations, diagnostics, medicines, and emergency medical services.
See “NHIP,” A11
DOJ looking for Santiago’s replacement
TBusiness, private sector groups urge SC to reconsider impeachment ruling
FBy Andrea San Juan @andreasanjuan
OUR business and private sec-
tor groups are urging the Supreme Court to reconsider its decision on the impeachment case of Vice President Sara Duterte, saying that the ruling “sends a dangerous signal” that abuse of power and corruption carry no consequence.
trust. Further, the groups pointed out, if uncorrected, this will “institutionalize the flaws in our rule of law.”
In the same vein, the groups underscored that the goal of impeachment is to “protect the people.”
“The very title of Article XI, ‘Accountability of Public Officers,’ makes clear that the impeachment process exists to serve the public,” the business and private sector groups said.
tional design that can set aside the people’s sovereign will. Our fidelity must always be to the principle that no one stands above the Constitution, and no government official is supreme over the Filipino people they are sworn to faithfully serve,” the four groups noted.
In their joint statement, the groups explained why the decision in Duterte v HOR merits reconsideration.
For one, they said “Deemed Initiated” is not in the Constitution.
By Joel R. San Juan @jrsanjuan1573
HE Department of Justice (DOJ)
yesterday said it was caught off guard by the sudden resignation of National Bureau of Investigation (NBI) Director Jaime Santiago, owing to alleged “orchestrated move” to tarnish his reputation.
Assistant Secretary Jose Dominic Clavano IV, DOJ spokesman, said while the department is saddened by Santiago’s decision, it would have to move on and find his replacement immediately.
“With much respect to the Court, we add to the voices of our nation’s luminaries and set forth our observations on why the decision in Duterte v HOR [House of Representatives] merits reconsideration,” the joint statement of Justice Reform Initiative (JRI), Integrity Initiative (II), Makati Business Club (MBC) and Management Association of the Philippines (MAP) read.
“We need the NBI to be in its top form in going against [crime] perpetrators. Although we are saddened and surprised by the resignation of Director Jimmy, there is really no time to waste and we have to find a suitable replacement so we can continue our
See “Santiago,” A11
Marawi’s total reparations hit ₧2.2-B
By Bless Aubrey Ogerio
THE Marawi Compensation Board (MCB) continued the rollout of reparations this month, releasing another batch of payments to residents affected by the 2017 siege.
On August 14, the board disbursed about P24.3 million to 21 approved claimants, bringing total compensation released so far to P2.2 billion. Approved claims have reached P3.1 billion, covering 2,321 individuals, according to the MCB.
The MCB was created under Republic Act 11696, or the Marawi Siege Victims Compensation Act, to provide reparations to residents whose properties were destroyed or lost during the five-month armed conflict in the city. The law gives the board five years from the effectivity of its implementing rules and regulations to complete all claims, after which it will cease operations.
Former MCB chairperson Maisara Dandamun-Latiph earlier said the board is targeting to finish all claims by 2028, in line with its current pace of around 3,000 processed cases annually.
More funds THE Marawi Reconstruction Conflict Watch (MRCW) on Friday urged the legislative and President Ferdinand Marcos Jr. to increase funding and improve oversight of the Marawi compensation process. More than eight years after the 2017 siege, the MRCW said progress remains slow, with only 2,178 of 14,495 claims processed. The remaining
See “Marawi,” A4
DSWD warns beneficiaries vs using cash aid for gambling
THE Department of Social Welfare and Development (DSWD) has warned its beneficiaries against using government cash aid for gambling, stressing that violators may be removed from its programs and disqualified from receiving future assistance.
In a department-wide memorandum issued Monday, Social Welfare Secretary Rex Gatchalian ordered all program implementers to remind beneficiaries that financial aid must be spent strictly for its intended purpose.
See “DSWD,” A11
Navotas river channel temporarily off limits
ALAWMAKER has appealed to the public to temporarily avoid passing through the Tangos river channel as the Department of Public Works and Highways (DPWH) and its contractors conduct urgent repairs on the damaged Tangos-Tanza Navigation Gate, a 30-year-old structure that serves as a vital barrier against high tides and flooding. Navotas City Rep. Toby Tiangco said the DPWH requested a three-day prohibition on the movement of boats and vessels to allow “critical maintenance and repair works” on the floodgate.
“The Department of Public Works and Highways and its contractor are requesting a three-day prohibition on the passage of boats and ships through the Tangos river channel to carry out various critical maintenance and repair work on the Navigational Gate,” he said.
The floodgate, now undergoing repairs, is vital in regulating the water level of the Navotas River.
The lawmaker shared a letter from DPWH-National Capital Region Director Gerard Opulencia, identifying St. Timothy Construction Corporation as one of the contractors in charge of the project. The firm, owned by the Discaya family, was recently reported among the top 15 contractors that cornered 20 percent of flood control projects nationwide. It ranked third, after Legacy Construction Corporation and Alpha & Omega Gen. Contractor & Development Corp.
In their statement, the groups underscored that if the country fails to hold the highest officials of the land accountable, “How can we expect accountability from those below them?”
Without accountability, they noted that the government loses
“It is not to shield a government official from the rigors of defending himself or herself, but to safeguard the people’s right to demand accountability from those who wield authority supposedly on their behalf,” they explained further.
With this, they emphasized that the impact is not only political, it’s also economic. The groups added that when investor confidence retracts, when costs of doing business rise, when the supply chain struggles, it’s the consumers, the people, who will pay the price.
“We beg the Court to guard against the erosion of the constitu -
“The court treated the first three complaints as ‘deemed dismissed’ triggering the one-year bar for the initiation of the next impeachment. The Court, in effect, treated the first three complaints [counted as one] as ‘deemed initiated’ as well,” they noted.
“For how can there be a succeeding impeachment initiation to bar if the first has not even been initiated?” This deeming effect rests on no Constitutional text because whenever the charter desires that legal effect, it states so expressly, such as on: who are ‘deemed natural-born citizens’ [Article
IV,Section 2]; who are ‘deemed to have renounced citizenship’ [Article IV,Section 4]; ‘deemed re-enacted’ budget [Article VI, Section 24[7]; ‘deemed certified’ special election bill [Article VII, Section 10]; ‘deemed submitted for decision’ [Article VIII,Section 15[2]; Article IX, Section 7]; ‘deemed lifted’ freeze order [Article XVIII, Section 26 [3],” the private sector groups explained. If the framers of the Constitution intended that inaction by the House shall make an impeachment “deemed initiated,” it would have been so indicated like the rest of the provisions above stated, the groups also noted.
Another reason why the impeachment case merits reconsideration is that the one-year bar was not triggered.
“The Court in its decision said that complaints not properly endorsed by a member of the House within a reasonable period, even if dismissed, does not trigger the one-year bar,” the groups said.
See “SC,” A11
A4
Tuesday, August 19, 2025
IPOPHL: IP code update eyed, AI off the table
IBy Bless Aubrey Ogerio
LOILO CITY—Nearly three decades since the Philippines passed its first Intellectual Property Code, the government is preparing to update the law—but artificial intelligence (AI) will have to wait its turn.
Louie Andrew Calvario, IPOPHL chief of staff, said AI-related amendments are being deferred as they require more thorough discussion across multiple legal fields.
“Right now, AI is still up for discussion,” Calvario told reporters on the sidelines of the Department of Science and Technology’s AI Festival on Wednesday.
“Although we have plans to amend the IP Code, AI is not yet
part of it because it needs more comprehensive discussion—not only in the intellectual property community, but also in all other aspects of the law,” he added.
As shown in Republic Act 8293, or the Intellectual Property Code, the country’s current copyright system is built on the principle of human authorship.
“The problem is when there is a human author who created something using AI, then the AI used copyrighted material without permission from the original author,” he explained. “Those circumstances need to be discussed.”
While there are some proposals to recognize works fully generated by AI, he said that it would
require redefining rights under Philippine law.
“Only human persons under the law—not just in the Philippines—can own property. Intellectual property is still property. Are we ready now to give it to machines?” he said.
For now, IPOPHL’s proposed amendments will target other areas: allowing non-traditional trademarks such as sound and smell marks, introducing internet site blocking measures and transferring the duty of receiving copyright registrations and deposits to the country.
The planned revisions will update provisions that have, since the law’s enactment in 1997, recognized only human authors and inventors.
For instance, Section 171 defines an “author” as a natural person, and Section 172 limits copyright protection to works created by human authors. Patent provisions under Sections 28 to 30, likewise, grant rights solely to natural or juridical persons, excluding AI as an inventor.
Calvario said AI’s eventual inclusion in the IP Code will need “more extensive conversation and maybe internal debate, and afterwards, public consultation” to examine its impact not just on intellectual property, but also on labor, rights, responsibilities and criminal liability.
“Definitely, we’re going there, in that direction,” he assured. “We just need to have a more extensive conversation.”
Pangilinan: 60-day rice importation ban not enough
By Butch Fernandez @butchfBM
WHILE the 60-day rice importation ban announced by Malaca -
ñang will shield farmers from falling palay prices during the harvest season, this is not enough to stop the country’s reliance on imported rice and achieve food security, according to the Senate agriculture committee chairman.
“The 60-day ban is good as a stop gap measure, but it is not enough. Why are we suspending the entry of imports? Because it’s harvest time beginning October, November, December,” Sen. Francis Pangilinan said, pointing out the expected massive declines in palay prices owing to imports
during harvest season.
“We cannot be dependent on imports because when imports abruptly become costlier, food security becomes a challenge,” Pangilinan said during a recent open forum with student leaders in Tuguegarao City. If imported rice becomes more expensive, he added, rice prices go up; and that ultimately means many people going hungry.
“When our people are foodinsecure, you cannot hope to be as productive. Rice should not be inaccessible, expensive,” he added.
Pangilinan noted that these are the issues he would seek to address as chairman of the Senate Committee on Agriculture, Food, and Agrarian Reform. In particular, he will push for
a P100-billion increase in budget for the Department of Agriculture (DA) to bring this to about P800 billion in the next six years.
The senator has lined up to deliver his privileged speech later on Monday on the state of the country’s agricultural sector. He pointed out the huge gaps between the Philippines’ agricultural spending and that of its neighbors—Taiwan spends $600 billion a year on agriculture for its 23 million population, while the Philippines spends only $4 billion a year for 120 million Filipinos.
Thailand also spends double the funding of the Philippines on agriculture for a population of 70 million, while Vietnam spends triple for its 90 million population.
The extra funding should be
funneled to organizing farmers, giving them access to credit and financial literacy programs, building post-harvest facilities, investing in machinery, and providing aid for pesticides, fertilizers, and crude, among others, Pangilinan asserted.
“If the weakest link in agriculture supply is indeed the farmer…then the farmer must have the biggest support to be able to strengthen the farmers and fisherfolk, and that’s what we’re going to work on,” the senator explained.
“In the next six years, that’s what we will be fighting for. Making sure funds are not stolen. Focus not just on correct spending, but ensuring there is no corrupt spending,” he added.
2025 is the epitome of change–but business ethics are still needed
IBy Henry J. Schumacher
N addition to all the effects on every one of us, companies must break new ground more than ever. This year clearly shows how important it is for organizations to be adaptable and to be able to rethink and react quickly.
But how do I get myself, my team or my organization to act more agile? How can I act flexibly in the currently unpredictable situation thanks to Trump and prepare myself for an uncertain future? Companies certainly ask themselves these questions.
As we are all thinking of strategies into the future, looking at disruptive innovation or creative disruption, I would like to remind everybody that building and maintaining an ethical business culture must be part of the agenda. Business leaders must be aware that being caught in corruption, unfair competition, data breaches, cybercrime etc. will not only lead to heavy fines but will definitely affect the reputation of the company.
So let’s talk about building an ethical culture in practice. What is the difference between ethics and building a culture of trust?
Ethics are a set of principles. An ethical culture is a culture committed to pursuing those principles—and sometimes the
pursuit of those principles leads an employee to take actions somebody else might dislike. Perhaps the employee reports suspicions of misconduct, involving bribery or collusion in competition or mismanagement of data privacy.
Either way, the employee needs to trust that the company will support that decision to step forward. The apparatus of a corporate compliance program—the training, the internal reporting systems, the code of conduct, the due diligence procedures; all of it—should work toward the goal of a strong sense of trust within the organization.
When you view “building an ethical culture” from that perspective, suddenly several tasks rise to the top of the priority list.
For example, as much as we all love a strong internal reporting system, most employees report their concerns to managers. Most employees also take their cues about how to behave from managers. Consequently, the training of managers about how to weave ethical standards into the company’s daily routines is critical.
Formal training will always be important; employees will always need to know what the law says about bribery, or privacy, or collusion, or whatever else comes along. Culture, however, is much
more than training, full of informal practices, norms, and expectations. Therefore, ethics and compliance programs must work with middle managers on what those practices, norms, and expectations are, and how to base them on the company’s ethical principles. That’s where you win or lose this battle.
Please take note that senior leaders in government and in the private sector have a crucial role in building an ethical culture since they send the signals about the corporate culture that people in operations translate into daily routines.
Let’s look at 3 ways you can build an ethical culture:
1. Develop clear ethical values— honesty, respect, fairness; whatever fits your organization. Talk with senior leaders and the board about what those values should be. Put them in the Code of
12,000 claims amount to an estimated P20 billion, yet only P1 billion was allocated in the 2025 budget.
MRCW said the slow pace hinders the city’s rehabilitation, as internally displaced persons (IDPs) cannot rebuild their homes without compensation. The MRCW calls for three key actions:
n Increasing the programmed budget for compensation.
n Establishing a real-time tracking system for claimants.
n Prioritizing the rebuilding of essential community facilities, such as health and educational institutions.
House
releases guidelines on PO’s, CSO’s participation in budget process
By Jovee Marie N. dela Cruz @joveemarie
THE House of Representatives on Monday released interim guidelines to enable people’s organizations (POs) and civil society organizations (CSOs) to actively participate in the national budget process—both in legislation and oversight— while permanent rules or a law are still being crafted.
“The national budget is our clearest statement of priorities. And with CSOs and POs involved in shaping it, we can ensure that every peso is directed toward the true needs of our people and our country,” Speaker Ferdinand Martin Romualdez said.
Memorandum Circular 20-002 operationalizes House Resolution (HR) 94 for the coming budget cycle, where accredited groups are allowed to observe committee and plenary hearings, obtain materials presented during deliberations, file written position papers within set deadlines, and present consolidated sectoral views at points designated by the House.
To oversee this effort, the Secretariat created a Task Force on People’s Participation, composed of representatives from the Office of the Secretary General, the Committee on Appropriations, the Committee on People’s Participation, the Congressional Policy and Budget Research Department, the Press and Public Affairs Bureau, and the Legislative Security Bureau.
The task force will handle accreditation, distribute schedules and briefings, guide observers during sessions, and ensure submissions reach the appropriate
Conduct, in a place of prominence so that every employee is aware of it.
2. Develop clear training materials based on those values. Create real-life scenarios that employees might encounter, where the resolution shows how ethical conduct is the higher priority than commercial success.
3. Refine your internal reporting system to assure the confidentiality of whistleblowers. Someone who does report an allegation to a hotline (or some other system that circumvents his or her manager) has a fear about doing the ethical thing. He or she needs to trust that the company will protect their identity—that is, they need to trust the system. They need to see that your internal reporting system is trustworthy.
Those are only a few examples of what building an ethical culture entails.
It’s long, painstaking work, that relies on communication and collaboration but that’s how you get to an ethical culture.
In conclusion, allow me to repeat, that senior leaders in the GOVERNMENT and in the PRIVATE SECTOR have a crucial role in building an ethical culture since they send the signals about the corporate culture that people in operations translate into daily routines.
Feedback is welcome; please email me at hjschumacher59@gmail.com.
To complete the remaining 12,000 cases before its term ends in June 2028, the MRCW said the Marawi Compensation Board (MCB) must process approximately 352 claims per month to complete the remaining 12,000 cases.
To date, the MCB has resolved only about 2,000 claims, a pace that requires immediate acceleration. The current funding of P1 billion is insufficient to meet the P20 billion total required for the remaining claims.
Faster process critical
MCMILLAN Lucman, MRCW member and former Provincial Director of MILG-Lanao del Sur, emphasized that a faster compensation process is critical to restoring justice for war victims. He noted that large infrastructure projects are underutilized because IDPs are unable to return and rebuild their homes
committees and members. All accredited groups will first undergo an orientation covering a code of conduct and rules of decorum, including document access, proper behavior inside hearing halls and galleries, and basic safety and security protocols.
The guidelines establish a simplified accreditation process for CSOs and POs, whether registered or not, requiring only a letter of intent and a basic profile of their constituency and advocacy. Each group may accredit up to two representatives.
Accredited participants may access hearing briefs and are given up to 48 hours after an agency’s budget hearing to submit their position papers for inclusion in the record. To ensure transparency and broad access, all budget hearings will be livestreamed and archived through official House channels, though in-person gallery access may be limited if necessary.
“We are working to build the most open Congress in recent memory. Congress must be open, receptive, and ready to engage so we can pass a true ‘Budget of the People’,” Romualdez said.
House Secretary General Reginald S. Velasco clarified that the interim rules will apply only for one budget cycle, after which the House will review their implementation with CSOs and refine the framework, either through amendments to House rules or through legislation.
“The lessons learned will help us design a permanent framework for participatory budgeting, ensuring that this reform becomes a lasting feature of the House of Representatives,” Velasco said.
Completion of 2 roads seen to boost economic activity
By Lorenz S. Marasigan @lorenzmarasigan
THE Department of Public Works and Highways (DPWH) said on Monday its newly completed and ongoing road projects in Davao del Norte and Nueva Ecija are expected to boost economic activity by improving travel efficiency, trade, and tourism in the provinces.
In Davao del Norte, the agency recently completed a 1.7-kilometer road concreting project linking Barangays San Jose and Magwawa in Sto. Tomas.
DPWH Region 11 Director Juby B. Cordon said the project has eased travel in mountainous areas, allowing faster delivery of farm produce to market centers and improved access to public services.
“The completion of this road also helps improve access to famous attractions, thus stimulating tourism growth and development, one of the major economic lifelines in the province,” she said.
The project forms part of a twopackage initiative with a combined cost of P121 million under the Sustainable Infrastructure Projects Alleviating Gaps (Sipag) Program.
The first package, a 1.02-km segment linking Panabo City and Sto.
without their rightful compensation.
Rolanisah Dipatuan-Dimaporo, a physician and MRCW member, stressed the importance of prioritizing the assessment and compensation of damaged health and educational facilities. She suggested that involving agencies like the Department of Health, PhilHealth, Department of Education, and the Commission on Higher Education can expedite the process. Dr. Dipatuan-Dimaporo also called for prioritizing compensation for senior citizens, many of whom have passed away waiting for their claims.
Saripada Pacasum Jr., MRCW member, believes that the MCB, whose nine members are paid significant monthly salaries, must establish a clear communication system to provide claimants with real-time updates and timelines. He stated that completing the compensation work is essential for restoring government credibility
Tomas, was completed in late 2022. Other projects in Sto. Tomas include two completed access roads to tourism sites worth P19.15 million and a P49-million road linking barangays Kinamayan and Lunga-og, now over 91 percent complete and targeted for delivery within the year. Meanwhile, in Nueva Ecija, a 2.09-kilometer rehabilitation of the San Leonardo–Peñaranda Road has been completed, helping improve connectivity between the municipalities of San Isidro and General Tinio.
The project involved replacing damaged pavement with new concrete and asphalt overlays, along with enhanced safety features such as road signs, rumble strips, and pedestrian markers.
“This project supports the vision of President Marcos under the Bagong Pilipinas framework aimed at building resilient and sustainable infrastructure that connects communities and drives economic progress,” Public Works Secretary Manuel Bonoan said. Funded under the 2025 Sipag Program at a cost of P96 million, the Nueva Ecija road upgrade is seen to strengthen trade, facilitate access to essential services, and improve overall quality of life for residents.
under the “Bagong Pilipinas” initiative. Fedelinda Tawagon, MRCW member and President of Dansalan College Foundation Inc., expressed disappointment with the slow pace, citing the unfulfilled promises that have betrayed the community’s humanity and dignity. She pointed out that many schools, including Dansalan College, remain in ruins, and the community needs tangible results, not just empty words. Mohammad Abas, MRCW member and Executive Director of TASBIKKA Inc., says the compensation law was intended to heal the wounds of the siege. However, with “Ground Zero” still in ruins and big-ticket infrastructure projects left unused, he said the community’s hope remains unfulfilled. He added the promised compensation is key to allowing people to rebuild their lives and homes. With Rizal Raoul Reyes
Aviation workers and labor groups urge SC, DOTr to halt fee hikes at Naia, citing burden on travelers
By Lorenz S. Marasigan
A@lorenzmarasigan
COALITION of aviation workers, overseas Filipino workers, and labor groups on Monday asked the Supreme Court (SC) and the Department of Transportation (DOTr) to stop the fee hikes at the Ninoy Aquino International Airport (Naia), warning that the government’s projected P900-billion revenue windfall from its privatization plan would be borne largely by travelers.
Pagkakaisa ng mga Users,
Stakeholders at Obrero ng Naia (Puso) Head Secretariat Romy Sauler said DOTr Secretary Vince Dizon should intervene, calling the Naia modernization is “dream built on the backs of ordinary Filipino travelers.”
“Where will the revenue come from? Where will it go? How much of this will actually be charged to travelers and airport users? P900 billion sounds like a dream—but we all know this will come from fees collected from travelers and businesses operating in Naia,” he said. “The lack of transparency hides the real burden
Marcos boosts food security and healthcare in Leyte with irrigation, transport vehicles
By Samuel P. Medenilla @sam_medenilla
PRESIDENT Ferdinand Marcos on Monday witnessed government efforts to improve food security and healthcare accessibility through the ongoing roll-out of solar-powered irrigation pumps and distribution of patient transport vehicles (PTV) in Leyte, respectively.
The Chief Executive first visited the P100-million R. M. Tan Solar Pump Irrigation Project at the Barangay Rufina M. Tan, Ormoc City.
The initiative is part of the National Irrigation Administration’s (NIA) Climate-Smart Irrigation Systems program and provides irrigation to 100 hectares of farmland and benefitted 92 farmers and their families in Leyte.
“We have built over a hundred of those [solar-powered pumps] in the country already,” Marcos said during his speech in the PTV distribution ceremony in Ormoc City. He noted the solar-powered pump in Ormoc City is complemented with satellite imaging, and an artificial intelligence (AI) to help boost the production of the farmers, who benefited from it.
After his visit in Barangay Rufina, the President went to the City Plaza or Ormoc City for the Philippine Charity Sweepstakes Office’s (PCSO) distribution of 124 to local government units (LGU) in Eastern Visayas.
He said the distribution of the PTVs is the most “practical way” to help address the gaps in the country’s healthcare accessibility, which were exposed during the novel coronavirus disease (Covid-19) pandemic.
