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H1 GOCC subsidies up 118% to ₧114.576B By Reine Juvierre S. Alberto

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CHARTING THE GLOBAL ECONOMY: UK PAYROLLS SLIDE, INFLATION ROTARY CLUB OF MANILA JOURNALISM AWARDS

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UBSIDIES provided to government-owned and -controlled corporations (GOCCs) more than doubled to P114.576 billion in the first half of the year compared to a year earlier. Financial support to state-run corporations rose by 118.24 percent to P114.576 billion from January to June this year from P52.498 billion in the same period in 2025, according to the latest data from the Bureau of the Treasury. The national government regularly grants subsidies to GOCCs to cover operational expenses not supported by revenues, as well as payments for deficits and losses.

Of the total subsidies in the sixmonth period, P1 billion went to government financial institutions, P22.727 billion to major non-financial government corporations and P90.849 billion to other government corporations. The Philippine Health Insurance Corp. (PhilHealth) received the largest subsidy at P60 billion, following the return of “excess” funds it had remitted to the Treasury to finance unprogrammed appropriations under the 2024 national budget. It was followed by Food Terminal Inc. with P10 billion, the National Irrigation Administration with P8.959 billion, the National Food Authority with P8.708 billion and the National Electrification Administration with

P3.022 billion. In June alone, subsidies to GOCCs surged by 122.33 percent to P16.562 billion from P7.449 billion in the same month last year. FTI obtained the highest subsidy during the month at P10 billion, trailed by the Philippine Postal Corp. with P1.025 billion and the NFA and the Bases Conversion and Development Authority with P758 million each. For the full year, GOCC subsidies are programmed at P159.560 billion, 9.22 percent lower than the P175.777 billion allocated in 2025, as state-run corporations become more self-sufficient. In fact, the government expects to collect P147.15 billion in dividends from 50 GOCCs this year, 28.34 per-

cent higher than the P114.65 billion remitted in 2025. Actual dividend collection reached P140 billion as of July, of which P62.39 billion was contributed by the Bangko Sentral ng Pilipinas. Under Republic Act No. 7656, or the Dividend Law, all GOCCs, with some exemptions, are required to declare and remit at least 50 percent of their annual net earnings as dividends to the national government. The Department of Finance has requested GOCCs to increase their remittances to 75 percent to maximize non-tax revenues. For 2027, GOCC subsidies are projected to rise to P191.8 billion, up by 20.20 percent from this year’s allocation.

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MOST EXPERTS EXPECT 25-BPS POLICY RATE HIKE

By Andrea E. San Juan

QUARTER-POINT rate hike is “widely” expected at the Monetary Board’s August 27 rate-setting meeting amid lingering upside inflation risks from oil, food prices, and currency weakness. While they presented different views, majority of the banks and analysts expect the Bangko Sentral ng Pilipinas (BSP) to deliver its third consecutive 25-basis-point rate hike this year amid the looming inflation risks such as elevated oil prices and threats to agricultural output, among others. “We expect the Bangko Sentral ng Pilipinas (BSP) to raise its target reverse repurchase rate by 25bp to 5 percent in the monetary policy meeting (Thursday, August 27),” ANZ Research said in a report over the weekend.

Though inflation eased marginally to 6.2 percent in July from 6.4 percent in June, ANZ Research said it was still “substantially” above the upper bound of the BSP’s target range.

Food inflation pressure

“PRICES have been sticky. Food inflation pressure has also been strong, with rice prices notably higher than the levels recorded in 2025. As a result, the BSP is likely to maintain its hawkish stance in the meeting, despite weak growth,” Continued on A2

PARTS OF LGU TAX ALLOTMENT TO FUND SOLID WASTE PROJECTS By Samuel P. Medenilla

ALACAÑANG said the government is now considering allotting a portion of the National Tax Allotment (NTA) of local government units (LGU) for solid waste management projects and intensifying its campaign to instill the culture of cleanliness in the grassroots level to mitigate flooding. Executive Secretary Ralph G. Recto made the announcement after his meeting with officials of several

government agencies and representatives of LGUs on Thursday to discuss how to solve the country’s garbage problem. At the dialogue, he stressed the important role of LGUs as “first line of defense” in preventing improper waste disposal, which exacerbates flooding in Metro Manila and other parts of the country. “Therefore, it is also important for LGUs to partner with the national government,” Recto said in Filipino in a statement at the weekend. Continued on A2

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A GAP IN THE GROWTH STORY A man dries clothes outside his makeshift home beneath a footbridge in Delpan, Manila, offering a stark view of the gap between headline economic gains and

everyday living conditions. The latest Philippine Statistics Authority data put 2025 poverty incidence at a record-low 9.7 percent, down from 15.5 percent in 2023, but critics—including IBON Foundation—argue that the official poverty threshold does not fully capture the cost and realities of living for many Filipino households. BusinessMirror’s latest coverage also notes concerns that the singledigit poverty rate may mask continuing gaps in income, purchasing power and access to basic needs. Story in Second Front Page, A7. NONIE REYES

DSWD on ‘blue alert’ ahead of storm ‘Obet’ By Jovee Marie N. Dela Cruz

HE Department of Social Welfare and Development (DSWD) Disaster Response Command Center (DRCC) has been placed under “Blue Alert” status as it continues to monitor a new tropical cyclone currently outside the Philippine Area of Responsibility (PAR). The DSWD remains on heightened preparedness as Typhoon Saudel (international name) is expected to enter the PAR on Monday, August 24, and will be given the local name “Obet” once it is inside the Philippine monitoring area. According to Assistant Secretary Irene Dumlao of the DSWD’s Disaster Response and Management Group (DRMG), the change

in alert status followed National Disaster Risk Reduction and Management Council (NDRRMC) Memorandum No. 230, Series of 2026, which lowered the alert status of the National Disaster Risk Reduction and Management Operations Center (NDRRMOC) from Red Alert to Blue Alert, effective August 20 at 6:00 p.m. “Although there has been a decrease in the alert status, the DSWD continues to closely monitor developments and coordinate with various government agencies and local government units that may require assistance due to previous typhoons and the enhanced southwest monsoon. The DSWD is also prepared to respond to any possible impacts of the new weather disturbance currently outside the PAR,” said Dumlao, who also serves as the agency’s

spokesperson. As of August 22, the DSWD has an available inventory of more than 3.7 million family food packs (FFPs) strategically stored in hubs, distribution points, and last-mile areas nationwide. The current stockpile includes over 369,000 boxes of FFPs at the Luzon Disaster Resource Center (LDRC) in Pasay City, more than 512,000 boxes at the Visayas Disaster Resource Center (VDRC) in Mandaue City, and over 174,000 boxes at the Mindanao Disaster Resource Center (MDRC) in Butuan City, which is being managed by DSWD Field Office Caraga. The agency also has more than P667 million in standby funds available for immediate use in possible disaster response operations. “In accordance with the di-

rective of President Ferdinand R. Marcos Jr., we are ensuring that the necessary logistical requirements of DSWD Field Offices can be quickly deployed to areas that may be affected by severe weather conditions. Our response teams are also ready to act at any time,” Dumlao emphasized. The DSWD spokesperson further reminded the public to remain alert and prepared for possible flooding and landslides caused by continuous heavy rains brought by various weather systems affecting areas within and near the PAR. “We encourage the public to remain prepared and continue following the advisories and instructions of their local officials to prevent any unexpected incidents that may result from severe weather conditions,” Dumlao said.

PESO EXCHANGE RATES n US 61.8660 n JAPAN 0.3913 n UK 84.2120 n HK 7.8909 n CHINA 9.1923 n SINGAPORE 48.6751 n AUSTRALIA 44.0610 n EU 72.2409 n KOREA 0.0446 n SAUDI ARABIA 16.4774 Source: BSP (August 20, 2026)

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A2 Monday, August 24, 2026

Survivors of 2 drone attacks in Black Sea get govt help

By Samuel P. Medenilla

HE Department of Migrant Workers (DMW) said the 39 Filipino crew members of two ships, attacked by drones in the Black Sea last week, are safe and are closely being monitored by the government. Among those affected were the 17 Filipino crew members of M/V Anna S, which burned up after being hit by drones on August 17. They were rescued by the M/V Elina B, which was also subjected to drone attacks, but was able to reach Turkey with its 22 Filipino crew members. Citing the reports of their licensing manning agencies, the DMW all of the said Filipino sailors were unharmed from their ordeal in the Black Sea amid the ongoing conflict between Ukraine and Russia. One of the Filipino members of M/V Anna S, however, was hospitalized in Turkey due to a kidney ailment. “He remains in stable condition and is undergoing diagnostic procedures under the supervision of a nephrologist and medical team,” DMW said in a statement on Sunday. The principal or shipowner of M/V Anna S has provided help to her 17 Filipino crew members, including US$300 in cash assistance, a mobile phone to enable communication with their families, clothing, footwear, toiletries, medications, and other essential supplies. It is also working with the Phil-

ippine Embassy in Turkey and Turkish authorities for the processing of travel documents and immigration clearances to facilitate the crew’s safe disembarkation from M/V Elina B and their repatriation. Migrant Worker Secretary Hans J. Cacdac gave assurances they will help ensure the swift processing of the mariners. “We are closely coordinating with the concerned agencies, our Migrant Workers Office, the Philippine Embassy, the shipowner, and the manning agencies, to ensure their safety, provide needed assistance, and facilitate their safe disembarkation and repatriation. We will continue to closely monitor the situation and support the affected seafarers and their families,” he said. Earlier this month, DMW reported that ongoing conflict in the Black Sea has resulted in three Filipino fatalities and affected 230 Filipino seafarers onboard 17 ships. The agency noted that the family members of the affected OFWs in such crisis or distress situations may seek assistance at DMW Central Office, DMW Regional Office, or Migrant Workers Office (MWO).

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MOST EXPERTS EXPECT 25-BPS POLICY RATE HIKE Continued from A1

the Australia-based economic research division also noted. ANZ Research also flagged the Philippines as one of the major energy importers in Asia which could be among the most sensitive to energy inflation and currency volatility, alongside India and Indonesia. In a report at the weekend, the Union Bank of the Philippines (UBP) said it continues to expect a 25-basis-point rate hike on August 27, the third move this year after the March-April shocks pushed inflation above 7-percent year-onyear in April. “While inflation has since eased, it remains sticky above 6 percent as of July,” the bank said. According to UBP, last week’s heavy monsoon rains across Luzon and Visayas, alongside “sweltering” heat in parts of Mindanao, increased the risk of higher food inflation in August to September through supply disruptions, and distribution bottlenecks, amid “still-elevated” energy and import costs. Moreover, the bank said a USD-PHP exchange rate closer to 62 last Wednesday, coupled with oil prices within the $84-85 perbarrel range, further raised the likelihood of an “imminent” BSP rate hike this week. Bank of the Philippine Islands’ (BPI) Senior Vice President and Lead Economist Emilio S. Neri Jr. also expects the central bank to

deliver another quarter-point rate hike, saying near-term risks are concentrated in food and energy. Adverse weather remains a key concern, with habagat-driven rains and flooding raising the risk of further crop damage just as food supply conditions were beginning to stabilize. “Elevated domestic fertilizer prices could further add to farm input costs as the planting season gets under way in the coming months,” added Neri. For his part, HSBC Senior Asean Economist Aris Dacanay also expects the central bank to “tighten its monetary reins further” by 25 basis points in each of its two remaining rate-setting meetings this year, bringing the policy rate to 5.50 percent by year-end. Dacanay said the bank thinks it’s still too early to declare victory over inflation, as renewed tensions in the Middle East have brought oil prices back up to above $90 a barrel, while “the worst of El Niño” has yet to arrive. “Though the effects of El Niño will likely be felt in the fourth quarter of this year, retail rice and vegetable prices have picked up, even as global rice prices have already dipped,” Dacanay said. “All in all, high and sticky inflation cannot be confidently ruled out, which we think will keep the BSP’s foot gently rested on the monetary brakes, at the very least,” he explained further.

Weak peso adds to inflation risks

MEANWHILE, Neri said the weakness of the peso adds to imported inflation risks. “The peso is also likely to remain under pressure amid the fluid external backdrop. A sharper depreciation would amplify imported inflation,” the BPI’s lead economist said. He said this could require tighter policy even if the underlying shock remains largely supplydriven. “Without a rate hike, a faster depletion of the [gross international reserves] GIR from spot-

market intervention could add to peso weakness and further lift inflation expectations,” added Neri. Last week, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., explained to this newspaper that the 25bps hike this week could be a “good defense” for the local currency. He said raising interest rates “tends to boost local assets,” thus attracting foreign funds to be placed in the Philippines. This sentiment was backed by Neri, who said that while a rate hike “is not a guaranteed help,” higher rates may attract foreign money to place funds in the Philippines, especially from investors that earn lower interest in their home country. For Ravelas, a quarter-point hike at the BSP’s upcoming policy meeting may be necessary as inflation remains above the central bank’s upper inflation target of 4 percent. For its part, Citi said despite the slower GDP outturn in the second quarter and easing core inflation momentum, BSP may hike by 25 basis points on August 27 as the “ex-ante real policy rate remains low.”

Further tightening

IN contrast, two banks think the central bank has room to hold rates steady on Thursday as further tightening could further weigh on already-soft economic growth. In a policy call, China Banking Corporation (Chinabank) said it maintains its view that the central bank has limited room to raise rates given the “largely supply-driven nature of the inflation shock, weak domestic demand, and the risk that tighter policy could further weigh on already-soft economic growth.” “The case for a hold is getting stronger because the economy is already operating below potential, leaving little evidence of demanddriven inflation that would warrant another immediate hike,” Chinabank said. At most, the bank said it sees

room for one more hike, which the BSP can reserve for the fourth quarter if inflation risks intensify. Explaining its position, Chinabank said a hold would allow the central bank to assess whether the recent disinflation trend is sustainable while gaining more clarity on upside risks from El Niño, other adverse weather conditions affecting food supply, minimum wage increases, and proposed tax changes, including revisions to income tax thresholds and higher excise taxes. Standard Chartered, for its part, expects the BSP to keep its policy rate unchanged at its August 27 meeting. “The weak Q2 GDP outturn points to increasing downside risks to domestic and raises the potential growth cost of further tightening. Meanwhile, July inflation provided nascent signs that price pressures may be moderating, with headline inflation easing to 6.2 percent y/y from 6.4 percent and core inflation moderating to 4.2 percent y/y from 4.4 percent,” said Jonathan Koh, Standard Chartered’s Senior Economist and FX Analyst for Asean. The BSP has raised the key interest rate by a total of 50 basis points since the start of the conflict in the Middle East on February 28, delivering two separate quarterpoint rate hikes at the Monetary Board’s rate-setting meetings held on April 23 and June 18. These policy actions brought the Target Reverse Repurchase (RRP) rate to 4.75 percent. BSP Governor Eli M. Remolona Jr. said at the August 14 forum hosted by the Economic Journalists Association of the Philippines (EJAP) that with the growth and inflation numbers, “I think we need a more convincing downward trend for inflation before we can relax.” “Of course the weaker growth that we’re seeing means we can be less aggressive in trying to tame inflation. But in the face of an unpredictable opponent, oil prices for example, we need to keep our eye on the ball,” added the country’s central bank governor.

Parts of LGU tax allotment to fund solid waste projects Continued from A1

Among the measures tackled in the discussions was the allocation of parts of the NTA of LGUs for solid waste management projects. The proposal comes as the NTA of LGUs will get an 11-percent increase from this year’s P1.19 trillion to P1.32 trillion next year, pursuant to Republic Act 7160 or the Local Government Code of 1991 and the Mandanas-Garcia Ruling of the Supreme Court. Under Mandanas-Garcia, LGUs should get 40 percent of all government tax collections and not just internal revenue three years prior to 2024, when the SC handed down the decision. The Department of Budget and Management (DBM) said more functions of the national government will be devolved or transferred to LGUs with the implementation of the said ruling next year. Recto said they are considering implementing the Cleanest Barangay Program to encourage barangay officials to implement proper waste management in their jurisdictions. “We need to have a widespread culture of discipline. As we said before, the trash you throw away improperly will come back to you,” Recto said in Filipino. Both initiatives will augment the Oplan Kontra Baha of the Department of Public Works and Highways with the support of Met-

AN estimated 418.4 metric tons of waste and debris was collected from the Redemptorist Water Channel in Parañaque City from Aug. 10 to 12, highlighting the massive volume of garbage clogging waterways and worsening flood risks. The clearing operation was carried out by the Parañaque City government, DPWH and MMDA, as Malacañang considers allocating part of LGUs’ National Tax Allotment for solid waste management projects. NONIE REYES

ropolitan Manila Development Authority and LGUs, which includes upgrading drainage, dredging of waterways, and ensuring pumping stations remain operational. Another highlight of the meeting was their conclusion that there was no “garbage crisis” in Metro Manila, contrary to what was the position made by the Department of Public Works and Highways (DPWH) last week when it referred to the massive volumes of trash that clogged waterways. “Our meeting revealed that there is no garbage crisis in Metro Manila, but there is a crisis regarding improper waste disposal,” Rec-

to said. Among those who attended the meeting with Recto last week were Environment Secretary Juan Miguel T. Cuna, Housing Secretary Jose Ramon P. Aliling, Public works Undersecretary Charles T. Calima Jr. and MMDA Chairman Romando S. Artes. Other officials at the event were Laguna Lake Development Authority Acting General Manager Leopoldo V. Parumog, League of Cities of the Philippines President Mayor Francis M. Zamora and League of Municipalities of the Philippines President Mayor Faustino V.A. Dy.

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Legislator pushes moves to strengthen AFP, PCG

HOUSE of Representatives deputy majority leader is urging the 20th Congress to prioritize two defense proposals aimed at strengthening the capabilities of the Armed Forces (AFP) and Coast Guard (PCG) amid rising national security concerns, particularly tensions in the West Philippine Sea. The measures seek a combined P15 billion funding allocation for two programs – the rehabilitation of old but operational military aircraft and the acquisition and development of unmanned aerial systems (UAS) or drones. Deputy Majority Leader Vincenzo Luigi Villafuerte, author of the bills, said the initiatives See “AFP,” A6

Monday, August 24, 2026

House impeach prosecutors eye OVP, DepEd personnel as hostile witnesses

By Jovee Marie N. dela Cruz

@joveemarie

OUSE of Representatives impeachment prosecutors are planning to request that personnel from the Office of the Vice President (OVP) and the Department of Education (DepEd) who previously reported to Vice President Sara Z. Duterte be treated as hostile witnesses as they continue presenting evidence regarding the alleged misuse of confidential funds.

One of the officials being considered is former DepEd Special Disbursing Officer (SDO) Edward Fajarda, whom House prosecutor Terry Ridon said may be given the same treatment as former OVP SDO Gina Acosta. “I think all of the OVP and the DepEd personnel that reported to the Vice President, I think we will seek to qualify them as hostile witnesses,” Ridon said during a news forum. When asked whether Fajarda would indeed be presented as a hostile witness, Ridon confirmed, “That is correct.” He explained that Fajarda and Acosta are similarly situated because their interests are closely connected, particularly regarding

the alleged misuse of confidential funds. Fajarda previously withdrew three cash advances amounting to P37.5 million each, or a total of P112.5 million in DepEd confidential funds in 2023, when Duterte was serving as Education secretary. Ridon said prosecutors expect Fajarda to confirm his earlier testimony before the House that Duterte allegedly instructed him to transfer the confidential funds to Col. Dennis Nolasco, then a DepEd security officer who was not the department’s officially designated SDO. “Prosecutors expect Mr. Fajarda to confirm what he previously stated during the House

committee hearings – that the Vice President gave instructions to release DepEd’s confidential funds to non-regular DepEd personnel,” Ridon said. Ridon said the alleged transaction was similar to the arrangement described by Acosta regarding the OVP’s confidential funds. During her testimony before the Senate Impeachment Court, Acosta said Duterte instructed her to hand over P125 million in OVP confidential funds to thenOVP security officer Col. Raymund Dante Lachica after withdrawing the money in December 2022. The P125 million was the first of four cash advances made by Acosta See “Hostile,” A4

SC likely to be asked to determine number of votes needed to convict Sara–prosecutor

SUPR EME Court challenge is likely whichever way the Senate Impeachment Court ultimately resolves the number of votes needed to convict Vice President Sara Z. Duterte, a House of Representatives prosecutor said.

Party-list Rep. Terry Ridon of Bicol Saro, a member of the House prosecution team, said the issue surrounding the conviction threshold remains unresolved despite previous statements from Impeachment Court officials. He explained that whichever in-

terpretation the Senate adopts— whether requiring 16 votes or a lower number—there is a possibility that the matter will eventually be brought before the Supreme Court. “Realistically, whatever decision may be reached, there will

likely be someone who will go to the Supreme Court, whether we are talking about 16 votes or a lower number,” Ridon said during a news forum. He added that either side involved in the impeachment proceedings may seek judicial clarification

depending on the final decision of the Senate Impeachment Court. Ridon made the statement in response to a hypothetical situation where the Impeachment Court changes its interpretation of the constitutional requirement for a two-thirds vote and convicts

Duterte with fewer than 16 votes. However, he declined to speculate on how such a scenario would unfold, saying that the issue would only be addressed if it actually happens. See “Sara,” A6

Monday, August 24, 2026

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Cebu provl govt ramps up investment in healthcare By Carmel Pedroza

E B U C I T Y—T h e C e b u provincial government is stepping up investments in public healthcare, with major infrastructure improvements and new medical equipment being rolled out at the Daanbantayan District Hospital and Cebu Provincial Hospital–Bogo City. Gov. Pamela Baricuatro led the groundbreaking of a P22.4million infrastructure project at Daanbantayan District Hospital on Saturday, August 22, as the facility moves toward its planned classification as a Level 1 hospital. The project covers the construction of several support and service facilities, including a new outpatient department and pharmacy building, dietary facility, linen and laundry building, ambulance parking and maintenance area, hazardous waste storage facility, and morgue. A covered walkway will also link the main hospital building to the outpatient department. Renovation and repair works are, likewise, planned for the emergenc y room, laborator y, radiolog y and business office complex, along with repainting of hospital buildings and repairs to the perimeter fence. The development is intended to help the hospital meet the infrastructure requirements for Level 1 status, which would expand the range of services it can provide to patients in northern Cebu. Provincial health consultant Dr. Nikki Catalan noted that Daanbantayan District Hospital has significantly expanded its capacity in just over a year.

From operating as a 10-bed infirmary in June 2025, the facility now has 22 beds. “These improvements will help prepare the facility for its planned upgrade into a Level 1 hospital as we progressively complete the required infrastructure, equipment, manpower and services,” Catalan said in a Facebook post. Cebu Rep. Sun Shimura, who joined Bar icuatro dur ing the groundbreaking along with provincial and local officials, credited the governor for following through on her healthcare commitments. Shimura recalled that when he was mayor of Daanbantayan, the district hospital sometimes struggled even with basic medical supplies. “Sauna, Gov, nakahinumdom ko mayor pa ko diri, mag-health board meeting mi, it breaks my heart during that time nga bisan gani og Betadine, panagsa mahutdan pa og stocks kay tungod sa kadaghan pod gyud hospitals sa probinsya [Before, Governor, I remember when I was still mayor here and we would attend health board meetings. It broke my heart because there were times when the hospital would even run out of Betadine, especially because there were so many hospitals across the province],” he said. Shimura said the hospital ’s eventual Level 1 classification would be an important milestone, particularly because it would enable the facility to perform minor surgical procedures. Meanwhile, the provincial government is also strengthening See “Cebu,” A6

Storms, habagat damage to infra, agri hits ₧6.6-B

BCDA takes two-track approach to key properties

AMAGE to public and private infrastructure and farms during the onslaught of the recent storms Luis and Maymay, and Neneng, and aggravated by excessive rainfall from the prevailing southwest monsoon, have reached P6.6 billion, the National Disaster Risk Reduction and Management Council (NDRRMC) reported.

By Jonathan L. Mayuga @jonlmayuga

Of these, P4.9 billion damages was in public and private infrastructure, mainly to the 2,300 houses that were damaged by floods and landslides, and P1.7 billion was in agriculture. The NDRRMC noted that the combined effect of storms Luis, Maymay and Neneng, and the southwest monsoon has severely affected almost the entire Luzon, with 89 cities and towns having been declared under a state of calamity. Over 2.1 million families or 7.4 million persons were affected, with 11,900 families or 40,600 persons still being provided care in 549 different evacuation centers, the NDRRMC said. According to the NDRRMC, the inclement weather that triggered

kilometers per hour near the center, and gustiness of up to 206 kph. The state weather bureau also said the southeast monsoon or habagat continued to affect Luzon on Sunday as two tropical systems outside the Philippine Area of Responsibility (PAR) are being tracked. In its 4 a.m. bulletin, Pagasa said Batanes will experience occasional rains while Metro Manila, Ilocos Region, Cordillera Administrative Region, Central Luzon, Rizal, Cavite, Batangas, Occidental Mindoro and the rest of Cagayan Valley will have cloudy skies with scattered rains and thunderstorms. The rest of Luzon will experience partly cloudy to cloudy skies with isolated rain showers or thunderstorms due to habagat while the rest of the country will have partly cloudy to cloudy skies with isolated rain showers or thunderstorms due to localized thunderstorms. Meanwhile, Pagasa continues to monitor Typhoon Saudel and Tropical Depression Gaenari, which are both outside of the PAR. As of 3 a.m., Saudel was located 2,245 kilometers east of extreme northern Luzon packing maximum sustained winds of 175 kilometers per hour (kph) with gustiness of up to 215 kph, and moving west northwestward at 25 kph. Gaenari, on the other hand, was located 565 km north of Itbayat, Batanes packing maximum sustained winds of 55 kph with gustiness of up to 70 kph, and moving westward at 10 kph.

Executive Order 122 enacts sweeping structural reforms to revitalize the mining landscape. The government will strictly enforce a “Use It or Lose It” policy, subjec t i ng non- compl i a nt or dormant mining tenements to immediate cancellation and reallocating freed-up mineral areas into declared reservations. To eliminate bureaucratic delays and create an internationally competitive investment climate, the Department of Environment and Natural Resources and the Mines and Geosciences Bureau will implement streamlined permit processing within six months and deploy a fully digital Virtual One-stop Shop platform within one year. The executive order also reorganizes the MICC, co-chaired by the Secretaries of the Department of Environment and Natural Resources and the Department of Finance, and expanded to include strategic cabinet members, local authorities, and indigenous representation. Within 90 days, the reorganized council will submit a

comprehensive industry work plan to the Office of the President, establishing international sourcing standards, environmental safeguards, and valuation frameworks to ensure that the exploration of the nation’s mineral wealth yields lasting national progress.

