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Tuesday, August 25, 2026 Vol. 21 No. 315

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BRACING FOR THE NEXT WAVE Fishermen repair and secure their boats as debris piles up along the breakwater in Navotas on Monday, August 24, 2026, as residents brace for the possible effects of Typhoon Saudel. Pagasa said Saudel, then still outside the Philippine Area of Responsibility

(PAR), was forecast to enter the PAR’s northeastern boundary this afternoon and would be named “Obet” once inside. The typhoon was already near Super Typhoon category, with further intensification not ruled out, said Pagasa. Meanwhile, the southwest monsoon or “Habagat” continues to affect parts of Luzon. For coastal communities, the threat extends beyond rough seas and flooding. The latest NDRRMC situation report put combined damage from Habagat and Tropical Cyclones Luis, Maymay and Neneng at P6.614 billion, including P4.888 billion in infrastructure damage and P1.726 billion in agricultural losses. The weather disturbances have affected 50,023 farmers and fisherfolk. NONOY LACZA

‘SOME PROVINCES MORE PRONE TO OIL SHOCKS’ T

By Andrea E. San Juan

HE latest inflation numbers revealed the vulnerability of a number of provinces to oil shocks, according to a deputy governor of the Bangko Sentral ng Pilipinas (BSP). While headline inflation has come down to 6.2 percent in July, Zeno Ronald R. Abenoja, the Deputy Governor for the Monetary and Economics Sector of the BSP, emphasized that there is “unfortunately” a wide distribution of inflation in the regions. In Manila, Abenoja said inflation was around 5.5 percent in the past few months. However, in Central Visayas, he said the average inflation over the last three months spiked to over 10 percent. Meanwhile, in the Mindanao region, the BSP deputy governor said inflation has been hovering around 8 to 9 percent in the past

few months. “So there’s a lot of heterogeneity that we are observing,” Abenoja said, adding the central bank’s observation that because transportation cost has increased “quite dramatically,” that has affected some prices for food supply. “And this is something that the national government is looking at very carefully, making sure that the supply for food items remains adequate moving forward,” added Abenoja. The BSP official explained that some regions are performing “not as well” as other regions because See “Oil shocks,” A2

UP SYSTEM GETS P1B FROM DBM TO BOOST ‘NOAH’ CAPABILITIES By Reine Juvierre S. Alberto

HE Department of Budget and Management (DBM) authorized the release of P1 billion to the University of the Philippines (UP) System to boost the disaster prevention capabilities of Project Noah (Nationwide Operational Assessment of Hazards). A statement issued by the DBM on Monday read that the funding, chargeable against UP’s built-in appropriation under the 2026 General Appropriations Act, will scale up Project Noah’s flood forecasting powered by artificial intelligence (AI), real-time hazard monitoring and early warning systems. Of the P1-billion allocation, P935 million is earmarked for research and development ser-

vices, while the remaining P65 million is allotted to general management, supervision and operational support. The DBM said the funding will bankroll the procurement and deployment of critical information and communications technology (ICT), digital and scientific equipment and the recruitment of highly specialized technical personnel. “This P1-billion investment in Project Noah is an investment in prevention. We are putting science, AI, and real-time hazard information to work so government can act earlier, communities can prepare better, and more Filipino lives and livelihoods can be protected,” Budget Secretary Kim Robert C. De Leon was quoted as saying.

Stablecoin pushed to cut cross-border fees By Reine Juvierre S. Alberto

HE cost of sending money back home could be slashed by using stablecoin settlement rails, Finance Secretary Frederick D. Go said, as the government backs efforts to make cross-border payments cheaper for overseas Filipinos. In his presentation at the Philippine Economic Briefing in Davao on Monday, Go said stablecoin could reduce the friction cost of wiring money from anywhere in the world to the Philippines to almost a “minuscule” amount.

Stablecoins are digital currencies designed to keep a steady value by being pegged to a fiat currency such as the US dollar. These tokens have increasingly been used by fintech and remittance providers to lower the cost and shorten settlement time of cross-border transfers. “Once this materializes and is generally practiced, I think digital transaction fees will be lowered to almost zero,” the Finance chief said. Citing a study from the World Bank, Go said friction costs, or additional costs in transactions, of See “Stablecoin,” A2

See “‘Noah,’” A2

New Ecija dams, Bataan dike to stem CL floods By Samuel P. Medenilla

RESIDENT Ferdinand Marcos Jr. said the government is eyeing the construction of new dams in Nueva Ecija and a dike in Bataan to help mitigate flooding in Central Luzon, which is being exacerbated by anomalous public works and climate change. After attending a situation

briefing on the effects of the enhanced Southwest Monsoon in Central Luzon in Pampanga on Monday, the chief executive announced government plans to build five new dams in Sabo River in Nueva Ecija to help control water flow from the Sierra Madre mountain range. “And that will help slow down the rate of water runoff and reduce siltation, while also allowing

us to store water for household, industrial, and agricultural irrigation use,” Marcos told reporters in Filipino in an interview after the briefing. He said they are also considering the construction of almost a hundred kilometer dike in Pilar, Bataan to help prevent coastal flooding in the province. “We are already studying the matter so that—at the very

least—we have a plan and can make a start on the extensive dike-road project designed to block the water coming from the sea, from Manila Bay,” Marcos said. As of press time, the Palace has yet to announce the estimated cost of both infrastructure projects. The chief executive made the See “Floods,” A2

MEGAWORLD HEAD IS REAL ESTATE PERSONALITY OF THE YEAR Megaworld president and CEO Lourdes T. Gutierrez-Alfonso is recognized as Real Estate Personality of the year at the PropertyGuru Philippines Property Awards for her contributions to the Philippine real estate industry and her leadership in sustaining Megaworld’s growth and expansion. Since joining Megaworld in its early years, Gutierrez-Alfonso has been part of the company’s growth—from the development of its pioneering Eastwood City township to a nationwide portfolio of 37 townships spanning Luzon, the Visayas, and Mindanao. Under her leadership, Megaworld has grown into one of the Philippines’s largest real estate companies, with businesses spanning residential development, offices, retail, and hospitality. Photo shows Gutierrez-Alfonso receiving the award from Richard Allan Aquino, Head of Brand and Marketing Services at PropertyGuru Group. MEGAWORLD

PESO EXCHANGE RATES n US 61.6010 n JAPAN 0.3878 n UK 84.0730 n HK 7.8571 n CHINA 9.1648 n SINGAPORE 48.5506 n AUSTRALIA 44.1248 n EU 71.9500 n KOREA 0.0445 n SAUDI ARABIA 16.4072 Source: BSP (August 24, 2026)

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A2 Tuesday, August 25, 2026

UP systems gets ₧1B from DBM to boost ‘Noah’… Continued from A1

“The best disaster management is when we are able to prevent disasters from becoming a catastrophe. Every peso we invest in better forecasting and preparedness can help save lives, protect livelihoods, and avoid far greater losses later on,” he added. Project Noah, managed by the UP Resilience Institute, advances disaster risk reduction and management and climate change adaptation and mitigation through research, development and extension services. The program generates real-time hazard assessments, predictive flood scenarios, and science-based information by utilizing AI-enhanced modeling, light detection and ranging mapping, data analytics and other digital technologies. The project helps national government agencies and local governments make faster and better-informed decisions before and during emergencies. In the past, the DBM and UP Noah collaborated to incorporate disaster risk reduction techniques into the Digital Information for Monitoring and Evaluation (Project Dime), which assisted in determining how vulnerable and resilient government infrastructure projects were to natural disasters.

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Moody’s retains PHL’s ‘Baa2’ investment-grade credit rating

By Reine Juvierre S. Alberto @reine_alberto

OODY’S Ratings maintained its “Baa2” long-term local and foreign currency issuer and senior unsecured ratings for the Philippines and the country’s “stable” outlook on expectations that its fiscal metrics will stabilize over the next two years. Moody’s said the rating level reflects a balance of risks as higher food and energy prices due to the Middle East crisis and sharp contraction in public investment dragged down near-term growth, which has slowed “significantly.” The Philippine economy is expected to grow 3.6 percent this year, Moody’s said, before accelerating to 5.3 percent in 2027. Second-half growth should be driven by a rebound in public investment as the government resumes stalled disbursements and normalizes spending execution, it added. “Nonetheless, the Philippines’s

medium-term growth potential and underlying credit fundamentals remain broadly supportive of the rating, even as the recovery in confidence may take time,” the credit rater said. Moody’s said these strengths are balanced against the possibility of a more persistent slowdown or preelection spending pressures hampering fiscal consolidation, or that reform momentum and confidence will recover more slowly amid political noise prior to the 2028 election, or that debt affordability will continue to worsen beyond its initial projections.

“While weaker near-term growth will weigh on revenue buoyancy, we expect consolidation to stay on track, as the government’s response to recent energy shocks has been measured,” it said. Although at a slower pace than previously expected, fiscal consolidation will resume broadly in line with the government’s Medium-Term Fiscal Framework. The government adopted a more gradual deficit-reduction path and lower growth assumptions in its July 2026 update, aiming for a deficit of 3.5 percent of GDP by 2030 and 4.8 percent of GDP by 2028, from 4.3 percent previously. Debt affordability, however,

will continue to deteriorate over the next two to three years as interest payments absorb more than 14 percent of revenue because debt incurred during the prolonged low-interest-rate period is refinanced at higher current yields and the policy-rate path shifts higher, Moody’s said. Moreover, the ratings agency affirmed the government’s foreign currency senior unsecured shelf rating at (P)Baa2, ROP Sukuk Trust’s backed senior unsecured rating at Baa2 and the senior unsecured ratings for the Bangko Sentral ng Pilipinas at Baa2. The Philippines’s local and foreign currency country ceilings are likewise unchanged at A1 and A2, respectively.

New Ecija dams, Bataan dike to stem CL floods Continued from A1

announcement after many parts of Luzon, including Metro Manila, were hit by severe flooding from the effects of the Southwest Monsoon as well as Tropical Cyclones Luis and Maymay (international name: Kujira) and Neneng (international name: Gaenari). The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) noted the weather disturbances have dumped record-breaking rainfall in previous weeks, which caused heavy flooding in parts of Luzon, which the President attributed to the effects of climate change. “It was truly palpable just how heavy the rainfall was and how massive the volume of water that poured down, overwhelming all of our flood control and flood management programs,” Marcos said. The President said the weather disturbances also exposed irregularities in some flood control projects such in the case of Bulacan, where the Department of Public Works and Highways said a faulty design of its coastal dike resulted in heavy floodings in two barangays in the said province. In its latest report, the National Disaster Risk Reduc-

tion and Management Council (NDRRMC) said the latest weather disturbances killed 29 people and affected around 7 million people, including over 1 million from Pampanga. They also flooded 1,445 areas and caused P1.73 billion damage in agriculture and over P5 billion in infrastructures. While in Pampanga, Marcos also visited an evacuation center in Bacolor, Pampanga, to witness the Department of Social Welfare and Development distributing P10,000 cash aid to the heads of the 216 affected families, who were staying in the facility. The beneficiaries also received family food packs and hot meals from DSWD. There are 11 active evacuation centers in Bacolor, serving 559 families or 2,221 individuals. The President also did an aerial inspection of the flood-hit areas in Bulacan and Pampanga to determine the possible government response in the said areas. “In the immediate term, of course, we will repair the damage [to infrastructures] and address everything that was destroyed. That is the most immediate priority—to get the repairs done right away,” Marcos said.

Oil shocks…

is that perhaps this is a foodproducing region, but still it’s hit hard by oil prices,” he said.

Continued from A1

some are more oil-intensive than others, hence they suffer from faster increase in the prices of goods. “We’ve looked at, for example, Central Visayas. It’s a net importer of food and a lot of the commodities are either shipped or flown in from other islands,” said Abenoja. “And because that’s an oil-intensive portion, or there’s a lot of oil and transport components in those commodities, then they get the adverse impact coming from that,” the BSP deputy governor explained further. As the central bank scrutinized the Mindanao region, Abenoja said the BSP found out that vegetables, meat, and cereals are what he described as “outliers,” or commodities that posted “extraordinarily high” inflation in the region. “So we ourselves are asking, what is really happening on the ground? Some of the feedback

No control over anti-supply shocks measures

AS he explained the central bank’s mandate, Abenoja stressed anew: “We do not do policies concerning directly such supply shocks.” However, he said he heard from his colleagues in the government that they are bracing for the impact of oil shock, climate change, and the weather disturbance he dubbed as “Godzilla El Niño,” which he said may be experienced for the remaining part of 2026 until early next year. “So if you can just recall the models, the models have recently updated their forecast and they seem to say that there’s a very good chance, at least 80 percent, that we will have a strong El Niño and the peak will be in the fourth quarter of this year and first quarter of next year. So again, that’s something that our government is looking at very carefully and has already started preparations [for]. So that hopefully can help mitigate the inflation pressures across regions, across the

Stablecoin… Continued from A1

sending money from abroad to the Philippines average at 6.3 percent. “I was very happy to see that the [Bank of the Philippine Islands] was piloting a stablecoin-based settlement rail, which I understand the [Bangko Sentral ng Pilipinas] is supporting,” he added. Ayala-led BPI will launch stablecoin settlement rails in partnership with Meridian, a global digital clearinghouse. The initiative will benefit those who earn from abroad, including overseas workers, freelancers, virtual assistants and exporters, as this will reduce the cost and waiting time of receiving dollar income, BPI said in a statement earlier. “Digital payments should be fast, secure, convenient and more affordable,” Go said. Last June, the BSP issued Circular 1238, which required financial institutions to price digital fund transfers close to intrabank costs. This resulted in banks waiving or lowering digital fund transfer fees. Go has been lobbying to reduce the friction costs of moving money digitally. Land Bank of the Philippines, which is supervised by the Department of Finance, first started to make all online fund transfers free. To note, digital transaction fees are under the purview of the central bank and which the Monetary Board addresses. Go sits in the MB, the policymaking body of the BSP, as a member. Go is in Davao with the Marcos Jr. administration’s economic managers to highlight the government’s economic and investment agenda through the Philippine Economic Briefing. “Davao is an important part of the Philippine growth story. It is the economic center of Mindanao. The region has been connecting businesses, employees, capital, and markets,” Go said in his keynote speech. Go also reported on government reforms in making it easier for businesses to operate and expand, including lower registration fees at the Securities and Exchange Commission, longer importer accreditation validity at the Bureau of Customs and the Bureau of Internal Revenues’ reduced Creditable Withholding Tax rates for local importers and manufacturers.

DepDev…

Continued from A17

He said this would require better infrastructure, skills aligned with the industries the region seeks to attract, stronger links between research and commercial applications, and regulations that make investment easier and more predictable. The region would ultimately need investment capable of scaling these opportunities, he said. “If we get these conditions right, the payoff is simply not more investment. It is higher productivity, better jobs, more competitive industries in Mindanao,” Abad Santos said.

country,” Abenoja said. As for the other initiatives of the government, Abenoja said he heard that the government may be “looking at shifting the calendar for planting season, supporting water resources like irrigation, looking at drought-tolerant varieties of food, of crops, so that the food industry can maintain its productivity even in these adverse weather conditions.”

‘Risk factors’

DURING the Development Budget Coordination Committee (DBCC) briefing held last week, Abenoja said upcoming inflation forecasts of the central bank would have to take into account the recent “risk factors” such as the recent global oil prices and the potential impact of El Niño, which may peak in the final quarter of 2026 until the first half of 2027. BSP Governor Eli M. Remolona Jr. said during the same briefing last week: “We worry about inflation because it diminishes the purchasing power of Filipino families.” While the central bank chief reported that inflation has eased somewhat over the last three months, he said inflation remains well above its target of 3 percent.

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Tuesday, August 25, 2026

Same modus used in handling confidential funds at OVP as in Davao, Sara ‘moneybag’ admits By Jovee Marie N. Dela Cruz @joveemarie

HE former special disbursing officer of Vice President Sara Duterte admitted on Monday that the Office of the Vice President (OVP) followed the same “standard operating procedure” in handling confidential funds that was used in Davao City when Duterte was mayor. Gina Acosta made the admission under questioning dur ing the impeachment trial after Presiding Officer Sen. Francis Escudero asked her directly whether the practice was the same in both offices. Hou s e of R e pre s e nt at i ve s prosecution team counsel Amando Ligutan told the Senate impeachment court that Davao City was allocated P460 million in confidential funds annually from 2019 to 2022, or a total of P1.84 billion over four years.

Acosta, who served as SDO in Davao City before moving to the OVP, said she could no longer recall the amounts allocated to the city. Ligutan later questioned Acosta about the procedure she followed in handling the OVP’s confidential funds, particularly the acknowledgement documents signed by Col. Raymund Dante Lachica, a regular Army officer and Philippine Military Academy graduate, when she released four P125-million cash tranches totaling

More unusual names surface in Sara’s OVP confi funds acknowledgement receipts By Jovee Marie N. Dela Cruz @joveemarie

ORE unusual names surfaced on Monday in the acknowledgement receipts for the Office of the Vice President’s (OVP) confidential funds, as the House of Representatives impeachment prosecution team questioned whether former special disbursing officer (SDO) Gina Acosta could personally verify that the purported recipients actually received the money. Among those named in receipts presented during Vice President Sara Z. Duterte’s impeachment trial were “Antonio Pagong,” “Timon Andrew Pusa,” “Don Piang,” “Shane Ngitngit,” and “Xuniso P. Belat.” The receipts reflected payments ranging from P100,000 to P250,000 for expenses such as the purchase of information and rental of vehicles. House prosecution counsel Amando Virgil Ligutan first confronted Acosta, testifying as a hostile witness, with an acknowledgment receipt bearing the name Antonio Pagong. The document indicated that Pagong received P100,000 for the purchase of information. Asked whether she personally saw Col. Raymund Dante Lachica give the money to Pagong, Acosta said she did not. “I didn’t see him, Your Honor, because I wasn’t on the ground. He was the one who implemented it, Your Honor,” Acosta testified. Another receipt named Timon Andrew Pusa as having received P100,000 for the rental of a transport vehicle, while Don Piang was listed as receiving P250,000 for transport rental. A receipt under Shane Ngitngit’s name reflected P150,000, while another bearing the name Xuniso P. Belat indicated a P100,000 confidential fund payment. Acosta repeatedly said she did not witness Lachica make the payments. “I didn’t see it, Your Honor, because I wasn’t on the ground,” Acosta said when asked about the payment bearing Ngitngit’s name. The names add to the scrutiny surrounding purported recipients of the OVP’s confidential funds, most notably Mary Grace Piattos, whose name appeared on acknowledgment receipts submitted to support the office’s expenditures.

Piattos became a central figure in the earlier House investigation after lawmakers questioned her identity and even offered a P1-million reward for information that could lead them to her. Her name appeared on multiple acknowledgment receipts covering OVP confidential fund expenditures. Mond ay ’s test i mony d id not establish whether Pagong, Pusa, Piang, Ngitngit, and Belat are real or fictitious individuals. It established, however, that Acosta, the accountable SDO, had no personal knowledge that Lachica actually handed the amounts reflected in the receipts to the people named in them. Impeachment Court Presiding Officer Sen. Francis Escudero put the issue directly to Acosta. “You have no personal knowledge that the money was actually given to those people or actually spent on supplies?” Escudero asked. “None, Your Honor,” Acosta replied. Acosta said she instead relied on Lachica, whom Duterte had designated to implement the OVP’s confidential activities, and on the documents he provided to account for the expenditures. She also admitted that she sought verification from Lachica himself. “I verified it with him, Your Honor. I asked him, Your Honor,” Acosta said. Ligutan then asked whether, among all the people she could have consulted to verify Lachica’s representations, Acosta turned to the same person who supplied the documents. “Yes, Your Honor,” she replied. Acosta said Lachica told her the documents he provided were proof that the confidential funds had been spent and that the underlying operations were sensitive and confidential. The receipts were among the documents used to account for confidential funds that Acosta had released to Lachica. Acosta testified on Monday that she released four P125-million cash tranches totaling P500 million to Lachica from December 2022 through the third quarter of 2023. She also confirmed that Lachica was not fidelity-bonded, while she remained the accountable officer for the funds. The testimony forms part of the House prosecution’s presentation on the first article of impeachment involving Duterte’s alleged misuse and irregular liquidation of confidential funds.

P500 million to him. Acosta testified that Lachica, who is due for mandatory retirement on September 22 this year, signed an internal document acknowledging each cash release but later took it back after submitting a fund utilization report and the funds were liquidated. For his part, Escudero sought to clarify the procedure. “So it was no longer in your hands but in his hands?” Escudero asked, referring to the acknowledgement document that Lachica signed for the first P125-million release. “It was no longer with me, Your Honor,” Acosta replied. Escudero asked whether the same process was followed for the three P125-million releases in 2023, with Lachica signing upon receiving the money and later retrieving the acknowledgement after submitting his fund utilization report, and the funds were liquidated before the Commission on Audit. “Yes, Your Honor,” Acosta said. Ligutan then turned to Acosta’s stint as SDO in Davao City and asked whether the same procedure was followed there. Acosta initially said she could no longer recall. “I will have to recall,

Your Honor, because that was a long time ago,” she said. Ligutan described the procedure as a “modus operandi,” prompting an objection from the defense. Escudero cautioned against the term and reformulated the question. “Counsel, we both know modus h a s a se cond a r y a nd dou ble meaning,” Escudero said. The presiding officer instead a s k e d w he t he r t h i s w a s t he st a nd a rd operat ing procedu re Acosta followed as SDO in both Davao City and the OVP. “Was this your usual practice and procedure when you were the SDO of Davao regarding the confidential funds and when you were the SDO of the OVP?” Escudero asked. He described the procedure as releasing confidential funds to a security officer or another person who was not bonded, having the recipient sign an acknowledgement do c u me nt , a nd a l low i n g t he document to be taken back after a f und uti lization repor t was submitted and the funds were liquidated before COA. “Yes, Your Honor,” Acosta replied. The admission established that Acosta followed the same procedure

as SDO under Duterte in Davao City and later at the OVP. In the OVP, Acosta testified that Lachica was not fidelity-bonded when she released four P125-million cash tranches totaling P500 million to him from December 2022 through the third quarter of 2023. “He was not bonded, Your Honor, but I remained the accountable officer, Your Honor. I am still the accountable person, Your Honor,” Acosta said. She said Duterte designated Lachica to implement the OVP’s confidential activities. Acosta later admitted she had no personal knowledge of Lachica’s actual payments to the recipients listed in acknowledgement receipts and relied on him and the documents he supplied in accounting for the expenditures.

Unbonded

ACOSTA also admitted on Monday that she released P500 million in confidential funds to an unbonded security officer designated by Duterte, relying solely on documents he submitted to account for the expenditures. Acosta confirmed that Lachica— the ground commander of the Vice

Survey shows PNP as most trusted govt institution By Rizal Raoul Reyes

HE National Police (PNP) remains one of the country’s most t r u sted a nd best performing government institutions, with nearly two-thirds of adult Filipinos expressing confidence in the police force, according to the latest Tugon ng Masa (TNM) survey by Octa Research. The Q2 2026 TNM survey revealed that 65 percent of adult Filipinos trust the PNP, compared with 13 percent who said they distrust the institution and 23 percent who were undecided. This translated to a net trust rating of +52. The survey also showed that 63 percent of respondents were satisfied with the PNP’s performance, while 17 percent were dissatisfied and 21 percent were undecided, resulting in a net performance rating of +46. Octa Research said the PNP’s national ratings remained broadly stable compared with the previous survey conducted in March. Trust increased from 63 percent in March to 65 percent in July, while distrust declined from 17 percent to 13 percent. Satisfaction with the PNP’s performance likewise rose from 61 percent to 63 percent, while dissatisfaction dropped from 20 percent to 17 percent. Octa noted, however, that the increases in trust and satisfaction fall within the survey’s ±3 percentagepoint margin of error. The declines in distrust and dissatisfaction were

HE Bureau of Corrections (BuCor) is seeking a P11.9 billion budget for 2027 to support the modernization of prison facilities and operations. In a statement, Corrections Director General Gregorio Pio Catapang Jr. said the proposed budget, which is 9.6 percent higher than the current P10.88 billion allocation, will also support personnel requirements, facility development, prison security and the transfer of prisoners or persons deprived of liberty (PDLs) to other penal facilities. He said the 2027 allocation includes P7.6 billion for personnel services; P3.7 billion for maintenance and other operating expenses; and P519.9 million for capital outlay. Catapang said the proposed budget reflects BuCor’s continuing efforts to address congestion, improve prison infrastructure, enhance person-

more pronounced. Regional differences also emerged during the interviews showing substantial differences in public confidence across the country. Trust in the PNP was highest in the Visayas at 70 percent, followed by Balance Luzon at 69 percent and Mindanao at 67 percent. The National Capital Region (NCR), however, showed a significantly lower trust rating of 40 percent. The regional movement from March to July was particularly notable in Balance Luzon and NCR. Trust in Balance Luzon climbed from 59 percent to 69 percent, while the Visayas saw an increase from 66 percent to 70 percent. Mindanao, meanwhile, recorded a decline from 74 percent to 67 percent, while NCR experienced a sharper drop from 54 percent to 40 percent. Octa said the changes in Balance Luzon and NCR were the most statistically significant given the ±6 percentage-point margin of error for the major areas. Distrust declined in Balance Luzon, from 18 percent to 11 percent; the Visayas, from 22 percent to 14 percent; and Mindanao, from 15 percent to 11 percent. NCR was the exception, with distrust increasing from 16 percent to 18 percent. At the regional level, trust was highest in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) at 100 percent, followed by the Negros Island Region at 93 percent and Western Visayas and Zamboanga Peninsula both at 83 percent.

Only four regions registered trust below 60 percent: Davao Region at 31 percent, NCR at 40 percent, Central Visayas at 50 percent, and Eastern Visayas at 59 percent. The PNP’s performance rating followed a similar pattern. Satisfaction was highest in the Visayas and Mindanao at 67 percent each, followed by Balance Luzon at 65 percent. In contrast, only 43 percent of NCR respondents expressed satisfaction with the police force’s performance, while 38 percent were dissatisfied—the highest dissatisfaction rate among the four major areas. Compared with March, satisfaction increased in Balance Luzon from 59 percent to 65 percent and in the Visayas from 63 percent to 67 percent. Mindanao recorded a slight decline from 69 percent to 67 percent, while NCR fell sharply from 52 percent to 43 percent. Octa identified the decline in NCR as the most statistically significant movement. At the regional level, satisfaction peaked in BARMM at 92 percent, followed by Zamboanga Peninsula at 84 percent, Negros Island Region at 83 percent, and Western Visayas at 79 percent. The lowest ratings were recorded in NCR at 43 percent, Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos City) at 46 percent, Eastern Visayas at 50 percent, and Davao Region at 51 percent. See “PNP,” A16

Presidential Security and Protection Group—was not fidelity-bonded when she disbursed four P125-million cash tranches to him between December 2022 and the third quarter of 2023. Under government auditing rules, both the head of agency and the special disbursing officer remain the primary accountable officers for confidential funds. Acosta said she released the money to Lachica because Duterte had designated him to implement the OVP’s confidential activities. “That is correct, Your Honor, because he was our security officer designated by Vice President Sara Duterte to implement the confidential activities,” she said. House prosecution counsel Amando Virgil Ligutan established the timeline of the four P125-million releases. While Acosta acknowledged familiarity with Section 6.1.1 and Section 6.1.6 of Joint Circular 201501—which prohibit transferring c o n f i d e nt i a l f u n d s b e t w e e n accountable officers or agencies— she maintained that her actions constituted direct disbursements rather than transfers. See “Modus,” A16

Military backs measures vs foreign malign influence

HE Armed Forces on Monday backed the call of former Surigao del Norte Rep. Robert Barbers for swift and decisive actions against so-called “foreign statesponsored malign influence campaigns.” In a statement, the AFP spokesperson for the West Philippine Sea (WPS), Rear Adm. Roy Vincent Trinidad, explained that “defending the WPS is not only fought on our waters and airspace; it is also contested in the digital and information domains.” “Foreign Malign Influence [FMI] operations—executed through coordinated online proxy accounts, deceptive media outlets, and psychological manipulation—are done to divide our nation, erode public trust in national security institutions, shape public perception and justify unlawful acts in our exclusive economic zone [EEZ],” he said. Barbers, in an interview, was quoted saying: “NTC [National Telecommunications Commission] should block these China misinformation pages the same way that government cracks down on porn sites. To follow or subscribe to these pages should be deemed unpatriotic.” Citing the negative effects of these activities, Trinidad underscored the importance why the AFP wants FMI to be recognized as a national security threat. “The AFP remains firm in its mandate to defend Philippine sovereignty, sovereign rights and uphold the truth. We will continue working with Congress, partner regulatory bodies, and civil society to protect the Filipino people from coercive and aggressive actions in the WPS and malign influence activities in the information and digital domains,” he added. Rex Anthony Naval with PNA

BuCor seeks P11.9-B budget for 2027 nel capabilities, and strengthen the security and accountability of correctional operations. “It will also support the bureau’s broader mandate to provide humane safekeeping and meaningful rehabilitation programs for PDLs,” he added. Through investments in modern facilities, digital systems, livelihood programs, rehabilitation services, and personnel development, he said the BuCor aims to improve prison administration and help ensure the productive reintegration of former PDLs into their communities. BuCor has an authorized plantilla of 10,425 positions, of which 9,831 are filled, leaving 725

vacant positions. These include 592 positions for corrections officers, 108 for corrections technical officers, and 25 for civilian personnel. Currently, the personnel-to-PDL ratio is one corrections officer for every 17 PDLs (1:17) and one corrections technical officer for every 120 PDLs (1:120). These figures remain above the ideal ratios of 1:7 for Corrections Officers and 1:24 for Corrections Technical Officers prescribed under Republic Act 10575, Catapang said. BuCor currently has 52,356 PDLs in facilities with a total capacity of 17,211, resulting in an occupancy rate of approximately 305 percent and a congestion rate of about 204 percent.

At the New Bilibid Prison, the Bureau’s main corrections facility, congestion was reduced from 313 percent in 2022 to 40.58 percent this year following the transfer of more PDLs to other operating prisons and penal farms nationwide. The transfers are intended to improve custodial conditions and strengthen correctional and rehabilitation programs. Catapang also said the capital outlay program includes funding for the first-year requirement of the multiyear construction of a super maximum-security facility in Curuan, Zamboanga. The project will begin with the construction of a Level 1 PDL dormitory with a capacity of 500 PDLs. Joel R. San Juan with PNA

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Marina’s SID-SRB hit by ransomware attack

RANSOMWARE attack was behind the nationwide shutdown of the Maritime Industry Authority’s (Marina) seafarer documentation system, the Department of Information and Communications Technology (DICT) confirmed, as thousands of Filipino seamen enter a second week unable to process the credentials required for their deployment abroad. The DICT, through the Cybersecurity Bureau-National Computer Emergency Response Team (CSBNCERT), said it is responding to a ransomware incident affecting the Marina’s Seafarer’s Identity Document (SID) and Seafarer’s Record Book (SRB) System, which was reported to the agency on August 13. As of August 18, the Marina reported to the NCERT that the affected database and server environment were being rebuilt, while

forensic investigation and validation of the affected infrastructure continued, the DICT said. The department added that the NCERT continues to assist the Marina in validating the incident, analyzing available evidence and determining the full extent of the compromise— an indication that authorities have yet to establish how much seafarer data was accessed or taken. The DICT said cybersecurity and recovery measures are being undertaken to restore affected ser v ices, st reng t hen sec u r it y controls and prevent similar incidents, and that further updates will be released as verified information becomes available. The Marina, for its part, confirmed the system was hacked on August 14—a day after the incident was reported to the NCERT. “We have been collaborating with DICT on this matter. Ongoing pa rin

ang restoration at the moment,” a Marina spokesperson said, adding that an update will be issued once the system is restored. The agency’s own public advisory made no mention of a cyberattack, describing the outage only as “technical difficulties nationwide.” It suspended SRB and SID processing nationwide beginning August 14 “until further notice,” and advised affected applicants to await further announcements. The suspension has frozen the pipeline of seafarer deployment. The SRB and the SID are mandatory credentials for Filipino seafarers seeking work aboard ocean-going vessels, and the affected platform is where applicants submit documents and book schedules for first-time issuance or renewal.

Appeal to Malacañang

IN an open letter addressed to

DOE pins hope on battery system to ease Visayas power shortage By Lenie Lectura @llectura

ATTERY Energy Storage Systems (BESS) will help reduce red and yellow alerts in Visayas, the Department of Energy (DOE) said Monday. On Monday afternoon, the National Grid Corporation of the Philippines (NGCP) placed the Visayas power grid on red alert from 5:00 pm to 8:00 pm and yellow alert from 2:00 pm to 5:00 pm and from 8:00 pm to 10 pm. A red alert status is issued when power supply is insufficient to meet consumer demand and the transmission grid’s regulating requirement. The yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement. Available capacity at the Visayas stood at 2,318 megawatts (MW) while peak demand reached 2,431MW. There are seven power plants on forced outage this month, one plant since July, three plants since June, seven plants since May, one plant since March, three plants since 2025, two plants since 2024, two plants since 2023, and one plant since 2021, while 14 plants are running on derated capacities, for a total of 919MW unavailable to the grid. “The Visayas grid continues to experience tight supply conditions. From our coordination with the

industry, we expect major power plants to return to service soon,” said Energy Secretary Sharon Garin. TVI Unit 2 (169MW) and KEPCO SPC Power Corp. (105MW) are expected to return to service within the week, followed by TVI Unit 1 (169MW) and Cebu Energy Development Corp. Unit 1 (135MW) in the coming weeks of September, providing additional capacity. ”We also have mandated the NGCP to install about 250 megawatts of batteries….We have instructed them to connect the four power plants of batteries located in Iloilo, Negros, Cebu, and Leyte so that everything is balanced… At the minimum, 50 percent less yellow and red alerts will be in Visayas,” she said. These BESS are located in Leyte, Cebu, Panay, and Negros. “We could easily address, reduce the yellow and red alerts by installing battery energy storage system. But, in the meantime, we are continuously studying if our alert levels will continue then we have to commission as well the liquid fuels that can be easily deployed,” Energy Undersecretary Mario Marasigan said. At the same time, the agency is closely monitoring the developments of committed new power projects in the country. “We have 48 projects that are already completed, including 11 BESS with a capacity of 1,846MW…

As far as what is the closest we can complete, we are looking at the 25 major power projects which we are closely monitoring… In the end, we are still looking at 10,000 MW by end of 2030,” added Marasigan. Meanwhile, the DOE is set to turn over a list of erring power generation companies (gencos) to the Energy Regulatory Commission (ERC) for the possible suspension of their operational permits after they snubbed the agency’s show-cause orders (SCOs). “We’ve given them a warning. And we are now in the process of recommending suspension to ERC,” said Garin. The agency issued last month 203 SCOs to power firms over plant outages. Of these 121 have snubbed the agency. Out of the 203 SCOs, 174 were issued to on-grid power generators and the remaining to off-grid power facilities Of the 174 SCOs, 114 companies have taken no action. The remaining 60 have either responded, requested for extension, and acknowledged the SCOs. For SCOs issued to 29 off-grid power generation firms, seven have not responded. The issuance of SCOs were meant to give the power firms a chance to explain why no administrative or criminal action should be imposed against them for failing to submit the required reports on time. These reportorial requirements are

President Marcos, senators and members of Congress, retired seaman Ed Flores said thousands of seafarers remain affected 11 days into the outage, with many unable to process the documents required for employment. He said some seafarers already onboard may be forced to extend their contracts because their replacements cannot complete SID and SRB processing in time. He flagged particular concern for crews assigned to high-risk areas such as the Black Sea and the Persian Gulf, as well as those ashore who have long been on standby for their next contract. Flores called for clear and regular updates from the agency, and said questions need to be answered on the contingency and backup systems in place for essentia l government services that directly affect the livelihood of thousands of Filipino families. mandated under DOE Department Circular DC2026-02-0006, or the Policy on Accountability of Entities Engaged in Power Generation to Ensure Sufficient, Reliable, Affordable, and Secure Supply of Energy in the Country, which requires generation companies to submit Annual Self-Assessment Forms and other reportorial requirements. These submissions enable the DOE to assess the operational readiness, technical performance, and compliance of generation facilities, allowing the Department to identify potential risks early and implement timely interventions before they affect the reliability of electricity supply. “I can’t tell you which because I don’t have the list. Let’s say around 40, small diesel plants. Some are not even operational, around 10. “We’ll wait for the process. But we’ve been meeting since last week on what to do. So, the decision is to send it to ERC for proper action,” Garin added. She said her office afforded all concerned parties due process and every reasonable opportunity to comply but emphasized that persistent non-compliance will not be met with appropriate regulatory action. “Accountability is not optional. These reportorial requirements exist for one reason” to help ensure that generation companies remain capable of delivering the reliable electricity that Filipino consumers depend on every day. “When companies disregard these obligations despite being given the opportunity to explain, the Department has the responsibility to act decisively to protect public interest,” Garin said. With Carmel Pedroza

Senator urges govt to prepare farmers, fishers for next storm By Butch Fernandez @butchfBM

EN. Francis Pangilinan on Monday urged the government to strengthen preparations and protection measures for farmers and fishermen before the next typhoon or habagat (southwest monsoon) unleash rains and cause floods. Pangilinan stressed that safeguarding agricultural workers is essential to protect the country’s food supply. He called for a temporary moratorium on the collection of agricultural loans in areas severely affected by suc-

cessive storms and flooding as he cited the need for proactive measures to ensure that farmers and fishermen, as well as their farmlands and fishing grounds, are protected from the impact of the habagat and typhoons. “Huwag nating hintaying masira ang kanilang kabuhayan bago tayo kumilos [Let’s not wait for their livelihood to be damaged before we act],” he said. “When their crops, fishponds and farms and fishing grounds, boats, nets and other tools for their livelihood are destroyed, it’s not just the income of farmers and fishers that gets wiped out. Even the farm produce and bounty of

the sea, which should be on the tables of Filipinos, are lost or jeopardized,” the senator added, speaking in Filipino. The Department of Agriculture (DA) earlier said that damage and losses incurred by the agriculture sector due to combined effects of the southwest monsoon (habagat) and tropical cyclones Luis, Maymay, and Neneng have reached P1.79 billion. The DA-Disaster Risk Reduction and Management Operations Center (DRRMOpCen) added that the recent weather disturbances have so far affected 51,229 farmers and destroyed 41,647 hectares of agricultural land, particularly in

the Cordillera Administrative Region, Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Bicol Region, and Western Visayas. Around 44,745 metric tons (MT) of production losses were also recorded. “The weather disturbances have been coming one after the other. The farmers and fishers have barely recovered, but must brace for new ones approaching. Let’s not wait again for the farms to be flooded, or the boats to be swept away, and their livelihood los, before we act,” Pangilinan said. See “Senator,” A16

DA activates statistics office By Ada Pelonia

HE Department of Agriculture (DA) has created a dedicated statistics office to centralize data for polic y ma k ing due to a prev iously “ f rag mented and inconsistent” data system. Agriculture Secretary Francisco Tiu Laurel Jr. signed Department Order (DO) 23, establishing the interim agricultural statistics (AgriStat) office, which adopts modern technologies to support the agency’s data-driven decision-making. The DA said it manages a “vast amount” of agricultural data through

its bureaus, attached agencies and cor porations, and regiona l field offices (RFOs). To address the persistent challenges of harmonizing and integrating data that plague the agency, the DA deemed a centralized, dedicated office necessary. “The absence of an integrated and unified data governance system has resulted in fragmented data sources, duplication of information systems, inconsistencies in reporting, and limited utilization of data for policy formulation and program monitoring.” See “DA,” A16

He described the situation as approaching a serious national maritime and employment crisis.