“It (PTV) will cover 90 plus percent of all the needs of a patient. It can work as an ambulance, it can work as a transport vehicle,” Marcos said.
“This is our continuing effort to strengthen our healthcare system and to bring healthcare…down to the smallest members of our society,” he added.
As of Monday, Marcos said PCSO already distributed one PTVs to 1,173 cities and municipalities.
He said once PCSO completes giving one PTVs to all of the 1,642 cities and municipalities before the end of the year, they will start with the second round of its distribution.
Outpatient healthcare
THE last leg of his trip to Leyte was his visit at the Eastern Visayas Medical Center (EVMC) in Tacloban City to “test” the implementation of the outpatient component of the zero-billing policy in hospitals run by the Department of Health (DOH).
Under the Bagong Urgent Care and Ambulatory Service (BUCAS) program of DOH, patients will no longer pay for treatment if they make use of basic or ward accommodations.
Marcos, however, the same free services can also be availed by outpatients.
“The patient will come in, be examined, and then given a prescription for what is needed for treatment,” he said.
After the consultation, he said the patient can go to an accredited pharmacy to avail of free medication.
“This is one good thing, but there is still a lot that needs to be done [to improve] the healthcare system and we can do it. We will definitely see some improvement,” Marcos said in his speech at the EVMC.
Last week, the Philippine Health Insurance Corporation (PhilHealth) launched its Guaranteed and Accessible Medications for Outpatients Treatment (GAMOT) program, wherein its members can avail of free medicine from its accredited clinics and pharmacists.
DENR-EMB cites general improvement in air quality last year
THE Department of Environment and Natural Resources (DENR) reported on Monday a general improvement in air quality last year, citing the agency’s continuing mission to safeguard public health and the environment., The progress is attributed to the sustained efforts to reduce vehicular emissions, complemented by strengthened industrial emission controls and enhanced air quality monitoring under the midterm administration of President Ferdinand Marcos. Based on EMB monitoring for CY 2024, the air quality in Metro Manila has shown notable improvement in terms of Particulate Matter 10 (PM10) concentration by 17.4 %. Following the implementation of Euro 4 fuel and emission standards in 2016, the average concentration of PM10 in Metro Manila dropped from 46 micrograms per normal cubic meter (µg/ncm) in 2016 to 38 µg/ncm in 2024.
Nationwide, the PM10 average also decreased by 28.2% from 39 µg/ncm in 2016 to 28 µg/ncm in 2024. These figures are well below the maximum acceptable levels under the national air quality guideline value for PM10, which is 60 µg/ncm.
Metro Manila also recorded improvements by 37.6% in PM2.5 levels, which averaged 27 µg/ ncm in 2016,
this will place on Filipino travelers who will pay more at every step of their journey.”
New Naia Infra Corp. (NNIC) won the auction for the Naia modernization contract, after offering the government an 82.16-percent revenue share.
Together with other payments and annuities, this would translate to roughly P900 billion in government revenues for 25 years.
Sauler noted that Naia’s current revenues average only P14 billion to 16 billion annually.
“To reach P900 billion, the gov -
ernment is counting on relentless fee increases. That means higher costs for workers, OFWs, and the very people Aviation Day should honor by ensuring accessibility, efficiency, and safe services,” he explained.
Administrative Order No. 1 (S. 2024) calls for fee adjustments at the Naia starting October 2024. This includes passenger service charges to P950 for international and P390 for domestic flights. It also allows the private concessionaire to set certain “non-regulated” charges without prior approval.
Sauler challenged the legality of allowing private concessionaires to set so-called “non-regulated fees,” arguing that such powers constitute an unlawful delegation of authority.
He further raised concern over a “Deficit Payment Clause,” which requires the government to subsidize the concessionaire if regulators reject proposed rate hikes.
“This petition is not about stopping modernization,” Sauler stressed. “It is about stopping the DOTr and Miaa from railroading illegal fee hikes and giving away
the power to set charges to private entities—a blatant violation of law and due process.”
The group called on the Supreme Court to issue a temporary restraining order against the fee hikes and concession deal, and ultimately void them altogether.
“The country’s aviation infrastructure must remain a public trust, not a private tollway,” Sauler said.
NNIC officials were sought for comment, but none has responded to the BusinessMirror’s queries as of press time.
DA: Defective flood control projects weaken PHL agriculture, causing billions in losses
Dfalling to 16.86 µg/ncm in 2024. On a national scale, PM2.5 levels decreased from 20 µg/ ncm in 2016 to 16 µg/ ncm in 2024, reflecting the effectiveness of current emission reduction initiatives. The acceptable annual air quality guideline values for PM2.5 at 25 µg/ncm. Particulate matter consists of microscopic solid or liquid particles suspended in the air, commonly originating from vehicle exhaust, burning of fossil fuels, industrial processes, road construction, and agricultural activities. PM10 refers to particles 10 micrometers or smaller, while PM2.5 includes finer particles with diameters of 2.5 micrometers or less. These smaller particles pose a higher health risk because they can penetrate deeper into the lungs and even enter the bloodstream.
These achievements are in line with the goals outlined in the Philippine Development Plan, specifically under the objective of establishing livable communities through improved environmental quality. In 2024, 65 percent or 22 out of 34 highly urbanized and major urban centers were within the ambient air quality guideline values for both PM10 and PM2.5, surpassing the national target of 62 percent.
Recognizing that mobile sources,
By Ada Pelonia @adapelonia
EFECTIVE flood control projects dent the farm sector’s productivity, according to the Department of Agriculture (DA).
DA Assistant Secretary Arnel de Mesa said the country’s agriculture sector is among the industries that bear the brunt of flooding brought by the onslaught of typhoons. Historically, the Philippines loses an average of 500,000 to 600,000 metric tons (MT) of palay output annually due to the damage from weather-related shocks, such as tropical cyclones and flooding.
“If the flood control is effective, there will be less damage to the agricultural sector because it’s the sector most affected by typhoons
and floods,” De Mesa told reporters in a briefing on Monday.
“It’s not just rice fields and cornfields [that are being affected], because we also have reports of livestock dying, irrigation facilities or agricultural infrastructure being damaged.”
De Mesa noted that if a portion of the funding allocated to flood control projects were earmarked for irrigation programs, this could irrigate additional hectares of plantations.
Currently, the Philippines still has one million hectares of potentially irrigable areas.
“The good thing, especially with dams, is that it also prevents flooding, especially if it’s [...] small water impounding projects [or] dams,” De Mesa said.
“An irrigation system also has a drainage system, because we’re
particular about avoiding flooding,” he said, noting that irrigation projects are a long-term infrastructure investment.
Based on the DA’s latest bulletin, the combined effects of the southwest monsoon and typhoons Crising, Dante, and Emong have reached P3.53 billion.
The volume of production losses in 14 regions was pegged at 85,160 metric tons (MT). This includes Cordillera Administrative Region (CAR), Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, and Bicol Region.
Western Visayas, Central Visayas, Zamboanga Peninsula, Northern Mindanao, Davao Region, Socckskargen, and National Capital Region (NCR) were also included.
Rice sustained the majority of damage caused by the combined
Integrated water resources management key to flood control, water quality, and agriculture, says Singson
By Cai U. Ordinario @caiordinario
THE government needs to undertake Integrated Water Resources Management (IWRM) as a program and a policy not only to avoid flooding but also to promote food productivity and sustainable clean water supply.
This was according to former Public Works Secretary Rogelio Singson in a recent forum at the Asian Development Bank (ADB). He said IWRM can help better manage rainwater as well as better utilize large rivers for irrigation.
Singson also said this can help improve water quality, especially in Pampanga where certain places that depend on deep wells are faced with arsenic contaminated water.
“Those of you who are Kapampagans, am sure your problem is potable water supply. You cannot rely on deep well. And I’m sorry to say some portions of your deep well in Pampanga are contaminated with arsenic. I’m saying this, but people are telling me, don’t say that in public. But that’s the reality, ladies and gentlemen,” Singson said.
Without IWRM, Singson said, the “cycle of destruction” caused by flooding will continue. Flooding, he said, causes the erosion of nutrient-rich top soil.
The removal of the top soil, Singson said, prompts farmers to buy chemical fertilizers to “restore the productivity of the land.”
Unfortunately, these chemical fertilizers contaminate waters, affecting farms and fish estuaries. This can destroy livelihoods of farmers and fishermen as well as endanger the health and food supply in communities.
“That’s the cycle of destruction that referred to. Unless we do an Integrated Water Resources Management, we will continue to experience this,” Singson said.
IWRM, Singson said, can help address the flooding in the Pampanga River while
the Cagayan River, the largest river basin in Luzon, can also be maximized.
He said the Pampanga River starts from Candaba and stretches all the way to the San Antonio Swamp and merges with portions of the Bulacan River before it ends up in Manila Bay.
The Cagayan River, meanwhile, stretches all the way from the Cordilleras down to the Pacific Ocean.
The Department of Agriculture (DA) also said that another possible area to include in the IWRM is the Agusan area and the Bicol River Basin. Tapping these rivers will allow farmers to plant two to three times a year.
“I have seen crazy, crazy proposals. I’m sorry. hope it did not come from ADB. It’s an ODA (Official Development Assistance) proposal that will create a major river in Pampanga that will draw all of that rainwater directly into Manila Bay. Don’t you think that’s a bit crazy?” Singson said.
“Why don’t we hold that water upstream so that you could use it for irrigation during the dry months. You could use it for bulk supply. You could even use it for tourism and reduce the flooding on the major river basins. That’s what we refer to as integrated water resources management. Very few understand this,” he added.
Singson said IWRM can be done given the large budget allocated for projects like flood management.
During his term at the Department of Public Works and Highways (DPWH), he said for P138 billion, he was able to address flood prone areas such as Maysilo, Malabon; BGC, Taguig; and España, Mannila.
For the past four or five years, Singson said, the national government has allocated a budget of around P350 billion annually for flood control. He said he understands why the President called the attention of Congress on these projects.
In his fourth State of the Nation Address (Sona), President Marcos vowed to stop any unauthorized insertions in the 2026
General Appropriation Act, and promised more governance “changes” which are “felt” by the public, including a comprehensive review of existing flood control projects.
The Chief Executive said he will not tolerate any provisions of the 2026 national budget, which are not aligned with the priorities of his administration.
He said he is even willing to approve a re-reenacted budget if any lawmaker will commit such a violation. (See: https:// businessmirror.com.ph/2025/07/29/ sona-vows-flood-work-audit-budgetreform/)
“(The) 2025 budget for flood control, P350 billion. One year. And that has been going on for the last four or five years. And that’s why the President even called the attention of Congress. Where is this flood control money going? To 15 contractors who are also members of Congress,” Singson said.
Flood control
DOCUMENTS obtained from the Department of Economy, Planning, and Development (DEPDev) showed that as of July 2025, the DPWH has four ongoing ODA-funded flood control projects amounting to P124.65 billion. All the projects are delayed.
T hese are the P24.9 billion Metro Manila Flood Management Project Phase I being funded by the World Bank and the Asian Infrastructure Investment Bank.
As of June 2025, the DepDev said the project is behind schedule with an overall weighted physical accomplishment (OWPA) of 43.96 percent against a target of 95 percent. This means, DepDev said, the project has a negative slippage of 51.04 percent.
DepDev said the ongoing activities include construction and rehabilitation of pumping stations, solid waste management, and resettlement of informal settler families (ISFs).
The agency also said the rehabilitation or
effects of the typhoons and southwest monsoon at 60,859 MT. Destroyed high-value crops, corn, and cassava reached 16,757 MT, 6,090 MT, and 615 MT, respectively.
Furthermore, the DA noted that livestock and poultry also bore the brunt, losing 46,408 heads of chicken, swine, cattle, carabao, goat, sheep, duck, horse, and game fowl, among others.
The report said the production losses are equivalent to P1.81 billion for rice; P138.51 million, corn; P756.61 million, high-value crops; P33.38 million, livestock and poultry; P10.82 million, cassava; and P757.99 million, fisheries.
Furthermore, the DA noted that irrigation systems (P22.70 million), farm infrastructures (P3.04 million), and machinery and equipment (P516,500) also bore damage.
Villanueva seeking social security, pension benefits for farmers, fishers
By Butch Fernandez @butchfBM
THE Senate Majority Leader Joel Villanueva has proposed the creation of social security and pension benefit programs for Filipino farmers and fisherfolk to recognize their role as nation builders and provide them security in their old age.
“It has been said that a farmer works so the nation can eat. This is how crucial our farmers are in securing food and driving national development,” Villanueva stressed in a press statement on Monday, explaining the rationale for the bill.
“There is an urgent need to safeguard their welfare through policies that mitigate their socioeconomic risks and vulnerabilities,” he added in his Senate Bill No. 244 or the proposed “Pensyonadong Magsasaka at Mangingisda Act.” The bill seeks to establish the “Farmers and Fisherfolk Social Security and Pension Program” which shall provide sickness, maternity, disability, retirement,
under the Registry System for Basic Sectors in Agriculture and maintain the required operational reports. The SSS is tasked to manage the funds allocated and the social security and pension scheme of the program and maintain the required actuarial and
A6 Tuesday, August 19, 2025
Editor: Angel R. Calso
Ukraine’s fate hangs as Zelenskyy, Europe’s top leaders meet Trump
By Josh Boak & Samya Kullab The Associated Press
ASHINGTON
WUkraine’s future could hinge on a hastily assembled meeting Monday at the White House as Ukrainian President Volodymyr Zelenskyy brings with him an extraordinary cadre of European leaders to show US President Donald Trump a united front against Russia.
The European political heavyhitters were left out of Trump’s summit with Russian President
Vladimir Putin last Friday, and they are looking to safeguard Ukraine and the continent from any widening aggression from Moscow.
By arriving as a group, they hope to avoid any debacles like Zelenskyy’s February meeting in the Oval Office, where Trump chastised him for not showing enough gratitude for American military aid. The meeting also is a test of America’s relationship with its closest allies after the European Union and United Kingdom accepted Trump’s tariff hikes partly because they wanted
his support on Ukraine.
Monday’s showing is a sign both of the progress and the possible distress coming out of the Alaska meeting as many of Europe’s leaders are descending on Washington with the explicit goal of protecting Ukraine’s interests, a rare and sweeping show of diplomatic force.
“It’s important that America agrees to work with Europe to provide security guarantees for Ukraine, and therefore for all of Europe,” Zelenskyy said on X.
The night before the meeting, however, Trump seemed to put the onus on Zelenskyy to agree to concessions and suggested that Ukraine could not regain Crimea,
which Russia annexed in 2014, setting off an armed conflict that led to its broader 2022 invasion.
“President Zelenskyy of Ukraine can end the war with Russia almost immediately, if he wants to, or he can continue to fight,” he wrote Sunday night on social media. “Remember how it started. No getting back Obama given Crimea (12 years ago, without a shot being fired!), and NO GOING INTO NATO BY UKRAINE.
Some things never change!!!”
Zelenskyy appeared to respond with his own post late Sunday, saying, “We all share a strong desire to end this war quickly and reliably.”
He went on to say that “peace must be lasting,” not as it was after Rus -
sia seized Crimea and part of the Donbas in eastern Ukraine eight years ago, and “Putin simply used it as a springboard for a new attack.”
The sitdown in Alaska yielded the possible contours for stopping the war in Ukraine, though it was unclear whether the terms discussed would ultimately be acceptable to Zelenskyy or Putin.
Upon arrival in Washington, Zelenskyy said in another social media post: “We all equally want to end this war quickly and reliably. And the peace must be lasting.”
He expressed hope that together with the US and European countries Ukraine will be able to force Russia to “true peace.”
The European heavyweights coming to Washington PLANNING to join Zelenskyy in America’s capital are European Commission President Ursula von der Leyen, French President Emmanuel Macron, British Prime Minister Keir Starmer, German
Chancellor Friedrich Merz, Italian Premier Giorgia Meloni, Finnish President Alexander Stubb and NATO Secretary-General Mark Rutte.
On the table for discussion are possible NATO-like security guarantees that Ukraine would need for any peace with Russia to be durable. Putin opposes Ukraine joining NATO outright, yet Trump’s team claims the Russian leader is open to allies agreeing to defend Ukraine if it comes under attack.
Trump briefed Zelenskyy and European allies shortly after the Putin meeting, and details from the discussions emerged in a scattershot way that seemed to rankle the US president, who had chosen not to outline any terms when appearing afterward with Putin.
“BIG PROGRESS ON RUSSIA,” Trump posted Sunday on social media. The president also bemoaned media coverage of his summit with See “Zelenskyy,” A10
Jackson Hole speech: Will Fed chair hint at rate cuts or maintain cautious stance?
By Amara Omeokwe
JEROME Powell has the ideal platform Friday to deliver a clear signal the Federal Reserve is about to resume cutting interest rates. But the economy isn’t giving him an equally clear signal that now is the time.
The Fed chair’s annual speech in Jackson Hole, Wyoming can be an opportunity to flag policy shifts. Powell used it for that purpose last year, and delivered a big cut soon after. He’s under intense pressure from President Donald Trump for a repeat performance.
Trouble is, the key economic indicators aren’t all pointing that way. A couple of weeks ago, when the latest jobs report revealed a slump in hiring, the case for lower rates appeared all but closed. Then came the sharpest spike in US wholesale prices in three years – fuel for the concern about tariff-led inflation that’s kept Fed officials on hold so far this year.
All of this adds to the alreadyintense scrutiny on Jackson Hole.
Powell last month described the labor market as solid, and policy as well-positioned. Investors will listen keenly for even a tiny shift on either front – which could open the door to a cut at the Fed’s next meeting on Sept. 16-17. But with more economic numbers due before then, the Fed chief may prefer to keep his messaging carefully hedged.
“Even though I expect him to generally point to lower rates at the next meeting, I do expect him to precondition it on a very datadependent message,” said Jonathan Pingle, chief US economist at UBS Securities. “I don’t think he’s going to lock it in.”
Bond markets have been tempted to think it’s already a lock.
Two-year Treasury yields, the most sensitive to Fed policy, plunged this month as traders swung toward pricing in a quarter-point cut in September. Those bets took off after the unexpectedly bad July employment report, which also revised payrolls
for the prior months downward. And they’ve only been dialed back slightly in the light of last week’s nasty inflation surprise.
Bond investors are waiting to see if Powell affirms this market pricing—or pushes back with a reminder that new data arriving before the next policy gathering could change the picture. They’re also looking for clues about the longer-run trajectory of Fed cuts into next year.
“Part of the strategic debate is whether to start early and go slow, or start later and be more aggressive,” said Ed Al-Hussainy, rates strategist at Columbia Threadneedle Investment.
While that’s where the market focus will be, in terms of wordcount, the path ahead for interest rates may take up only a small portion of Powell’s Jackson Hole address.
Valedictory
IT’LL be the last speech he delivers to the annual symposium before his term as chair expires next May—and the backdrop is one of the most turbulent periods in recent Fed history. Trump has lambasted Powell’s leadership and flirted with the idea of firing him, in what looks to many Fed-watchers like an ominous assault on the central bank’s independence.
In addition to slamming the Fed’s reluctance to cut rates this year, Trump and his allies have highlighted its failure to keep a lid on the inflation surge that followed the pandemic. That’s related to another issue Powell will touch on in Jackson Hole: The ongoing review of the central bank’s framework for setting policy, which is expected to draw on lessons learned during the Covid era.
Taken altogether, the speech could have a valedictory tone.
“There’s a reason former chairs have used their last Jackson Hole speeches to reflect on their tenure,” said Pingle.
“It’s their opportunity to write their history.” With assistance from Michael Mackenzie and Alex Tanzi / Bloomberg
Air Canada suspends restart plans after flight attendants’ union defies return to work order
By Rob Gillies The Associated Press
TORONTO—Air
Canada suspended plans to restart operations Sunday after the union representing 10,000 flight attendants said it will defy a return to work order. The strike was already affecting about 130,000 travelers per day during the peak summer travel season.
The Canada Industrial Relations Board ordered airline staff back to work by 2 p.m. Sunday after the government intervened and Air Canada said it planned to resume flights Sunday evening.
Canada’s largest airline now says it will resume flights Monday evening. Air Canada said in a statement that the union “illegally directed its flight attendant members to defy a direction from the Canadian Industrial Relations Board.”
“Our members are not going back to work,” Canadian Union of Public Employees national president Mark Hancock said outside Toronto’s Pearson International Airport. “We are saying no.”
Hancock ripped up a copy of the back-to-work order outside the airport’s departures terminal where union members were picketing Sunday morning. He said they won’t return Tuesday either.
“Like many Canadians, the Minister is monitoring this situation closely. The Canada Industrial Relations Board is an independent tribunal,” Jennifer Kozelj,
a spokeswoman for Federal Jobs Minister Patty Hajdu said in an e-mailed statement.
Hancock said the “whole process has been unfair” and said the union will challenge what it called an unconstitutional order.
Less than 12 hours after workers walked off the job, Hajdu ordered the 10,000 flight attendants back to work, saying now is not the time to take risks with the economy and noting the unprecedented tariffs the US has imposed on Canada. Hajdu referred the work stoppage to the Canada Industrial Relations Board.
The airline said the CIRB has extended the term of the existing collective agreement until a new one is determined by the arbitrator.
The shutdown of Canada’s largest airline early Saturday was impacting about 130,000 people a day. Air Canada operates around 700 flights per day.
Tourist Mel Durston from southern England was trying to make the most of sightseeing in Canada. But she said she doesn’t have a way to continue her journey.
“We wanted to go see the Rockies, but we might not get there because
of this,” Durston said. “We might have to head straight back.”
James Hart and Zahara Virani were visiting Toronto from Calgary, Alberta for what they thought would be a fun weekend. But they ended up paying $2,600 Canadian ($1,880) to fly with another airline on a later day after their Air Canada flight got canceled.
“It’s a little frustrating and stressful, but at the same time, I don’t blame the flight attendants at all,” Virani said. “What they’re asking for is not unreasonable whatsoever.”
Flight attendants walked off the job around 1 a.m. EDT on Saturday. Around the same time, Air Canada said it would begin locking flight attendants out of airports.
The bitter contract fight escalated Friday as the union turned down Air Canada’s prior request to enter into government-directed arbitration, which allows a thirdparty mediator to decide the terms of a new contract.
Last year, the government forced the country’s two major railroads into arbitration with their labor union during a work stoppage. The union for the rail workers is suing, arguing the government is removing a union’s leverage in negotiations.
Hajdu maintained that her Liberal government is not anti-union, saying it is clear the two sides are at an impasse.
Passengers whose flights are impacted will be eligible to request a full refund on the airline’s website or mobile app, according to Air Canada.
The airline said it would also offer alternative travel options through other Canadian and foreign airlines when possible. Still, it warned that it could not guarantee immediate rebooking because flights on other airlines are already full “due to the summer travel peak.”