See “EO,” A6

TATE-RUN Bases Conversion and Development Authority (BCDA) is advancing separate plans for Camp John Hay in Baguio City and Bonifacio Global City (BGC) in Taguig. BCDA President and Chief Executive Officer Joshua Bingcang said the master plan for Camp John Hay has been completed, with the agency preparing to bid out the long-term management of its golf and hotel properties in October. “Yes. It’s done,” Bingcang told reporters earlier this month during a Pax Silica briefing in New Clark City. The completed plan follows BCDA’s effort to update Camp John Hay’s 25-year development framework as it seeks to determine how the property’s remaining developable areas can be used. The estate covers more than 600 hectares, but much of the property remains forested and designated as a no-build area. Bingcang previously estimated that only about 50 to 70 hectares remain available for development. Developing these areas could require between P7 billion and P10 billion in investment, with prospective developers already exploring partnerships with BCDA, he said last year. The plans come after the Supreme Court ruled in BCDA’s favor in its dispute over the property, allowing the state-owned corporation to recover 247 hectares of Camp John Hay from Camp John Hay Development Corp. BGC, meanwhile, is still undergoing a separate planning exercise. “It’s not done,” Bingcang said when asked whether its master plan had been completed. BCDA has tapped SyCip Gorres Velayo & Co. (SGV & Co.) to update the development framework, with the revised plan expected by December. Recently asked what changes were being considered for the area, Bingcang said the review would focus “more on mobility.” The review covers urban analysis, technical studies and consultations with stakeholders. Bingcang said mobility would be a major consideration in the updated plan. The exercise comes more than two decades after the original framework for BGC was established, as the district continues to absorb demand from businesses and workers. Data from Leechiu Property Consultants showed that BGC accounted for 218,000 square meters, or 23 percent of Metro Manila’s total office demand in 2025, with information technology and business process management firms among the major sources of demand.

handling confidential funds allegedly surrendered control of the money to security officers upon Duterte’s instructions. Acosta remains on the witness stand after the impeachment court allowed prosecutors to treat her as a hostile witness. Her direct examination is scheduled to continue on Monday, August 24. Ridon described Acosta’s testimony as a “smoking gun,” saying it established what prosecutors believe was the beginning of the alleged misuse of confidential funds. Another Duterte subordinate whom prosecutors intend to request as a hostile witness is OVP Assistant Chief of Staff Lemuel Ortonio.

Ridon explained that treating these individuals as hostile witnesses would allow prosecutors more flexibility in questioning them and could help speed up the proceedings. “They should be recognized as hostile witnesses so the questioning process can be more efficient and the proceedings can move faster,” he said. Prosecutors are also considering presenting Lachica as a hostile witness, although Ridon said no final decision has been made. The House prosecution panel is still presenting evidence related to the confidential funds article, which involves allegations that Duterte misused P612.5 million

in confidential funds released to the OVP and DepEd from December 2022 to 2023. Of this amount, P500 million was allocated to the OVP – P125 million released in December 2022 and P375 million during the first three quarters of 2023. Meanwhile, P112.5 million was provided to DepEd through three separate P37.5-million releases in 2023. The prosecution has already completed present ing ev idence for the article concerning Duterte’s alleged threats against President Ferdinand R. Marcos Jr. and his family. The articles involving alleged briber y and unexplained wealth have not yet been discussed.

flashfloods, severe flooding, and landslides claimed the lives of 29 people as of August 22. Search and rescue operations are still ongoing for 3 other persons reported missing in Quezon, Manila, and Batangas City. The government said it continues to assist affected families and has so far spent P1.1 billion. Meanwhile, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said that it is currently tracking Typhoon Saudel, which is now moving west-northwest over the Philippine Sea off extreme northern Luzon. The typhoon was estimated to be some 2,085 kilometers east of extreme northern Luzon, packing maximum sustained winds of 165

MGB exec: Marcos EO boosts PHL position in global green tech market

N official of the Department of Env i ron ment and Natural Resources (DENR) said on Sunday that President Marcos’ Executive Order 122, which establishes a Unified National Policy Framework for Developing the Critical Minerals Industry, has significantly positioned the country in the global critical minerals and global green technology value chain market. “ Wo r l d w i d e , n a t i o n s a r e compet ing to sec u re resi l ient s u p p l y c h a i n s f or e s s e nt i a l raw mater ia ls l i ke nic kel, cop per, a nd processing inputs for renewable energ y inf ra st r ucture, electr ic vehicle batter ies, a nd defense appl ic at ions,” Director L ar r y M. Heradez of t he Mines and Geosciences Bureau (MGB), sa id. Signed on August 21, the order also reorganized the Mining Industry Coordinating Council (MICC) to drive strategic growth in the sector, a policy fully supported by the Chamber of Mines of the Philippines (COMP).

“The country has identified at least nine million hectares of highly prospective areas with potential to host various mineral resources that could position the Philippines as an important player in the critical minerals value chain. EO 122 shifts the national strategy toward maximizing the domestic value of these resources, moving beyond raw ore exportation to building integrated processing and manufacturing ecosystems,” the MGB chief said. Section 2b of EO 122 anchors the country’s economic development in the responsible utilization of critical minerals. Under Section 2b, the State promotes the responsible development and utilization of critical minerals and commits to supporting value-adding and downstream industries.Because these mineral assets are vital for national security and economic resilience, the framework ensures that local resources are essential inputs for the global energy transition and for industrial activities, including clean energy technolo-

gies, digital infrastructure, and major public projects. To support this vision, the Department of Trade and Industry’s Board of Investments will offer incentives under the CREATE Act for downstream refining, battery production, and side-stream industries, while providing for domestic processing plants priority access to mineral ores at fair market prices. Equally fundamental to the framework is Section 2c, which establishes strict safeguards for environmental protection and for social and cultural development. Section 2c mandates that the government enforces sustainable mining practices to strengthen the industry’s capacity to manage environmental impacts effectively. In addition, it requires that all mining operations prioritize the social, cultural, and economic well-being of host and neighboring communities, ensuring that community development efforts directly align with the United Nations Sustainable Development Goals.

Hostile. . . Continued from A3

from December 2022 to July 2023. The remaining three withdrawals, totaling P375 million, covered the OVP’s confidential fund expenses for the first three quarters of 2023. Overall, the OVP received P500 million in confidential funds during that period. For the DepEd funds, prosecutors expect Fajarda to testify that Duterte similarly directed him to transfer the department’s confidential funds to Nolasco. The prosecution considers this significant because the designated SDOs who were responsible for

By Bless Aubrey Ogerio

COMP backs EO 122

IN a statement, the Chamber of Mines of the Philippines – representing the country’s premier and longest-operating large-scale metallic mining and exploration companies and allied industries— said it fully supports Executive Order 122. “We strongly endorse the Order’s emphasis on policy stability, regulatory consistency, and transparency. Securing long-term capital for exploration, mine development, and mineral processing requires a predictable environment that builds investor confidence,” COMP said. In a statement, it said: “EO 122 looks beyond extraction. By

Monday, August 24, 2026

More farmers keen on competitiveness fund By Ada Pelonia

@adapelonia

HE Department of Agriculture (DA) is currently reviewing 19 project proposals that may be bankrolled by a competitiveness fund, which consists of fees and safeguard duties slapped on imported agricultural goods. The DA recently confirmed to the BusinessMirror that it has received 19 proposals from farmers who are seeking to gain access to the competitiveness enhancement measures fund (CEMF). Broken down, the agency said 14

projects came from coffee cooperatives, four from the poultry industry, and one from the onion sector. The DA recently revised the guidelines for the implementation of the CEMF, which was created under Republic Act (RA) 8800 or the Safeguards

Tesda to offer urban agri training program

HE Technical Education and Skills Development Authority (Tesda) and the Department of Agriculture (DA) will institutionalize urban and peri-urban agriculture (UPA) skills training nationwide. Tesda and DA, through the National Urban and PeriUrban Agriculture Program (NUPAP) of the Bureau of Plant Industry (BPI), formalized their collaboration to develop training and certification programs that will equip individuals and communities with practical skills in modern food production, while helping address food security, climate resilience, and sustainable livelihoods. Recently signed by Tesda Secretary Jose Francisco Benitez and Agriculture Secretary Francisco Tiu Laurel Jr., the partnership will pave the way for the development of competency standards, training programs, and the Urban Agriculture Production National Certificate (NC II), giving Filipinos a nationally recognized qualification in urban agriculture. The implementation of the initiative will be led by the Tesda Green Technology Center (GTC), in collaboration with the DA-BPI, particularly its NUPAP, to ensure that the training programs are grounded in appropriate, modern, and climate-smart urban agriculture technologies and practices. For individuals seeking livelihood opportunities, the initiative can provide pathways to employment, entrepreneurship, and community-based food production. For communities, it can help build local capacity to produce food using modern and climate-smart technologies, even in areas where conventional agricultural space is limited. “Skills development is ultimately about creating opportunities for people. Through this partnership with DA, we are giving Filipinos practical skills that they can use to earn a living, start an enterprise, and contribute to food security in their own communities,” Benitez said. The collaboration supports the government’s broader goals of strengthening food security, promoting climate-resilient and sustainable communities, and expanding inclusive economic opportunities through skills development. “At Tesda, we believe that skills transform lives. This convergence ensures that learning goes beyond the classroom and translates

into sustainable livelihoods, entrepreneurship, and stronger, more resilient communities.” For his part, the DA chief said the initiative draws on a distinctly Filipino ingenuity that became particularly evident during the Covid-19 pandemic, when Filipinos transformed rooftops, vacant lots, and other unused spaces into productive vegetable gardens. “I have always believed that Filipinos have a special gift. Give us a small patch of land, a rooftop, a balcony or even a few recycled containers, and before long, someone has turned them into a thriving garden. We are, by nature, nurturers. Today, our task is to match that instinct with knowledge, skills and opportunity.” To make these opportunities more accessible and relevant to communities, Tesda and DA will establish technology demonstration hubs and strengthen the capacity of trainers, assessors, and partner institutions nationwide. These facilities will showcase practical applications of urban agriculture that learners can adopt and replicate in their own homes, communities, or enterprises. As part of the initiative, the Tesda Complex in Taguig will be developed as a flagship Urban Agriculture Technology Demonstration and Training Center, featuring modern and climate-smart farming technologies such as hydroponics, vertical farming, container gardening, composting, and other innovative production systems. The demonstration center will serve as a learning and knowledge-sharing facility where trainers, learners, community members, and partner institutions can gain handson exposure to technologies suited for urban and peri-urban environments. Through competencybased training and nationally recognized certification, Tesda and DA aim to build a pool of skilled and certified urban agriculture practitioners who can contribute to local food production while pursuing employment and entrepreneurship opportunities. Beyond developing technical skills, the partnership seeks to bring practical solutions closer to Filipinos by enabling communities to make productive use of available spaces, adopt modern farming technologies, and develop sustainable sources of food and income.

Claudeth Mocon-Ciriaco

Measures Act to boost local industries injured by the influx of imports. Under Memorandum Circular (MC) 34, the CEMF will bankroll initiatives within the domestic agri-fishery industries affected by higher import volumes. The DA retained the P50-million grant ceiling per project for every proponent, which will be disbursed in a staggered or milestone release following a memorandum of agreement (MOA) entered into by both parties. The MOA should stipulate the terms, requiring the proponent to provide an equity contribution for the project, which could be given in the form of cash, labor, land for the project site, facilities, equipment, or a combination of these. Under MC 34, however, the value of a proponent’s contribution would depend on the size of their assets. For those whose assets do not

THIS BusinessMirror file photo shows former bodyguard turned coffee farmer Benrose Subasco tending to his coffee farm in Sitio Blakol, Barangay Masiag Bagumbayan, Sultan Kudarat. exceed P3 million, their equity contribution should be 20 percent of project cost; more than P3 million to P15 million, 40 percent; over P15 million to P100 million, 60 percent; and more than P100 million, 85 percent. The DA will complete the required amount through grants. “The proposed counterpart contribution of the proponent shall be

considered in the prioritization for the grant of the fund, taking into account the need to distribute the limited funds equitably,” the circular read. “The amount of the request per proponent shall not exceed the value of their total assets, provided that the maximum amount that may be requested remains at P50 million.” Eligible project proponents include

registered cooperatives or associations of Filipino farmers and fisherfolk accredited by the DA, as well as registered agribusiness enterprises or corporations, preferably micro, small, and medium enterprises (MSMEs) in the farm sector. The CEMF consists of 50 percent of earnings collected from fees, charges, and safeguard duties on imported goods. Currently, the DA has P1.275 billion in its coffers to implement the projects that have been given the green light for implementation—P25 million under its 2026 General Appropriations Act (GAA) plus P1.25 billion from last year’s budget, based on government reports. Industry sources noted that the fund, which they said stood at P5.16 billion as of 2024, comprises mostly of safeguard duties collected from shipments of imported coffee and poultry.

DA formulates rules for halal certification assistance

HE Department of Agriculture (DA) has issued rules to streamline financial and technical assistance for agri-fishery enterprises seeking halal certification in its bid to boost the farm sector’s competitiveness. Agriculture Secretar y Francisco Tiu Laurel Jr. signed Memorandum Circular (MC) 38, which outlined g u idel ines for t he agenc y ’s Hala l Program Management Office (HPMO) and regional field offices (R FOs) to assist w ith third-party halal certification. “(This is) to promote the competitiveness of halal-compliant agricultural products and enterprises by providing technical, logistical, and financial assistance in obtaining halal certification.” Eligible applicants for assistance include individual farms and fisherfolk; farmers’ cooperatives and associations (FCAs), indigenous peoples (IP) groups, and micro, small, and medium enterprises (MSMEs). The DA said this would help expand market access for the respective applicants’ halal products, which contribute to the development of the domestic halal industry. “The DA-HPMO shall coordinate directly with an NCMF-accredited third-party halal certification body to facilitate the evaluation and certification process.” Under MC 38, the Halal Food Indu st r y Development Prog ra m (HFIDP) would bankroll the halal certification assistance. The financial assistance covers eligible costs associated with halal certification, such as fees for application and processing; facility audit and inspection; and product sampling and laboratory analysis. Transportation and logistics expenses of auditors, when included in the approved certification package, are also covered. Surveillance, renewal, or followup audit fees, however, are subject to program priorities and availability of funds, according to the DA. In case available funding is not enough to accommodate all qualified applicants, the agency said its HPMO will prioritize applications in the following order: FCAs, IPs, individual farmers and fisherfolk, micro enterprises, small enterprises, and medium enterprises. The DA also said it could further prioritize beneficiaries based on several factors. This includes strategic commodity value chains, market readiness, export potential, geographic balance, food security considerations, and value chain development objectives, among others.

Halal ecozone L A S T Febr u a r y, t he Ph i l ip pi ne Economic Zone Authority (Peza) announced that the countr y w ill launch its first halal economic zone

to attract investment from Middle Eastern countries and Asean members. (See: https:// businessmirror.com.ph /2026/02/11/phl-toestablish-f irst-halal-economiczone/) Peza group manager Aleem Guiapal said that only products certified halal will be allowed within the ecozone,

ensuring compliance with Islamic standards. The initiative is modeled after similar zones in Penang, Malaysia, Brunei, and several locations in the United Arab Emirates, which have successfully drawn investors and promoted halal industries. He noted that Mindanao is a pri-

ority area for the ecozone, building on the region’s existing economic infrastructure under the Bangsamoro Autonomous Region. “We always tell the investors, even the manufacturing companies, that when they are located in the Philippines, there are many venues for improvement,” Guiapal said. Ada Pelonia

The World

Monday, August 24, 2026

Sara. . . Continued from A3

The Constitution provides that no person shall be convicted in an impeachment trial “without the concurrence of two-thirds of all the Members of the Senate.” The Senate Impeachment Court had previously maintained that 16 votes are required to convict Duterte. Senators who have been affected by cases include Sen. Ronald dela Rosa, Sen. Jose Pimenel Ejercito alias Jinggoy Estrada and Sen. Rodante Marcoleta. Ridon emphasized that the prosecution is not seeking a specific interpretation of the voting requirement and that the decision ultimately belongs to the senator-judges. He said the role of the prosecution is only to present its arguments and allow the impeachment court to determine the proper application of the constitutional provision. When asked about concerns that Senate Impeachment Court Presiding Officer Senator Francis Escudero would continue to uphold the 16-vote requirement, Ridon said that different positions on the issue have already been expressed. “There have already been statements from various officials. The presiding officer has his position, and the spokesperson of the court has also provided clarification,” Ridon said. However, he noted that the matter may still be subject to further discussion, saying that the question of the proper interpretation of the requirement has not yet been completely settled.

Quorum

RIDON said that the absence of some senator-judges should not affect the impeachment proceedings as long as the Senate Impeachment Court maintains a quorum. He explained that the trial can continue even if some senatorjudges are not physically present on the Senate floor, provided they remain within the Senate premises and the required number of members is present to conduct official proceedings. Ridon added that the greater concern involves senator-judges who are completely outside the Senate premises, including those who are abroad. Despite these concerns, Ridon stressed that the most important consideration is whether the Senate impeachment court has enough members present to establish a quorum. “As long as there is a quorum to proceed, that shouldn’t have any impact on the proceedings itself,” Ridon said. Ridon also clarified that the prosecution is not asking the Senate to reduce or adjust the number of votes required for conviction because determining the threshold is a matter for the senator-judges. “It is not for the prosecution or defense to determine the threshold. It is for the Senate judges to make that determination,” Ridon said. He reiterated that the Constitution does not specifically mention an absolute number of 16 votes but instead states that conviction requires the concurrence of two-thirds of all senators. “The Constitution does not state an absolute number of 16. It states two-thirds of all senators. Whatever that provision means will be decided by the Senate judges,” Ridon explained. The Senate Impeachment Court previously ruled that 16 votes are required to convict Duterte.

Charting the global economy: UK payrolls slide, inflation rises By Vince Golle

Bloomberg News

HE UK labor market continued to weaken last month and inflationary pressures mounted on higher energy costs. In the euro area, private-sector business activity expanded modestly even as a gauge of the French economy sank deeper into contraction territory. Economic growth in Japan disappointed as capital spending declined. Meanwhile, US public debt outstanding topped $40 trillion for the first time, while a lack of urgency from lawmakers to tackle a yawning fiscal deficit helps explain at least some of the recent increase in Treasury yields.

in more than four years. Still, the region’s two largest economies both fell short of estimates. While Germany stayed well above the growth threshold, France sank deeper into contraction. Sweden’s central bank held borrowing costs steady for a twelfth month and repeated it’s ready to tighten policy this year if the Iran war triggers a pickup in inflation. The Riksbank kept its key interest rate on Thursday at 1.75 percent, the lowest level in the European Union.

Europe

UK employers shed more workers in July and job vacancies hit a fresh five-year low as demand for staff remained tepid in the face of heightened uncertainty from events at home and abroad. Job vacancies dropped further to 707,000 in the May to July period, the lowest since 2021. UK inflation accelerated in July after energy bills surged, ending a short period of respite for hardpressed British households. Consumer prices rose 2.9 percent from a year earlier, up from a 15-month low of 2.6 percent in June. The jump largely reflects a 13 percent rise in the price cap that sets household energy bills. Services inflation, a gauge of domestic pressures watched by the Bank of England, cooled to 3.4 percent from 3.6 percent with airfares driving the decline. Private-sector activity in the euro area unexpectedly improved slightly in August, thanks to the strongest manufacturing growth

Cebu. . . Continued from A4

services at Cebu Provincial Hospital–Bogo City, where Baricuatro led the launch of a new mammography machine on the same day. The equipment is expected to improve the hospital’s ability to detect breast abnor-

AFP. . . Continued from A3

support the government’s long-term AFP modernization program and address growing security challenges. He cited public support for military modernization, noting that surveys showed many Filipinos favor strengthening the country’s defense capabilities to protect maritime territories. “Fresh congressional initiatives on the long-term defense buildup of our Armed Forces and Coast Guard are needed in full support of the commitment of our President and Commander-in-Chief on the long-term AFP modernization program, more so in light of increasing national security threats, including the incessant tensions in the WPS,” he said.

EO. . . Continued from A4

encouraging value-added processing, refining, and downstream manufacturing, it lays the foundation for the Philippines to capture greater value from its mineral wealth, driving new investment, generating quality jobs, and bolstering local supply chains.” The group said that economic growth must align with sound environmental stewardship and social responsibility. EO 122 rightly prioritizes the rights, welfare,

TOTAL US public debt surpassed $40 trillion for the first time, and has now surged by a third in less than five years, as US lawmakers continue to shrug off calls to contend with historically wide fiscal deficits. The news on Wednesday came hours after Treasury Secretary Scott Bessent made a fresh attempt to rein in long-term borrowing costs

from multi-year highs—a notable component of the growth in debt. The Treasury said it’s ramping up a buyback program for longer-dated securities, in an announcement that sent yields lower. New home construction in the US declined in July as single-family starts slid to the slowest pace since 2022. The slide in starts points to a housing market that has struggled to gain momentum against a backdrop of higher mortgage rates and elevated home prices.

Asia

JAPAN’S economic growth unexpectedly slowed in the three months through June, a result that may complicate the Bank of Japan’s policy communications as it weighs the timing of its next rate increase. Japan’s budget requests for next year are set to hit a record that may overstate the pace of fiscal expansion, as Prime Minister Sanae Takaichi seeks to pack more spending into the initial plan rather than leaning on supplementary budgets later in the year. China is doubling down on a targeted program that’s tapping fiscal resources to drive borrowing by businesses and consumers, with new measures set for launch in the rest of the year as economic growth veers below the government’s annual target.

www.businessmirror.com.ph

BRP Sierra Madre Continued from B8

He added that Mischief Reef stands as a permanent, concrete monument to their deceptive strategy in the WPS. “Unlike their illegal islandbuilding and militarization of low-tide elevations inside our EEZ, the presence of the BRP Sierra Madre on Ayungin Shoal is a lawful, permanent sovereign deployment on a feature over which we exercise sovereign rights and jurisdiction. This was affirmed by the 2016 Arbitral Tribunal which ruled that Ayungin Shoal is a low-tide elevation within our EEZ and that China’s claims are completely devoid of any legal basis,” Trinidad said. Likewise, he said that there is ‘no binding commitment” made to remove the BRP Sierra Madre from Ayungin Shoal. “The AFP remains firm in executing its mandate to protect Philippine national sovereignty, uphold international law, and maintain our presence on Ayungin Shoal. We will never abandon BRP Sierra Madre,” Trinidad said. The Navy deliberately grounded the World War II-era landing ship on Ayungin Shoal in 1999 to serve as a military outpost.

Marcoleta. . . Continued from B8

to teach them a painful lesson and to curb what he described as a lucrative business. On Friday, he said he plans to file a bill imposing heavier penalties and fines for subornation

MILF. . . Continued from B8

SHOPPERS in the city centre in Croydon, UK. JASON ALDEN/BLOOMBERG

malities at an early stage, including findings that may indicate cancer, tumors or cysts. The mammogram is part of a broader effort to modernize CPH-Bogo. The hospital has also received additional equipment such as anesthesia machines, a cautery machine, autoclave, C-arm, electrocardiogram machine, suction equipment, nebulizers and a laparoscopy machine.

The Capitol has further earmarked P13.4 million for repairs and improvements at the Bogo hospital, according to Catalan, who made the announcement during a free medical and dental mission. The provincial government has also added manpower at CPH-Bogo, with its medical personnel scheduled to take their oath as regular employees on August 26.

One of the proposals, House Bill 1362 or the “National Defense Drone Act,” seeks to establish the Philippine Unmanned Aerial System Program (PUASP) and the Strategic Defense Technology Transfer Program (SDTTP). It proposes an initial P10 billion allocation for acquiring drones and developing local research and manufacturing capabilities through partnerships with universities, technology companies, and startups. The program aims to use drones for surveillance, reconnaissance, border patrol, disaster response, search and rescue, and other national security operations. Meanwhile, House Bill 1363, or the “Military Air Asset Rehabilitation and Modernization Act” proposes the creation of the Military Air Asset Rehabilitation Program (MAARP). The program will assess and inspect old military aircraft to determine which can be restored and returned to service.

The bill proposes an initial P5 billion budget to support the rehabilitation of aircraft, with future funding to come through the annual national budget. “It is our hope that our Commander-inChief would also consider supporting these two pending bills on recommissioning old yet operational helicopters plus other aircraft, and acquiring, and later on building our own, drones for surveillance, reconnaissance, combat and disaster-response, among others,” Villafuerte said. Villafuerte emphasized that restoring usable aircraft is a cost-effective approach that can increase military readiness without relying solely on expensive new acquisitions. He added that improving air capabilities would help strengthen the country’s presence and preparedness amid ongoing challenges in the West Philippine Sea. Jovee Marie N. dela Cruz

and culture of host communities and Indigenous Peoples. The industry’s expansion will remain anchored in high environmental, social, and governance (ESG) standards, rigorous environmental management, and meaningful community partnership. “Furthermore, we applaud the focus on inter-agency coordination and process digitalization. Streamlining regulatory requirements eliminates unnecessary delays while preserving vital safeguards, positioning the Philippines as a globally competitive investment hub without compromising environmental or social standards,” COMP added.

EO 122 recognizes that critical minerals are essential to national industrialization, energy security, economic resilience, and the global green transition. Unlocking this potential requires active, sustained collaboration among government, industry, host communities, and broader society. “The Chamber of Mines of the Philippines stands ready to collaborate with all stakeholders to implement EO 122. Together, we can build a competitive, responsible, and sustainable critical minerals sector, one that creates lasting value, protects local ecosystems, and drives inclusive national development.”

he was returning to Cotabato City after attending a general assembly of the Bangsamoro Federalist Party (BFP) in Kabuntalan, where he took his oath as the party’s chairperson. No one was injured, although the vehicles were riddled with bullets. Th e n a t i o n a l g o ve r n m e n t, M I L F Central Committee, Moro National Liberation Front, Commission on Elections and other organizations condemned the attack. The National Police, in coordination with the Armed Forces, has launched an investigation and identified a person of interest, although authorities were still determining whether the incident was election-related as of Aug. 18. CCAA said the timing of the attack has fueled speculation that it could be connected to tensions surrounding the upcoming elections. One narrative circulating on the ground and on social media alleges that individuals aligned with the BFP may have staged the ambush, either to create grounds for postponing the election and keeping Macacua in power or to generate public sympathy. CCAA stressed that these are among several theories surrounding the incident and have not been established as facts. The incident came a day after the MILF Central Committee publicly announced its decision to indefinitely suspend Macacua as chief of staff of the Bangsamoro Islamic Armed Forces, along with nine base commanders who had pledged allegiance to the BFP. Another possibility raised by CCAA is that the attack could have been carried out by supporters of the United Bangsamoro Justice Party (UBJP) who oppose Macacua and his recent actions against the MILF Central Committee, including the removal of Mohagher Iqbal as Education minister. Macacua’s decision to take the BFP chairmanship may have further heightened tensions by reinforcing perceptions that he is challenging the MILF leadership and its authority. CCAA also noted the possibility that other political parties, gun-for-hire groups or extremist organizations could have been behind the

C h i n a h a s re p e ate d ly de m a nde d t he re mov a l of t he vessel and claimed the Philippines had made commitments to do so, an assertion Manila has consistently denied.