Repeat breach?

CYBERSECURITY expert Ashley Acedillo, former deputy director general of the National Intelligence Coordinating Agency (Nica), said the most immediate consequence is the hit to seafarers’ livelihoods, followed by the regulatory fallout. “These documents are necessary for them to pursue their employment aboard ship,” he said. Acedillo raised the possibility that the incident is linked to a June 2024 breach that affected four web-facing applications of the same agency. “The first time it happens to you, one thing you have to make sure—that you have responded, remediated and restored your services—is to also make sure that the

threat actor does not linger in your environment,” he said. “Is it possible this time that they were not able to remove the threat actor the last time? That’s worth looking into.” A ce d i l lo s a id t he i nc ide nt constitutes a data privacy breach that should draw the attention of the National Privacy Commission (NPC), alongside the DICT, and could carry fines and other legal implications for the agency. He warned that the longer-term risk lies in what the threat actor does with the extracted data set, which could be used to perpetrate scams. “More importantly, the security aspect of this is: they have information about our seafarers and our seafarers also man other vessels which have not just economic but security impact in the nation as well,” he said. The Marina has not given a timeline for the restoration of the system. Lorenz S. Marasigan

Goodbye Plastics and welcome Garbage management By Henry J. Schumacher

FTER the flooding problems everywhere, I could just encourage affected people with this: Life isn’t about waiting for the storm to pass; it’s about learning to dance in the rain. I am aware that those affected cannot laugh about this recommendation. While it is good to see that quite a number of companies have responded to the call for sustainability in terms of changing their business model to address natural resource consumption, raw material selection, product packaging design, we certainly want more companies and organization to join the sustainability movement and help the country win the war against plastics. Today I would like to highlight companies and organizations that have recently taken the plastic issue seriously, and site recommendations to address the garbage issue:  The BSP takes out the trash the green way. The BSP is promoting proper waste segregation and educating employees on recycling practices.  The DOST called for prioritizing national efforts and initiatives on research and development of seaweed-derived bioplastics, that can be broken down into harmless materials through natural processes. Seaweed farming needs to be extended to sustain seaweed supplies.  The DepEd will teach solid waste management in schools.  Environmental groups have called on the government to focus on waste-toenergy and avoid the unchecked flood of single-used plastics—sachets, Styrofoam and plastic bags. The government must also fully implement the country’s solid waste management laws.  The Philippine National Police (PNP) offered its assistance (after the garbage flooding in Paranaque) to local governments enforcing their respective ordinances on waste disposal, including the provision of trash bins for biodegradable and non-biodegradable garbage.  The DENR has ordered 155 companies to

explain the failure to recover and recycle plastics.  Without action from the local governments, this waste disposal problem will become even more unmanageable. Per the DENR, at least 48 percent of the 65,000 tons of waste generated daily nationwide ends up in waterways, bodies of water, and streets. The future of sustainability—as can be seen by the above examples—is not driven by regulation alone. It may not be driven by activism, investor pressure, or corporate commitments alone. The real catalyst may be something much simpler. Sustainability gains momentum when companies discover that doing the right thing also happens to be good for business. In contrast, if companies do not focus on sustainability, they will fall behind! I look forward to seeing more organizations following those as listed above. In conclusion, here are some prohibited acts to address the garbage issues:  Littering, throwing waste matters in public places such as roads, sidewalks, canals, esteros or parks.  Unsanitary collecting and trucking, open burning of solid waste, causing or permitting the collection of non-segregated or unsorted waste.  Squatting in open dumps and landfills. Open dumping, burying of biodegradable or nonbiodegradable materials in flood-prone areas.  Importing toxic waste misrepresented as ‘recyclable’. As I said in a previous column: make sustainability a purpose of business and society. And politics, please create and implement attractive policies that will strengthen these initiatives. And let’s learn how to dance in the rain. Let me have your reactions; contact me at hjschumacher59@gmail.com

Big spike in fuel pump prices this week

NOTHER big oil price increase awaits motorists and consumers this week. The Department of Energy (DOE) said Monday that diesel prices will increase by as much as P2.31 per liter, gasoline by P1.08 per liter, and kerosene by P0.95 per liter. The estimated oil price adjustments were announced ahead of the oil firms’ official announcements. The new pump prices will take effect on Tuesday, August 25. “This is what we call the permitted price adjustment. The adjustments of gasoline retailers tomorrow must not exceed these amounts,” said Energy Undersecretary Mario Marasigan during a news conference. Seaoil’s price movements are aligned with the DOE’s numbers except for kerosene which will increase by only P0.91 per liter. Other oil companies have yet to announce their fuel price adjustments. Oil companies adjust their prices every week to reflect movements in

the world oil market. During a press briefing, the DOE also said that the country’s fuel inventory as of August 21 stood at 47 days. Of which, gasoline supply will last for 44 days; diesel, 47; kerosene, 121; jet fuel, 75; fuel oil, 54; and LPG, 34. The government has implemented a P12-per-liter fuel discount for public utility vehicles (PUVs). The subsidy was increased from P10 per liter amid rising petroleum prices, allowing eligible public utility jeepney and UV Express drivers to claim their fuel benefits at more stations. “As of August 19, compared to August 12, the total budget for our fuel subsidy program has increased to P537 million. On average, the government is dispensing around P52 million in subsidies per week. This is being received by an increasing number of public utility drivers. We added around 2,000 drivers in just one week, bringing us to around 98,000 beneficiaries. See “Fuel,” A16

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The World Tuesday, August 25, 2026

India lifts wheat export ban in boost to war-hit trade By Pratik Parija

Bloomberg News

NDIA, one of the world’s biggest wheat producers, has scrapped a years-long ban on exports of the grain, a move that could ease global supplies that are under strain from escalating attacks between Russia and Ukraine.

The government has permitted wheat exports with immediate effect, according to notifications issued on Monday by the Directorate General of Foreign Trade. The change includes the durum variety, as well as flour and other products, and builds on a decision by the government in February to allow limited shipments of the grain. Wheat exports from the country have been largely prohibited since 2022—the year Russia’s invasion of Ukraine began. The two Black Sea nations rank among the world’s top exporters, and the outbreak of the war sent global wheat prices spiraling higher. That briefly turned India, whose wheat prices typically aren’t competitive at the global level, into a major supplier. However, the government banned overseas sales shortly thereafter, citing food-security concerns as a heat wave threatened its domestic harvest. Supplies have improved in the years since, with India’s last wheat harvest reaching an all-time high of 120.6 million tons. The US Department of Agriculture is forecasting India’s domestic stockpiles to end the 2026-27 season at a record level, signaling a surplus is available. A pickup in wheat shipments from India could help ease supply pressures in import-dependent countries across Asia, Africa and the Middle East at a time when Black Sea grain flows are being disrupted anew. Ukraine and Russia have recently escalated attacks on commercial vessels and ports in the region, sending Chicago wheat futures to a twoyear high. Russia rejected a truce offered by Ukraine to end attacks on ships carrying agricultural commodities through the Black Sea, Ukrainian President Volodymyr Zelenskyy said over the weekend. Still, the shift comes as India emerges as an importer of some other agricultural commodities. The government last week allowed mills and refiners to bring in as much as 1 million tons of raw sugar duty-free to cool record domestic prices.

‘It’s a carry world’: EM trade posts longest run since 2008

ATHY HEPWORTH, who heads $1.5 trillion asset manager PGIM’s emerging-markets debt team, doesn’t hesitate when asked about her highest-conviction theme across the developing world: “Carry, carry, carry.” She’s referring to a popular but often risky trade in which investors borrow cheaply in currencies like the US dollar, Japanese yen, or euro, and put the money to work in higher-yielding currencies like the Turkish lira, where interest payments on bonds or money-market funds can be as much as 40 percent or higher. Carry trades funded by the US dollar are on their longest winning run since 2008, yielding positive returns for a seventh successive quarter. “It’s a carry world,” said Hepworth, who joined PGIM in 1989 and helped establish its emerging-markets debt management effort in 1995. “There’s a ton of money looking for yield.” The emerging-market carry trade has returned about 22 percent since the end of 2024, according to a Bloomberg gauge of eight major EM currencies, handily beating all other major classes of global bond trades. Investing in US Treasuries has earned just 5.9 percent over the same period, while dollar bonds from developing world governments returned 14 percent and EM corporate debt 10 percent. Returns have been amplified by a dollar that’s weakening against major emerging-market currencies outside Asia and cheapening versus low-rate peers like the euro and Swiss franc also used to fund carry trades. That makes for a heady mix in Colombia, which offers a 12 percent bond return with 45 percent spot appreciation. Even in Turkey, where the lira has lost 26 percent against the dollar, yields above 32 percent on 10-year local bonds have kept investors in profit. Emerging market carry enthusiasts just got more encouragement from the US Treasury, which announced Wednesday it will buy back more long-dated debt. Efforts to engineer US yields lower could reduce the attractiveness of dollar-denominated debt relative to assets elsewhere— including those in the developing world. Bloomberg News

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89th Iloilo C

A BusinessMirr

Tuesday, August 25, 2026 | www.businessmirror.com.ph

MESSAGE FROM THE MAYOR

‘Rise together, move forward together, and build a better Iloilo City’ The Charter Day of Iloilo City is a reminder of the shared responsibility to establish a city where every Ilonggo can live with dignity, security, and hope.

ARMEST greetings to all Ilonggos as we celebrate the Charter Day of Iloilo City with the theme, “89 Years of Progress Toward a Better Iloilo City For All.” This is more than a commemoration of our city’s history. It is a celebration of the progress we have achieved together and a reminder of our shared responsibility to build a city where every Ilonggo has the opportunity to live with dignity, security, and hope. For 89 years, Iloilo City has continued to grow and transform through the hard work, resilience, and unity of its people. Today, we see this progress in stronger public services, better opportunities for our families and communities, a growing local economy, improved infrastructure, and programs that respond to the needs of our people.

Under our RISE-to-ACTION framework, we continue to focus on what matters most: rising health and social services, rising economy, and a more livable city. We are strengthening programs for children, senior citizens, persons with disabilities, families, workers, entrepreneurs, and communities because development must be inclusive and must reach every Ilonggo. But our journey does not end with the accomplishments we celebrate today. There is still much to do, and we remain committed to listening, working, and finding better ways to serve our people.

As we look toward the future, let us continue to work together— with compassion, integrity, and a shared vision for our beloved city. Let us make sure that every step forward creates opportunities not only for some, but for all. On this 89th Charter Day, I thank every Ilonggo who continues to contribute to the progress of our city. Your hard work, cooperation, and love for Iloilo are the foundation of everything we hope to achieve. May we continue to rise together, move forward together, and build a better Iloilo City that is more inclusive, resilient, prosperous, and livable for generations to come. Happy 89th Charter Day, Iloilo City! Padayon kita sa pag-uswag. Padayon kita sa pagserbisyo. Padayon kita sa paghimo sang mas maayo nga Iloilo City para sa tanan.

Iloilo City Mayor Raisa S. Treñas. PHOTO SOURCED FROM ILOILO CITY GOVERNMENT ON FB.

RAISA S. TREÑAS City Mayor

Namit Gid!: How Iloilo Became a Food Lover’s Paradise For Iloilo, the recipe for progress is becoming clearer: preserve what is uniquely Ilonggo, create opportunities around it, and invite the world to the table.

By Carmel Pedroza

N Iloilo City, food is more than something placed on a dining table. It is history served in a bowl of La Paz batchoy, heritage wrapped in the delicate layers of pancit molo, tradition carried through smoky inasal, and the bounty of farms and seas transformed into dishes that have become part of the city’s identity. Food is also a growng business. For Iloilo City, its reputation as a culinary destination has evolved into an economic strategy—one that brings tourists into the city, creates markets for local producers, supports micro, small and medium enterprises (MSMEs), preserves culinary traditions and strengthens the city’s position on the international tourism map. Iloilo’s designation as a UNESCO Creative City of Gastronomy has reinforced this transformation. This recognition has allowed the city to present its food culture not simply as a tourism attraction but as part of its broader development agenda. According to UNESCO, Iloilo’s gastronomy sector employs around 4,600 people and includes more than 300 restaurants. That makes food a significant part of the city’s economic and cultural landscape. “Its long-standing gastronomic tradition” is rooted in the Ilonggo way of life, particularly the culture of the fiesta and festive banquets, according to UNESCO. That tradition is now being carried into a modern economy.

From local dishes to a tourism industry

The city government’s EATS Iloilo! program provides perhaps the clearest picture of how gastronomy is being converted into tourism and livelihood opportunities. In its first year, the program attracted 56,307 participants, created opportunities for 363 local MSMEs, and staged 30 gastronomy and tourism promotion events. Its activities included the 2025 International Cities of Gastronomy Fest, Malikhaing Pinoy Expo 2025,

homes, churches, and historic districts that shaped the city. This integration gives Iloilo an advantage: tourists are not simply coming to eat. They are coming to understand where the food comes from and the people and history behind it.

Gastronomy as a tool for inclusion

A beloved Ilonggo classic, La Paz batchoy is a comforting bowl of noodles, rich broth, pork, and savory toppings that captures the heart of Iloilo’s culinary heritage. PHOTO COURTESY OF ILOILO CITY OF GASTRONOMY FACEBOOK PAGE.

the 16th National Food Showdown, Calle Real Night Market and GastroCon Iloilo 2025. The events did more than put food on display. They gave local food producers, artisans, and entrepreneurs opportunities to meet consumers, promote their products, and expand their markets. “Our food tells the story of our people, our culture, and our city. Through EATS Iloilo!, we are not only preserving that heritage but also creating more opportunities for our local entrepreneurs, tourism stakeholders, and communities to grow together,” Mayor Raisa Treñas said. That connection between food and place is central to Iloilo’s tourism pitch. Visitors can join a gastronomy food crawl, explore public markets, sample street snacks, or walk through the historic Calle Real Night Market, where heritage architecture provides a backdrop for local food and street culture. The city’s tourism offerings are designed to make food part of a wider experience. A visitor can begin the day exploring historic churches and ancestral homes, visit a public market to discover local ingredients, and end the evening sampling Ilonggo specialties. In Iloilo, the meal becomes a gateway to the city’s history.

Batchoy: protecting the taste of Iloilo

Perhaps no dish better represents that intersection of food, identity, and economic opportunity than La

Iloilo cuisine took center stage at the World Food Expo in Pasay City earlier this month as local food makers like Netong’s Original Special La Paz Batchoy (in photo) showcased the flavors that have earned its UNESCO Creative City of Gastronomy distinction. PHOTO COURTESY OF ILOILO CITY OF GASTRONOMY FACEBOOK PAGE.

Paz batchoy. The noodle soup, associated with Iloilo’s La Paz district, has become one of the city’s most recognizable culinary signatures. But as its popularity grows, Iloilo is also confronting a question faced by many destinations that commercialize traditional food: How do you protect authenticity while allowing an industry to grow? That question is at the center of the “Namit Gid!: A Multistakeholder Collaboration for Ilonggo’s Batchoy” project. Stakeholders gathered at Iloilo City Hall in August to discuss ways to protect, promote and sustain the heritage of Iloilo’s iconic dish. The initiative brings together the city government, Iloilo City Gastronomy Council, academe, Intellectual Property Office of the Philippines, Department of Trade and Industry, and representatives of batchoy establishments. Among the participating producers are Netong’s Original Special Lapaz Batchoy, Deco’s Lapaz Batchoy, Ted’s Oldtimer Lapaz Batchoy, Popoy’s Batchoy, Inggo’s Original Lapaz Batchoy, and Alicia’s Special Batchoy. The discussions included preparations toward a certification mark for Iloilo La Paz Batchoy and the possible formation of an association of batchoy producers, owners, and cultural heritage stakeholders. The goal is not simply to protect a recipe. It is to protect an identity

while creating a stronger economic ecosystem around it. Mayor Treñas emphasized the need for an inclusive approach that benefits not only batchoy establishments but also the wider Ilonggo community. That could mean opportunities for producers, workers, suppliers, farmers, tourism operators, and other businesses that form part of the culinary value chain.

From farms and seas to the dining table

Iloilo’s culinary strength is also rooted in geography. The city’s location gives it access to agricultural products from the surrounding areas as well as seafood from its coastal communities. That abundance has helped shape a cuisine that prizes freshness and simplicity. The city’s tourism office describes Iloilo as a food lover’s haven, where everything from seafood to local produce and sweets contributes to its gastronomic identity. Its signature dishes are diverse enough to create an entire culinary itinerary—from batchoy and pancit molo to inasal and other traditional Ilonggo dishes. But gastronomy extends beyond restaurants. Public markets offer visitors an opportunity to see the ingredients behind the cuisine and experience everyday Ilonggo life. Creative industry tours introduce visitors to local artists and craftspeople, while heritage tours connect food with the ancestral

Iloilo’s approach also reflects the broader role UNESCO sees for gastronomy in urban development. The city has used food to strengthen social cohesion and resilience. During the COVID-19 pandemic, the city launched the Kitchen Patrol program, which distributed thousands of traditional meals to underprivileged and socially isolated residents. UNESCO also identifies Iloilo’s goals of repurposing unused urban spaces as cultural venues, strengthening socioeconomic inclusion, and advancing sustainable urban agriculture and efforts to combat food waste. In this sense, gastronomy becomes much larger than tourism. It connects farmers to restaurants, entrepreneurs to consumers, artists to cultural institutions, and communities to visitors. It also creates opportunities to preserve traditions that might otherwise disappear.

Taking Iloilo’s food to the world

The city is progressively using international platforms to promote that identity. In 2026, Iloilo shared its best practice in hosting Filipino Food Month with the UNESCO Creative Cities of Gastronomy network. The city highlighted how food can support local farmers, producers, chefs, and entrepreneurs while contributing to cultural preservation, responsible consumption, and sustainable development. The effort also reflects Iloilo’s role in a global network of cities using creativity and culture as tools for development. Even private-sector partnerships are beginning to recognize

the strength of the brand. Coca-Cola Philippines selected Iloilo as the first destination outside Manila for its Coca-Cola Foodmarks gastronomic campaign, making the city the campaign’s second epicenter in the country. The initiative featured local establishments including Balay Bisaya Batchoy, Jeara’s Tinu-om, Kap Ising Pancit Molo and MatMat Talabahan. For the city, the partnership provides another platform to introduce Iloilo’s culinary diversity to a wider market.

The business of being a food city

The bigger story is that Iloilo is demonstrating how gastronomy can become part of a city’s economic development model. Convention facilities attract visitors for business events, while its food scene provides an experience beyond the conference room. Meanwhile, heritage districts give tourists places to explore, while its restaurants and markets give them reasons to stay longer. Culinary festivals provide platforms for MSMEs, while its international partnerships bring greater visibility to local products. And its effort to protect dishes such as La Paz batchoy ensures that economic growth does not come at the expense of cultural identity. For Iloilo, the recipe for progress is becoming clearer: preserve what is uniquely Ilonggo, create opportunities around it, and invite the world to the table. As the city continues to position itself as a regional economic and tourism center, its greatest asset may not only be its ports, business districts, or convention facilities. It may be something much more personal like a bowl of batchoy, a plate of pancit molo, or fresh seafood shared at a table, with the distinctly Ilonggo tradition of making visitors feel welcome. In Iloilo, gastronomy is no longer simply about what the city eats. It is becoming part of how the city grows.

Charter Day

ror Special Feature

www.businessmirror.com.ph | Tuesday, August 25, 2026 A11

From heritage city to regional growth center: How Iloilo City is building its next economy Iloilo is evolving from being a regional center participating in the country’s economic growth to a city actively connecting Western Visayas to the wider Southeast Asian economy.

By Carmel Pedroza

LOILO City’s latest chapter is being written not only in its heritage streets and historic landmarks, but also in boardrooms, business districts, ports and international forums as the city positions itself as a growing economic and investment hub in the Philippines and Southeast Asia. The hosting of the 49th High-Level Task Force on ASEAN Economic Integration (HLTF-EI) in February offered a glimpse of that transformation, bringing high-ranking economic officials from ASEAN member states to a city that is seeking to deepen its role in regional trade. For Department of Trade and Industry Undersecretary Allan B. Gepty, the gathering was more than an international meeting. “Iloilo is an excellent host, able and willing to accommodate our partners in ASEAN and also our external partners. [This is] also a good opportunity for us to showcase that Iloilo is a good tourism destination, and we believe that in promoting tourism we can promote trade in the same manner that trade promotes tourism,” Gepty said. He added that the event was an opportunity to demonstrate Iloilo’s potential as an investment destination for strategic industries. The HLTF-EI is one of ASEAN’s key platforms for advancing economic integration in trade, services and investments. Its presence in Iloilo underscored how the city’s economic profile has expanded beyond its traditional role as a regional commercial center. It also highlighted the importance of connectivity. Through ASEAN and its external partners—including China, Japan, South Korea, India, Australia, New Zealand, and Hong Kong—the Philippines has secured trade agreements that open preferential and duty-free markets to exporters while creating opportunities for professionals and service providers. For Iloilo, the challenge and opportunity are to ensure that the city has the infrastructure and industries capable of taking advantage of those markets.

A port built for a bigger economy

One of the clearest signs of Iloilo’s economic ambitions is happening along its waterfront. In 2025, the Board of Investments approved a P2.35-billion modernization and upgrading project for the Iloilo Commercial Port Complex, now operated by International Container Terminal Services Inc. The transformation is expected to bring the facility closer to international standards and strengthen Western Visayas’ capacity for trade, manufacturing and services. The Visayas Container Terminal further demonstrated that potential when it handled its first export shipment in April 2025—15 forty-foot containers of agricultural products bound for Singapore. The shipment was more than a milestone for the terminal. It showed how Iloilo can potentially connect producers in Western Visayas directly to international supply chains and ASEAN markets. That role is rooted in history. Long before Iloilo became a highly urbanized city, its waterways and ports were already connecting local communities with traders from neighboring islands and other parts of Asia. During the Spanish period, Iloilo developed into a major trading center, particularly through the sugar and textile industries. Its commercial importance survived wars, economic shifts, and the decline of the sugar industry. By the postwar period, the city had diversified into services, education, healthcare and trade. It was formally classified as a highly urbanized city in 1979. Today, the city is one again reinventing itself.

Growth beyond the traditional economy

The transformation is visible in Mandurriao, where business districts, hotels, commercial establishments, residential developments and offices have reshaped Iloilo’s skyline. The city has emerged as a regional center for services, tourism, education, healthcare, real estate and business process outsourcing. One recent development is The Grid, an information technology center in Mandurriao that was designated as a special economic zone under Presidential Proclamation No. 668 signed in August 2024. The Philippine Economic Zone Authority said three IT-BPM companies were expected to locate in the ecozone, with estimated investments of P10 million and around 250 jobs. While modest compared with larger investments, the project illustrates the direction Iloilo is taking: building an ecosystem that can attract technology-driven industries and create jobs beyond traditional sectors. The city’s economic weight is also reflected in national data. According to the Philippine Statistics Authority’s Provincial Product Accounts, Iloilo City recorded a P145.05-billion gross domestic product in 2022, accounting for 0.73 percent of the country’s GDP. It ranked sixth among the 17 highly urbanized cities outside Metro Manila included in the pilot compilation. The figure placed Iloilo behind Davao, Cebu, Cagayan de Oro, Baguio and Lapu-Lapu, but ahead of other major regional cities such as Zamboanga, Bacolod and Angeles. The numbers provide a snapshot of a city whose economy has steadily moved beyond its historical dependence on sugar and trading.

Infrastructure as the backbone of progress

The city’s economic transformation has gone hand in hand with investments in infrastructure. The modern Iloilo International Airport serves as the gateway to Western Visayas, while the Port of Iloilo remains central to the movement of goods and people. Within the city, the Iloilo Convention Center has helped strengthen its position as a meetings, incentives, conferences and exhibitions destination. The most recognizable symbol of its urban transformation is the Iloilo River Esplanade. Stretching for about 9.1 kilometers, the riverfront development has transformed portions of the Iloilo River into public spaces for recreation, walking and cycling while supporting the city’s broader environmental rehabilitation efforts. This is significant because Iloilo’s development story is no longer simply about building more. It is increasingly about building a city that remains livable.

Growth with resilience

Iloilo’s environmental initiatives have gained attention as the city works to balance urban expansion with climate resilience. During discussions surrounding ASEAN Climate Week 2026, Iloilo was cited as an example of sustainable urban development, particularly for its integrated

The next Iloilo

approach to climate resilience, environmental management and community-focused planning. Urban greening and river rehabilitation initiatives have helped improve environmental conditions, expand public spaces and address flood risks. Mayor Raisa Treñas-Chu said the recognition reflected the shared commitment of Ilonggos to resilience, environmental protection and peoplecentered governance. The city’s experience demonstrates that climate action can be translated into programs that deliver practical benefits to communities, including livelihood opportunities and improved public spaces. That approach is increasingly important as Iloilo continues to grow.

Preserving Iloilo’s rich heritage

Yet the city’s development is not being built from scratch. Its economic ambitions are intertwined with a strong cultural identity shaped by centuries of history. Iloilo’s heritage districts, historic churches and houses, Hiligaynon traditions, cuisine, festivals and crafts such as hablon weaving remain important components of its identity—and increasingly, its tourism economy. The city’s historic role as an educational center has likewise helped produce a skilled workforce that supports its growing services and business sectors.

Local pride. An iconic landmark located along Iloilo River Esplanade reflects the hometown spirit and appreciation of the Ilonggos toward their thriving city. FILE PHOTO BY JOHN EIRON R. FRANCISCO/BM.

These assets have helped Iloilo build a reputation for combining modernization with heritage preservation, environmental management and good governance. Its various national and international recognitions for competitiveness, business-

friendliness, environmental sustainability, infrastructure, digital governance and cultural preservation reinforce that image. But the real test of those accolades is whether the city’s growth translates into better opportunities for ordinary Ilonggos.

As Iloilo celebrates its Charter Day, its story is therefore less about how far it has traveled from its past than about where that journey is taking it next. The city that once built its prosperity around ships carrying sugar and textiles is now preparing for a more diversified economy—one driven by logistics, technology, tourism, services, investment and international trade. Hosting ASEAN economic officials provides a fitting backdrop. It allows Iloilo to showcase what it has become, while also confronting what it still needs to accomplish. The modernization of its port, expansion of IT-BPM activities, development of business districts, improvement of public infrastructure and investment in climate resilience all point toward the same objective: making Iloilo more competitive while preserving the qualities that make it distinctly Ilonggo. Iloilo is evolving from being a regional center participating in the country’s economic growth to a city actively connecting Western Visayas to the wider Southeast Asian economy. Its Charter Day, then, is not simply a celebration of the city it once was. It is a benchmark of what the city has become—and a reminder of the work still ahead to make its next chapter more inclusive, sustainable, and globally connected.

A12 Tuesday, August 25, 2026

TheWorld

Israeli settler siege shows ‘grave’ West Bank reality By Fadwa Hodali

Bloomberg News

HEN Loui Ridi hugged his young daughter goodbye at Detroit Metro Airport, she clung to his arm and refused to let go. The 46-year-old businessman said she then asked the question he wanted to avoid: “Are you going to be safe?” Ridi, a Palestinian American based in Ohio, said that while he’s still unsure of the answer, there was no choice but to fly thousands of miles into a conflict zone. He had to try to stop his family home from being taken over by extremist Israeli settlers. “I couldn’t just watch from Ohio,” he said, adding, “I’m not sure what’s going to happen to me.” His house sits on four acres overlooking the village of Qusra, where Palestinian authorities say the settlers are trying to seize two other properties as part of a strategy to link an outpost to the south and larger settlements to the west. In all, 10 people have been trapped in their homes for two weeks, cut off from water, electricity and food. Ridi managed to join them on Aug. 17 after coordinating with Palestinian officials, Israeli authorities and the mayor. Residents say the siege is emblematic of the chaos that has deepened in the bigger of the two Palestinian territories since Hamas-led fighters attacked Israel in 2023, setting off the war in Gaza, around 30 miles away. Israel tightened control over the entire West Bank, home to around 3 million Palestinians and at least 500,000 Israeli settlers, with its biggest military operations in the territory in more than two decades. Prime Minister Benjamin Netanyahu’s government says the aim is to protect Israelis. But the measures—ranging from surveillance and raids to new iron gates—coupled with an acceleration of settlement expansion and rising violence by extremist settlers, are upending daily Palestinian life. Describing the situation across the West Bank as “grave,” Palestinian Foreign Minister Varsen Aghabekian Shahin said earlier this week that “Palestinians will not abandon their land.” US Ambassador Mike Huckabee, a staunch supporter of Israel and settlements, told Israeli media on Aug. 18 that attacks intended to instill fear in a community fit the historic definition of terror. He condemned settlers who occupy Palestinian homes, burn cars, or steal livestock, calling such actions “indefensible” and warning they ultimately risk harming Israel itself. Qusra is inside what is referred to as Area B of the West Bank, meaning the Palestinian Authority oversees civilian needs and the Israeli military security concerns. An Israeli military spokesman said soldiers and border police had been sent to Qusra “following an illegal takeover of land by Israeli civilians which disrupted the daily lives of local residents.” He added, “Soldiers are currently permanently stationed in the area until further notice in order to protect its residents and prevent friction.” Life in Qusra—which lies between Ramallah and Nablus—revolved around its small farms and olive trees. After the war in Gaza began, members of the 8,000-strong

community reported increasing cases of arson, shootings, harassment during harvests and attempts to seize land. But they said they weren’t expecting a siege. It effectively began on August 8, when settlers pitched a tent in front of Ridi’s property and two others. A day later, they cut off the electricity and water, and blocked all entrances and exits. Three days after that, Israeli soldiers evacuated other families in the area, declaring it a military zone, and took up positions inside their homes, according to mayor Abdul Azim Wadi. Wadi said the events followed months of escalating tension. Settlers erected an outpost on the hilltop in December. Israeli forces evacuated it repeatedly, but settlers returned each time, damaging homes and infrastructure and assaulting Palestinian municipal workers attempting repairs. Israel’s army introduced a “coordination system” it said was designed to beef up security, but which meant residents needed army permission to reach their own land, he added. “The goal is displacement,” Wadi said. “What is happening in Qusra could become the reality for the entire West Bank.” Since late 2023, Palestinian officials have documented 3,488 attacks by settlers and the killings of at least 21 Palestinians. With all the violence and restrictions on movement and trade, livelihoods have been lost. Unemployment is nearly 30 percent, the World Bank said earlier this year, with weak growth and a serious fiscal crisis. The ridge where Ridi’s house is located offers control over surrounding areas and has been contested for some time, according to the Israeli settler organization Regavim. As he built up a gas station and car wash business in Ohio, Ridi began constructing the house in Qusra, to create a haven for his extended family in the West Bank, which Palestinians and their allies had long expected would become the core of a future independent Palestinian state. When he visited in December, the property was everything he had wanted it to be, with children running across the patio while older relatives tended to barbecues. But this month, he said he watched his dreams unravel from Ohio on a live security camera feed as settlers descended onto his land, breaking lights and shattering windows. Ridi climbed to the roof after entering his house on Monday, and hung an American f lag he brought over from the US. It was a plea for recognition, he said, adding “I wanted to send a clear message that I am an American citizen under siege.” His daughters are waiting for him to return, but he fears that if he leaves now, he will lose his home for good. “End the settlers’ attacks ,” he said. “Let us live in peace.