Air Canada and CUPE have been in contract talks for about eight months, but they have yet to reach a tentative deal. Both sides have said they remain far apart on the issue of pay and the unpaid work flight attendants do when planes aren’t in the air.
The airline’s latest offer included a 38% increase in total compensation, including benefits and pensions, over four years, that it said “would have made our flight attendants the best compensated in Canada.”
But the union pushed back, saying the proposed 8% raise in the first year didn’t go far enough because of inflatio n.
A8 Tuesday, August 19, 2025
Ukraine frontline medics struggle as high-tech drones turn evacuation routes into ‘kill zones’
By Hanna Arhirova The Associated Press
IN eastern Ukraine, quiet nights in the dim corridors of a frontline medical post can shatter in an instant. Medics roused from sleep rush to meet another stretcher wheeled in from the Donetsk front.
They work with urgency—chest compressions and shouted commands—until it becomes clear that the soldier arrived too late. The room falls silent as his body is sealed in a white bag. He could not be saved, the anesthesiologist said, because evacuation took too long. By the time he reached the stabilization point, he was already dead.
It was not an isolated case, but part of a broader shift in the war where medical evacuation has become increasingly difficult.
“Because of drones ... that can reach far, the danger is there for the wounded themselves and now for the crews working to get them out,” said Daryna Boiko, the anesthesiologist from the “Ulf” medical service of the 108th Da Vinci Wolves Battalion. “That’s why the main difficulty now is transport.”
In the early months of Russia’s full-scale invasion, evacuation vehicles could reach almost to the front line, giving the wounded a better chance of survival.
Now, the heavy use of first-person-view (FPV) drones, which let an operator see the target before striking, has turned areas up to 20 kilometers (12 miles) from the front line into kill zones. Medics say they have not treated gunshot wounds for months, and most injuries now come from FPVs.
The drones are the most feared weapon, both because of their precision and because they reduce survival chances for those already injured by complicating the evacuation. For Ukraine’s outnumbered army, that makes preserving crew even harder.
Evacuations in the kill zone
THE growing use of FPVs has also made moving the wounded between points more difficult, said the commander of the 59th Brigade medical unit with call sign Buhor, who spoke on condition of anonymity for security reasons.
“Everything is getting harder— the work has to be more mobile, the way we operate changes and the level of safety changes,” he said.
Asked whether those conditions have increased mortality among the wounded, he replied: “Significantly. There’s nothing you can do. Everything burns from those FPVs—everything, even tanks.”
He explained that the munitions carry a charge from a rocket-propelled grenade—a shoulder-fired weapon that launches an explosive designed to pierce armored vehicles. When it blasts, a jet of molten metal and fragments penetrate the cabin at extreme temperatures. The impact can cause anything from minor cuts and burns to severe wounds, including amputations, depending
on where the fragments hit and their size.
Buhor said self-aid and self-evacuation are now heavily emphasized during training, but the existence of the kill zone means soldiers can be stuck in position for days or weeks— especially if a wound is not immediately life-threatening.
On foot to safety
WHEN Artem Fursov arrived at the stabilization post late one night with three other soldiers, Buhor inspected his wounds and praised the bandage on his arm, asking who had done it. It was the work of a fellow soldier—and an example of effective self-aid, Buhor said.
Fursov, 38, was wounded on Aug. 4 by an explosive dropped from a drone, but he didn’t reach a medical post until five days later. To get to safety, he had to walk several kilometers. A small wooden cross he wore under his clothes the whole time now hangs against his chest.
“You can’t even lift your head there. This is already a robot war,” he said about the front line. “And the Russians are coming in like it’s their own backyard.”
Valentyn Pidvalnyi, a 25-yearold assault soldier wounded in the back by shrapnel, said that one
month on the positions in 2022 was easier than trying to survive one day now as infantry.
“It’s a very hard sector,” he said, “but if you don’t destroy them, they’ll take the tree line, then the town, then the whole region.”
Forced to keep moving
BUHOR has worked in the Pokrovsk area since late 2022. When troops are forced to retreat, stabilization points must also move. In the past two and a half years, Buhor and his team have relocated 17 times. They left their previous location to the sound of FPV drones.
Other stabilization points are facing the same situation.
Boiko from the “Ulf” medical service recalls that at the beginning of winter—when the stabilization point was still in Pokrovsk—there were still gunshot wounds. That meant there was more direct contact between the infantry, the first line of defense, on both sides.
Months later, the situation had changed dramatically.
The Associated Press reporters Vasilisa Stepanenko, Evgeniy Maloletka and Dmytro Zhyhinas in the Donetsk region and Volodymyr Yurchuk in Kyiv, Ukraine, contributed to this report.
Iraq starts excavation of large mass grave left by Islamic State
By Stella Martany The Associated Press
IRBIL , Iraq—Iraqi officials have begun the excavation of what is believed to be a mass grave left behind by the Islamic State extremist group during its rampage across the country a decade ago.
Local authorities are working with the judiciary, forensic investigations, Iraq’s Martyrs’ Foundation, and the directorate of mass graves to carry out the excavation of the site of a sink hole in al-Khafsa, south of the northern city of Mosul, the state-run Iraqi News Agency reported Sunday.
Ahmad Qusay al-Asady, head of the Martyrs Foundation’s mass graves excavation department, told The Associated Press that his team began work at Khasfa on Aug. 9 at the request of Nineveh province’s Gov. Abdulqadir al-Dakhil.
The operation is initially limited to gathering visible human remains and surface evidence while preparing for a full exhumation that officials say will require international support.
After an initial 15 days of work, the foundation’s Mosul teams will build a database and start collecting DNA samples from families of suspected victims.
Al-Asady explained that laboratory processing and a DNA database must come first to ensure proper identification. Full exhumations can only proceed once specialized assistance is secured to navigate the site’s hazards, including sulfur water and unexploded ordnance.
Khasfa is “a very complicated site,” he said.
Based on unverified accounts from witnesses and families and other unofficial testimonies, authorities estimate that thousands of bodies could be buried there, he said.
Scores of mass graves containing thousands of bodies of people believed to have been killed by the
extremist group have been found in Iraq and Syria.
At its peak, IS ruled an area half the size of the United Kingdom in Iraq and Syria and was notorious for its brutality. It beheaded civilians and enslaved and raped thousands of women from the Yazidi community, one of Iraq’s oldest religious minorities.
The group was defeated in Iraq in July 2017, when Iraqi forces captured the northern city of Mosul. Three months later, it suffered a major blow when Kurdish forces captured the Syrian northern city of Raqqa, which was the group’s de-facto capital. The war against IS officially ended in March 2019, when US-backed and Kurdish-led fighters of the Syrian Democratic Forces captured the eastern Syrian town of Baghouz, which was the last sliver of land the extremists controlled.
Rabah Nouri Attiyah, a lawyer who has worked on more than 70 cases of missing people in Nineveh, told the AP that information he obtained from the foundation and different Iraqi courts during his investigations point to Khasfa as “the largest mass grave in modern Iraqi history.”
Al-Asady, however, said investigators “cannot confirm yet if it is the largest mass grave” to be found in Iraq, “but according to the size of the space, we estimate it to be one of the largest.”
Attiyah said roughly 70% of the human remains at Khasfa are believed to belong to Iraqi army and police personnel, with other victims including Yazidis. He said he has interviewed numerous eyewitnesses from the area who saw IS fighters bring people there by bus and kill them. “Many of them were decapitated,” he said.
Attiyah’s own uncle and cousin were police officers killed by IS, and he is among those hoping to identify and recover the remains of loved ones.
MEDICS of Da Vinci Wolves Battalion treat Ukrainian soldiers injured during fighting with Russian forces on the front line at stabilization point on Pokrovsk direction, Ukraine, on Monday, Aug. 11, 2025. AP PHOTO/EVGENIY MALOLETKA
Jimmy Lai trial: HK court weighs verdict in high-profile security case
By Kanis Leung The Associated Press
HONG KONG—A Hong Kong court heard final ar -
guments Monday in the landmark national security trial of former pro-democracy newspaper founder Jimmy Lai, who could be sentenced to up to life in prison if he is convicted.
Lai, 77, was arrested in 2020 under a national security law imposed by Beijing following anti-government protests in 2019. He is being tried on charges of colluding with foreign forces to endanger national security and conspiring with others to issue seditious publications.
Lai founded Apple Daily, one of the local media outlets that was most critical of Hong Kong’s government. His high-profile case that has stretched nearly 150 days, far beyond the original estimate of 80 days, is widely seen as a trial of press freedom and a test for judicial independence in the Asian financial hub. It is unclear when a verdict will be delivered.
Arguments focus on alleged sanction calls
PROSECUTOR Anthony Chau on Monday discussed the security law concerning the collusion charges, arguing the request to impose sanctions must also include officials and not only states. He planned to lay out other principal issues in the afternoon and make his closing statement Tuesday.
Earlier, prosecutors alleged Lai asked foreign countries, especially the United States, to take actions against Beijing “under the guise of fighting for freedom and democracy.”
On the first day of his testimony, Lai denied he had asked then-Vice President Mike Pence and thenSecretary of State Mike Pompeo to take action against Hong Kong and China during the 2019 protests.
When Lai’s lawyer questioned him about an Apple Daily report saying he had asked the US government to sanction Beijing and Hong Kong leaders, he said he must have discussed it with Pompeo, as he had no reason to doubt the accuracy of the report by the now-defunct newspaper he founded.
But Lai said he would not have encouraged foreign sanctions after the national security law was enacted on June 30, 2020.
Lai’s health causes delay CLOSING arguments have been delayed twice, first due to weather then to concerns over Lai’s health.
On Friday, his lawyer, Robert Pang, said Lai had experienced heart palpitations while in prison. The judges wanted him to secure a heart monitor and medication first.
After Friday’s hearing, the Hong Kong government alleged foreign media outlets had attempted to mislead the public about Lai’s medical care. It said a medical examination of Lai found no abnormalities and that the medical care he received in custody was adequate.
When Lai entered the courtroom, he waved and smiled to those sitting in the public gallery and briefly instructed his legal team in a voice audible to public attendees. He closed his eyes at times when the prosecution laid out its legal arguments.
The heart monitor was delivered to Lai and he had no complaints about his health, Chau said.
South Korea and US militaries begin annual summer drills to cope with North’s threats
By Kim Tong-Hyung The Associated Press
SEOUL, South Korea—South Korea and the United States began their annual large-scale joint military exercise on Monday to better cope with threats by nuclear-armed North Korea, which has warned the drills would deepen regional tensions and vowed to respond to “any provocation” against its territory.
The 11-day Ulchi Freedom Shield, the second of two largescale exercises held annually in South Korea, after another set in March, will involve 21,000 soldiers, including 18,000 South Koreans, in computer-simulated command post operations and field training.
The drills, which the allies describe as defensive, could trigger a response from North Korea, which has long portrayed the allies’ exercises as invasion rehearsals and has often used them as a pretext for military demonstrations and weapons tests aimed at advancing its nuclear program.
In a statement last week, North Korean Defense Minister No Kwang Chol said the drills show the allies’ stance of “military confrontation” with the North and declared that its forces would be ready to counteract “any provocation going beyond the boundary line.”
Ulchi Freedom Shield comes
at a pivotal moment for South Korea’s new liberal President Lee Jae Myung, who is preparing for an Aug. 25 summit with US President Donald Trump in Washington. Trump has raised concerns in Seoul that he may shake up the decades-old alliance by demanding higher payments for the American troop presence in South Korea and possibly reducing it as Washington shifts its focus more toward China.
Tensions on the Korean Peninsula remain high as North Korea has brushed aside Lee’s calls to resume diplomacy with its wardivided rival, with relations having soured in recent years as North Korean leader Kim Jong Un accelerated his weapons program and deepened alignment with Moscow following Russia’s invasion of Ukraine.
“What’s needed now is the courage to steadily take steps toward easing tensions, grounded in a
firmly maintained state of ironclad security readiness,” Lee said during a Cabinet meeting on Monday. South Korea also on Monday began a four-day civil defense drill involving thousands of public workers, often scheduled alongside the allies’ summertime military exercises.
Seoul’s previous conservative government responded to North Korean threats by expanding military exercises with the United States and seeking stronger US assurances for nuclear deterrence, drawing an angry reaction from Kim, who last year renounced longterm reconciliation goals and rewrote the North’s constitution to label the South a permanent enemy.
In his latest message to Pyongyang on Friday, Lee, who took office in June, said he would seek to restore a 2018-inter-Korean military agreement designed to reduce border tensions and called for North Korea to respond to the South’s efforts to rebuild trust and revive talks.
The 2018 military agreement, reached during a brief period of diplomacy between the Koreas, created buffer zones on land and sea and no-fly zones above the border to prevent clashes.
But South Korea suspended the deal in 2024, citing tensions over North Korea’s launches of trashladen balloons toward the South, and moved to resume frontline military activities and propaganda campaigns. The step came after North Korea had already declared it would no longer abide by the agreement.
When asked whether the Lee government’s steps to restore the agreement would affect the allies’ drills, the South’s Defense Ministry said Monday that there are no immediate plans to suspend live-fire training near the Koreas’ disputed western maritime border. While the allies have postponed half of Ulchi Freedom Shield’s originally planned 44 field training programs to September, US military officials denied South Korean media speculation that the scaled-back drills were meant to make room for diplomacy with the North, citing heat concerns and flood damage to some training fields. Dating back to his first term, Trump has regularly called for South Korea to pay more for the 28,500 American troops stationed on its soil. Public comments by senior Trump administration officials, including Undersecretary of Defense Elbridge Colby, have suggested a push to restructure the alliance, which some experts say could potentially affect the size and role of US forces in South Korea. Under this approach, South Korea would take a greater role in countering North Korean threats while US forces focus more on China, possibly leaving Seoul to face reduced benefits but increased costs and risks, experts say. In a recent meeting with reporters, Gen. Xavier Brunson, commander of US Forces Korea, stressed the need to “modernize” the alliance to address the evolving security environment, including North Korea’s nuclear ambitions, its deepening alignment with Russia, and what he called Chinese threats to a “free and open IndoPacific.”
A10 Tuesday, August 19, 2025
Putin agrees US, Europe could offer NATO-style security guarantees to Ukraine, Trump envoy says
By Jill Colvin The Associated Press
NEW YORK—Russian leader Vladimir Putin agreed at his summit with President Donald Trump that the United States and its European allies could offer Ukraine a security guarantee resembling NATO’s collective defense mandate as part of an eventual deal to end the war, a US official said Sunday.
Trump envoy Steve Witkoff, who took part in the talks Friday at a military base in Alaska, said it “was the first time we had ever heard the Russians agree to that” and called it “game-changing.”
“We were able to win the following concession: that the United States could offer Article 5-like protection, which is one of the real reasons why Ukraine wants to be in NATO,” Witkoff told CNN’s “State of the Union.”
Witkoff offered few details on how such an arrangement would work. But it appeared to be a major shift for Putin and could serve as a workaround to his deep-seated objection to Ukraine’s potential NATO membership, a step that Kyiv has long sought.
It was expected to be a key topic Monday as Ukrainian President Volodymyr Zelenskyy and major European leaders meet with Trump at the White House to discuss ending the 3 1/2-year conflict.
“BIG PROGRESS ON RUSSIA,” Trump said Sunday on social media.
“STAY TUNED!”
On Sunday night, however, Trump seemed to put the onus on Zelenskyy to agree to concessions.
“President Zelenskyy of Ukraine can end the war with Russia almost immediately, if he wants to, or he can continue to fight,” he wrote.
“Remember how it started. No getting back Obama given Crimea (12 years ago, without a shot being fired!), and NO GOING INTO NATO BY UKRAINE. Some things never change!!!”
Hammering out a plan for security guarantees
ARTICLE 5, the heart of the 32-member transatlantic military alliance, says an armed attack against a member nation is con-
sidered an attack against them all. What needed to be hammered out at this week’s talks were the contours of any security guarantees, said Secretary of State Marco Rubio, who also participated in the summit. Ukraine and European allies have pushed the US to provide that backstop in any peace agreement to deter future attacks by Moscow.
“How that’s constructed, what we call it, how it’s built, what guarantees are built into it that are enforceable, that’s what we’ll be talking about over the next few days with our partners,” Rubio said on NBC’s “Meet the Press.”
It was unclear, however, whether Trump had fully committed to such a guarantee. Rubio said it would be “a huge concession.”
The comments shed new light on what was discussed in Alaska.
Before Sunday, US officials had offered few details even as both Trump and Putin said their meeting was a success.
Witkoff also said Russia had agreed to enact a law that it would not “go after any other European countries and violate their sovereignty.”
“The Russians agreed on enshrining legislatively language that would prevent them from—or that they would attest to not attempting to take any more land from Ukraine after a peace deal, where they would attest to not violating any European borders,” he said on “Fox News Sunday.”
Europe welcomes US openness to security guarantees
European Commission President Ursula von der Leyen, speaking in Brussels alongside Zelenskyy, applauded the news from the White House as a European coalition looks to set up a force to police any future peace in Ukraine.
“We welcome President Trump’s willingness to contribute to Article 5-like security guarantees for Ukraine and the ‘coalition of the willing’—including the European Union—is ready to do its share,” she said.
Zelenskyy thanked the US for signaling that it was willing to support such guarantees but said much remained unclear.
“There are no details how it will work, and what America’s role will be, Europe’s role will be and what the EU can do—and this is our main task: We need security to work in practice like Article 5 of NATO,” he said.
French President Emmanuel Macron said the substance of security guarantees to secure any peace arrangement will be more important than whether they are given an Article 5-type label.
At the White House meeting, Macron said European leaders will ask the US to back their plans to beef up Ukraine’s armed forces with more training and equipment and deploy an allied force away from the front lines.
“We’ll show this to our American colleagues, and we’ll tell them, ‘Right, we’re ready to do this and that, what are you prepared to do?’” Macron said. “That’s the security guarantee.”
Defending Trump’s shift from ceasefire to peace deal
WITKOFF and Rubio defended Trump’s decision to abandon a push for a ceasefire, arguing that the Republican president had pivoted toward a full peace agreement because so much progress had been made at the summit.
“We covered almost all the other issues necessary for a peace deal,” Witkoff said, without elaborating. “We began to see some moderation in the way they’re thinking about getting to a final peace deal.”
Rubio, appearing on several TV news shows Sunday, said it would have been impossible to reach any truce Friday because Ukraine was not there.
“Now, ultimately, if there isn’t a
Putin and said on Truth Social: “I had a great meeting in Alaska.”
Following the Alaska summit, Trump declared that a ceasefire was not necessary for peace talks to proceed, a sudden shift to a position favored by Putin.
Secretary of State Marco Rubio said Sunday that a ceasefire was still possible but that “the best way to end this conflict is through a full peace deal.”
The issues on the table for the European allies
EUROPEAN officials confirmed that Trump told them Putin is still seeking control of the entire Donbas region, even though Ukraine controls a meaningful share of it.
And Trump’s special envoy, Steve Witkoff, said the US and its allies could offer Ukraine a NATOlike commitment to defend the
Bolivia heads to historic presidential runoff as 2 decades of left-wing dominance ends
By Isabel Debre The Associated Press
LA PAZ, Bolivia—Bolivia’s presidential vote headed to an unprecedented runoff after elections Sunday that ended more than two decades of leftwing dominance in the Andean nation but signaled voters’ trepidation about a major lurch to the right.
A dark horse centrist, Sen. Rodrigo Paz, drew more votes than the right-wing frontrunners, although not enough to secure an outright victory, early results showed.
peace agreement, if there isn’t an end of this war, the president’s been clear, there are going to be consequences,” Rubio said on ABC’s “This Week.” “But we’re trying to avoid that.”
Rubio, who is also Trump’s national security adviser, also voiced caution on the progress made.
“We’re still a long ways off,” he said. “We’re not at the precipice of a peace agreement. We’re not at the edge of one. But I do think progress was made towards one.”
Land swaps are on the table AMONG the issues expected to dominate Monday’s meeting: What concessions Zelenskyy might accept on territory.
In talks with European allies after the summit, Trump said Putin reiterated that he wants the Donetsk and Luhansk regions that make up the Donbas, European officials said. It was unclear among those briefed whether Trump sees that as acceptable.
Witkoff said the Russians have made clear they want territory as determined by legal boundaries instead of the front lines where territory has been seized.
“There is an important discussion to be had with regard to Donetsk and what would happen there. And that discussion is going to specifically be detailed on Monday,” he said.
Zelenskyy has rejected Putin’s demands that Ukraine give up the Donbas region, which Russia has failed to take completely, as a condition for peace.
In Brussels, the Ukrainian leader said any talks involving land must be based on current front lines, suggesting he will not abandon land that Russia has not taken.
“The contact line is the best line for talking, and the Europeans support this,” he said. “The constitution of Ukraine makes it impossible, impossible to give up territory or trade land.”
The Associated Press writers John Leicester in Le Pecq, France, and Samya Kullab in Kyiv, Ukraine, contributed to this report.
country if it came under attack as the possible security guarantee.
“How that’s constructed, what we call it, how it’s built, what guarantees are built into it that are enforceable, that’s what we’ll be talking about over the next few days with our partners who are coming in from overseas,” Rubio told NBC’s “Meet the Press.”
Rubio said on Fox News’ “Sunday Morning Futures” that such a commitment “would be a very big move” by Trump. He expects the delegations will “spend six, seven hours talking about these things, maybe more, and try to get to a point where we have something more concrete.”
Monday’s meeting will likely be very tough for Zelenskyy, an official close to the ongoing talks said. That official spoke on condition of anonymity to speak openly about thinking within Ukraine and between allies.
Zelenskyy needs to prevent a scenario in which he gets blamed for
stable economy imploded under Morales’ protégé-turned-rival, President Luis Arce. Annual inflation rate has soared from 2% less than two years ago to 25% as of last month. A scarcity of fuel has paralyzed the country. A desperate shortage of U.S. dollars needed to pay for essential imports like wheat has crippled the economy. As the crisis accelerated, MAS leaders traded blame. A power struggle between Morales and Arce fractured the bloc and handed the opposition its first real shot at victory in decades even as its uncharismatic candidates failed to unite.
Paz, a former mayor who has sought to soften the edges of the opposition’s push for tough austerity to rescue Bolivia from a looming economic collapse, will face off against right-wing former President Jorge “Tuto” Quiroga, who finished second. Bolivia holds the presidential runoff—its first since its 1982 return to democracy—on Oct. 19.
“This economic model must change,” Paz declared to crowds who cheered and chanted, “Renewal!”
Paz’s campaign gained unexpected traction in recent weeks as he teamed up with Edman Lara, a social media savvy ex-police captain with evangelical backing whose supporters see him as a bold leader willing to stand up to corruption in the security forces. With over 91% of the ballots counted Sunday, Paz received 32.8% of the votes cast. Quiroga secured 26.4%. Candidates needed to surpass 50%, or 40% with a 10-point margin of victory, to avoid a runoff.