Another PHL, Japan deal in force

ALSO on Saturday, the Department of National Defense welcomed the entry into force of the Acquisition and Cross-Servicing Agreement (Acsa) between the Philippines and Japan. The agreement, signed in January, establishes a framework for the efficient and coordinated provisio n of supplies and services between the AFP and Japan’s Self-Defense Forces. The DND said the Acsa would strengthen bilateral activities, including joint exercises and humanitarian assistance and disaster response operations. The agreement is part of the practical implementation of the Philippines and Japan’s comprehensive strategic partnership, which seeks to deepen cooperation based on mutual trust and support for a free and open Indo-Pacific. It follows the Reciprocal Access Agreement, which sets the legal framework for joint military training, disaster response, and defense cooperation. of perjury. “Dapat talaga magkaroon ng leksyon ang mga nagsasagawa niyan kasi may batas tayong sumasaklaw diyan [pero] walang natutuluyang kasuhan [There should be a lesson for those involved in perjury. We have a law providing penalties against it but it has yet to be implemented properly],” he said. attack in an effort to generate fear and violence ahead of the election. CCAA warned that the ambush could further widen divisions within the MILF and deepen political polarization across the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). The organization said this could have significant implications for the MILF’s suppor t base and potentially threaten both the parliamentar y election and the broader political settlement. The area where the ambush occurred has also been a longstanding hotspot for political and identity-based violence, with rival clans previously contesting the mayoralty. The rhetoric from opposing camps has added to concerns about a potential escalation. During a BFP rally in Kabuntalan before the ambush, Macacua reportedly said the group was “prepared for war to ensure that the Bangsamoro is on the right path.” Meanwhile, MILF-linked politician and Member of Parliament Abdullah Macapaar, also known as Commander Bravo, warned during a UBJP assembly on Aug. 3 that they were prepared for armed confrontation if there was manipulation of the electoral process. According to CCAA, such declarations raise the risk that succeeding developments could become increasingly volatile and potentially threaten the transition away from armed struggle that the Bangsamoro political settlement was intended to achieve. CCAA warned that the political divide could reignite long-standing conflicts and trigger new cycles of violence, particularly between MILF-affiliated groups aligned with the UBJP and BFP. The organization said signs of such tensions are already evident in areas including Nabalawag in the Special Geographic Area, and warned that violence could spread to other areas with a history of clan rivalries and intra-MILF conflict, including the SPMS Box, where several MILF base commands remain active. With the parliamentary election approaching, CCAA said the coming weeks will be a critical test for the Bangsamoro peace process. It added that the first parliamentary election could either strengthen the foundations for lasting peace or, if political polarization continues to deepen, create conditions for renewed conflict.

www.businessmirror.com.ph

2nd Front Page BusinessMirror

STUDY: A.I. TALENT PUTS PHL OUTSOURCING IN TOP TIER By Bless Aubrey Ogerio

HE country’s outsourcing workforce ranks among the strongest in the world in artificial intelligence (AI) literacy, but its ability to sustain that advantage could be constrained by a weaker pipeline for developing AI talent, a new industry study showed. The Philippines ranked fifth among 25 leading outsourcing destinations in overall AI readiness, scoring 69.05 out of 100 in the 2026 Global Outsourcing AI Readiness Index by management consulting firm Ataraxis. The country ranked second, tied with Brazil, in workforce AI literacy at 76, behind only India’s 83. It was also among only three destinations in the index to score above 70 in this measure. The result puts the country ahead of Hungary, which ranked fifth overall with a score of 69.1, despite the latter’s stronger population-wide AI adoption score. The Philippines scored 69 in population AI adoption, compared with Hungary’s 86. Per Ataraxis, the Philippines’ stronger performance in workforce AI literacy and enterprise AI adoption—where it scored 71, compared with Hungary’s 67—was more directly linked to its ability to provide AI-enabled outsourcing services. “Of the five top-ranked destinations, two (Hungary and Czechia) benefit from EU-level

digital infrastructure documented in the Index methodology. The Philippines competes in the top 5 without that structural advantage,” Ataraxis said in its report. However, the country’s AI education pipeline remains a weak point. The Philippines scored 52 in the measure, ranking 15th among the 25 destinations and last among the five highest-ranked countries overall. By comparison, Malaysia and India scored 84 and 83, respectively, while Brazil and Hungary both scored 69. The gap could become more significant as outsourcing companies increasingly incorporate AI into their operations, the firm said, with the study noting that the country’s AI talent development infrastructure trails the other four top-five destinations by at least 17 points. In Southeast Asia, the Philippines ranked second behind Malaysia, whose overall AI readiness score of 75.65 was 6.6 points higher. Indonesia ranked third in the region at 61.05. The index assesses AI readiness across four areas—population AI adoption, workforce AI literacy, enterprise AI adoption and AI education pipeline— with each sub-index scored from zero to 100. The four scores are then averaged to produce each country’s overall rating. The scores are relative to the 25-country peer group rather than an absolute measure of AI readiness.

Monday, August 24, 2026

MAP: 2027 may be another wait-and-see year for biz

By Bless Aubrey Ogerio

HE Philippine business environment could remain cautious in 2027 as weak consumer spending and limited purchasing power continue to weigh on demand, according to Management Association of the Philippines (MAP) President Donald Patrick Lim. Lim said businesses are already looking beyond 2026, which he described as largely a “closed book,” but cautioned that companies may remain hesitant to expand next year unless consumer confidence improves and geopolitical risks ease. “Hopefully, next year, it’s better. Let’s plan for some growth. Otherwise, it’s hard to plan,” Lim told reporters on the sidelines of the MAP General Membership Meeting on Thursday in Makati City. He said businesses have seen only a “little blip” in revenues this year as economic activity remained sluggish, while the weaker peso has not necessarily translated into stronger domestic demand. Weak consumer sentiment remains one of the constraints,

which is reflected in the Bangko Sentral ng Pilipinas’ (BSP) Consumer Expectations Survey. It showed that the overall consumer confidence fell to -42 percent in the second quarter of 2026, the lowest level since Q4 2020. For businesses, Lim said, the uncertainty extends beyond domestic demand. The Iran-US geopolitical crisis could still affect the 2027 outlook, particularly if it keeps adding pressure to costs and disrupts trade and supply chains. A weaker peso could provide some relief to overseas Filipino workers through higher peso-denominated remittances, Lim said, but this does not automatically translate into stronger domestic consumption. Yet, the expected 2028 elections could provide another source

“Hopefully, next year, it’s better. Let’s plan for some growth. Otherwise, it’s hard to plan.”—MAP President Donald Patrick Lim

of activity, as election-related spending may begin to pick up in 2027. The MAP president, however, said the extent to which this would translate into stronger consumer spending remains uncertain. A study by the Philippine Institute for Development Studies (PIDS) found that election periods typically generate additional economic activity through government spending, campaign expenditures, temporary jobs and higher consumer activity.

Treading carefully

WITH demand still uncertain, Lim said companies need to be careful about expanding capacity ahead of actual orders. “You want to expand. But if you expand, it’s wrong. You have a warehouse, you have a setup,

and you don’t have a customer yet,” he said. He also warned against using debt-driven consumption as a way to prop up demand, citing the growing use of digital lending and buy-nowpay-later platforms alongside online shopping. The concern comes as household borrowing continues to rise. Data from the BSP showed credit card receivables reached P1.24 trillion at end-March 2026, up 28.6 percent from P964.2 billion a year earlier. “I also don’t want them to be in debt,” Lim said, although he made a distinction between ordinary spending, such as family meals and experiences, and encouraging consumers to take on excessive debt. On the policy side, MAP remains supportive of several priority measures under the Legislative-Executive Development Advisory Council (Ledac), despite changes in the government’s current legislative agenda. Lim cited the Anti-Political Dynasty Bill, the Party-List System Reform Act, the Citizen Access and Disclosure of Expenditures for National Accountability (Cadena) Act, and the Independent People’s Commission Act among the measures backed by the business group. MAP also continues to identify taxation, support for micro, small and medium enterprises and electricity costs as areas that could affect business conditions and investment decisions.

Poverty drop masks wage gap–IBON By Mary Jade Jadormio

CONCRETE GAINS, CONCRETE QUESTIONS Mid-rise condominiums rise around an alleyway in Pasay City, reflecting the country’s continuing urban expansion. Japan-based Rating and Investment Information, Inc. (R&I) affirmed the Philippines’ “A-” investment-grade credit rating and kept its stable outlook, citing improving fiscal balance and expectations of continued economic expansion supported by population growth, infrastructure investment and foreign direct investment. R&I, however, expects Philippine growth this year to fall below 2025’s 4.4 percent, partly due to slower infrastructure spending amid stricter validation and governance measures. NONIE REYES

PHLPost warns vs ‘smishing’ modus By Lorenz S. Marasigan

HE Philippine Postal Corp. (PHLPost) on Sunday warned the public against fraudulent text messages that misuse its name and identity to steal personal and sensitive financial information, a scheme known as “smishing.” The state-run postal service said scammers typically send text messages containing suspicious links, claiming that a parcel cannot be delivered due to an incomplete address or that an immediate “redelivery fee” must be settled using a credit or debit card. PHLPost stressed that these

messages do not come from the agency, noting that it does not ask for sensitive information—such as bank account details, card information, passwords, or one-time passwords (OTPs)—through text messages. Given this, the postal service advised the public to never click suspicious links, share personal or banking information, or make online payments through unverified websites. Recipients should verify the source and authenticity of any message before taking action, it added. For legitimate parcel tracking

and verification, PHLPost encouraged the public to use only its official website and authorized communica-

tion channels. Suspicious messages or activities may be reported to PHLPost Customer Service at (02) 8288-7678 or 8288-POST, or via email at phlpostcares@phlpost.gov.ph. Reports may also be sent to the PHLPost Inspectorate Department at isd@phlpost.gov.ph. The agency urged everyone to remain alert and vigilant when receiving text messages, social media posts, emails, and other online communications, as fraudsters continue to exploit the names of legitimate institutions to victimize unsuspecting consumers.

HE sharp drop in the country’s official poverty rate masks a deeper income problem, with millions of Filipino workers still earning far below what their families need for a decent standard of living, research group IBON Foundation said. This, after the Philippine Statistics Authority (PSA) reported that poverty incidence among Filipinos fell to 9.7 percent in 2025 from 15.5 percent in 2023, translating to about 11.08 million poor Filipinos from 17.5 million two years earlier. IBON said the improvement does not necessarily mean that most Filipinos have achieved economic security, arguing that the government’s poverty threshold remains too low to capture the actual cost of living. For 2025, the annual percapita poverty threshold stood at P35,121, or about P96.22 per person per day. For a family of five, this is equivalent to only about P14,634 in monthly income. “This means a family earning even slightly more than this is officially considered non-poor, without considering the high costs of food, housing, electricity, transportation, education, healthcare and other basic expenses,” IBON said. This stands in sharp contrast to the group’s family living wage estimate of P1,277 per day for a family of five as of July 2026, or more than twice the P512 average minimum wage nationwide. At P512, the average minimum wage covers only around 40 percent of IBON’s estimated living wage for a family of five, leaving a substantial gap between what workers legally earn and what families need for a decent life. Meanwhile, PSA said the de-

cline in poverty was driven by faster growth in family incomes relative to the poverty threshold. Mean annual per-capita income grew 22 percent between 2023 and 2025, compared with a 5.5-percent increase in the annual per-capita poverty threshold. Income among families near the poverty threshold also increased faster than the threshold, with mean annual per-capita income in the first and second deciles rising by 23.8 percent and 22.7 percent, respectively, PSA said. IBON argued, however, that measuring progress by the number of Filipinos who cross the official poverty line risks understating the scale of economic hardship, particularly among workers whose incomes remain insufficient for basic needs. The group also questioned the poverty methodology, saying the food threshold is based on a bareminimum, least-cost basket while non-food requirements are not directly and adequately cost. IBON said government programs such as the Pantawid Pamilyang Pilipino Program, Social Pension, KADIWA, Walang Gutom, TUPAD and the DOLE Integrated Livelihood and Emergency Employment Program remain important safety nets but cannot substitute for higher and more stable incomes. It called for stronger domestic industries and agriculture, higher wages and better public services to generate stable livelihoods instead of relying primarily on temporary assistance to push households above a statistical poverty line. The group said genuine poverty reduction should ultimately be measured not only by how many Filipinos move above the official threshold, but by how many can afford secure lives through decent work and adequate incomes.

Monday, August 24, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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DILG’s anti-red tape drive: Real progress or empty symbols?

HE Department of the Interior and Local Government’s recent directive to plaster “Bawal ang Red Tape” posters across its offices nationwide reads like a familiar scene in Philippine governance: bold declarations against bureaucratic inefficiency accompanied by the ceremonial unfurling of banners, streamers, and government-mandated signage. While the DILG’s alignment with the Anti-Red Tape Authority’s (ARTA) campaign against fixers is commendable in intent, we have seen enough well-intentioned memorandums dissolve into performative compliance to warrant healthy skepticism about whether this latest push represents genuine institutional reform or merely another layer of administrative theater. (Read the BusinessMirror story: “DILG backs Arta’s anti-fixer drive,” August 17, 2026).

There is, of course, nothing inherently wrong with visibility campaigns. The directive to display anti-fixing materials in “strategic and conspicuous areas,” alongside the harmonized Client Satisfaction Measurement (CSM) survey, theoretically creates an environment of accountability where citizens are reminded of their rights and encouraged to report irregularities. The DILG’s reported 99.50-percent client satisfaction score in its 2025 CSM Report suggests, at least on paper, that streamlining efforts are resonating with the public. Yet such astronomical satisfaction ratings should raise eyebrows rather than expectations—perfection in government service delivery remains an aspirational fiction, and numbers that approach it often signal measurement instruments calibrated more for public relations than for genuine feedback. The core issue with anti-red tape campaigns in the country has never been a shortage of signage. Republic Act No. 11032, the Ease of Doing Business Law, has been in force since 2018, yet fixers continue to operate with impunity in government offices, not because citizens are unaware that fixing is illegal, but because the underlying conditions that create demand for fixers—convoluted procedures, unclear requirements, arbitrary processing delays, and the informal “tax” of bureaucratic inconvenience—remain stubbornly entrenched. People do not patronize fixers because they missed the memo that red tape is prohibited; they patronize fixers because the legitimate pathway is deliberately engineered to be slower, more expensive, and less certain than the illicit shortcut. The DILG’s emphasis on “surprise inspections and spot monitoring” by its Compliance Monitoring and Evaluation Office (CMEO) suggests recognition that signage alone cannot transform behavior. However, government self-regulation often fails because internal watchdogs are compromised by the same systemic issues as the programs they oversee. Real accountability requires external pressure—civil society watchdogs, media scrutiny, and most importantly, citizens who feel empowered to complain without fear of retaliation or further bureaucratic retribution. What would signal genuine commitment beyond the current campaign? First, the publication of binding processing timelines with automatic approval provisions when deadlines are missed—the “silent” provision of the Ease of Doing Business Law that agencies have been slow to implement. Second, the digitization of end-to-end processes that eliminate face-to-face interactions where fixers traditionally operate. Third, the prosecution not merely of fixers but of the government employees who enable them, including those in supervisory positions who create the bottlenecks that make fixing profitable. The DILG’s declaration that “red tape has no place” in the department is welcome rhetoric, but rhetoric is where reform often begins and ends. Our people do not need more reminders that red tape is forbidden; they need government transactions that are actually swift, hassle-free, and customer-friendly—not just in the pages of compliance reports, but in the lived experience of securing permits, clearances, and certifications. Until then, the “Bawal ang Red Tape” signs will serve less as warnings to erring bureaucrats and more as ironic decorations in offices where the unwritten rules of palakasan, padrino, and lagay continue to dictate who gets served and who gets stalled. The campaign is a start. But in the fight against bureaucratic corruption, starts are cheap. It is the finish that matters—and on that front, the verdict remains very much out.

Why a book fair is an economic event Atty. Jose Ferdinand M. Rojas II

RISING SUN

OME September 9, the Manila International Book Fair returns to SMX Convention Center in Pasay for its 47th edition. And if past years are any guide, expect long lines and big crowds, especially on weekends, as tens of thousands of readers, students, and workers travel in from Metro Manila and beyond. By the time the fair closes on September 13, more than 120,000 people will likely have passed through. This is a crowd larger than many provincial towns, drawn not by a K-pop concert or a holiday sale, but by books. It is easy to dismiss a book fair as a shopping event. Based on the proliferation and success of book fairs all over the nation these past years, we know that it’s quietly becoming an economic and institutional event. MIBF is happening on September

9 to 13 this year under the theme “GET LIT: Reading in a New Light.” More than 165 exhibitors (from big book shops like Fully Booked and National Bookstore to university presses and Filipiniana specialists) will occupy two floors, alongside School

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knowledge economy. And this is precisely why fairs like MIBF matter. They compress, in five days, everything that our current library network cannot provide: discounted access to hundreds of thousands of titles and public programming that a bookstore aisle never offers. Plus, there are learning events, book launches, meet-andgreet events, and more. A standout this year is “Better Life Through Copyright: Writers and Visual Artists Edition,” a full-day event on September 9 at Meeting Room 9, organized by the Filipinas Copyright Licensing Society (FILCOLS) with MIBF and School World. Its agenda is refreshingly concrete: a distribution of remuneration to rights holders, followed by sessions on actual earning opportunities for photographers and visual artists, a talk from the Artist Welfare Project on creator welfare, and a discussion on community-building for women See “Rojas,” A9

When officers resign, the institution must explain: Why this Knights of Rizal controversy needs inquiry

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World 2026, a parallel showcase of digital learning tools for schools. Entrance is a modest P50 (P35 for students, seniors, and PWDs), a price point deliberately kept low, because the fair’s real purpose is not retail, but to repair a reading culture that official data say is problematic. The National Book Development Board’s 2023 National Readership Survey found that only 42 percent of Filipino adults had read a nonschool book in the past year, down sharply from 54 percent in 2012. Among children, readership stood at 47 percent. The culprit was not disinterest but access: many respondents did not know if a public library existed near them, and most who did know never visited one. And when Filipinos do read outside school, it is largely religious texts and romance novels; only about one in 10 reaches for books on business, economics, or the social sciences. This is a gap with real implications for a workforce competing in a

LITO GAGNI

RESIGNATION ordinarily ends a tenure. Three resignations may begin a reckoning. The leadership dispute within the Knights of Rizal’s Eastern USA Region has widened following the resignation of Regional Commander Dr. Emmanuel Malasig, KGOR, LM, amid allegations involving the unauthorized use of his digital signature in connection with a promotion recommendation.

Information subsequently provided to this writer indicates that Vicente Gesmundo, KCR, the Eastern Regional Deputy Pursuivant and younger brother of Chief Justice Alexander G. Gesmundo, and Mariano F. Aquino Jr., KGOR, LM, have likewise resigned from their regional posts. If so, the issue can no longer comfortably be regarded as an isolated disagreement among members abroad. The resignations raise a more fundamental question: What has happened inside an organization devoted to the ideals of Jose Rizal when some of its own officers conclude that resignation is preferable to remaining in positions of leadership? Malasig’s case is particularly disturbing because his allegations concern something more basic than rank or protocol. He alleges that his digital signature was placed on a recommendation for promotion without his authorization and that

the recommendation proceeded without his endorsement as Regional Commander. He further alleges that, after questioning what happened, he came under pressure to allow the matter to pass. Questions have previously been raised by members over the Order’s finances, trust funds, real-property tax obligations, accounting practices and contributions originating from overseas members. Complaints have likewise been made regarding the creation and admission of numerous chapters and their effect on elections within the organization. Those allegations should be independently examined. The Knights of Rizal arose from an act of Congress, which gave the organization a legislative charter through Republic Act No. 646. The law converted the Order into a body corporate and politic and stated its purposes with unusual moral clarity: to study and propagate the teachings of Rizal, encourage Fili-

pinos by words and deeds to emulate his example, promote patriotism and Rizalian chivalry, and develop unity among Filipinos in revering his memory. That creates an extraordinary standard against which the Order must measure itself. An organization carrying Rizal’s name cannot credibly teach integrity outside its walls while leaving serious questions about integrity unanswered within them. It cannot preach courage while treating uncomfortable questions as disloyalty. When one officer resigns, there may be a personal disagreement. When several responsible officers leave positions surrounding the same institutional controversy, the organization owes its membership an explanation of what produced the rupture. That does not establish guilt. It establishes the need for inquiry. And perhaps this is where the controversy ceases to belong solely inside the Knights of Rizal. For the Order did not acquire its public character merely from tradition. Congress gave it one through Republic Act No. 646. That fact creates a legitimate legislative question without requiring senators to decide who should govern the organization or which faction is right. Congress can ask whether the charter it enacted 75 years ago still contains sufficient safeguards for the institution it created. Does Republic Act No. 646 provide adequate mechanisms for transparency, financial accountability, democratic governance, protection of members’

rights and responsible stewardship of an organization carrying the name of Jose Rizal? That is where a Senate inquiry in aid of legislation acquires both purpose and restraint. It would not begin by asking, “Who is guilty?” It would begin with a more statesmanlike question: “What, if anything, in the law allowed these controversies to reach this point—and what must Congress change so they do not recur?” That distinction could determine whether a Senate proceeding becomes political theater or institutional repair. The inquiry should therefore begin with documents rather than accusations. Bring the audited financial statements, the trust-fund records, contributions and disbursements, chapter applications and approvals. Invite the present leadership. Invite the complaining members. Invite the resigned officers. And invite independent auditors, governance specialists and legal experts who have no stake in which group prevails. Our national hero Jose Rizal spent much of his life exposing institutions that demanded reverence while resisting accountability. There would therefore be a terrible irony if an organization established to perpetuate his teachings were to respond to questions about itself by demanding silence instead of examination. The resignations from America should consequently be read not merely as departures. They should be treated as an alarm. And the proper response to an alarm is not to punish the person ringing the bell. It is to find out why the bell had to be rung.

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A True Gold Cross Siegfred Bueno Mison, Esq.

THE PATRIOT

Y late father, Salvador, would probably be rolling in his grave if the Gold Cross Medal was, in fact, awarded to Brig. General Mikee Romero. After all, it took my father and the men of the 14th “Avenger” Infantry Battalion days of hard combat to fight their way into Jolo in 1974, after the capital town had been taken over by Muslim insurgents. The event required an early graduation of PMA cadets in 1974 for them to see combat action in Mindanao. Hundreds died; thousands lost their homes; more than half of the town was burnt to the ground. In the siege of Marawi City in 2017, only four policemen and 23 soldiers were selectively awarded the Gold Cross medals for gallantry in fighting Maute and Abu Sayyaf gunmen. About 1,200 died; 300,000 people were displaced; the city was left in ruins after five months of intense combat. While much of the media remains fixated on whether Romero was actually awarded the Gold Cross, those of us who have served in the military are aghast at something bigger: the sheer number of medals and awards displayed by a reservist who has served for less than 10 years. A social media post said that Michael Odylon “Mikee” Romero reportedly claimed that his military service included more than “60 voluntary engagements involving Civil-Military Operations and Humanitarian Assistance and Disaster Relief.” Keen observers ought to notice the sheer number of Anahaw leaves attached to some of those medals. Each subsequent award of a particular decoration is accompanied by an Anahaw Leaf - bronze, silver, or gold, depending on the number of times it was awarded. Frankly, I find it difficult to comprehend how anyone, military or otherwise, could accumulate so much recognition in such a relatively short period of service. I suppose

those “60 voluntary engagements” corresponded to every medal. But beyond the colorful ribbons and shiny medals is a more serious institutional question. The Philippine Air Force has yet to complete its investigation into Romero’s Gold Cross medal. This should not be particularly difficult. Of all organizations, the military is expected to be among the most disciplined and orderly when it comes to records and paperwork. One phone call to the proper custodian of records should establish whether the awards and badges displayed by Romero were supported by the appropriate General Orders stating the nature and basis of his contribution or service. If there is no General Order, then the “stolen valor” allegation raised by many of my contemporaries in the Army would have considerably more substance. But if there is a valid General Order, then Romero has every right to wear the medal at the center of the controversy.

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For now, the issue revolves around Western Command General Orders No. 307 dated November 5, 2020, which reportedly awarded the Gold Cross Medal to Airman 2nd Class Michael Odylon L. Romero, Philippine Air Force, together with eight members of the Philippine Marine Corps, for gallantry in action. Yet another General Order bearing the same number reportedly does not include Romero’s name. Lawyers would immediately point out that the existence of two General Orders bearing the same number does not, by itself, prove that Romero’s award was improperly granted or that either document was falsified. I know this because I used to be a Command Adjutant. Among my responsibilities were the preparation, issuance, and signing of General Orders, including those involving military awards. Administrative errors happen. When they do, an amendment or correction can be issued. It is not an insurmountable problem. So let the military records speak. But let them speak fast and responsively. Romero has denied the accusations of “stolen valor” and has said that the award at the center of the controversy is a Gawad ng Kapayapaan Award (GKA), and not a Gold Cross Medal (GCM). Unfortunately, that explanation appears to have created another problem. The Gold Cross Medal ribbon is cornflower in color with three small white lines at the center. The Gawad ng Kapayapaan ribbon, on the other hand, is light blue with a thick white line in the middle. When photographs of Romero with AFP Chief of Staff General Nafarrete circulated on social media, the “fruit salad” of ribbons on Romero’s left chest appeared to show both the GKA and the GCM. The controversy cannot simply be dismissed as a misunderstanding about the name and colors of one award.

Switzerland’s big food question keeps voters busy at ballot box By Fabrice Obrist

WITZERLAND will soon go to the polls on the issue of food, in yet another test of voters’ appetites to answer big questions at the ballot box. The popular initiative up for consideration on September 27, alongside another one on neutrality, will be the 28th of its kind since 2020. It will ask citizens if more of their food supply should be domestically produced. That question posed under the unique system of Swiss direct democracy, where individuals can gather enough signatures to trigger a vote, adds to a list of topics put to the national electorate in 2026 on matters ranging from immigration to cash, to restrictions on fireworks. The number of plebiscites has increased markedly over the years, with yet more taking place in Switzerland’s regions and towns. While backers of the status quo say it shows a vibrant democracy, others ask if it isn’t time for change in a country where often more than half of voters don’t bother casting ballots. “That the number of initiatives is growing is, in principle, a good thing— the Swiss public is well informed and has a high level of trust in politics,” said Patricia Schafer, a senior fellow at Zurichbased think tank Avenir Suisse. “But the public’s attention span is limited.” The “Initiative for Food Safety” presented to citizens next month seeks to raise the proportion of groceries consumed in Switzerland that get produced

Rojas. . .