Editor: Dennis Estopace

Briefs. . . Czech diplomats told to focus on Asia

CZECH diplomats need to focus on building deeper ties beyond traditional allies as otherwise the nation risks missing a shift of economic gravity to Asia, Foreign Minister Petr Macinka said. A more multi-polar, competitive and transactional global environment means Czech missions abroad should focus on “economic diplomacy,”Macinka told an annual meeting with ambassadors in Prague last Monday. “We are not abandoning Europe or the trans-Atlantic sphere,” Macinka said. “However, if by 2035 we know everything about Brussels, Berlin and Paris but far too little about Beijing, Delhi, Jakarta or Riyadh, we will be perfectly prepared for a world that no longer exists. Bloomberg News

Sardines block Africa’s nuclear plant

A buildup of dead sardines, likely due to a virus outbreak off South Africa’s coast, slashed electricity generation from the continent’s only nuclear power plant. State power utility Eskom Holdings SOC Ltd. halved output from one of two units at the 1,800-megawatt Koeberg plant near Cape Town, it said in a statement. The other unit is currently offline for maintenance. “This controlled adjustment happened after a cooling pump automatically turned off due to the buildup of marine material in the seawater intake area,” Eskom said. Eskom said the water intake area will be cleared and normal power generation resumed. Bloomberg News

Pakistan Army chief heads to Iran

PAKISTAN’S Army Chief Field Marshal Asim Munir is traveling to Iran as part of efforts to end the Middle East conflict as tensions rise between Tehran and Washington. The army chief “will focus on promoting efforts towards peaceful, lasting and comprehensive resolution of the conflict in the Middle East,” the military’s media wing said in a statment on Monday. Munir is accompanied by Interior Minister Mohsin Naqvi. This is Munir’s third visit to Tehran as Pakistan plays a key role in efforts to mediate an end to the six-month conflict between Iran and the US. Bloomberg News

Nevada fire prompts evacuations

A fast-spreading Nevada wildfire northwest of Reno has injured at least six people and prompted evacuation orders for tens of thousands of residents. The blaze was “human-caused,” US Forest Service incident commander Shane Ackerson told reporters on Sunday. As of 2 p.m. New York time, More than 13,000 acres (5,261 hectares) have burned and an unknown number of structures have been destroyed, he said. Almost 90,000 residents have been impacted by the fire — 42,000 who are under orders to evacuate and another 45,000 on alert to leave their residences. More than 1,000 first responders, including some 800 fire personnel, were working to contain the blaze. Bloomberg News

France’s Finance Chief: Not easy to cut tax

FRENCH Finance Minister Roland Lescure said it would be difficult to cut a tax on big companies that was supposed to be a one-time measure. The “exceptional” tax was first put in place for 2025 and extended for this year as France struggled to contain its budget deficit. As a fractured National Assembly prepares to negotiate a new finance bill, Lescure said the country faces a challenging backdrop with the war in Iran, successive heat waves and rising borrowing costs. “Unfortunately, we are in a situation that is tending to last,” Lescure said, commenting on BFMTV on the budget talks and the tax on corporations. Bloomberg News

Robot beats Usain Bolt’s record

A humanoid robot ran 100 meters in 9.39 seconds at the opening ceremony of the second World Humanoid Robot Games in Beijing, beating Usain Bolt’s world record of 9.58 seconds, Xinhua News Agency reported. The games feature 51 events and 1,301 competitions, drawing 666 teams and 2,056 humanoid robots from around the world. The number of teams rose 138% from the inaugural edition last year, according to Xinhua. Running through Wednesday at Beijing’s National Speed Skating Oval, events include athletics, football, weightlifting, tug-of-war and table tennis, as well as scenario-based contests in logistics, hospitality and household services. Bloomberg News

ISRAELI army soldiers patrol as Palestinian residents remain confined inside their homes in the village of Qusra, south of Nablus in the West Bank, on August 20, 2026, after the Israeli military declared three residential properties a ‘closed military zone’ following repeated attacks and blockade by Israeli settlers. BLOOMBERG

TheWorld

Tuesday, August 25, 2026 A13

www.businessmirror.com.ph

Iran oil cargoes dry up even before US acts on threats By Bloomberg News

RAN’S oil shipments to Asia have all but dried up, driving the cost of those cargoes to the highest levels in years even before the US administration announces fresh moves to isolate Tehran and its trading partners. China’s private refiners have long taken the lion’s share of Iran’s oil. But with little supply available in the region over recent weeks, prices on offer have flipped from a discount to global benchmarks to a premium of around $4 a barrel, according to traders involved in negotiations. They asked not to be named as the discussions are not public. Much of this scarcity is down to the success of a US blockade, which has left loaded Iranian vessels trapped inside the Persian Gulf and a fleet of empty ones

stuck outside. The result is that just 40 million barrels of oil are now in waters east of peninsular Malaysia, a popular holding and transhipment area for Chinese and other Asian buyers—and only an estimated 4 million of those remain unsold, according to data intelligence firm Kpler. That’s the equivalent of two supertankers. Treasury Secretary Scott Bessent is due to unveil a plan later on Monday for “the greatest coordinated economic isolation in the history of the world”. Chinese refiners and the banks funding

them are the most obvious targets in his sights—but the potential financial and diplomatic cost of an “economic D-Day” move comes into sharper focus at a time when prices are high and supply is close to rock bottom. To date, US efforts to isolate Iran have focused on lower profile players in the oil universe, sanctioning smaller private refineries, ports and agents—all while holding off heavy-handed enforcement, wary of the unwanted impact on relations with Beijing and of driving up the oil price. Earlier this year, however, Washington sanctioned Hengli Petrochemical (Dalian) Refinery Co. Ltd., one of China’s largest private refiners—opening an unexpected new avenue and prompting an unusually sharp response as China ordered domestic companies not to comply. The US has so far stopped short of targeting the major Chinese banks. At current levels the price for Iranian oil is close to the highest since the end of the last Trump administration, said Emma Li, lead

China market analyst at analytics firm Vortexa. “This may prompt teapots to switch back to conventional grades like they did in July or simply reduce runs,” she said. High benchmark prices and secular shifts like the continued adoption of electric vehicles have weighed on Chinese demand, further clouding prospects for small refiners. Iran has weathered decades of harsh sanctions, and it is unclear that the threat of economic war can shift the conversation from a months-long military campaign that has yet to prompt Iran to surrender. Bessent, however, has vowed to sever “every economic lifeline.” “Iran’s enablers purchase and transport its petroleum. They facilitate the flow of its finances through exchange houses and free trade zones,” Bessent wrote in a column published in the Financial Times on Monday. “In short, these countries calculate appeasement of the regime to be the safer course. But they would do well to consider the consequences of sustaining it.”

Canada rejected US tariff deal. Now comes the economic cost By Thomas Seal, Erik Hertzberg, Nojoud Al Mallees & Melissa Shin Bloomberg News

ANADIANS wanted their prime minister to stand tough and not sign a bad trade deal with the US. But the collapse of talks, and the escalation of the tariff war, will come at a price. The US implemented a new 50-percent tax on imports of hundreds of Canadian items including furniture, plastics, plywood and electrical equipment on Saturday. It’s such a high rate that it may cut off the world’s biggest market for some Canadian enterprises. University of Calgary economics professor Trevor Tombe estimated that 90,000 jobs—about 0.4 percent of Canada’s labor force—may be lost if the new tariffs persist. Markets are responding: The Canadian dollar fell sharply against the US dollar when Asia trading opened last Monday. Many small Canadian manufacturers were previously shielded from early rounds of US tariffs, such as the initial so-called Ieepa tariffs, because the US exempted goods compliant with the US-MexicoCanada Agreement that President Donald Trump signed in his first term. But the new 50-percent levy, ordered by Trump under never-before-used provisions of the 1930 Tariff Act, ignores that trade deal. And Canada is likely to feel the effects of the dispute sooner than the US. Carney’s government has pledged financial help for businesses caught in the crossfire. That may prove more complicated than previous aid packages for industries like steel that have been facing US tariffs for more than a year. The new tariffs are “very diffuse, and they hit, in particular, small and many medium enterprises in various parts of the country and in radically different supply chains,” said Matthew Holmes, chief of public policy at the Canadian Chamber of Commerce. “Very difficult for the federal government especially to create a package of supports for them.” Prime Minister Mark Carney announced Canada will respond with counter-tariffs on $20 billion of US steel, dairy, appliances, electronics and other products from September 8. He didn’t shy away from acknowledging the trade war will hurt the economy, but emphasized that Canada didn’t start it. “You’re at war when you get attacked. We got attacked,” Carney said during a

50-minute press conference in Ottawa, less than 12 hours after negotiations were officially called off. Three in four Canadians endorse Carney’s decision to walk away from talks, according to an online poll taken by the Angus Reid Institute since negotiations collapsed. But 38 percent of those in the workforce are also worried the fight will affect their job, and 89 percent worry it will worsen the cost of living. The breakdown in talks reflects a permanent shift in American trade posture, Mary Ng, former Canadian trade minister, said in a Bloomberg Television interview. “We don’t see the United States valuing the integration of our markets that we have developed for decades,” she said, noting that Canada is the top export customer for at least 25 US states and among the top three customers for more than 40 states. The defiant sentiment remains even after some parts of the economy, like Ontario’s auto plants and steel mills, have already faced significant pain and layoffs as a result of the sectoral tariffs that Trump ordered last year. “We have seen the Canadian public ready to respond, not wanting to give in to what they perceive as bullying. And so this is going to hurt a little bit before it gets better,” Holmes said. Carney’s government sees little chance of resuming negotiations before the US midterm elections in November, according to people familiar with the matter. The Canadian leader is designing measures aimed at helping businesses hurt by US tariffs so they can ride out the balance of Trump’s term if necessary, added the people, who were granted anonymity to discuss sensitive deliberations. Some of the people cautioned the situation remains fluid and the US has not ruled out a restart of negotiations.

A WORKER assembles cabinetry and interior fittings at a factory in British Columbia. BLOOMBERG

Carney said the USMCA deal had been “violated day in, day out” during Trump’s second term and that US commitments are sometimes “written in pencil.” “We cannot accept what they’ve offered and we will not give what they’ve asked,” said the prime minister, 61. The provinces of British Columbia, Ontario and Quebec are particularly exposed to the new tariffs. Randall Bartlett, deputy chief economist at Desjardins, warned of a “substantial” fallout that would carve another 0.2-percentage and 0.3-percentage points from Canada’s growth rate this year and next, respectively. “Unfortunately, this breakdown comes just as growth looked to be finding better momentum,” Robert Kavcic, a Bank of Montreal economist, wrote in a report to investors.

Political pressure

THERE’S still a chance the escalation can be averted. Canada’s counter-tariffs don’t start until September 8, creating another short window to restart negotiations. Much is at stake for both nations. Canada exported $454 billion worth of goods and services to the US last year—a large majority of its exports—while importing $426 billion, according to US Commerce Department data. Carney’s government has set a goal of rapidly growing business in other markets, but that takes time. Chevrolet Silverado 1500s and GMC Sierra 1500s on the assembly line at the General Motors assembly plant in Fort Wayne, Indiana. Canada is the largest export market for US automakers. “We’re going to need a suite of programs, probably not unlike we did through the Covid era, to support working people and the industries that they depend on,” said Lana Payne, national president of Unifor,

which represents workers in the automotive and other sectors. Escalation of the trade fight also makes things more complicated for the Bank of Canada: US tariffs hit sales and weaken growth, while retaliatory duties fuel inflation at home. The central bank’s research suggests Canadian consumers will bear much of the cost of tariffs, while facing fewer choices. That’s one reason why, a year ago, Carney removed most of the counter-tariffs his predecessor, Justin Trudeau, applied at the start of the trade war. Carney’s decision to resort to the same form of retaliation now is less about economics than politics, said one expert, who believes it’s unwise. “Retaliation only makes sense politically. But the Trump administration seems immune from outside political pressure, whether it’s from Congress, the states or business,” Patrick Leblond, associate professor at the University of Ottawa, said in a LinkedIn post. “So what’s the point?” However, unlike when the trade war first erupted, US midterm elections are now a little more than a couple of months away, and the fight with Canada is on the ballot. Senator Susan Collins of Maine was among the Republicans who criticized the escalation of the trade war. In the swing state of Michigan, Democratic Senate candidate Abdul El-Sayed accused his Republican rival of preparing to “rubber-stamp” Trump tariffs on Canada that will make life more expensive in the US. Republican Senator Susan Collins, who faces a competitive race in the border state of Maine, also criticized the escalation for passing costs onto her voters. And Trump’s former Vice President Mike Pence said: “The last thing we need right now, as our economy is getting back on its feet, is a trade war with Canada.” During his news conference last Saturday, Carney was asked whether the US is in a weaker bargaining position, given the cost-of-living worries of US voters, and recent bond market instability, which has driven up borrowing costs. The former central banker said Canada has plenty of ability to weather an economic storm. “We are entering a phase where fiscal strength, discipline, focus is going to be very important—it’s going to be scrutinized,” he said. “Markets sometimes ignore these fundamentals and then all of a sudden they focus on them. And when they focus on them, if you don’t have your house in order, it’s too late. We have our house in order and we’re getting stronger.”

A14 Tuesday, August 25, 2026

DepDev: National AI framework nearing DHSUD, UP break ground on 320-unit rental completion, set for Marcos approval housing project in UPLB By Justine Xyrah Garcia

HE government is nearing completion of the country’s first artificial intelligence (AI) governance framework, the Department of Economy, Planning, and Development (DepDev) said on Monday. DepDev Undersecretary Rosemarie G. Edillon said the framework, which seeks to set rules for the technology’s use while supporting innovation and productivity at

the same time, is expected to be finalized next month and presented to President Ferdinand R. Marcos Jr. “We are looking at building an eco-

system that is trusted, where AI is being used for innovation, and it’s really humancentric,” Edillon said. Edillon said the framework will establish ethical principles and standards for AI use and provide for regulatory sandboxes that would allow new AI applications to be tested in a controlled environment. She noted the government is looking at AI applications across several sectors, including agriculture, governance, and traffic management. AI could support the development of smart agriculture, while government agencies could use the technology for applications such as traffic management, she said. Edillon said the government is also looking at “enabling resources” that could help build an AI ecosystem that is trusted and trustworthy while ensuring that the

technology remains human-centric. Although she acknowledged the broader debate over the relationship between artificial intelligence and human intelligence, the undersecretary emphasized that AI should ultimately be treated as a tool to improve productivity and quality of life. Earlier, DepDev said the planned framework would be anchored on four policy directions: safeguarding national interests and sustainability; enabling innovation through better access to data and infrastructure; adopting a human-centered approach; and ensuring data privacy, security and accountability. The framework will also cover the full AI lifecycle, from problem identification and data collection to model development, testing, deployment, monitoring and eventual retirement, with oversight throughout the process.

DA chief signs order lifting poultry restrictions on Illinois, Minnesota By Ada Pelonia @adapelonia

HE Philippines can resume poultry imports from Illinois and Minnesota, United States, following resolved bird flu cases, according to the Department of Agriculture (DA). Agriculture Secretary Francisco Tiu Laurel Jr. signed Department Circular (DC) 41, which authorized the entry of birds and their products, including poultry meat, dayold chicks, eggs, and semen from Illinois and Minnesota.

This reversed the previous temporary restriction imposed on Illinois last March and on Minnesota last year when these US states reported bird flu outbreaks. The DA decided to lift the ban after US veterinary authorities reported to the World Organisation for Animal Health (WOAH) that outbreaks of High Pathogenicity Avian Influenza (HPAI) in affected counties have been resolved, with no additional cases detected. “All import transactions of the above commodities shall be in accordance with existing rules and regulations of the

Department of Agriculture.” Since the US has a regionalization agreement with the Philippines, state-wide trade restrictions would only be imposed if there are three or more counties affected by bird flu. A regionalization agreement means the Philippines will restrict shipments of certain products only from areas with active cases of a transboundary disease instead of imposing a country-wide ban, in order to maintain trade. The move ensures sustained poultry trade, since imposing a temporary ban on

the entire country limits sources of raw materials, which could potentially affect prices. “The occurrence of HPAI from exporting countries and the imposition of a wholecountry temporary ban limits the sources of day-old chicks, parent stocks and poultry meat, which in turn affects the prices.” Other DA-accredited countries that have already secured a regionalization agreement with the Philippines include Chile, Brazil, the Czech Republic, Russia, Poland, France, the Netherlands, the United Kingdom, and Belgium.

No final decision yet on Lachica subpoena, say House prosecutors

HE House prosecution panel is keeping its options open regarding a possible request for the Senate Impeachment Court to subpoena Col. Raymund Dante Lachica, after former Office of the Vice President (OVP) special disbursing officer Gina Acosta repeatedly identified him as the person who received and utilized the office’s confidential funds.

Prosecution spokesperson and former Surigao del Norte Rep. Ace Barbers, alongside public prosecutor and Bukidnon Rep. Jonathan Keith Flores, stated on Monday that no final decision has been reached. The panel is currently weighing whether Lachica’s testimony is necessary to substantiate its case against the evidence already on record, while also considering the time

required to wrap up Article I. Lachica, the former head of the Vice Presidential Security and Protection Group, designated OVP security officer and member of Philippine Military Academy Class of 1993, has become central to Acosta’s testimony. She testified that Vice President Sara Z. Duterte directed her to release the initial P125-million

confidential tranche to him in December 2022, a process she repeated for three subsequent tranches in 2023. Acosta further stated that Lachica provided operational inputs, carried out confidential activities, furnished fund utilization reports, and retrieved the signed internal documents after each liquidation. Jovee Marie N. Dela Cruz

By Justine Xyrah Garcia

HE Department of Human Settlements and Urban Development (DHSUD) and the University of the Philippines (UP) have started construction of a 320-unit rental housing project at the UP Los Baños (UPLB) campus in Laguna, as the government expands its housing program to include rental developments. The UPLB project is one of the pilot rental housing projects under the Marcos administration’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program. It will initially cater to qualified lowincome UPLB employees and students, as well as informal settler families in communities surrounding the university. DHSUD Secretary Jose Ramon Aliling and UP President Angelo Jimenez led the concrete pouring ceremony on Monday at the project site in Barangay Paciano Rizal, Bay, Laguna, marking the start of full-scale construction. The project comes as the government seeks to address the country’s housing needs through the Expanded 4PH Program, which allows for different housing modalities beyond conventional homeownership. The agency said that the UPLB housing initiative was the first government residential project at the university in 45 years, with the previous project implemented during the administration of the late President

Ferdinand E. Marcos Sr. Jimenez said the UPLB project could serve as a model for other housing projects within the university system, particularly those intended for its lowest-paid employees. The DHSUD said the project was developed jointly with UP to address housing needs among UPLB constituents and communities around the campus. “Our President’s directive is clear—let us bring government services closer to our fellow citizens. The DHSUD continues to expand its program through additional modalities and policy reforms so that we can effectively address housing needs,” Aliling also said. From July 2022 to June 2026, the government facilitated the delivery of 575,693 housing units, equivalent to about 51 percent of its recalibrated target of 1.13 million units by the end of President Marcos’s term. Of the total, 81,295 units were delivered through direct housing provision, while 368,731 families were assisted through government housing financing programs. Another 125,667 units were produced under the Expanded 4PH Program. Earlier this year, the Philippine Statistics Authority (PSA) revised the country’s estimated housing need for 2023 to 2028 to 3.7 million housing units, down from the previous estimate of 6.5 million, following the adoption of a new methodology.

‘PHL must lead efforts to mobilize climate finance, technology and boost partnership’ By Jonathan L. Mayuga @jonlmayuga

HE Philippines, as this year’s chair of the Association of Southeast Asian Nations (ASEAN), should lead efforts to mobilize climate finance, technology and partnerships while making climate resilience part of the region’s security agenda, the country’s top environmental officials said. Speaking during a forum on climate security organized by Stratbase Institute and the German Embassy on Monday, Environment Secretary Juan Miguel Cuna and Special Envoy for Disaster Risk Reduction and Management Antonia Yulo-Loyzaga, together with experts, agreed that the country’s ASEAN chairmanship presented an opportunity to push for a more integrated approach to climate security, linking environmental resilience with the bloc’s political, economic and security priorities. “The region should speak with greater coherence in mobilizing the finance, technology, and partnerships needed for a just transition. Climate resilience must increasingly become part of our ASEAN’s regional security architecture,” Cuna said. He stressed that the Philippines needed access to climate finance, appropriate technology, science and data, as well as partnerships aimed at strengthening institutions and communities over the long term. “No ASEAN member state can address these challenges entirely on its own,” Cuna said.

The call was echoed by Stratbase President Victor Andres Manhit, who stressed that strategic partnerships and alignment “will remain essential to strengthening climate security and resilience. “For the Philippines—and for all ASEAN member-states—it is therefore crucial that we harness strategic partnerships with likeminded countries. Our individual and collective ability to withstand these pressures will ultimately depend on how effectively we work across sectors and borders, and how strategically we build and sustain meaningful partnerships,” Manhit said. Both Cuna and Manhit also called for greater participation from the private sector, civil society and academe in advancing renewable energy, resilient infrastructure, climate-smart production and naturepositive investments. For her part, Yulo-Loyzaga echoed this sentiment, saying the Philippines, as ASEAN chair, had a “unique opportunity” to lead the region toward recognizing climate change as part of its security architecture, she said. ASEAN’s stability, prosperity and security would depend on how its members adapt to climate risks and on their commitment to science-informed cooperation with like-minded countries within a rules-based international order, she added. The Philippines, she noted, had already incorporated climate security into its national development and security frameworks, with the National Security Strategy 2023-2028 identifying climate change as a threat multiplier and security concern.

Republic of the Philippines REGIONAL TRIAL COURT 6th Judicial region Branch 68 P.D. Monfort North Dumangas, Iloilo -oOoCIVIL CASE NO. 24-2208 WILLIAM S. JASTILLANO, WINONAH J. DIAMANTE Plaintiffs,

Tuesday, August 25, 2026 A15

Climate is a security risk; Asean urged: move past non-interference By Malou Talosig-Bartolome

ISING temperatures, acidifying seas, and extreme weather are no longer just environmental concerns. Regional security experts and diplomats warn they are now security threats that demand Asean move beyond its traditional nonintervention policy. Speaking at a Manila conference sponsored by the Stratbase Institute and the German Embassy, Philippine Special Envoy for Disaster Risk Reduction and Management Maria Antonia YuloLoyzaga said climate change is a “convergent risk” that cuts across food, energy, and geopolitical stability. “Changes in temperature and rainfall are inextricably linked to availability, access and affordability of resources, as well as the resilience of ecosystems and infrastructure that support them,” she stressed. YuloLoyzaga pointed to rice yield declines, looming rainfall shortages in Mindanao during the projected Super El Niño of 2026–27, and the vulnerability of sea lanes and undersea cables as examples of how climate shocks cascade into social unrest and economic disruption. “There are Asean Agreements on Transboundary Haze, Food Security, Biodiversity and, most recently, Maritime Cooperation. All of these intersect climate security, but this fragmentation still suggests siloed decisionmaking and implementation,” the

former environment secretary said. She also underscored the Philippines’s domestic planning. While the National Adaptation Plan identifies the cost of inaction within the 2030 decade at between P1.2 trillion and P1.4 trillion, the government is strengthening localization and interagency coordination. To enhance prevention and preparedness within a limited fiscal space, the Office of Civil Defense is drafting new strategic engagements with the private sector and national and foreign humanitarian and security actors. This proactive planning, she said, draws directly from the painful lessons of Typhoon Haiyan in 2013, when the country had to coordinate 14 different military organizations and more than 40 major NGOs for emergency response and recovery. German Ambassador Andreas Pfaffernoschke echoed the call to break silos. “Too long we have been discussing climate change in one room, conflict and security in another room. But the people of Southeast Asia do not experience these challenges in separate rooms. They experience them simultaneously,” he said. He urged Asean to treat climate change as a “cooperation multiplier,” noting that shared rivers, seas, and disasters create reasons to communicate and cooperate. Dr. Mely CaballeroAnthony of Nanyang Technological University was more blunt:

“The assumption could be made that our way of doing things is no longer feasible. Strict adherence to nonintervention has historically prevented Asean from addressing shared risks.” She cited transboundary haze, Laos’s upstream hydropower projects, and South China Sea tensions as flashpoints where sovereignty norms block collective action. DENR Undersecretary Analiza RebueltaTeh proposed a shared regional marine and hydrological early warning system. “Natural ecosystems do not respect national borders. Governments must talk to each other about common problems,” Rebuelta-Teh said. Lukas Rüttinger, senior advisor of Berlin-based research group adelphi, also suggested that Asean build a “regionally owned process and institutional backbone.” “Waiting for global consensus will not resolve local security pressures. What works are solution narratives that show how integrated climatepeace projects can improve livelihoods while easing resource disputes,” Rüttinger said. DENR Secretary Miguel Cuna reinforced the need for unified regional action. “No Asean member state can address these challenges entirely on its own. Environmental resilience and lasting peace share the same principle. We must act before vulnerability becomes crisis. Then we will have strengthened the conditions for peace itself,” Cuna said in a video message.

Angara: DepEd proposes separate budget for learner protection, security infrastructure By Claudeth Mocon-Ciriaco @claudethmc3

HE Department of Education (DepEd) is closely coordinating with legislators to establish a distinct budget line item in future national appropriations to address systemic safety gaps in the basic education system, ensuring these funds are restricted to school safety and learner protection measures. Education Secretary Juan Edgardo Angara said that the DepEd is seeking a permanent, dedicated line-item allocation in the Fiscal Year 2027 national budget, building on safety measures already underway under the Ensuring a Safe and Motivating Learning Environment (ESMLE) policy or DepEd Order No. 6, s. 2026. However, the DepEd did not reveal the amount of the budget that they are asking. “Ang kaligtasan ng ating mga magaaral ay nangangailangan ng patuloy at sapat na pamumuhunan. Kaya sa panukalang 2027 budget, nakatutok tayo sa pagpopondo sa seguridad, crisis preparedness, emergency response, training ng ating mga tauhan, at pangkalahatang learner support bilang magkakaugnay na prayoridad,” Angara said. Under the proposed budget appeal, funds will explicitly target vital physical

security assets and support roles, including security guards, School Counselor Associates (SCAS), closed-circuit television (CCTV) systems, perimeter fences, and walkthrough and handheld metal detectors. The proposed expanded deployment of School Counselor Associates aims to create an early intervention system to detect behavioral red flags, anti-bullying concerns, and mental health struggles before they escalate into campus incidents. DepEd is also encouraging local government units (LGUs) to complement these line-item allocations by utilizing Special Education Funds (SEF) for immediate security needs. “Habang ginagawa natin ang ating bahagi sa pambansang badyet, itinutulak din natin ang pakikipagtulungan sa mga LGU na mayroong SEF dahil shared responsibility ng buong lipunan ang kaligtasan ng ating mga mag-aaral,” Angara said. The overall strategy aligns with the ongoing DepEd School Safety Campaign, launched under directives from President Ferdinand R. Marcos Jr., which involves a whole-of-government and whole-of nation approach for school safety and learner protection. Angara explained that while existing Maintenance and Other Operating Expenses (MOOE) cover general school requirements,

funds are frequently absorbed by utility bills, instructional supplies, and administrative upkeep, leaving insufficient budget for physical security hardware or specialized personnel. “ Sa kasalukuyan, umaasa lang ang karamihan sa MOOE. Dahil nagkakaiba ang MOOE depende sa laki ng paaralan, hindi pantay-pantay ang kapasidad nilang magpatupad ng seguridad. Kapag naging ganap na line item ito, mas matutugunan natin ang pangangailangan ng bawat eskwelahan nang mas mabilis at organisado,” Angara said. The proposal stems from a nationwide school safety audit that identified recurring security gaps and safety risks across basic education institutions. To complement physical security measures, DepEd prioritizes learner well-being and psychosocial support services under its proposed budget of PHP976 billion for FY 2027. DepEd reaffirmed its commitment to collaborating closely with Congress, local government units, other national government agencies, the Philippine National Police (PNP), and civil society partners throughout the budget deliberations to guarantee that public funds translate directly into secure, resilient, and supportive school environments nationwide.

BARMM gun ban draws 175 firearms off streets ahead of polls By Mary Jade Jadormio

T least 175 firearms were surrendered or deposited with authorities as the election period in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) started. The election period for the first BARMM parliamentary polls started on July 16 and security forces intensified their efforts to keep guns out of circulation ahead of the polls since then. The Philippine National Police’s (PNP) accumulated election monitoring report showed that 175 firearms were turned in from July 16 to Aug. 22, including 154 small arms, 17 Class A light weapons and four Class B light weapons. This is significantly higher than the 27 firearms confiscated in gun-ban operations during the same period, indicating that voluntary turnover accounted for a large share of the firearms removed from potential use during the election period. PNP also recorded two deposited firearms, or weapons turned over for safekeeping and/or possible future licensing, while five abandoned firearms were recovered in separate operations. Confiscated firearms consisted of 21 small arms and six light weapons, with six

explosives also recorded in the gun-ban monitoring report. Authorities, likewise, seized 111 rounds of ammunition during the period, including various handgun and rifle calibers, further expanding the volume of weapons-related material taken out of circulation. The police recorded 19 arrests in relation to its election security operations, with eight arrests reported in Maguindanao del Sur, six in Maguindanao del Norte, three in Lanao del Sur and two in Isabela City. Security forces conducted 24,472 Comelec checkpoints across the monitored areas during the period, including 11,590 strategic checkpoints, 6,591 spot or mobile checkpoints, 1,994 border-control checkpoints and 4,297 joint PNP-AFP checkpoints. The scale of the checkpoint operations reflects the heightened security posture being maintained across BARMM as authorities enforce the election gun ban. Gun-ban operations also included seven police response or patrol operations, two anti-illegal-drug operations, two gun buy-bust operations and two other law-enforcement operations, for a total of 15 recorded operations. Among the reported cases, police ar-

rested a man at a checkpoint in Lanao del Sur after he allegedly threw a .45-caliber pistol onto the roadside when he noticed officers. The firearm was recovered with three rounds of ammunition, while four sachets of suspected illegal drugs were also seized from the suspect. In another operation, authorities arrested two men in Maguindanao del Sur who were allegedly selling firearms, recovering two 5.56mm rifles, magazines and ammunition during a buy-bust operation. Police also arrested another suspect after allegedly catching him selling two M4A1 carbines, underscoring that the gun ban enforcement effort has extended beyond checkpoint inspections to operations targeting the illicit firearms trade. Despite the volume of firearms turned over or seized, the PNP recorded only one validated election-related incident in the monitored areas during the period, involving Maguindanao del Norte. The report also documented an alleged shooting incident involving the convoy of BARMM Interim Chief Minister Abdulraof Macacua in Datu Odin Sinsuat, Maguindanao del Norte, on Aug. 15, although authorities said there were no casualties and validation remained ongoing.

-versusWHILHELM DIVINAGRACIA, SR., REPUBLIC GAS CORPORATION & 88 DRAGONS CORPORATION Defendants, x- - - - - - - -x SUMMONS TO: 88 DRAGONS CORPORATION - - - - - -10th Floor, Columbia Towers, Brgy. WackWack, Ortigas Avenue, Mandaluyong City GREETINGS: You are hereby required within thirty (30) days after service of this Summons upon you to file with this Court your answer to the petition, a copy of which is hereto attached, together with the annexes. You are reminded of the provisions in the IBP-OCA Memorandum on Policy Guidelines dated March 12, 2002, to observe restraint in filling a motion to dismiss and instead allege the grounds thereof as defenses in the Answer. If you fail to answer within the time fixed, the plaintiff will take judgment by default and maybe granted the relief applied for in the complaint. WITNESS, my hand under the seal of this Court, this 19th day of August 2025 (SGD.) ATTY. ERIC VOLTER A. ORTIGAS Clerk of Court VI ------------------Republic of the Philippines REGIONAL TRIAL COURT 6th Judicial Region Branch 68 Dumangas, Iloilo -oOoCivil Case No. 24-2208 For: Petition for the Declaration Nullity of the Deeds of Sale and of TCT No. 090-2018006577, TCT No. 090-2018006579, TCT No. 090-2018006580, TCT No. 090-2018006581, TCT No. 090-2018006582, and TCT No. 090-2018010097, Recovery of Ownership and Damages with Prayer for the Issuance of a Temporary Restraining Order (TRO) and Writ of Preliminary Injunction (WPI) WILLIAM S. JASTILLANO, WINONAH J. DIAMANTE, Plaintiffs, -versusWHILHELM DIVINAGRACIA, SR., REPUBLIC GAS CORPORATION & 88 DRAGONS CORPORATION, Defendants, x- - - - - - - -x COMPLAINT COMES NOW, Plaintiffs, through the undersigned counsel and unto this Honorable Court, most respectfully states: 1.Plaintiff WILLIAM S. JASTILLANO is of legal age, Filipino, married and a resident of 238 Ligao, St., San Miguel, Manila while Plaintiff WINONAH J. DIAMANTE is also of legal age, Filipino, widow and a resident of Brgy. Dacuton, Dumangas, Iloilo and has the capacity to sue and be sued and may be served notices and other court processes at their stated addresses and/or through undersigned counsel. 2. Defendant WHILHELM DIVINAGRACIA, SR., of legal age, Filipino, married and a resident of No. 25 Lopez Jaena St., Lapaz, Iloilo City, where he may be served with notices and other court processes. 3. Defendant REPUBLIC GAS CORPORATION is a corporation duly organized and existing under and by virtue of the laws of the Philippines with business address at DagatDagatan Avenue, Brgy. Longos, Malabon City where it may be served with notices and other court processes. 4. Defendant 88DRAGONS CORPORATION a corporation duly organized and existing under and by virtue of the laws of the Philippines with business address 10th Floor Columbia Towers, Brgy. Wack-Wack, Ortigas Avenue, Mandaluyong City, where it may be served with notices and other court processes. The Cause of Action 5. Plaintiffs are the son and daughter and the surviving heirs of the late LORETO JASTILLANO (Loreto for brevity.) Attached herein as Annexes “A” and “B” are the copy of Plaintiffs’ Certificate of Live Birth. 6. On 9 October 1991, Loreto, who was then 64 years old, died in Dumangas District Hospital, Dumangas, Iloilo. Attached hereto as Annex “C” is a copy of Loreto’s Certificate of Death. 7. Plaintiff siblings, namely Gracelyn Jastillano, Franklin Jastillano and Arturo Jastillano took care of the property and the corresponding documents were safekept by their eldest sibling ARTURO. 8. That on May 2000 Francklin Jastillano died and on the same year Gracelyn Jastillano also died last October 2000 and later on, Arturo also died last May 5, 2020. Copy of their death certificates are attached hereto as Annexes “D”, “E” and “F”; 9. That after the death of Arturo, the documents in his possession were turned over to William. One of these documents is Transfer Certificate of Title No. T-55302 registered in the name of Plaintiffs mother Loreto Subibi Jastillano, with an area of ONE HUNDRED SEVEN THOUSAND THIRTY-FIVE (107,035) SQUARE METERS. Attached hereto as Annex “G” is a copy of TCT No. T-55302. 10. Plaintiff William was surprised to learn however that T.C.T. No. T-55302 was cancelled pursuant to an alleged Deed of Absolute Sale dated 4 April 2017, allegedly executed by his late mother Loreto in favor of certain Whilhelm Divinagracia, Sr. Attached hereto as Annex “H” is a copy of a falsified Deed of Absolute Sale. 11. It is very clear at this point that the Deed Of Absolute Sale is FALSIFIED since the records would show that it was allegedly executed on 4 April 2017 or more that 16 years after the death of LORETO, the alleged seller and Plaintiffs’ mother; 12. Pursuant to the FALSIFIED Deed of Absolute Sale, TCT No. T-55302 was cancelled and TCT No. 090-2017010901 with an area of 107,035 was issued in favor of defendant DIVINAGRACIA, Attached here as Annex “I”, is a copy of TCT No. 090-2017010901. 13. On 30 April 2018, records show that DIVINAGRACIA executed a sale in favor of Defendant REPUBLIC GAS CORPORATION (REPUBLIC GAS) for a portion of land with an area of 20,636 SQ.M. Defendant DIVINAGRACIA likewise subdivided the subject lot into six other lots: Lot 505-A Lot 505-B Lot 505-C Lot 505-D Lot 505-E Lot 505-F

10,000 SQ.M. TCT No. 090-2018006577 20,636 SQ.M TCT No. 090-2018006578 1,317 SQ.M. TCT No. 090-2018006582 10,000 SQ.M. TCT No. 090-2018006579 9,029 SQ.M. TCT No. 090-2018006580 56,053 SQ.M. TCT No. 090-2018006581