Addressing fans and flanked by family as confetti hearts sprayed from the ceiling, Quiroga congratulated Paz on his lead.
“What happened is unprecedented,” he said. “Bolivia told the world that we want to live in a free nation.”
A leftist establishment confronts its demise
The results delivered a stunning blow to Bolivia’s hegemonic Movement Toward Socialism, or MAS, party, which has governed Bolivia almost uninterrupted since its founder, charismatic exPresident Evo Morales, rose to power as part of the “pink tide” of leftist leaders that swept into office across Latin America during the commodities boom of the early 2000s.
The official MAS candidate, Eduardo del Castillo, finished sixth with just 3.2% of the vote. A leftist candidate considered to be the party’s best hope, 36-year-old Senate president Andrónico Rodríguez, captured 8% of the vote.
During his almost 14 years in power, Morales expanded the rights of the country’s Indigenous majority, defended coca growers against US-backed eradication programs and poured natural gas profits into social programs.
But the maverick leader’s increasingly high-handed attempts to prolong his presidency—along with allegations of sexual relations with underage girls— soured public opinion against him.
Simmering discontent turned into a tidal wave of outrage as Bolivia’s once-
blocking peace talks by rejecting Putin’s maximalist demand on the Donbas, the official said. It is a demand Zelenskyy has said many times he will never accept because it is unconstitutional and could create a launching pad for future Russian attacks.
If confronted with pressure to accept Putin’s demands, Zelenskyy would likely have to revert to a skill he has demonstrated time and again: diplomatic tact. Ukrainian leadership is seeking a trilateral meeting with Zelenskyy, Trump and Putin to discuss sensitive matters, including territorial issues.
Zelenskyy is looking to avoid another Oval Office blowup
AFTER enduring a public tirade by Trump and Vice President JD Vance in February, Zelenskyy worked to repair relations with the US.
Constant diplomatic communication and a 15-minute meeting at the Vatican in April on the sidelines of Pope Francis’ funeral helped turn the tide.
In perhaps the most visible sign of how fed up Bolivians are with the party, leftist politicians casting their ballots across Bolivia on Sunday faced barrages of boos, insults and thrown objects.
Morales’ supporters heed calls to vote null BLOCKED from running by a court ruling on term limits, Morales has been holed up in his tropical stronghold of Chapare for months evading an arrest warrant for allegedly impregnating a 15-year-old girl while president.
He has branded Rodríguez a traitor for competing and encouraged his supporters to register their anger at his exclusion by casting null-and-void ballots. His followers appeared to heed his calls: An unusually high proportion of votes, 19%, were deemed invalid. Usually, the share of blank and null votes doesn’t exceed 6%.
Tensions ran high as Morales’ supporters mobilized against elections but voting even in the restive jungle largely passed peacefully, authorities said, with only minor disruptions. A dynamite stick went off near the school where Rodríguez planned to cast his ballot in Chapare. When he arrived hours later, pro-Morales crowds assaulted him with bottles and rocks as he voted. Whisked away by guards, Rodríguez later called it a “difficult moment.”
A centrist takes a surprise lead THE win for Paz came as a shock to a nation that had been conditioned by weeks of opinion polls to expect that the leading right-wing contenders, Quiroga and businessman Samuel Doria Medina, would capture the top two spots.
Sunday marked Doria Medina’s fourth failed presidential bid. He told grim-faced supporters that he had “no regrets.”
“I wanted to serve Bolivia as president, and it hasn’t been possible,” he said. The promotion of Paz and his more moderate tone reflects Bolivian ambivalence about a dramatic veer to the right. Paz has sought to distance himself from pledges by Quiroga and Doria Medina to sell Bolivia’s abundant lithium reserves to foreign companies and turn to the International Monetary Fund for billions of dollars of loans.
But he has also launched blistering attacks on the MAS party and its economic model.
“I want to congratulate the people because this is a sign of change,” Paz said.
Trump appeared at the time to be swayed by Zelenskyy’s conditions for peace.
But Trump says he cares primarily about ending the war, an ambition that led him after his meeting with Putin to discard the need for a ceasefire.
European allies also have worked with Trump, reaching a deal in July for NATO allies to buy weapons from the US for Ukraine.
Ahead of Monday’s meeting, France’s Macron stressed the importance of building up Ukraine’s military and the need to show Putin that Europe interprets his moves as a threat to other nations.
“If we are weak with Russia today, we’ll be preparing the conflicts of tomorrow and they will impact the Ukrainians and—make no mistake—they can impact us, too,” Macron said.
Kullab reported from Kyiv, Ukraine. The Associated Press writer John Leicester contributed from Le Pecq, France.
PRESIDENT Donald Trump meets with Russia’s President Vladimir Putin Friday, Aug. 15, 2025, at Joint Base Elmendorf-Richardson, Alaska. At left is Russia’s Foreign Minister Sergey Lavrov and second from right is Secretary of State Marco Rubio. AP/JULIA DEMAREE NIKHINSON
www.businessmirror.com.ph
TBy Nonie Reyes
HE Civil Aviation Authority of the Philippines (CAAP) has completed a six-month, nationwide random drug testing program, reaffirming its commitment to a drug-free workplace and ensuring the safety of the flying public.
The initiative, which ran from February to August 2025, aligns with directives from President Ferdinand Marcos and Transportation Secretary Vince Dizon.
The comprehensive program, which involved personnel from 14 CAAP-operated airports, tested a total of 1,703 employees. Of those tested, six individuals were found to have positive results. The positive cases were distributed across four airports: one at General Santos International Airport, three at Butuan Airport, one at Ozamiz Airport, and
OIL companies are implementing a mixed fuel price adjustment this week. In separate advisories, oil firms announced they will jack up gasoline prices by P0.60 per liter.
Diesel and kerosene prices, meanwhile, are going down by P0.80 and P0.90 per liter, respectively.
Petron, Shell, Caltex, Seaoil, Unioil, Total, PTT said they will adjust their pump prices at 6 a.m. of Tuesday, August 19.
Cleanfuel will implemen t the price
Lastly, P127.56 million will be earmarked for the health insurance premiums of beneficiaries under the PAyapa at MAsaganang PamayaNAn (Pamana) Program, which supports communities in conflict-affected areas.
Baronda emphasized that the additional funding will help bridge gaps in PhilHealth financing, prevent service interruptions, and protect more Filipino families from catastrophic health expenses. The bill also mandates the Department of Budget and Management (DBM) and
efforts,” Clavano said. Clavano cited the continuing campaign by the NBI against illegal offshore gaming operations and other criminal activities.
The DOJ official said Justice Secretary Jesus Crispin Remulla is still mulling over Santiago’s possible replacement to recommend to the President.
“He is thinking very carefully about who can replace director Jimmy,” Clavano explained.
However, Clavano noted that the DOJ might recommend DOJ Undersecretary Jesse Andres, who heads the DOJ’s law enforcement and prosecution cluster, as acting director of the NBI.
In his irrevocable resignation submitted to President Marcos on August 15, Santiago claimed that his detractors and those who have “sinister” interest in his position have
one at Bacolod-Silay Airport.
Dr. Rolly Bayaban, Chief Flight Surgeon of CAAP’s Office of the Flight Surgeon and Aviation Medicine (OFSAM), emphasized the critical nature of this initiative. “The safety and efficiency of aviation operations greatly depend on the physical and mental well-being of all aviation personnel,” he stated. He added that the program is part of an ongoing effort to maintain the highest standards of safety and public trust. In accordance with both the Philippine Civil Aviation Regulation on Psychoactive Testing and Reporting and Civil Service Commission (CSC) regulations, all personnel who tested positive will be immediately dismissed from service. CAAP assures the public that a capable, drug-free workforce supports every flight within Philippine airspace, reinforcing their commitment to aviation safety.
Marcos reorganizes economic council, elevates Finance department’s role
Bt Samuel P. Medenilla @sam_medenilla
PRESIDENT Ferdinand Marcos has elevated the role of the Department of Finance (DOF) at the Development Budget Coordination Committee (DBCC), as one of its chairs together with the Department of Budget and Management (DBM).
Created in 1970 through Executive Order (EO) 232, the DBCC regularly reviews and approves the macroeconomic targets, revenue projections, borrowing levels, aggregate budget level, and expenditure priorities of the government.
Under his three-page Administrative Order (AO) No. 37, series of 2025, Marcos announced the changes at the DBCC as part of his effort to update the composition of the Economic and Development Council (ED Council). The initiative was based on the recommendation of the Department of Economy, Planning, and Development (DEPDev) “to ensure the continuity in the
integration, coordination, and implementation of various socioeconomic policies and programs of the government.”
Prior to the release of AO 37, the DBCC was led by DBM, with the DEPDev as its vice chair. DOF and Office of the President were members of DBCC.
Aside from the changes in the DBCC, Marcos also expanded the membership of the ED Council’s Social Development Committee (SDC) to include the Department of Agrarian Reform (DAR), Technical Education and Skills Development Authority (TESDA), and the National Anti-Poverty Council (NAPC).
He also added two new members to the Tariff and Related Matters Committee (TRMC), namely, DAR and the Department of Environment and Natural Resources (DENR).
AO 37 also expanded the role of the Special Assistant to the
President for Investment and Economic Affairs (SAPIEA) to serve as representative of the Executive Secretary, but also of the Office of the President at the DBCC, Investment Coordination Committee (ICC), Infrastructure Committee (InfraCom), and SDC. It reiterated the designation of the SAPIEA under EO No. 49, series of 2023, as chairperson of the EDCom, which was previously known as the National Economic and Development Authority (NEDA) Board. The secretaries of DEPDev and the Department of Finance (DOF) will serve as covice chairpersons of the EDCom. The NEDA Board’s name was changed after NEDA was renamed into the DEPDev by Republic Act No. 12145. AO 37, which was issued by Marcos through Executive Secretary Lucas P. Bersamin, on last Wednesday, but it will retroactively take effect on 27 April 2025.
He
directed stronger post-distribution monitoring and the activation of grievance mechanisms to address reports of misuse. “These funds are for public purposes and cannot be used for any other purpose, especially in all forms and modes of gambling,” Gatchalian’s memorandum read.
adjustment at 8:01 a.m. the same day. Other firms have yet to make similar announcements for the week.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) said the price movements this week was brought about by aggressive supply growth, weaker global demand, and easing trade tensions between US and China. Oil firms adjust their prices every week to reflect movements in the world market.
Lenie Lectura
PhilHealth to submit quarterly accountability reports on the utilization of funds to Congress and the Commission on Audit and to publish these reports online for transparency.
The appropriations will remain valid until December 31, 2025, ensuring continuous support for the NHIP throughout the fiscal year.
“With this measure, we aim to guarantee that the most vulnerable populations continue to access health services without interruption while expanding the quality and range of PhilHealth benefits,” Baronda stressed, urging her colleagues in Congress to support the immediate passage of the bill.
launched efforts to blemish his reputation.
He said these covert moves started when he tendered his courtesy resignation in response to the President’s call for all top government officials to vacate their posts pending results of their performance evaluation.
“I cannot allow this seemingly orchestrated move to blacken my reputation which I molded through the years,” Santiago stressed. Clavano, on the other hand, said the DOJ cannot investigate accusations of wrongdoing against Santiago being peddled in social media platforms unless there is evidence to substantiate these.
“It will not warrant an investigation unless there are pieces of evidence that come out that will support the allegation,” Clavano pointed out.
“But mere allegations and mere statements that are uncorroborated and unsubstantiated cannot be acted on because that will only open the floodgates and it is subject to abuse,” he added.
Yet in the same breath, the private sector groups noted that the Court deems inaction by the House as a dismissal that triggers the one-year bar.
construction of 22 pumping stations have been completed while work on another 22 pumping stations and one sub-station are ongoing.
“The project encountered several startup challenges, particularly difficulties in procurement [failed bidding and limited capacity in carrying out World Bank bidding process]. The pandemic also halted the project activities including procurement, technical site visits and community engagement,” the documents stated.
“DPWH also continues to experience challenges in right of way acquisition [ROWA] and resettlement of projectaffected persons,” it added.
Another project is the P57.7 billion
including motor vehicles, remain the leading contributors to air pollution, the EMB has intensified its initiatives to reduce vehicular emissions. From 2022 to 2024, the Bureau issued a total of 1,807 Certificates of Conformity (COC) for Euro IV-compliant vehicles. These certifications ensure that new vehicles meet stringent emissions requirements before entering the market. Euro IV, or Euro 4, emission standards regulate the maximum allowable levels of pollutants emitted by motor vehicles,
“This, we submit, stands in tension with the Court’s own reasoning: in both cases, the House did not act and yet there are different legal effects,” the four groups pointed out.
The groups also asserted in their statement that the Senate, by stopping the impeachment initiated
Pasig-Marikina River Channel Improvement Project Phase IV being funded by the Japan International Cooperation Agency (JICA).
As of June 2025, the project is also behind schedule with an actual OWPA of 33.44 percent against a target of 52 percent. This represents a negative slippage of 18.56 percent.
The ongoing activities for the project include river improvement works and resettlement site development. Civil works and non-structural measures under Consulting services are also ongoing.
“ROWA challenges in Quezon City, Pasig, Marikina, Cainta, and Taytay due to the presence of ISFs at some locations of the proposed Revetment and Dike System under Contract Package 2,” DepDev stated.
The third flood control project is the P22.04 billion Cavite Industrial Area Flood Risk Management project which is also
particularly light-duty and heavy-duty types. These standards were introduced to significantly limit emissions of nitrogen oxides (NOx), particulate matter (PM), carbon monoxide (CO), and hydrocarbons (HC), which are known to contribute to air pollution and respiratory illnesses.
In the industrial sector, the EMB has been implementing the Industrial Emission Monitoring Program to oversee compliance among major pollution sources, such as coal-fired power plants and cement manufacturing facilities. The Bureau has accredited 20 firms with 57 stack sampling teams as of June 2024 and 20 firms with 59 stack sampling teams as of June 2025. Third-
agricultural products and from the annual budget of the agriculture department.
through the second mode, and the Court by its decision in this case as it stands, “unfortunately prevented due process from happening.”
They explained that Impeachment is neither a criminal nor administrative proceeding.
“It is a sui generis process for which the Constitution provides specific venues for due process: in the Committee on Justice for the first mode of impeachment [by verified complaint endorsed by a member of the House]; or at the Senate Trial for the second mode [Impeachment by direct resolution transmitted to the Senate],” the four groups said.
being financed by JICA.
As of June 2025, the project has an actual OWPA of 33.18 percent against a target of 70 percent. This means the project’s negative slippage is 36.82 percent.
Ongoing activities include river improvement works and resettlement site development. The project, DepDev said, also encountered ROWA challenges particularly in Kawit, Novela, Rosario, General Trias, and Imus in Cavite.
“The ROWA issue is caused by resistance of the remaining ISFs particularly due to the off-city relocation option given by the LGU [Local Government Unit]; insufficient budget allocation to obtain the issuance of PTE [Permit-to-Enter]; and delay of the process in the court for WOP [Writs of Possession],” the document stated.
The last flood control project is the
party emission testing firms and facilities equipped with Continuous Emission Monitoring Systems (CEMS) connected to the EMB Data Center enable real-time emissions tracking and ensure compliance with regulations.
As of 2024, the EMB operates and maintains 113 Air Quality Monitoring Stations across the country to further strengthen air quality management. These stations provide essential real-time data on harmful air pollutants, which is the basis for air quality assessments and policy decisions. During volcanic eruptions and haze events, the EMB also issues a Daily Air Quality Bulletin in coordination with the
P1.78 trillion, a testament to its continued relevance,” Villanueva said.
P20.02 billion Integrated Flood Resilience and Adaptation project Phase 1 being funded by the ADB.
As of June 2025, the actual OWPA of the project is 0.10 percent against a target of 11 percent. This means the project has a negative slippage of 10.9 percent.
There is ongoing procurement of civil works for Lanao del Sur under Package 2 as well as the Tagum-Libuganon and Abra River Basin under packages 1 and 2. A notice to proceed for the project consultant was issued in January 2025 while technical site visits as well as topographic and hydrographical surveys and geotechnical surveys were completed.
The DepDev said parcellary surveys are being finaled while the design analysis for various structures and preparation of tender documents are ongoing.
National Disaster Risk Reduction and Management Council (NDRRMC), allowing local government units and communities to prepare and respond effectively. The EMB is now actively leading the transition toward Euro V fuels and engines, which is expected to reduce particulate matter emissions by up to 95.5 %. The Bureau is also working to amend and strengthen existing industrial emission standards under Republic Act No. 8749, or the Philippine Clean Air Act, with a focus on regulating emissions of particulate matter, carbon monoxide, nitrogen oxides, and sulfur oxides from industrial sources. Jonathan L. Mayuga
financial reports.
The initial fund of the program shall come from the national government savings. The succeeding funds for its continuous implementation shall be sourced from 10% of the total annual duties collected from the importation of
When enacted into law, the measure could benefit some 10 million farmers and fisherfolk, based on April 2025 government statistics, per Villanueva’s estimates.
In 2024, agriculture, forestry and fishing accounted for 8% of the country’s Gross Domestic Product.
“Yet despite its economic weight, the sector’s productivity has failed to lift the fortunes of those who toil within it,” he lamented.
In 2023, Philippine Statistics Authority data showed poverty incidence at 27% for farmers and 27.4% for fisherfolk.
Villanueva said giving Filipino farmers and fisherfolk a reliable source of retirement benefits and social security is well past its due.
“Sa kabila ng lahat ng kanilang sakripisyo, ipadama naman natin sa ating magsasaka at mangingisda na may masasandalan sila sa kanilang pagtanda,” Villanueva added.
The move supports the Marcos administration’s stand against gambling and its adverse impact on the financial standing of Filipinos, recently underscored by the Bangko Sentral’ (BSP) directive ordering all BSP-supervised institutions to unlink e-wallets from gambling platforms.
The DSWD chief urged all beneficiaries to use government assistance responsibly, in line with its goal of alleviating poverty and improving the welfare of Filipino families. Jovee Marie N. dela Cruz
Gatchalian emphasized that beneficiaries proven to have diverted cash aid to gambling will face sanctions, including permanent disqualification from DSWD programs.
“In real terms, using constant 2018 prices, its gross value added stood at
OFW remittances: A steady lifeline, not a policy crutch
THE latest Bangko Sentral ng Pilipinas data—showing a 3.1 per cent rise in cash remittances in the first half of 2025 and a 3.7 percent year‑on‑year increase in June—is welcome news for millions of Filipino households and for a Philippine economy that still leans heavily on money sent home by OFWs. At $16.75 billion in cash remittances and $18.67 billion including in‑kind and infor mal transfers for January June, these flows remain a reliable counter weight to external shocks and a steady source of foreign exchange. But they should be seen for what they are: a vital social safety net and an engine of domestic demand—not a substitute for deeper struc tural reforms that will determine the country’s long‑term trajectory. (Read the BusinessMirror story: “6-month remittances by Pinoys up 3.1% to $16.7 billion,” August 16, 2025).
Remittances sustain consumption, finance education and health spend ing, and help many families climb out of immediate hardship. Their outsized importance is underscored by the concentration of sources: the US alone ac counted for some 40 percent of cash remittances in the period. This concen tration amplifies the benefits but also the risks of dependence. Geopolitical or labor‑market shifts in a handful of source countries could reverberate quickly through millions of Filipino households and the broader economy.
The BSP’s technical caveat on remittance data—that flows routed through correspondent banks in the US can obscure their true country of origin—high lights how global financial plumbing and the practices of intermediaries can mask the Philippines’ actual geographic diversification of its diaspora. Poli cymakers should push for better data disaggregation and engage with banks and remittance operators to more accurately map the origin of funds. Better information would improve crisis preparedness and allow more targeted sup port for vulnerable migrant communities.
Remittances are also an opportunity. The government can do more to lever age these flows for development without jeopardizing the informal lifelines families rely on. That means expanding financial inclusion and encouraging the use of formal channels through lower costs and services that translate remittance incomes into savings, insurance, investment and entrepreneur ship. Financial literacy programs aimed at recipient families can amplify the developmental impact of remittances.
But the most important point is what remittances should not become: a policy crutch. Relying on OFWs to prop up consumption and external balances underlines weaknesses in domestic job creation and productive investment.
Banks and business leaders were right to point out the country’s demographic advantage: a large working‑age population presents a window of opportunity. The critical challenge is to create high‑value jobs at home so the country can retain talent and convert demographic potential into sustained income growth. This requires a two‑pronged strategy. First, accelerate reforms that im prove the business environment and unlock investment in manufacturing, high‑value services, and green industries. Second, protect and empower OFWs through better deployment governance, skills training that matches demand abroad and at home, accessible social protection, and reintegration programs that turn returning skills and savings into domestic enterprises.
Finally, policymakers should aim for a balanced narrative. Celebrate remit tances as a testament to the resilience and sacrifice of Filipino workers world wide; recognize their contribution to macroeconomic stability and household welfare. Simultaneously, be candid about their limits and commit to policies that reduce structural dependence: better data, stronger financial pathways, targeted programs to convert remittance income into productive capital, and a sustained effort to create more and better jobs at home.
Remittances will remain a lifeline for the Philippines for years to come. The question is whether they will be the finish line or a bridge that leads to a more self‑reliant, diversified, and prosperous economy. We would all benefit greatly from ensuring that the second option becomes a reality.
Opinion
How to sabotage domestic industries
AOUTSIDE THE BOX
ROUND the world, governments issue impassioned state ments about protecting their industries from foreign compe tition. Yet the reality often betrays those declarations. While politicians thunder against tariffs imposed abroad, they simultane ously allow cheaper imports to dominate their own markets. The result is quiet self sabotage—steadily eroding productive capacity under the guise of consumer benefit.
Canada’s predicament with steel tariffs perfectly illustrates this contradiction. Over 90 percent of Canadian steel exports go to the United States, and when Washington slapped a 50 percent tariff, Canada’s mills reeled. Algoma Steel, the coun try’s only plate producer, reported a $110 million loss in Q2 2025 and paid nearly $75 million in tariffs over six months.
But there is more. Here is the kicker. Ironically, Canada imports about 60 65 percent of its steel from the US because much of Canadian steel is explicitly tailored for export markets, leaving domestic demand to be met by foreign suppliers. So, the US fills the Canadian need.
outsourced the processing to China. This ceded a strategic advantage to a geopolitical rival while hollowing out America’s industrial base.
The Philippines mirrors this global folly as it suffers a similar pattern of self i nflicted wounds.
The Philippine Statistics Authority reports local onion production at around 214,000 metric tons in 2023, yet imported onions from China and India regularly flood markets. The influx drives prices below sustain able levels, forcing farmers to discard produce or sell at a loss. The result: “Filipino farmers suffer losses, rural livelihoods are threatened, and the nation’s food security is put at risk.”
Without a serious commitment to nurturing homegrown industries, the Philippines risks locking itself into permanent dependence on foreign suppliers—losing not only jobs and skills but a vital piece of its national sovereignty. This economy needs not only strong incentives for local production but also meaningful consequences for excessive import reliance.