Continued from A8

artists. Under the banner “Create. Protect. Inspire.,” the event makes a point too often missed in culturesector conversations: that copyright is not red tape but income, and that a fair’s job is not only to sell books but to show creators they can be paid for making them. There are numbers to support this. The Philippine Statistics Authority values the country’s creative economy at P1.72 trillion, 7.1

there to 70 percent within a decade, up from less than 50 percent now. Implicitly, that would mean eating less meat. “We would produce more plant-based foods and fewer animal-based foods so that we would have more calories available here and could better provide for ourselves in the event of a crisis,” said Franziska Herren, a 59-year-old entrepreneur who is leading the campaign. Opponents argue that the Swiss would need to go vegan or radically change their consumption behavior in order to reach the goals. “Instead of bratwurst, we’d have to eat mostly carrots, or follow a plantbased diet,” said Martin Ritter, head of the Swiss Farmers’ Union. The initiative stands out in making it to the ballot box despite opposition from across the political spectrum. Switzerland’s government, every member of parliament and all major parties are against it. As with all initiatives, Herren had to collect 100,000 signatures from eligible voters within 18 months, a number that has stayed the same since 1977. The electorate has since increased by half to 5.7 million, making it easier in relative terms to cross the hurdle. Fabio Regazzi, a politician from the Center party, said the result is a risk of fatigue at the ballot box. He would favor a higher bar for signatures. “We hold votes on initiatives that have virtually no chance of passing, but we have to vote on them because the required number of signatures has been

reached,” he said. There’s not much chance of change for now, with both of Switzerland’s biggest parties, the right-wing SVP and left-wing SP, opposing the idea. Each tends to use such initiatives to pursue their own policy goals. But the parties also argue that initiatives are a sign of a lively democracy, and that the 100,000 bar is still hard to reach within 18 months. Marc Buehlmann, a political scientist at the University of Bern, agrees on that point. He said that physically collecting signatures has become harder, and highlights the situation at one popular spot, the Bundesplatz in front of Parliament in Bern. “If you go there today, everyone walks past you with headphones on,” he said. “Very few stop to listen to your cause.” The landscape could soon change after an initiative passed last September that will give people a digital version of their identity card for use on the internet. The government plans for the so called e-ID to eventually be used to sign initiatives online. “By then at the latest, an increase of the amount of signatures needed would be appropriate,” said Schafer. “It would make more sense if the threshold were not an absolute number but a percentage of the voting population.” That would of course make it harder for activists such as Herren. Her success so far is notable for defying political gravity, showcasing a system where grassroots campaigns can influence the national agenda. Bloomberg

percent of GDP in 2023, with media publishing and printing activities alone contributing P148.4 billion. Every book sold, every license honored, every royalty distributed at events like FILCOLS’ feeds that number. But the more durable return sits with the individual: a reading habit strengthens critical thinking and workplace literacy, while a functioning copyright system tells a Filipino photographer, writer, or illustrator that their work has market value and that they should be paid their due. Nations do not industrialize on infrastructure alone; they

industrialize on the competence of people who can read a contract, and on creators who are confident enough to keep making the content that competence runs on and that the market will appreciate and support. So the fair is worth attending not simply for the discounts and networking opportunities. It is worth attending because a country that reads less and protects its creators poorly also risks growing less. A book bought and a right respected are both small, compounding investments in our country’s future.

And then came another publicrelations problem. Romero was reportedly relieved from his command of a PAF reserve unit. Around the same time, he announced that he had “retired” from the AFP reserve force and formally relinquished his duties as a PAF officer. Again, terminology matters. Relief from command is not retirement. Retirement is not resignation. A military officer may be relieved from command by a superior authority. An officer may also resign or relinquish a commission, as I did in 1999, for personal reasons. Retirement, however, ordinarily requires compliance with prescribed service requirements. Unless there are new rules in the AFP that allow particular accomplishments to be treated as equivalent to years of service, I would be surprised if Romero had already accumulated the required period for regular military retirement. I have nothing against reservists. In fact, I am married to one. My wife Pia earned her rank and whatever awards officially bestowed upon her after five years in the Army Reserve. She was mindful enough of her reservist role in several task forces that she had the opportunity to serve, particularly the NTF-ELCAC. I have great respect for those who volunteer to serve in the reserve force, especially women, like my wife Pia Morato and good friend Angel Bernardo, who take their military obligations seriously. Against the backdrop of fewer college students choosing to undergo military training while more prefer the civic welfare and literacy training, under the National Service Training Program (NSTP), the Philippines needs more volunteers, not fewer. But the country needs more volunteers in the reserve force who understand that wearing a uniform is a privilege while medals on the chest mean more than a display. What gets my goat, there-

Monday, August 24, 2026

fore are reservists who boast about their uniforms, medals, and military status as though their service were somehow greater than that of men and women who have spent years in the regular armed forces. The very word “reserve” tells us something. A reserve is a force held back or maintained for later use. That does not make reservists less important. But it does make me question the casual display of decorations traditionally associated with combat, gallantry, and sacrifice when the circumstances surrounding their conferment are unclear, if not suspicious as in the case of Romero. I do not believe Romero necessarily intended to usurp the recognition due to combat veterans or to “steal the valor” of those who fought and sacrificed in battle. My theory is much less sinister: he may simply not have understood what each of those colorful ribbons represented. They look impressive and certainly make a striking “fruit salad.” But military decorations are not fashion accessories. They are symbols of sacrifice, courage, service, and, in some cases, blood shed for the flag and country. They are not worn to glorify the person wearing them. They are worn to remember the service that earned them. That distinction is important and serves as an opportunity to remind everyone in uniform, regulars and reservists alike, of a lesson far more valuable than any medal. Our Lord Jesus Christ said: “For those who exalt themselves will be humbled, and those who humble themselves will be exalted.” (Matthew 23:12) In biblical history, the Pharisees were known for their knowledge of the law, but they were also criticized for their pride. They knew the rules, displayed their righteousness, and believed themselves superior to others. Humility was not exactly their strongest virtue.

Jesus demonstrated something entirely different. Though He was the Son of God, He did not cling to privilege. He humbled Himself through obedience, becoming human and accepting even death on a cross. And because of that humility, Scripture tells us that God exalted Him: “Therefore God exalted him to the highest place and gave him the name that is above every name, that at the name of Jesus every knee should bow.” (Philippians 2:9–10) That is the paradox of true greatness. We do not become great by displaying how important we are. We become great by serving others. Military decorations are not ornaments of status. The Romero controversy will ultimately be settled by the records, hopefully faster. If the Gold Cross was properly awarded, let the General Order establish it. If there was an administrative error, correct it. If there was no authority for the award, say so. Genuine honor is settled in the character of the person who serves. Acts of courage and bravery are awarded with medals which may be pinned to the chest. But, glory and honor must be carried in the heart. Service to country is very commendable. But, service to God, with Christlike humility and leadership, is the True Gold Cross. Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. His corporate experiences include stints as general counsel for the country’s flag carrier, a food exporter with manufacturing plants in Davao and in Laguna, and a sports distributor company. Siegfred is a former soldier and a lawyer by profession, a teacher and inspirational speaker by passion, and a book author and a writer with a mission.

eFPS at 25: From electronic filing to the BIR’s digital future Joel L. Tan-Torres

DEBIT CREDIT

N June 11, 2001, the Bureau of Internal Revenue (BIR) launched one of the most important milestones in Philippine tax administration: the Electronic Filing and Payment System, more popularly known as eFPS. At that time, the BIR, like much of government, was still heavily dependent on paper returns, manual processing, long queues, personal follow-ups, and physical payments through authorized agent banks. The internet was still a new platform for many taxpayers. Online banking had not yet become the norm. Digital government was more aspiration than reality. It has been 25 years since the BIR introduced the EFPS. Looking back after more than 25 years, I see the launch of eFPS not merely as a technology project, but as a defining step in the long journey of BIR computerization and digital transformation. It was one of the early building blocks of a tax administration that would eventually move from manual files to electronic filing, from counter payments to digital payment channels, from paper-based compliance to datadriven enforcement, and from fragmented taxpayer records to the promise of integrated tax administration. My own professional journey has been closely intertwined with this continuing transformation. Even before my later service as Senior Deputy Commissioner and Commissioner of Internal Revenue in 2009–2010, I had followed and participated in the broader movement to modernize the BIR. The earlier tax computerization efforts of the 1990s paved the way for the Bureau’s later digital programs. The eFPS launch in 2001 was one of the most visible outcomes of that reform direction. It showed that the BIR could use technology not only to collect taxes, but also to reshape the relationship between the tax authority and the taxpayer. The early eFPS platform was initially associated with large taxpayers and other mandated users. This was a sensible starting point. Large taxpayers had the

transaction volume, accounting systems, banking relationships, and institutional capability to migrate earlier to electronic filing and payment. Later, the system was expanded to top taxpayers, corporations meeting prescribed capital thresholds, Philippine Economic Zone Authority and special economic zone entities, government contractors, and certain government offices required to remit taxes electronically. What began as a platform for a defined group of taxpayers eventually became part of the broader architecture of Philippine tax compliance. The results over time have been significant. In 2001, the BIR collected about P388.6 billion. By 2024, BIR collections had reached about P2.85 trillion. This increase of more than seven times over the period cannot be credited to eFPS alone, because economic growth, inflation, tax policy changes, withholding systems, enforcement programs, and the performance of large taxpayers also drive tax collections. But eFPS was a critical digital foundation. It helped create the habits, infrastructure, and taxpayer expectations that made electronic compliance increasingly normal. The more telling indicator is the share of collections now passing through electronic channels. In 2020, the BIR reported that P1.66 trillion, or about 85 percent of its total collections, was coursed through electronic payment channels. In January to October 2024,

e-payment collections reached P2.06 trillion, again representing about 85 percent of collections for that period. This means that electronic channels are no longer a marginal convenience. They have become a main artery of national revenue collection. The filing side also shows the depth of the change. In 2015, only about 10 percent of annual income tax returns were filed online. By the 2020 filing season, almost all annual income tax returns were filed electronically through eFPS and eBIRForms. The pandemic accelerated this shift, but the foundation had been laid over many years. This is an important lesson in government reform: a resilient digital system cannot be improvised during a crisis. It must be built, tested, repaired, expanded, and institutionalized long before the need becomes urgent. As the BIR moves beyond eFPS, eBIRForms, electronic payment channels, and the emerging tools of digital registration, e-invoicing, analytics, and artificial intelligence, the challenge is no longer simply to computerize existing procedures. The greater challenge is to build a fully integrated, taxpayer-centered, data-driven, and integrity-based tax administration. The eFPS launch on June 11, 2001 should therefore be remembered not only as a technological milestone, but as the beginning of a continuing reform journey. From paper returns to electronic filing, from manual payments to digital channels, and from fragmented records to integrated tax intelligence, the BIR’s digital transformation can become one of the strongest foundations for the Philippines’ ascent to global tax leadership.

To be continued Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the Chairman of the Professional Regulatory Board of Accountancy, and a partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax practice with his firm, JL2T Consulting. He can be contacted at joeltantorress@yahoo.com.

Sports BusinessMirror

A10 Monday, August 24, 2026

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

BOTS BEAT BOLT’S MARK B hundreds of humanoid robots marched in formation onto the field in a massive display of synchronized coordination. At a 100-meter sprint, a humanoid robot achieved a result of 9.39 seconds, beating the human record of 9.58 seconds set by Jamaican athlete Bolt in 2009. In a standing high jump, a humanoid robot was able to reach 2.88 meters, well above the 0.95 meters best result by a humanoid in last year’s first edition of the games. It surpassed the human high jump record of 2.45 meters set by Cuba’s Javier Sotomayor in 1993. Both robots were from Beijingbased X-Humanoid. Before the opening, a humanoid robot from Chinese smartphone company Honor completed a 100-meter sprint in a record of 9.32 seconds during a trial of the games, the company said, at a peak speed of 14.5 meters per second. Still, experts say humanoid robots are still mostly used for demonstrations, performances and research—at least for now—and it will still take time to achieve mass real-world deployment.

EIJING—Chinese humanoid robots broke records set by humans, including beating Usain Bolt’s 100-meter sprint world record, on the opening day of the Olympics-like World Humanoid Robot Games in Beijing on Saturday. More than 2,000 humanoid robots were participating in the event, the organizer said. The five-day games, now in its second year, are a spectacle demonstrating China’s rapid progress in advanced robotics as the technology race with the US heats up, with 51 events and more than 1,000 competitions taking place including running, table tennis and soccer. The games, which are taking place in the National Speed Skating Oval built for the 2022 Winter Olympics, opened the same week as Beijing held the 2026 World Robot Conference, where companies showcased around 3,000 products, including humanoid robots. China makes the majority of the world’s humanoid robots. The US has stepped up scrutiny of robots from the country. Last month, the US Federal Communications Commission announced a ban on imports of new foreign-made humanoid robots. The FCC cited national security reasons in a move that targeted China. The Pentagon recently also added Unitree, one of China’s leading humanoid robot makers, to its list of companies that it deemed have ties with the Chinese military. Beijing has hit back at the accusations. At Saturday’s opening of the robot games, the organizer and robot makers said that Chinese humanoid robots defeated human world records, as

Maurice, Okeowo banner rejigged Junior Altas squad for NCAA 102

HUMANOIDS compete against each other and organizers compare the results with human records. AP

Philippine Taekwondo Association marks 50 years

FROM the pool lanes, La Salle’s Jie Angela Mikaela Talosig celebrates a podium breakthrough in open waters. PAI PHOTO

Talosig bags bronze in SEA swim meet

IE ANGELA MIKAELA TALOSIG bagged bronze at the close of the 4th Southeast Asia Open Water Championships presented by the Philippine Sports Commission off the Boracay Newcoast. Talosig, a member of the La Salle swimming team, finished the race for women 20-year-old and above in one hour, 18 minutes and 57 seconds. Indonesia’s Nadya Saraswati won the event in 1:07.23, while Thailand’s Musikul Hirunhas claimed the silver medal in 1:09.15. Julia Jewels Pobleto also bagged a bronze medal, clocking 50:40 behind Thais Kanchana Konsub (47:16) and Aliyah Sawangmun (49.48) in the girls 12-13-year-old 3K race. Alfonso Joaquin de Mesa placed fourth in the boys 14-15-year-old class in 1:04.57. Vietnam’s Vin Thai Bao Nguyen won the race in 57.44, followed by Thailand’s Sakdichot Talawong in 59.42 and Kantapong Polyiem in 1:02.55 in the competition organized by the Philippine Aquatics Inc and sanctioned by Southeast Asian Federation.

Some spectators at the robot games said they were excited about the humanoid robots’ quickly improving abilities. Humanoid robots are “evolving rapidly,” said Li Yanfeng, an education worker and a Beijing resident. “At first, I wasn’t very accepting of artificial intelligence. I was even a bit resistant to it, because of the possibility that it might replace or displace humans,” she said. “But now that I see this development is unstoppable, I decided to come and take a look.” “These sports are perfectly normal for humans, but now robots can do them. I find it amazing,” said Yang Shangzheng, another spectator. Liu Tao, who was watching the games with his son, said that he was hoping to see “the best robots China currently has to offer.” This year’s robot games—which the organizer said has 16 countries participating, among them Germany, Japan and the US—also include other events such as weightlifting and tug of war. AP

HE Philippine Taekwondo Association (PTA) marked its 50th anniversary Saturday with a gala dinner at Okada Manila, with the government pledging continued support for the sport and its athletes. Philippine Sports Commission chairman Patrick Gregorio delivered a message from President Ferdinand Marcos Jr., hailing the PTA’s five decades of development as a “significant milestone” and crediting the organization with expanding the sport across the country. The PTA now has more than a million practitioners nationwide and conducts various competitions each year, alongside grassroots programs and athlete development initiatives. “It is a time to look back with gratitude at what has been accomplished, and to look ahead with renewed determination to what more can still be achieved,” Marcos said in the statement delivered by Gregorio. “Since its founding in 1976, the PTA has remained steadfast in its

NIVERSITY of Perpetual Help will count on 6-foot-5 Filipino-British Max Maurice and UK-based 6-foot-3 wingman Daniel Okeowo as it eyes a strong run in the National Collegiate Athletic Association (NCAA) juniors basketball tournament later this year. The tournament opens on September 13 at the SM Mall of Asia Arena. Coach Joph Cleopas, who led the team to the championship in Season 100, is hoping for a stronger finish this time after the Altas exited at the quarterfinal stage, at the hands of eventual champions Letran Squires, last year. Joining the 16-year-old Maurice and Okeowo, 17, is former Batang Gilas player Sizco Roquid, 18,

SECRETARY of National Defense Gibo Teodoro, PSC chairman Patrick Gregorio, Philippine Olympic Committee President Bambol Tolentino and PTA President Raffy Alunan receive the honorary 5th Dan during the during the Kukkiwon Honorary Conferment Ceremony held as part of the PTA anniversary celebration. PSC PHOTO mission of developing taekwondo in the Philippines. More than a sport, taekwondo has become a means of cultivating discipline, pursuing excellence and building character among generations of Filipinos.” The government and PTA are working on a new National Taekwondo Center at the Rizal Memorial Sports

Big boost Sachi Minowa, also known as Jaja Santiago, scores six in Craemline’s 25-21, 25-16, 25-21 victory over Galeries Tower in the PVL On Tour on Saturday in Victorias City. PVL PHOTO

Complex in Manila. The facility, which will replace the old PSC Bowling Center, is expected to be completed by December or early next year. The center will accommodate up to 100 athletes and include training and competition areas and spectator stands, allowing the Philippines to host international taekwondo events.

Celebrating 20 Years with BusinessMirror AS a high school student in the early 1980s, I would go to the Ateneo High School library and pull out the latest issue of Sports Illustrated that I read from cover to cover. I loved reading as a kid because not only did it enrich my vocabulary, but it also took me to places I have never been to. It also whetted my imagination. Introduced me to athletes from all over the world. And to writers who subconsciously influenced me to write—Frank Deford, Gary Smith, Rick Telander, William Nack, Jack McCallum, Leigh Montville, and Rick Reilly. Then I got into local sports pages of the newspaper as well as the magazines. I loved going to the wet market with my mom on Saturdays because I got to buy the magazines of the day—Sports Flash, Atlas Sports Weekly, and later, Champ. I would cut out the newspaper columns of Rech Trinidad, Al Mendoza, Quinito Henson, Tessa Jazmines, Ronnie Nathanielsz, Henry Liao, and others. Then in 1988, I got to write for my aunt’s newspaper—News Today with Gus Villanueva as my sports editor. I covered the old Philippine Amateur Basketball League and the Philippine Basketball Association. Then I began contributing to the Lifestyle and Entertainment section of the Philippine Daily Inquirer where I wrote about music, comic book artists, food, foreign ambassadors, and even ghost wrote some consumer tips. The latter two, I did while I was still in college. You can say that even before finishing school, I got to work and get paid for it.

6-foot-2, from Biñan. Other new additions are Keith Sabuco, 18, a 6-foot-4 player from Eastern Samar; Brian Orca Jr. 17, from Olongapo, from Olongapo City; Kevin Castro, 16, from Binmaley, Pangasinan; and Adrian Faustino, 16, from Austria. The new players are filling up the posts vacated by Jim Corpuz, Kurt Velasquez and Renzo Zanoria—who are now in the seniors’ team pool—as well as Hanz Llupar, Lance Nitura, Pertjude Binagatan and Cristito Ferrer, all of whom have completed the high school program. The eight holdovers are Louie Rosales, Kurt Patalinghug, Ezekiel Zamoras, Lord Dulanas, Arkin Cristobal, Sam Villaruel, John Restificar Francis Rosales and Josh Saga.

I only stopped writing for PDI when I found myself increasingly working long hours with the advertising agencies I was employed. Copy writing is miles different from journalism copy so I thought that my young writing career was over. I never gave it much thought until many years later while trying to eke out a new life in New York, I began writing. Writing letters to my parents, grandmother, family, friends, and classmates about my adventures and misadventures in the Empire State. What I didn’t know was my family was circulating my letters (wrong as it was). An old editor reached out and asked if we could serialize the letters in the pages of a newspaper. “It was fascinating and riveting,” was how my old editor described my letters. I was mollified. They were too personal to share. It was just your typical “Dear Mom and Dad,” but I really wrote the heck out of everything. You could feel the exhilaration, the wonder, the sadness, and loneliness in every word. Maybe that was what drew people in. I turned my old editor down and never once thought of it again. When I came back home, I was working for Solar Sports as the Marketing Manager when one day, BusinessMirror’s Ricky Alegre and Jun Lomibao came over to meet me to discuss a possible ex-deal. BM had been out for a few months, and they felt that their four-page colored sports section was one of the local scene’s best, if not the best. In exchange for plugs on our two sports channels—Solar Sports and

Sports Plus—they would give us advertising space and a weekly column where I could write about our local programs and just about anything sports. Since there was no cash out, it was an easy agreement. I am currently celebrating my 20th year as a columnist for BusinessMirror. That is over 1,200 columns plus an equal number of reports, long form pieces, and a lot of exposes. I have made friends and also enemies. Of the latter, I met the late British investigative journalist Andrew Jennings who was famously banned by FIFA after his allegations of corruption in world football. He was famously vindicated following the FBI’s arrests of world football leaders in 2015. I met Mr. Jennings sometime in 2012 in Jakarta and heard of my exposes and fight with the Philippine Football Federation about its corrupt practices. You cannot believe my elation when he said he heard and read my pieces—“You know you are on the right track when you strike fear in the faces and hearts of the crooked officials.” “Getting banned—as painful as it was by FIFA—is like a badge of courage.

After hearing that from Mr. Jennings, I tread my craft with no fear. BusinessMirror and my newspaper column, Bleachers Brew, which is also the name of my blog that I populated with content for over a decade until I stopped, have been instrumental in my professional career. Many of the sports writers and media people I admired back in the day, have become friends and colleagues. In this time, I have also written for ABSCBN, philstar.com, Rappler, Philippines Free Press, FHM and Men’s Health, and a lot of other magazines and web sites. I have been media officer for the Azkals and Gilas, and a whole lot of other teams and sports events. I have also parlayed this into doing reports for Aksyon TV, ABS-CBN, and Al Jazeera. During this time, I have also written 10 best-selling sports books. But the one constant has been BM. There have been a couple of instances where I wanted to turn in my BM press ID, but it never pushed though. I guess I couldn’t. Wouldn’t. When I went past my first decade, that is when I made the decision to stay and try to reach 20 years with the newspaper. And now, I have. Outside Sir Jun, I am the longest serving writer of the sports department not to mention the newspaper. You cannot believe how proud I am to have reached this milestone and to have a career that has been very rewarding in so many ways. I am grateful, thankful, humbled, and appreciative. And much love to BM and Boss Jun, Sir Ricky, Mam Chuchay for giving me this wonderful platform to write.

Editor: Jennifer A. Ng

Companies BusinessMirror

Monday, August 24, 2026

First Gen set to supply clean energy to PNB Holdings P

NB Holdings Corp. (PHC), the real estate holding arm of Philippine National Bank, will source 5 megawatts (MW) of renewable energy (RE) from the First Gen Group (First Gen). The parties signed last August 18 an agreement for direct supply of more than 5 MW for two of PHC’s high-value properties. This covers the PNB Financial Center along Macapagal Avenue, Pasay City, as well as the PNB Makati Center

along Ayala Avenue in the Makati Central Business District. First Gen will provide geothermal power sourced from the latter’s Tongonan generation facility in Leyte. PHC Chief Financial Officer Ponciano Carreon Jr. said this partnership will help reduce the company’s environmental impact and support its goal of building more resilient and future-ready properties. “PNB Holdings’ transition to 100

percent renewable energy across PNB Financial Center and PNB Makati Center through our partnership with First Gen reflects our commitment to more sustainable and responsible property operations, while maintaining efficiency and reliability.” Aside from PHC, First Gen supports the renewable energy requirements of other firms under the Lucio Tan Group (LTG), such as Philippine Airlines, Lufthansa Technik

Philippines, Macroasia SATS Food Industries Corp., Macroasia Catering Services Inc., Grandspan Development Corp., Absolut Distillers, and Eton Properties. “It is our privilege to broaden our partnership with LTG through our partnership with PNB Holdings. We look forward to supporting PHC in its journey towards decarbonization as they continue to invest in community experience and workspace environment and

future-proof its property developments through sustainability-led innovations,” said First Gen head of sales and engagement Arlene Soriano. First Gen has over 1,700 MW of generating capacity from 31 hydro, geothermal, solar and wind facilities nationwide that provide renewable energy supply to distribution utilities and a wide array of direct customers across key industries such as colleges and uni-

NZCA to hold 5th meeting in Sept

AYALA, MAKRO PHL SEAL LAND LEASE DEALS FOR NEW STORES By VG Cabuag @villygc

ROPERTY developer Ayala Land Inc. said it has signed land lease agreements with Makro Philippines for the development of new stores in four of its developments in Luzon. The company said its agreement cover Cloverleaf in Balintawak in Quezon City; Broadfield in Biñan, Laguna; Arca South in Taguig; and Evo City in Kawit, Cavite. The company said the new Makro branches are strategically located estates along major north-south corridors and within some of the country’s fastest-growing residential and commercial markets. “These agreements underscore the role of Ayala Land’s estates as strategic gateways where communities, businesses and commerce come together,” Christopher Maglanoc, Ayala Land regional estates head, said. “Our estates are masterplanned to support the needs of growing communities, and bringing a wholesale format like Makro to these locations creates value beyond the retail customer. It also gives families and businesses within and around these estates access to a wider selection of products and a convenient large-format shopping experience,” he said. Under the lease structure, Ayala Land will retain ownership of the properties in Broadfield, Evo City and Cloverleaf, while Makro will develop and operate the stores. In Arca South, Makro will operate within Ayala Malls Arca South. The arrangement strengthens Ayala Land’s ability to generate recurring lease income while bringing high-traffic retail anchors into its estates, enhancing convenience and activity within these communities. It also reflects the company’s continued strategy of leveraging its land bank and partnerships to support long-term, sustainable growth.

The four estates give Makro access to established and emerging growth centers across Metro Manila and Southern Luzon. Arca South, Ayala Land ’s 74-hectare mixed-use estate, has emerged as a commercial and transport gateway to southern Metro Manila. Cloverleaf, located at the junction of EDSA and the North Luzon Expressway, serves as a strategic northern gateway to the capital. In Laguna, Broadfield is being developed as Ayala Land’s first business campus in the province, with a growing base of locators from manufacturing, logistics and business services. Evo City in Kawit, Cavite extends the partnership into one of Luzon’s rapidly urbanizing growth corridors. Together, the four locations allow Makro to expand its presence where residential communities, businesses, and economic activity are growing, while adding new commercial anchors to Ayala Land estates. Makro Philippines is a joint venture between Ayala Corp. and CP Axtra Public Co. Ltd., operator of wholesale and retail brands including Makro and Lotus’s. The partnership combines Ayala’s local market expertise and land bank with CP Axtra’s regional retail and wholesale experience. Makro, a brand shuttered in country the early 2000s and now making a comeback, will offer fresh and dry food, imported products and non-food essentials through its physical stores and ecommerce platform, supported by an omni-channel model designed to serve both businesses and households. “What excites me the most about this partnership is putting two businesses that are so well established independently together,” Shaun Wong, deputy chief executive of Makro International, said. “The synergies that we have— the partnership on the land side and retail side as well. The future is bright. The future is exciting.”