14. TCT No. 090-2018006578 was registered under the name of defendant REPUBLIC GAS and TCT No. 090-2018006577 was sold by defendant DIVINAGRACIA to Defendant 88DRAGONS CORPORATION (88DRAGONS) on 13 August 2018. Consequently, TCT No. 090-2018006577 was cancelled and TCT No. 090-2018010097 was issued in favor of 88DRAGONS. Attached hereto are the certificate of titles and tax Declaration as Annexes “J”, “K”, “L”, “M”, “N”, “O”, and “P” with sub-markings for Tax Declarations each title whose total assessed value is P1,166,520.00 and the total market value is P6,665,770.00 while the total zonal value is P1,926,630.00; 15. It is clear that all these titles are from the Transfer Certificate of Title No. T-55302 which had been cancelled pursuant to a FALSIFIED deed of Absolute Sale. 16. It is glaring that Defendant DIVINAGRACIA maliciously FALSIFIED the deed of Absolute Sale and the Acknowledgement of the Notary Public that Loreto appeared before him on April 4, 2017 is absurdly FALSE considering that she already died on 9 October 1991. 17. The FALSIFIED Deed of Absolute Sale was then presented to the Bureau of Internal Revenue (BIR) for the issuance of the Certificate Authorizing Registration and the Registry of Deeds for Iloilo for the cancellation of TCT No. T-55302 registered in the name of LORETO REPUBLIC GAS CORPORATION and 88DRAGONS CORPORATION by virtue of the Deeds of sale executed on 30 April 2018 (in favor of Defendant REPUBLIC GAS) and 13 August 2018 (in favor of Defendant 88DRAGONS); 18. That considering that the defendant DIVINAGRACIA has falsified the Deed of Absolute Sale, plaintiff WILLIAM filed a case against him before the Iloilo City Prosecutor’s Office for falsification which copy of the Complaint in which the Prosecutors’ Office found probable cause against him and the instant case is now pending before Branch 3 of the Municipal Trial Court in the Cities. Copy of the Complaint is attached as Annex “Q”; 19. That the defendants REPUBLIC GAS and 88DRAGONS are clearly not buyers in good faith in this case as the subject property is not possessed by defendant DIVINAGRACIA and could have look beyond the certificate of title and thus, failure to exercise degree of precaution makes it buyers’ in bad faith; 20. Moreover, the title issued to defendant DIVINAGRACIA is void as the same having been issued using falsified document and since the title is void, no right can be transferred at all even to defendant Corporation as it is settled that a void title cannot give rise to a valid title; 21. To recall, ownership is different from a certificate of title. A certificate of title is merely an evidence of ownership or title over the particular property described therein, and it cannot be used to protect a usurper from the true owner; nor can it be used as a shield for the commission of fraud; neither does it permit one to enrich himself at the expense of others; 22. That because of the illegal act of the defendant DIVINAGRACIA was forced to spend a lot for this case and was so stressed a lot of times and aghast as to why Divinagracia could do the same to them and this case has caused them so many sleepless nights, anxiety and wounded feeling; 23. That the plaintiffs are in danger of losing their property and thus, has no other choice but begs that a temporary restraining order and/or preliminary mandatory injunction shall be issued ordering defendant DIVINAGRACIA from offering to sell and selling the subject property as well as defendant REPUBLIC GAS and 88DRAGONS from introducing improvements in order to prevent irreparable damage and injury to the plaintiffs of which defendant DIVINAGRACIA is continually offering the subject properties for sale to the public; 24. That due to the unlawful acts of the defendant DIVINAGRACIA, plaintiffs were unnecessarily forced to secure the services of counsel, to which he would suffer attorney’s fees of P200,000.00 and appearance fee P5,000.00 for every hearing actually attended as well as other litigation and incidental expenses. Copy of the Retainer’s Agreement is attached hereto Annex “R”; 25. Clearly, the action of the defendant DIVINAGRACIA who collectively cause the deliberate, malicious, purposeless, senseless, and unjustified act of taking possession of the subject property through illegal acts with full knowledge of illegality or groundlessness of the act is liable for damages; 26. Defendants’ actions are clearly outside the walls of law and causing damage to the plaintiffs making it liable under the provisions of Art. 19,20,21, 2217 and 2219 of the Civil Code of the Philippines which states as follows, to wit: Article 19. Every person must, in the exercise of his rights and in the performance of his duties, act with justice, give everyone his due, and observed honestly and good faith. Article 20. Every person who, contrary to law, wilfully or negligently causes damage to another, shall indemnify the latter for the same. Article 21. Any person who wilfully causes loss or injury to another in a manner that is contrary to morals, good customs or public policy shall compensate the latter for the damage. Article 2217. Moral damages include physical suffering, mental anguish, fright, serious anxiety, besmirched reputation, wounded feeling, moral shock, social humiliation, and similar injury. Through incapable of pecuniary computation, moral damages may be recovered if they are the proximate result of the defendant’s wrongful act for omission. Article 2219. Moral damages may be recovered in the following and analogous cases:

x x x (10) Acts and actions referred to in articles 21, 26, 27, 28, 29, 30, 32, 34, and 35. 27. Plaintiffs, in the exercise of their rights of ownership, possession and utilization of the property of which they were unlawfully deprived is entitled to the issuance of Temporary Restraining Order and enjoining the defendant DIVINAGRACIA from selling or offering the subject property for sale and stopping the defendants REPUBLIC GAS and 88DRAGONS from introducing improvements to the subject properties and the issuance of Writ of Preliminary Mandatory Injunction against defendant DIVINAGRACIA for him to cease and desist from selling or offering the subject properties for sale pending the resolution of this case and that the filling of the injunction has merit which affidavit of merit is attached hereto as Annex “S”; 28. Plaintiffs are willing to post a bond executed to the defendants in an amount which this Honorable Court may fix to answer for whatever damages the latter may suffer should it be finally resolved that the plaintiffs are not entitled to the issuance of the Writ; 29. That because of this case, plaintiffs suffered mental anguish, serious anxiety, wounded feeling, moral shock and social humiliation for which they should be indemnified in the sum of not less than Five Hundred Thousand Pesos (P500,000.00) for moral damages as well as the amount of not less than One Hundred Thousand Pesos (P100,000.00) as exemplary damages; Compliance to A.M. No. 19-10-20-SC 30. The plaintiffs intended to present the following witnesses to prove their claim and the allegations in the Complaint: 30.1. Plaintiffs themselves will testify and to prove that the action of the defendant DIVINAGRACIA is deliberate, malicious, purposeless, senseless, unjustified by making it appear that the late mother of the plaintiffs have executed a Deed of Absolute Sale when in fact and in truth, she already died 15 years prior to the execution of the said document and as a result of the malicious acts of the said defendant, plaintiffs suffered damages. They will further testify that the defendants REPUBLIC GAS and 88DRAGONS are not purchaser in good faith and have not exercises due diligence required under the circumstances. Plaintiffs will likewise identify documents in support of this case and to such other matter relative and important to this case; 30.2. Former barangay Captain Inecita Develos Jamora will corroborate the testimony of the plaintiff and will show proof that defendants are not buyers in good faith and will likewise identify documents in support of this case and to such other matter relative and important to this case; 30.3. Henry Delonio of the subject property who will corroborate the testimony of the plaintiffs and the other witness and will likewise identify documents in support of this case and to such other matter relative and important to this case; 30.4. Reserve witnesses as maybe needed to prove the cause of action of the plaintiffs. 31. The following documentary evidences will be presented: 31.1. Birth Certificates of plaintiffs to prove that they are the biological children of the late Loreto; 31.2. Death Certificate of the late Loreto to prove that the said person died last 1991 and could not have executed the Deed of Absolute Sale used by defendant DIVINAGRACIA in transferring the subject property in his name; 31.3. Death Certificates of the siblings of the plaintiffs to prove that the other heirs of Loreto had already died; 31.4. Transfer Certificate of Title No. T-55302 to prove that the property is covered by the said Transfer Certificate and such title which is in the name of the late mother of the plaintiffs to prove that property is already sold to the family of the plaintiff; 31.5. Deed of Absolute Sale which is a forged one to prove that defendant DIVINAGRACIA use the same to illegally transfer the properties in his name; 31.6 T.C.T. No. 09-2017010901 to prove that the property of the late Loreto was transferred in his name using falsified document and that the void title could not give rise to a valid title; 31.7. T.C.T. No. 090-2018006577, T.C.T. No. 090-2018006578, T.C.T. NO. 090-2018006582, T.C.T. No.090-2018006579, T.C.T. No. 090-2018006580 and T.C.T. No. 090-2018006581 to prove that defendant DIVINAGRACIA immediately and illegally cause the transfers of the property of the late LORETO and was sub-divided and transferred in the name of defendant DIVINAGRACIA and defendant REPUBLIC GAS; 31.8. Retainers Agreement to show that the plaintiffs were forced to secure the services of counsel and was unnecessarily made to pay for his services; 31.9. Affidavit of merit to prove that there is merit in this case for injunction; 31.10. Tax Declarations to prove that the subject properties were illegally transferred and already under the name of defendant DIVINAGRACIA and defendant REPUBLIC GAS; 31.11. Pictures of the area which shows that improvements are erected by the defendants on the subject property in violation of the DENR and DAR Laws particularly the illegal conversion; 31.12. Complaint and record of the case filed by plaintiff William against defendant Divinagracia and to show that he is facing criminal charges in court by reason of the Deed of Sale he falsified; 31.13. Reserve exhibits which prove the cause of auction of the plaintiffs; 32. The following are laws and jurisprudence applicable in this case: 32.1. Civil Code of the Philippines as well as Special Laws (DENR & DAR Laws and related issuances) and recent jurisprudence relating to this case; 32.2. Layag vs. BDO, G.R. No. 222503, September 14, 2021; 32.3. Global Holiday Ownership Corporation, vs. Metropolitan Bank & Trust Company, G.R. No. 184081, June 19, 2009; 32.4. Angeles vs. Intermediates Appellate Court, G.R. No. 75009, September 29, 1989; 32.5. Ardiente vs. Javier, G.R. NO. 161921, July 17, 2013; 32.6. Ms. Violeta Vasñoa, vs. Rodencio and Jovencio, both surnamed De Ramos, G.R. No. 156339 October 6, 2004; 32.7.Menandro A. Sosmeña vs. Benigno M. Bonafe, Jimmy A. Escobar, Joel M. Gomez, and Hector B. Pangilinan, G.R. No. 232677, June 08, 2020; 32.8. Lehner V. Martires, vs. Ricardo Cokieng and Zennie T. Cokieng, Representative of the late Regino Cokieng, G.R. No. 150192, February 17, 2005; 32.9. Iglecerio Mahinay, vs Atty. Gabino A. Velasquez, Jr., G.R. No. 152753, January 13, 2004; 32.10. Irene Sante and Reynaldo Sante, vs. Hon. Edilberto T. Claravall, G.R. No. 173915, February 22, 2010; 32.11. B.F. Metal Corporation vs. Sps. Rolando M. Lomotan and Linaflor Lomotan and Rico Umuyon, G.R. No. 170813, April 16, 2008; 32.12. Yusingco vs. Busilak, G.R. No. 210504, January 24, 2018; 32.13. Cullado vs. Gutierrez, G.R. No. 212938, July 30, 2019; 32.14. Miro vs. Mendoza, G.R. No. 172532 172544-45, 20 November 2013; 32.15. Reyes vs. Pablo, G.R. No. 200713, 11 December 2013; 32.16. Automat vs. De la Cruz, G.R. No. 192026, 01 October 2014; 32.17. Dela Cruz vs. Fajardo, G.R. NO. 184966, 30 May 2011; 32. 18. BPI vs. Hontanosas, Jr., et. al, G.R. No. 157163, June 25, 2014; 32. 19. Heirs of Isabelo Cudal, Sr., vs. Spouses Marcelino A. Suguitan, Jr., G.R. No. 244405, August 27, 2020; 33. In sum, the plaintiffs are clearly entitled to the possession and enjoyment of the subject property in which the defendants have illegally taken from the plaintiffs using falsified document and thus, it is imperative that a Temporary Restraining Order or Preliminary Injunction as plaintiff’s rights over the property as the surviving heir of landowner LORETO had been and is continuously being violated especially by the subsequent sales and transfer of the subject parcel of land made by Defendant DIVINAGRACIA to Defendant REPUBLIC GAS and Defendant 88DRAGONS, respectively and that defendants must be enjoined from selling, disposing, transferring and/or exercising rights of ownership over the subject parcel of land, to prevent further injury and grave injustice to plaintiffs while the instant case is being heard. PRAYER WHEREFORE, it is most respectfully prayed that, after due hearing, judgment be rendered in favor of Plaintiffs as follows: 1. Declaring the Deed of Sale between Defendant DIVINAGRACIA and PALINTIFF’s deceased mother LORETO, NULL AND VOID AB INITIO. 2. Declaring the Deeds of Sale between Defendant DIVINAGRACIA seller, and Defendant REPUBLIC GAS and Defendant 88DRAGONS, buyers dated 30 April 2018 and 13 August 2018, Respectively, NULL AND VOID AB INITIO. 3. Declaring the following Transfer Certificates of Titles Lot 505-A 10,000 SQ. M TCT No. 090-2018010097 Lot 505-B 20,636 SQ. M. TCT No. 090-2018006578 Lot 505-C 1,317 SQ. M. TCT No. 090-2018006582 Lot 505-D 10,000 SQ. M. TCT No. 090-2018006579 Lot 505-E 9,029 SQ.M. TCT No. 090-2018006580 Lot 505-F 56,053 SQ. M. TCT No. 090-2018006581 NULL and VOID AB INITIO and that an Order shall be issued reverting all the illegally transferred property back to the original Transfer Certificate of Title No. T-55302 in the name of LORETO and thereafter cancel all the Tax Declarations issued in the name of the defendants revert the same back in the name of LORETO; 4. Ordering the defendants to vacate the subject property and turn over the same to the Plaintiffs; 5. Ordering Defendants to pay Attorney’s Fees in the amount of Two Hundred Thousand Pesos (Php. 200,000.00) and Five Thousand Pesos (5,000) per court hearing and to pay costs of suit; 6. Ordering the Defendant DIVINAGRACIA to pay plaintiffs the amount of Five Thousand Pesos (P5,000) as Moral Damages as well as the amount of not less than One Hundred Thousand Pesos (100,000.00) as Exemplary Damages; 7. That pending the outcome of the instant case, a Writ of Preliminary Mandatory Injunction, be immediately issued ordering Defendants, their successors, assigns, and all persons acting under him, not to sell, dispose of, transfer and/or exercise any acts of ownership over the parcel of land subject of this case. Other reliefs just and equitable are like prayed for. August 16, 2024, Sara, Iloilo for Dumangas, Iloilo. (SGD.) ATTY. JONEE BILL C. TAÑEZA Counsel for Plaintiffs #44 Serafin Tady St. Sara, Iloilo PTR No. 8337243/ 01/03/2024/I.C IBP O. R. No.378854 12/28/2023 Pasig City Roll of Attorney’s No. 53119 MCLE Compliance No.VII-0009710 Issued on February 14, 2022 Email Add.:joneebill@yahoo.com VERIFICATION & CERTIFICATION AGAINST FORUM SHOPPING We, WILLIAM S. JASTILLANO, of legal age, Filipino and a resident of Ligao Street, San Miguel, Manila and WINONAH J. DIAMANTE, of legal age, Filipino and a resident of Brgy. Dacutan, Dumangas, Iloilo after having been duly sworn in accordance with law hereby depose and say: 1.That we are the plaintiffs in the above-entitled case and the allegations in the Complaint are true and correct based on our personal knowledge, or based on authentic documents and the complaint is not filed to harass, cause unnecessary delay, or needlessly increase the cost of litigation and the factual allegations therein have evidentiary support or if specifically, so identified, will likewise evidentiary support after a reasonable opportunity for discovery; 2. That we have not therefore commenced any action or filed any claim involving the same issues in any court, tribunal or quasi-judicial agency and, to the best of my knowledge, no such other action or claim is pending therein; (b) if there is such other pending action or claim, a complete statement of the present status therefore; and (c) if we should thereafter learn that the same or similar action or claim has been filed or is pending, we shall report that fact within five (5) calendar days there from to the court wherein the original pleading and sworn certification contemplated herein have been filed. 3. We executed this verification/certification to attest to the truth of the foregoing fact and to comply with the provisions of A.M. No. 19-10-20-SC. IN WITNESS WHEREOF, we have hereunto affixed our signatures this AUG 16 2024 in the City of Iloilo, Philippines. (SGD.) WILLIAM S. JASTILLANO (Affiant) (SGD.) WINONAH J. DIAMANTE (Affiant) SUBSCRIBED AND SWORN to before me this AUG 16 2024 in the City of Iloilo, Philippines. The affiants are personally known to me and exempted from presenting competent evidence of their identities as required under the Rules on National Practice. (SGD.) ATTY. KIA MARIE E. PANO Notary Public Doc. No. 397; Page No. 72; Book No. II Series of 2024.

News

A16 Tuesday, August 25, 2026

PNP. . . Continued from A3

The survey also showed differences in trust across socioeconomic groups. Trust was highest among Class E respondents at 72 percent, followed closely by Class ABC at 71 percent, while Class D registered 62 percent. Class ABC had the highest distrust at 16 percent, while Class D had the largest share of undecided respondents at 24 percent. Trust also generally increased with age, peaking at 73 percent among Filipinos aged 75 and older and 72 percent among those aged 55 to 64. The lowest trust level, at 57 percent, was recorded among those aged 35 to 44.

Palawan. . . Continued from B8

It will also be the first time in 11 years that Palawan will bring its flagship travel and trade expo outside Metro Manila. At a news conference, Gov. Amy Roa Alvarez said the province needs to bring its tourism products closer to markets that can generate business for local enterprises. “Tourism and agriculture are what keep this province running, so we have to keep bringing Palawan to where the market is,” Alvarez said. PTC president Rey Felix Rafols said the goal was not simply to increase visitor numbers but to ensure that tourism spending reaches local businesses and communities. “We want a tourism that is available for everybody. But also, we want a tourism that benefits every Palaweño,” Rafols said. Palawan recorded 2.13 million visitor arrivals in 2025, generating an estimated P65.51 billion in tourism receipts and visitor spending, according to provincial tourism data. Foreign travelers accounted for 48 percent of arrivals. Alvarez said domestic and foreign visitors now account for roughly equal shares of the province’s tourism market, a shift from the pre-pandemic period when international travelers made up a larger share. That changing visitor mix is prompting the province to strengthen its presence in major domestic markets.

Cebu as gateway

CEBU offers Palawan both a large consumer market and an established tourism and business ecosystem. Mactan-Cebu International Airport handled 11.6 million passengers in 2025, while Central Visayas recorded about 6.9 million tourist arrivals. Cebu also has direct flights to Puerto Princesa, El Nido and Busuanga, the gateway to Coron, allowing travelers to combine Cebu and Palawan in one itinerary. The campaign will use the Cebuano message “Duol ra diay ang Palawan,” or “Palawan is nearer than you think.” The expo will include consumer sales, a business-to-business program and a tourism investment forum. Hotels and resorts will meet travel agencies and corporate buyers, while tour operators and transport providers can explore new distribution channels, partnerships and packaged itineraries. The investment forum will build on Palawan’s previous efforts to connect

For performance, satisfaction was highest among those aged 45 to 54 at 67 percent, while the lowest rating of 59 percent was recorded among those aged 35 to 44 and 65 to 74. The nationwide survey was conducted from July 4 to 11, 2026, through face-to-face interviews with 1,200 respondents aged 18 and above. Octa reported a ±3 percentagepoint margin of error at a 95 percent confidence level, with a ±6 percentage-point margin for NCR, Balance Luzon, Visayas and Mindanao. The latest findings indicate that while the PNP continues to enjoy majority trust and approval nationwide, the sharp divergence between NCR and the rest of the country remains a notable feature of public sentiment toward the police institution. Related story on page B8 tourism businesses with potential investors. Earlier investment initiatives have helped usher in the development of several notable hotels and attracted development companies exploring opportunities in the province. The event was first held in 2015 and was revived in February 2025 at the Glorietta Activity Center, where it drew more than 80 exhibitors. The Cebu edition is part of a broader effort to diversify Palawan’s tourism markets while continuing to build international demand. The PTC and provincial government have conducted promotional activities in South Korea, Germany and other international markets. Alvarez said participation in a travel event in Singapore also highlighted the need to strengthen Palawan’s brand awareness in nearby markets such as Singapore, Malaysia and Indonesia. The provincial government has hired a Manila-based company to help rebrand Palawan, with a new campaign expected to be launched next year.

Infrastructure

THE marketing push will have to be matched by investments in tourism infrastructure, particularly airports. Alvarez said the provincial government has been discussing with the Department of Transportation plans to extend the runway and build a new terminal in Coron, with completion targeted for the second half of 2027. A longer runway could accommodate larger Airbus aircraft and potentially direct international flights. Runway lighting could also allow flights to operate beyond the current 5 p.m. limit, she said. Alvarez also expects additional flights into Palawan in November and December. For the province, greater connectivity means more capacity to bring visitors in, while increased airline competition could help reduce travel costs. The Cebu expo is therefore being positioned not simply as a tourism promotion but as a business-development platform designed to convert Palawan’s destination appeal into sales, bookings, partnerships and investment opportunities. And while the immediate target is P6 million to P7 million in direct sales, organizers expect the impact to extend beyond transactions completed during the three-day event, as leads and business relationships developed in Cebu translate into bookings and partnerships in the months ahead.

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AI-driven workplace shift pushes Cebu professionals to invest in graduate education

By Carmel Pedroza

House. . . Continued from B8

“Being a legislator is not simply about knowing how to make laws. It is about knowing what is right and having the courage to do it—choosing integrity over convenience and the common good over personal interest,” he said. The Mass was attended by the Apostolic Nuncio to the Philippines, Archbishop Charles John Brown, Bishop Emeritus of Novaliches Teodoro C. Bacani Jr., members of the House; and concelebrating priests, including clergy from the Diocese of Ilagan. Dy noted that the presence of Church leaders underscores the ethical gravity of public office, particularly when navigating

Fuel. . . Continued from A4

“The number of participating gasoline stations offering diesel products has also increased by around 90 stations in a matter of one week. We now have a total of 3,382 participating gasoline stations in this program,” added Marasigan. Energy Undersecretary Alessandro Sales said it is difficult to predict whether pump prices will avoid further double-digit increases. However, the chances of which in the coming weeks are low.

DA. . . Continued from A4

The DA added that it would adopt modern technologies under the AgriStat, including big data analytics, geospatial information systems (GIS), machine learning, and digital dashboards. “There is a need to institutionalize a dedicated mechanism within the Department that will govern agricultural data management, facilitate data integration, and generate analytics to support national

Continued from A4

His concerns and warnings came amid reports that habagat will bring rain in Northern and Central Luzon this week as Typhoon Saudel enters the Philippine Area of Responsibility today, Monday, enhancing the southwest monsoon. The increased rainfall is expected to affect the western section of Luzon, including Metro Manila, where flooding has already disrupted livelihoods and businesses. He added that protecting agricultural workers must remain a central part of the country’s food security agenda, particularly as the Philippines continues to face climaterelated risks that threaten domestic food production.

“It’s really an investment in themselves,” she said, adding that students can see the value of the program on an ongoing basis through its application in their workplaces. The shift comes as professionals also seek ways to pursue further education without putting their careers on hold. AGSB Cebu, which resumed onsite operations in October 2025 after shifting primarily to online instruction during the pandemic, currently offers a hybrid learning arrangement. Around half of the classes are conducted onsite while the rest are delivered online, allowing students to maintain professional commitments while pursuing graduate studies. The Cebu campus offers a Standard MBA program for early-career professionals and the Regis MBA, an accelerated executive program offered through AGSB’s partnership with Regis University in Colorado. The hybrid setup also allows the Cebu campus to connect with students and faculty from AGSB’s other locations, including Iloilo, Santa Rosa, and Clark. While most Cebu enrollees are from the province, Tan said the campus also attracts professionals from neighboring areas.

For AGSB, the return to on-site learning reflects the continuing value of face-toface interaction even as digital education becomes more prevalent. Tan said the school saw the need to restore physical classes because of the level of interaction and networking that take place when students and faculty meet in person. At the same time, the hybrid format gives working professionals greater flexibility, particularly those who cannot afford to leave their jobs to pursue a full-time graduate program. The trend also highlights a broader shift in how professionals view continuing education amid technological disruption. For Tan, graduate business education is not only about technical management knowledge. AGSB also emphasizes leadership and ethics based on the Jesuit and Ignatian tradition, with students encouraged to develop self-awareness alongside business and management skills. “It’s really not just about the technical know-how, but really more about being a better person yourself,” she said. AGSB’s experience in Cebu suggests that as AI takes over or transforms portions of traditionally human-driven work, professionals may increasingly turn to higherorder skills—critical thinking, leadership, judgment and adaptability—to remain competitive in a changing labor market. The Cebu campus has also used free MBA trial classes to allow prospective students to experience its teaching approach before committing to the program. A recent session, themed “Leading Through Chaos: With and For Others,” brought together professionals for discussions on leadership amid uncertainty and disruption. For professionals navigating an increasingly automated workplace, the value of graduate education may therefore be shifting—from a credential earned at a particular point in a career to a continuing investment in the ability to adapt, lead and make decisions in a rapidly changing economy.

political pressure. “There will be times when the right decision will not be the easiest decision,” Dy said. “In those cases, we will need something greater than political judgment. We will need our conscience. We will need collective courage. And we will need prayers.” He emphasized that legislative actions carry direct consequences for everyday citizens, reinforcing the need for both active listening and accountability. “Because behind every law we pass, every budget we approve, and every decision we make will benefit millions of Filipinos. We must therefore know how to speak but also how to listen; how to lead but also how to serve.” Under Dy’s leadership, the House has partnered with various dioceses through its

Spiritual and Moral Enhancement Program, offering regular prayer services to support lawmakers and staff. Dy concluded by stressing that the vision for the Bagong Kongreso depends on shared commitment rather than any single leader. “Because the Bagong Kongreso is not about one Speaker. It is about all of us— working together, guided by a common purpose and a shared responsibility to the Filipino people,” he said. “And if we stand together with faith in God, faith in one another, and faith in the Filipino people, I believe we can build a Congress worthy of their trust: a Congress that knows how to listen. A Congress that serves. A Congress that does what is right. A Congress that puts the Filipino people first,” he added.

“The current situation is messy due to the grinding and the underlying reasons. Over the past four weeks, we have seen the baseline for this kind of situation. Therefore, it is more probable that we will not see any double-digit adjustments—whether up or down—in the coming weeks. “The biggest signal to watch for is an escalation, such as a bombing of a port or a pipeline in the Middle East, because that would directly affect the supply. As of now, the probability of a double-digit increase in the coming weeks is low,” he said. Energy Secretary Sharon Garin said the heightened tensions between the US and

Iran continue to affect local pump prices. “This is the difficulty with Philippines’ long-time dependence on imported fuel. And this is the reality the Department of Energy is working to change, because we know that every increase at the pump is felt by Filipino families, families, and businesses. “In the past week, prospects for a diplomatic resolution to the US-Iran conflict and the normalization of navigation through the Strait of Hormuz have weakened. These developments are driving up international prices and the impact ultimately reaching consumers at the pump in our country,” she said. Lenie Lectura

Lachica, a career Armed Forces of the Philippines officer, signed internal acknowledgement receipts upon receiving the cash. However, Acosta testified that he retrieved these documents after submitting fund utilization reports, leaving her with no remaining copies. Presiding Officer Sen. Francis“Chiz”Escudero noted that returning acknowledgement receipts post-liquidation was standard operating procedure during Acosta’s tenures as SDO in both Davao City and the OVP. The questioning then turned to whether Acosta independently verified how Lachica actually spent the confidential funds. Ligutan cited acknowledgement receipts bearing names including Antonio Pagong, Timon Andrew Pusa, Don Piang, Shane Ngitngit and Xuniso P. Belat, among others. Acosta admitted she did not personally witness Lachica give them the amounts reflected in the documents. Escudero asked whether she had personal knowledge that the money was actually given to the listed recipients or spent for supplies. “None,” Acosta answered. Acosta said she instead verified the expenditures with Lachica himself and relied on the documents he provided. She testified that Lachica told her the documents were proof of how the funds were spent and that the underlying operations were sensitive and confidential. Acosta also admitted there were no official receipts supporting P75 million supposedly spent on supplies, medical and food aid from Dec. 21 to 31, 2022. She said she received acknowledgement receipts instead and noticed that some lacked dates or names. Acosta said she accepted Lachica’s explanation that the documents he provided were all he could give because the transactions were confidential. Acosta, likewise, relied on Lachica’s fund utilization report for P16 million supposedly spent on renting various safe houses during the same 11-day period. She confirmed that she certified the liquidation reports based on information and documents supplied by Lachica despite having no personal knowledge of how the money was actually spent. Acosta also identified Duterte’s signatures on liquidation reports covering the four P125million tranches totaling P500 million and said the Vice President certified that the “purpose of cash advance [was] duly accomplished.” The impeachment court also replayed Acosta’s previous testimony before the House Committee on Good Government and Public Accountability that she released the first P125 million to Lachica with Duterte’s approval. “There was approval from Ma’am Inday Sara,” Acosta said in her testimony. Asked whether she would have released the P125 million to Lachica without Duterte’s approval, Acosta answered: “No, sir.”

agricultural planning.” Under DO 23, the AgriStat office is mandated to develop and establish a centralized and comprehensive information system as well as harmonize and improve existing agricultural data. The office should also operationalize accessible analytics platforms and tools at the agency-wide and regional levels to enable timely data interpretation. The AgriStat office’s mandate also includes strengthening collaboration among local government units (LGUs) and other national government agencies in collective

agriculture and fisheries data and statistics. In 2025, the DA announced the launch of a command center that will introduce data-driven management of the country’s food supply chain. Tiu Laurel explained that the digital nerve center would merge commodities data from different agencies. Under this initiative, the command center will consolidate critical data, including production, imports, stock levels, different types of the same products, movements, and wholesale and retail prices. This will also include consumption rates,

production and post-harvest infrastructure, utilization, irrigation coverage, spoilage, and global market trends, among others. Its trade data will come primarily from the Osiris system of the Bureau of Plant Industry (BPI). “The DA already has most of these data, but they are scattered across various agencies,” Laurel said. “We must bring them together and make market sense of them, plus gather additional data that we lack, so we can use our limited resources more efficiently and productively.”

EBU CITY—As artificial intelligence reshapes jobs and the skills demanded by employers, more working professionals in Cebu are choosing to spend their own money on graduate business education, viewing advanced learning as an investment in staying relevant rather than simply earning another credential.

Shannen Tan, campus head of the Ateneo Graduate School of Business (AGSB) Cebu, said the school has seen growing interest among professionals who personally finance their MBA studies, reflecting a stronger willingness among workers to invest in their own skills and career development. “Majority really self-fund,”Tan said, noting that while some students are sponsored by their companies, a growing number are paying for their own graduate education. She said professionals increasingly recognize the need to remain relevant as artificial intelligence changes the nature of work, making skills such as critical thinking, adaptability, and leadership increasingly important. “I think the ability to have that critical thinking skill will really set you apart,” Tan said. Rather than positioning the MBA simply as a qualification to be used after graduation, AGSB emphasizes the immediate application of classroom learning to workplace challenges. Tan said the school’s approach is highly practice-oriented, with students encouraged to identify problems in their own organizations and apply management tools and concepts to address them.

Senator. . .

Modus. . . Continued from A3

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2nd Front Page BusinessMirror

DEPDEV: MINDANAO MUST MOVE TOWARD HIGH-VALUE ACTIVITIES By Justine Xyrah Garcia

INDANAO could contribute more to national economic growth by shifting toward higher-value activities such as agro processing, manufacturing, and technology-enabled services, according to the Department of Economy, Planning, and Development (DepDev). DepDev Undersecretary for Regional Development Group Carlos Bernardo O. Abad Santos said on Monday that while Mindanao has demonstrated its capacity to grow, the bigger challenge is improving the composition and quality of that growth. “The issue is not whether Mindanao can grow, it can. The issue is whether we can change the composition and quality of that growth,” Abad Santos said at the Philippine Economic Briefing held in Davao. Official data showed that Mindanao’s economy grew by 4.7 percent in 2025, faster than the 4.4-percent national growth recorded during the year. Services led the region’s growth at 6.9 percent, while industry expanded by 2.7 percent, and agriculture by 1.9 percent. For Abad Santos, the region’s growth needs to translate into greater productivity and more value generated within Mindanao, particularly in sectors with a large production base. He said Mindanao needs to move beyond producing raw or low-value commodities by increasing processing and manufacturing activities and developing higher-value services. The shift is particularly important in

agriculture, where Mindanao accounts for 37.4 percent of the country’s total output from agriculture, forestry and fisheries, according to official data. Abad Santos said Mindanao also needs to improve connectivity to reduce the cost and time of moving people, goods, and capital across the region. “First, we need to raise productivity by modernizing our productive base, particularly agriculture and fisheries. Second, we need to connect better by improving our transport and logistics systems,” he said. The region is pursuing an integrated intermodal transportation system involving airports, roads, rail, and ports, he said, adding that these investments should help businesses move goods and people more efficiently. From there, Abad Santos identified four areas where Mindanao could build on its existing economic strengths: agribusiness and food systems; logistics and infrastructure; digital and higher-value services; and industry, including manufacturing, energy, and the green transition. He said the region does not have to choose between traditional sectors and emerging industries, as existing activities can instead be upgraded into higher-value ones. Agriculture, for instance, can expand into agro processing and food industries, while the region’s connectivity can support advanced logistics. Its workforce can support digital services, while its resource base can be developed for new energy and green industries, he said. See “DepDev,” A2

Tuesday, August 25, 2026 A17

₧7B: Cost of phased removal of nontechnical system loss

By Lenie Lectura

PHASED, gradual removal of nontechnical system loss charges will cost P7 billion, according to the Department of Energy (DOE). On Monday, the DOE announced a system loss action plan, which will be reinforced by a broader package of policy and institutional measures. This will be carried out by the DOE, the National Electrification Administration (NEA), Energy Regulatory Commission (ERC), electric cooperatives (ECs), and private distribution utilities (DUs). “In essence, the plan is there will be four stages. Stage one, 25-percent reduction on system loss, 50 percent by next stage, and 75 percent and 100 percent ultimately,” the DOE said. The objective is to remove system loss. At the minimum, the nontechnical within the parameters of ERC and those in excess of ERC will be charged to the non-technical,” said DOE Secretary Sharon Garin during a news conference.

This program is a multistep initiative designed to reduce nontechnical system loss such as electricity theft and uncollected bills for ECs. These include anti-pilferage enforcement, consumer education, collection efficiency, meter management, database cleaning, and policy reform. According to the DOE, the system loss rate for ECs is about 10.45 percent, of which more than 4 percent comes from non-technical losses. Nontechnical losses can come from pilferage, tampered meters, billing and collection problems, and other inefficiencies. “With the removal of non-technical system loss in the bills of consumers, this is going to happen in four stages. The funding that we need is about more than P7 billion,” said DOE Undersecretary Rowena Guevarra. The DOE launched on Monday

“Brigada Kontra Jumper,” a government initiative to strengthen the fight against electricity theft and non-technical system losses, protect paying consumers, and improve accountability across the electricity distribution sector. As part of the initiative, the DOE is calling on the public to report suspected illegal electrical connections, jumpers, and tampered electricity meters through the eGovPH platform, providing consumers and communities with an accessible channel to bring suspected violations to the attention of authorities. “Addressing nontechnical loss, we will do it starting from now…. We have a work plan. We know what are the steps that need to be undertaken. But it will depend on the resources, especially the budget. This is something that we are still working on. As of now, more or less it will take us less than a year,” said Garin.

ICSC: Fair system needed

MEANWHILE, the Institute for Climate and Sustainable Cities (ICSC) on Monday said consumers should not pay for system losses that DUs and ECs could have prevented. “A fair system rewards utilities that cut losses and holds them ac-

countable when they don’t,” said ICSC Senior Policy Advisor Atty. Pedro Maniego. Technical losses occur inherently as electricity flows through power lines, transformers, and other network equipment. These losses are an unavoidable part of operating an electricity system, although they can be reduced through proper maintenance, network upgrades, improved system design, and modern technologies. Nontechnical losses, however, result from electricity pilferage, unauthorized consumption, faulty metering, inaccurate billing, and other operational problems that are largely preventable. “A performance-based approach would require distribution utilities and electric cooperatives to report technical and non-technical losses separately, meet transparent lossreduction targets, and demonstrate concrete efforts to reduce preventable losses before those costs are passed on to consumers,” added Maniego. For the technical system loss, Guevarra added that this can be addressed in two or three years as soon once the distribution development plans of ECs and DUs are submitted to the NEA and ERC for evaluation.