Vietnam, often winning government infrastructure bids.
Is anyone in charge of this mess?
The root problem is familiar.
Policymakers face a dilemma: re strict imports to protect produc ers and risk short term price hikes or keep markets open and invite gradual industrial decline. Consum ers naturally prefer cheaper goods and instant economic gratification.
Yet the long term costs—lost jobs, weakened supply chains, diminished strategic autonomy—rarely feature in the debate.
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M.
G.
Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa
M. Manangan
893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.businessmirror.com.ph
This problem of wild economic policy is hardly unique to Canada. The European Union once poured billions into solar panel manufac turing, only to see Chinese firms capture an estimated 80 percent of the market by 2023. Local companies undercut by imports, shriveled away. Meanwhile the US mined its own rare earth minerals—critical for smart phones and electric vehicles—but
Sugar producers face comparable challenges. The Philippine Sugar Regulatory Administration esti mates smuggled sugar from Thailand and Vietnam accounts for 15 to 20 percent of domestic consumption, severely denting local mill revenues. Meanwhile, the Philippine Cement Manufacturers Association reports local plants operate at roughly 60 percent capacity due to cheaper im ported cement from Indonesia and
This fragile balance leaves econo mies vulnerable to shocks for coun tries with hollowed out industries as they scramble to respond. Rebuilding manufacturing capacity is neither quick nor cheap. It requires years of investment, skilled labor develop ment, and crucially, political will.
Some governments have begun to recognize this. The EU’s Green Deal enforces local content rules for green tech subsidies. The US In flation Reduction Act ties subsidies to domestic sourcing, reinforcing manufacturing. The Philippines has taken tentative steps: the Depart ment of Trade and Industry tightened cement import safeguards, and the
Modi bolsters India’s economy with tax cuts ahead of US tariffs
By Shruti Srivastava, Ruchi Bhatia & Anup Roy
INDIA expects consumption tax cuts announced by Prime Min ister Narendra Modi will give a boost to the economy without hurting the government’s fiscal deficit, helping to offset the fallout from higher US tariffs.
Officials in New Delhi said on the weekend the proposed changes to the goods and services tax—which will see the number of tax categories reduced to two from four—would benefit a broad range of sectors, including consumers and small businesses. The adjustments would have a limited effect on government revenue, officials told reporters, re questing anonymity in order to dis cuss the plans. Indian stocks rose in early trad ing Monday, led by automakers. The
Officials in New Delhi said on the weekend the proposed changes to the goods and services tax— which will see the number of tax categories reduced to two from four—would benefit a broad range of sectors, including consumers and small businesses. The adjustments would have a limited effect on government revenue, officials told reporters, requesting anonymity in order to discuss the plans.
Department of Agriculture launched anti smuggling operations targeting agricultural goods. However, reforms face resistance. Importers and middlemen benefit from the status quo. Bureaucratic hurdles slow enforcement. Politi cians fear the electoral cost of higher prices. Without consistent, trans parent policy, these measures risk becoming window dressing. Ultimately, the greater danger lies not in trade wars but in the quiet dismantling of domestic industries through lax policies and contradicto ry incentives. Canada’s steelmakers, the EU’s solar panel firms, American rare earth processors, and Philippine farmers share a common fate: the slow bleed of their markets until the industry is a memory. Ignoring this warning will cost far more than higher prices. Without a serious commitment to nurturing homegrown industries, the Philip pines risks locking itself into perma nent dependence on foreign suppliers —losing not only jobs and skills but a vital piece of its national sovereignty. This economy needs not only strong incentives for local production but also meaningful consequences for excessive import reliance. That, however, will require policymakers to develop a genuine “Philippines First” economic back bone and summon classic Filipino courage to prioritize long term flex ibility over short term convenience. If the Philippines is to reclaim its economic sovereignty, that begins with policies that put Filipinos first, not last.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
John Mangun
Qantas fined $59 million for firing 1,820 during pandemic
By Angus Whitley
QANTAS
Airways Ltd. was ordered to pay A$90 million ($59 million) for illegally sacking almost 2,000 ground workers during the pandemic, in a court judgment that included sharp criticism of the airline’s culture and raised questions about how much the company has changed.
In a ruling Monday, the Federal Court of Australia told Qantas to pay A$50 million of the penalty directly to the Transport Workers’ Union, which had sued the airline over the firings. A portion of the remainder, to be determined at a later hearing, might go to some of the 1,820 sacked workers. The fine comes on top of last year’s A$120 million compensation deal for the impacted former employees.
Qantas outsourced ground-handling operations at 10 Australian airports in late 2020, under thenChief Executive Officer Alan Joyce, as the pandemic brought aviation to a standstill. The Transport Workers’ Union argued staff were axed to avoid looming negotiations over pay and conditions and potential strikes.
Reading his hour-long judgment, Justice Michael Lee criticized the culture that allowed the firings to proceed. He also questioned the airline’s degree of contrition and its commitment to change, noting Qantas’s “unrelenting and aggressive litigation strategy” as it pursued the case through the courts.
Lee said he was left “with a sense of disquiet and uncertainty as to precisely what went on within the upper echelons of Qantas leading up to the outsourcing decision.”
The illegal firings were one of several scandals and corporate missteps at Qantas during the pandemic and its immediate aftermath, including accusations from the regulator that Qantas sold seats on thousands of flights that the airline had already scrapped. The airline agreed to pay a further A$120 million in penalties and compensation for the ghost flights.
Resolving the ground handlers’ case has been a key part of Qantas’ rehabilitation under Joyce’s successor, Vanessa Hudson, who took the helm in late 2023. Justice Lee’s stinging words on Monday now reopen the debate about who was to blame, and what’s being done, following the worst reputational crisis in the airline’s history.
‘Performative remorse’
LEE expressed his dissatisfaction that Hudson hadn’t appeared in court, but had instead apologized through company statements.
“It is one thing for the ‘Qantas News Room’ to issue press releases by a CEO saying sorry; it is quite another for written assertions of contrition, recognition of wrong and cultural
cially in critical sectors like energy, minerals and defense. His tax announcement came a day after S&P Global Ratings raised India’s sovereign rating to BBB, the country’s first upgrade in 18 years. S&P said Trump’s tariffs would have a “manageable” impact on India’s consumption-driven economy. Spending by consumers and businesses contributes more than 60 percent to India’s GDP.
After Trump announced he was hitting India with 50 percent tariffs analysts, including from Citigroup Inc., estimated a 0.6-0.8 percentage point downside risk to India’s annual growth. The GST cut could help cushion the impact.
“The uptick in consumption may help to negate the impact of a no-deal scenario between the US and India,” said Garima Kapoor, an economist at Elara Capital. S&P’s upgrade may also enhance India’s appeal as an investment destination at a time when growth is slowing, she said. India has a complicated GST tax structure, with four main categories of rates, at 5 percent, 12 percent, 18
Opinion
Passive income taxation under CMEPA
TReading his hour-long judgment, Justice Michael Lee criticized the culture that allowed the firings to proceed. He also questioned the airline’s degree of contrition and its commitment to change, noting Qantas’s “unrelenting and aggressive litigation strategy” as it pursued the case through the courts.
change to be tested in a courtroom by senior counsel for a party submitting that Qantas is engaged in performative remorse,” Justice Lee said in his judgment.
Hudson again apologized in a statement after the judgment.
“We sincerely apologize to each and every one of the 1,820 ground handling employees and to their families who suffered as a result,” Hudson said. “We’ve worked hard to change the way we operate as part of our efforts to rebuild trust with our people and our customers. This remains our highest priority.”
Lee said that while he accepts Qantas is sorry, he said it’s probably “the wrong kind of sorry.”
“I do think persons of responsibility within Qantas do now have some genuine regrets, but this more likely reflects the damage this case has done to the company rather than either remorse for the damage done to the affected workers, or concern it engaged in the contravening conduct,” Lee said.
Former CEO Joyce resurfaced in Sydney last week and defended his record—and the steps taken—when he ran Qantas. In a speech at an aviation conference, he said “hard and painful” decisions made during the Covid pandemic saved Qantas from collapse.
“Qantas, like many airlines, also faced very challenging decisions about its workforce. I acknowledge that,” Joyce said in his speech, without directly referring to sacking the ground workers.
TWU National Secretary Michael Kaine, speaking after Monday’s judgment, described Qantas’ actions in 2020 as “ruthless and selfinterested.”
“Today’s decision is a A$90 million message to corporate Australia that workers will stand up for what’s right,” Kaine said.
Qantas had faced a maximum A$121 million penalty for illegally sacking the workers. Bloomberg
percent and 28 percent. The proposed changes will see the number of categories reduced to two, with most goods that were taxed at 12 percent and 28 percent now taxed at the lower rate of 5 percent and 18 percent, respectively.
About two-thirds of government revenue from GST comes from the 18 percent tax category, which would limit any hit to fiscal coffers as a result of the adjustments, officials told reporters. Any loss in revenue is likely to also be offset by a likely jump in spending on basic goods like food that will be taxed at a lower rate, officials said.
“We see a good chance that GST on cement, two-wheelers and air conditioners may go down to 18 percent from 28 percent currently,” said Mahesh Nandurkar, analyst at Jefferies.
The proposals will be discussed by a panel of state finance ministers, and then submitted to the GST Council, which is headed by Finance Minister Nirmala Sitharaman, in September or October, officials said. The GST Council has the final say on any changes in tax rates. The changes will be implemented in the current financial year, the officials said. With assistance from Ravil Shirodkar/Bloomberg
Atty. Mabel L. Buted
TAX LAW FOR BUSINESS
HE Comprehensive Tax Reform Program (CTRP) of the government started in 2018 and was finally completed this year, with the passage of the Capital Markets Efficiency Promotion Act or otherwise known as CMEPA. To recall, the CTRP consisted of four packages. The first three packages which were enacted earlier are: Package 1 (the Tax Reform for Acceleration and Inclusion Law or TRAIN Law), Package 2 (the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE Act) and Package 3 (the Real Property Valuation and Assessment Reform Act or RPVARA). The last package, Package 4, is CMEPA, which was recently signed into law on May 29, 2025 and became effective on July 1, 2025. The law was an “alternate” bill to the then PIFITA or the Passive Income and Financial Intermediary Taxation Act. Most of the significant changes proposed under PIFITA were carried over to the CMEPA.
This new law aims to simplify the taxation of financial intermediation services. To note, before the enactment of CMEPA, a lot of factors were considered in determining the tax treatment of income derived from investment in financial instruments, where the taxpayers usually earn their passive income. These factors include the term of the instrument, residency of the investor and the currency involved. The resulting taxes based on these factors then
largely affected the investors in making their investment decisions. The new law now seeks to eliminate the reliance on these varying tax treatments in making investment decisions. Under CMEPA, all taxpayers, except in the case of some nonresidents, are now subject to the 20 percent final withholding tax on the interest income, yield or any other monetary benefit earned from any currency bank deposit or deposit substitute, trust funds, and other similar ar-
rangements. The new rule effectively removes the previous tax exemptions enjoyed by individuals on interest from long-term deposits and investments as well as modified the tax rate on interest derived by residents (individual or corporation) from the expanded foreign currency deposit unit system (EFCDU) of banks.
Before CMEPA, the interest income earned by citizens, resident aliens, and nonresident aliens engaged in trade or business (NRAETB) on long-term deposits and savings were exempted from tax, except if the investments are pre-terminated, in which case, the interest would be subjected to 5 percent, 12 percent and 20 percent, depending on the remaining maturity of the instrument. Also, prior to the amendments introduced by CMEPA, interest income derived by residents from the EFCDU of banks was subject to 15 percent.
The foregoing rule further effectively removed the tax exemption of interest earned by nonresidents under the EFCDU of banks under the law prior to amendment. However, this was later subjected to veto by the President.
Under CMEPA, nonresident aliens not engaged in trade or business and nonresident foreign corporations remain subject to the 25 percent final tax on interest.
While significant changes were introduced on the taxation of interest
income, it can be noted that taxation of dividends derived from equity instruments remain unchanged under CMEPA.
Individual taxpayers remain subject to different tax rates on their dividend income depending on their classification. Both the PIFITA and the version of CMEPA passed by the House of Representatives proposed uniform tax treatment of dividends earned by all individuals (i.e., 15 percent under PIFITA and 10 percent under the House version). However, these did not materialize in the new law. This is a matter that might later be considered by our lawmakers. Under the new law, citizens and resident aliens are subject to 10 percent on their dividends while NRAETBs are subject to 20 percent and NRANETBs are subject to 25 percent. Dividends derived by domestic and resident foreign corporations from domestic corporations continue to be exempt from income tax.
The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw. com.ph).
The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.
Thailand warns of hit from US tariffs even as growth beats
TBy Suttinee Yuvejwattana & Pathom Sangwongwanich
HAILAND’S top economic council called for urgent structural reforms as exports are threatened by US tariffs, even after second-quarter growth surpassed estimates on a rush by businesses to ship goods to beat the new levies.
Gross domestic product in the three months through June rose 2.8 percent from a year earlier, the National Economic and Social Development Council said Monday. That exceeded the 2.7 percent median estimate in a Bloomberg News survey, and compared with a 3.2 percent pace in the first quarter.
The baht was little changed at 32.44 to the US dollar after the data, which showed that exports had countered a weak domestic economic performance. Thailand’s benchmark SET Index fell 0.3 percent, headed for its third straight day of losses.
The Southeast Asian nation is bracing for a potentially prolonged bout of economic weakness, thanks to the recently imposed 19 percent tariff on shipments to the US, its biggest export market. Tourism has also faltered, while sentiment hasn’t been helped by a bout of domestic political instability which has seen the prime minister suspended from office. There were also recent, deadly border clashes with Cambodia.
Frontloading goods
LIKE other Asian economies in the first half of 2025, Thailand appears to have benefited from the frontloading of exports ahead of President
Donald Trump’s tariffs. But even though its 19 percent levy is in line with that of most Southeast Asian nations, NESDC chief Danucha Pichayanan said Thailand risks losing out to its neighbors.
“The impact of US tariffs is the biggest challenge for the Thai economy,” Danucha at a briefing in Bangkok. “We are still facing a risk of losing market share in some products. Our effective tax rate is still higher in some products. So, we need to adjust ourselves.”
Thailand is likely to retain its market share in rice, rubber, motorcycles and raw materials for pet food, but could lose sales in telephones, hard disk drives, machinery and auto parts, the NESDC said.
The Thai economy grew 3 percent in the first six months of 2025, and Danucha said the economy can still grow in the second half, but the pace won’t be as high as 2 percent to 3 percent.
“The Thai economy has structural problems, so it’s hard for us to have high growth at our potential level of around 3 percent,” Danucha said, cautioning that efforts to restructure the economy are taking time. “The US tariffs may help accelerate our economic reform.”
The council’s call for reform echoes concerns among analysts.
Moody’s warning THAILAND’S growth potential is likely to weaken further as limited progress on long-term reforms, domestic political uncertainty and heightened global trade instability compound deep-rooted structural issues,” Moody’s Ratings said in a report last week. “The weakening economic outlook will curb scope for fiscal consolidation amid tepid revenue growth and little room for additional spending cuts.”
Danucha said the recent border conflict with Cambodia is unlikely to have a major impact on the economy, as the affected areas are not significant industrial zones. And Cambodian workers who have left Thailand can be replaced by staff from other countries, he said.
But the council now expects only 4 million Chinese tourist arrivals this year, down from a 6 million forecast, as Chinese travelers opt for other destinations such as Japan.
The economy grew 0.6 percent from the first quarter, beating the 0.5 percent forecast. The government tweaked its 2025 outlook to a range of 1.8 percent to 2.3 percent from 1.3 percent to 2.3 percent, effectively lifting the midpoint from 1.8 percent to 2 percent.
Political situation
THOSE estimates don’t take into account the domestic political situation, according to the council, which
noted that the 2026 budget has almost been finalized.
The Bank of Thailand last week cut the nation’s benchmark rate for the fourth time since October to help support the fragile economy. Monday’s data showed continued domestic weakness.
“The milder-than-expected slowdown in Thailand’s GDP growth in the second quarter doesn’t mean the Bank of Thailand is finished easing. With tourism slumping, the climate for investment weak, the front-loading boost to exports poised to end, and US tariffs set to bite harder, we expect the BOT to cut its key rate by 25 basis points to 1.25 percent at its next meeting in October,” said Tamara Mast Henderson, Bloomberg’s Asean economist.
“Export of goods continued to grow favorably, while private investment returned to expansion,” the council said in a statement. “Meanwhile, private consumption expenditure, government consumption expenditure, public investment, and export of services decelerated.”
The nation’s biggest private sector group earlier this month raised its 2025 growth forecast to 1.8 percent to 2.2 percent after Thailand secured the 19 percent US levy, which is lower than the earlier threatened 36 percent. Still, it warned that intense price competition, a strong baht and the slowdown in tourism could weigh on the economy in the second half of the year. With assistance from Shinjini Datta/Bloomberg
China stock gauge hits decade high close as investors dump bonds
AGAUGE of Shanghai-listed stocks closed at its highest level in a decade, as cash-rich local investors plow into a market that has surged amid easing trade tensions with the US.
The Shanghai Stock Exchange Composite Index jumped 0.9 percent to close at 3,728 on Monday, its strongest finish since August 2015, according to Bloomberg-compiled data. That cements a 20 percent turnaround since an April selloff, when US President Donald Trump’s sweeping tariffs roiled global markets. Trump extended a tariff truce with China last week.
The rally reflects a rising sense of optimism among small investors, flush with near record-high savings and increasingly rotating out of bonds. Those investors were scarred a decade ago, when a precipitous stock market crash led Beijing to unleash state-backed funds
to prop up share prices and left a bitter memory for many investors.
There have been false dawns since then, but over the past decade Chinese stocks onshore have badly underperformed benchmarks of shares in the US, Asia and even Europe, long considered a global laggard for equity investors. Fund managers in China are now hoping that the current rally has enough behind it—ranging from hopes about artificial intelligence to government moves to bolster growth—to stand the test of time.
“We’re confident that this rally has legs,” said Wang Huan, a fund manager at Shanghai Zige Investment Management Co. Ltd, pointing to sources of optimism including abundant liquidity, government moves to stem price wars and hopes that China’s economy is bottoming out. China’s stock market has been helped by investors shifting their investments from fixed income, as they scale back
expectations of monetary easing and respond to Beijing’s decision to restart taxes on interest payments made on government bonds or those of financial institutions. China’s 10-year bond yield was up four basis points at 1.78 percent on Monday, while 30-year yields were around six basis points higher at 2.11 percent. The country’s 30-year bond futures suffered their biggest drop since March. The latest monetary policy report from China’s central bank showed policymakers are in no rush to aggressively ease. The Shanghai Composite remains a long way from the heady days of 2015, when a
Tuesday, August 19, 2025
BusinessMirror
‘Make 2026 budget work as hard as people funding it’
By Reine Juvierre S. Alberto @reine_alberto
THEDepartment of Finance (DOF) called on members of Congress to ensure that next year’s national budget will work as hard as the taxpayers funding it.
“Let us all together carefully choose projects in the budget that deliver the biggest growth and economic benefits for our people,” Finance Secretary Ralph G. Recto told members of Congress during the Development Budget Coordination Committee (DBCC) briefing for the House Committee on Appropriations on Monday.
Recto said the Medium-Term Fiscal Program that seeks to reduce the budget shortfall and debt incurred by the government must be followed.
“Under this, we have ensured that every peso collected or borrowed will be stretched to deliver the biggest bang per buck for the Filipino
people,” Recto said. So far, Recto said the government is “on track” to hit the targets set in the Medium Term Fiscal Framework as revenue collections grow by double digits over the last three years.
As of the first half of 2025, the government’s revenue effort stood at 16.7 percent, as total collections reached P2.260 trillion. By 2030, total revenues is seen to hit P7.131 trillion, taking into account additional revenues from the value-added tax on digital services and the Capital Markets Efficiency Promotion Act.
The DOF also expects additional revenues from the soon-to-be-en-
acted Rationalization of the Mining Fiscal Regime Act and the possibility of having a general tax amnesty.
Meanwhile, expenditures also grew by 9.5 percent in the first half of the year, amounting to P3.03 trillion.
The fiscal deficit in the first semester also amounted to P765.5 billion, within the mid-year target.
“As a percentage of GDP, our deficit remains manageable at 5.7 percent for the first semester,” Recto said.
The budget deficit is projected to decline from the pandemic high of 8.6 percent in 2021 to 5.5 percent in 2025 and down to 4.3 percent by 2028.
This will further drop to 3.1 percent by 2030.
“And crucial to this is ensuring that we prevent wasteful expenditures,” Recto said.
“We prepared the National Expenditure Program with the President to ensure that the projects to be funded in 2026 have the highest multiplier effect,” Recto added.
Deficit could widen IN a related development, Recto said returning the reserve funds obtained from the Philippine Health
Insurance Corporation (PhilHealth) and Philippine Deposit Insurance Corporation (PDIC) transferred to the National Treasury this year could increase the country’s budget deficit.
At the DBCC briefing for the House Appropriations panel, on Monday, Recto said the Department of Finance (DOF) will comply if the Supreme Court tells them to return the funds to PhilHealth and PDIC.
“Assuming that the decision is made in the middle of the budget here, then that will increase the deficit,” Recto said.
The country’s budget deficit widened to P765.5 billion in the first half of the year, as government expenditures reached P3.025 trillion and outpaced revenue collections at P2.260 trillion.
As a percentage of gross domestic product (GDP), this stood at 5.7 percent in the first semester, and is targeted to be brought down to 5.5 percent by the end of the year.
The government seeks to narrow the deficit to P1.551 trillion by 2028 and further down to P1.325 trillion by 2030.
‘TO
HELP LOCAL RESTOS, GOVT MUST UNCLOG SUPPLY CHAINS’
T“First of all, the
and local suppliers. We have been de
pendent on imported products for a long time. I mean, our country in general.” Morales said while it is “encouraging” that farmers and suppliers are starting to grow something local, Philippine businesses involved
“Help,” A2
By Jovee Marie N. Dela Cruz @joveemarie
THE Congressional Policy and Budget Research Department (CPBRD), the House of Representatives’ think tank, has warned that government tax revenues are unlikely to meet the 15-percent share of gross domestic product (GDP) target in the medium term, even as new tax measures take effect. In its latest budget briefer, the CPBRD noted that the government projects national government (NG) revenues to grow to P4.52 trillion in 2025 and P4.98 trillion in 2026, with tax revenues rising to P4.21 trillion and P4.63 trillion, respectively. However, using a GDP-based forecasting model, CPBRD provided more conservative projections of P4.11–P4.15 trillion in 2025 and P4.44–P4.54 trillion in 2026—lower by P59 billion and P90 billion compared to baseline figures from the Development Budget Coordination Committee (DBCC).