Alibaba seeks $10B from sale of shares

LIBABA Group Holding Ltd. is seeking to raise about HK$80 billion ($10.2 billion) from a share sale, its latest move to compete for global leadership in artificial intelligence. The online retail giant-turned-AI player is offering 710 million shares at HK$112.7 each, according to terms of the deal seen by Bloomberg News. That represents a discount of 3.6 percent to the closing price of Alibaba’s American depositary receipts on Friday. The placement would be Hong Kong’s biggest follow-on offering by a company

on record, according to data compiled by Bloomberg. It would also be the city’s biggest share sale since 2021, when technology-investment firm Prosus NV sold $14.7 billion in shares of China’s Tencent Holdings Ltd., according to data compiled by Bloomberg. The deal comes as the Chinese company ratchets up quarterly capital spending to almost $10 billion, aiming to safeguard its position in a fiercely competitive global AI arena. It intends to use the proceeds to invest in full-stack AI capabilities, including by expanding and enhancing its infrastructure. Bloomberg News

versities, and in the fast-moving consumer goods, cold storage, agri-production and manufacturing businesses. The First Gen Group also supports a wide range of industries by offering them solutions to rationalize energy consumption. These solutions include the installation of on-site solar photovoltaic facilities and remote energy monitoring systems, as well as the conduct of energy audits. Lenie Lectura

BATTERIES FOR U.S. DRONES

LG Energy Solution Ltd. is considering supplying the United States government and major defense contractors with batteries for drones and other unmanned weapons systems to capture growing demand for military hardware as demand from electric vehicles sputters. The South Korean battery maker has received inquiries from multiple potential American partners about defense opportunities, Bob Lee, the company’s president for North America, said in an interview. Although discussions are in their early stages, expanding into defense would mark a significant strategic shift for the LG group, which has historically avoided the sector. LG Energy Solution Co. battery cells were on display at the InterBattery exhibition in Seoul, South Korea, on Wednesday, March 11, 2026. BLOOMBERG

‘Reliable power plants key to reducing system loss’

By Lenie Lectura

@llectura

HE National Grid Corporation of the Philippines (NGCP) emphasized the importance of reliable power plants and efficient transmission lines to manage and possibly prevent system loss, which refers to excessive power delivery waste. “So many ways to...prevent voltage and system loss; among them is building more power plants in areas that can provide voltage support and lessen system loss as well as answer for increased demand for electricity. On the part of NCCP, what was mentioned in the discussions is correct, we continue to build more efficient high-voltage lines,” said NGCP Spokesperson Cynthia Alabanza during last week’s joint hearing of the Senate committees on energy and public services. The NGCP runs, builds, and looks after the high-voltage power transmission network. It takes electricity from power plants and sends it safely to local distribution companies across Luzon, Visayas, and Mindanao. She cited the 500-kiloVolt (kV) for Luzon, 230-kV backbone in VisayasMindanao, and the installation of capacitor banks and static synchronous compensator (STATCOM) as technologies that can compensate for system loss. A STATCOM is an advanced power electronics device used by the NGCP to stabilize voltage levels, improve power quality, and manage reactive power across high-voltage transmission networks. She said the NGCP is committed

to continuously upgrading to higher voltage lines as the greatest system losses normally occur within the lower 69-kV voltage lines. “The NGCP still manages the 69-kV lines because the electric cooperatives still lack the capacity for various reasons. Regarding our higher-voltage lines, power delivery is significantly more efficient. For areas with long lines—and as was correctly mentioned earlier, the longer the line, the greater the system losses— we install technologies such as capacitor banks and STATCOMs. We are increasingly utilizing STATCOMs because we observe that power generators are being located further and further away from certain load centers,” added the NGCP official. The grid operator had said that it is on track to complete 10 projects worth P30.88 billion this year. The projects that are up for completion in the second half of the year are the relocation of steel poles along Hermosa-Duhat 230-kv transmission line, Nabas-CaticlanBoracay transmission line, Luzon voltage improvement project-3, New Antipolo 230-kV substation, North Luzon substation upgrading project 1, Tuguegarao-Lal-lo 230kV transmission line, Amlan-Du-

maguete 138kV transmission line, Panay-Guimaras 138-kV interconnection, Mindanao substation expansion 4, and Nasipit substation bus-in project. These projects are valued at P30.887 billion. In the first half of the year, NGCP completed the Visayas substation reliability project last April 12, Laguindingan 230-kV substation last May 18, Visayas 69-kV transmission line upgrading last June 6, Nagsaag-Tumana 69-kV transmission line last June 6, and the Tacurong-Kalamansig 69-kV transmission line last June 26. The total cost for the five projects are P7.19 billion. These projects are expected to ease power congestion and support island interconnections. NGCP is advancing major infrastructure upgrades to secure grid stability and accommodate new renewable and non-renewable generation plants. The grid operator recently completed massive interconnections including the Mindanao-Visayas Interconnection Project (MVIP) and Cebu-Negros-Panay Backbone, unifying the Philippine Grid. In 2025, NGCP completed the upgrading and expansion of 14 substations to enhance grid reliability and stability. The Castillejos Substation was installed with 1,000-MVA transformer capacity, the Calaca and Concepcion Substations were each installed with new 300MVA transformers, the Corella, Toril, Pitogo, Maramag, Dingle, Calbayog, and Paranas Substations with 100MVA transformers, the Davao Substation with a 150-MVA transformer, and the San Jose and Mabinay Substations with a 50MVA transformer. A 100-MVA expansion at NGCP’s Iloilo Substation, a component of the Panay-Guimaras Interconnection project, was also completed in April 2025.

HE Net Zero Carbon Alliance (NZCA), a group of businesses and institutions committed to achieving net-zero greenhouse gas emissions by 2050, will hold its fifth net zero conference next month, the Energy Development Corp. (EDC) said over the weekend. According to its founder, EDC, the Philippine Net Zero Conference 2026--scheduled for September 1516 in Pasay City--aims to accelerate corporate decarbonization and long-term resilience amid escalating climate and energy threats. Organized by the NZCA and the Southeast Asia Corporate Decarbonization Exchange, the conference will serve as a crucial platform to move corporate and national climate ambitions into urgent, measurable action. “Geopolitical tensions and fossil fuel price shocks have underscored a fundamental reality: true climate resilience, operational sustainability, and enterprise survival are inseparable. Achieving net zero is no longer just a voluntary commitment, but an essential business strategy to manage operational risks, protect supply chains, and safeguard communities from catastrophic warming,” the group said. The event also marks the fifth anniversary of NZCA. “The global energy crisis has made one thing unmistakably clear: protecting our climate and insulating our businesses from severe risk are the exact same fight,” said Allan Barcena, NZCA executive director. “Achieving net zero is more urgent than ever because transitioning to clean, regenerative solutions is the only viable path to safeguard our planet, manage climate risks for businesses, and ensure lasting economic survival.” The two-day conference is designed to convert sustainability goals into concrete corporate and technological strategies. Day one will focus on challenges faced by corporate leaders, advocates, and small businesses. Industry enablers and climate innovators will demonstrate how artificial intelligence, smart energy systems, carbon management tools, and science-based verification enable organizations to drastically cut emissions. Day 2 shifts focus toward real-world deployment of marketready technologies. It will showcase AI, smart energy systems, and verification tools to cut emissions. Lenie Lectura

Companies BusinessMirror

Monday, August 24, 2026

PSE STOCK QUOTATIONS

August 20, 2026

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

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

49.2 122.7 10.38 107 53.35 11.06 67.7 6.99 66.2 52.5 22.85 66.9 24.6 0.485 1.44 0.54 3.8 7.69 2,654 1.15 207 0.79

49.25 123 10.44 107.3 53.5 11.08 67.9 7.08 67.1 52.6 22.9 67 25 0.5 1.46 0.56 3.99 7.87 2,690 1.16 212 0.8

48.95 122.3 10.24 106.6 53.5 11.06 68.2 7.07 66 52.65 22.85 66.5 24.6 0.5 1.46 0.53 3.77 7.69 2,690 1.1 206 0.79

49.5 123.9 10.4 107.6 53.7 11.08 68.2 7.08 67.9 52.65 23.1 67 24.6 0.5 1.46 0.55 4 7.69 2,690 1.16 212 0.8

48.95 122.3 10.24 105.8 53.1 11.02 67.5 7.07 65.95 52.45 22.85 65.95 24.5 0.5 1.44 0.51 3.6 7.69 2,690 1.08 206 0.79

49.2 122.7 10.4 107.3 53.5 11.08 67.7 7.08 66.2 52.5 22.9 67 24.6 0.5 1.44 0.55 3.8 7.69 2,690 1.16 212 0.8

62,300 2,701,960 9,900 901,280 64,130 290,200 2,628,050 400 456,230 430 22,800 134,240 35,200 67,000 208,000 52,000 148,000 300 5 1,749,000 5,180 35,000

3,071,505 332,749,616 102,462 96,565,112 3,433,589 3,209,250 178,383,745 2,829 30,670,666 22,631 523,445 8,949,075 865,755 33,500 300,600 26,880 549,430 2,307 13,450 1,955,860 1,083,896 27,930

750,630 -144,111,227 9,449,563 -38,526 -1,975,604 -19,874,593 14,889,253 -1,575 -2,152,996 -71,175 55,080 -20 -45,240 282,980 1,052,216 -

INDUSTRIAL ACEN CORP 2.94 2.95 3 3.02 2.93 2.95 11,615,000 34,376,910 -8,086,900 ALSONS CONS 1.04 1.05 0.8 1.12 0.8 1.04 102,330,000 101,759,140 -1,818,820 ALTERNERGY HLDG 0.77 0.77 0.76 0.77 0.75 0.77 965,000 736,340 382,250 ABOITIZ POWER 45.5 45.6 44.3 45.65 44.3 45.5 1,980,400 89,502,360 69,049,855 1.13 1.14 1.17 1.1 1.13 1,929,000 2,174,370 -155,640 RASLAG 1.15 0.112 0.11 0.11 0.112 3,090,000 342,670 BASIC ENERGY 0.113 0.113 CITICORE RE 4.52 4.64 4.63 4.69 4.55 4.64 128,000 597,190 -4,560 29.85 29.95 29 30.2 28.1 29.95 3,845,200 113,797,500 13,819,260 FIRST GEN FIRST PHIL HLDG 107.2 107.8 107.1 110 106.1 107.2 153,370 16,468,821 -7,295,596 MERALCO 256,351,106 481.8 482 490 495 481.4 482 530,190 -161,932,894 MANILA WATER 35.95 36.05 35.3 36.3 35.3 35.95 1,014,500 36,509,660 -8,690,425 MAYNILAD 18.56 18.36 18.46 18.2 18.18 18.46 1,896,300 35,000,026 -6,904,280 2.28 2.3 2.32 2.28 2.28 619,000 1,415,850 45,850 PETRON 2.33 3.71 4 4.01 3.6 4 20,000 78,150 PETROENERGY 4.01 PRYCE CORP 15 15.18 15.2 15.2 15 15.2 4,300 65,060 16,720 9.7 9.4 9.4 9.8 1,400 13,661 -5,862 REPOWER ENERGY 9.8 9.8 SEMIRARA MINING 18.68 18.7 18.16 18.88 18.16 18.7 1,397,200 26,059,382 9,305,270 SYNERGY GRID 30.35 30.4 29.4 30.65 29.35 30.35 3,103,600 93,694,265 12,545,815 SHELL PILIPINAS 8.38 8.42 8.44 8.48 8.31 8.42 220,200 1,850,849 202,485 SPC POWER 9.9 9.9 9.61 9.55 9.5 9.9 179,900 1,722,357 555,602 1.27 1.28 1.2 1.32 1.19 1.28 2,472,040,000 3,090,415,790 -34,252,450 SP NEW ENERGY 1.83 1.8 1.76 1.84 4,500,000 8,059,010 337,670 TOP LINE 1.84 1.84 2.87 2.92 2.93 2.86 2.88 351,000 1,016,940 -327,900 AXELUM 2.91 32.55 33.3 32.85 33.55 32.6 32.6 972,300 32,168,540 -4,043,615 CENTURY FOOD DEL MONTE 3.74 3.9 3.91 3.91 3.72 3.85 5,000 18,940 -4,030 DNL INDUS 3.51 3.52 3.52 3.55 3.51 3.51 2,787,000 9,812,780 2,088,860 EMPERADOR 15.14 15.14 15.02 15.08 14.92 15.02 295,300 4,439,000 -2,174,400 SMC FOODANDBEV 47.3 47.5 47.75 47.75 47.3 47.3 46,700 2,212,360 -941,455 0.63 0.65 0.64 0.67 0.62 0.64 3,240,000 2,092,740 -730,740 FIGARO GROUP 0.29 0.31 0.31 0.31 100,000 31,000 ALLIANCE SELECT 0.31 0.31 FRUITAS HLDG 0.65 0.66 0.65 0.65 0.65 0.65 22,000 14,300 GINEBRA 232.2 233 230 230 233 175,090 40,793,740 -22,639,814 233.8 JOLLIBEE 132,656,730 157.8 158 154.8 159 154.8 158 839,310 47,048,538 KEEPERS HLDG 1.92 1.97 1.98 1.98 1.91 1.97 718,000 1,397,240 167,530 LIBERTY FLOUR 21 21.55 21.85 22.5 21 21.55 1,300 28,240 -4,420 2.09 2.19 2.12 2.12 2.09 2.09 58,000 122,750 74,200 MAXS GROUP 7.1 7.11 7.19 7.29 7.1 7.11 3,284,200 23,589,014 13,003,573 MONDE NISSIN 5.76 5.78 5.78 5.78 5.76 5.78 3,400 19,618 SHAKEYS PIZZA ROXAS AND CO 2.48 2.58 2.48 2.59 2.48 2.59 17,000 42,960 RFM CORP 5.32 5.32 5.31 5.3 5.29 5.31 646,100 3,423,142 -2,829,520 SWIFT FOODS 0.056 0.057 0.056 0.056 0.056 0.056 1,220,000 68,320 -38,080 UNIV ROBINA 63.25 63.3 61.95 63.5 61.95 63.3 1,023,590 64,746,801 32,647,332 0.52 0.53 VITARICH 0.495 0.51 0.495 0.53 282,000 145,465 0.415 0.425 0.415 0.415 0.415 0.415 10,000 4,150 ATN HLDG A ATN HLDG B 0.415 0.435 0.415 0.415 0.415 0.415 10,000 4,150 CONCRETE A 52 57.95 57.95 57.95 57.95 57.95 10 580 CONCRETE B 51.5 59.95 59.95 59.95 60,010 3,597,600 59.95 59.95 CONCREAT HLDG 1.3 1.31 1.2 1.36 1.2 1.3 8,051,000 10,387,370 916,130 EEI CORP 1.92 1.95 1.96 1.97 1.9 1.9 139,000 266,630 -211,900 MEGAWIDE 4.56 4.54 4.58 4.65 4.54 4.54 1,023,000 4,671,040 867,820 PHINMA 14.96 14.02 14.98 14.98 14.96 14.96 200 2,994 1.85 1.9 1.83 1.89 1.82 1.89 571,000 1,052,170 -25,470 CROWN ASIA 1.1 1.11 1.11 1.11 1.11 41,000 45,510 EUROMED 1.12 MABUHAY VINYL 5.11 5.25 5.26 5.27 5.11 5.27 74,600 381,747 CONCEPCION 10.68 10.8 11 10.68 10.8 306,000 3,303,036 1,273,368 10.82 GREENERGY 0.173 0.172 0.162 0.175 0.162 0.173 7,630,000 1,291,500 122,010 INTEGRATED MICR 7.4 7.44 7.53 7.84 7.35 7.4 8,875,100 67,336,342 -6,695,527 IONICS 2.1 2.14 2.2 2.22 2.08 2.1 5,846,000 12,539,710 -516,870 PANASONIC 7.38 7.45 7.4 7.4 7.38 7.4 20,100 148,418 1.21 1.23 1.43 1.45 1.21 1.21 15,759,000 20,800,610 87,370 CIRTEK HLDG 1.95 2 2 2 14,000 28,000 STENIEL 2 2

HOLDING & FRIMS

ABACORE CAPITAL 0.33 0.34 0.325 0.345 0.325 0.34 5,380,000 1,816,150 -22,800 ASIABEST GROUP 53.05 53.4 54 54 52.5 53.4 820,090 43,237,093 14,218,319 AYALA CORP 505 509 499.8 511 497 509 119,900 60,640,947 32,726,974 ABOITIZ EQUITY 37.6 37.85 37 37.9 36.95 37.85 1,850,100 69,604,510 32,086,900 9.32 9.39 9.24 9.49 9.24 9.39 2,234,500 20,988,354 958,061 ALLIANCE GLOBAL 16.8 17.1 17.1 16.8 17.02 635,900 10,755,098 -10,535,892 ANSCOR 17.02 1.03 1.05 1.08 1.08 1.03 1.05 1,452,000 1,519,960 42,400 ANGLO PHIL HLDG 8.18 8.2 8.2 8.24 8.03 8.18 143,900 1,175,723 218,835 COSCO CAPITAL DMCI HLDG 7.88 7.9 7.95 8.07 7.88 7.9 5,972,300 47,594,821 984,754 FILINVEST DEV 3.66 3.85 3.64 3.88 3.64 3.87 49,000 179,720 105,170 GT CAPITAL 492 493.4 502 505 490 492 80,620 39,762,726 -12,998,089 HOUSE OF INV 5.19 5.2 5.06 5.4 5.06 5.2 308,400 1,595,392 1,341,230 21.75 22.2 22.15 22.25 21.75 21.75 904,200 19,954,640 5,810,045 JG SUMMIT 0.355 0.36 0.365 0.36 0.36 90,000 32,750 LODESTAR 0.365 LOPEZ HLDG 6 6.03 6.02 6.16 5.93 6.03 1,764,800 10,553,553 -3,011,306 15.08 15.16 14.98 15.18 14.9 15.16 3,250,700 48,874,452 7,276,784 LT GROUP MABUHAY HLDG 0.085 0.097 0.085 0.085 0.085 0.085 980,000 83,300 0.85 0.85 PACIFICA HLDG 0.82 0.82 0.82 0.85 53,000 44,900 -830 PRIME MEDIA 1.09 1.09 0.99 1.09 1.09 1.09 1,000 1,090 SOLID GROUP 1.15 1.17 1.19 1.21 1.15 1.15 170,000 200,400 35,400 577 568 566 579 712,280 408,884,770 -160,948,320 SM INVESTMENTS 579 579 65.75 66 65.8 66.4 65.75 65.8 234,600 15,450,808 211,892 SAN MIGUEL CORP 53 56.95 53 53 53 53 870 46,110 TOP FRONTIER ZEUS HLDG 0.075 0.072 0.072 0.079 670,000 50,900 0.079 0.079 PROPERTY ARTHALAND CORP 0.455 0.46 0.435 0.46 0.435 0.455 530,000 237,100 AYALA LAND 15.12 15.2 15.26 15.38 15.1 15.12 12,318,900 186,971,566 -78,153,832 AYALA LAND LOG 1.2 1.22 1.19 1.24 1.19 1.22 1,101,000 1,331,790 -1,120 ALTUS PROP 11.6 11.86 11.9 11.9 11.6 11.6 600 7,108 -4,760 37.95 38 37.9 38.35 37.7 38 741,300 28,236,920 8,063,710 AREIT RT 0.71 0.73 0.7 0.74 0.7 0.74 75,000 52,950 A BROWN CITYLAND DEVT 0.59 0.6 0.61 0.61 0.59 0.61 15,000 8,950 CROWN EQUITIES 0.086 0.089 0.088 0.088 0.088 0.088 60,000 5,280 CEB LANDMASTERS 2.19 2.19 2.17 2.19 2.18 2.18 77,000 168,070 -13,140 CENTURY PROP 0.75 0.75 0.74 0.75 0.73 0.75 1,114,000 830,540 -108,430 CITICORE RT 3.29 3.3 3.34 3.36 3.29 3.3 2,221,000 7,362,060 -4,389,890 DOUBLEDRAGON 12.18 12.18 12.04 12 11.8 12.18 859,200 10,392,818 -2,345,344 1.03 1.04 1.03 1.04 1,341,000 1,390,960 3,090 DDMP RT 1.04 1.04 4.82 5.15 5 5 5 5 5,000 25,000 DM WENCESLAO EVERWOODS 0.028 0.029 0.029 0.029 100,000 2,900 0.029 0.029 EMPIRE EAST 0.099 0.103 0.103 0.103 10,000 1,030 0.103 0.103 FILINVEST RT 2.91 2.92 2.92 2.92 2.91 2.92 165,000 481,150 40,740 FILINVEST LAND 0.68 0.69 0.69 0.69 0.67 0.69 1,058,000 719,880 -8,850 GLOBAL ESTATE 0.62 0.62 0.61 0.62 0.62 0.62 50,000 31,000 2.06 JACKSTONES 1.78 2.05 2.05 2.05 2.06 7,000 14,370 2.46 2.5 2.5 2.62 26,000 65,120 2.62 2.62 KEPPEL PROP MEGAWORLD 2.36 2.34 2.3 2.37 10,251,000 24,084,800 16,580,520 2.37 2.37 0.69 0.7 0.68 0.7 10,163,000 7,023,280 -710 MRC ALLIED 0.7 0.7 13.88 13.74 13.72 13.92 808,000 11,161,072 1,497,332 MREIT RT 13.92 13.92 OMICO CORP 0.103 0.104 0.103 0.103 0.103 0.103 70,000 7,210 0.167 0.167 PRMIERE HORIZON 0.16 0.163 0.162 0.163 650,000 105,800 -26,040 PHIL ESTATES 0.385 0.415 0.42 0.42 0.385 0.385 280,000 116,900 1.05 1.05 PREMIERE RT 1.04 1.05 1.01 1.04 389,000 403,800 -25,920 0.98 1 0.99 1.04 0.99 1 18,000 18,240 -990 PRIMEX CORP 7.42 7.47 7.25 7.47 7.25 7.47 23,947,600 177,795,691 47,186,865 RL COMM RT 17.54 17.58 17.4 17.78 17.4 17.58 533,100 9,405,492 -481,288 ROBINSONS LAND 0.103 0.107 0.101 0.111 0.101 0.107 650,000 66,600 -3,240 PHIL REALTY ROCKWELL 3.22 3.18 3 3.27 3 3.2 2,713,000 8,551,340 1,648,010 SHANG PROP 3.24 3.29 3.25 3.3 3.25 3.25 471,000 1,530,800 -1,163,550 STA LUCIA LAND 1.85 1.88 1.85 1.9 1.8 1.88 340,000 629,170 1,550 18.22 18.24 18.26 18.4 18.2 18.24 7,859,100 143,773,014 -51,928,070 SM PRIME HLDG 0.405 0.415 0.405 0.405 0.405 0.405 20,000 8,100 SUNTRUST RESORT SERVICES ABS CBN 3.86 3.87 3.89 3.98 3.86 3.87 593,000 2,319,940 GMA NETWORK 4.33 4.35 4.35 4.48 4.32 4.34 319,000 1,389,190 MANILA BULLETIN 0.177 0.184 0.191 0.191 0.187 0.187 20,000 3,780 5.2 5.2 MLA BRDCASTING 5.1 5.2 5.2 5.2 200 1,040 0.74 0.75 0.73 0.75 0.73 0.74 5,805,000 4,292,040 41,710 DITO CME HLDG 1,747 1,748 1,735 1,757 1,735 1,748 20,905 36,498,695 5,267,810 GLOBE TELECOM 1,198 1,188 1,215 1,187 1,198 115,055 138,589,575 -4,266,980 PLDT 1,200 0.0063 0.0063 0.0062 0.0064 74,000,000 467,300 -107,100 APOLLO GLOBAL 0.0064 0.0064 9.94 CONVERGE 9.7 9.77 9.7 9.7 9.7 4,289,400 41,977,801 4,023,805 DFNN INC 0.66 0.69 0.65 0.66 0.63 0.66 200,000 128,810 5,140 EASYCALL 2.35 2.28 2.3 2.3 2.28 2.28 48,000 109,480 0.87 IMPERIAL 0.87 0.98 0.87 0.87 0.87 1,000 870 0.121 0.122 0.12 0.127 0.118 0.122 1,950,000 237,070 ISLAND INFO NOW CORP 0.465 0.47 0.47 0.485 0.45 0.47 640,000 299,150 -61,100 0.119 0.117 0.116 0.12 1,800,000 212,400 TRANSPACIFIC BR 0.12 0.12 CHELSEA 0.88 0.9 0.91 0.89 0.9 599,000 541,070 0.91 CEBU AIR 28.5 28.7 28.65 28.75 28.5 28.5 334,600 9,546,170 -216,085 INTL CONTAINER 960.5 960.5 960 940 934 960.5 692,590 656,628,580 53,240,285 LBC EXPRESS 6.55 6.65 6.55 6.55 6.55 6.55 200 1,310 3.82 MACROASIA 3.74 3.75 3.82 3.73 3.75 629,000 2,353,800 -48,850 2.1 2.12 2.1 2.1 2.08 2.1 69,000 144,850 -56,700 PAL HLDG 1.41 1.43 1.35 1.43 3,378,000 4,688,380 1,266,630 HARBOR STAR 1.43 1.43 0.031 0.032 0.03 0.033 0.03 0.031 22,700,000 708,500 -9,600 BOULEVARD HLDG 5.02 5.03 5.03 5.03 100 503 GRAND PLAZA 5.03 5.03 WATERFRONT 0.39 0.42 0.395 0.395 0.395 0.395 130,000 51,350 CENTRO ESCOLAR 14.84 15.3 14.9 15.34 14.84 14.84 23,400 355,792 -40,906 FAR EASTERN U 800 805 800 800 800 800 1,190 952,000 STI HLDG 1.27 1.29 1.24 1.28 1.24 1.28 1,048,000 1,319,730 307,120 1.16 1.18 1.15 1.16 720,000 829,350 -74,250 BELLE CORP 1.18 1.18 2.53 2.54 2.6 2.6 2.5 2.54 20,352,000 -15,386,970 BLOOMBERRY 51,880,330 9.89 9.9 9.79 10 9.79 9.89 3,685,900 14,332,905 DIGIPLUS 36,617,325 14 14.1 14.3 14.02 14.02 2,922,400 41,263,990 4,778,912 PHILWEB 14.02 METRO RETAIL 1.06 1.06 1.04 1.06 1.06 1.06 7,000 7,420 40.25 PUREGOLD 40.1 40.5 41.1 40.1 40.1 1,346,700 54,498,665 -17,660,350 PHIL SEVEN CORP 33.5 34.4 34.4 34.4 34.4 34.4 29,800 1,025,120 68,800 2.02 2.05 2.02 2.02 2.02 2.02 732,000 1,478,640 1,371,580 SSI GROUP 0.78 0.79 0.75 0.78 0.75 0.78 71,000 55,350 UPSON INTL CORP WILCON DEPOT 5.98 6 6 6.09 5.96 6 294,800 1,771,008 10,797 0.112 0.106 0.101 0.113 530,000 57,920 -5,600 APC GROUP 0.113 0.113 MEDILINES 0.234 0.232 0.233 0.234 0.23 0.232 270,000 62,570 -2,340 PAXYS 3.5 3.55 3.6 3.78 3.46 3.55 60,000 215,480 SBS PHIL CORP 3.03 3.23 3.23 3.23 3.23 3.23 2,000 6,460 -3,230 MINING & OIL 1.99 1.99 ATOK 1.89 1.99 1.99 1.99 1,000 1,990 APEX MINING 15.5 15.58 15.06 15.6 15.04 15.58 12,793,300 197,277,996 26,722,200 ATLAS MINING 17.88 17.9 18 18.2 17.02 17.88 8,511,600 151,517,156 -9,359,472 7 7.12 7 7.15 6.9 7 229,700 1,617,676 BENGUET A BENGUET B 6.91 7 6.91 6.91 65,000 454,690 7.02 7.02 CENTURY PEAK 1.99 2.29 2.29 2.29 1,000 2,290 2.29 2.29 EC VULCAN 0.32 0.345 0.28 0.35 0.28 0.345 8,340,000 2,614,800 -13,400 FERRONICKEL 2.28 2.28 2.2 2.1 2.1 2.28 3,002,000 6,569,750 1,161,420 GEOGRACE 0.099 0.097 0.092 0.107 0.091 0.099 4,240,000 401,640 119,390 LEPANTO A 0.235 0.248 0.234 0.238 0.232 0.234 64,920,000 15,452,590 LEPANTO B 0.232 0.236 0.227 0.239 0.227 0.232 3,630,000 849,500 -22,910 0.0075 0.0078 0.0075 0.0078 0.0075 0.0078 2,000,000 15,300 MANILA MINING A MANILA MINING B 0.0073 0.0076 0.0076 0.0076 0.0076 0.0076 9,000,000 68,400 -38,000 0.77 0.73 0.8 0.73 0.77 6,607,000 5,129,090 -78,410 MARCVENTURES 0.78 0.435 0.44 0.4 0.4 0.435 700,000 300,800 NIHAO 0.435 NICKEL ASIA 4.16 4.17 4.2 4.24 4.14 4.17 4,278,000 17,910,960 -654,320 OCEANAGOLD 36.35 36.25 37 37.05 36.2 36.25 733,900 26,825,820 3,497,275 ORNTL PENINSULA 0.52 0.52 0.51 0.5 0.5 0.52 50,000 25,700 -5,200 PX MINING 10.68 10.7 10.3 10.86 10.3 10.7 19,741,100 210,532,562 -87,276,114 0.0074 0.0076 0.0073 0.0075 0.0073 0.0075 4,000,000 29,600 UNITED PARAGON ENEX ENERGY 3.27 3.24 3.24 3.65 5,000 17,040 3.65 3.65 ORNTL PETROL A 0.013 0.014 0.014 0.014 0.014 0.014 100,000 1,400 ORNTL PETROL B 0.013 0.014 0.013 0.014 0.013 0.014 330,300,000 4,624,100 PHILODRILL 0.0083 0.0082 0.0082 0.0082 0.0082 0.0082 35,000,000 287,000 PXP ENERGY 2.97 3.08 2.94 3.12 2.9 3.08 790,000 2,363,000 189,370 PREFFERED ACEN PREF B 1,031 1,046 1,045 1,046 1,045 1,046 55 57,480 AC PREF B3R 1,950 1,960 1,950 1,951 1,950 1,950 40 78,010 -78,010 ALCO PREF F 485.4 495 495 495 495 495 10 4,950 BRN PREF B 101 103.9 103.9 103.9 103.9 103.9 100 10,390 102.1 104 104 104 104 104 10 1,040 BRN PREF C CEB PREF 29.2 29.4 29.5 29.95 29.5 29.5 300 8,895 CLI PREF A2 1,005 1,008 1,008 1,008 1,008 1,008 235 236,880 CPG PREF B 99 99.25 99.2 99.25 99.2 99.25 5,010 496,993 DD PREF 93.3 93.4 93.45 93.45 93.15 93.3 31,150 2,904,498 EEI PREF B 95.2 96 96 96 96 96 80 7,680 GLO PREF ANV 1,932 1,974 1,930 1,930 1,930 1,930 505 974,650 9,650 GLO PREF BNV 1,961 1,965 1,974 1,974 1,965 1,965 350 688,900 990 998.5 990 990 990 990 100 99,000 GTCAP PREF B MWIDE PREF 7B 99.2 100 100 100 100 100 30 3,000 SFI PREF 1.34 1.34 1.34 1,000 1,340 1.34 1.34 SMC PREF 2O 78.05 79.3 79.4 79.4 79.3 79.3 690 54,718 SMC PREF 2P 72.2 74.5 72.2 72.2 72.2 72.2 10 722 SMC PREF 2R 75 78.3 78.5 78.5 78.5 78.5 10 785 SMC PREF 2V 78.2 78.5 78.5 78.5 78.2 78.5 700 54,927 SMC PREF 2W 78.5 79.75 78.5 79 78.5 78.5 330 25,920 79.25 80 80.3 80.3 79.9 80 3,100 248,016 SMC PREF 2X TECH PREF B2C 8.35 9 8.37 8.37 8.37 8.37 200 1,674 TECH PREF B2D 6.89 7.49 7.4 7.5 7.4 7.5 200 1,490 TOP PREF A1 100 100.3 100 100 100 100 680 68,000 TOP PREF A2 101.2 101.7 101 101.7 101 101.7 30 3,037 -