PHL welcomes 75K cruise passengers in 1H as new ports rise By Ma. Stella F. Arnaldo Special to the BusinessMirror

SIARGAO WELCOMES CRUISE GUESTS Cruise passengers aboard the SH Minerva of Swan Hellenic enjoy Filipino cuisine during a welcome reception upon their arrival on May 5, 2026, at the

Jubang Port (Siargao) Cruise Terminal in Dapa, Surigao del Norte. The boutique expedition vessel brought 152 passengers for a day tour, highlighting Siargao’s growing role in the country’s cruise tourism circuit. The P620.64-million Jubang Port cruise terminal, completed in 2024, is among the newer facilities supporting the Philippiness’ expanding cruise tourism industry. DOT-CARAGA PHOTOS

US soldiers ‘visit’ Chinese steel firm By Malou Talosig-Bartolome

MERICAN soldiers attempted to enter the premises of the controversial Chineserun steel firm Philippine Sanjia-Steel Corp. in Tagaloan, Misamis Oriental, on August 19, but were barred from doing so by Army personnel on duty at the premises. According to a police blotter, Jermie Espartero, a security guard of Sanjia, reported that “several American soldiers” together with personnel of the Philippine Veterans Investment Development Corporation Industrial Authority (Phividec) “allegedly attempted to enter the premises of Sanjia Company” in Zone 1, Nabulod Baluarte in Tagaloan around 10:12 a.m. Espartero told police that the Americans and Phividec personnel

informed them that the visit was “intended to conduct an inspection of the site.” “The complainant stated that their presence and intended inspection caused concern among the company personnel,” the blotter recorded by P/ Staff Sgt. Cayuga stated. Philippine Army personnel who were on duty inside the premises “refused to allow them to enter, allegedly because they failed to present any permit or authorization to conduct the intended inspection,” it added. The “extract from the police blotter” report was shared by the Chinese Embassy in Manila on August 23. Asked to verify the report, the spokesperson of the PNP Provincial Office Misamis Oriental confirmed its authenticity, which was also noted by the provincial police chief Maj. Enrique Francisco Dungong.

The Chinese Embassy questioned the attempt of American troops to enter the Chinese-run steel company. “Why did American soldiers reportedly show up at the Sanjia Steel factory in [Misamis Oriental] and attempt to ‘conduct an inspection’ of the compound? The visit was reportedly documented by Philippine law enforcement authorities. What were those American soldiers doing there? Who authorized their presence? What exactly were they trying to inspect?” Guo Wei, deputy spokesperson of the Embassy said. Guo also hinted at the US plans to build a logistics facility near the area. “We hope the workers were not detained simply because their workplace stood in the way of an American plan to establish a giant military fuel hub,” he said. Some 69 Chinese workers were ar-

rested in a raid conducted on May 1516, allegedly for immigration, labor and nuclear safety violations. The Embassy said the Philippine Department of Justice found “insufficient evidence to sustain the complaints against the Chinese workers and ordered their release.”

US Embassy: Part of Balikatan ’27 plans

THE US Embassy in Manila confirmed that “as part of joint US-Philippines planning for Balikatan 2027, a team of US military and Armed Forces of the Philippines personnel arrived at the Sanjia facility in coordination with the Phividec Industrial Authority to assess its potential for use as part of bilateral military exercises.” “The site visit was part of routine planning efforts. When notified of facility access requirements, the team moved on to other site visits as planned. At no point was entry insisted upon,” the US Embassy said in a report. The Embassy reiterated its “steadfast commitment to the ironclad Alliance between the US and the Philippines.”

HE Philippines welcomed 75,000 cruise passengers on 150 ship calls in the first half of the year, even as more cruise ports are being developed in key destinations in the country. The figure was disclosed by Acting Tourism Secretary Ma. Bernadita Angara-Mathay in a recent meeting with Acting Transportation Secretary Giovanni Z. Lopez. No comparative figure was shared for last year, but according to the Department of Tourism (DOT), total cruise arrivals last year were 226,247. The DOT also now projects cruise passengers to reach 98,000 on 150 cruise calls this year. “Passengers will be less this year as smaller cruise ships are arriving,” as per the agency’s Cruise team, said the DOT Assistant Secretary for Strategic Communications and Public Affairs Czarina Zara-Loyola in a message in Filipino to the BusinessMirror. The DOT earlier announced the arrival of 56,040 cruise passengers on 136 cruise calls in 2025. It then projected cruise passengers to reach some 63,000 for the entire 2026, with 129 scheduled ship calls. (See, “NOT SIMPLY CRUISIN’ ALONG | Despite challenges, PHL sees steady growth in cruise tourism in 2026,” in the BusinessMirror, January 4, 2026.)

Change in data gathering

IT appears the agency now uses cruise passengers data from the Philippine Ports Authority (PPA), which tracks arrivals per port even if passengers are just on one ship touring the country. The DOT used to gather cruise passengers data from the Bureau of Immigration, which monitors arrivals by sea as soon as ship passengers enter the Philippines’s borders. In a news statement, the DOT said Lopez also shared updates on his agency’s maritime infrastructure program, such as “cruise port developments in Palawan, Aklan, Bohol, and Camiguin.” The PPA, a government-owned and -controlled corporation overseen by the DOTr, has allocated over P2.3 billion to construct these cruise ports in Coron (P418.04 million), Alegria in Aklan (P743.98 million), Balbagon Port in Camiguin (P493.9 million), and the expansion of Catagbacan Port in Loon, Bohol (P667.44 million). The DOTr chief also updated Angara-

Mathay on projects such as airport terminal expansions in Laoag (P2 billion), Caticlan (P2.5 billion), and Siargao (P95.2 million). The Laoag airport upgrade, which is being undertaken by DOTr and its attached agency, the Civil Aviation Authority of the Philippines, is nearly 50 percent complete, as per published reports. The Caticlan airport terminal expansion, being implemented by the San Miguel Corp.’s Trans Aire Development Holdings Corp., is targeted to be completed in 2027.

An NTDP priority

MEANWHILE, cruise tourism is a key pillar of the DOT’s National Tourism Development Plan 2023–2028, to which the DOTr and its attached agencies like the PPA and Maritime Industry Authority, are likewise committed. The Cruise Tourism Development Committee, of which DOT and DOTr are the prime movers, has stated that Manila continues to serve as the primary port of call of cruise ships, followed by Puerto Princesa, Coron, Boracay, and Subic. All these serve as anchors for the Philippines’s cruise tourism market. The DOT has particularly highlighted the “Turquoise Triangle”—which combines Manila, Boracay, and Puerto Princesa—as a “highpotential growth corridor that can be leveraged to attract more international cruise lines.” In its meeting in March, the committee drew up key initiatives this year, which include the completion of the Siargao Cruise Terminal, the upcoming construction of a dedicated international cruise terminal in Manila to replace temporary facilities at Pier 15, and major road connectivity improvements in Siargao, Boracay, and Metro Manila. “These projects aim to enhance accessibility, improve passenger flow, and provide purposebuilt facilities that can accommodate larger vessels and growing tourist volumes,” said a DOT report on the committee meeting. The new P5-billion Manila Cruise Port Terminal, to be located at the Pagcor Entertainment City, is expected to break ground by yearend. The PPA is currently finalizing a lease agreement with the Philippine Reclamation Authority (PRA) to construct the terminal landing facilities on the latter’s property. Completed in 2024, the P620.64 million Jubang Port (Siargao) Cruise Terminal in Dapa, Surigao del Norte welcomed boutique expedition vessel Swan Hellenic Minerva on May 5, bringing 152 passengers.

A18 Tuesday, August 25, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Wishful forecasts, real agony: DepDev’s 2026 unemployment revision

HE Department of Economy, Planning, and Development’s revised unemployment forecast—now projecting a troubling 5.8 percent jobless rate for 2026—should serve as a wake-up call to policymakers who have long relied on superficial growth metrics while ignoring structural economic vulnerabilities. With 2.62 million Filipinos already out of work in the first half of this year, the government’s admission that its earlier 4-5 percent target was overly optimistic exposes a fundamental failure to anticipate the cascading effects of global instability and domestic policy inertia. (Read the BusinessMirror story: “2026 unemployment could be higher, at 5.8%, says DepDev,” August 21, 2026). The numbers tell a sobering story. Job creation plummeted from 586,000 positions in 2024 to just 432,000 in 2025—a 26 percent decline that coincided with rising underemployment (now at 13.6 percent) and vulnerable employment (33.1 percent). This is not merely a temporary blip attributable to external shocks. While DepDev cites Middle East tensions and the potential return of overseas Filipino workers as contributing factors, these explanations obscure a more uncomfortable truth: the economy has become dangerously dependent on low-quality, precarious service sector jobs while systematically shedding positions in productive sectors like manufacturing and agriculture. The sectoral breakdown reveals the hollowness of our so-called economic resilience. Yes, administrative and support services added 224,000 workers, largely thanks to the IT-BPM industry’s continued expansion. Public administration temporarily absorbed 137,000 workers for election-related positions. But these are not the foundations of sustainable, broad-based employment. Meanwhile, manufacturing shed 88,000 jobs, agriculture lost 49,000 workers, and wholesale and retail trade contracted by 54,000 positions. When an economy sheds jobs in the sectors that actually produce goods and add tangible value, while expanding only in auxiliary services and temporary government posts, it signals a dangerous hollowing out of productive capacity. DepDev’s medium-term optimism—projecting a return to 4-5 percent unemployment by 2027-2028—rests on the assumption that “rapid technological change and the transition to a greener economy” will magically create high-quality employment opportunities. This is wishful thinking dressed up as policy foresight. The same report acknowledges that new technologies will likely reduce demand for routine and lower-skilled jobs while increasing demand for workers with AI and advanced manufacturing capabilities. Yet where is the massive upskilling program to prepare the 2.62 million currently unemployed—and the millions more in vulnerable employment—for this transition? Where is the industrial policy to attract green manufacturing investments that could absorb agricultural workers displaced by both climate change and trade liberalization? The government’s revised growth target of 3.5-4.5 percent for 2026—down from previous projections—suggests that policymakers recognize the economy is operating below potential. But recognizing a problem and addressing it are different matters entirely. The persistence of vulnerable employment, the rise in unpaid family workers (up 159,000), and the swelling ranks of the underemployed indicate that the labor market is not just facing a quantity problem but a quality crisis. The inconvenient reality is that the country has pursued a growth model that prioritizes consumption-driven expansion and service-sector outsourcing over industrialization and agricultural modernization. This model has delivered impressive headline GDP figures in the past but has proven incapable of generating sufficient decent work for a growing population. The 2026 unemployment revision is the bill coming due. If the government is serious about its 2027-2028 targets, it must move beyond reactive adjustments and embrace structural reforms: meaningful investment in technical education, aggressive industrial policy to reshore manufacturing, and social protection systems that actually reach the vulnerable. Otherwise, the promised recovery will remain just that—a promise, receding further with each passing year while millions of Filipinos struggle to find work worthy of their dignity and capabilities.

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Fortified against yesterday’s war

What separates the Philippines from other Asian economies ranked above it is that those countries dedicated recent years to cultivating the sectors where AI generates value: semiconductor fabrication, cloud and data-center infrastructure, pipelines of skilled technical workers, and strategic roles within global chip supply chains. The Philippines instead devoted that same period to protecting its call center operations. Regional trade figures for the past year illustrate the gap in real terms. Electronic exports from Taiwan, South Korea, Singapore, and Malaysia expanded at double-digit

ping kill zones with every element calibrated to win a repeat of the previous conflict this time around. The fortifications themselves performed excellently. The problem was that the Wehrmacht simply walked around the Line through Belgium and overran France in roughly six weeks. The defenses were intimidating, but they had been engineered for a war that no longer existed. The Philippine business process outsourcing (BPO) sector functions as the nation’s own Maginot Line. Erected over roughly 20 years to counter the competitive threat of cheaper English-speaking labor pools elsewhere that actually loomed at the time, the strategy delivered a decisive victory. Today the industry directly supports approximately

John Mangun

OUTSIDE THE BOX

HE Philippines ranks 43rd out of 47 economies in an index measuring which countries are positioned to profit from artificial intelligence. The score is 21 out of 100. Granted, the Association of Southeast Asian Nations (ASEAN) as a bloc is not a leader in the AI boom. The Philippine score of 21 is not much worse than Thailand’s 27, Vietnam’s 25, or Indonesia’s 23. rates, driven by global demand for artificial intelligence hardware and advanced semiconductor packaging. Philippine electronic exports grew too, but at a fraction of that pace, an assembly sector still weighted toward legacy microchips rather than the high-density computing components the AI buildout actually requires. In the 1930s, France poured enormous resources into the Maginot Line, an extensive network of fortresses strung along the German frontier. Its purpose was to ensure that the trench warfare that never moved in World War One could not be repeated. Heavy artillery positions, subterranean barracks, and overlap-

Bessent has no easy fix for what’s really driving bond yields up By Greg Ritchie & Michael MacKenzie

REASURY Secretary Scott Bessent came to office blasting his predecessor for trying to re-engineer the world’s largest bond market. This week he took a stab at it himself.

By buying back a swath of longterm US debt, which will require selling more short-dated securities, Bessent said Thursday he’ll be doing “what I would call a Treasury twist.” It was a nod to the Federal Reserve’s famous 1960s plan to rejigger Treasury yields. Right now, Bessent said, those yields are out of whack with “equilibrium” levels. And twist Treasuries did—for a day. Yields on the long bonds dropped sharply on Wednesday after the plan was announced. But then they climbed straight back up. Bessent’s favored 10-year benchmark closed the week at 4.73 percent, near the highest since he took office. All of this suggests that the Treasury chief’s drive to get borrowing costs down, especially with November’s midterm election looming, is running into forces beyond his control that are pushing them up. That includes record debt levels not just in the US, where one gauge surpassed $40 trillion this week, but

across developed nations. There’s a surge in corporate issuance too, led by the artificial intelligence boom. Inflation has jumped since President Donald Trump upended energy markets by starting a war with Iran, and confusion over Fed Chairman Kevin Warsh’s strategy is adding to investor concerns. “Every route to lasting relief for the long end runs through something the administration doesn’t want,” said Matt King, founder of Satori Insights. He said a smaller US budget deficit, a slide in the stock market or a decline in AI investment could bring longer-term yields down.

‘Back to normal’

SOME market participants don’t reckon there was anything out of whack to begin with. “I think we are back to normal interest rates, 4 percent to 5 percent is normal,” Edward Yardeni—who coined the term “bond vigilantes”—told Bloomberg TV about an

Bessent’s vision of yield-curve control, or influencing rates across different maturities, extends beyond Treasuries. It includes the so-called hyperscalers, companies pouring money into AI and borrowing to do it. Earlier this month, Alphabet Inc. sold bonds ranging up to 40 years. hour before Bessent’s shock move. And while the Treasury said its intervention was to support liquidity, JPMorgan Chase & Co.’s rates strategy desk reported Thursday that “market functioning has improved notably this year.” Bessent’s vision of yield-curve control, or influencing rates across different maturities, extends beyond Treasuries. It includes the so-called hyperscalers, companies pouring money into AI and borrowing to do it. Earlier this month, Alphabet Inc. sold bonds ranging up to 40 years. The investment will pay off eventually in the form of faster and noninflationary economic growth—but meantime “it is causing a short-term competition for capital,” the Treasury chief said this week. “If I were sitting in the chief financial officer’s

1.8 million jobs, generates close to US$40 billion in annual export earnings, and contributes somewhere a generous percent of national GDP. No competing low-cost destination managed to knock the Philippines off its call-center dominance. Against the threat it anticipated, the country triumphed completely. Artificial intelligence is not attacking from that direction. The bulk of Philippine BPO income still flows from contact-center and customerexperience work, the exact segment where AI chatbots and automated voice agents are progressing most rapidly and at a lower marginal cost. Unlike its human counterparts, software does not quit, miss work in bad weather, or need health insurance. The barricades raised to repel the previous generation of competitors were never engineered to withstand this one. India provides a good comparison, not because it is insulated from disruption, but because it constructed multiple layers of defense. Alongside its outsourcing base, India fostered the growth of Global Capability Centers dedicated to software engineering, product design, and higher-complexity business processes, creating alternative employment for workers whose routine tasks were automated. See “Mangun,” A19

seat, I would think about issuing more what’s called the belly debt,” or five-year maturities. The apparent attempts to shape yields even prompted debate over whether there’s now a “Bessent put,” an echo of the old belief that former Fed Chair Alan Greenspan would always bail out the stock market. Chris Turner, global head of markets at ING Groep NV, was among those using the term this week, though many doubt that Bessent has the firepower to pull off anything similar for bond yields. The Treasury didn’t respond to a request for comment about Bessent’s bond-market interventions.

‘Bad information’

ADDRESSING the climb in Treasury yields, Bessent said investors are acting on “bad information” while he has “asymmetric” access to the real picture. “There’s been a lot of misinformation in terms of what’s going on with the deficit,” he said, vowing to refocus attention on what he described as Trump’s fiscal-consolidation program. “Bessent cannot control inflation expectations nor force nomiSee “Bessent,” A19

www.news.businessmirror@gmail.com

Putin acknowledges economic impact from Ukraine’s refinery hits

Opinion BusinessMirror

The Philippines is catching up on transfer pricing: Are we ready for the next big move? An APA that requires years of negotiation and creates additional compliance issues for taxpayers would only defeat one of the primary purposes for which it was established: tax certainty.

LADIMIR PUTIN lauded the “heroes” of his military in stepping up a campaign on Ukrainian targets, calling the strikes effective and timely while acknowledging that reciprocal attacks by Ukraine have caused economic damage. The Russian president commented in an interview with state TV reporter Pavel Zarubin, released on Saturday. It came as Russia and Ukraine continued to trade strikes on infrastructure facilities, including overnight Ukrainian drone barrages that hit an oil refinery and a warehouse of a major e-commerce company in the Samara region deep within Russia. Ukraine’s strikes “inflict economic damage on our country. They lead to losses,” Putin said, while adding that “no turning point in the confrontation with Russia could have occurred, nor did it occur.” The latest exchanges come as Ukraine prepares to mark the 35th anniversary of its independence on Monday, a day that’s also the 4 1/2 year mark of Russia’s full-scale invasion of its neighbor. Members of so-called Coalition of the Willing— an initiative led by France and the UK—are expected to gather in Kyiv on Monday. Russia is ready for negotiations with Ukraine, Putin said, adding that proposals from Kyiv and its supporters are “unacceptable” and, in some cases, “exotic.” “We are always open to dialogue about peace, but only on the basis of the realities on the ground,” he said, echoing a long-held Russian position. On a day that Alexander Novak, Russia’s deputy prime minister, termed domestic gasoline supplies tight, Ukraine’s General Staff said Kyiv’s forces struck the Rosneft PJSC’s Novokuybyshevsk oil refinery in the Samara region. It was the latest attack on a facility some 900 kilometers (560 miles) from Ukraine’s border. Images on social media showed a plume of black smoke billowing from the refinery. A logistics center in the same region was also set ablaze, Interfax reported, citing Ozon Holdings, Russia’s second-largest e-commerce company. About 500 employees were evacuated and some people were injured. Samara Governor Vyacheslav Fedorishchev said the region came under a large-scale UAV attack and that Ozon’s warehouse was hit, Interfax reported, citing a post on the state-run Max messaging platform. Ukraine since mid-July has increasingly targeted Russian warehouses, many of them operated by the e-commerce giant Wildberries. More than a dozen facilities from southern Russia to the Urals have been struck. Wildberries, often

Mangun. . .

Continued from A18

The Philippines possesses similar positions in specialized healthcare BPO and premium-tier customer support, where regulatory requirements and the need for more flexible human judgment keep full automation in check. Yet these segments represent only about 20 percent of the industry’s total activity. The rest remains established in repetitive customerexperience and back-office functions, fully AI exposed, with no second line of defense. Without India’s deeper bench of engineering talent to absorb the workers automation displaces, the Philippines has little to redeploy them into. None of this should have come as a surprise, and that fact strips away any credible excuse. The trajectory of AI-led automation in call center operations has been plainly visible for years, debated openly at every industry gathering that cheered the sector’s expansion. Developing a

Ukraine’s strikes “inflict economic damage on our country. They lead to losses,” Putin said, while adding that “no turning point in the confrontation with Russia could have occurred, nor did it occur.” called “Russia’s Amazon,” has lost at least 17 percent of its warehouse capacity, according to Russian media estimates based on expert analysis. Separately, Russia’s Defense Ministry said on Telegram that its forces struck a locomotive depot in Kyiv’s Darnytsia district, a logistics center in Brovary in the Kyiv region, and warehouses and fuel tanks at the Ukrainian ports of Chornomorsk and Pivdennyi. The strikes are designed to degrade the Ukrainian armed forces’ ability to deliver equipment and ammunition to the front lines, Putin said. Oleksandr Pertsovskyi, chief executive officer of state rail operator Ukrzaliznytsia, confirmed in a Facebook post that a railway facility in Darnytsia was hit, killing one employee. The Odesa, Dnipro, Kharkiv, Donetsk, Sumy, Kherson, Chernihiv, and Mykolaiv regions also came under attack Friday evening and overnight, Ukraine President Volodymyr Zelenskyy said on X. Residential buildings, energy and railway infrastructure facilities, and civilian businesses were damaged, he said. Rescue and recovery efforts continue after a Russian “double-tap” daytime drone attack Friday on a shopping center in Kryvyi Rih, Zelenskyy’s home town. At least 16 people were killed and 130 injured, including 23 children. The massive fire at the mall spread across 9,000 square meters (97,000 sq feet), Zelenskyy said. New Russian drone and missile strikes killed at least seven people in Ukraine, officials said Saturday, including a ballistic missile strike on the Kyiv region. Earlier on Saturday, Russia’s agriculture minister said Moscow was planning measures to support grain producers as Ukrainian drone attacks disrupt Russian export channels. Commenting on the disruptions, Putin vowed there would be no shortage on the global grain market, without explaining how Russia would maintain export volumes. “We do have some issues related to exports of our goods. But we will resolve these issues,” he said. Bloomberg deeper technical ecosystem to absorb displaced workers, the Philippine counterpart to India’s Global Capability Centers, was a policy option that was always on the table and ignored. Instead, the existing fortress received more reinforcement: higher walls along a border no adversary intended to cross. France lost in 1940 despite exhaustive preparation, because that preparation was aimed with total certainty at a threat that had already changed. The Philippines has constructed something genuinely impressive in BPO, building an exceptionally successful economic specialization around labor arbitrage. But AI changes the value of labor arbitrage itself. The question it now faces is whether being impressive against yesterday’s threat carries much value against the one bearing down today, and how many years it is prepared to lose finding out the answer. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Tuesday, August 25, 2026 A19

NTRODUCTION: We have come a long way, but are we there yet? It has been more than a decade since RR No. 2-2013, or the Philippine TP Regulations, was formally established. Much has changed since then—from the audit techniques introduced under Revenue Audit Memorandum Order No. 1-2019 to BIR Form 1709, which requires certain taxpayers to disclose their related-party transactions. There is certainly an intention on the part of the tax administration to go after MNEs and domestic enterprises that may be taking advantage of related-party relationships to reduce their tax payments. However, while we have come a long way, we still have a lot of catching up to do. While neighboring ASEAN members are already implementing their own versions of Pillar Two, the Philippines is only beginning to move in this direction. In August 2025, the BIR also presented draft regulations for a formal Advance Pricing Agreement program. These are significant developments and, if I may say, long overdue. But the bigger question remains: Is the Philippines ready? APA: A welcome development toward a more mature TP framework An Advance Pricing Agreement (APA) is an arrangement between a taxpayer and the tax authorities to determine in advance how transactions between related companies will be priced for tax purposes. While prevalent mostly for crossborder transactions, it can also be entered into domestically through a domestic APA. Controlled transactions covered by an APA generally cannot be audited by the BIR for a period of five years. Therefore, an APA provides tax certainty, especially for complex intercompany transactions. It also helps prevent double taxation since the contracting parties—or jurisdictions—are bound to respect and implement its provisions. Among these benefits, I would like to emphasize the first one: tax certainty. Transfer pricing involves considerable professional judgment. Taxpayers and the BIR may arrive

Bessent. . .

Continued from A18

nal long rates down, thus the use of buybacks to remove some less-liquid duration securities from circulation. The latest plan though must convince investors that planned buybacks are a bridge to a better debt trajectory rather than an effort to suppress yields without addressing deficits,” said Bloomberg strategist Alyce Andres. In coming days, Bessent said he and White House budget chief Russ Vought “will be examining both on the revenue side and the cost side what we can do.” He suggested a crackdown on fraud, and reductions in transfers to states. The Elon Musk-led Department of Government Efficiency attempted something on similar lines last year, but fell short of its own estimates for spending cuts. “We are skeptical the administration can realistically do anything at this point on the deficit that would be material,” Sarah Bianchi, chief strategist at Evercore ISI, wrote in a note. Besides the Treasury’s interest bill—now running well in excess of $1 trillion a year—Social Security,

at different conclusions despite evaluating similar facts and circumstances. They may disagree on the characterization of the entity, the most appropriate transfer pricing method, the tested party, whether domestic or regional comparables are appropriate, or even the arm’s-length outcome. A taxpayer can therefore prepare extensive documentation today, only to discover several years later during an audit that the BIR has taken an opposing position. If transfer pricing is inherently judgment-driven, certainty may be just as important as having the right rules. An effective APA program could provide this certainty and prevent burdensome and lengthy disputes. It could also allow the BIR to focus more resources on tax collection and other responsibilities that matter, while greater predictability could mean a great deal to investors considering the Philippines for their next ventures. But an APA should not be viewed simply as another addition to the BIR’s transfer pricing arsenal. Its success should ultimately be measured by whether it makes the tax system more predictable and efficient. The bigger question: Are we moder nizing ta x administration—or simply adding more compliance? The continued development of Philippine transfer pricing is certainly welcome. But modernization should not automatically mean more compliance, more assessments, or more burden on taxMedicare and Medicaid spending are the main drivers of a fiscal deficit forecast at around 6 percent of GDP this year. Overhauling those entitlement programs is “a non-starter in the near term,” and even more so after November if Democrats win at least one chamber of Congress, Bianchi wrote.

Bessent vs Warsh?

WHAT does lie within Bessent’s authority is revamping debt sales and buybacks. This week’s move came two weeks after a tweak in the Treasury’s broader forward guidance on issuance. That, analysts said, opened the door to potential cuts in sales of the longest-dated securities—the ones with the highest yields. Such steps look a lot like the debt-issuance tactics of Janet Yellen, which Bessent used to criticize. They also point to an implicit split with Warsh. Far from calling out yields as out-of-equilibrium, Warsh has come close to endorsing their rise. While the Fed hadn’t tightened policy in the face of higher inflation, “markets have done quite a bit,” he said on July 29. “Market prices will continue to respond in the direction and magnitude they see fit.”

payers. If an APA program represents the next stage of Philippine transfer pricing, the more important question is whether our tax administration is ready to implement it efficiently. The draft RR indicates that the program shall be administered by an Advance Pricing Arrangement Division, meaning that the BIR will establish a separate team to handle APAs. I wonder, however, how feasible this would be, knowing fully well that establishing a transfer pricing team is already a difficult feat considering the scarcity of resources. Adding another team could mean reallocating the limited manpower currently available across different divisions. Another consideration is the timeline. The draft RR states that the BIR will endeavor to conclude APAs, whether UAPAs or BAPAs, within 12 to 24 months. Even in mature tax jurisdictions, it generally takes an average of three years to finalize a single bilateral deal. The proposed timeline is optimistic and may be difficult to achieve given the resources and coordination required. I also have reservations about the procedures. These arrangements require sophisticated transfer pricing practices, careful functional and economic analyses, and, particularly for bilateral APAs, coordination between tax authorities. Considering where we currently stand in the development of our transfer pricing practice, I am quite worried about how these challenges could impact taxpayers hoping to avail themselves of the program. An APA that requires years of negotiation and creates additional compliance issues for taxpayers would only defeat one of the primary purposes for which it was established: tax certainty. The government undoubtedly has a legitimate responsibility to protect the Philippine tax base. However, better tax administration should not simply mean imposing additional requirements on taxpayers already within the system. As our tax rules become increasingly sophisticated, equal attention should be given to improv ing collection efficiency, simplifying compliance, reducing unnecessary administrative friction, ensuring consistency in Warsh has his own key communications moment looming, in his speech Friday at the Kansas City Fed’s annual Jackson Hole symposium. Investors will be watching to see whether he’ll seek to repair credibility after a poorly received press conference last month. Warsh failed to articulate a rationale for keeping rates unchanged, avoided any suggestion they would be raised in the coming months and suggested the Fed’s inflation target could be altered in January.

‘Flip the script’

“WARSH would really flip the script if he actually explained how they’re going to provide metrics, how he’s using the information, and there’s a game plan for the next three to six months,” said George Goncalves, head of US macro strategy at MUFG. “At least provide markets with what to look out for.” Warsh wants to revamp the central bank’s balance sheet, which currently features some $4.54 trillion of Treasuries. He’s also spoken of a new “Fed-Treasury accord,” without spelling out what that would involve. The original pact, in 1951, dramatically limited the Fed’s footprint

the application of tax rules, and broadening the tax base. This should also be viewed from an investment perspective. Businesses consider not only tax rates and incentives, but also tax certainty, compliance costs, predictability, and the risk of prolonged disputes when deciding where to invest or expand. A sophisticated tax regime may lose some of its appeal if it comes with greater uncertainty and administrative burden. A stronger tax system should not only be better at collecting taxes. It should also help create an environment where there is more economic activity from which taxes can sustainably be collected. If implemented properly, an APA should not become another layer of compliance, but rather a mechanism that provides certainty, prevents lengthy disputes, allows the BIR to use its resources more efficiently, and strengthens investor confidence. 4. Final thoughts: The real “next big move” APAs could represent an important milestone in Philippine transfer pricing. But simply introducing an APA mechanism does not automatically bring the Philippines to the level of more mature TP jurisdictions. The real measure of success will be how it works in practice. Can it provide certainty? Can it prevent lengthy disputes? Can it be administered efficiently? And can it improve the investment environment rather than simply add another layer of compliance? The Philippines does not have to choose between protecting its tax base and remaining attractive to investors. A mature tax system should be capable of doing both. Perhaps the Philippines’ next big move in transfer pricing should not simply be adopting more sophisticated rules, but building a system that taxpayers can understand, tax authorities can administer efficiently, and investors can trust. The author is a Senior Manager of the International Tax & Transfer Pricing Unit of Du-Baladad and Associates (BDB Law) (www. bdblaw.com.ph). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at joannelesley. padilla@bdblaw.com.ph or call 8403-2001 local 310.

in the bond market and ended the strategy of yield-curve control. If US policymakers really want to drive borrowing costs down now, it might require a move in the opposite direction. “Buybacks are more signal than substance” and even larger ones wouldn’t shift market dynamics, according to Rebecca Patterson, a JPMorgan and Bridgewater Associates veteran who’s now a senior fellow at the Council on Foreign Relations. “The more effective—and sustainable—policy approach is through Fed quantitative easing.” Bessent referred to sustained QE, or Fed bond purchases, as a “perpetual dosing regimen” before he was in office. Warsh opposed QE in the early 2010s when he was on the Fed board, and has been one of its most vociferous critics since. Absent such an about-face by the duo, it’s investors who are setting the yield curve. “The economy has been resilient and there is a global competition for capital,” said Priya Misra, a portfolio manager at JPMorgan Asset Management. “It makes sense that rates have been moving higher.” With assistance from Alice Gledhill and Jorgelina do Rosario/Bloomberg

A20 Tuesday, August 25, 2026 | Editor: Jun Lomibao

BUHAIN

Boracay swim meet gets high marks

HE staging of the 4th Southeast Asia Open Water Swimming Championships presented by the Philippine Sports Commission in Boracay has opened the possibility of hosting bigger international meets in the Philippines, Philippine Aquatics Inc. secretary general Eric Buhain said. “The opportunities are there now that we have laid the foundation in organizing and hosting bigger international events because of the lessons learned and experiences we’ve had here,” Buhain said. Buhain also cited the positive feedback from participants, as well as the support of the National Sports Tourism Interagency Committee led by PSC Chairman Patrick Gregorio and the Aklan provincial and Malay municipal governments. World Aquatics evaluator Damian Van de Berg of Australia, who was assigned to assess the referees for the event, gave the event high marks. “For this event to be approved by World Aquatics, it must have a WA evaluator for referees, so basically that is why I am here,” Van de Berg said. “I could see overall the joy and pride of those who are involved in the hosting. “It has been an honor and privilege to witness that.” Asked if the Philippines could host bigger international open water swimming events, Van de Berg said: “Absolutely. The infrastructure needs to be on a bigger scale, but all the core parts are there.” He said the country has the foundation to host events such as the Asian Open Water Championships and World Cups, although these would require greater resources. “Your local organizing committee should be congratulated for what has been a first-rate hosting. It was done pretty well. The sky is the limit for the Philippines in hosting future bigger open water meets,” said Van de Berg, who has officiated at four world championships. His assessment was welcomed by Gregorio, whose sports tourism advocacy has focused on using sports to promote Philippine destinations. “Indeed, this competition serves as a test run, a dress rehearsal for hosting bigger international open water events in the future, not only in Boracay but in our other attractive beach destinations,” he said. “This is now our strategic, twopronged approach in promoting and developing sports and tourism: providing platforms for our athletes to compete against the best from overseas while generating income for our country by showcasing our tourist attractions,” Gregorio added.

Sports BusinessMirror

mirror_sports@yahoo.com.ph

CALOY ON A MISSION IN ASIAD C

ARLOS YULO is focused on adding to his medal collection when he competes in the AichiNagoya 20th Asian Games men’s artistic gymnastics from September 20 to 25 at the Nagoya Civic General Gymnasium in Japan. The 26-year-old three-time world champion is determined to secure gold in the Asiad after a podium-less debut in the Palembang 2018 Games and missing the Hangzhou 2023 Asian Games in China. “I have no Asian Games gold and I want to get one or maybe more,” Yulo told the BusinessMirror. “I was world champion many times, then won World Cup titles, Southeast Asian Games crowns, and two gold

medals in the Olympics. But I am missing Asian Games gold. Personal trainer Aldrin Castañeda expects the entire continent to focus on Yulo. “They are all watching Carlos… the entire Asian opposition. So, we must prepare for all routines in all the apparatuses. Our execution in the floor exercise, vault, individual all-around events,” Castañeda said. Yulo is targeting the Asian Games men’s individual all-around gold medal, floor exercise, and vault gold medals. The field features 44 other nations. “I am eyeing an individual allaround title, floor exercise, and vault, but I must prepare wisely and hopefully safe. So far, despite disruptions in training due to the heavy rains here

LIV future uncertain after season finale

in Manila, I make sure to be in good condition,” Yulo added. Yulo, double Olympics gold medalist in Paris, returned to training alongside younger brother Karl Eldrew who are both bound for the Asiad on Tuesday at the Intramuros gym, and strength and conditioning with Bethel Solano on Wednesday at Mandaluyong City gym. The final training day in Manila is set September 1 before leaving for Japan on September 2 for two weeks training camp in Tukushikai gymnastics in Tokyo before going to Nagoya just a few days before the opening ceremonies take places. Other Filipino gymnasts Juancho Miguel Besana, Justin Ace de Leon, and Zachary Nunez will train in Sohgoh gymnastics club. Josef T. Ramos

CARLOS YULO targets a breakthrough Asian Games title. ROY DOMINGO

Perez braces for scrap against Jordan, Iran By Josef T. Ramos

J PEREZ expects total physicality when Gilas Pilipinas faces Jordan and Iran next week in the fourth window of International Basketball Federation (FIBA) 2027 World Cup Asia qualifiers at the Mall of Asia Arena in Pasay City. Perez told BusinessMirror that the Philippine team needs to be physically strong and ready to match Jordan on August 28 and Iran on Sunday in their crucial Pool E games, which could determine their chances of qualifying for next year’s FIBA World Cup in Doha.