The World Bank’s recommended 15-percent threshold is deemed vital for sustaining development and financing essential public services. The lower estimates reflect CPBRD’s more modest economic growth assumptions, pegging GDP expansion at 5.2 percent–5.7 percent in 2025 and 5.4 percent–5.9 percent in 2026, versus DBCC’s 5.5 percent–6.5 percent and 6 percent–7 percent growth outlook for the same years.
The think tank warned that recent policy decisions are likely to dampen revenue generation. Among these are the VAT refund program for tourists under RA 12079, the CREATE MORE Law’s tax incentives, and tariff exemptions on US imports and hybrid/electric vehicles, as well as the reduction of tariffs on imported rice.
“Several recent policy decisions are likely to constrain revenues. The new VAT refund program for tourists under RA 12079 is expected to trim net VAT receipts. The CREATE MORE Law will also reduce government collections in the short term,” it said.
“The reported tariff exemptions on US imports are expected to decrease customs duties, which are in addition to the current exemptions on electric/ hybrid vehicles. Similarly, the reductions in the tariff rate on imported rice products in recent months will reduce revenues,” it added. Additionally, the think tank said higher tobacco excise taxes may no longer yield the same revenue, as sustained hikes have already suppressed consumption. Weaknesses in taxing substitutes such as e-cigarettes and vapor products could further erode sin tax collections.
According to CPBRD, historical performance also raises concerns. Tax revenues fell short of targets in the past two years, a trend continuing in early 2025. From January to June this year, actual revenues reached P2.26 trillion, about P20 billion below the P2.28 trillion program. Tax revenues accounted for only 48.2 percent of their full-year goal, with both the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) missing their midyear targets.
Reform measures
WHILE most reforms under the Medium-Term Fiscal Framework (MTFF) have already been enacted, the CPBRD noted that additional measures are still needed to offset revenue losses. The 12-percent VAT on digital services, effective June 2025, is expected to generate P3.6 billion in 2025 and P21.4 billion in 2026. Meanwhile, the Capital Markets Efficiency Promotion Act (CMEPA) will yield a net gain of P540 million in 2025 and P1.58 billion in 2026, while a new mining fiscal regime could bring in P5.8 billion by 2026.
Despite these, CPBRD observed that government revenues are set to rise only modestly, with revenue effort declining from 16.7 percent of GDP in 2024—a historic high bolstered by one-off windfalls—to 15.9 percent in 2025. Tax effort has stagnated at 14.0–14.5 percent of GDP since 2018 and is not expected to surpass 15 percent in the coming years.
Under current projections, revenue collection effort will remain at 16 percent–16.3 percent of GDP until 2028, well below the original 17.6-percent target of the MTFF. With 90 percent of new revenues assigned to the BIR, the agency faces immense pressure to improve efficiency and implement new measures amid slower-thanexpected economic growth.
To meet medium-term targets under the MTFF, CPBRD stressed the urgency of passing pending tax reforms.
These measures are the proposed Motor Vehicle Road User’s Tax (MVRUT) to replace the outdated MVUC with progressive rates tied to vehicle weight and road impact; and a singleuse plastics tax imposing P100 per kilogram on “labo” and “sando” bags, both to raise revenues and discourage plastic consumption.Projected revenues are estimated at P8.2 billion from MVRUT and P7.9 billion from the single-use plastics tax.
Other potential reforms include adjusting the sweetened beverage tax to restore its impact by linking it to sugar content and raising excise taxes on e-cigarettes to curb youth use and align their burden with traditional tobacco products.
TBy Ada Pelonia @adapelonia
HE government’s P20 per kilo rice program will be available to fisherfolk and fish port workers on August 29.
Agriculture Secretary Francisco
Tiu Laurel Jr. said the subsidized rice will be available in the Philippine Fisheries Development Authority’s (PFDA) ports.
“This will be sold nationwide in the government’s fish ports [...] and can be purchased by fishermen and fish port workers,” Laurel said in an interview with DWIZ on Monday.
The agency’s move is part of its broader aim to sell cheaper rice that will benefit up to 15 million households or 60 million Filipinos by 2028.
The P20 rice program was originally limited to senior citizens, persons with disabilities (PWDs), solo parents and indigents.
It was recently expanded to include minimum wage earners, beneficiaries of the Department of Social Welfare and Development’s (DSWD) Walang Gutom program, and farmers and farm workers listed in the Registry System for Basic Sectors in Agriculture (RSBSA). The DA said cheaper rice sold
to rice farmers and farmworkers reached 70 metric tons (MT) in three days, citing data from the Food Terminal Inc. (FTI). The FTI purchases rice from the National Food Authority (NFA), which is then sold in Kadiwa sites. Meanwhile, Laurel said the P20 rice program is the DA’s “biggest challenge” in the years ahead as scaling up would require the “full support” from the entire agency. Currently, the DA noted that the subsidized rice initiative is already serving nearly 400,000 families.
“We have the stocks. We have the budget. What we need now is
urgency and unity,” Laurel said, referring to the P10-billion
Editor: Jennifer A. Ng
Exec: Phinma earmarks ₧5B for various projects this year
By VG Cabuag @villygc
PHINMA Corp. said it has set aside P5 billion for its ongoing projects, including those outside Metro Manila for this year, according to a company official.
Edmund Alan A. Qua Hiansen, the company’s CFO, said the projects included Saludad in Bacolod, the Davao terminal for Philcement and the insulated panels factory in Porac, Pampanga.
“We like the Bacolod market; the sales pickup has been good. In Davao we’ve already broke ground late last year, and so that’s on track. We have the insulated panels factory…and that was also on track to start commercial operations next year.”
Hiansen said the company may launch its Davao community housing project later this year, and another one in Bacolod that the company may launch early 2026.
Phinma, he said, is allocating some P250 million in investment for the two projects.
“Then we’ll see how those first two do before we look at putting more. But it’s something we want to do in a very big way. It’s something we’re very positive.”
For the Davao project, he said the company may build some 800 units and less than 800 units for Bacolod. The two projects, a detached horizontal development, will be near the existing sites both in Davao and in Bacolod.
Hiansen said the company will mainly fund these projects through bilateral term loans, as interest rates
have not come down as much as it wanted.
“We’ve taken a very proactive and strategic stance of keeping our loans mostly short term.”
On the effect of US tariffs, Hiansen said the effect on the country is not that great since the Philippines is a net importer.
“Our bigger concern is the secondary effects, if that leads to an economic slowdown, and that’s where we feel we have more exposure. For example, if OFW [overseas Filipino worker] remittances were to drop, that could hit the economy, because there’s such a large part of our economy (comes from remittances),” he said.
“But in the long term, we like our businesses, and they’re going to really return not just value to our shareholders, but to society. So, we’re going to keep focusing on doing that. We’re still very much pushing our expansion projects and we’re excited for the future.”
Last May, the company reported that its net income rose by 27 percent to P562.62 million from the previ-
ous year’s P490.53 million, despite the losses incurred by its construction group and property development arm.
Consolidated revenues hit P6.60 billion, a 21-percent increase from P5.45 billion last year, the company said.
“We are optimistic for sustained growth with the expected higher enrollment for education, the accelerated implementation and completion of Phinma Properties’ projects, the strategic launch of our community housing business unit and the continued implementation of our growth initiatives,” Phinma Chairman and CEO Ramon R. del Rosario Jr., said.
Last April, the company reported that its income plunged by 37 percent to P936.87 million in 2024 from the re-stated P1.5 billion in 2023, partly because of the lower sales of its property unit.
The company said revenues for 2024 rose 11 percent to P23.76 billion from the previous year’s P21.27 billion as strategic business units sustained their topline growth amid challenging market conditions.
CostPlus keen on hydrogen fuel cells Govt halts resort project in Cebu
CBy Lenie Lectura @llectura
OSTPLUS Inc., a local energy firm, and its prospective partners in India are looking at pioneering advanced hydrogen fuel cell technology in the Philippines.
Company CEO Anand Mahtani said CostPlus plans to collaborate with Indian firms in providing energy solutions to meet the country’s growing demand for renewable energy (RE), particularly in off-grid communities.
“CostPlus Inc. has always been at the forefront of technological innovation, particularly in the field of
renewable energy. This partnership marks an exciting opportunity to accelerate the Philippines’s transition to green energy while creating local jobs and contributing to a more sustainable future for our country,” Mahtani said.
The company will also explore further investments in RE infrastructure and technology development, ensuring that the Philippines remains a key player in the global transition to clean energy.
The company started building LED carbon battery manufacturing facilities in the country to strengthen the local supply chain.
CostPlus added that it will continue working with Invest India to
encourage open dialogue and expand collaboration opportunities between the two countries. This move aligns with the Philippines’ long-term goals of achieving energy security and fostering economic growth through sustainable practices.
Mahtani earlier joined President Marcos Jr. and other business leaders in New Delhi, India. The state visit was meant to strengthen bilateral cooperation. During the CEO roundtable, Mahtani delivered a speech before the distinguished delegation, highlighting the company’s RE vision and the importance of Philippines–India collaboration.
Last July, the company an -
nounced that it partnered with the government to energize a remote off-grid public school with solar energy and energy storage system (ESS).
The company said it designed, delivered, and installed the complete solar and ESS, enabling the Datu Saldong Domino Elementary School in Agusan del Norte to access reliable electricity and high-speed internet for the first time.
CostPlus is the exclusive distributor-manufacturer of Kidlat EV, a Philippine-based provider of sustainable energy and electric mobility, offering solar-powered solutions and electric vehicle charging infrastructure.
AI boom seen driving next decade of emerging-market returns
EMERGING-MARKET funds are pivoting to capture the artificial intelligence craze, with some investors predicting that booming technology spending will drive returns for years to come.
Encouraged by the success of Chinese AI developer DeepSeek and Asia’s powerhouse semiconductor firms, asset managers like AllSpring Global Investments and GIB Asset Management are concentrating more of their portfolio in AI stocks. That’s been a winning trade, with AI companies being the six biggest contributors to the rally in Bloomberg’s EM stocks index this year.
“This trend could last for the next 10 to 20 years,” said Alison Shimada, head of total emerging markets equity at AllSpring, which oversees $611 billion. “The impact on local populations within EM will be transformational.”
While much of the AI investment frenzy has focused on a handful of Silicon Valley firms, EM companies that can harness the technology or supply crucial components are benefitting. AI servers, for example, have become the main growth driver for Taiwan’s Hon Hai Precision Industry Co., which is known as Foxconn.
The top contributors to Bloomberg’s EM stock index this year are Taiwan Semiconductor Manufac-
turing Co., Tencent Holdings Ltd., Alibaba Group Holding Ltd., Samsung Electronics Co., SK Hynix Inc. and Xiaomi Corporation, together accounting for 37 percent of the index’s rally.
Emerging-market stocks that are highly exposed to AI have even outperformed the so-called Magnificent Seven megacap tech firms so far this year, according to equities strategists at Citigroup Inc.
“You cannot invest in emerging markets without having a sanguine and optimistic view of what this AI story can evolve into from a corporate earnings perspective,” said Kunal Desai, London-based co-portfolio man-
ager for global emerging markets equities at GIB Asset Management.
On Monday, MSCI Inc. gauges for emerging-market stocks rose on optimism over easing China-US trade tensions, but the MSCI EM IT Index declined due to levies on semiconductors. Chipmakers Samsung and SK Hynix led a selloff in South Korea. Desai said that Taiwan and South Korea will be “central drivers” of the EM market story over the next two to three years, with Malaysia, China, India, parts of Latin America and the Middle East seeing “disproportionate gains” due to their exposure to AI data and applications. His fund has invested in AI stocks during re-
By Jonathan L. Mayuga @jonlmayuga
THE Environment Management Bureau (EMB) of the Department of Environment and Natural Resources (DENR) suspended the environmental clearance certificate (ECC) of Fifth Avenue Property Development Corp., the developer of The Stria project in Santa Fe, Cebu.
The DENR’s suspension of the ECC effectively halts the construction of the luxury resort in Poblacion.
The agency cited violations under Presidential Decree 1586 and its implementing rules and regulations in issuing its ECC suspension order.
The Sante Fe Construction Project, approved by the Protected Area Management Board (PAMB), is allowed to construct a building with a maximum height of 10 meters, in compliance with Section 5.1.3 of DAO 2009-09, which states that high structures should be avoided to preserve the landscape profile.
Upon monitoring, the Region 7 offices of DENR and EMB found that the project has reached four floors, exceeding the maximum height of 10 meters, equivalent to three floors.
Earlier, the EMB ordered Fifth Avenue Property Development to pay P270,000 to address its violation, while the DENR Region 7, through CENRO Cebu City, issued three successive Notices of Violation (NOV) on July 31, September 17, and December 18, 2024.
For failing to respond to the NOVs, CENRO Cebu City ordered on May 14, 2025, an immediate stop to all construction activities related to the project.
For failing to pay the fine, the EMB Region 7 suspended the Environmental Compliance Certificate No. ECC-OL-R07-2022-0310 dated October 18, 2022, as amended by ECC-OL-R07-2022-0417 dated December 15, 2022, for the project.
“Any development that goes beyond the allowable limits not only breaches regulatory requirements but also risks causing damage to the environment,” said DENR Central Visayas Regional Executive Director Paquito D. Melicor Jr. The agency made an assurance that it remains committed to enforcing environmental laws and ensuring that all development activities comply with established guidelines to protect Cebu’s natural resources.
Icent market dips, predicting that a third of emerging market returns will come from AI-related stocks in the coming years.
There are signs that the momentum will continue as AI adoption accelerates across segments including cloud computing and electrical vehicles. The average estimate of forward 12-month earnings for EM tech stocks has increased 15 percent since the start of the year, compared to 6 percent for EM stocks overall.
“The share of AI contribution from the performance standpoint will only grow from here,” said Xingchen Yu, an emerging markets strategist at UBS Global Wealth Management. “The rise of AI and tech is creating a new layer of secular growth, especially in North Asia.”
The AI revolution could help EM stocks overcome a key obstacle: earnings performance. Company results have lagged forecasts every quarter since early 2022, with MSCI EM Index companies collectively missing profit expectations by more than 12 percent, according to data compiled by Bloomberg.
But firms in the AI-heavy information-technology sector have consistently met earnings projections since the fourth quarter of last year, boosting investor confidence. Bloomberg News
N a bid to further lower electricity prices, the Energy Regulatory Commission (ERC) is looking at cutting the retail competition and open access (RCOA) threshold to 100 kilowatts (kW) from 500kW a month.
RCOA allows electricity consumers to choose their proffered power suppliers. It was first implemented in 2013 for large power consumers with a minimum monthly consumption of one megawatt (MW). The threshold was set at 750kW in 2016 and was reduced to 500kW in 2020.
“Lowering the eligibility threshold to include end-users with an average monthly peak demand of at least 100kW is expected to encourage a more dynamic and competitive retail electricity market, enabling a broader range of consumers to benefit from competitive pricing, improved service quality, and supply options,” the ERC said in its draft resolution on lowering the eligibility threshold for customer choice programs, particularly the RCOA.
The ERC conducted several focus group discussions among the players in the competitive retail electricity market, which includes retail suppliers, distribution utilities and eligible customers, to gain insights as to the implementation of the different customer choice programs, including RCOA
and the Retail Aggregation Program (RAP).
As of May, the total number of retail customer that have switched to RCOA reached 2,225 representing 60 percent of the eligible customers meeting the minimum 500-kW threshold and that 12,154 end-users are already meeting the 100-kW threshold. For RAP, there are nine retail aggregated groups, comprising of 165 aggregated members with an equivalent demand of 8.81MW. The RAP mechanism expands RCOA’s scope by enabling multiple electricity consumers within a contiguous area to pool their power requirements to meet the 500-kW threshold and qualify to choose a preferred power supplier.
“The commission also notes the growing number of retail suppliers which increased from 109 in 2019 to 132 to date, indicating a growing market of suppliers, thus the need to expand the retail customer base to foster a more competitive electricity market,” the ERC said. The commission said this aligns with the eligibility threshold across all customer choice programs to ensure consistency and regulatory coherence. “The 100-kW threshold proposed under RCOA mirrors the level currently implemented under the Green Energy Option Program [GEOP].” Lenie Lectura
AN artificial intelligence logo at the MWC25 tech show in Barcelona, Spain, March 3, 2024.
PHOTOGRAPHER: ANGEL GARCIA/BLOOMBERG
ARTISTS perspective of The Stria project in Santa Fe, Cebu. PHOTO FROM WWW.JFAPCONSTRUCTION.COM
‘Very strong’ demand marks govt sale of low-risk bonds
By Reine Juvierre Alberto @reine_alberto
A“ VERY strong” market demand marked the national government’s sale of 5-year retail treasury bonds (RTBs), which raised half-a-trillion pesos into state coffers.
National Treasurer Sharon P. Almanza told reporters after the auction last Monday that the total issue size amounted to P507.16 billion.
About P425.51 billion was raised as new money, while P81.65 billion came from the bond exchange, which allowed investors to swap their maturing bonds for fresh ones.
The total amount, however, was lower than the P584.86 billion generated from the RTBs issued last year.
Almanza said “very good fundamentals” drove demand, locking in some gains as investors, she added, expect interest rates to go down.
There is also a “substantial” foreign participation in this year’s issuance of these low-risk and affordable savings instruments, which Almanza said was about a “double-digit percentage” that the government did not see in the past.
“The demand during the offer period, especially before we limited it to just retail, the submissions was too much,” Almanza said.
The 5-year RTBs fetched a coupon rate of 6 percent per annum and were offered for 10 days. These debt papers will be issued and settled on August 20, 2025, with maturity on August 20, 2030, five years
after the issue date.
According to the Bureau of the Treasury, the proceeds from the bond issuance will support the government’s budgetary requirements for various projects and programs in education, health, infrastructure and agriculture, among others.
The RTBs were made available for as low as P5,000 through GBonds (a feature of the e-wallet app GCash), traditional over-thecounter placement in bank branches and other digital channels.
The Development Bank of the Philippines and Land Bank of the Philippines were the joint lead issue managers.
Meanwhile, BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. were the Joint Issue Managers.
This year’s issue of RTBs is part of the state’s financing tack to raise funds amid its predilection for new taxes.
For 2025, the government will borrow P2.6 trillion from domestic and foreign creditors. So far, it has raised P1.591 trillion in the first half of the year, higher by 1.33 percent from P1.570 trillion in the same period a year ago.
Retirement: More than stopping Work, it’s about gaining freedom
WHEN I got my first paycheck over a decade ago, retirement was the last thing on my mind. I was young, eager to enjoy the fruits of my labor and like many in their early careers, I thought I had all the time in the world to think about the future.
But my 12 years in financial services opened my eyes to a reality that many of us don’t see until it’s too late. I’ve met two kinds of people over the years.
The first are those who planned early. They built their savings step by step, protected themselves with the right insurance, and invested consistently even when the markets were uncertain. Today, they have the freedom to choose what their days look like whether it’s traveling, volunteering or spending more time with their loved ones. The second are those who didn’t plan. They worked hard all their lives but postponed thinking about retirement because it felt “too far away.” Now, they continue to work not because they want to but because they have no choice.
This is when I realized an important truth: Retirement isn’t just about stopping work. It’s about having the freedom to pursue what matters most to you without money holding you back.
But here’s another lesson I’ve learned along the way: financial planning will never be perfect. There will be months when you can’t save as much as you hoped. Emergencies will disrupt even the best laid plans. Markets will go up and down. Life will always have surprises. Yet, despite all these, one thing makes the difference: consistency and perseverance.
Over the years, I’ve seen that the people who achieve their dream retirement follow the following retirement planning principles
1. Start with the end in mind. What’s your ideal retirement look like? Where do you want to live? What will you do with your days? Clarity on your goal will determine how much you need to prepare.
2. Build the habit of saving early and consistently. Even small amounts, saved regularly, can grow big over time thanks to the power of compounding. The earlier you start, the easier it gets.3. Protect yourself along the way.
Life is unpredictable. Adequate insurance—health, life and income protection—means an illness or accident won’t derail your plans.
3. Invest wisely and patiently. Saving alone isn’t enough because inflation eats into its value. Diversify your investments in instruments that can beat inflation and grow over time.
4. Review and adjust your plan regularly. Your goals will change over time. Check in regularly, reassess your needs and adjust as needed.
Planning for retirement is not about achieving perfection. It’s about making intentional choices today that your future self will thank you for.
What does your ideal retirement look like? Would you still want to work because you choose to, or would you rather have the freedom to focus on your family, your passions, and the things that matter most?
Wherever you are in your financial journey today, remember, starting small is better than not starting at all. You don’t need a perfect plan, but you do need the courage to take the first step and the discipline to keep going. Your future is built by the decisions you make today. And the best time to start? Now.
Karlo
Karlo Biglang-Awa
Banking&Finance
CASP rules do not prohibit crypto trade—SEC
By VG Cabuag @villygc
THE Securities and Exchange Commission (SEC) issued a new advisory last Monday that clarifies its new rules on crypto asset service providers (CASP) do not prohibit cryptocurrency trading or investment.
“Rather, they require platforms to obtain the appropriate registration and licenses before offering their services in the
‘Revenues
Philippines,” the SEC said in its advisory.
The agency released the statement following the implementation of the new rules on CASPs, which took effect on July 5.
According to the regulator, its rules ensure “that investors are protected, market integrity is upheld, and all market participants operate on a level playing field.”
In enforcing the CASP rules, the SEC said it acts within its legal mandate to investigate and take action against unregistered entities, which may include measures to limit access to non-compliant
OK despite GCash delinked with gambling app’
THE president and CEO of the parent company of GCash-owner Globe Fintech Innovations Inc. (DBA Mynt) believes revenues of either firms would remain un-affected despite a recent order by monetary authorities.
Carl Raymond R. Cruz, Globe Telecom Inc.’s top official, said recently that revenue streams from the e-wallet is “highly diversified” that the new ruling from regulator Bangko Sentral ng Pilipinas (BSP) to remove links and icons that connect payment applications to online gambling platforms does not affect its revenues. Cruz did not state how much revenue comes from linking online gaming to its payment application. “But the good thing is, you know, despite the regulatory requirement to de-link the growth trajectory and the growth story of GCash, I can assure you will definitely continue and again as GCash, because it’s highly diversified revenue streaming and not only reliant on this particular segment,” he told reporters.
On its planned initial public offering, Cruz said the GCash operator has not yet submitted anything to the Philippine Stock Exchange.
“You know, the whole organization of GCash continues to prepare for its next phase of growth, and whether or not that will include an IPO, it will happen, when it happens. So right now, no formal application has been made, but the organization is preparing for its next phase of growth,” he said.
Mynt has been mulling for the IPO of the e-wallet behemoth since the start of the year.
Mynt is a partnership between Globe, Ayala Corp. and Ant Financial, an affiliate company of the Chinese conglomerate Alibaba Group. It also operates Fuse Lending Inc., a micro and small-business lending platform.