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.51 3.7 3.45 3.51 3.45 3.51 15,000 52,590 4.09 4.19 4.06 4.09 4.06 4.06 10,000 40,710 1.1

SM A L L, M ED I U M & EM E R G IN G HAUS TALK ITALPINAS KEPWEALTH MAKATI FINANCE XURPAS

1.36 0.68 1.35 2 0.195

1.15

1.09

1.16

1.09

1.15

13,000

14,790

1.37 0.7 1.43 2.38 0.21

1.36 0.67 1.36 2.39 0.202

1.38 0.7 1.36 2.39 0.21

1.36 0.67 1.36 2.39 0.193

1.36 0.7 1.36 2.39 0.21

402,000 59,000 2,000 1,000 390,000

547,560 40,100 2,720 2,390 76,950

-10,350 1,940

EXHANGE TRADE FUNDS FIRST METRO ETF

104.3

-3,510 -20,300

104.8

104 104.8 104 104.8 2,310 241,194 -27,456

www.businessmirror.com.ph

Customers of Nvidia notified about AI-related price hikes

OME of Nvidia Corp.’s biggest customers have been told that the prices of servers containing its artificial intelligence (AI) chips are going up more than 15 percent in many cases with memory chip costs soaring.

The price hikes will go into effect on systems shipped early next year and will impact systems including those with the flagship Vera Rubin and Grace Blackwell chips, according to people familiar with the process, who asked to not to be identified commenting on communications that haven’t yet been made public. The increases will depend on the generation of Nvidia chips and the memory configurations, they said. Companies who build the servers under contract for large data center operators such as Microsoft Corp., Alphabet Inc.’s Google and Oracle Corp. have recently notified their cus-

tomers of the forthcoming increases, the people said. Nvidia representatives didn’t respond to requests for comment. The inability of the industry’s most dominant company to hold the line on prices or absorb growing costs shows how much leverage makers of memory chips – Samsung Electronics Co., SK Hynix Inc. and Micron Technology Inc.--have amid a surge in demand for AI infrastructure. Major technology companies including Apple Inc. and Qualcomm Inc. have recently said they’ve been forced to charge more for their products because of chip shortages. Nvidia’s accelerator proces-

STOCK-MARKET OUTLOOK

sors are the heart of computers that create and run AI software. Their effectiveness depends on how much dynamic random access memory, or DRAM, they are paired with. The two Korean companies and Micron account for most of the world’s production of that type of chip. While they’ve been increasing output, they still haven’t caught up with surging demand. That’s driven the price of the commodity-like components up massively and given their manufacturers unprecedented influence in technology. Nvidia is one of the most profitable companies in semiconductors. It’s able to charge tens of thousands of dollars per chip because supply — from contract manufacturer Taiwan Semiconductor Manufacturing Co. — still can’t meet runaway demand. The company has a gross margin, or percentage of sales remaining after deducting the cost of production, of 75 percent. Originally derived from PC gaming chips that sold for hundreds of dollars, AI accelerators have seen prices being

MUTUAL FUNDS

driven up by incessant demand and, as yet, a dearth of viable alternatives for Nvidia’s offerings. Nvidia has also raised prices for its gaming-oriented PC graphics cards, industry news site Tom’s Hardware reported earlier this month. How Nvidia’s customers react to this latest move and whether it will create an opening for its competitors will likely depend on whether they’re able to secure enough memory themselves. Major customers like Amazon, Microsoft, Google and Meta are all pursuing their own in-house chip programs but are still dependent on purchases from Nvidia for their data center build-outs. Their ability to push forward with greater independence will also depend on their access to supply from Samsung, SK Hynix and Micron. The price increases are also likely to add complexity to the industry’s massive AI data center build-out ambitions. Project delays, labor shortages, tightening capital markets and community resistance to developments have already complicated many plans. Bloomberg News

August 20, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES)

LAST WEEK SHARE prices fell on renewed concerns over the situation in the Middle East, which took center stage again as the United States-Iran ceasefire ended without a deal. The benchmark Philippine Stock Exchange index declined 58.84 points to close at 6,238.46 points. Trading was still tepid during the four-day work week and this reflects poor confidence, according to Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc. Average value of trade reached P5.86 billion. Foreign investors, who cornered 40 percent of the trades, were net sellers at P2 billion. Other sub-indices ended mixed. The broader All Shares index fell 3.94 points to close at 3,435.23 points, the Financials index declined 0.67 to 1,942.01, the Industrial index gained 79.45 to 8,187.94, the Holding Firms index shed 67.73 to 4,474.51, the Property index was down 1.38 to 1,904.73, the Services index retreated 54.06 to 3,363.12 and the Mining and Oil index surged 1,344.27 to 19,347.20. For the week, gainers led losers 123 to 96 and 25 shares were unchanged. Top gainers were Harbor Star Shipping Services Inc., Alsons Consolidated Resources Inc., Zeus Holdings Inc., Philippine Realty and Holdings Corp., East Coast Vulcan Mining Corp., NiHAO Mineral Resources International Inc. and Atlas Consolidated Mining and Development Corp. Top losers, meanwhile, were Swift Foods Inc. LFM Properties Corp., Cirtek Holdings Philippines Corp., Primex Corp., ABS-CBN Corp., Sta. Lucia Land Inc. and Seafront Resources Corp.

THIS WEEK TRADING may still be choppy this week as the market weighs on lingering uncertainties against the mixed results of the first half corporate reports. “With no end in sight, tensions between the US and Iran are expected to remain hanging above market sentiment. Especially as global oil prices continue their climb, in turn, setting up higher inflation expectations at home,” Tantiangco said. At home, the Bangko Sentral ng Pilipinas (BSP) is about to have its policy meeting this week. The BSP is seen to be at a critical juncture as they balance elevated inflation against slowing economic growth in their policy decision. The uncertainties in their policy direction may also weigh on the market, he said. Broker 2TradeAsia said it expects the BSP to hold its policy rate steady at 4.75 percent during its August 27 meeting, a view that aligns with growing consensus. It said while several global peers are refining their easing timelines, local policymakers still operate with thinner safety margins. Case in point, the broker noted, is that inflation faces upward bias in August from 6.2 percent in July from a 7.2 percent peak in April. “Combined with the peso trading near P61.50 to P61.80 to the dollar and ongoing foodsupply volatility, the room for early rate cuts looks extremely limited for now.” It advised investors to rotate capital-intensive cyclicals and weather-exposed retail names into cash-generative, high-dividend stocks; particularly, power utilities, telecom operators, and top-tier real estate investment trusts, whose yields still sit above sovereign bond rates. “With Ghost Month typically thinning liquidity and dampening volumes, we are also watching for selective opportunities in speculative names and mining plays that are more excitable while the index attempts to find stabler footing in the 6,100-6,300 zone.”

STOCK PICKS BROKER RCBC Securities Inc. gave a buy rating on ports operator International Container Terminal Services Inc. and upgraded its target price by 10 percent to P1,129 per share. “This implies a compelling total potential return of 23.3 percent, including a 2 percent dividend yield,” the broker said. It said the valuation upgrade is anchored on raised earnings expectations and strong cash flow visibility. “ICT’s long-term growth prospects remain exceptionally strong, underpinned by the rapid commercial integration of new concessions, capacity expansion initiatives and ongoing operational efficiency programs,” it said. ICTSI’s shares closed last week at P960.50 apiece. Meanwhile, the broker also maintained its buy rating on PLDT Inc. and placed a target price on the stock at P1,620 per share. “Our valuation is supported by near-term catalysts, including a potential VITRO REIT listing and anticipated second half revenue acceleration driven by seasonal strength,” it said. “Furthermore, while macro inflation continues to pressure consumer wallets, TEL’s robust Enterprise segment provides a resilient cash flow buffer, one that is well- positioned for long-term expansion as domestic data center demand accelerates.” PLDT’s shares last week closed at P1,198 apiece. VG Cabuag

ALFM GROWTH FUND, INC. -A215.2 -2.07% 1.44% -0.2% -2.37% 0.52% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2642 10.24% 16.55% 9.33% 4.56% 4.75% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.8517 -2.64% -0.28% -1% -4.3% 0.02% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7745 1.43% 4.65% 0.98% N.A5.49% FIRST METRO CONSUMER FUND, INC. -A 0.5107 -13.46% -6.84% -7.22% N.A -8.16% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.3573 -5.19% -1.69% -1.96% -2.34% -0.35% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6537 -2.3% -1.44% -1.95% N.A1.73% MBG EQUITY INVESTMENT FUND, INC. -A 75.98 -1.83% -2.95% -4.73% N.A -15.07% PAMI EQUITY INDEX FUND, INC. -A 42.7594 0% 0.35% -0.7% -2.15% 3.38% PHILAM STRATEGIC GROWTH FUND, INC. -A 451.21 -2.39% 1.04% -0.71% -2.29% 0.38% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6123 6.68% 11.43% 7.06% 1.99% 3.27% PHILEQUITY FUND, INC. -A36.495 3.73% 3.17% 1.66% -0.41% 6% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9628 7.37% 4.53% 2.07% N.A 8.46% PHILEQUITY PSE INDEX FUND, INC. -A 4.6285 1.06% 1.43% 0.32% -1.24% 3.56% PHILIPPINE STOCK INDEX FUND CORP. -A 761.45 0.52% 1.04% 0.03% -1.47% 3.6% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.709 2.28% 1.78% 0.39% -2.78% 0.98% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.1923 -6.45% -1.18% -1.91% -2.92%-0.54% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8537 0.38% 0.64% -0.34% -1.73%3.6% UNITED FUND, INC. -A3.763110.28% 7.24% 3.44% 0.62% 14.47% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.069 0.5% 1.06% N.A N.A 3.5% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0713 0.23% N.A N.A N.A 2.66% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9344 -3.27% -2.58% -2.66% N.A -1.05% PHILIPPINE STOCK INDEX FUND CORP. -A 918.9 0.52% 0.84% N.A N.A 3.66% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 103.9065 0.79% 1.26% 0.36% -1.05%3.89% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2354 29.56% 14.72% 1.24% 3.2% 20.59% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4575 17.31% 16.33% 6.31% 8.9% 10.48% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A,2 1.0791 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1959 2.86% 1.03% 0.12% -0.92% 2.6% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7214 7.82% 5.65% 0.69% -0.7%5.2% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5137 0.07% 0.47% -0.44% -0.68%2.1% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2315 0.39% 6.47% 4.25% N.A-0.17% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0039 1.87% 0.94% 0.69% 0.3% 0.07% PAMI HORIZON FUND, INC. -A3.7725 0.68% 2.92% 0.66% -0.32% -0.46% PHILAM FUND, INC. -A15.9294-1.92% 1.62% -0.53% -0.9% -0.5% SOLIDARITAS FUND, INC. -A2.1215 0.36% 2.08% 0.79% -0.07% 1.01% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4199 -2.44% 0.87% -0.52% -1.29%-0.11% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8992 -3.1% 0.69% 0.39% -1.04% -1.26% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.75 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9799 0.6% 1.95% 0.09% N.A 0.11% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.837 -2.53% 0.3% -1.18% N.A -0.57% -2.77% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8063 -0.23% -1.59% N.A -0.6% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03345 0.87% 1.28% -2.73% -0.76% -2.48% PAMI ASIA BALANCED FUND, INC. -B $1.1607 -1.76% 9.65% 1.3% 2.15% -4.07% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.6822 11.22% 11.98% 3.6% 5.82% 6.44% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2051 4.66% 6.86% 0.35% 2.3%1.83% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.21 2.59% 3.26% 2.6% 2.52% 1% ATRAM CORPORATE BOND FUND, INC. -A 1.9847 2.25% 1.2% 0.61% 0.39% 1.34% COCOLIFE FIXED INCOME FUND, INC. -A 3.6058 1.62% 3.05% 2.18% 3.21% 0.17% EKKLESIA MUTUAL FUND, INC. -A 2.4409 0.75% 3.09% 1.53% 1.39% -0.48% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5095 -1.46% 1.37% 0.57% 1.1%-2.32% PHILAM BOND FUND, INC. -A4.5206 -0.55% 2.71% 0.16% 0.68% -1.94% PHILAM MANAGED INCOME FUND, INC. -A 1.5431 3.19% 4.61% 3.21% 2.94% 1.52% PHILEQUITY PESO BOND FUND, INC. -A 4.3201 1.42% 3.05% 1.65% 1.87% 0.16% SOLDIVO BOND FUND, INC. -A1.1298 2.28% 2.86% 1.72% 1.64% 0.83% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4517 -1.87% 2.35% 1.43% 1.9% -2.51% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8311 -1.68% 1.96% 0.91% 1.31% -2.83% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0078 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.83 2.03% 2.89% 1.78% 1.93% 0.71% ALFM EURO BOND FUND, INC. -A Є223.01 0.3% 1.84% 0.22% 0.53% -0.34% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0556 -2.01% 0.43% -2.62% -0.64% -1.8% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 -1.15% 2.16% -0.31% 0.24%-2.64% PAMI GLOBAL BOND FUND, INC. -B $1.0473 -1.61% 7.7% -0.1% -0.63% -1.2% PHILAM DOLLAR BOND FUND, INC. -A $2.4264 -0.32% 3.26% -0.85% 0.49% -2.16% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0636507 -0.28% 1.68% 0.17% 1.12% -1.24% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8631 -0.76% 2.36% -2.24% -0.76%-2.37% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1855 2.73% N.A N.A N.A 1.64% ALFM MONEY MARKET FUND, INC. -A 152.53 4.21% 4.09% 3.16% 2.85% 2.46% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2228 3.45% 3.78% 3.01% N.A2.1% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5141 3.68% 3.6% 2.97% 2.76% 2.2% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.86 4.17% 4.32% N.A N.A 2.55% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1941 2.53% 3.31% 2.44% N.A 1.51% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.3984 8.1% 4.2% N.A N.A 4.96% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8248 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5478 29.89% 22.03% 13.78% N.A17.4% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.2005 12.54% N.A N.A N.A 7.6% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8149 0.2% 1.64% -3.82% N.A 0.6% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, 2026. 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, 2025. 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE DEBT VEHICLE, INC. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

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

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World Humanitarian Day: Building resilience through business solutions

BSERVED annually on 19 August, “World Humanitarian Day” recognizes the commitment of humanitarian workers in supporting communities affected by conflict, displacement, famine, natural disasters and other crises. It also serves as an opportunity to reflect on our shared responsibility to help build a more resilient, inclusive and sustainable future. In 2024, the number of people requiring humanitarian assistance has more than doubled since 2019, driven by a convergence of new, ongoing, and recurring crises. While humanitarian organizations remain at the forefront of emergency response, the growing need for humanitarian assistance underscores the increasingly important role businesses can play in helping communities to prepare for and respond to these growing challenges. In the face of globalization, humanitarian issues extend far beyond the communities directly affected. A wide range of environmental, social and economic challenges increasingly affect employees, customers, supply chains and broader markets. As these challenges become more complex, organizations are increasingly called upon to look beyond immediate business priorities and consider how they can contribute to the long-term sustainability of the communities they serve. Expectations of businesses have evolved accordingly. Organizations are assessed not only on financial performance but also on the social and environmental value they create. Investors and other stakeholders increasingly recognize that responsible business practices contribute to stronger and more resilient economies. Against this backdrop, integrating “environmental, social and governance” considerations into business decision-making has become an important driver of long-term value creation. One of the most meaningful contributions businesses can make is investing in their people. Organizations are better positioned to navigate uncertainty when they invest in employee development, health, safety and well-being. Such investments strengthen workforce engagement, reinforce an inclusive culture, and enhance organizational resilience, helping maintain business continuity during periods of disruption. Businesses can also extend their impact beyond the workplace by supporting the communities in which they operate. Partnerships with humanitarian organizations, government agencies, and community groups can strengthen local capacity and support recovery efforts. Whether through employee volunteering, skills-based contributions, or knowledge-sharing initiatives, partnerships enable organizations to combine expertise and resources in ways that create more sustainable outcomes. Lasting impact is rarely achieved

through isolated efforts; it is often the result of collaboration and sustained commitment. Responsible business practices further contribute to humanitarian outcomes by addressing vulnerabilities before they become crises. Strong governance, respect for human rights, and responsible environmental stewardship, particularly in addressing climaterelated risks, all play an important role in strengthening resilience. As stakeholder expectations continue to evolve, businesses increasingly recognize that sustainable value creation requires balancing economic performance with positive social and environmental outcomes. As we reflect on “World Humanitarian Day,” R.G. Manabat & Co. joins the global community in recognizing the dedication, courage, and compassion of humanitarian workers around the world. Their commitment to serving others reminds us that lasting progress depends on collaboration, trust, and a shared commitment to creating value for society. Guided by our core values of “integrity, excellence, courage, together, and for better,” we believe that trust is built through actions that create value beyond immediate business outcomes. As a firm, we remain committed to helping clients navigate an increasingly complex environment through quality, integrity, and insight, while supporting the transition toward more sustainable and resilient organizations. We also recognize our responsibility to foster an inclusive culture where our people are empowered to grow, contribute, and make a positive difference in the communities where we live and work. “World Humanitarian Day” reminds us that addressing society’s most pressing challenges requires collective action. Governments, businesses, civil society organizations, and communities each have a role to play. By working together and acting with purpose, organizations can help build resilient communities, create lasting value, and contribute to a more inclusive and sustainable future. © 2026 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent KPMG International, R.G. Manabat & Co. or the BusinessMirror. For more information, you may reach out through ph-kpmgmla@kpmg.com, social media or visit www.home.kpmg/ph.

Editor: Dennis D. Estopace • Monday, August 24, 2026

‘BOP deficit, GIR decline put to test economic resilience’

By Andrea E. San Juan

FORMER central bank official asserts the need to closely monitor the country’s cash flow as a shortfall could choke the peso, which could strangle import prices and “complicate” the inflation outlook. In a commentary issued over the weekend, former Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo explained that while the country’s external position is not yet in crisis, the bigger issue is “direction.” “If BOP [balance-of-payments] deficits persist and reserves continue to fall, external vulnerability could increase and put greater pressure on the Philippine peso,” Guinigundo said. According to him, the peso’s movement, for now, is best seen as a “market assessment” of the degree of confidence—whether the external deficit is temporary and financeable, and whether the reserve buffer remains “credible.” While Guinigundo doesn’t see the latest numbers from the BSP as a sign of a BOP crisis, “they are certainly red flags that the external position deserves closer watching.” Latest data from the BSP showed that the country posted a $1.47 billion BOP deficit in July, bringing the cumulative shortfall in the first seven months to $5.35 billion that, according to Guinigundo, is “already almost as large as the $5.7-billion deficit for the whole of 2025.” Still, the former BSP official said the July number by itself should not be “overinterpreted.” Guinigundo explained that BOP movements can be volatile from month to month, reflecting the timing of government foreign-exchange transactions, debt-service payments, portfolio flows and other financial account movements. June, for one, recorded a $3.4-bil-

lion surplus, he noted. As such, Guinigundo said the cumulative direction matters more than any single month. With this, he said the Philippines continues to run a large merchandise trade deficit, while “weaker investment inflows and tighter global financial conditions can make external financing less predictable.” If these pressures persist, the former central bank official warned the BOP deficit “becomes more than a temporary fluctuation; it becomes a structural vulnerability.” That, he pointed out, is the first red flag. But Guinigundo stressed another data point to keep an eye on—the gross international reserves (GIR), which also declined from $104.7 billion at end-June to about $103.3 billion at end-July. He explained, however, that a onemonth decline does not necessarily mean that the country is losing external strength. “[The] GIR can move because of government foreign-exchange payments, debt servicing, investment income and valuation changes.” At the current $103.2 billion level, Guinigundo said the reserve position remains “substantial,” equivalent to around 6.7 months of imports and 3.7-times short-term external debt, which he said is still a “significant cushion against external shocks.” The concern lies in the interaction between the BOP and the GIR, he said. “If the BOP remains persistently in deficit, reserves will eventually have to absorb part of the pressure

unless the gap is financed by sustained capital and financial inflows.”

Pay attention to peso

ACCORDING to Guinigundo, the interaction between the BOP and the GIR prompts paying attention to the peso. “The exchange rate is ultimately a market assessment of the credibility and sustainability of the country’s external position,” he said, explaining further that a peso at around P61.7-P61.8 to the dollar, after approaching P62 recently, is not in itself “evidence of disorder.” Guinigundo said some depreciation is a normal adjustment when external conditions change. However, he said what matters is why the peso is weakening and how markets perceive the “underlying fundamentals.” “If investors see the BOP deficit as temporary and financeable, with GIR still providing an ample buﬀer, the peso can adjust without triggering a destabilizing cycle.” Guinigundo said. But, he emphasized, if persistent BOP deficits are accompanied by falling reserves, weak capital inflows and growing doubts about the country’s capacity to generate foreign exchange, “depreciation pressure could intensify.” “A weaker peso would then feed into import prices, particularly fuel and other key inputs, and complicate the inflation outlook,” added Guinigundo. As such, he said the central bank does not need to defend any particular peso level at all costs. What it needs to preserve, he emphasized, is “confidence that the foreign exchange market can adjust smoothly and that the country has sufficient reserves and financing capacity to withstand temporary shocks.” With the buffer remaining comfortable, Guinigundo said the bigger policy challenge is “structural.” Looking ahead, the former BSP deputy governor said: “The Philippines needs to strengthen the sources of sustainable foreign exchange— exports, tourism, services, remittances and especially foreign direct investment—rather than depend

on the reserve cushion to compensate indefinitely for an underlying external imbalance.” “The current numbers therefore call for vigilance, not alarm. The Philippines is not facing an external payments crisis. But the widening BOP deficit and declining GIR are early warnings that should not be ignored,” he added.

Resilience being tested

MEANWHILE, Guinigundo also pointed out that the peso nearly breaching the P62-per-dollar level on August 19 was a test of the country’s “macroeconomic resilience.” He explained that while the oil and geopolitical shock explains why the peso fell sharply, it does not “fully explain” why the market was able to push it so close to P62. “The peso had already been under pressure, reaching P61.75 earlier this year.The latest episode therefore provides another test of the country’s external resilience,” Guinigundo said. With the Philippines equipped with “important buffers” such as substantial international reserves, steady remittances, BPO earnings, tourism receipts and a generally sound financial system, he said these are reasons not to equate P62 with a currency crisis. However, he said there are also vulnerabilities that can “amplify” an external shock: the country’s dependence on imported energy, persistent external financing requirements, relatively weak foreign direct investment and concerns about fiscal consolidation and investor confidence. “This is where the peso becomes more than just an exchange-rate issue. It is increasingly a market signal of confidence in the economy’s underlying macroeconomic resilience,” Guinigundo said. As such, he said the market is not testing whether the Philippines can avoid P62 but whether its macroeconomic buffers remain “credible enough” to absorb the shock without turning it into a broader loss of confidence. In that sense, Guinigundo said the peso is becoming a “market price of confidence” in the Philippines’s macroeconomic resilience.