“These two teams from the Middle East are absolutely strong, no doubt. So, we must be ready physically, and we are so glad to see some players coming up like Kai [Sotto],” Perez, San Miguel Beer’s leading scorer, said. “We already experienced playing them before, and they keep on pouncing every time we play them,” said Perez, who has averaged 7.1 points and 2.2 rebounds per game since joining the national team in 2016. Perez expects whoever is chosen as part of the final 12 to embrace the

CJ PEREZ and the Philippine squad face must-win home games. FIBA PHOTO

Yamashita matches LPGA Tour 72-hole record

DMONTON, Alberta—Diminutive Japanese star Miyu Yamashita matched the LPGA Tour’s 72-hole scoring record Sunday in a wire-to-wire, nine-stroke victory in the CPKC Women’s Open at Royal Mayfair. The 4-foot-11 Yamashita made an 8-foot birdie putt on the par-4 18th for a 4-under 66 and 23-under 257 total. Sei Young Kim also shot 257 in the 2018 Thornberry Creek LPGA Classic in Wisconsin, finishing at 31 under. Six strokes ahead entering the round, Yamashita pushed the margin to nine on the tree-lined layout—and mosquito hot spot after record summer rain—for a tournament record in the national championship. She broke the tournament record of

262 set by Jin Young Ko in 2019 at Magna in Aurora, Ontario, after also setting 36- and 54hole marks. Yamashita’s four LPGA Tour titles have come in four countries. She won the Meijer LPGA Classic in June in Michigan after taking the Women’s British Open in Wales and Maybank Championship in Malaysia last season as the rookie of the year. She has 13 Japan LPGA victories. A stroke ahead Thursday after an opening with a course-record 62, Yamashita had a 64 on Friday afternoon to open a five-shot lead. She shot 65 on Saturday to push it to six. Fellow Japanese player Yuri Yoshida was second at 14 under after a 69. Kim

Rivals who became family

THERE was something almost strange about Chris Evert and Martina Navratilova. For years, they seemed destined to spend their lives trying to ruin each other’s afternoons. When Evert walked onto the court, there was usually Navratilova waiting on the other side of the net. When Navratilova was chasing another title, there was a very good chance Evert was standing in her way. They played 80 times between 1973 and 1988, with Navratilova eventually winning 43 of those matches to Evert’s 37. Sixty of their meetings were finals. But the numbers only tell half the story. What made Evert and Navratilova different was

challenge and keep the Philippines’s World Cup qualifications bid alive. The top three teams from each bracket, plus the best fourth-place team will make it. The Philippines is in fifth place with a 2-4 win-loss record while Jordan and Iran have 5-1 win-loss records behind undefeated Australia (6-0). “Good thing is the games will be played here. So, all of us are extremely excited to play,” he added. The Philippines, aside from Perez, has Justine Baltazar, Justin Arana, AJ Edu, Juan Gomez de Liaño, June Mar Fajardo, Chris Newsome, Kevin Quiambao, Dwight Ramos, Troy Rosario, Carl Tamayo, Scottie Thompson, Roger Pogoy and Geo Chiu.

how little their rivalry depended on hatred. They didn’t need to despise each other to produce great tennis. They simply needed to beat each other. And they were almost perfect opposites. Evert was controlled, methodical and devastatingly consistent from the baseline. Navratilova was aggressive, physical and constantly looking for a way forward. Evert seemed to have all the time in the world. Navratilova wanted to take that time away from her. It was classical contrast: patience against pressure, defence against attack, precision against power. For Evert, Navratilova became the opponent she had to solve. For Navratilova, Evert became the standard she had to surpass. There were periods when one clearly had the upper hand. Navratilova famously beat Evert 13 consecutive times during one stretch in the early 1980s. Yet even then, Evert refused to allow the rivalry to define her as a loser. She adjusted, fought her way back and eventually found victories against the woman who had seemed almost impossible to stop.

MIYU YAMASHITA bags the title with rounds of 62-64-65-66. AP

That was the beauty of their rivalry. Neither woman was simply chasing trophies. They were chasing each other. And while the public saw the intensity, something different was happening away from the court. They became friends. That friendship makes the rivalry even more remarkable because it meant that every defeat had to be swallowed in front of someone you actually cared about. There was no pretending that the other person didn’t matter. Quite the opposite. Each knew exactly how important the other had been to her career. Their lives became intertwined in a way that very few sporting rivals have experienced. They practised together. They played doubles together. They traveled in the same tennis world. They watched each other’s careers develop. They saw each other at moments of triumph and disappointment. And eventually, the rivalry became part of their friendship rather than something that threatened it. That is perhaps the greatest lesson of Evert and Navratilova. They proved that competition doesn’t have to destroy respect. You can desperately want to beat somebody

was another shot back after a 67. Seventeen-year-old Anna Huang was the top Canadian, closing with a 65 to tie for fourth at 12 under. Aphrodite Deng, the 16-year-old amateur who won the 2025 US Girls’ Junior, tied for seventh at 11 under after a 67. Two-time winner Brooke Henderson was 7 under after a 70. Top-ranked Nelly Korda had a 69 to get to 5 under. Three spots on the US Solheim Cup were decided during the week, with captain Angela Stanford set to announce her three picks Monday for the September 11 to 13 matches in the Netherlands. Allisen Corpuz wrapped up the last automatic place Friday, and Andrea Lee and Alison Lee took spots off the working ranking Sunday. AP

and still admire them. You can be disappointed by losing to them and still want to know how they are doing. You can spend years trying to find a weakness in someone’s game while simultaneously appreciating everything that makes them great. Their rivalry helped elevate women’s tennis, but their friendship gave the rivalry something more lasting. There are plenty of sporting rivalries remembered because the competitors couldn’t stand each other. Evert and Navratilova are remembered for something much rarer. They were rivals because they were great. They became friends because, perhaps, only someone equally great could truly understand what the other had gone through. The tennis eventually stopped. The friendship didn’t. And that is why, decades later, when their names are mentioned together, it doesn’t sound like the story of two enemies. It sounds like the story of two champions who spent their careers pushing each other to places neither might have reached alone. They spent years trying to beat each other. In the end, they helped define each other.

ESTFIELD, Indiana—Jon Rahm finished the LIV Golf season Sunday in style— claiming his third straight season points title and his second team crown in a row at the revised season finale in suburban Indianapolis. Now the 31-year-old Spaniard and the other full-time tour players will wait to see what happens to LIV in 2027. Rahm is ready to head home and contemplate the future. “I’m looking forward to going home and helping my very pregnant wife with the kids,” Rahm said. “The fourth one is due in October, and I’m happy to be dad for a few days before I get back to grinding for the Irish Open, and mainly looking forward to a haircut because I need one badly.” Rahm closed with a 7-under 63 for his second straight runner-up finish in Indy. He ended up a stroke behind 22-year-old Michael La Sasso, the 2025 NCAA individual champ at Mississippi. La Sasso finished with a 65 to get to 18 under. Clearly, there have been troubling signs for the LIV circuit in recent months. In April, it was announced Saudi Arabia’s sovereign wealth fund would end its investment in the league after this season. LIV spent more than $5 billion in five years, pulling some of the world’s best and most popular American and international players away from other leagues. Organizers also canceled two events this season—New Orleans in June and next weekend’s originally scheduled season-ending event in Michigan—as well the weekend entertainment. LIV CEO Scott O’Neil told reporters Wednesday he was bullish about plans for 2027 and beyond, saying players would be equity owners and have their commercial rights restored. O’Neil said the plan was to have five team championships overseas and five individual tournaments in the United States scheduled close to the majors for those who qualify for them. He did not name the lead investor with whom LIV has reached an agreement. Several outlets have identified him as Ted Goldthorpe of BC Partners, who met with the tour’s players on Tuesday. O’Neil said there was a deadline for players to commit to LIV 2.0 without citing a specific date. He also has not mentioned the size of the proposed investment. Though O’Neil said he has a “good level of confidence” that a “critical mass of the right players” will return. Rahm is under contract through next season. Bryson DeChambeau—the other big name—has an expiring contract this year. He tied for third with Sergio Garcia on Sunday and did not speak with reporters following Sunday’s event. But with the season now over, there are only more questions. “There’s been a lot that’s surrounded all of us pretty much since we joined, and at the end of the day when you step on the golf course, it’s just golf,” Rahm said. AP

JON RAHM is still under contract with LIV through next season. AP

Editor: Jennifer A. Ng

Companies BusinessMirror

BCDA TAPS AUSTRALIAN FIRM FOR CLARK SMART CITY STUDY By Bless Aubrey Ogerio @blessogerio

HE Bases Conversion and Development Authority (BCDA) and Australian firm StB GigaFactory Inc. are studying potential renewable energy, energy storage and electric mobility projects in New Clark City and other BCDA-managed properties. Under a 12-month memorandum of understanding, BCDA will provide StB with site access, project data and administrative support. At the same time, the battery manufacturer will conduct site surveys, technical feasibility studies and financial modeling for potential projects. The studies are intended to determine which clean-energy and e-mobility applications could be deployed across BCDA properties and the investment required to implement them. BCDA President and CEO Joshua Bingcang said the partnership would feed into the agency’s planning for New Clark City, adding that it “aligns directly with our vision to make New Clark City a model of sustainable, high-tech urban development.”

StB operates a manufacturing facility at Filinvest Innovation Park in New Clark City, Tarlac, which produces lithium iron phosphate (LFP) battery cells and battery energy storage systems (BESS). The company has employed about 500 Filipinos and has said it plans to increase its workforce to 2,500 by 2030. Its potential involvement in electric mobility also predates the latest agreement. In November 2024, StB said it was targeting the deployment of about 2,000 electric tricycles by the end of 2025 and was then assembling around 250 units. The company’s battery manufacturing facility was inaugurated by President Ferdinand Marcos Jr. in September 2024. The latest agreement expands the scope of potential cooperation beyond battery manufacturing, with the two sides now looking at how renewable power, energy storage and electric mobility could be applied within BCDAmanaged developments. No specific project, investment amount or deployment schedule has yet been announced, as the parties will first undertake the technical and financial assessments under the agreement.

Tuesday, August 25, 2026

SEC zeroes in on barriers to doing business in PHL

By VG Cabuag

@villygc

HE Securities and Exchange Commission (SEC) on Monday said it is moving to the next phase of its reform agenda, with measures aimed at making it easier to start businesses, raise capital and improve liquidity in the Philippine market. SEC Chairman Francis E. Lim, who is celebrating his first year in office, said the agency has made progress in reducing regulatory friction. “But there are still structural barriers that prevent businesses from starting faster and companies from tapping the capital market more efficiently,” he said. “Our next task is to address these barriers and build a market that is easier to access, more liquid and more competitive.” Among the SEC’s proposals is the One Business Start Date, which will allow companies to begin commercial

operations upon securing their SEC registration or other primary regulatory license while completing other government permits in parallel. The proposal seeks to shorten the period between company registration and the actual start of business operations. The SEC has also expanded its digital services and imposed internal processing timelines, including a deemed approved policy for applications that go beyond prescribed periods. It reduced fees for corporate docu-

ment requests by a cumulative 62.5 percent from 2023 rates, translating to around P211 million in savings as of June 2026. The SEC is also working with the World Bank to overhaul the public offering framework by separating regulatory requirements for debt and equity securities. The review seeks to make disclosure requirements more proportionate to the type and risks of securities being offered, making capital raising more accessible to companies. Lim is also looking at possible refinements to the Personal Equity and Retirement Account (PERA) framework to make the program more attractive to both employers and employees and encourage greater participation in the capital market. Other measures introduced during Lim’s first year include a 5-year shelf registration framework, tiered minimum public ownership requirements, expanded REIT rules, Sukuk regulations and Southeast Asia’s first Green Equity Guidelines. The SEC also widened financing options for smaller enterprises

BOI: More projects get green lane status in July

MWCI expands water coverage

HE government’s Green Lane pipeline expanded by P40 billion in July, bringing the total value of certified strategic investment projects to P6.36 trillion from P6.32 trillion a month earlier, according to the Department of Trade and Industry (DTI). The increase came as the Board of Investments (BOI) certified five additional projects, bringing the total number of projects under the Green Lane initiative to 244 from 239 in June. The projects are estimated to generate 425,454 jobs. From January 1 to July 31, the BOI certified 22 projects with a combined investment value of P391.84 billion, or $6.66 billion, and expected employment of about 44,235 workers. Renewable energy continued to account for most of the Green Lane pipeline, with 187 projects worth P5.46 trillion and expected to create 276,469 jobs. These projects are distributed across the country, with the highest concentrations in Calabarzon, Ilocos Region and Central Luzon. Digital infrastructure accounted for 10 projects worth P405.12 billion, with an estimated 20,393 jobs. The projects cover areas including internet connectivity, data centers and digital services. Six public-private partnership, infrastructure and water projects were valued at P416.745 billion and are expected to generate 113,363 jobs. Food security accounted for 33 projects worth P19.68 billion and an estimated 7,421 jobs, while seven manufacturing projects worth P67.04 billion are expected to create about 7,773 jobs. On the other hand, the pharmaceutical sector had one project worth P45 million, with 35 expected jobs. Despite the size of the overall pipeline, most projects remain in the early stages of development. A total of 166 projects worth about P5.52 trillion were still in the pre-development stage as of July 31. Bless Aubrey Ogerio

through crowdfunding and sectorspecific programs for hospitals, agribusinesses and other priority industries. The SEC is currently developing a Philippine Capital Market Master Plan with the Asian Development Bank to consolidate its reforms into a long-term strategy for expanding access to capital and improving the competitiveness of the domestic market. The plan forms part of the SEC’s goal of positioning the Philippines to become one of Southeast Asia’s leading capital markets by 2030. Lim said capital market development must involve both companies seeking financing and Filipinos who could eventually become investors. “Ease of doing business is still very high in our agenda, and we will remain to the same. We will continue with our automation. We want to automate or digitalize almost everything, create one human touch as part of our SEC transformation talk about for enterprises and markets.”

PRICE CUT

Japanese convenience store chain Lawson Inc. plans to cut prices on their hand-wrapped “onigiri” rice balls next month on the expectation that the staple crop will become cheaper to procure. Starting September 29, the company will lower prices on most of the on-the-go meals by ¥10 ($0.06), a company spokesperson told Bloomberg News by phone. Rice prices in Japan surged last year due to a shortage, prompting shops and restaurants to hike prices and forcing the government to release its stockpiles. Prices have since shown signs of easing as supply improves. Private-sector inventories of brown rice reached 2.43 million tons in end-June, the highest midyear level since 2009, according to data from the Ministry of Agriculture, Forestry and Fisheries. BLOOMBERG

RCI secures Chinabank loan facility R

OXAS and Co. Inc. (RCI) on Monday said it entered into an omnibus loan and security agreement with China Banking Corp. (Chinabank). In its disclosure, Chinabank has agreed to extend to RCI a term loan facility worth P1.93 billion. The proceeds will be used to refinance the company’s and its subsidiaries’ existing loan obligations and for general corporate purposes. RCI reported that its net loss in January to June P326 million, narrower from the previous year’s net loss of P554.2 million.

It was primarily driven by lower operating expenses, reduced finance costs following debt repayments, higher interest income from agrarian reform bonds and cash investments, and significantly lower losses from discontinued operations following the sale of plant assets in December last year. It also recognized of a P285.7million impairment loss on property and equipment. The company said its focus for the year is to improving financial performance and cash f lows through continued deleveraging, liquidity enhancement,

operational efficiencies and cost discipline. Growth initiatives include optimizing hotel operations, advancing real estate projects, implementing master plans for hacienda properties, and evaluating leasing and ecotourism opportunities to maximize land utilization and long-term value creation. The group maintained a positive liquidity position as of end June, with cash increasing to P759.1 million from P726.3 million as of December last year. Cash resources were further supported by the current portion of

agrarian reform bonds amounting to P469.1 million, providing adequate funding for operating requirements, capital expenditures and debt service obligations. In a recent disclose to the Philippine Stock Exchange, RCI said its board has approved the sale of 278.3102 hectares of property in Nasugbu, Batangas “under such terms and conditions most beneficial to the company.” RCI and its subsidiaries are engaged in the real estate and hotel development and management, property management, and coconut and exports. VG Cabuag

ANILA Water Corp. Inc. (MWCI) said on Monday that it expanded its water coverage by 14,501 new service connections in the first half of 2026, benefitting 14,149 residential customers and 352 commercial and industrial accounts. In June alone, the water company installed 2,332 new connections, bringing its total number of water service connections to 1,223,835, it added. Manila Water has also continued to expand and maintain its extensive water distribution network. As of June 2026, the company manages more than 5,700 kilometers of pipelines across the East Zone, enabling reliable water service delivery to its growing customer base. “Our growth in service connections is matched by our investments in water security. By expanding our network and developing alternative water sources, we are ensuring that more customers receive dependable water service today while building a more sustainable and resilient water future for generations to come,” Manila Water Corporate Communication Group Head Dittie Galang said. The water company has sustained this growth through its strategy of diversifying raw water sources. This approach helps reduce dependence on Angat Dam while strengthening water security to support increasing demand and ensuring continuous 24/7 water service for customers. Over the past several years, Manila Water said it invested significantly in major infrastructure projects that harness alternative water sources from Laguna Lake and the Upper Marikina River Basin. These include the 100-million-liter-perday (MLD) Cardona Water Treatment Plant and the 50-MLD East Bay Phase 1 Water Treatment Plant. Also expected to be completed this year is the 200-MLD East Bay Phase 2 Water Treatment Plant. Jonathan L. Mayuga

Companies BusinessMirror

Tuesday, August 25, 2026

PSE STOCK QUOTATIONS

August 24, 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 PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

50 123 10.22 106.1 53.4 11.08 67.7 6.99 66 52 90 22.95 65.65 24.5 0.49 1.42 0.52 3.7 7.69 2,502 1.21 207.2 4,700 0.78

50.2 123.2 10.28 106.7 53.5 11.1 67.75 7.08 66.55 52.5 118 23.1 66 24.6 0.5 1.46 0.54 3.98 7.87 2,652 1.22 212 4,846 0.8

49.2 123 10.3 107.3 53.5 11.06 67.7 7.03 66.2 52.5 90 22.9 67.1 24.65 0.5 1.44 0.55 3.82 7.69 2,654 1.17 212 4,800 0.79

50.2 123.9 10.38 107.8 54.1 11.12 67.85 7.03 67 52.5 90 23.1 67.2 24.65 0.5 1.46 0.55 4 7.69 2,654 1.24 212 4,800 0.8

49.2 121.7 10.2 106 53.1 11.04 67.2 7.03 65.85 52 90 22.9 65.5 24.1 0.49 1.4 0.5 3.7 7.69 2,502 1.17 212 4,750 0.79

50.2 123.2 10.22 106.1 53.4 11.1 67.7 7.03 66 52.5 90 23.1 65.65 24.5 0.49 1.42 0.52 3.97 7.69 2,502 1.21 212 4,750 0.79

65,600 1,309,770 32,500 2,071,370 140,190 496,400 1,498,760 900 96,070 2,630 50 5,400 123,500 57,700 79,000 1,467,000 332,000 42,000 600 470 1,861,000 80 140 63,000

3,278,650 160,863,331 332,982 220,627,124 7,507,449 5,508,108 101,412,786 6,327 6,354,780 136,968 4,500 124,700 8,182,974 1,407,940 38,720 2,102,460 168,910 165,630 4,614 1,177,500 2,234,460 16,960 665,500 50,190

2,817,480 -56,792,067 109,110,520 -88,683 653,786 -33,955,590 -319,835 1,561 -3,053,045 4,850 -273,670 2,020 -38,330 98,660 569,500 -

INDUSTRIAL ACEN CORP 2.89 2.9 2.95 2.95 2.88 2.89 15,381,000 44,559,820 -718,450 ALSONS CONS 1.19 1.2 1.16 1.23 1.07 1.2 106,499,000 123,507,540 -357,350 ALTERNERGY HLDG 0.75 0.76 0.76 0.77 0.75 0.76 115,000 87,250 2,280 ABOITIZ POWER 45.65 45.7 45.5 45.8 45.15 45.65 334,600 15,266,145 1,130,775 RASLAG 1.24 1.14 1.17 1.15 1.12 1.17 5,320,000 6,319,180 -323,850 0.11 0.111 0.111 0.112 0.11 0.11 3,390,000 376,510 BASIC ENERGY CITICORE RE 4.65 4.65 4.64 4.69 45,000 209,920 -18,600 4.69 4.69 28.05 28.1 30.15 31.5 27.5 28.05 5,050,300 147,187,430 -3,078,170 FIRST GEN 105.5 106.5 107.2 110.1 105.5 105.5 135,870 14,575,830 407,751 FIRST PHIL HLDG MERALCO 232,452,152 476 479 487 489 465.6 479 491,580 -62,803,164 MANILA WATER 35.5 35.7 35.95 35.95 35.3 35.7 877,600 31,138,545 1,854,280 MAYNILAD 18.32 18.3 18.46 18.5 18.2 18.3 1,373,900 25,217,104 -6,597,864 PETRON 2.38 2.39 2.29 2.41 2.29 2.39 866,000 2,049,920 827,970 PETROENERGY 3.99 3.87 3.8 4 3.8 3.98 49,000 188,970 12,000 15.2 15.2 15 15.28 35,500 539,992 370,880 PRYCE CORP 15.28 15.28 9.45 9.79 9.8 9.8 9.3 9.45 4,000 37,905 REPOWER ENERGY SEMIRARA MINING 18.56 18.64 18.7 18.9 18.3 18.56 553,500 10,261,552 1,269,724 29.2 29.25 30.5 30.5 28.95 29.2 1,227,900 36,469,700 -7,928,365 SYNERGY GRID SHELL PILIPINAS 8.21 8.33 8.38 8.4 8.2 8.21 450,400 3,723,250 -2,138,262 SPC POWER 9.57 9.62 9.9 10.08 9.55 9.62 33,200 325,317 -66,134 SP NEW ENERGY 1.25 1.26 1.29 1.29 1.23 1.25 27,740,000 34,886,340 -16,230,160 TOP LINE 1.83 1.84 1.84 1.89 1.83 1.84 2,126,000 3,933,730 -267,090 19.18 19.18 19.18 19.18 19.18 2,000 38,360 VIVANT 20.55 AXELUM 2.84 2.85 2.86 2.84 2.85 181,000 516,430 -22,750 2.86 0.31 0.315 0.315 0.315 10,000 3,150 -3,150 BALAI FRUITAS 0.315 0.315 9.56 9.93 9.6 9.6 9.56 9.56 1,000 9,580 CNTRL AZUCARERA CENTURY FOOD 32.7 32.75 32.6 33.5 32.6 32.75 330,000 10,819,875 5,390,805 DEL MONTE 3.85 3.93 3.85 3.85 3.84 3.85 13,000 50,040 DNL INDUS 3.5 3.52 3.51 3.57 3.5 3.52 2,890,000 10,147,950 2,116,590 EMPERADOR 15.66 15.56 15.16 15.7 15.12 15.66 413,100 6,436,508 1,360,432 SMC FOODANDBEV 47.3 47.45 47.3 47.7 47.2 47.45 37,200 1,760,390 -1,329,445 0.66 0.67 0.64 0.7 0.63 0.66 11,645,000 7,913,260 -1,378,580 FIGARO GROUP 0.29 0.31 0.29 0.29 0.29 0.29 20,000 5,800 ALLIANCE SELECT FRUITAS HLDG 0.65 0.66 0.65 0.65 0.65 0.65 2,000 1,300 GINEBRA 223.4 224 233 233 224 224 148,860 -15,818,794 33,602,496 159.5 160 159 162 159 160 1,444,140 43,195,144 232,293,392 JOLLIBEE KEEPERS HLDG 1.95 1.99 1.97 2 1.94 1.99 2,062,000 4,102,650 1,991,750 LIBERTY FLOUR 21 21.5 21.55 22.4 20.65 21.5 2,300 48,825 6,195 MG HLDG 0.07 0.07 0.069 0.07 0.07 0.07 20,000 1,400 MONDE NISSIN 6.85 6.9 7.11 7.12 6.82 6.85 2,464,700 17,115,320 -4,378,474 5.72 5.78 5.8 5.8 5.78 5.78 900 5,204 -4,624 SHAKEYS PIZZA 2.45 2.53 2.48 2.53 2.45 2.53 14,000 34,910 ROXAS AND CO RFM CORP 5.3 5.31 5.31 5.32 5.29 5.31 346,400 1,837,016 -534,938 0.056 0.056 0.056 0.056 220,000 12,490 2,900 SWIFT FOODS 0.058 0.058 UNIV ROBINA 62.6 62.7 63.3 63.45 62.65 62.7 397,740 25,047,027 -10,893,661 VITARICH 0.52 0.53 0.5 0.53 0.495 0.52 153,000 77,745 ATN HLDG A 0.41 0.415 0.415 0.415 0.415 0.415 640,000 265,600 ATN HLDG B 0.41 0.415 0.415 0.415 0.415 0.415 250,000 103,750 -41,500 CONCRETE A 55 57.95 57.95 57.95 57.95 57.95 40 2,318 51.8 58 59.95 59.95 58 58 60 3,578 CONCRETE B CONCREAT HLDG 1.27 1.3 1.3 1.39 1.23 1.3 7,748,000 10,336,820 -851,520 1.87 1.9 1.86 1.9 299,000 566,980 -275,500 EEI CORP 1.9 1.9 4.56 4.54 4.67 4.51 4.57 785,000 3,587,790 74,000 MEGAWIDE 4.57 PHINMA 14.94 14.02 14.02 14.02 14.02 14.02 600 8,412 CROWN ASIA 1.8 1.85 1.89 1.89 1.8 1.84 445,000 808,670 42,660 EUROMED 1.11 1.11 1.1 1.11 1.11 1.11 7,000 7,770 MABUHAY VINYL 5.11 5.26 5.11 5.26 5 5.26 5,200 26,526 10.72 CONCEPCION 10.7 10.8 11.16 10.6 10.72 14,000 151,430 0.165 0.172 0.175 0.165 0.173 1,880,000 324,650 -36,560 0.173 GREENERGY 7.32 7.39 7.4 7.49 7.04 7.39 2,650,700 19,336,343 4,363,919 INTEGRATED MICR 2.07 2.1 2.1 2.02 2.1 3,880,000 8,078,640 -707,080 IONICS 2.16 7.28 7.4 7.4 7.33 7.39 14,400 106,180 PANASONIC 7.39 CIRTEK HLDG 1.2 1.22 1.18 1.29 1.12 1.2 9,530,000 11,466,120 -211,890 STENIEL 2 2 1.95 2 2 2 50,000 100,000

HOLDING & FRIMS

ABACORE CAPITAL 0.33 0.335 0.335 0.345 0.33 0.335 6,140,000 2,057,800 ASIABEST GROUP 54.35 54.5 53.4 54.8 52.75 54.35 682,420 36,672,839 8,728,133 AYALA CORP 511.5 512 510 514 505.5 512 138,140 70,673,905 22,294,100 ABOITIZ EQUITY 37.6 37.8 37.85 37.85 37.4 37.6 908,700 34,148,250 -7,858,870 ALLIANCE GLOBAL 9.18 9.19 9.38 9.4 9.07 9.19 617,500 5,664,283 -1,077,797 17 17.02 17 17.02 19,100 325,066 ANSCOR 17.02 17.02 ANGLO PHIL HLDG 1.08 1.09 1.06 1.15 1.06 1.08 3,099,000 3,431,780 -10,800 8.13 8.16 8.18 8.2 8.1 8.13 79,800 650,288 265,943 COSCO CAPITAL 7.93 7.94 7.88 8.07 7.87 7.94 3,131,200 24,879,532 8,698,975 DMCI HLDG FJ PRINCE A 2.41 2.88 2.89 2.89 2.89 2.89 16,000 46,240 504 504 GT CAPITAL 500 493.2 485 504 102,990 50,969,356 10,245,918 HOUSE OF INV 5.19 5.2 5.2 5.2 5.2 5.2 54,400 282,880 JG SUMMIT 21.8 21.85 21.8 22.2 21.6 21.85 371,200 8,093,875 1,695,070 LODESTAR 0.375 0.375 0.35 0.355 0.355 0.375 480,000 178,150 5.7 5.75 6.01 6.01 5.69 5.7 2,322,600 13,371,392 196,390 LOPEZ HLDG 15.22 15.24 15.16 15.32 15.1 15.22 1,798,300 27,349,450 13,488,902 LT GROUP 0.82 0.83 0.83 0.83 3,000 2,490 PACIFICA HLDG 0.83 0.83 PRIME MEDIA 1.06 1.07 1.09 1.09 0.98 1.06 292,000 307,120 SOLID GROUP 1.21 1.21 1.18 1.15 1.14 1.2 175,000 202,570 -11,500 SM INVESTMENTS 579.5 580 579 584.5 577.5 580 171,450 99,520,380 -15,162,150 SAN MIGUEL CORP 65.1 65.5 65.8 66.35 65 65.5 28,440 1,864,108 -666,541 TOP FRONTIER 53 56.95 53 53 53 53 140 7,420 0.076 0.078 0.079 0.081 0.078 0.078 5,340,000 427,590 ZEUS HLDG PROPERTY ARTHALAND CORP 0.435 0.455 0.455 0.455 0.455 0.455 20,000 9,100 AYALA LAND 15.2 15.3 15.18 15.4 15.14 15.2 5,517,600 84,016,628 -16,550,072 AYALA LAND LOG 1.2 1.21 1.22 1.23 1.19 1.21 159,000 192,650 48,340 ALTUS PROP 11.88 12 11.5 11.88 11.5 11.88 3,700 43,860 0.3 0.3 ARANETA PROP 0.285 0.285 0.285 0.3 130,000 38,850 37.9 37.9 37.55 38 1,380,200 52,112,195 10,129,920 38 38 AREIT RT 0.71 0.73 0.73 0.74 0.73 0.73 74,000 54,040 -21,170 A BROWN 0.6 0.6 0.6 0.6 82,000 49,800 CITYLAND DEVT 0.61 0.61 CROWN EQUITIES 0.087 0.088 0.088 0.089 40,000 3,550 0.089 0.089 CEB LANDMASTERS 2.14 2.15 2.18 2.18 2.14 2.15 481,000 1,035,730 -19,350 CENTURY PROP 0.73 0.74 0.75 0.75 0.72 0.74 2,114,000 1,550,950 -425,590 CITICORE RT 3.29 3.3 3.3 3.34 3.28 3.29 5,729,000 18,948,370 -3,228,280 DOUBLEDRAGON 12.16 12.16 12.02 12.16 12.02 12.16 297,100 3,601,432 -450,546 DDMP RT 1.04 1.04 1.03 1.04 1.03 1.04 1,461,000 1,508,050 -10,400 4.9 5 5 5 4,000 20,000 DM WENCESLAO 5 5 EVERWOODS 0.027 0.029 0.029 0.029 100,000 2,900 0.029 0.029 EMPIRE EAST 0.101 0.103 0.103 0.103 10,000 1,030 0.103 0.103 FILINVEST RT 2.91 2.92 2.92 2.92 2.9 2.92 270,000 786,680 -23,270 FILINVEST LAND 0.68 0.69 0.69 0.69 0.68 0.68 584,000 397,770 1,360 GLOBAL ESTATE 0.62 0.62 0.61 0.61 0.61 0.62 13,000 7,950 KEPPEL PROP 2.5 2.63 2.5 2.5 2.5 2.5 20,000 50,000 MEGAWORLD 2.32 2.35 2.36 2.36 2.32 2.35 3,184,000 7,447,500 -703,120 0.69 0.69 0.68 0.7 10,663,000 7,411,270 -690 MRC ALLIED 0.7 0.7 13.84 13.86 13.92 13.94 13.8 13.84 379,900 5,270,806 1,065,658 MREIT RT 0.103 0.104 0.103 0.103 0.103 0.103 1,000,000 103,000 OMICO CORP PRMIERE HORIZON 0.16 0.163 0.162 0.161 0.163 460,000 74,630 1,610 0.169 0.38 0.41 0.36 0.36 0.36 0.36 10,000 3,600 PHIL ESTATES PREMIERE RT 1.01 1.03 1.04 1.05 1.02 1.02 239,000 247,170 5,250 PRIMEX CORP 0.96 1.03 0.98 0.98 0.96 0.97 27,000 26,100 RL COMM RT 7.5 7.51 7.47 7.5 7.35 7.5 7,224,500 53,988,153 -947,793 ROBINSONS LAND 17.5 17.68 17.58 17.74 17.42 17.68 1,374,900 24,099,402 1,209,692 0.108 0.111 0.107 0.119 0.107 0.111 2,970,000 331,250 PHIL REALTY ROCKWELL 3.2 3.26 3.38 3.2 3.25 1,551,000 5,051,210 1,953,620 3.25 3.2 3.23 3.24 3.25 3.2 3.23 56,000 180,160 -6,480 SHANG PROP 1.82 1.87 1.88 1.88 1.81 1.87 104,000 192,810 -260 STA LUCIA LAND 18.16 18.18 18.4 18.4 18.12 18.16 4,047,400 73,687,806 -8,822,934 SM PRIME HLDG SUNTRUST RESORT 0.41 0.43 0.405 0.415 0.405 0.415 60,000 24,450 -4,150 PTFC REDEV CORP 50 54.5 50 50 50 50 10 500 SERVICES ABS CBN 3.72 3.76 3.87 3.87 3.71 3.73 435,000 1,653,910 GMA NETWORK 4.28 4.34 4.27 4.34 4.22 4.27 341,000 1,461,350 MANILA BULLETIN 0.179 0.183 0.184 0.184 0.184 0.184 10,000 1,840 DITO CME HLDG 0.74 0.75 0.74 0.75 0.73 0.75 3,731,000 2,757,030 1,049,420 GLOBE TELECOM 1,694 1,709 1,748 1,748 1,681 1,694 83,455 141,754,690 -31,537,880 1,193 1,195 1,198 1,186 1,195 131,640 156,877,570 -44,314,940 PLDT 1,203 0.0061 0.0062 0.0062 0.0064 0.0061 0.0062 222,000,000 1,377,000 24,800 APOLLO GLOBAL 9.46 9.69 9.7 9.32 9.46 8,769,700 83,009,102 -21,867,405 CONVERGE 9.48 0.66 0.67 0.67 0.7 14,000 9,550 -4,130 DFNN INC 0.7 0.7 IMPERIAL 0.87 0.87 0.98 0.87 0.87 0.87 1,000 870 ISLAND INFO 0.121 0.123 0.122 0.126 0.121 0.124 450,000 55,240 NOW CORP 0.45 0.46 0.47 0.47 0.45 0.45 290,000 132,500 TRANSPACIFIC BR 0.12 0.124 0.119 0.125 0.119 0.123 3,630,000 445,390 0.87 CHELSEA 0.86 0.87 0.9 0.84 0.88 419,000 362,130 -2,610 27.9 28.5 28.5 28.6 27.75 27.9 723,400 20,419,380 -2,420,315 CEBU AIR 960 970 987 987 952 970 812,170 787,336,290 102,826,280 INTL CONTAINER 6.55 6.99 6.55 6.55 6.55 6.55 800 5,240 LBC EXPRESS LORENZO SHIPPNG 0.66 0.66 0.66 0.7 109,000 76,220 0.7 0.7 MACROASIA 3.74 3.73 3.8 3.8 3.73 3.73 371,000 1,385,790 1,055,250 PAL HLDG 2.1 2.1 2.09 2.1 2.09 2.1 201,000 422,040 -218,400 HARBOR STAR 1.61 1.64 1.43 1.65 1.43 1.63 14,921,000 23,598,060 -996,140 ACESITE HOTEL 1.28 1.43 1.28 1.28 1.28 1.28 5,000 6,400 0.031 0.032 0.03 0.031 8,800,000 269,700 6,000 0.032 0.032 BOULEVARD HLDG 5.02 5.03 5.03 5.03 100 503 GRAND PLAZA 5.03 5.03 WATERFRONT 0.39 0.42 0.39 0.39 0.39 0.39 50,000 19,500 CENTRO ESCOLAR 15.2 15 15 15.3 5,600 85,350 38,000 15.3 15.3 800 822.5 800 800 800 800 70 56,000 FAR EASTERN U STI HLDG 1.29 1.29 1.28 1.28 1.25 1.28 174,000 221,900 -5,050 BELLE CORP 1.17 1.17 1.16 1.16 1.15 1.17 144,000 166,990 20,880 BLOOMBERRY 2.64 2.39 2.4 2.52 2.38 2.4 30,055,000 74,971,200 -8,377,390 PACIFIC ONLINE 1.75 1.88 1.75 1.75 1.75 1.75 1,000 1,750 9.86 9.89 10 9.83 9.86 2,235,400 22,289,886 2,969,563 10.16 DIGIPLUS 14.02 14.1 14.16 13.9 14.08 2,029,800 28,398,112 18,537,470 PHILWEB 14.08 1.05 1.06 1.05 1.06 35,000 37,070 1,060 METRO RETAIL 1.06 1.06 40.3 40.5 40.1 39.9 40.3 1,864,100 74,666,585 -29,451,455 PUREGOLD 40.45 34.4 34.45 34.4 34.5 34.4 34.4 3,300 113,635 55,035 PHIL SEVEN CORP SSI GROUP 2 2.03 2.02 2.03 2.01 2.03 202,000 407,450 47,190 UPSON INTL CORP 0.76 0.8 0.78 0.81 0.76 0.8 495,000 393,590 620 WILCON DEPOT 5.86 5.95 6 6 5.83 5.86 716,100 4,204,295 -750,351 MEDILINES 0.232 0.232 0.221 0.232 0.221 0.221 100,000 22,450 3.68 3.7 3.54 3.5 3.68 125,000 449,120 -14,770 3.68 PAXYS MINING & OIL 1.96 ATOK 1.92 1.98 1.98 1.96 1.96 3,000 5,900 -3,920 APEX MINING 16.26 16.3 16.1 16.6 16.1 16.26 8,474,600 138,373,958 -11,998,640 ATLAS MINING 17.72 17.8 18.18 18.38 17.56 17.72 9,928,600 177,624,964 -24,214,948 BENGUET A 7.32 7.38 7.12 7.4 7 7.32 452,600 3,270,357 7.3 7.39 7.3 7.3 7.3 7.3 82,900 605,170 BENGUET B CENTURY PEAK 1.99 2.29 2.29 2.29 5,000 11,450 2.29 2.29 DIZON MINES 4.15 4.39 4.1 4.15 4.1 4.15 7,000 28,750 EC VULCAN 0.32 0.335 0.345 0.345 0.32 0.335 1,880,000 630,650 -36,600 FERRONICKEL 2.28 2.22 2.3 2.32 2.21 2.28 1,575,000 3,582,170 -1,844,570 GEOGRACE 0.099 0.094 0.096 0.099 0.096 0.096 2,780,000 269,860 -2,840 LEPANTO A 0.24 0.242 0.247 0.247 0.239 0.242 49,330,000 11,933,430 LEPANTO B 0.241 0.242 0.24 0.243 0.24 0.241 2,740,000 659,580 -2,400 MANILA MINING A 0.0085 0.009 0.0078 0.009 0.0078 0.009 306,000,000 2,644,500 0.0086 0.0087 0.0077 0.0088 0.0077 0.0086 156,000,000 1,326,900 MANILA MINING B MARCVENTURES 0.79 0.81 0.77 0.77 0.79 6,860,000 5,480,740 143,940 0.82 0.495 0.51 0.435 0.435 0.495 2,690,000 1,262,950 NIHAO 0.495 NICKEL ASIA 4.24 4.25 4.17 4.33 4.17 4.24 5,341,000 22,680,080 -708,010 OCEANAGOLD 38,497,920 37.2 37.3 36.8 37.4 36.8 37.3 1,034,600 3,140,600 ORNTL PENINSULA 0.56 0.57 0.57 0.62 0.51 0.57 2,548,000 1,484,490 239,220 PX MINING 11.4 11.46 11.02 11.6 10.82 11.46 10,542,900 119,752,156 -3,594,452 UNITED PARAGON 0.0078 0.0078 0.0075 0.0077 0.0076 0.0076 40,000,000 307,700 38,500 3.3 3.3 3.3 3.54 15,000 49,740 ENEX ENERGY 3.54 3.54 ORNTL PETROL A 0.013 0.014 0.014 0.014 0.013 0.013 2,500,000 34,900 ORNTL PETROL B 0.013 0.014 0.014 0.014 0.014 0.014 500,000 7,000 PHILODRILL 0.0082 0.0083 0.0083 0.0083 0.0083 6,000,000 49,800 0.0084 PXP ENERGY 3.08 3.12 3.08 3.19 3.01 3.12 1,868,000 5,809,220 -173,200 PREFFERED ACEN PREF B 1,031 1,046 1,046 1,046 1,046 1,046 5 5,230 AC PREF B3R 1,949 1,950 1,950 1,950 1,950 1,950 2,725 5,313,750 AC PREF B4R 1,953 1,960 1,960 1,960 1,951 1,960 1,065 2,078,395 BRN PREF C 103 103.5 103 103.5 103 103.5 30 3,100 CEB PREF 29 29.75 29.5 29.5 29 29 4,100 119,075 995 999 995 995 995 995 250 248,750 CLI PREF A1 CLI PREF A2 1,005 1,010 1,008 1,010 1,005 1,010 215 216,915 CPG PREF B 98.5 99.2 99.2 99.2 99 99 110 10,892 -9,900 93.35 93.45 93.3 93.4 93.3 93.35 32,350 3,020,111 DD PREF FDC PREF B 985 1,019 992 992 990 990 1,010 1,001,900 GLO PREF ANV 1,935 1,974 1,930 1,935 1,930 1,935 20 38,650 GLO PREF BNV 1,965 1,969 1,965 1,970 1,965 1,970 50 98,475 JFC PREF B 990 995 998 998 990 990 120 119,520 MWIDE PREF 7A 99.05 100 99 99.05 99 99.05 70 6,931 99.15 100 100 100 99.8 99.8 660 65,884 MWIDE PREF 7B PCOR PREF 4C 987 990 990 990 990 990 2,230 2,207,700 PCOR PREF 4E 999 1,000 999 999 999 999 50 49,950 SMC PREF 2L 77.65 79 79 79 79 79 40 3,160 SMC PREF 2N 77.05 79 77.7 79.5 77.7 79 60 4,742 -1,580 SMC PREF 2O 79.15 79.5 79.25 79.5 79.1 79.15 5,810 459,874 -6,360 SMC PREF 2P 73.75 74 73.75 74.45 73.75 74 120 8,887 SMC PREF 2R 75.05 78.5 75 75 75 75 10 750 73.5 74 74 74 74 74 2,210 163,540 SMC PREF 2S SMC PREF 2U 74.85 77 76.95 76.95 76.95 76.95 13,310 1,024,205 SMC PREF 2V 78.5 78.55 78.5 78.5 78.5 78.5 710 55,735 SMC PREF 2W 78.05 79 78.5 78.5 78 78 10,600 827,550 SMC PREF 2X 79.6 79.9 80 80 79.5 79.9 1,310 104,695 TECH PREF B2C 8.37 9 8.37 8.37 8.37 8.37 9,000 75,330 TECH PREF B2D 6.88 7.39 7.49 7.49 7.39 7.39 200 1,488 TOP PREF A1 100 100.2 100 100 99.5 100 9,440 942,499 TOP PREF A2 101.7 101.8 101.7 101.8 101.7 101.7 250 25,430 -