In June, Mynt’s board has approved the proposed stock split reducing the par value of the company’s common shares.
The company reduced its par value to three centavos from one peso per share. As a result, it will increase the number of authorized common shares to 71.65 billion shares from the current 2.14 billion.
The company’s authorized capital stock of P2.14 billion will remain the same. VG Cabuag
“These actions are designed to safeguard the public from risks such as fraud, loss of funds and money laundering risks that often increase during periods of heightened market activity,” read the regulator’s advisory.
“The SEC encourages both local and foreign platforms to register and comply with the CASP Rules. We recognize the importance of a free, competitive market, but one that is responsibly regulated to protect investors and support the sustainable growth of the crypto industry in the Philippines,” it said.
The regulation defined cryptoasset as a cryptographically secured digital representation of value or of a right that relies on a cryptographically secured distributed ledger or a similar technology to validate and secure transactions that can be transferred, stored, or traded electronically.
Crypto-asset securities, meanwhile, are defined as crypto-assets that are being offered as securities, as defined under the Securities Regulation Code.
A CASP, on the other hand, is a business entity that offers or engages in the provision of one or more
crypto-asset services, including the operation of a digital platform that provides such services. Both the rules and the guidelines will apply to all CASPs that are offering crypto-asset services, as well as third-party service providers who engage in the marketing of crypto-assets and crypto-asset services.
Crypto-assets may take the form of financial products, specifically investments, under the Financial Products and Services Consumer Protection Act, or as crypto-asset securities which are securities, as defined under the SRC.
Proposed bill wants tax perks for content creators
ABy Jovee Marie N. dela Cruz @joveemarie
BILL is being pushed at the Lower House that seeks to make the Philippines into Asia’s premier filmmaking hub.
House Bill (HB) 164, or the proposed Philippine Film and Creative Production Incentives Act of 2025, seeks to provide tax incentives and other benefits to content creators, filmmakers and television producers, particularly major international outfits.
The measure also proposes the creation of Creative Production Zones (CPZs) with ready-to-use studios and facilities, alongside the establishment of a Film Philippines Office (FPO) to serve as “a one-stop shop” for permits and incentives.
HB 164 covers both foreign and local producers of films, TV series, streaming content, documentaries, commercials, music videos, animation, visual effects (VFX), virtual productions and video games.
“The Philippines is endowed with a rich cultural heritage, diverse natural landscapes and a growing pool of creative talents, making it an ideal location for film and media production,” said the bill’s proponent, House Deputy Majority Leader and Camarines Sur 2nd District Rep. Vincenzo Renato Luigi R. Villafuerte.
integrating the Philippines into the international creative industries network.”
Key provisions of HB 164 attract foreign and domestic producers of film, TV, animation and digital content, provide tax and cash incentives for qualified production expenditures (QPEs) in the country, establish CPZs with plug-and-play studios, postproduction hubs and 5G infrastructure, support Filipino professionals and SMEs through training, skills development and co-productions and promote cultural diplomacy, tourism and heritage preservation.
QPEs include salaries of Filipino cast and crew, equipment rentals, location fees, post-production services, accommodations, catering, transportation, logistics, set construction, costumes and props.
Qualified productions that meet spending and hiring requirements may avail of up to 25-percent cash rebate on QPEs (20-percent base rebate plus 5-percent bonus for productions that hire more than 60 percent Filipino crew, film in heritage or underserved sites, or highlight Philippine culture and history).
$500,000 for foreign films; $300,000 for streaming or TV series; $200,000 for animation and visual effects; and, $100,000 for commercials.
The bill mandates the PEZA and the Department of Trade and Industry (DTI) to identify and develop CPZs in strategic locations such as Cebu, Bohol, CamSur, Batangas and Pampanga. The FPO, under the DTI (in partnership with the Film Development Council of the Philippines, or FDCP), will manage applications, accredit service providers and promote the Philippines as a global filming destination.
According to Villafuerte, his proposed measure complements Republic Act (RA) 9167 (FDCP Act of 2002) and supports the focus of the 2023–2028 Philippine Development Plan on innovation and creative industries. It also aligns with RA 11032 (Ease of Doing Business Act) by reducing bureaucratic hurdles through a centralized permitting system, the bill read.
The Philippines has hosted several international productions in the past, including “Apocalypse Now” (1979), “Platoon” (1986), “Born on the Fourth of July” (1989) and “The Bourne Legacy” (2012), as well as seasons of the reality series “Survivor” in Cagayan and CamSur.
By Reine Juvierre Alberto @reine_alberto
IELDS of Treasury bills (T-bills) declined for the seventh straight week, all lower than the previous auction and prevailing secondary market rates, as markets await the lowering of the local key policy rate.
According to Michael L. Ricafort, chief economist at the Rizal Commercial Banking Corp. (RCBC), the average T-bill yields declined as markets have been anticipating a possible reduction in interest rates.
Local monetary officials have recently signaled that the key policy rate could be lowered by 25 basis points in the next rate-setting meeting of the Monetary Board on August 28. “T-bill auction yields also eased lately amid uncertainties over Trump’s tariffs/ trade wars after the August 7, 2025, extended deadline in US trade deals, as these could slow down the global economy and could support future Fed [US Federal Reserve] rate cuts,” Ricafort said. The added that the latter economic loci could support further BSP rate cuts that could match future rate reductions by the Fed for the rest of the year. During the public auction last Monday, the Bureau of the Treasury’s (BTr) auction committee raised P25 billion from the issuance of T-bills. Investors displayed strong demand for the government securities, as total tenders reached P113.751 billion, 4.5 times oversubscribed the
The 91-day debt papers fetched a lower average yield of 5.234 percent, down by 5.3 basis points from the previous week’s yield of 5.287 percent. Yields were as low as 5.210 percent to as high as 5.260 percent.
Tenders for the security amounted to P36.580 billion, 4.5 times higher than the P8 billion worth of T-bills offered.
Meanwhile, the average yield of the 182-day T-bills declined to 5.435 percent, lower by 7.1 basis points from 5.506 percent a week ago.
This was also between a low of 5.433 percent and a high of 5.438 percent.
Bids for the 182-day government securities reached P40.662 billion, of which P8 billion up for sale was awarded.
Lastly, the average yield of 364-day T-bills dropped to 5.564 percent, a 4.8-basis point decrease from last week’s 5.612 percent average yield. Yields ranged from a low of 5.550 percent to a high of 5.572 percent.
The average yield of all three tenors was lower than the secondary benchmark rates.
The Philippine Bloomberg Valuation (PHP BVAL) rates are 5.292 percent for the threemonth tenor, 5.506 percent for the six-month debt paper and 5.659 percent for the one-year tenor as of August 18.
This month, the Treasury will borrow P100 billion from its offering of T-bills every Monday. The government has borrowed P1.591 trillion in the first half of the year, higher by 1.33 percent from P1.570 trillion in the same period last year.
Public warned vs insurance scammers using PDIC logo
By Manuel T. Cayon @awimailbox Mindanao Bureau Chief
DAVAO CITY—The Philippine Deposit Insurance Corp. (PDIC) warned the public against an insurance scheme scamming bank loan applicants and using the agency’s logo to make it appear the grift is legitimate. Last Monday, the PDIC flags
According to Villafuerte, the former Camarines Sur governor who now represents the province’s second district, the bill aims to build “a vibrant film production ecosystem that boosts tourism, preserves cultural identity and generates high-value jobs while
The bill also seeks to provide VAT refund on qualified goods and services used in production, duty-free importation of production equipment for up to 12 months, extendable upon request and fast-tracked online film permitting. The latter guarantees permits would be decided upon within ten working days.
To qualify for incentives, productions must meet minimum spending thresholds, consistent with international best practices and adapted to local economic standards:
Villafuerte noted how film tourism has boosted economies elsewhere—such as the United Kingdom with the “Harry Potter” franchise, Thailand with “The Beach,” Australia with “Mission Impossible 2” and multiple countries that hosted “Game of Thrones.” He believes the Philippines has the same potential to reap such benefits.
Art BusinessMirror
supports ACCP’s mission. The nonprofit organization aims to foster cultural exchange and development through the ACC Philippine Fellowship Program.
The Asian Cultural Council (ACC) is a grant-giving and grant-receiving global nonprofit founded and headquartered in New York City. It fosters cultural exchange between the US and Asia, and within Asia, by promoting the profound impact of cultural exchange through grants and fellowships offered during an annual application period.
Compared to its counterparts that fund production-focused activities, ACC’s grant gives “more than just the funds to travel to another country.” According to the group’s website, the programs “afford grantees the freedom and time to experience what it means to live among people of a new culture, with all the nuances and intricacies of daily life,” to advance international dialogue, understanding, and respect.
Since 1963, ACC has awarded over $100 million to support approximately 6,000 fellowship exchanges across 16 disciplines to grantees from 26 countries and regions. During that span, the organization has supported more than 300 exchanges of individuals from the Philippines.
In 2000, the ACC Philippines office and ACC Philippines Foundation (ACCPF) were established
ACCP stages Demi Padua
solo as part of silver anniversary celebrations
THE Asian Cultural Council Philippines (ACCP), in partnership with the National Museum, presents a Demi Padua solo exhibition as part of the special events celebrating its 25th anniversary this year.
The exhibit, titled Layers and Shadows, presents the spellbinding paintings of the multi-awarded visual artist. Padua is known for his striking portraits and trompe l’oeil technique, characterized by intricate details and layers. His signature style comes through in all of the show’s featured pieces, like in Wishing Upon Dreams, where his female subject’s soft gaze is framed by floating geometric patterns and strong colors. In Golden Queen, a piercing look comes off in equal parts as censorious and regal.
Padua’s Layers and Shadows opened last week and will run until August 26 at the Sergio Osmeña Hall, National Museum of Fine Arts.
Aside from showcasing the talents of Padua—who received top honors in the 2013 Bangko Sentral ng Pilipinas Tanaw Art Competition, the AAP, GSIS Museum and the Metrobank awards—the exhibit also
under the leadership of trustees Ernest L. Escaler, Maria Isabel G. Ongpin, Isabel Caro Wilson, Josie Cruz Natori, and David Rockefeller Jr.
The ACCPF raises funds and advocates to increase international exchange opportunities for the art sector in the Philippines. Every year, the organization hosts auctions and fundraising events bolstered by its active community of alumni, trustees, and supporters.
For Padua’s ongoing exhibition, the donation and assistance from DF Art Agency, Demi Padua, and benefactor The Good Hope Future Foundation will directly support the ACC Philippines Fellowship Program. It aims to advance the careers of Filipino artists, scholars, and cultural practitioners, providing opportunities for growth and international collaboration, while promoting the country’s rich cultural heritage.
CROWNE PLAZA MANILA GALLERIA, HOLIDAY INN & SUITES LAUNCH EXCLUSIVE ART EXHIBIT AHEAD OF FLORENCE BIENNALE 2025
CROWNE Plaza Manila Galleria and Holiday Inn & Suites Manila Galleria, in partnership with Artablado present an exclusive art exhibition showcasing the works of three rising Filipino artists—Marco Polo Cabrera, Marjowyn Vito, and Angelie Banaag—as they prepare to represent the Philippines at the prestigious Florence Biennale 2025, taking place this October in Florence, Italy.
The exhibition is now open and will run until September 2025 at The Gallery Bar, located within both IHG properties in Ortigas.
The curated collection offers art enthusiasts and collectors a rare opportunity to view and purchase pieces that will soon be presented on an international stage.
This initiative is made possible through a collaboration with Artablado, a platform dedicated to empowering Filipino artists through opportunities that foster both local visibility and global reach. The partnership bridges the worlds of hospitality and contemporary art, providing an inspiring space where Filipino creativity can thrive.
“We are deeply honored to support Filipino creatives through this collaboration with Artablado,” said Patria Puyat, Cluster general manager of Crowne Plaza Manila Galleria.
“Our shared goal is to amplify local talent and give them the platform they deserve both here and abroad.”
The exhibit launch was held at The Gallery Bar at Crowne Plaza Manila Galleria, featuring a Filipino-Italian fusion menu curated by executive chef Luca, and was attended by members of the media, social media influencers, art patrons, and special guests.
The featured artists—Cabrera, Vito, and Banaag—will represent the country at one of Europe’s most respected contemporary art showcases. The Florence Biennale gathers global creatives in a celebration of artistic innovation, where participants exhibit their work before an international jury and audience.
The exhibition is open to the public and all artworks are available for purchase. Art lovers are encouraged to visit and experience the depth and diversity of Filipino artistic
expression as it makes its way to the global stage. More information can be found in the Facebook and Instagram pages of Artablado.
LEO (July 23-Aug. 22): Refuse to let change hurt you financially. Generosity is your downfall. Focus on learning and engaging in discussions that offer options and unique ways to do some good at a price you can afford. Discipline will be necessary when emotions kick in and leave you at
down time restraints and map out an itinerary that ensures success. Update your image. ★★★★
LIBRA (Sept. 23-Oct. 22): Put your emotions on the sidelines before you engage in a contentious discussion. Focus your energy on personal growth and self-improvement rather than engaging in interactions with someone who can hinder your ability to reach your chosen destination. ★★
SCORPIO (Oct. 23-Nov. 21): Fine-tune your knowledge, experience and skills to fit the changes taking place in your neighborhood, industry or domestic environment. Explore, expand and extrapolate what’s most likely to help you get ahead. Partnering, networking and reconnecting with allies, old friends or former partners will encourage closure and pave the way for new beginnings. ★★★★★
SAGITTARIUS (Nov. 22-Dec. 21): Rearrange your space to fit your needs and schedule and help maintain your position among friends, family and associates. Don’t feel you have to pay for others when saving for a rainy day will put your mind at ease. Speak up, be the one to make a difference and choose to live life your way. ★★
CAPRICORN (Dec. 22-Jan. 19): Indecisiveness will play a role in how your day progresses. Too much or too little will cause an imbalance, making it difficult to reach a conclusion that feels appropriate. When in doubt, take a closer look at what others are choosing to do, and it will help you avoid making mistakes or missing out on opportunities.
AQUARIUS (Jan. 20-Feb. 18): Stop dreaming and start initiating your plans. A moneymaking idea will pay off if you put muscle into turning your ideas into a reality. Do the legwork, gather information and take care of the necessary paperwork to avoid unnecessary costs and setbacks. Nurture your domestic situation and relationships. Take control of negotiations. ★★★
PISCES (Feb. 19-March 20): Concentrate on what’s best for you, and stop worrying about the changes happening around you. Give others the same opportunity you want for yourself. Freedom of choice will encourage you to
BIRTHDAY BABY: You are eloquent, generous and entertaining. You are sensitive and unique.
‘XPERIENCE NEVERMORE’ WITH CONVERGE X NETFLIX PARTNERSHIP
THE nightmare-fueled and gothic world of Wednesday has come to life, and it’s terrifyingly beautiful.
Following the Season 2 release of the hit supernatural mystery comedy series Wednesday, Netflix and Converge brought together to life the infamous Nevermore Academy. The Wednesday pop-up at Gateway Mall, Cubao, Quezon city, running from August 15 to 17, captured the spooky vibe of its world making everyone enjoy the mini games inside.
And while this pop-up got everyone hyped for the release of the second season of Wednesday, to stream on September 3, viewing the show on slow internet speed could suck the joy out of watching. And that’s where Converge has the supernatural solution for you. Avoid the torture of laggy connections by availing Converge Fiberx + Netflix basic bundle for as low as P1,798.00 monthly. Included in the bundle is up to 400 Mbps internet speed, alongside an Xperience hub with Freemium channels and a WiFi-6 Next Gen Modem. Or you can also avail the Netflix Standard Plan 1998 or Netflix Premium Plan 2298, with 500 Mbps and 600 Mbps internet speed, respectively. Those with existing Converge connections can instead opt to upgrade their service, only adding the Netflix service with P298 for Basic, P498 for Standard, and P798 for Premium. More information can be found at www.convergeict. com/x-plus-n/. PATRICK VILLANUEVA
‘Ganito
Tayo, Kapuso’: Seven short films to warm hearts and inspire
AS part of its continuing 75th anniversary celebration, GMA Network is rolling out the red carpet for Ganito Tayo, Kapuso, a special showcase of seven short films starring some of Sparkle GMA Artist Center’s brightest stars. The premiere was held on August 17 at Ayala Malls Trinoma in Quezon City. The showcase is free and open for the public, making it the perfect weekend plan for moviegoers. Each short film spotlights one of seven core values: Maka-Diyos, Masayahin, Maabilidad, Makabayan, Mapagmalasakit, Mapagmahal, and Malikhain. These are brought to life through heartfelt performances and stories that resonate across generations of Filipinos.
n ‘TRES MARIAS’ (MAKA-DIYOS): Mikee Quintos, Analyn Barro and Thea Tolentino, with the special participation of Kimson Tan, star as friends in need of a break from life’s challenges. They go on a relaxing getaway and use the time for introspection. However, a sudden storm upsets their plans and makes their time away an ordeal. Will the friends make it through?
n ‘G.G.’ (MASAYAHIN): What happens when children become obsessed with gadgets and online games? Euwenn Mikaell, Sienna Stevens, Aljon Banaira and Kzhoebe Baker play kids growing up in a digital world that emphasizes isolation. Concerned parents take them to a community playground and introduce the kids to the games they enjoyed in their childhood. How will interacting with other kids affect them?
n ‘RAKATERA’ (MAABILIDAD): Featuring Althea Ablan and Patricia Tumulak, the short film is about an aspiring teacher determined to persevere through the challenges and upheavals she faces. Fueled by passion, dedication and hope, she makes ends meet in whatever way possible.
n ‘OPO’ (MAKABAYAN): Vaness del Moral, David Sean and Ericca Laude star in a story about keeping close to cultural roots. A Filipino mother keeps her heritage alive by imparting Filipino traditions and practices to her children and also cooking her favorite dish—binagoongan
n ‘THE JOB INTERBREW’ (MAPAGMALASAKIT): Allen Ansay and Maey Bautista, with the special participation of Sofia Pablo, bring to life the story of a young man on his way to a job interview who keeps getting sidetracked by having to help the people around him. His kindness makes him late, but this consequence leads to outcomes far greater than he could ever imagine.
n ‘PARA! SA PAMILYA’ (MAPAGMAHAL): Matt Lozano and Heath Jornales star in a movie that looks back into the past. An elderly father recalls driving a jeepney with his young son and reflects on the joys they experienced despite sacrifices, and reflects on how love and gratitude further strengthened their family ties.
n ‘THE MAMI RETURNS’ (MALIKHAIN): Culinary talent and tech-savviness come together in this story which stars Anton Vinzon, with the special participation of Roi Vinzon. The story delves into the passion, creativity, talent and inventiveness that make even a dish as humble as a mami special and, in the age of online content, a viral sensation. Produced by GMA Network’s sales and marketing group, program support department, and post production department, the Ganito Tayo, Kapuso short films were also made possible in partnership with Unilab, UL Skin Sciences Inc., Nestlé Philippines, and Unilever, together with Glucerna and Bioderm. Viewers can also catch the Ganito Tayo, Kapuso short films on GTV (August 18), I Heart Movies (August 23), GMA (August 24) and Heart of Asia (August 31). These will also be available on the official GMA Network YouTube channel starting August 25. Global Pinoys can watch the short films on GMA Pinoy TV (September 6) and GMA Life TV (October 11).
Show BusinessMirror
Roderick Paulate continues to trust his instincts
ICONIC actor Roderick Paulate has a new ace up his sleeves these days. He plays the titular character in the laugh-out-loud movie Mudrasta, and local movie followers are looking forward to support it. The movie is directed by Julius Ruslin Alfonso, who also happens to be a good friend of Paulate.
Mudrasta opens tomorrow, August 20, and even before last night’s grand premiere and some special private screenings, the movie—which also stars Tonton Gutierrez, Carmi Martin, Celia Rodriguez, Odette Khan and the now inactive Elmo Magalona— has been getting very good feedback.
“The movie revolves around the character I play who wanted to reconnect with his one true love, only to learn that the man he holds dear has passed on.
The story progresses when I find out that Tonton’s character left behind half of his vast estate to me and I must move into his mansion and start a life with his two children who live with their harsh granny, plus some dysfunctional characters, too,” said Paulate.
We learned that the movie’s principal photography wrapped up in 2021 and the elements of the universe only conspired a few months ago to make sure that it will be shown publicly.
“I believe in perfect timing. And I’m sure there were valid reasons why it took many years before it will finally be shown in cinemas. My director and I both trust the process and how the universe allows things to happen—or not,” said Paulate.
Now a senior, Paulate has always been crystal clear on the difference between intuition and overthinking.
“Usually, overthinking involves repetitive thoughts that are often unproductive and stressful—usually when I contemplate too much about the future, or something that has not happened. I usually associate overthinking with situations beyond my control.
I’m glad that I am no longer a classic worrier. As I get older, I have come to realize that being chill is divine.”
He added, “Intuition is something we all have, and I’m glad that it has always been a helpful source of guidance when I have to make decisions. Sometimes, my body even sends me signals that are hard to ignore. Intuition is not so much like a skill that we can learn but it can be something that we can strengthen as we journey on through life.”
Paulate continues to trust his instincts in most of his major decisions in life, and this includes the film assignments he accepts or rejects. “I’ve been in the industry almost my entire life, and my inner voice almost always does not fail me.”
He shared that the narrative and how the story
By Patrick Villanueva
“DO you guys know Shagidi Shagidi Shapopo?” If not, well, BINI is here to acquaint you.
Inspired by an iconic Filipino childhood game where players have to sync up with a leader’s movements, local girl group BINI’s take—from the beat, colors, choreography, costumes, props, and themes—of this game (Shagidi) in their new music video does justice to the characterization and introduction of Filipino culture.
The girl group—composed of Gwen, Jhoanna, Mikha, Aiah, Stacey, Maloi, Sheena, and Colet—wants to spark interest in Pinoy culture for both local and foreign audiences.
“We wanted to go deeper, na mas ma-highlight ‘yung culture natin kasi very Pinoy from the beat to the MV,” said BINI’s leader, Jhoanna, during the exclusive music video preview on August 7.
With the group known for adding cultural references to their music videos, this time the references became more than immersive. Gwen replaced her iconic bucket hat with a “salakot” and wore a tirador (slingshot) as a prop, Sheena’s buholbuhol design on the pants was based on Amorsolo’s Lavandera (according to an X post by designer Renan Pacson), Stacey’s banig-like pants, Maloi’s jeepney anikanik, and MassKara Festival to name a few.
flows are two of the most important considerations he focuses on before accepting an offer or not. Then, he also considers the people he will be working with. “Who I work with is a big deal for me. They should be team players, the production people should know their jobs well, have a lot of common sense, and should be mindful of others. The actors should be pleasant, professional and respectful too. If you have a happy set, then working should be a breeze.”
Paulate shared that he has learned not to feel guilty every time he has to reject an offer as actor.