PhilHealth open to losses in bid to expand benefits By Reine Juvierre Alberto @reine_alberto

HE Philippine Health Insurance Corp. (PhilHealth) is willing to accept another year of losses as it expands benefit packages and continues to rely on government funding to sustain the country’s universal health insurance system. Speaking to reporters at the sidelines of a news briefing last Thursday, PhilHealth Senior Vice President for Fund Management Sector Renato Limsiaco Jr. said the insurer’s thrust is to strengthen benefits for members rather than restrain spending to break even. This comes as PhilHealth’s net loss, wider by 21.63 percent year-on-year to P17.902 billion in the first quarter of 2026, is expected to narrow this year. The insurer’s expenses, mostly for

benefit claims, amounted to P99.893 billion in the first quarter, outpacing income at P77.047 billion. For the full year, PhilHealth expects benefit claims to reach P378.786 billion, which will be funded by premium contributions worth P246.920 billion, along with government subsidy, interests and other income and retained earnings. Subsidy from the national government, such as the P53 billion in shares from sin taxes and P16 billion earmarked for benefit improvements, will also support PhilHealth’s operations this year, Limsiaco said. “Right now, I can’t see that we’re going to break even because if you’re going to break even, you control the expenses,” Limsiaco said. “But we still have retained earnings. We still have reserve funds. Why would we control the expenses? People need support.”

As of end-March, PhilHealth’s retained earnings stood at P76.244 billion and will be boosted by the P60 billion returned by the national government last April. To recall, PhilHealth remitted P89.9 billion of its reserve funds to the Treasury in 2024 to fund the unprogrammed appropriations in the national budget. “If it is not enough, we still have a buffer that we can use to cover the requirements,” Limsiaco said. “We can still manage it. We just need to push for the [national government] counterpart so that we can continue covering the costs.” PhilHealth has initially requested a budget of P370 billion for 2027 to implement its expanded benefits. However, the government only accommodated P74.448 billion under the 2027 National Expenditure Program, slashing PhilHealth’s proposal

by nearly 80 percent. This is also 74.32 percent lower than this year’s allocation of P129.782 billion. PhilHealth ’s financial sustainability is becoming strained as benefit claims are rising faster than its premium collections, driven by the insurer’s tack to ramp up benefit packages and widen healthcare coverage for its members. In 2025, PhilHealth rolled out its “Yaman ng Kalusugan” program, or “Yakap” (embrace), offering an expanded package of accessible health services, including primary care checkups, medicines, basic laboratory tests and screening. Limsiaco said Yakap could contain the increase in benefit claims of hospitals, as greater access to primary care, early detection and early treatment would reduce the need for more expensive hospital-based care.

Sen. Aquino pushes for blockchain bill OK amid focus on flood funds misuse By Butch Fernandez @butchfBM

HE recent flooding from serial typhoons and the southwest monsoon, which raised alarm anew over stolen flood-control funds, warrant urgent passage of a bill adopting blockchain in the budget process, in order to ensure transparency and cut avenues for corruption. That’s according to Senator Paolo Benigno “Bam” A. Aquino, who at the weekend renewed his call for the passage of his “Citizen Access and Disclosure of Expenditures for National Accountabil-

ity,” or “Cadena” (chain) Act, also known as the “Blockchain the Budget” Bill. Aquino underscored the urgent need for greater transparency in government spending as the country was battered by heavy rains that caused severe flooding. The proposed Cadena Act, approved by the Senate in December 2025 with a 17-0 vote, has been pending in the House of Representatives for seven months despite support from several members of the Lower House, noted Aquino. Senate Bill (SB) 1506 requires all government agencies to upload and regularly maintain detailed budget-related documents—including contracts, project

costs, bills of materials, and procurement records—on a Digital Budget Platform. The system is designed to ensure that all files are publicly accessible, tamperresistant, traceable, open-source, and verifiable. Government officials who fail to disclose required documents or upload fraudulent information may face administrative and criminal penalties. “This has been pending for seven months. A number of colleagues in Congress are pushing it also. But for some reason, it has not been passed in the House,” said Aquino, chairman of the Senate Committee on Science and Technology.

He noted that the proposed bill was previously ranked third among the Legislative-Executive Development Advisory Council (Ledac) priority measures but is now ranked 41st. “I have a commitment from our leadership that going down in rank from 3 to 41 means it’s no longer on the list. It’s still listed as priority. So I’m happy it’s still in the Ledac list, [but] I’m hoping more [lawmakers] can be with me in pushing the House to pass it,” he said. Aquino said passage of the bill has become more urgent amid renewed flooding and public attention on the alleged misuse of government funds,

particularly in flood control projects. “Now that destructive floods are here again, we are drawn anew to the issue of budget misuse in the past year. The best way to address corruption is to have full transparency and to push for this. It’s a technological solution to our corruption problems,” he said. By making the budget fully transparent, the measure would allow the public to track not only where funds are allocated but also how their taxes are actually spent. “One possible means to fight corruption is to made the use of money fully transparent. If we have the system up

and it’s fully transparent, I think this is one of the best weapons against corruption,” Aquino said. For Aquino, passing the bill would form part of the broader effort to address the public’s demands amid the flood control controversy—holding those responsible accountable, recovering public funds, and reforming the system to prevent similar problems from recurring. “The task of the Senate and House is to reform the system. And we have a chance to actually change the system, make it stronger against corruption, make it more transparent and hopefully safeguard the people’s money,” he said.

B4 Monday, August 24, 2026

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WHAT’S IN A NAME? Why naming storms, military operations and medical maladies matters By Taylor Heyman The Associated Press

S hurricane season is gearing up. And from Amanda and Boris onward, tropical cyclones’ names in the Pacific region are unfolding quickly.

But why the monikers each year? Or at all? Humans have given names to the world around them for almost as long as language itself has existed, but formal naming practices for storms and other events of national and international importance are a relatively new phenomenon. Names of military operations (“Operation Epic Fury”), hurricanes (Hugo, Andrew, Katrina, etc.), diseases (COVID-19) and even companies need to serve purposes other than just differentiation. They need to tell stories. “Look around in your home. Who or what has a name? Your family members, your pets. You may even have named certain objects of significance,” says Shannon Murphy, CEO of Nameistry, a firm that helps companies and entrepreneurs develop their brand identities. “If it’s got a name, it has meaning in some way, and it’s going to come up in conversation or other types of communication.” The World Meteorological Organization, which manages the naming of tropical storms worldwide, says assigning a moniker is “proven to be the fastest way to communicate warnings and raise public awareness and preparedness,” as well as limit confusion when more than one cyclone is moving through. They can also help with research and record-keeping. Tropical storms the world over are named on a set of pre-agreed alphabetical lists decided by five tropical cyclone regional bodies. Some of these are cyclical, returning to the same lists every few years, starting at “A” with the first storm of the given year; others start a new list every year. Those covering the Atlantic region skip names beginning with Q, U, X, Y and Z because examples are difficult to find. Until 1979, the United States used only female names, but now it alternates. For example, Amanda’s successor in the Eastern North Pacific storm region is Boris, and residents of the Caribbean Sea, Gulf of Mexico and the North Atlantic region have already seen Arthur and Bertha.

Military operation names have evolved (thanks to Churchill) WHILE storm names are designed to be memorable and simple, they are not necessarily trying to elicit feelings. Neither were military operation names, which functioned to maintain secrecy and to differentiate one from another until British Prime Minister Winston Churchill changed the nomenclature to suit the broader aims of the allies in World War II. “In the Second World War, names such as Overlord, Torch or Husky were planning code-names,” says Ruben Stewart, senior fellow for land warfare at the International Institute for Strategic Studies. “Churchill’s intervention in the naming of Operation Overlord,” Stewart said, referring to the Allied push that began with D-Day, “reflected a broader wartime realization that operation names mattered.” In a 1943 memo to his wartime chief of staff discussing code words to be used during World War II, Churchill argued operation names should not imply a “boastful and

FLOODWATERS from Hurricane Katrina fill the streets near downtown New Orleans on Aug. 30, 2005. AP/DAVID J. PHILLIP overconfident sentiment” or be “frivolous.” The prime minister added that effort should be made to identify names that “do not suggest the character of the operation or disparage it in any way and do not enable some widow or mother to say that her son was killed in an operation called ‘Bunnyhug’ or ‘Ballyhoo.’” Subsequent conflicts morphed naming practices, with the US military choosing two-word operation names and the United Kingdom sticking with one. Today, British military code names are automatically generated, but US military operations remain evocative. This means joint operations can end up with different names: The military response to the 1991 Gulf War was famously dubbed “Operation Desert Storm” by the U.S. military, while the British opted for “Operation Granby.” Stewart says the post-Korea/Vietnam and post-Panama periods mattered for setting the tone in US military monikers, with Operation Killer during the Korean War in 1951 causing “obvious public-affairs problems,” while the US invasion of Panama being “Operation Just Cause” showed how an operation name could be “deliberately framed for legitimacy,” he said.

A US Marine field hospital is set up in the Saudi Arabian Desert on Jan. 17, 1991, as part of Operation Desert Storm. AP/MIKAMI

In the case of a particularly devastating storm, either by death toll or damage, names can be retired and replaced with new ones. Consideration is given to clarity. “There have been names that are hard to pronounce, and I think people try to refrain from using those because we want them to roll off the tongue pretty easily,” said Robbie Berg, a warning coordination meteorologist with the National Hurricane Center.

The practice of naming major events is continually evolving

BRITAIN’S Prime Minister Winston Churchill and his wife Clementine tour Churchill’s constituency of Woodford, in Essex, England, as part of the Conservative’s General Election campaign, May 26, 1945. AP/EDDIE WORTH

Recent years have brought more colorful monikers WHEN the U.S. war with Iran began in February, it was dubbed Operation Epic Fury, a name President Donald Trump said he selected from a list of 20. Some have criticized the rise of more bombastic names, including

immigration raids titled Catahoula Crunch in Louisiana and Operation Dirtbag in Florida—and the naming of detention facilities like Florida’s “Alligator Alcatraz.” “A name can signal purpose, reassure domestic audiences, sustain coalition legitimacy, deter adversaries and give service personnel a shorthand identity for what they are doing,” Stewart says. “The best names are clear, sober, memorable, culturally safe and politically defensible.” Getting a name’s feel or connotation wrong can have huge consequences, despite it being only a sliver of an operation. The U.S. war on terror after 9/11 was originally Operation Infinite Justice, but it was changed to Operation Enduring Freedom after concerns that US allies in the Middle East would be offended. Muslims believe only God can deliver the concept of infinite justice. Not all names are designed to last. Twice in the last 25 years, the Atlantic weather region exhausted all the names on its annual list and had to resort to using the Greek alphabet to name storms. Now, Berg says, a supplementary list of names sits at the ready.

INFAMOUS storms with retired names include Sandy, which struck Jamaica, Cuba and the east coast of the United States in 2012, killing 182 people; and Katrina, which struck the U.S. Gulf Coast in 2005, killing nearly 1,400. Both caused widespread property devastation. The names won’t surface again; they were replaced by Katia and Sara. Practices also change over time. Historically, diseases and medical conditions were often named after the people who identified them or places they were identified— think of Alzheimer’s disease or Ebola—but the World Health Organization now advises against this practice. “There is a deliberate move away from terms like ‘swine flu’ or ‘Spanish flu,’ which underscores how powerful a name and its associations can be,” Murphy said. “Once it sticks, it’s hard to unstick it.” There is scant research into the exact impacts of naming. Andrew Charlton-Perez, a meteorologist and head of the School of Mathematical, Physical & Computational Sciences at the University of Reading, called for more studies in the field as the climate brings more frequent and extreme weather events. “As our climate becomes more extreme,” he said, “there is always the need to think about how to better communicate to avoid harm.” One possible alternative: crowdsourcing. In Britain and Ireland, people can submit ideas for storm names and try their hand. They might get lucky—depending on which way the wind blows.

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Editor: Gerard S. Ramos • Monday, August 24, 2026

Rebornne: The next-gen skin booster A TRIBUTE TO NEW YORK CITY WITH TWO NEW URBAN-INSPIRED TOMMY HILFIGER FRAGRANCES

TOMMY Hilfiger unveils Tommy New York and Tommy Girl New York, two new fragrances that celebrate the bold, optimistic spirit of New York City. The new scents embody the energy and unstoppable rhythm of the place they call home—two distinct journeys fueled by the same pulse, always in motion, carving paths through a playground of endless possibility. In a nod to NYC’s vibrant energy, Tommy New York opens with an aromatic lavender, followed by an energetic trio of spices: coriander, cardamom, and pink peppercorn, and finishes with rich notes of cedarwood, for a bold, woody trail. Bright and confident, Tommy Girl New York begins with sparkling bergamot, blended with the sweet and floral heart of rose. The scent ends by revealing notes of patchouli, leaving a radiant and rich trail. The fragrance bottles are inspired by elevated perspectives on urban life with Tommy New York in a skyline-inspired blue and Tommy Girl New York in sundown pink, both accented with takes on the brand’s iconic flag logo. The cap retains the sleek, silver button design of the original fragrance in a timeless tribute to Tommy Hilfiger’s signature denim. Tommy New York and Tommy Girl New York were created in collaboration with renowned perfumer Christophe Raynaud, who blended his distinctive fragrances with notes that speak to the passionate energy of New Yorkers. Tommy Hilfiger Fragrances are exclusively distributed by Rustan Marketing Corp. and available in-store at Rustans, The SM Store, The Landmark, Metro, Royal Duty Free, and online at Rustans.com and Zalora.

Bea Borres kicks off weekend of beauty with Tiktok Live before Ever Bilena takes over Ladurée BGC THE EB Coquette girlies have a full weekend planned this month. First up, a TikTok Live with Bea Borres on August 27, giving everyone a first look at the collection before it hits retail shelves. Then, on August 29, Ever Bilena is taking over Ladürée BGC for one day only. Because if there’s one place that gets the whole soft, pink, a-little-indulgent vibe of EB Coquette, it’s a French patisserie. And since a coquette girl’s hair era matters just as much as her makeup, the TikTok Live is also where Ever Bilena is unveiling its first-ever collaboration with Monday Hair. From August 27 to 29, anyone who shops EB Coquette on TikTok Shop gets a free Monday Hair mini thrown in (while stocks last), so don’t sleep on it. Additionally, anyone who grabs the EB x Ladürée Latte + Macaron Set at the pop-up on August 29 gets a free EB Coquette Bisou Juicy Tint thrown in. You can pre-order your slot exclusively through Ever Bilena’s TikTok Shop by searching the “EB Bisou Juicy Tint Ladürée Set.” And it’s not just shopping. The whole day is set up as an experience, with a photobooth, a bloom bar in collaboration with Petalier, on-the-spot product customization, and first dibs on exclusive EB Coquette merch you won’t find anywhere else. “We want people to be able to step into EB Coquette, not just scroll past it. Ladürée feels like the perfect match—soft, luxe, and romantic in exactly the way our new collection is. We can’t wait to see everyone there in person,” said Denice Sy, chief sales and marketing officer of Ever Bilena Cosmetics Inc. Slots for the Ladürée BGC pop-up are limited and open for pre-order now on TikTok Shop.

S it expands across Asian aesthetic markets, a new injectable treatment approach from South Korea called Rebornne finds a partner in Pink Ventures Inc. in the Philippines. Rebornne, a next-generation regenerative aesthetic product, uses “human acellular dermal matrix [hADM] derived from human tissue to support biocompatibility, tissue remodeling, and structural skin restoration.” As per The Korea Herald, Rebornne acts as a natural extracellular matrix (ECM) scaffold to aid dermis remodeling and tissue regeneration rather than just adding volume, and was developed via advanced Korean biomedical technology by JD Bio and GC Wellbeing. At its launch on August 21 at Shangri-La The Fort, Taguig City, Rebornne’s visual identity was established while the concept of skin architecture, Korean innovation and the next era of regenerative aesthetics were introduced. Hosted by GMA actor Migs Almendras, the event was attended by doctors, clinic owners, and business partners.

EVOLVING AESTHETIC NEEDS

“[IT] is a meaningful moment for us because this launch represents something we value deeply: bringing globally developed aesthetic solutions closer to Filipino doctors, while creating partnerships that can grow with the evolving needs of our industry,” said Mary Grace Juliano, CEO and founder of Pink Ventures Inc., in her welcome remarks. “We are honored to begin this journey together with JD Bio and GC Wellbeing. For me, a successful launch is not simply about bringing a product into the country. It is about creating the right environment for that product to succeed—through proper education, strong medical partnerships, continued support, and trust between the brand, the distributor, and the physicians who use it. That is the kind of foundation we want to build for Rebornne in the Philippines,” said Juliano. Juliano is well aware that as the aesthetic-medicine industry continues to evolve, doctors are becoming more discerning, patients are becoming more informed, and expectations are becoming higher. “These challenge all of us to keep improving—not only in the products we offer, but also in the quality of education, service and support that surrounds them,” she assured. “Our commitment at Pink Ventures

is to make sure that Rebornne is introduced to the Philippine market with that same standard in mind. We are not simply launching a brand. We are opening a new chapter—and we are proud to begin it with all of you.”

THE PHILIPPINE PERSPECTIVE

THE launch represented a partnership built around innovation, education and the exchange of expertise. A Philippine Key Opinion Leader, Dr. Erwin Brian T. Tan, presented the Philippine clinical perspective on why Rebornne matters to local aesthetic practice. “Patients increasingly ask for a natural, healthylooking skin. Healthy skin rewards thoughtful control of inflammation and recovery. Sun, heat and humidity degrades the collagen and elastin in the skin. A scaffold-based story is logical,” said Tan, further explaining: “For Filipino patients, Rebornne is a new option. Do you want volume? Do you also want the elasticity of the skin to improve? We’re giving them all of these options. Because if you don’t give them these options, the internet will. For Filipino physicians, we are giving a new tool that can be used.

“And in the Philippine aesthetic market, we are giving a hopeful new direction. Because now, we already understand and we now have a way on how to recreate that youthful skin by creating a wonderful scaffolding material.” And Tan stressed: “The promise to explore is tissue quality—not a different face.”

THE KOREAN PERSPECTIVE

MEANWHILE, Dr. Arim Min of the Min & Min Clinic in Seoul, shared the Korean perspective on skin regeneration, hADM and the evolving field of regenerative aesthetic science. In her talk, Min defined hADM as “a biomaterial created by removing all cellular components capable of triggering immune rejection from donated human skin tissue, leaving only the essential Extracellular Matrix (ECM) framework such as collagen and elastin. In saying that Rebornne is “the next generation skin booster,” Min cited the effects of using the product: “skin health and anti-aging; improved elasticity, fine line, texture, pore reduction, safe improvement for undereye area, safe improvement for neck wrinkles, and acne-scar improvement.”

MARY GRACE JULIANO, CEO and founder of Pink Ventures Inc.; Rebornne, which leverages the human acellular dermal matrix PHOTOS FROM NICE PRINT PHOTOGRAPHY

Enchante launches with 30-piece desaturated blush collection

THERE are so many Filipino beauty brands in the market right now and the great thing is that most of them (at least those you find in drugstores and department stores) are wellformulated and FDA-notified or -approved. Enchante was quietly

LADÜRÉE LATTE, EB Coquette Bisou Juicy Tint and Macaron set

launched on social media a few months ago and the brand’s first product was the Blush Kiss Soft Blur Powder Blush in 30 shades. I received the PR box, a pretty small lilac suitcase, and when I opened it, I realized that most of the colors were in the desaturated blush style. This style uses muted shades with reduced color intensity by mixing in gray or brown undertones for a soft, watercolor and natural skin-like flush. So Enchante divided the collection into different moods: Sweetheart (mostly pinks), Daily Espresso Comfort (browns), Cool-girl (lilacs and mauves), and Fresh Juicy Pop (corals and peaches). Each blush is encased in a plastic container and embossed with the likeness of Mimo, who is the brand’s mascot. At first swipe, I expected the blush to be powdery but it wasn’t. I also expected to swipe several times before pigment would show on my skin but the blush was quite pigmented (the first color I tried was Petal P03, a light warm rose pink). I thought it would not be long-lasting because the shades are quite light and again, I was wrong. Enchante Blush Kiss Soft Blur Powder Blush lasted around six hours on my face and that is quite good. My other picks from the collection are Peony P02 (light muted warm blush), Fifi P10 (muted medium berry rose), Crema N04 (light muted rose beige), Cookie N03 (medium warm terracotta rose), and Fig M03 (medium muted warm pink). This is what I mean when I say we’re lucky that many Filipino brands are churning put products that are actually good and can compete with international brands.

ENCHANTE has muted hues and bright colors for the cheeks PHOTO FROM @ENCHANTEOFFICIAL ON INSTAGRAM

I wish Enchante would come out with basic products that students and young professionals could use to curate a simple makeup kit. For example, a translucent face powder, a face brush, and lip gloss Enchante blushes are priced at P239. You can find them on Shopee.

Monday, August 24, 2026

Double the win: Two-for-one money habits that grow your wealth without feeling like a sacrifice

orget strict self-denial. Being “good with money” no longer means resisting the urge to “add to cart” and having to choose between spending, saving, or investing. Today’s smartest financial habits are about making one decision that accomplishes two goals at once. Two-fold financial habits create simple, intentional routines in which every financial move sparks another win like treating yourself to a long-awaited purchase while automatically funding your future. In fact, saving and investing don’t just pay off in the long run. They can also turn every deposit into an instant thrill today. Have P1,000 to save? What if it could win you a brand-new motorcycle or laptop? If you want to make your money work twice as hard and score epic prizes while doing it, here are habits to help you spend smarter, grow your wealth, and even get rewarded along the way:

Buy One, Invest One

Retail therapy doesn’t have to come with buyer’s remorse. Every time you indulge in a non-essential purchase, match 10 to 20 percent of that amount into your savings or investment account. Bought a pair of shoes for P500? Invest P100 or put it towards your savings. It transforms every splurge into a reminder that while you’re enjoying today, you’re also looking out for tomorrow.

Reward Yourself Responsibly

Bonuses, cashbacks, tax refunds, or unexpected windfalls don’t have to be an

all-or-nothing affair. Instead of spending the entire amount or locking it all away, split it between present and future you. Maybe half goes toward a nice dinner or a weekend getaway, while the other half goes into your emergency fund or investments. This way, you get to celebrate your wins without putting your long-term goals on hold.

Round-Up Investing

Make financial habits effortless by rounding your purchases up to the nearest convenient amount and saving or investing the difference. If your coffee costs P185, round it up to P200 and stash the extra P15 away. It may not seem like much at the moment, but constantly saving can stack up into a meaningful fund without requiring major lifestyle changes.

Save and Win

With the right routines and financial tools, growing your money becomes less about sacrifice and more about unlocking exciting rewards along the way. GCash makes that possible by turning smart financial habits into rewarding opportunities through two promos. The beauty of two-fold financial habits is that they make consistency effortless. Instead of relying on willpower alone, GCash builds in daily motivation by letting you earn raffle entries and instant prizes every time you save or invest:

No need to wait until payday to start winning. Simply open the GCash app each day, and tap on any eligible product, such as GSave or GFunds, to unlock one free daily shake. Every shake automatically earns you one raffle entry for a chance to win P10,000 in cash, while also allowing you to score instant shopping vouchers worth P1, P50, or P200 on the spot. Ready to level up your wealth? Save or invest at least P1,000 in eligible Wealth Management products like GSave or GFunds to earn one raffle entry per P1,000 deposited (for GSave, funds must remain in the account for at least seven days). The promo is open to both new and existing users, giving everyone a chance to win exciting prizes throughout the campaign. Up for grabs are: Three PHP 50,000 cash prizes Three MacBook Neo 256 GB laptops (plus one PHP 10,000 cash winner) Three iPhone 17 256 GB units (plus one PHP 10,000 cash winner) Two PHP 100,000 cash prizes (plus one PHP 10,000 cash winner) One Yamaha Aerox (plus one PHP 10,000 cash winner) And the campaign’s grand prize of PHP 500,000 in cash (plus one PHP 10,000 cash winner) With GCash, every smart financial decision can also come with exciting rewards, proving that the best money habits are the ones that help you grow your wealth while giving you something to look forward to along the way. To open an account on GSave you must be a Filipino Citizen, at least 18 years old, and a fully verified GCash user. Ready to grow your money? You may access GSave through the GCash dashboard or find it under “Grow.” No GCash yet? Download the GCash App on the Apple App Store, Google Play Store, or Huawei App Gallery. Kaya mo, i-GCash mo!

Over 100M in cash prizes to be given away in ‘Ginuman Na! Ginebra Na! Ginstanalo Promo!’

INEBRA San Miguel Inc. (GSMI) is giving consumers more reasons to celebrate as it launches the nationwide “Ginuman Na! Ginebra Na! Ginstanalo Under-the-Seal/ Under-the-Cap Promo!” offering millions of pesos worth of cash prizes, including five grand prizes of P1 million each. Running until November 15, 2026, the under-the-seal and under-the-cap consumer promo covers three GSMI brands: Ginebra San Miguel, Primera Light Brandy, and Freedom Island Light Rum. For Ginebra San Miguel consumers, the excitement is clear with major cash prizes of P100,000 and the much-awaited five P1 million grand prize by simply looking under the seal or cap of the participating GSMI products they buy. Participants can also win semi-major cash prizes, with P20,000 from Primera Light Brandy, P10,000 from Ginebra San Miguel, and P5,000 from Freedom Island Light Rum. Over P100M cash prizes are up for grabs in this year’s Ginstanalo promo, which will be the biggest in GSMI’s history. Consumers also have the chance to instantly win cash prizes by checking the promo seal or cap of participating products. Lucky buyers of Ginebra San Miguel can instantly win P10, while Primera Light Brandy and Freedom Island Light Rum offer instant cash prizes of P20. The promo covers Ginebra San Miguel Round, Frasquito and Frasco bottles, with winning codes found under the promo seals. Participating Primera Light Brandy (750 mL and 1 L) and Freedom Island Light Rum (750 mL) bottles carry winning codes under their promo caps. Through the “Ginuman Na! Ginebra Na! Ginstanalo Promo!” GSMI continues its tradition of bringing excitement and rewarding loyal consumers across the country. . Complete promo mechanics, participating products, and prize redemption details are available on Ginebra San Miguel’s official Facebook page (www.facebook.com/ BarangayGinebra), Ginebra San Miguel website (https://www.ginebrasanmiguel.com) and at participating outlets nationwide. GSMI is the producer of the world’s largest-selling gin, Ginebra San Miguel. Its other quality products include GSM Blue Mojito, GSM Blue Lychee Martini, GSM Blue Margarita, GSM Blue Gin Pomelo, GSM Blue Light Gin, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Archangel Reserve Premium Dry Gin, Antonov Vodka, Freedom Island Light Rum, Primera Light Brandy, the Philippines’ no. 1 Chinese wine Vino Kulafu, and Vamos Tequila Gold.