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.4 3.98 3.51 3.51 3.51 3.51 12,000 42,120 4.09 4.37 1.05

SM A L L, M ED I U M & EM E R G IN G

CTS GLOBAL HAUS TALK ITALPINAS MAKATI FINANCE MERRYMART XURPAS NEXGEN ENERGY

0.35 1.37 0.67 2 0.215 2.7

1.13

1.15

1.1

1.13

4,000

4,480

0.355 1.39 0.69 2.39 0.225 2.73

0.35 1.38 0.69 2.39 0.21 2.73

0.35 1.4 0.69 2.39 0.225 2.73

0.35 1.38 0.69 2.39 0.205 2.73

0.35 1.4 0.69 2.39 0.215 2.73

50,000 15,000 1,000 5,000 320,000 3,000

17,500 20,720 690 11,950 69,480 8,190

-2,180 -

EXHANGE TRADE FUNDS FIRST METRO ETF

104.4

-35,100 -

104.8

104.3 104.8 103.9 104.8 9,610 1,002,788 -70,508

www.businessmirror.com.ph

AI platform expands Asiatel outsourcing portfolio in PHL

By Bless Aubrey Ogerio

@blessogerio

SIATEL Outsourcing Inc. is expanding beyond its existing business process outsourcing (BPO) and knowledge process outsourcing (KPO) operations, adding enterprise AI implementation and market-entry services to its portfolio. The Philippine outsourcing firm has activated its partnership with fileAI LLC to offer businesses in the country an enterprise AI platform for processing documents and other unstructured information, while separately launching managed goto-market services for foreign software companies seeking to establish a presence in the Philippines and Southeast Asia. The fileAI partnership allows Asi-

atel to offer services that automate document-heavy processes such as lending applications, insurance claims intake, customer onboarding and finance operations. Under the arrangement, fileAI provides the AI platform, while Asiatel handles workflow assessment, solution design, implementation, systems integration and continuing support. “In a lending workflow, for ex-

ample, fileAI can classify an application pack, extract and validate the required information, f lag missing or inconsistent items, and route complete cases and exceptions into the existing approval process,” Asiatel CEO Jasjit Singh Anand said. The system is designed to retain links to the underlying source documents, allowing users to trace information processed by the AI system back to the original files. For his part, Asiatel Chairman Shafi Aboobaker said the partnership forms part of the company’s expansion into technology-enabled services. “Our alliance with fileAI enables us to support organizations throughout their digital transformation journeys.” The company is also targeting international software-as-a-service (SaaS) companies through its new managed go-to-market services, initially focusing on Canadian growthstage and mid-market firms. The service covers local market

knowledge, business development, demand generation, sales enablement and commercial execution. It is intended to allow foreign companies to establish a presence in Southeast Asia without immediately setting up their own local operations. “Our managed GTM services enable Canadian companies to expand into Southeast Asia while leveraging Asiatel’s established delivery platform,” Anand said. Asiatel said about 15 percent of its existing client programs are already established in the Canadian market. The Canada focus comes as bilateral economic ties deepen. In July, Canada and the Philippines agreed to launch negotiations for a new action plan under their Strategic Partnership and reaffirmed their commitment to advancing free trade agreements. The two countries elevated their relationship to a Strategic Partnership during President Ferdinand Marcos Jr.’s visit to Canada last July 2.

Shein targets up to $27B valuation in IPO

HEIN Global Holdings Ltd. is seeking to raise as much as HK$13.9 billion ($1.8 billion) in its Hong Kong initial public offering (IPO), as it enters the final stretch of an arduous journey to go public. The fast-fashion retailer is offering 280 million shares at HK$47.6 to HK$49.5 each, according to a filing to the stock exchange Monday. That would give it a market capitalization of about $25.7 billion to $26.8 billion, with the company due to debut on the Hong Kong stock exchange September 1. Such a valuation would make Shein one of the top fashion and apparel companies globally — behind Sweden’s Hennes & Mauritz AB, which is worth about $31 billion. Still, the valuation is a fraction of the almost $100 billion Shein commanded in 2022 after a period of explosive growth fueled by online shoppers during the pandemic. Regulatory scrutiny had derailed Shein’s earlier attempts to list in the US and then London, and stricter tariffs have slowed growth. Shein’s efforts to bolster its valuation and lure investors have included cushioning losses for late-stage backers. Bloomberg reported Aug. 3 that it considered lowering the cost for backers that came in at a valuation of up to $64 billion. The move would help lower the cost base from those investors to a roughly $40 billion valuation, closer to the planned IPO. Shein’s IPO prospectus shows it swung to a loss of $99 million in the first quarter of 2026 from a $395 million profit a year earlier, while revenue has also been declining. Cornerstone investors in the IPO include Boyu Capital, Tiger Global, General Atlantic, Tencent Holdings Ltd. and UBS AM Singapore. Boyu’s is the biggest commitment, at $150 million, while Tiger Global is $53 million and General Atlantic and Tencent are both $50 million, according to terms of the deal. Shein plans to use the IPO proceeds to enhance technology such as inventory management systems, invest in marketing to

MUTUAL FUNDS

August 24, 2026

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

improve its image globally and expand brand awareness, promote corporate responsibility and general corporate purposes, it said. Shein built its fast-fashion empire by offering ultra-cheap, trend-driven clothing, a model that encouraged shoppers to buy regular “hauls” and post them on social media. The formula has come under pressure as US tariffs and the war in the Middle East have led to higher material costs and increased prices for consumers. Cost-of-living pressures globally have also prompted people to curb discretionary spending. The company has downplayed its Chinese roots over the years, moving its headquarters to Singapore in 2021 as it sought to position itself as a global retailer and ease regulatory concerns in key Western markets. But it was forced to change tack after regulators in China withheld their approval for the London IPO. Regulatory hurdles and geopolitical risk will continue to be a challenge for the company. Shein voluntarily sought a review from the Committee on Foreign Investment in the US (Cfius) of its $80 million Everlane purchase after the deal was completed in May, Bloomberg reported. The review is focused on potential national-security concerns around Shein’s acquisition of a company that handles Americans’ personal data. Shein’s prospectus also lists US regulatory scrutiny as a potential risk factor. Shareholders also include IDG Capital, Mubadala Investment Co., Coatue Management, and HSG — formerly known as Sequoia China. Those who invested in its later rounds are set to receive a combination of cash payouts and free additional shares to help lower the cost base for them, the prospectus said. Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. are joint sponsors of Shein’s IPO. Bloomberg News

ALFM GROWTH FUND, INC. -A217.42 -1.19% 2.75% 0.39% -2.27% 1.56% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.3164 12.62% 17.52% 9.42% 4.85% 7.17% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.887 -1.68% 1.22% -0.37% -4.15%1.26% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7777 2.3% 5.17% 1.1% N.A 5.92% FIRST METRO CONSUMER FUND, INC. -A 0.514 -12.69% -6.31% -7.04% N.A -7.57% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.3991 -4.44% -0.56% -1.48% -2.24% 0.6% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6617 -1.11% -0.07% -1.41% N.A2.97% MBG EQUITY INVESTMENT FUND, INC. -A 76.41 -1.8% -2.55% -4.62% N.A -14.59% PAMI EQUITY INDEX FUND, INC. -A 43.3238 1.32% 1.81% -0.06% -2.01% 4.75% PHILAM STRATEGIC GROWTH FUND, INC. -A 455.81 -1.52% 2.37% -0.12% -2.19% 1.4% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6277 7.39% 12.35% 7.44% 2.11% 4.25% PHILEQUITY FUND, INC. -A36.8921 4.63% 4.51% 2.2% -0.28% 7.15% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9774 8.4% 6.2% 2.83% N.A 10.1% PHILEQUITY PSE INDEX FUND, INC. -A 4.688 2.29% 2.87% 0.97% -1.1% 4.89% PHILIPPINE STOCK INDEX FUND CORP. -A 771.28 1.81% 2.48% 0.67% -1.33% 4.94% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.72 3.52% 3.31% 1.08% -2.62% 2.55% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.2238 -5.97% 0.12% -1.38% -2.81%0.45% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8647 1.66% 2.07% 0.3% -1.59% 4.94% UNITED FUND, INC. -A3.783110.8% 8.23% 3.95% 0.7% 15.08% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0825 1.77% 2.49% N.A N.A 4.8% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0794 1.18% N.A N.A N.A 3.44% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9439 -2.27% -1.34% -2.35% N.A -0.04% PHILIPPINE STOCK INDEX FUND CORP. -A 930.68 1.81% 2.27% N.A N.A 4.99% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 105.2415 2.08% 2.71% 1% -0.9% 5.23% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2449 31.26% 15.4% 1.73% 3.33% 21.51% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4621 17.72% 16.68% 6.51% 8.92% 10.69% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A,2 1.0721 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2055 3.15% 1.52% 0.42% -0.86% 3.05% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7255 8.09% 6.01% 0.95% -0.67%5.45% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5234 0.26% 1.13% -0.17% -0.61%2.49% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2325 0.56% 7.24% 4.43% N.A0.26% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0159 2.45% 1.56% 0.99% 0.37% 0.67% PAMI HORIZON FUND, INC. -A3.799 1.32% 3.68% 1.07% -0.27% 0.24% PHILAM FUND, INC. -A16.0465 -1.23% 2.39% -0.11% -0.83% 0.23% SOLIDARITAS FUND, INC. -A2.1359 0.95% 2.83% 1.19% 0% 1.69% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4439 -2.06% 1.65% -0.17% -1.23%0.6% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9048 -2.8% 1.48% 0.8% -0.95% -0.65% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.77 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9818 0.8% 2.28% 0.3% N.A 0.31% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8434 -1.85% 1.34% -0.73% N.A 0.19% -2.2% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8139 0.92% -1.08% N.A 0.33% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03348 1.21% 1.49% -2.73% -0.78% -2.39% PAMI ASIA BALANCED FUND, INC. -B $1.161 -1.45% 10.06% 1.72% 2.18% -4.05% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.6937 11.57% 12.3% 3.78% 5.85%6.66% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2088 5.04% 7.18% 0.48% 2.33%2.15% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.36 2.56% 3.26% 2.63% 2.52% 1.04% ATRAM CORPORATE BOND FUND, INC. -A 1.9848 2.24% 1.19% 0.61% 0.39% 1.34% COCOLIFE FIXED INCOME FUND, INC. -A 3.6063 1.64% 3.03% 2.18% 3.22% 0.18% EKKLESIA MUTUAL FUND, INC. -A 2.4432 0.82% 3.13% 1.57% 1.37% -0.38% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5107 -1.42% 1.38% 0.58% 1.11%-2.27% PHILAM BOND FUND, INC. -A4.5271 -0.54% 2.75% 0.24% 0.66% -1.8% PHILAM MANAGED INCOME FUND, INC. -A 1.5428 3.08% 4.58% 3.21% 2.94% 1.5% PHILEQUITY PESO BOND FUND, INC. -A 4.3232 1.53% 3.06% 1.67% 1.78% 0.23% SOLDIVO BOND FUND, INC. -A1.1303 2.33% 2.85% 1.73% 1.63% 0.87% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4539 -1.96% 2.36% 1.43% 1.84% -2.45% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8322 -1.8% 1.97% 0.92% 1.24% -2.77% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0082 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $533.02 2.05% 2.88% 1.79% 1.94% 0.75% ALFM EURO BOND FUND, INC. -A Є223.13 0.3% 1.87% 0.24% 0.53% -0.29% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0559 -1.98% 0.91% -2.63% -0.64% -1.78% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0259 -0.77% 2.15% -0.23% 0.31%-2.26% PAMI GLOBAL BOND FUND, INC. -B $1.0472 -1.62% 7.84% -0.19% -0.64% -1.21% PHILAM DOLLAR BOND FUND, INC. -A $2.4307 -0.12% 3.2% -0.82% 0.54% -1.99% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0636811 -0.33% 1.7% 0.18% 1.13% -1.19% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8708 -0.55% 2.32% -2.18% -0.74%-2.11% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1856 2.73% N.A N.A N.A 1.65% ALFM MONEY MARKET FUND, INC. -A 152.56 4.19% 4.08% 3.17% 2.85% 2.48% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2229 3.45% 3.76% 3.01% N.A2.1% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5139 3.65% 3.58% 2.96% 2.76% 2.19% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.89 4.16% 4.3% N.A N.A 2.58% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1942 2.53% 3.3% 2.45% N.A 1.52% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.1334 7.89% 4.04% N.A N.A 4.39% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8214 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5537 30.6% 22.52% 14.09% N.A17.68% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1976 12.43% 6.21% N.A N.A 7.34% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8124 0% 1.54% -3.88% N.A 0.3% 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.”

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, August 25, 2026

Pagcor eyes new revenue streams vs losses

By Reine Juvierre Alberto

@reine_alberto

HE Philippine Amusement and Gaming Corp. (Pagcor) expects a slight recovery in its net income next year as it looks to offset higher mandated contributions to the Philippine Sports Commission (PSC) with new revenue streams and the sale of Casino Filipino properties.

During a congressional budget hearing last Monday, Pagcor Assistant Vice President of Finance Group Maria Cheryl I. De Guia reported that the state gaming regulator’s net income will grow by 1.59 percent to P88.338 billion in 2027 from P86.948 billion expected in 2026. This year, Pagcor’s net income is estimated to drop by 17.99 percent from the P106.031 billion the regulator recorded in 2025. The bulk of its projected earn-

ings of about P57.834 billion next year will be allocated for “nationbuilding contributions,” including the 50-percent government share, 5-percent franchise tax and sociocivic projects, among others. The Pagcor will also pay about P1.905 billion in corporate income tax to the Bureau of Internal Revenue. Meanwhile, Pagcor’s share for the Philippine Sports Commission (PSC) is projected to rise from P4.193 billion this year to P4.416 billion next

BSP rules set to assist banks’ digital adoption By Andrea E. San Juan

HE central bank has rolled out the guidelines for the grant and implementation of aid for rural banks as they migrate to a modern banking system. According to the Bangko Sentral ng Pilipinas (BSP) Memorandum M-2026-042, one of the key components under the “Rural Bank Strengthening Program” (RBSP) technical assistance is to support rural lenders in the migration from “legacy information technology systems to cloud-based or software-asa-service (SaaS) core banking systems (CBS).” According to the central bank, a SaaS CBS is a “cloud-hosted core banking system operated by an external provider and accessed by the bank over secure electronic channels on a subscription or usage basis and is treated as outsourcing of IT systems under BSP regulations.” The BSP said the technical assistance (TA) shall include helping rural banks acquire and subscribe to a SaaS CBS for a limited period to enable enhancements in their operational efficiency, operational resilience, business continuity, cybersecurity, and regulatory compliance capabilities. In the long run, the TA, likewise, aims to support the “viability and competitiveness” of rural banks amid the increasing digitalization in the financial system, the central bank explained further. As such, the BSP released the guidelines, qualification requirements, documentary requirements, procedures and other governing rules for the grant and implementation of the TA. “The TA shall provide qualified banks with support for the implementation and multi-year subscription to a Saas CBS, subject to the

BSP’s evaluation and approval in accordance with these guidelines,” The central bank said in the memorandum. The BSP explained that the support shall include the services necessary to implement and operationalize the CBS. The latter includes system configuration, data migration, system integration, testing, user training, commissioning, cloud infrastructure, technical support, system updates, and maintenance services. The implementation period of the assistance shall be six months maximum, reckoned from the date of issuance by the BSP to the Service Provider of the deployment notice covering the Recipient rural bank. The implementation period shall cover the deployment of the CBS up to successful full system “go-live.” Meanwhile, the BSP said the TA shall cover the fixed subscription period of 36 months from the end of the implementation period. “The subscription period shall cover the continued access to and operation of the CBS and related support services upon successful system Go-Live,” the central bank said. A recipient rural bank refers to a rural bank whose application for the RBSP digitalization TA has been approved by the BSP and has “duly executed” a related agreement with the central bank. Rural banks shall submit documentary requirements for their application for the TA. Those seeking to receive TA shall also submit a certification from the president of the bank that the lender has no existing subscription to a SaaS CBS platform at the time of the application for the aid. Rural banks should also submit accomplished self-assessment checklist signed by the president and accomplished IT outsourcing questionnaire.

year following the Supreme Court’s ruling. The latter requires Pagcor to remit 5 percent of its gross income to the PSC, retroactive to 1993. Pagcor Chairman and CEO Alejandro H. Tengco said the ruling resulted the regulator racking up roughly P37 billion in liabilities to the PSC. The court has given Pagcor 10 years to settle its arrears with the PSC. “Double whammy ang effect nyan sa Pagcor,” Tengco said during the hearing. He added that contributions to PSC now amount to nearly P400 million a month. But with the retroactive liability payment of about P300 million monthly, total remittances to PSC could reach P700 million a month. “On our end, that is very heavy because nowhere did Pagcor project through the years that we would have to pay this. But we respect the decision of the Supreme Court,” Tengco said. “We must follow and implement the ruling of the Supreme Court.” The ruling already weighed on Pagcor’s first-half net income, which slipped by 85 percent year-on-year

to P1.58 billion from P10.74 billion. About P2.01 billion has been extended to PSC during this time.

enue for Pagcor because we collect various types of fees from them,” Tengco said.

Revenue stream

Casino Filipino

SEEKING measures to recover from the decline in its earnings, Tengco said the Pagcor is looking into shoring up “special-class business process outsourcing” (SCBPO) operations in the Philippines and encouraging gaming companies to establish backoffice functions in the country. Licensed by the Pagcor, SCBPOs are expected to contribute an additional P2.5 billion to P3 billion in revenues this year. Currently, SCBPOs employ around 7,500 workers, Tengco said. He cited the operations of MGM Resorts International Inc. in the Philippines as an example. The Pagcor official said the company employs more than 2,000 Filipinos for human resources, accounting, and graphics design functions. “We are targeting to strengthen this sector so that, first, it will create additional jobs for our fellow Filipinos who currently need employment. Second, it provides additional rev-

THE Pagcor is also awaiting the recommendation of the Governance Commission for GOCCs on the privatization of Casino Filipino properties, with a decision potentially coming before the end of the third quarter, Tengco said. These Pagcor-operated casinos could yield between P20 billion and P30 billion in proceeds should the 38 branches be privatized, he added. Since he assumed the role of chairman, Tengco said Casino Filipino branches have suffered large losses. “We can no longer turn our backs on privatization,” he said adding that for this year alone, Casino Filipino is projected to lose over P6 billion. “I cannot accept allowing Casino Filipino to continue bleeding and losing money just for the sake of a few thousand employees, compared to the millions of Filipinos that Pagcor could be helping,” Tengco said.

GGR projection

THIS year’s gross gaming revenues (GGR), or total bets minus payouts, is projected at around P370 billion, with total wages at about P3 trillion, Tengco said. The GGR is lower than the P396.14 billion recorded a year ago. The broader gaming industry will remain under pressure this year, he said pinning the threats from the sharp decline in gaming activity. The latter he pinned on the delinking of e-wallets and payment applications from online gaming platforms and the impact of the Middle East crisis. “Because of all the problems we are encountering—the Middle East crisis and the global economic backlash—it seems the revenue of licensed casinos is in a downward cycle,” Tengco said. “We can no longer avoid accepting online gaming because technological and digital advances are what dictate the market,” he added. “If we do not support this online gaming sector and instead just neglect it, it would be a major revenue loss for our government,” Tengco said.

SC affirms depositor's right to withdraw in good faith By Joel R. San Juan @jrsanjuan1573

HE Supreme Court (SC) has declared depositors cannot be compelled to return money they withdrew in good faith as a result of the bank’s own negligence. Thus, in a 10-page decision penned by Associate Justice Japar Dimaampao, the Court’s Third Division denied the petition filed by BDO Unibank Inc. (BDO) seeking the reversal of the Court of Appeals’s ruling. The latter sustained the judgment of the Regional Trial Court of Lucena City denying the lender’s demand to return the amount withdrawn by respondent Cristina Barcellano from her account. The case stemmed from Barcellano’s deposit of a regional check worth P151,200 from an Albay branch of Landbank into her savings account at BDO’s Lucena City branch. According to the lender, its teller mistakenly validated the check as local instead of regional, allowing the amount to be credited after only three banking days instead of the required seven. Believing the funds were available, Barcellano withdrew P76,000. However, BDO received a “stop-

payment” order on the check and demanded that Barcellano return the money. She failed to return the money. BDO refused to release the remaining balance and filed a criminal complaint for estafa. The trial court acquitted Barcellano on the ground that the prosecution failed to establish fraud, deceit or abuse of confidence on the part of the respondent. The trial court held that Barcellano was under no obligation to return the amount she withdrew since the premature withdrawal was caused by BDO’s gross negligence in processing her check as a local instead of a regional check. The petitioner elevated the civil aspect of the case before the CA, seeking the recovery of the amount that the petitioner was able to withdraw from her account. The appellate court, however, denied the petition. BDO sought redress from the High Tribunal. In its petition, BDO argued that the trial court and the CA erred in finding gross negligence, despite the lack of any evidence against Barcellano. It added that Barcellano’ s refusal to return the amount constitutes unjust enrichment under Article 22

of the Civil Code, to the detriment of the bank. That article specifically states: “Every person who through an act of performance by another, or any other means, acquires or comes into possession of something at the expense of the latter without just or legal ground, shall return the same to him.” Lastly, BDO insisted that its erroneous clearance of the check, which was eventually returned due to a stop payment order, is a payment by mistake resulting in a “constructive trust” under the principle of “solutio indebiti,” which requires the repayment of money received by mistake. In ruling against the bank, the Court pointed out that BDO committed multiple errors when it credited the amount of the check deposited by the respondent without clearing it with the drawee bank. The High Tribunal also also pointed out its bank teller improperly cleared the check as a local check instead of a regional one. The SC also cited BDO’s error when the bank failed to detect the erroneous clearing and did not even learn of it until it received a stop payment order. These acts, according to the Court, constitute gross negligence on the

part of BDO. “To be sure, paying the drawer an amount from the check before clearing it with the drawee bank is contrary to normal or ordinary banking practice. Before the check is cleared for deposit, the collecting bank can only assume at its own risk that the check will be cleared and paid out,” the SC said. “Accordingly, a bank’s disregard of its own banking policy amounts to gross negligence,” it added. The Court also held that BDO failed to prove its claim of unjust enrichment on the part of the respondent since it did not explain why the stop payment order was issued or show that Barcellano knew the check would not be honored. Likewise, the Court said the bank cannot demand the return of the money based on the principle of solution indebiti since the evidence showed that the respondent withdrew the money in good faith after BDO itself made the funds available in her account. “Plain as day, BDO failed to demonstrate that Barcellano knowingly received a benefit to which she was not entitled when she withdrew the funds from her account,” the SC declared.

Insurance sector posts moderate H1 income

HE Philippine life insurance industry saw its first-half net income grow moderately, driven by higher traditional life premium collections despite the rise in policyholder payouts, data from the Insurance Commission (IC) showed. The insurance regulator reported last Monday that the industry’s net income edged up by 3.42 percent to P21.42 billion compared with P20.72 billion in the same period last year. Total premiums collected by life insurance companies jumped by 17.91 percent to P229.98 billion in the first semester from P195.05 bil-

lion a year ago. The increase was led by traditional life insurance products, which jumped by 24.25 percent year-onyear to 79.953 billion from P64.35 billion. Variable life products, which are tied to investment performance, remained the industry’s largest segment, expanding by 14.79 percent to P150.03 billion from P130.70 billion. New business annual premium equivalent (NBAPE), a key metric used to measure sales volume, also rose by 13.13 percent to P41.87 billion from P37.01 billion in the prioryear period.

Meanwhile, total benefit payments increased by 19.57 percent to P69.21 billion in the first half from P57.88 billion ßa year earlier. “Despite the financial challenges encountered earlier this year, the industry demonstrated its capacity to withstand financial shocks while continuing to meet its obligations to policyholders and beneficiaries,” the IC said. Across other key indicators, the life insurance industry recorded positive performance, with total assets reaching P2.170 trillion in the first half, up by 8.77 percent from P1.99 trillion in the same period last

year. Total invested assets also grew by 8.77 percent year-on-year to P2.1 trillion from P1.93 trillion. However, liabilities increased at a faster clip of 10.15 percent to P1.88 trillion from last year’s level of P1.71 trillion. This double-digit growth in liabilities limited the growth of the industry’s total net worth, which ticked up just 0.61 percent to P289.48 billion from P287.72 billion a year ago. “These figures indicate the continued stability and resilience of the life insurance industry,” the IC said. Reine Juvierre S. Alberto

T-bill yields mixed as investors balance policy rate, inflation expectations

OST Treasury bill (Tbill) yields declined last Monday as investors balanced expectations of a possible rate hike by the Bangko Sentral ng Pilipinas (BSP) this week and renewed inflation risks as oil prices rise. Results were mixed during the T-bills auction, with the Bureau of the Treasury raising only P57.665 billion of the P70-billion borrowing target for the day. Combined demand for T-bills reached P99.576 billion or nearly

twice the P50-billion offering, which was fully awarded. The average 91-day T-bill yield went up by 4.3 basis points to 5.051 percent from 5.008 percent in the previous auction. The Treasury awarded rates ranging from 4.790 percent to 5.104 percent. In contrast, the 182-day securities fetched a lower average yield of 5.433 percent, down by 0.9 basis points from the previous auction’s 5.442 percent. Accepted rates were from 5.399 percent to 5.473 percent.

Average yield of the 364-day debt papers rose by 2.7 basis points to 5.640 percent from 5.613 percent in the previous auction. Rates ranged from a low of 5.600 percent to as high as 5.682 percent. Meanwhile, the 35-day cash management bill (CMB) was partially awarded at an average rate of 4.823 percent, higher by 0.7 basis points than the 4.816-percent yield when it was auctioned last July 20. The ultra-short bills attracted P22.966 billion in tenders, or 1.1

times the P20-billion offering, of which P7.665 billion was only awarded. According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., yields declined as markets anticipate the BSP to raise the local policy rate in its meeting this August 27, Thursday. A 25-basis-point rate cut is widely expected amid lingering upside inflation risks from oil, food prices, and currency weakness (See: https://businessmirror.com.

ph/2026/08/24/most-experts-expect-25-bps-policy-rate-hike/). Renewed risks from higher global crude oil prices, a weaker peso and the possibility of tighter United States monetary policy could keep inflation and borrowing costs elevated, Ricafort said. “Major catalysts for the global and local financial markets would be developments/any progress, or lack thereof, on the talks/negotiations for another interim U.S.-Iran deal (still elusive though) after the

previous 60-day US-Iran interim deal lapsed on August 17,” Ricafort said. The Treasury will auction 3-year Treasury bonds on Tuesday to raise P30 billion. This year, the government will borrow P2.733 trillion this year and will follow a 70:30 financing mix, in favor of domestic sources. As of the first half of the year, gross borrowings rose by 14.45 percent to P1.821 trillion from P1.591 trillion in the same period a year ago. Reine Juvierre S. Alberto

Tuesday, August 25, 2026 • Editor: Gerard S. Ramos

Art

BusinessMirror

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

Thieves steal 4 Renaissance artworks in Sicilian museum heist during Italian holiday A JOURNALIST browses the Messina museum website showing a picture of the Early Renaissance painter Antonello da Messina’s artwork where three of the five panels belonging to the Polyptych of San Gregorio and the double-sided panel with the Madonna and the Christ in Pietà, stolen from the Sicilian museum on August 15. AP

BY COLLEEN BAR�Y The Associated Press

ILAN—Thieves stole four works attributed to Renaissance painter Antonello da Messina worth millions of euros from the regional museum in the city of Messina in Sicily while crowds gathered across town for the traditional Assumption holiday celebrations, cultural officials and Italian media said Sunday. The thieves bypassed alarm and security systems on Saturday evening at the MuMe museum, making off with three of the five surviving panels of the San Gregorio Polyptych, dated to 1473, as well as the double-sided panel depicting the Virgin Mary and the dead Christ in Pietà, which was removed from an armored display case, the news agency LaPresse reported. They removed all five panels of the San Gregorio Polyptych from their frame, but abandoned two behind a wall while fleeing. Art expert Alberto Fiz estimated the value of the stolen works at €70 million ($81 million) to €80 million ($92 million). “We are devastated by what happened. They were two of Antonello da Messina’s most important and best-known works. It is a tremendous loss for the museum, the city, the community and the art world,” MuMe director Marisa Mercurio told the ANSA news agency. Mercurio said the theft occurred just before 10 pm, and that the alarms were working and the guards were on site. She described the works as central to the region’s heritage. “These are not merely works by Antonello da Messina,” she told Sky TG24. “They are works that hold considerable significance in terms of our identity, as well as, of course, their artistic and cultural value, because they are works by our very own Antonello da Messina.” Messina’s top culture official, Enzo Caruso, called the theft “more than a loss” and “a disaster.” “Messina without Antonello is deprived of the very essence of the greatest artist of the European Renaissance,” Caruso told Sky, calling for the swift

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Blake Lively, 39; Billy Ray Cyrus, 65; Tim Burton, 68; Elvis Costello, 72. HAPPY BIRTHDAY: Consider change, but don’t take a leap of faith without reservations and research. It’s how you measure time and what’s important to you that will matter most. Speak your truth. Live the life that brings you joy, and set standards and boundaries that protect you from those who interfere with your emotional and spiritual well-being. Life lessons are there to protect you. Live, learn and love yourself. Your numbers are 2, 15, 22, 26, 34, 43, 49.