“There is always a way of being straightforward and direct without being rude and negative. I’m always appreciative that people come to me because they think I am best suited for a particular role, but I also
fallback right away.”
But he knows when it is a right project. “There will be no doubts, there will be an instant internal spark that happens, then everything will be smooth—you trust the production right away, you know that you will be paid rightfully and treated fairly, and there will be no major conflicts in your schedule. You will know if it’s the right one for you—a feeling very similar to love. Magaan, masaya.”
Paulate has been very private about his personal life, and we give that to him. We know that he has so much love to give and he has gained so much wisdom all these years to know whom to share his many gifts and blessings to. What we are sure of is that Roderick Paulate
Sa mga supporters namin outside the Philippines, gusto ko sana mag-research pa sila more kung ano ‘yung culture nating mga Pinoy,” said Stacey. “For our local audiences, we hope that it sparks pride; and for our foreign audiences, we want it to be a gateway, something that makes them curious about the Philippines, to Google our traditional Filipino games
or dances,” commented Jhoanna. The new song is also a breath of fresh air from the group, as it shifted from their cute and bubbly personality to a beautifully loud and chaotic rendition of their personality and culture. BINI felt the same, with Aiah saying, “We’re very happy because it is a new flavor. And we, BINI, want to try a lot of new things. It shows our ‘cool’ side,” she added. Originally released as a single during their BINIverse World Tour, international fans got the first glimpse of their song which Mikha revealed got mixed reactions. “Some didn’t like the beat...but there were
some who liked the vibe and dance moves, and how we rapped our parts. We really feel the passion when we perform the song,” Mikha said. “Yet, it became a step forward in raising awareness for our culture.” For local audiences, BINI hopes that it brings them back to
For these incarcerated students, online school has been a disaster
By Bianca Vázquez Toness AP Education Writer
GAINESVILLE, Fla.—To earn his freedom, 15-yearold Cayden Gillespie had to complete three school assignments a day. But school had gone virtual for Cayden and other incarcerated young people in Florida. And sometimes, he didn’t understand it.
One day last summer, he kept failing an online pre-algebra test. There were too many words to read. He didn’t know how to find the value of x. And there were no math teachers to show him.
“I couldn’t figure it out, and it kept failing me,” Cayden says. He asked the adult supervising the classroom for help. “She didn’t understand either.”
Frustrated, Cayden picked up his metal desk and threw it against the wall. A security guard radioed the office for help. Cayden worried what might happen next.
A respected online school— and a rocky rollout NO matter the offense, states must educate students in juvenile detention. It’s a complicated challenge, no doubt—and success stories are scarce.
Struggling to educate its more than 1,000 students in long-term confinement, Florida embarked last year on a risky experiment. Despite strong evidence that online learning failed many students during the pandemic, Florida juvenile justice leaders adopted the approach for 10- to 21-year-olds sentenced to residential commitment centers for offenses including theft, assault and drug abuse.
The Florida Virtual School is one of the nation’s largest and oldest online school systems. Adopting it in Florida’s residential commitment facilities would bring more rigorous, uniform standards and tailored classes, officials argued. And students could continue in the online school, the theory went, once they leave detention, since incarcerated youth often struggle to reintegrate into their local public schools.
But students, parents, staff, and outside providers say the online learning has been disastrous, especially since students on average spend seven to 11 months in residential commitment. Not only are students struggling to learn online, their frustration with virtual school is sometimes leading them to get into more trouble—and thus extending their stay.
In embracing Florida Virtual School, the residential commitment centers stopped providing in-person teachers for each subject, relying instead on online faculty. The adults left to supervise classrooms rarely can answer questions or offer assistance, students say.
A dozen letters from incarcerated students, written to lawmakers and obtained by The Associated Press, describe online schoolwork that’s hard to access or understand—with little support from in-person or online staff.
“Dear Law maker, I really be trying to do my work so I won’t be getting in trouble but I don’t be understanding the work,” wrote one student. “They don’t really hands-on help me.”
When Cayden arrived at the Orlando Youth Academy in January 2024, after four months in juvenile detention waiting for a bed in long-term confinement, he
toilet in their cell. For privacy, they were encouraged to lodge notebook paper into the door jamb to cover the narrow vertical window in their doors.
Phone calls with their parents were monitored. At family visits, Cayden’s parents couldn’t get too close or hug him more than once at the beginning and end, to prevent visitors from sharing contraband with the teens.
To relax, Cayden would lie on his stomach on his plastic-covered mattress and draw and write. He developed a Pokemon-inspired story about a hero named One— the only time he allowed his mind to wander away from Orlando Youth Academy.
felt disoriented. He and his family had been told he would be placed at a residential center near their Gainesville home so they could visit on the weekends. The judge had recommended 30 days in the residential center—called “treatment”—after Cayden pleaded guilty to two fraud felonies for using stolen credit cards, including one belonging to his parents. As he sat in a metal chair at his new case manager’s desk, she described the routine and expectations of what she called “the program.” He’d attend more than six hours of school a day and therapy five days a week, including with his parents over Zoom. None of this surprised Cayden. But then she said something that got his attention. “The program” would likely last six to nine months.
Panicked, he asked to call his mother.
A monthslong stay in ‘a teenage jail’
ROBYN GILLESPIE stepped outside the Gainesville McDonald’s she managed when she saw a call from the Department of Juvenile Justice. That can’t be true, she said, when Cayden told her his sentence was far longer than expected.
So, Cayden, still sitting next to his case manager, put down the phone and asked her again: Ma’am, you said six to nine months, right?
Gillespie hung up and cried.
“They wouldn’t understand him,” she remembers thinking.
Gillespie’s husband, Kenny Roach, initially thought going to juvenile detention could help Cayden, who had grown out of control. The family had recently moved to Florida to care for aging relatives, but Cayden’s beloved older brother decided to return to Virginia, where they’d lived before. Cayden, who has autism, struggled being in a new place without his brother. He began leaving the house in the evening with neighborhood teens when the parents worked late. That led to shoplifting and, eventually, credit-card fraud. Roach and Gillespie pressed charges against their son.
“He really needs to get a week in a detention home,” Roach thought. As a youth, he himself had gone to juvenile detention twice, for as long as two weeks, and credited it for a life turnaround. “I thought it would be a learning experience.”
When he learned Cayden’s time in the juvenile detention system would last much longer, he was in shock.
“Good lord, what do they hope to accomplish? A kid his age, with his diagnosis?” Roach remembers thinking. “That’s like being in a teenage jail.”
Life in custody: Not much privacy, avoiding a ‘level freeze’ CAYDEN and the other detainees inside Orlando Youth Academy woke up every day at 6 a.m. and cleaned their cells. Only when they passed inspection could they enter the common area.
Each detained youth had a
When the teens got in trouble, they had to go to bed early—5:30 p.m.—and skip playing cards or watching TV, some of the only downtime they got. But the real punishment was called a “level freeze.” When a detainee got in trouble for fighting, damaging property, not attending therapy or refusing to log into online school, they stopped making progress toward release.
Online school lacked special education supports BEFORE Orlando Youth Academy and Florida’s other commitment centers adopted virtual learning in July 2024, Cayden’s main source of stress was the other students. They antagonized Cayden until he exploded. Therapists and staff coached him to avoid these situations.
School wasn’t a source of stress or conflict. Four teachers from the local schools came to their portable classroom and lectured students ages 12 to 18 from the front of the room.
Cayden came to the program midway through what should have been his seventh-grade year. But after assessing him, the teachers placed Cayden in sixth grade.
When the state adopted virtual schooling, it was partly trying to meet the needs of students across different ages and abilities. But Cayden felt some of the new classes were too advanced, and he didn’t receive help he needed to do the work.
The complaints from other Florida detainees are similar.
“My zoom teachers they never e-mail me back or try to help me with my work. It’s like they think we’re normal kids,” one youth wrote in a letter to Florida lawmakers. “Half of us don’t even know what we’re looking at.”
Under Cayden’s special education plan, which federal law requires detention center schools to follow, he’s entitled to receive assistance reading long texts. But he didn’t receive it after the virtual school started.
Florida Virtual School wouldn’t comment on Cayden’s case, citing privacy concerns. Within their
school for students in long-term confinement, “every student with a disability receives specially designed instruction, support, and accommodations comparable to those listed in the student’s Individualized Education Plan (IEP),” says Robin Winder, chief academic officer of Florida Virtual School.
The instructor assigned to help Cayden and more than a dozen other students with their online work was overwhelmed by the students’ needs, Cayden says. Three different people held that job during the nine months he attended virtual school inside Orlando Youth Academy.
When Cayden threw the desk out of frustration with the new online learning program, he received a “level freeze” of three to five days, essentially extending his time at the residential commitment center.
It’s easy to tumble into ‘dead time’
INTERNAL documents obtained by The Associated Press, plus interviews with parents, staff and outside specialists, show staff have recommended or given level freezes when students have broken laptops, refused to log into Zoom and even sent an e-mail to ask for help initiating an online class. And when students don’t participate in virtual school, the department’s written protocol calls for taking away points they earn toward getting out.
“Students who have their heads down will be prompted by the teacher no more than two times to sit up and participate,” reads the Classroom Behavior Management Plan for Florida’s juvenile justice schools.
The first time Xavier Nicoll, 15, broke a laptop at his residential commitment center in Miami, it was because an online teacher wouldn’t respond to his questions, according to his grandmother, Julie, who has raised him. He was arrested and sent to a different detention center to face charges. The three weeks he spent there didn’t count toward his overall
No matter the offense, states must educate students in juvenile detention. It’s a complicated challenge, no doubt— and success stories are scarce. Struggling to educate its more than 1,000 students in long-term confinement, Florida embarked last year on a risky experiment. Despite strong evidence that online learning failed many students during the pandemic, Florida juvenile justice leaders adopted the approach for 10- to 21-year-olds sentenced to residential commitment centers for offenses including theft, assault and drug abuse.
centers increased to 1,388 in June, the latest data reported by the state, up 177 since July 2024, when the department adopted virtual instruction. That could indicate detainees are staying in confinement longer.
“Correlation does not equal causation,” responded Amanda Slama, a Department of Juvenile Justice spokeswoman. “Other contributing factors could explain an increase in arrests if there is one.”
Since December, the department has ignored or refused AP requests to visit juvenile confinement, speak to officials and release anonymized exit documents for students leaving commitment centers.
sentence because he can’t receive “treatment” there. Detainees call it “dead time.”
Once back at the residential center, he broke another laptop, his grandmother says, because a teen dared him to. Back he went t o county detention and court for more dead time. Then, in January, when the in-person class supervisor wouldn’t help him get into a locked online assignment, he broke a third, says Julie Nicoll.
Xavier was initially meant to be held for six to nine months after breaking into a vape store. He’s now on track to be confined at least 28 months.
He’s grown at least five inches in detention—and gone through puberty. Yet in school, Nicoll said in April, he was making no progress. “He went in as an eighth grader and is still an eighth grader—and failing,” Nicoll said.
Xavier’s March report card showed he was earning a 34% in Civics and Career Planning, 12% in Pre-Algebra, 13% in Comprehensive Science and 58% in Language Arts.
Nicoll has complained that her grandson, who has attention deficit hyperactivity disorder, or ADHD, hasn’t been receiving special education services. The Department of Juvenile Justice and Florida Virtual School have canceled multiple meetings to discuss his education plan because Xavier keeps getting arrested and sent for dead time.
“He’s trapped,” says Nicoll. “No matter what we do, we can’t seem to get him out.”
Trouble rejoining the community?
NICOLL and her husband have spent more than $20,000 in legal fees trying to win his release. They argue untreated brain inflammation due to mold exposure in detention, plus his disability, make it impossible for him to control his frustration during online school.
In May, Xavier was arrested a fourth time. After turning in an assignment, he realized he’d made a mistake and asked the in-class supervisor to return it. The supervisor wouldn’t give back his work, and he broke another laptop.
Xavier pleaded guilty in August to two felonies for breaking laptops. “They’re setting him up to go into the community a failure,” said Nicoll.
It’s unclear how many students are getting in trouble or extending their time because of behavior during virtual school. Arrests inside residential centers increased slightly in the first nine months after the department adopted virtual school, compared with the same period during the previous year. An analysis of publicly available data shows staff use of verbal and physical interventions has also risen slightly, to 2.4 physical or verbal interventions per 100 days from 1.8 interventions the previous year.
The total number of youth in Florida’s residential commitment
Not all students are getting in trouble during online schooling, but that doesn’t mean they’re learning. Jalen Wilkinson, 17, received punishment during detention for fighting, but his father was unaware of punishment related to school.
But when school went online in July 2024, Jalen started complaining that there weren’t enough adults to help students with the virtual program. School, he says, is basically free time. Jalen has been especially frustrated that he couldn’t complete his GED while confined—even though Florida Virtual School leaders say they’ve made it easier for detainees to take the exam. He was released in July. His father, John Terry, worries the time locked up was a waste and Jalen will struggle to re-enter high school and graduate. “There’s no rehabilitation whatsoever.”
Cayden is still trying to restart school
IN March, shackled with an ankle monitor, Cayden Gillespie finally left Orlando Youth Academy. The six to nine months his case manager predicted turned into 15. Between that and the “dead time” waiting for a residential center bed, he was detained 19 months. Through therapy at the residential center, Cayden learned how to recognize his anger building and to take a break. His parents say the family therapy helped them better understand Cayden’s needs and helped them all communicate.
“But the school part,” Robyn Gillespie says, “that was a disaster.” Gillespie, her husband and Cayden are still trying to understand the consequences of going so long without proper schooling. Initially, they thought he’d go to the local public middle school, but the school said, at 15, he’s too old. This spring, they tried to sign him up for Florida Virtual School, the same program he did in custody. Indeed, this was one of the arguments the state made for using virtual school inside confinement. But Robyn Gillespie says Florida Virtual told them he couldn’t join so late in the year.
Asked about Cayden’s case, Florida Virtual said all students “released from a facility receive one-on-one support from an FLVS transition specialist.”
But Cayden’s family said they were never offered transition help or told how he could continue where he left off in detention.
The best option, they’ve been told by the local school district, is a charter school, where he can make up coursework quickly.
“That’s the kind of place where they dismiss you if you don’t show up on time,” says Robyn Gillespie.
“And there’s no transportation. I’m just not sure that’s going to work well for our family.”
The terms of Cayden’s probation require him to attend school or face confinement again. He starts at the charter school later this month. Says Gillespie: “He has to be in school.”
CAYDEN GILLESPIE sits on a bench at a local park, Saturday, April 26, 2025, in Gainesville, Fla. Gillespie spent months in juvenile detention after pleading guilty to two felony charges. While in custody the state of Florida provided online learning instead of in person classes which students, parents and staff say has been disastrous. AP/MARTA LAVANDIER
TOKYO Olympics silver
medalists Carlo Paalam leads
a 10-member Philippine team out to make an impact in the World Boxing (WB) World Championships set September 1 to 15 at the M&S Bank Arena in Liverpool, England.
“This is the inaugural world championships of World Boxing and this is the highest level of boxing competition outside the Olympics, so we want to do well in the tournament,” Association of Boxing Alliances in the Philippines (ABAP) secretarygeneral Marcus Jarwin Manalo told BusinessMirror on Monday.
The WB replaced the controversyridden International Boxing Federation, or AIBA, and has already earned the recognition as the international federation for the sport with 78 member countries—ABAP president Ricky Vargas is a member of the WB’s Executive Board as one of the founding members of the organization.
Paalam, 27, is fighting in men’s featherweight and will be joined by flyweight Jay Bryan Baricuatro (50 kgs), lightweight Junmilardo Ogayre (60 kgs), light welterweight Mark Ashley Fajardo (65 kgs) and light middleweight Ronald Chavez Jr. (70 kgs).
Fighting in the women’s division are lightweight Risa Pasuit (60 kgs) and flyweight Ofelia Magno (48 kgs) and the coaches are Reynaldo Galido and Ronald Chavez Sr. Paris Olympics bronze medalist Aira Villegas is injured—Manalo refuses to reveal the nature of injury—and will only be joining a two-week training camp in Sheffield also in England.
The WB has on the registry more than 500 male and female boxers for its inaugural world championships.
AB AP head coach Pat Gaspi, meanwhile, brought 15 boxers to the third round of the Belt and Road International Boxing Training Camp and Tournament that started last Saturday and ends on August 30 in Xinjiang, China.
The under-17 boys boxers in Xinjiang are Leo Mhar Lobrido (46 kgs), Jefferson Amaya (50 kgs) and John Michael Estorba (54 kgs), while the under-17 girls team is composed of Shairylle Pores (46 kgs), Ermalie Caballero (54 kgs), U19 men’s Nick Anjelo Payla (50 kgs), Ephraim John Baruis (55 kgs) and Wyndel Caytuna (60 kgs). The elite men and women are Jay Bryan Baricuatro (50 kgs), Flint Jara (55 kgs), Junmilardo Ogayre (60 kgs), and Tyler Tanap (75 kgs), Pathricia Mae Sumalinog (48 kgs), Althea Shine Pores (51 kgs) and Claudine Veloso (54 kgs). The Liverpool and Xinjiang sorties are essential parts of ABAP’s preparations for the 33rd Southeast Asian Games set December 9 to 20 in Thailand. Josef Ramos
High Speed Hitters get it done for PLDT
RULING the
THE PLDT High Speed Hitters proved they had more than just muscle— they have hearts of champions.
S quandering a 2-0 lead in a winner-take-all match could have shattered the psyche of even the most seasoned squad, but for a team untested in such high-stakes pressure, the moment felt like a trapdoor—one misstep away from collapse.
B ut PLDT didn’t just survive the scare, it stormed back the way future champions do and the result was a 2517, 25-17, 19-25, 24-26, 15-8 victory over Chery Tiggo in the winner-takeall final of the Premier Volleyball League On Tour before a screaming Sunday crowd of more than 11,000 at the SM Mall of Asia Arena.
“I ’m not a religious person,” PLDT head coach Rald Ricafort, “but
THE final leg of the sevenstage International Container Terminal Services Inc. Junior Philippine Golf Tour Luzon Series that starts Tuesday at the Camp John Hay Golf Club in Baguio City is expected to go down the wire with the last few slots to the Elite Junior Finals hanging in the balance. Only the top four players in each
I understood the prayer we always shared—that the team would grow tougher and more resilient. And all those heartbreaks, all those nearmisses, I now see them as necessary. They prepared us for this.”
He added: “I’m just proud of how the girls held on until the very last set. That was the mindset we wanted— strong, brave, unbreakable.”
I t was a fitting conclusion for a squad that had long stood in the shadows, haunted by missed chances and painful losses—the worse last year’s controversial semifinal exit in the Reinforced Conference.
PLDT capped off the campaign with back-to-back five-set victories for an unblemished eight-game sweep on its way to a first-ever PVL title.
“M ika [Reyes] was phenomenal. Savi [Davison], the usual. But what I’m most proud of is the team’s grip—
division will advance to the season finale set October 7 to 10 at The Country Club in Laguna thus setting the stage for a thrilling conclusion on the short but perilous mountaintop layout.
R onee Dungca is the girl to watch out for in the 7-10 division—she staged a remarkable late-season charge after missing the first four legs with
that refusal to let go,” Ricafort said.
“This one’s sweet because we’ve been chasing this feeling for a long time.” Davison’s explosive presence helped tip the momentum back to their favor and Reyes stood at the center of an onslaught—when Chery Tiggo’s defense hesitated for a split second, she was already landing from her attack—the ball logged on the scoresheet.
One, two, three, four rapid-fire kills later and the scoreboard began to tip.
Then came a kill block from Majoy Baron, a clutch denial by Reyes and a punctuation mark—a back-breaking crosscourt hammer from Kim Dy.
And that’s it—the High Speed Hitters are champions.
Our coaches always remind us to stay present. No lead is safe,” said Reyes, who was named the final match most valuable player. “Even when we were up two sets, we didn’t assume it was ours.
back-to-back victories at Riviera and Pradera Verde to tie Penelope Sy at fifth with 30 points.
M avis Espedido (45) and Winter Serapio (37) already booked their tickets in the girls’ youngest category, but several others remain in contention for final rankings that could influence team selection.
TBy Josef Ramos
HE Samahang Basketbol ng Pilipinas (SBP) has shifted its focus on Bennie Boatwright’s naturalization for the national team program just days after the International Basketball Federation (FIBA) okayed Quentin MilloraBrown’s status as a local player. “It was delayed a little bit when it comes to processing
I’m just grateful that we held on—to each other, to the moment,” she said.
Named Finals MVP, Reyes admitted the award caught her off guard.
For Davison, the team-first mantra of PLDT is its most dangerous weapon.
“I’ve been saying it—this team is a threat from every angle,” said the Filipino-Canadian scorer. “Every practice, every game, these girls show up. They’ve made me better, and I hope I’ve done the same for them.”
She was quick to shut down notions that PLDT’s rise is centered on her.
“PLDT was already here before I arrived. I wasn’t added to flip a switch. People ask me, ‘Why PLDT?’ And all I can say is—it’s either PLDT or nothing,” she said. “This team is my family. I wouldn’t want to do this with anyone else.”
D y, returning from a careerthreatening injury, couldn’t hide her emotion.
In the boys’ 7-10 group, Zach Guico and Zoji Edoc are neck-and-neck at 45 points apiece, with Asher Abad (34) and Halo Pangilinan (34) looking to fend off Kingston Ching (20), who needs a win and some luck to squeeze in. In the boys’ 11-14 category of the series organized by Pilipinas Golf Tournaments Inc., Ryuji Suzuki (42) and Vito Sarines (39) have all but secured their berths, four golfers are in a dogfight for the final two places: Jacob Casuga (35), Race Manhit (34), Zianbeau Edoc (30) and Ryuichi Tao (26).
players with the ever reliable Justin Brownlee now 37 years old—the others in the pool are Utah Jazz star Jordan Clarkson and former Ateneo player Ange Kouame. Panlilio said the delay came after the sponsor of Boatwright’s naturalization, former Senator Sonny Angara, was appointed as Education Secretary. We really need him [Boatwright] so we can have more naturalized options,” said Panlilio, adding the SBP want Boatwright on the Gilas Pilipinas roster either for the FIBA World Cup Asian Qualifiers that start in November or the Southeast Asian Games in December in Thailand. B rownlee was instrumental in Gilas Pilipinas’s recent conquests significantly in 2023 in Hangzhou where the Philippines regained the Asian Games gold medal—the Ginebra resident import was also outstanding when the team stunned Latvia in the Olympic Qualifying Tournament in July last year. “We’ve heard that Boatwright’s okay [injury] but we haven’t heard anything from him yet, maybe soon,” Panlilio said. “We really need him so he can practice and learn our system—and good thing is already classified Quentin Millora-Brown as a local player.” Gilas Pilipinas is coming off an eighth-place finish in the FIBA Asia Cup in Jeddah where Australia emerged champion for the third consecutive edition, beating China by one, 90-89, over the weekend.