Sweet pizza is the new meta with Pizza Hut’s Sweet Golden Collection

SM FOUNDATION EXEC HONORED SM Foundation, Inc. Project Manager for Health and Medical Programs Mr. Albert Uy (4th from left) was recognized during the Stakeholders’ Night 2026 to honor valued partners of the Medical Center, Armed Forces of the Philippines. The events brought together 25 valued partners from the government, private sector, non-government organizations, military units and healthcare institutions who were feted for their unwavering support and significant contributions to the Center’s mission of delivering quality healthcare. It underscored the importance of strong partnerships and collaboration to enhance healthcare services, advance medical capabilities and improve patient care for members of the AFP, their dependents and other authorized beneficiaries. Also in photo are AFP Medical Center officials led by BGen Erickson L. Gob, Commander, AFP Medical Center (3rd from left).

Official opening of “Hiraya: Beyond the Gallery” featuring from left Mayann Malapote, Hotel Manager, Belmont Hotel Manila; Brix Tan, Featured Artist; and Sonny Alvaro, Cluster General Manager, Megaworld Hotels & Resorts.

Belmont Hotel Manila celebrates Filipino creativity with Hiraya: Beyond the Gallery

ELMONT Hotel Manila continues its commitment to championing Filipino creativity with Hiraya: Beyond the Gallery, featuring the first solo exhibition of Filipino landscape photographer Brix Tan. The exhibition brings Tan’s collection of fine art landscape photography into the hotel, offering guests and visitors an opportunity to experience the beauty of the Philippines through his lens. The exhibition is the latest chapter of Hiraya, the hotel’s platform for Filipino artists and creatives. Since its inception, Hiraya has provided a space for local talent to showcase their work and connect with new audiences, bringing Filipino art beyond the traditional gallery setting. For Tan, the exhibition marks an important milestone in his photography journey. “As a fine art landscape photographer, this is my Hiraya. To have my own solo exhibit, to share and showcase the beautiful landscapes of the Philippines,” Tan shared. The collection presents Tan’s perspective of the Philippine landscape, featuring photographs from destinations including Batanes, Zambales, Mt. Pulag, Quezon, Batangas, Baler, Albay, and SOCCSKSARGEN. Among the featured works are “Tenacious,” capturing the rugged coastline of Ivana, Batanes; “Gatekeeper,” featuring the Sabtang Lighthouse and its connection to Ivatan heritage; and “Generations,” which uses mangroves along Sarangani Bay to reflect on environmental responsibility and the future. Adding another dimension to the exhibition is Tan’s LUMIBOX Series, where selected photographs are presented as illuminated fine art pieces, offering a

F you’ve ever shared a pizza feast with family or friends, you’re probably familiar with how the meal usually ends. Long after the last slice is gone, someone starts browsing the menu again in search of something sweet. But Pizza Hut’s newest offering proves that dessert doesn’t always have to come after a meal. Satisfy your sweet tooth with the new Sweet Golden Collection, a limited-time lineup that transforms two well-loved favorites, mango cheesecake and turon, into indulgent pizzas served on Pizza Hut’s signature Mega Crunch Pizza crust. Whether you’re capping off a feast or simply satisfying that sweet craving on a random Tuesday afternoon, the new collection offers a fun new way to enjoy familiar flavors! Mango cheesecake has long been a crowd favorite, but have you ever imagined it in pizza form? The Mango Cheesecake Bliss brings together a smooth, velvety base made with sour cream and cream cheese, complemented by mozzarella for added richness. Fresh mangoes add bursts of fruity sweetness, while marshmallows and cheesecake cubes create layers of creamy indulgence in every bite. Finished with a sweet cream drizzle, it delivers the tangy, sweet, and creamy flavors people love about mango cheesecake, now reinvented in an unexpected format. What makes it even more enjoyable is the contrast in textures. The rich toppings rest on Pizza Hut’s Mega Crunch Pizza crust, creating a satisfying combination of creamy, fruity, and crispy elements that keeps you reaching for another slice! Turon is already a beloved Filipino snack, but Pizza Hut gives it

distinctive way of experiencing the Philippine landscape. An accomplished HR executive and entrepreneur, Tan has developed his photography practice over the years and has been recognized in international competitions for landscape and cityscape photography. His work combines technical composition with personal connection, using photography to tell stories through the places he encounters. His commitment to the arts also extends beyond his own practice. Tan founded Montage Art Collective in 2021, an initiative that supports local painters, sculptors, and fine art photographers by helping them gain opportunities to enter the art scene and showcase their work. This shared advocacy for Filipino artists is at the heart of Hiraya. By opening its spaces to creative collaborations and exhibitions, Belmont Hotel Manila continues to create opportunities for local artists while allowing guests, travelers, and the wider community to discover Filipino art in an accessible setting. The featured artworks are available for purchase in limited editions, giving collectors and art enthusiasts the opportunity to own selected pieces from Tan’s first solo exhibition. Several works, including pieces from the LUMIBOX Series, are produced in editions of only ten. Hiraya: Beyond the Gallery featuring Brix Tan is open for viewing at the hotel lobby until September 30, 2026. The complete collection and artwork details are available through the digital catalogue at qrco.de/ HirayaBeyondTheGallery. For inquiries and purchases, guests may approach the hotel team during their visit.

a surprising twist with the Golden Turon Pizza! Here, the deep sweetness of caramelized banana meets fragrant strips of langka, instantly recalling the flavors of freshly made turon. Marshmallows and mozzarella melt into a rich layer across the pizza, while crispy thin-crust strips add an extra crunch to every bite. A light dusting of powdered sugar completes the experience with just the right touch of sweetness. Served on Pizza Hut’s Mega Crunch Pizza crust, the Golden Turon Pizza delivers the familiar flavors of a classic merienda in a format that is playful and unexpected. It’s the kind of creation that sparks curiosity from the first glance and keeps everyone reaching for a taste. Think pizza is only for savory cravings? The Sweet Golden Collection might just change your mind! Priced at P299 each and available for a limited time only, these dessert-inspired creations offer a delicious reason to gather, share, and discover how two well-loved favorites can be enjoyed in a whole new way. Get them together with your other Pizza Hut favorites by visiting your nearest store for dine-in and take-out. You can also order for delivery by calling the (02) 8911-1111 hotline, by logging on to www. pizzahut.com, with a few taps via the Pizza Hut mobile app, available for Android and iOS devices, or through Pizza Hut’s official delivery partners GrabFood and foodpanda (prices may vary). Make sure to follow and like Pizza Hut on Facebook, Instagram, and X so you won’t miss out on the latest news, updates, and offers.

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Monday, August 24, 2026 B7

TEACHING PR FOR TOMORROW Professor Dr. Jamilah Hj Ahmad, APR, FIPR

Hina Issar Huria

Hui Zhang, PhD

In Malaysia, Ahmad brings industry into the discussion: “Guest lecturers, internships, and industry sabbaticals help both lecturers and students connect theoretical knowledge with practical experience.” She also points to the role of the Institute of Public Relations Malaysia in allowing “PR academics to engage with industry practitioners and gain exposure to real-life applications.”

In India, Huria describes SCoRe as founded “by professionals for the profession.” Its approach is equally direct: “Our program is designed to ensure that every student graduates not just with knowledge, but with the confidence and competence to apply it in real-world scenarios.”

In the United States, Zhang says, “We emphasize experiential learning as a cornerstone of our curriculum.” Internships, Public Relations Student Society of America and an agency-style course provide students with hands-on experience in campaign planning, client relations, and strategic communication. I understand why industry wants graduates who can hit the ground running. But I would push back on the idea that the university’s job is simply to produce work-ready graduates. What struck me is that despite all the pressure for practical skills, these educators have not thrown theory out of the classroom. Theory is sometimes treated as the part that is too academic for the “real world.” I see it differently. A tool teaches us how to perform tasks. Theory helps us ask why we are doing it, what may happen when we do it, and whether we should be doing it at all. Public Relations education must “listen” to industry; it should not merely follow industry. The university has to prepare students for the world of work without allowing the world of work to define their education. Part 2 takes this question into account: technology, AI, and sustainability. A PR Matter.

School of Communication, Universiti Sains Malaysia

Part 1 of a two-part series on PR Education

UBLIC relations has never had more tools, platforms, or data. At the same time, the world of work demands graduates who can come in and do the job. We hear it often enough in the academe: more practical skills, more industry exposure, more familiarity with the tools being used. Fair enough. But is that all a university produces? If the profession is changing this rapidly, are we preparing tomorrow’s practitioners for the PR they will assume, or the PR we once knew? I asked PR educators from eight countries how their programs are adapting, particularly in balancing practical skills and theoretical knowledge.

Programme Director, School of Communications and Reputation (SCoRe) Mumbai, India

Jantima Kheokao, PhD

Suk Won Baek, PhD

In Thailand, Kheokao raises another development: “Stand-alone PR programs are declining.” PR is now more commonly taught within marketing communication or broader communication programs “because employers need professionals with integrated skills rather than narrow specialization.”

From South Korea, Baek says, “Korean universities are placing greater emphasis on balancing theoretical foundations with practical skills.” She cites “project-based learning, industry expert lectures, and collaboration with the private sector” as ways students apply classroom learning to realworld PR challenges.

University of the Thai Chamber of Commerce-School of Communication Arts, Bangkok, Thailand President, Asian Network of Public Opinion Research

Graduate School of National Policy Chungnam National University, South Korea

Marco Polo, PhD

Associate Professor, Communication and Journalism Department De La Salle University-Dasmariñas, Philippines From the Philippines, Polo sees both movement and unfinished work: “Philippine higher education institutions [HEIs] now offer PR as part of broader communication programs … [courses] such as campaign planning, crisis communication, and stakeholder engagement.” He adds, “To address industry needs, programs are increasingly emphasizing experiential learning, such as internships, case studies, and simulation exercises, to bridge the gap between theory and practice.”

MANILA FAME 2026 PUTS FILIPINO CRAFTSMANSHIP AT THE HEART OF A NEW DESIGN ERA AS Artificial Intelligence and rapid automation reshape how the world works and creates, a counter-movement is quietly taking root across the global lifestyle landscape: a renewed hunger for objects shaped by human hands. Consumers worldwide are turning away from mass-produced uniformity in favor of pieces that tell authentic stories, celebrate artisanal heritage, and bring emotional restoration into the home. This global appetite for intentional design sets the stage for the 74th edition of Manila FAME, the country’s flagship

Nia Sarinastiti, PhD

Associate Professor, Atma Jaya Catholic University of Indonesia Part-time lecturer, Graduate School of Communication Sciences, University of Indonesia In Indonesia, Sarinastiti looks further ahead: “Public relations education today is no longer about preparing students for the first job they will hold after graduation. It is about preparing them for professions that may not yet exist, technologies that will continue to evolve, and societal challenges that require ethical leadership.”

export trade show for home, fashion, and lifestyle. Scheduled for October 15–17, 2026, at the World Trade Center Metro Manila, the premier event gathers roughly 400 Philippine manufacturers and brands to meet the world’s growing demand for soulful, sustainable craftsmanship. The timing could not be more opportune. Earlier this year, Philippine showcases at major European trade platforms— including Maison & Objet in Paris and Ambiente in Frankfurt—received strong buyer enthusiasm. International sourcing teams gravitated toward the country’s raw material mastery, particularly in turning native abaca, rattan, and natural fibers into high-end contemporary furnishings. This proven track record on the European circuit demonstrates that global markets are actively seeking what Filipino makers do best: blending heritage techniques with forward-thinking design. According to Executive Director Leah

Elizabeth Soliday-Naui, PhD

President, ISASS-SSM Barcelona, Spain For Soliday-Naui, theory and practice also operate within an international classroom: “We place equal emphasis on cultivating strong theoretical foundations and developing essential practical skills.” With students and faculty representing around 15 nationalities, real-world examples from different countries become part of the learning experience.”

Pulido Ocampo of the Center for International Trade Expositions and Missions (CITEM)—the organizer of Manila FAME— this momentum makes the 74th edition a critical turning point for Philippine exports. “What makes this upcoming edition truly special is how it aligns grassroots Filipino artistry with global market readiness. We are not just showcasing beautiful objects; we are nurturing an ecosystem where our artisan communities can flourish sustainably on the international stage. Manila FAME 2026 reflects a mature, highly competitive Philippine design sector that knows its story and has the technical capability to deliver it to the world,” said Leah. This year’s edition unfolds under the theme “Bloom,” signaling a natural evolution from last year’s botanical-focused “Objects of Nature.” While the showcase continues to explore organic forms and biomimicry—learning from nature’s design solutions—Bloom delves deeper into the

flourishing of Filipino artisan communities themselves. The theme reflects broader cultural shifts tracked by global trend forecaster WGSN, which highlights a post-digital mindset known as Witherwill—a desire to step back from constant digital pressure and embrace objects that foster calm and emotional well-being. Furthermore, as trend forecasters look ahead to the WGSN and Coloro 2027 Colour of the Year, Luminous Blue, design is increasingly bridging the gap between natural elements and future-focused innovation. To translate these global shifts into export-quality products, Manila FAME continues its rigorous product development mentorship. Under the Design Commune program, multi-awarded designer Tony Gonzales has guided 20 participating companies to co-create 90 new prototypes in home decor and lighting. Meanwhile, the Home at FAME sector, led by acclaimed

Coordinator, Sustainability ProgramAssociate Professor, Department of Communication Bridgewater State University, United States of America

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Rowena Capulong Reyes, PhD is the vice president for Corporate Affairs of Far Eastern University (FEU). She is an executive committee member of the Metro Manila Film Festival 2025 and heads its education committee. She was formerly the Dean of FEU Institute of Arts and Sciences and Colegio de San Juan de Letran. She is the immediate past president of the Philippine Association of Communication Educators (PACE), serving two terms. We are devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com. For more insights and updates on public relations, follow PR Matters by IPRA Philippines on Tiktok, Youtube, Instagram and Facebook.

furniture and interior designer Milo Naval, will unveil 40 new furniture and lighting pieces developed in collaboration with 10 established exhibitors. At the grassroots level, the Artisans Village program engages 50 regional enterprises to generate over 100 fresh product designs. Renowned designer and trend forecaster Patti Carpenter, alongside designer Emma Gutierrez, has mentored participating brands across Bohol, Aklan, and Tarlac, while designer Rachelle Dagnalan leads eight companies in Isabela to produce 24 new prototypes. These featured provinces bring distinct material legacies to the global market: Bohol offers intricate natural fiber weaving; Aklan contributes its world-renowned piña textiles and heritage loom-weaving; Tarlac delivers refined woodcraft and upcycled artisanal accents; and Isabela brings material innovations using sustainable timber, bamboo, and agro-industrial fibers.

Monday, August 24, 2026

www.businessmirror.com.ph

‘We will never abandon BRP Sierra Madre’ By Rex Anthony Naval

‘B

RP Sierra Madre will never be abandoned.” Thus said the Armed Forces (AFP) spokesman for the West Philippine Sea, Rear Adm. Roy Vincent Trinidad, as he hit China’s “continued attempt to rewrite history regarding the ship’s presence in the strategic waterway.”

“The AFP rejects the recent statement from the Chinese Embassy in Manila attempting to rewrite histor y regarding the presence of the BRP Sierra Madre at Ayungin Shoal. The Chinese Communist Party [CCP] speaks of ‘promises’ and ‘demands,’ yet it very easily forgets its own track record of deceptive narratives in our waters,” Trinidad said in a statement late Saturday. He cited as an instance in 1995 when the CCP first illegally occupied Panganiban Reef (Mischief Reef) – a feature within the Philippine exclusive economic zone (EEZ).

“It is on RECORD that their foreign ministry leadership assured the Philippines and the international community the small, octagonal wooden structures built on stilts were merely ‘shelters for local fishermen’ and explicitly promised that these temporary structures possessed no military purpose. Today, those ‘shelters’ have been transformed into a fortified, 550-hectare military airbase complete with a 3,000-meter runway, missile emplacements, radar domes and naval berths,” Trinidad said. See “BRP Sierra Madre,” A6

Macacua’s ambush bares deepening rift in MILF By Rizal Raoul Reyes @brownindio

HE ambush of Bangsamoro interim Chief Minister Abdulraof Macacua’s convoy has exposed deepening political divisions within the Moro Islamic Liberation Front (MILF), raising concerns over

the stability of the Bangsamoro region just weeks before its first parliamentary election, a media brief by Climate Conflict Action Asia (CCAA), said. Macacua’s convoy was attacked on August 15 in barangay Bitu, Datu Odin Sinsuat, as See “MILF,” A6

Subornation of perjury charges hang over Marcoleta’s, Defensor’s heads–Lacson By Butch Fernandez @butchfBM

ETAINED Sen. Rodante Marcoleta and former congressman Michael Defensor may face a complaint for subornation of perjury in connection with the alleged “coached” testimony of ex-marine Orly Guteza before the Senate Blue-Ribbon committee in September 2025,

Sen. Panfilo Lacson, who headed the committee at that time, said. The sequence of events during that Blue-R ibbon committee hearing showed Marcoleta prompting Guteza on what to say in Guteza’s affidavit concer n i ng h i s a l leged de l iver y of cash in suitcases to certain personalities including former Sp e a k e r M a r t i n R omu a lde z , Lacson recalled.

“Kung titingnan natin ang ebidensya, takbo ng pangyayari, nangyari ito noong pagdinig ng BRC na maliwanag kino-coach ni Senator Marcoleta. So isa siya sa puwedeng kasuhan ng subornation of perjury [If you look at the evidence and the sequence of events, it was clear that during the Blue Ribbon hearing, Marcoleta was ‘coaching’ Guteza. So Marcoleta could be one of those facing a complaint for

subornation of perjury),”Lacson said in an interview on dwIZ radio. “Oo tama iyan, kung may magfile [Yes that’s right, if someone will file a complaint],” he added, when asked if Marcoleta and Defensor can be held liable after Guteza claimed both induced him to testify in exchange for money and scholarship for his children. Lacson said those who may file the complaints include Ro-

mualdez, who was implicated in Guteza’s initial statement. He said the Department of Justice and Office of the Ombudsman may also initiate a preliminary investigation into possible perjury charges against those behind Guteza’s initial testimony, perjury being a public crime. “Puwede silang mag-initiate ng pagsagawa ng preliminary investigation sa kasong perjury laban

sa mga tao sa likod [The Office of the Ombudsman and the DOJ can initiate a preliminary investigation for perjury against those involved, including those behind them],” he said. Meanwhile, Lacson revived his advocacy to increase the punishment for those who induce or force another person to commit perjury, See “Marcoleta,” A6

Diplomacy on a plate: EU Ambassador to the PHL Massimo Santoro whips up Spaghetti al Pomodoro

By Francine M. Marquez

preparation are simple, but it really can fill your Sundays with your family,” Santoro said.

ith an apron on and a pan ready, H.E. Massimo Santoro, Ambassador of the European Union to the Philippines, was in the kitchen, not for a formal diplomatic engagement, but to prepare one of Italy’s most beloved dishes.

In the very first episode of “Kitchen Quest”—a special episode of the “Freshly Brewed” podcast and BusinessMirror’s “Envoys and Expats” section— food, culture and foreign affairs gathered around the same proverbial table. The new podcast takes diplomacy beyond formal meetings and into the kitchen, where conversations about international relations are seasoned with stories about food and culture. Santoro joined Malou Talosig-Bartolome, BusinessMirror Senior Diplomatic Correspondent, in the kitchen for a flavorful conversation where pasta met diplomacy. Graciously assisting with the culinary preparations was Chef Konrad Nuñez of Blanca Pizza and Kitchen in White Plains, Quezon City. Santoro immediately put on his apron and announced that he would prepare the classic Italian dish, Spaghetti al Pomodoro. “Pomodoro means kamatis (tomatoes),” he said. “Oh, why do you speak Tagalog?” a pleasantly surprised Bartolome asked. “Marunong akong mag-Tagalog,” he replied. [“I know how to speak Tagalog.”] His choice of dish was also his way of bringing a taste of Europe to the table. “More precisely among the 27 member states of the European Union. I’m from Italy, and I thought what better way to represent the European Union but with an Italian dish,” he said. The ambassador appeared at ease in the kitchen, presenting the ingredients: two cloves of garlic, extra-virgin olive oil, Italian canned tomatoes, basil, salt and pepper, and, of course, pasta. Bartolome teased him by asking if the dish would also need hot dogs, banana ketchup and condensed milk—the ingredients commonly associated with Filipino-style spaghetti. “No, not for this recipe,” the genial diplomat replied.

While peeling garlic with a paring knife and pouring olive oil into the pan, Santoro also recalled his eventful arrival in the Philippines during a typhoon. “I saw many features of the Philippines altogether, if I may be honest, because when I arrived here in September, typhoons were already going on. It gave me an idea of how important it is for the Philippines to deal with disaster response and management, which is an area of great cooperation between us and the Philippines,” he noted. But the rains were overshadowed by the warm welcome he received. “I was welcomed by amazing smiles from colleagues, from the Department of Foreign Affairs who welcomed me at the airport, and from all Filipinos whom I’ve been getting acquainted with. Most important was that I’ve been getting to know the hospitality of the Filipino people and their capacity to share whatever they have,” he remarked. Santoro also sees similarities between Filipinos and Europeans in the way they relate to people. “I think it is indeed similar. This is why we are very close in how we interact with people,” he observed. As the tomatoes began to cook, the conversation moved naturally from food and culture to another ingredient in the EU-Philippines relationship: trade.

Opening markets

BARTOLOME asked how the proposed EUPhilippines Free Trade Agreement (FTA), currently under negotiation, could affect local consumers and businesses. Santoro described the potential scale of the

A taste of the Philippines

SANTORO arrived in the Philippines in September 2024 and has since taken delight in the country, its people and its culture. “I’m enjoying the country so much, enjoying the country, the people, and most importantly my profession here,” he said. Part of his immersion has been learning the local language. Santoro attributed his fluent Tagalog to his strict teacher, who holds lessons with him every morning for two hours, complete with daily homework.

European Union Ambassador to the Philippines Massimo Santoro

Doing it together

Ambassador of the European Union to the Philippines Massimo Santoro whips up a Spaghetti al Pomodoro as he talks about the Free Trade Agreement with BusinessMirror's Senior Diplomatic Correspondent Malou Talosig-Bartolome. agreement by pointing to the size of both markets. “In concrete terms, it means that the Philippine market, which is a market of more than 100 million individuals, is going to be fully open to the European Union market, which has around 500 million inhabitants. So, I think it’s easy to get the sense of magnitude of the effects of this agreement,” he said. The comprehensive trade pact is intended to deepen economic ties between the Philippines and the European Union, covering areas such as goods, services, investments and government procurement, subject to the outcome of negotiations. Santoro said greater market access could bring benefits to consumers and businesses. “It means concrete advantages for people buying goods at lower prices because the moment you do not have a tariff is the moment that the price of the good will be lower. It means an enormous potential for job creation, including for Filipino people,” the ambassador noted. Agriculture, in particular, could gain from expanded market access. “Agriculture will be heavily covered by the free trade agreement. It means the possibility for the Philippines to export its amazing fruits and vegetables to Europe,” he explained. Among the products that could benefit from greater access are Philippine mangoes and other agricultural products, as well as European products entering the Philippine market. For Philippine businesses, however, access to the European market also means meeting the bloc’s stringent standards for safety, environmental protection and quality.

Santoro said the proposed FTA is intended to make it easier for businesses on both sides to participate in each other’s markets. “The free trade agreement is a framework that is encapsulated in the many chapters. It is composed of what is needed in order to make markets more open. This means that it will also depend on the capacity of each side to implement the necessary legislation to make the arrival of businesses from outside to the Philippines simpler. “This can pass through easier procedures. It can pass through the EU Customs Union, for example, and that definitely is how FTA is an enabler already in this respect.” As the discussion continued, Santoro moved from the sauce to another area of growing cooperation between the Philippines and the EU: the digital economy.

Digital cooperation

THE proposed FTA also aims to establish long-term digital cooperation, including measures intended to facilitate digital trade and the exchange of data and information. Santoro stressed that cooperation in this area is already underway. “This does not start from scratch. The cooperation in the digital framework between the Philippines and the European Union is already happening. The Philippines and the European Union already cooperate in digital trade and other aspects of the digital economy, be it in digital security or cyber threats. The FTA will also have more labor generated in the digital sector,” he noted. The agreement could also help attract investors interested in tapping the expertise of Filipino

workers in the information technology sector. But before diplomacy could continue, there was an important culinary task at hand: preparing the pasta. “We don’t cut the pasta. Never, under any circumstances, do we cut spaghetti,” Santoro advised with a smile.

Sustainability on the menu

BEYOND trade, Santoro also highlighted the potential for agricultural cooperation, including support for sustainable farming and the development of a green economy. Such cooperation could help farmers make better use of agricultural waste by transforming it into new products and creating more sustainable production systems. “Sustainability also means attention to the environment. This means that there are provisions in the free trade agreement where agriculture has to be done with respect to the environment to protect the continuation of generating a given agricultural program,” he added. He also pointed to the importance of respecting communities, including indigenous populations, that may be affected by intensive agricultural production. Meanwhile, the ambassador carefully placed the pasta into a pot of salted boiling water. “(The water) has to be a lot because spaghetti needs space to breathe and to soften gradually without rushing,” he continued. The dish, he revealed, was one he learned to prepare from his grandmother and mother, who would cook it for Sunday family meals. “As you see here, the ingredients and

SANTORO’S experiences in the Philippines have taken him beyond Manila. He has traveled across the country to oversee EU-funded peacebuilding initiatives, climate-smart agriculture programs and support for local cooperatives, including projects such as the Sustainable Partnership for Agricultural Development (SPADE) in Mindanao. Back in the kitchen, the pasta was ready. With the spaghetti perfectly cooked al dente and the Pomodoro sauce glistening in deep red, Santoro transferred the pasta into the skillet and mixed it with the sauce. Bartolome observed that preparing pasta could be much like diplomacy. “You put everything together in the end. You just have to wait. There’s a lot of patience there,” she said. “Oh, very. It’s tiyaga araw-araw (patience every day),” the ambassador replied. For Santoro, patience is particularly important when working with the EU’s 27 member states. “You have to put together 27 member states who have to agree on consensual positions. But they need not be only consensus. It is important that this consensus never translates into something weak. We need to generate consensus on strong ideas,” he remarked. The analogy seemed fitting as he continued mixing the pasta, bringing the ingredients together just as diplomacy brings different interests toward a common purpose.

EU on a plate

“Buon appetito!” the charming ambassador exclaimed as he served the finished Pasta al Pomodoro, adding fresh basil leaves as a bright garnish. He then demonstrated how to properly twirl the spaghetti on a fork—without cutting the noodles, of course. “Masarap,” said a satisfied Bartolome after tasting the Pasta al Pomodoro—alla Santoro, as she put it. For Santoro, the meal was ultimately another expression of the relationship between the Philippines and the European Union: different cultures and perspectives coming together around shared interests. “I am thankful for the amazing cooperation between the European Union and the Philippines. I’m very happy about that. I invite you to watch what the near future will be for us—be it the green economy, digital, agricultural, fishing, whatever— it’s great how we are doing these together,” he concluded. “Kitchen Quest” thanks Chef Konrad Nuñez and Blanca Pizza and Kitchen in White Plains, Quezon City. • Watch the full episode on BusinessMirror’s YouTube page. Catch fresh episodes of “Kitchen Quest” every third Monday of the month on BusinessMirror’s YouTube channel, Facebook page and website.