ARIES (March 21-April 19): Concentrate on your relationships with others. Participate in events or projects that resolve issues that concern you. Expand your interests, circle of friends and desire to look, feel and do your best. If you challenge yourself, it will lead to positive change and earning potential. Happiness is following your dreams, maintaining your standards and feeling proud of what you accomplish.★★★★

TAURUS (April 20-May 20): Taking on too much and overreacting will cost you. Source out information before you make a move. Listen carefully, but refrain from divulging your thoughts or plans. Time is on your side, and planning is crucial. Being a spectator will lead to more options. Having discipline will curb temptation and help you gain respect. ★★

GEMINI (May 21-June 20): Take time to rearrange your space to suit your needs. If you start something new without proper preparation, you’ll end up wasting valuable time. By learning from experience, you’ll fulfill an emotional need. Being open and honest and following through with your promises will help command the attention, support and help necessary to gain momentum and to reach your goal. ★★★★★

CANCER (June 21-July 22): Be honest with yourself before you start making changes that are detrimental to your reputation, work or concerns. Invest more time and money in your future and better health. How you live, the eating habits you adopt and the energy you put into looking and feeling good will determine how well you do. ★★★

recovery of the stolen works. Caruso noted that international interest in the artist had intensified since Italy’s Culture Ministry acquired Antonello’s devotional painting “Ecce Homo” for $14.9 million through negotiations with Sotheby’s in New York earlier this year. Lynda Albertson, an art-crime analyst, said the works are instantly recognizable, impeding any effort to sell them through reputable channels. “Stealing an Antonello may be far easier than selling one. If these are ordinary thieves, they will soon discover that—to their cost,” Albertson, who is the chief executive of the ARCA art crimes research association, told the Italian daily La Repubblica. She said such famous artworks often pass from one criminal to another, serving as collateral for other illicit activity.

The museum was closed Sunday while investigators gathered evidence. Neither museum officials nor the Carabinieri could immediately be reached for comment. The Ferragosto holiday, which marks the feast of the Assumption of Mary, marks the height of the Italian summer holiday season, and was being celebrated in Messina with a procession that culminated in prayers and a blessing in the main Piazza Duomo around the time of the heist. The theft comes just days after police in the northern Italian city of Parma announced that they had recovered three stolen artworks by Renoir, Cézanne and Matisse worth about 10 million euros ($11.5 million). Five people have been detained in the March 22-23 theft from the Magnani Rocca Foundation in Parma province.

Larry Alcala 100 opens with bold declaration: Creativity is for everyone ON August 18, 2026, the Philippines marked the 100th birth anniversary of National Artist for Visual Arts Larry Alcala, one of the country’s most beloved cartoonists, educators, and visual storytellers whose work championed a simple but enduring idea: creativity belongs to everyone. For generations of Filipinos, Alcala brought the nation to life through his drawings. From Slice of Life and Kalabog en Bosyo to the iconic Siopawman, he celebrated the humor, complexity, and humanity of everyday Filipino life. His illustrations transformed ordinary people into cultural icons, reminding us that the Filipino story is not found only in history books or grand monuments, but in markets, neighborhoods, classrooms, jeepneys, and homes. Beyond comics, Alcala’s influence extended across education, advertising, graphic design, and visual communication. His pioneering work at the University of

TODAY’S HOROSCOPE

the Philippines helped shape generations of artists and designers, including the establishment of the Visual Communication program, leaving a lasting imprint on Philippine creative culture. To honor his centennial, the Alcala Estate launches Larry Alcala 100, a year-long celebration that invites Filipinos to rediscover the artist’s work and carry his legacy forward. More than a commemorative program, Larry Alcala 100 is an open creative movement that carries the artist’s legacy everywhere and in the everyday, through exhibitions, collaborations, and community initiatives designed to inspire a new generation of Filipinos to create, imagine, and participate in culture. Grounded in the belief that creativity belongs to everyone, the celebration seeks to make Alcala’s work more accessible, relevant, and alive for contemporary audiences. The celebration opens with Return to the

Popular: Drawing the Filipino Imagination at the Metropolitan Theater. The initiative is co-presented by the Cultural Center of the Philippines, National Commission for Culture and the Arts, the Metropolitan Theater, the University of the Philippines College of Fine Arts, Samahang Kartunista ng Pilipinas, Filipino Heritage Festival Inc. and Lennon Group. Opening on August 18, 2026 at the Met Gallery of the Metropolitan Theater, the exhibition will be open to the public from August 19 to September 19, 2026. “We are thrilled to formally kick off Larry Alcala’s centenary with the exhibition Return to the Popular: Drawing the Filipino Imagination. This exhibit is only the beginning of a year-long series of events, and we invite everyone to visit and to celebrate the creativity that lies in all of us,” the Alcala Estate said in a statement. The exhibition is curated by Jose Santos “Chong” P. Ardivilla, PhD. The exhibition is supported by a

growing village of partners, sponsors, and collaborators, including The Manila Times, Bulwagan ng Dangal Heritage Museum-UP Diliman and Security Bank Corp., Cibo, Worldwide Womb, Tony &, Hala! Media, and others who have come together to help bring Alcala’s work to life. Visitors can also expect a series of immersive experiences developed specifically for the exhibition, including animated and projection-based interpretations of Alcala’s work. The centennial celebration runs from August 2026 to August 2027, so this is just the beginning. There are more opportunities for partnership and collaboration available throughout the year. To join the celebration or explore collaboration and partnership, contact collab@thelennongroup.com Larry Alcala’s extraordinary legacy is being honored by continuing the work he began: nurturing Filipino creativity, inspiring imagination, and proving that creativity truly is for everyone.

LEO (July 23-Aug. 22): Share your thoughts with the ones you love. The tone you set will have an impact. Positive change begins with a positive attitude and the willingness to compromise when necessary. Share the limelight, and be the one to lift others up. Personal and physical improvements will lead to self-love and better relationships with others. ★★★

VIRGO (Aug. 23-Sept. 22): Stretch your mind. Engage in activities that make you think, and adopt a routine or lifestyle that encourages you to save, pay attention to detail and take better care of your health. Focus on the things and the people who make you feel good about yourself. An attitude filled with gratitude will serve you well. ★★★

LIBRA (Sept. 23-Oct. 22): A commitment to yourself or someone close to you will pay off. Denying something or trying to avoid situations will set you back. Don’t run and hide when you should embrace, deal with and correct anything that’s run amok. It’s up to you to orchestrate possibilities and to follow through. ★★★★★

SCORPIO (Oct. 23-Nov. 21): Distance yourself from situations you cannot change. Set your course on a learning expedition that can help you enhance your earning capacity, but don’t overpay for something you don’t need. Honing skills through practice and displaying what you accomplish will set you apart from any competition you encounter. Work toward your goals in secrecy to take everyone by surprise. ★★

SAGITTARIUS (Nov. 22-Dec. 21): Refrain from sharing too much information. Someone will be eager to use your news against you if given the opportunity. Focus on home, and make your place one of comfort. Use your imagination to find a way to stay within your budget and achieve your goals. An opportunity to improve your profits looks promising. ★★★★

CAPRICORN (Dec. 22-Jan. 19): Dig in and get your paperwork in order. What you discover will save you money and put your mind at ease. Refuse to let an outsider tell you what to do. Call the shots and reap the rewards. Protect against crooks and pressure tactics that you encounter. Don’t share personal information or let anyone goad you into a fight. ★★★

AQUARIUS (Jan. 20-Feb. 18): Choose kind gestures and a positive attitude. The people you encounter will impact your life and encourage you to follow your heart and to strive for the goals you want to achieve. Change begins with you, so follow through and make things happen. If you use your creative imagination, you’ll discover a way to increase your earning potential. ★★★

PISCES (Feb. 19-March 20): You’ll be drawn into conversations that cause confusion. Trust your instincts over what others propose. Being true to yourself will lead to activities and people who enrich your life. Now is not the time to be a follower or to take on someone else’s purpose. Find your own way and follow through, and you’ll feel good about yourself. ★★★ BIRTHDAY BABY: You are clever, accommodating and secretive. You are helpful and comprehensive.

‘not a good look’ BY CARINA DA ROSA

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Skirt cut 5 Symptoms before a period 8 State of neglect 14 Delicate material 15 Just swell 16 Venues that might have Zambonis 17 Teeny Apple music player of the 2000s 19 Replied “Nuh-uh” 20 Web portal that once promoted Hotmail and Bing 21 Dutch cheese 22 Vietnamese holiday that’s a palindrome 23 Polite assent 25 Gem unit 27 India’s first female prime minister 31 Diminutive diminutive 33 Trick-or-treating score 34 America’s national tree 35 “Let a person fantasize, will ya?!” 40 Tik___ 41 Layer of fur 42 “___ Miz” 43*What lets you connect to the cloud

while in the clouds 48 Mayhem 49 The whole package 53 Green prefix 54 Hot rod rod 55 Sense of self 56 Quick snooze 59 Judgy glances ... or, phonetically, features of the starred clues’ answers 61 Cooks with high heat from above 62 ___ Lingus 63 Match up 64 “Can you tell me how to get to Sesame ___?” 65 Be a snoop 66 “Toodle-oo!” DOWN 1 Like natto or okra 2 Temporary slip 3 Clickable images 4 “Bill & ___ Face the Music” (2020 film sequel) 5 Sponsored podcast interruption, for example 6 “My friend,” in Montreal 7 Quickly read

8 Court figs. 9 Roth ___ 10 Meat substitute made from gluten 11 Needing to be cooked more 12 They’re worn with red suits 13 That, in Spanish 18 Intend 24 Actress Kunis 25 Trig follower 26 Polynesian figure 28 Link’s “Good Mythical Morning” co-host 29 Itty-bitty battery 30 It gets chewed up and spat out 31 Feline nickname for Richard I 32 Major turnoff triggered by cringey behavior 36 Procedural drama on 56-Down 37 ___ days of summer 38 Pep rally holler 39 Landed 40 ___-tac-toe 44 Canadian $1 coin 45 Like Madame Tussauds figures, compared to the real celebs 46 “Let me help with the dishes”

47 Make like a banana and split 50 2003 Outkast hit 51 Actor’s rep 52 Puccini opera 54 “Stat!” 56 “Survivor” network 57 Brewpub brew 58 Winter hrs. in LA 60 Winter hrs. in NYC

Solution to today’s puzzle:

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Editor: Gerard S. Ramos • Tuesday, August 25, 2026

What music does to Julie Anne San Jose SANYA LOPEZ SHOWS HER VULNERABLE, EMOTIONAL SIDE IN NEW ALTERNATIVE POP SINGLE ‘LARO’

FOLLOWING the massive success of her energetic dancepop track “Hot Maria Clara,” GMA actress and singer Sanya Lopez reveals a deeply intimate and vulnerable side of her with the new single “Laro.” Produced and distributed under GMA Playlist, the track is now available across all major digital streaming platforms. Shifting away from the high-energy, womenempowerment anthems that marked her previous song, “Laro” delves into the melancholic realm of alternative pop. Characterized by catchy melodies and deeply relatable storytelling, the song is an emotional reflection on situationships, unconditional devotion, and the painful realization of unrequited love. “If ‘Hot Maria Clara’ was all about empowerment and a fun, danceable vibe, ‘Laro’ is more emotional. It’s about loving someone wholeheartedly, only to realize that you’re giving your heart to someone who wasn’t right for you,” shares Sanya. The creation of “Laro” was an organic, spontaneous milestone for Sanya. The idea began during a downtime of the actress’s recording session for the primetime series Pulang Araw. Engaging in a conversation with GMA Playlist executive Rocky Gacho, Sanya pitched her desire to venture into a sound and narrative that resonated with modern experiences. “At that time, I was recording a Japanese song for Pulang Araw, and habang naka-standby ako, kinausap ako ni Ms. Rocky about doing another single,” Sanya recalls. “Sabi ko sa kanya na if ever gagawa ulit ako ng song, gusto ko sana about situationships or relationships that a lot of people can relate to. ‘Yung tipong you gave your whole heart to someone, you genuinely loved that person, but in the end you realize na hindi pala siya ‘yung right person for you. Mapapaisip ka na lang, ‘Bakit kailangan pa siyang dumaan sa buhay ko kung hindi rin pala kami para sa isa’t isa?’” To effectively convey the song’s emotions, Sanya underwent dedicated vocal coaching before stepping into the recording booth. “Before we recorded ‘Laro,’ binigyan nila ako ng vocal coach who really helped me prepare for the song. We worked on my voice para mas maayos ko siyang makanta at mas magkaroon ako ng confidence,” Sanya explains. “But more than anything, I really tried to understand the story behind ‘Laro’ and sing it with the right emotions. For me, it’s not just about hitting the notes; it’s about making people feel the message of the song.” Sanya hopes that “Laro” will serve as a source of comfort and empowerment for listeners navigating emotional crossroads, reassuring them that loving openly is never a flaw. “What I really hope is that everyone who listens to ‘Laro,’ especially those who are going through heartbreak, will realize that it’s okay. I hope this helps them move forward and remind them that everything they went through was part of the process. I also hope this song reminds everyone that there’s nothing wrong with loving. There’s nothing wrong with giving your heart to someone, even if it didn’t work out. Hindi ibig sabihin na may kulang sa iyo. Sometimes, that experience is exactly what helps you grow into a stronger and better version of yourself.” “Laro” is now available on digital platforms nationwide under GMA Playlist. More updates on GMA Network can be found at www.gmanetwork.com.

USIC is perhaps one of the most popular forms of entertainment and escape. It exerts a powerful influence on people— how we feel, how we act and react. It can boost memory, lighten one’s mood, build task endurance, reduce anxiety and depression, stave off stress and fatigue, even improve our response to pain and other complex emotions. GMA prized artist and Sparkle premium talent Julie Anne San Jose has just released her latest selfcomposition on major music platforms. She invited select members of the media for an intimate merienda cena at the Seda Hotel Vertis recently. The song is titled “Saglit Lang,” and Julie Anne shared that it is a deviation from her usual pop and ballad comfort zones as a music artist. “The lyrics are straight to the point and simple, the melody is just chill, very jazzy, almost bossa nova, yet still very contemporary.” The inspiration to write the song came at a time when Julie Anne was recovering from an illness. “Two months ago, I got sick and I had the entire time to rest and recover, so the thought of writing a song came to mind. I wanted to get better quick and I also drew a lot of inspiration from Rayver [Cruz], his love and presence during that time when my energy was at a really low level.” Julie Anne added that music never ceases to activate nearly every part of her system during such low phases of her life. Since she is first and foremost a music artist, I am sure that when she decided to seek refuge in music composition even if her body was ailing, healing was ignited subconsciously— dopamine release was triggered, and stress hormones like cortisol were lowered. Important components of music therapy include improvisational music playing, active listening, songwriting, even just simply humming melodies. And I was glad when I learned that Julie Anne uses music as her stimulant and relaxant to manage her everyday situations in both her personal and professional endeavors. “I’m not sure how to describe music but it is an integral part of my life and my well-being. Music calms me, soothes me, excites me, inspires me. It certainly helps me express myself more,” she said. We are about to enter the fourth quarter of the year, and Julie Anne feels that busy days are just on the horizon. “Artists always look forward to the ‘ber’ months especially in the Philippines,

where Christmas starts really early, and the demand for artists goes up during this period.” She also mentioned that her team has a major concert planned for her. “I am happy to share that this dream concert is on the drawing boards this early, and hopefully materializes in first half of next year. The major show is being planned to coincide with my 20th year in the entertainment business. And most definitely, my boyfriend will be there with me.” To those who don’t know, her boyfriend is actor, singer, dancer and host Rayver Cruz, also a prime GMA artist. Julie Anne and Rayver will headline a big Filipino celebration in Nevada come October, billed as “Pinoy Festival Las Vegas”, where the lovebirds will be joined by Alden Richards and Ai-Ai de las Alas.

“Rayver and I are always excited to do these out-of-the-country shows especially for the Filipino communities overseas, because these events also allow us to mix work with pleasure, and traveling together gives us many unforgettable memories we will treasure for a long time,” she added. Music is an extraordinary feature in the life of many people, more so in the journey of Julie Anne. Her many gifts as a musical artist have not only opened big doors for her, but also strengthened her as a woman. While music can be emotionally potent but cognitively complex, Julie Anne San Jose remains undaunted that music will continue to take her to magical places that will uplift her spirit, and allow her to experience feelings and joys that are truly priceless.

‘Spider-Man’ tops box office in fourth weekend; ‘The Odyssey’ becomes Nolan’s highest-grossing film

By Lindsey Bahr The Associated Press SPIDER-MAN: Brand New Day fought off a slew of newcomers, including a comedy, a horror franchise, a Jason Statham action movie and a family pic, to maintain its first-place spot at the box office in its fourth weekend in theaters. The Odyssey also became Christopher Nolan’s highest grossing movie ever, both domestically and internationally. For the year, The Odyssey is second only to SpiderMan, which added $39 million from 4,006 theaters in the US and Canada, according to studio estimates on Sunday. Spider-Man, which has now made over $854.9 million in North America, will soon surpass Avengers: Endgame to become the second highest-grossing domestic release of all time. The record holder is currently Star Wars: The Force Awakens ($936.7 million). Sony also had the second biggest movie of the weekend with Insidious: Out of the Further. The sixth movie in the franchise, produced by Blumhouse Atomic Monster, made $25.3 million from 3,303 theaters. Internationally, it made $35 million. Its

$18 million production budget makes it the most expensive movie of the series. Third place went to The Odyssey, which earlier this week became the highest grossing R-rated movie of all time, surpassing Deadpool & Wolverine. It added $19.5 million in its sixth weekend in North American theaters, where it continues to play in over 3,000 locations, bringing its domestic total to just under $539.1 million. That pushes it past the $534.9 million from The Dark Knight—a previous high-water mark for Nolan—not accounting for inflation. Internationally, it added $68 million, driven largely by China and Korea, which brings its worldwide total to $1.4 billion.

The other big newcomers landed further down the charts. Mutiny, starring Statham as a man wrongly accused of murdering his billionaire boss, opened in sixth place with $7.5 million from 2,703 locations. The Lionsgate release (an acquisition) was intended to be a theatrical only release, but a few days before it opened it was accidentally available for free on Prime Video for a few hours before the mistake was remedied. The glitch might have impacted its opening weekend earnings, but the film also had some fairly bad reviews working against it. Even more poorly reviewed was Spa Weekend, a girl’s trip comedy from the men behind The Hangover

and Bad Moms, starring Isla Fisher, Leslie Mann, Anna Faris and Michelle Buteau. It made an estimated $3.1 million in 2,009 locations. Women accounted for some 84 percent of opening weekend ticket buyers, according to PostTrak. The 25th anniversary rerelease of The Fast and the Furious made slightly more. The Magic Faraway Tree, starring Andrew Garfield, opened outside of the top 10 with $1.4 million from 1,611 screens. The young Anthony Bourdain movie Tony continues to do quite well, however, earning $5 million from 1,652 screens. The summer season, which runs through Labor Day, has now generated an estimated $4.4 billion in ticket sales in North America, putting it among the top four highest grossing summers ever. “We’re in the home stretch of what I think will go down in box office history as maybe one of the most key and pivotal summer movie seasons ever,” said Paul Dergarabedian, the head of marketplace trends for Rentrak. “I don’t know how you can replicate this summer. Studios will try.” Michael O’Leary, the president and CEO of the movie theater trade organization Cinema United, noted the wide variety of movies in the marketplace that have helped contribute to a big summer. Part of that, he told The Associated Press, was that the industry pipeline is finally bouncing back from the effects of the Hollywood strikes in 2023. “The thing that I’m most excited about, frankly, is just the enthusiasm of moviegoers,” O’Leary said. “You feel it when you go to the theater. There’s an energy about being in the theater that hasn’t been there in the recent past.” The year overall has also surpassed $7 billion, which is up about 20.4 percent from 2025, but about 7.1 percent behind 2019.

THE second biggest movie of the weekend in North American theaters, Insidious: Out of the Further is the sixth movie in the Blumhouse franchise and the most expensive in the series.

Tuesday, August 25, 2026

ECCP’s 2026 Tax Forum highlights BIR reforms, digitalization, tax compliance priorities

he European Chamber of Commerce of the Philippines (ECCP) held its inaugural 2026 Tax Forum on August 13, 2026, bringing together tax experts, business leaders, and Bureau of Internal Revenue (BIR) officials to discuss developments in tax administration, compliance, and digital transformation. Held under the theme “From Preparation to Protection: Navigating Tax Compliance in a Changing Landscape,” the forum provided businesses with insights on prefiling preparation, regulatory updates, audit readiness, and emerging tax frameworks. ECCP Vice President Ruben Camba underscored the importance of collaboration between regulators and the business community in promoting transparency, strengthening compliance, and improving the investment climate. In his keynote address, BIR Commissioner Charlito Martin “Charlie” Mendoza outlined the bureau’s strategic priorities for 2026 and beyond, including its Digitalization and Revenue Enhancement initiatives. He identified relatability, simplicity, fairness, and partnership as four commitments supporting its five-point reform agenda. Among the reforms highlighted was Revenue Memorandum Order (RMO) No. 1-2026, which revised tax audit and assessment procedures to strengthen transparency, due process, and accountability. Mendoza also discussed the Registered Business Enterprise Taxpayer Service (RBETS), introduced under the CREATE MORE Act to provide registered business enterprises with more centralized and responsive tax administration. “We want honest taxpayers to have confidence in the system, and we want deliberate tax evaders to know that enforcement is becoming more targeted, data-driven, and harder to avoid,” Mendoza said, emphasizing the need to balance revenue collection with fair governance and taxpayer trust. He also highlighted the BIR’s digital transformation, including nearly 420,000 digital team IDs issued through the eGov app and expanded digital services for registration, filing, payments, taxpayer information, and tax clearances. Deputy Commissioner Marissa O. Cabreros of the BIR’s Strategic Reforms

Group discussed reforms designed to make tax administration more predictable, objective, digital, and accountable. These include electronic Letters of Authority, data-driven audit selection, standardized document requirements, and industry-specific audit checklists. Cabreros stressed the 31 December 2026 deadline for electronic invoicing and the continued development of the BIR Taxpayer Portal, which will consolidate registration details, filed returns, payments, and other account information. She urged businesses to reconcile financial statements with tax returns and BIR records, document unusual transactions and variances, and ensure registration, books, and invoicing systems accurately reflect business operations. Many avoidable penalties, she noted, stem from process and documentation gaps rather than the tax itself. The forum also examined VAT on Digital Services, with Glen Alde, head of the BIR’s VAT on Digital Services Project, outlining compliance requirements for resident and non-resident digital service providers. Deputy Commissioner Larry M. Barcelo of the BIR Legal Group discussed Revenue Memorandum Circular No. 05-2024, including withholding tax obligations and tax treaty relief. He clarified that while digital services are subject to VAT under the VAT on Digital Services Act, income tax treatment depends on whether income is sourced within the Philippines. Barcelo also explained that consulting, IT, outsourcing, and financial services are not automatically subject to Philippine income tax simply because they are cross-border services. Tax treatment depends on the facts, service agreement, and source of income of each transaction. Assistant Commissioner Mariza R. Uy of the BIR Assessment Service discussed the bureau’s modernization roadmap, emphasizing

advance preparation, clear responsibilities, proper documentation, and contingency plans for digital filing and payment. She identified audit red flags including late or non-filing of returns, repeated amendments, third-party data mismatches, related-party transactions, transfer pricing concerns, significant financial fluctuations, and large or unexplained refund claims. Accurate and organized documentation, she stressed, remains a taxpayer’s strongest protection during an audit. Anil Rajanala of Cygnet.One discussed preparing businesses for the Philippines’ evolving e-invoicing environment, while a joint Q&A explored digitalization and tax-risk management. The forum concluded with a discussion of the Qualified Domestic Minimum Top-up Tax (QDMTT), led by Atty. Carlo Navarro, Tax & Legal Leader of Deloitte Philippines and Transfer Pricing Leader for Deloitte Southeast Asia. Under the OECD/G20 Inclusive Framework’s Pillar 2 rules, multinational enterprises are subject to a minimum effective tax rate of 15 percent in each jurisdiction where they operate. Navarro explained that QDMTT would allow the Philippines to collect top-up taxes on Philippine-sourced income taxed below 15%, rather than allowing other jurisdictions to collect these taxes. Draft QDMTT legislation is currently with Congress, with potential implications for incentives such as the Income Tax Holiday, Special Corporate Income Tax, and Enhanced Deductions Regime. The ECCP reaffirmed its commitment to providing platforms for dialogue between policymakers and the business community as tax regulations evolve alongside technology and international developments. Hosted by Atty. Alden C. Labaguis, the forum was co-presented by Deloitte Philippines and Cygnet.One, with support from ClearTax.

Nutriasia Joins Circulaunchpad to inspire start up social entrepreneurs

NutriAsia’s Senior Group Category Head for Corporate Marketing Communications, James Lim, shares marketing insights and practical social media hacks before startup social entrepreneurs during the five-day Circulaunchpad camp in Baguio City last July.

UTRIASIA, maker of the Philippines’ leading condiments, sauces, and beverages, spent an afternoon with representatives from 37

social entrepreneurs and circularity advocates in Baguio City during the second day of the Circulaunchpad Camp, an intensive five-day camp for start-up youth social entrepreneurs designed to provide them with valuable insights, learnings, and practical tips to help grow their sustainability- and circularity-themed businesses. James Lim, NutriAsia’s Senior Group Category Head for Corporate Marketing Communications, expressed appreciation for the invitation from organizers Circle Works and Plastic Reboot, as well as the opportunity to engage with the inspiring participants and learn about their innovative business concepts. “I consider myself blessed to have been able to share insights and learnings from our experience at NutriAsia. The participants and their ideas on circularity-based social enterprises are very inspiring. I really hope they get to drive their respective business concepts forward and contribute to the fight against plastic pollution,” he said. Circulaunchpad was organized under Circle Works, an 18-month grassroots initiative supported by the EU-PH Green Economy Partnership—a €60 million

program funded by the European Union to accelerate the Philippines’ transition toward a sustainable, greener economy. As part of the Grassroots Youth Circular Economy Incubation Programme, the intensive multiday event brought together 28 startup teams from the Cordillera Administrative Region (CAR) and nine teams from other areas of the Philippines. The program was co-organized alongside Plastic Reboot, a global initiative that tackles plastic pollution at its source through upstream and midstream circular solutions in the food and beverage sector. As part of its commitment to environmental stewardship and industry leadership, NutriAsia participated to share corporate insights, educate aspiring founders, and inspire the next generation of social entrepreneurs. “Empowering youth innovators is critical to building a resilient, circular future for the Philippines,” said Lim. “Programs like Circulaunchpad prove that creativity and sustainability can go hand in hand. We are honored to share our journey and help ignite the entrepreneurial spark in these young leaders as they build solutions for tomorrow.”

Goldilocks expands renewable energy footprint with solar facilities in Cebu and Pangasinan

Aerial views of Goldilocks Bakeshop, Inc.’s solar rooftop power plants in Cebu (left) and RBI, Pangasinan (right). The two facilities mark Goldilocks’ continued investment in renewable energy across its production sites nationwide.

OLDILOCKS Bakeshop, Inc. (Goldilocks), the country’s largest bakeshop, has expanded its renewable energy program with the inauguration of new rooftop solar facilities in Cebu and Pangasinan. Together, the installations bring the company’s total installed solar capacity to 1,010 kilowatt-peak (kWp) and are expected to save approximately 1.06 million kilowatthours (kWh) of electricity annually. The 516-kWp solar photovoltaic system at Goldilocks’ facility in Lapu-Lapu City supports operations serving outlets across the Visayas. A second 494-kWp system at the Richbake

BAIPHIL confers Institutional Award to PDIC for sustained support to PHL banking industry

HE Bankers Institute of the Philippines (BAIPHIL) recognized the efforts and support of the Philippine Deposit Insurance Corporation (PDIC) to the Philippine banking industry as one of its most active member-institutions during the BAIPHIL Royal Gala: Grand Fellowship and Awards Night held on July 16, 2026 at the Makati Shangri-La. The PDIC has proactively participated in and contributed to various BAIPHIL events and initiatives that promote professional development, strengthen collaboration among banking institutions, and advance excellence in the Philippine banking industry. Also recognized for his significant contributions to various BAIPHIL activities was Vice President Jose G. Villaret, Jr. who was Chairperson of the BAIPHIL Week Committee and the BAIPHIL Program and Attendance Committee. In her message during the culminating event, BAIPHIL President Shirley G. Felix, also Vice President and Officer-in-Charge of the PDIC Receivership and Liquidation Sector, expressed gratitude to the Institute’s members and institutional partners for their commitment and contributions in advancing BAIPHIL’s mission to equip banking professionals with future-ready competencies that support innovation, sound governance and organizational resilience. The PDIC and BAIPHIL share the common advocacies of promoting a robust banking sector and continuous improvement in serving the depositing public and shared commitment to advancing a stable, resilient, and inclusive banking industry. The Philippine Deposit Insurance Corporation (PDIC) was established on 22 June 1963 by Republic Act 3591 to protect depositors and help maintain stability in the

The Bankers Institute of the Philippines (BAIPHIL) recognized the Philippine Deposit Insurance Corporation (PDIC) for its active support and commitment to the Philippine banking industry. Vice President Jackson L. Ubias (second from left) received the Institutional Award on behalf of the Corporation during the BAIPHIL Royal Gala: Grand Fellowship and Awards Night held on July 16, 2026 at the Makati Shangri-La. BAIPHIL also conferred the Special Presidential Achievement Award to Vice President Jose G. Villaret, Jr. (PDIC-Corporate Affairs Group) in recognition of his significant contributions as Chairperson of the BAIPHIL Week Committee and the BAIPHIL Program and Attendance Committee, and in the planning and implementation of various BAIPHIL activities. financial system. The PDIC is an attached agency to the Bangko Sentral ng Pilipinas, and a member of the Financial Sector Forum, the Financial Stability Coordination Council, and the Financial Inclusion Steering Committee. PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.

Solane and PASCO representatives come together to champion initiatives that empower local communities and support the livelihood of Filipino karinderia owners. In the photo are, from left, Virgilio Ogayon, Marketing Specialist, Solane; Jacob Faith Jayme, Secretariat, PASCO; Jeanne Empaynado, Brand Manager, Solane; Lorelyn D. Tamares, Executive Director, PASCO; Salie Siao, Corporate Secretary/Managing Director, PASCO; Katherine Mendez-Cabisada, Trade and Excellence Manager, Solane; and Myra Recreo, Trade Marketing Manager, Solane.

Solane empowers small businesses through the Sagip Karinderia Program

S small food businesses continue to navigate rising operating costs and challenges in sustaining through their crisis, Solane has partnered with the Philippine Association of Sari-Sari Store and Carinderia Owners (PASCO) to launch Sagip Karinderia, a nationwide initiative designed to help strengthen the resilience of food-service micro and small enterprises through education, safety, and practical business support. The program reinforces Solane’s commitment to empowering Filipino entrepreneurs by equipping carinderia owners with the knowledge and resources they need to operate safely, efficiently, and sustainably. The first Sagip Karinderia session was held last July 2, 2026, at Aquinas School in San Juan City, gathering around 100 PASCO members for a morning of learning and capacity building. While the inaugural session welcomed participants from Metro Manila, the initiative was extended to PASCO’s nationwide network of more than 13,000 members. The package offers a subsidy in the form of discounts on LPG supply, helping ease operating costs for carinderias, eateries, food carts, and other small food businesses, through a series of regional caravan sessions across Luzon, Visayas, and Mindanao. The initiative complements PASCO’s three-pillar advocacy on Entrepreneurship Education and Training, Environmental Stewardship, and Economic Empowerment and Sustainability. Under Entrepreneurship Education and Training, Sagip Karinderya provides micro-retailers with opportunities to strengthen their business knowledge and day-to-day operations, including greater awareness of safe and efficient LPG use. The program also supports Environmental Stewardship by encouraging responsible practices among community-based food businesses, while

its LPG subsidy helps reduce operating expenses and contributes to the Economic Empowerment and Sustainability of PASCO members. Together, these efforts help micro-retailers build safer, more resilient, and more sustainable businesses while supporting the communities they serve. Advocacy on Entrepreneurship Education and Training as well as Economic Empowerment and Sustainability. This empowers its members in strengthening both operational safety and business resilience. “As one of the country’s trusted LPG brands, Solane recognizes that many small food businesses rely on LPG every day to keep their livelihoods running. Through Sagip Karinderia, we hope to provide not only access to reliable LPG solutions but also the knowledge and support that help these entrepreneurs operate more safely and efficiently,” said Jeanne Empaynado, Brand Manager of Solane. The educational program featured expert-led discussions on topics essential to food-service operations, including: Kitchen Safety for Carinderias and Eateries, LPG Emergency Response, and Choosing the Right LPG Partner for Better Cost Efficiency. For many microentrepreneurs, reliable and safe LPG is essential to daily operations. By combining practical education with tangible business support, Sagip Karinderia aims to help Filipino food entrepreneurs continue serving their communities while building more sustainable livelihoods. As the program expands across the country, Solane and PASCO remain committed to reaching more small business owners, providing them with the tools, knowledge, and support needed to thrive in an evolving business landscape.

Inc. facility in Pangasinan supports the needs of Goldilocks stores in Northern Luzon. Both facilities were developed and maintained by First Gen Group, the Philippines’ leading renewable energy company. The projects form part of Goldilocks’ continuing effort to strengthen energy efficiency, manage operating costs and reduce the environmental impact of its production network. Based on current estimates, the facilities are expected to reduce greenhouse gas emissions by approximately 716.48 metric tons each year. “At Goldilocks, we recognize that responsible growth requires responsible operations. Introducing solar power to our facilities supports our efforts to improve

energy efficiency, reduce carbon emissions, and build a more sustainable future for our business and the communities we serve,” said Jerson G. Uy, Chief Operating Officer of Goldilocks. “We are already seeing tangible benefits from generating a portion of our energy requirements on-site, both through cost savings and lower carbon emissions,” said Marilou Plando, Goldilocks Head of Manufacturing for the Visayas. Through these investments, Goldilocks is strengthening the foundations of a futureready business that can continue delivering trusted products and joyful celebrations to customers and communities for the next 60 years and beyond.

World Features

Editor: Dennis Estopace | www.businessmirror.com

BusinessMirror

New Zealand joins global push to ban under-16s from socmed

By Tracy Withers Bloomberg

EW Zealand plans to ban under-16s from social media, joining a throng of countries worldwide seeking to limit online harm to children. The government will introduce the Online Safety Bill on Monday that will require high-risk social media platforms like Instagram, TikTok, Snapchat and Facebook to take reasonable steps to check users are over the age of 16, Prime Minister Christopher Luxon told reporters. The law is unlikely to progress before a November 7 election. Penalties for companies that fail to meet their obligations will be significant—potentially as much as 10% of a platform’s global revenue, Luxon said. New Zealand has become the latest country to emulate Australia, which barred under-16s from using social media in late 2025. Since then more than two dozen countries have either enacted their own bans or are weighing similar restrictions. They include a number of European states as well as developing nations such as Indonesia, Vietnam and Brazil. Still, Australia’s world-first legislation has its limits—it led to only a marginal reduction in underage users in its first three months, underscoring the lack of enforcement by major platforms operated by companies including Meta Platforms Inc. and Snap Inc. And many teenagers appear to be

finding ways around it. “We’re part of a global network of countries with similar legislative frameworks in place and that’s what we’re working toward,” Luxon said. “There’s real power in the fact that we are acting in concert with many other countries around the world.” Luxon said big tech firms may be able to ignore the requests of individual small nations, but many nations working in “lock step” can have more sway. “If I’m a CEO of one of those big tech firms and I have 42 countries that have a similar framework and a similar approach, I’m paying attention to that,” he said. Education Minister Erica Stanford, who is shepherding the bill into parliament, said Australia, the UK and nations across Europe are looking at working together to combat the harm from social media platforms. A number of US states have begun lawsuits against companies including Meta claiming that by engineering their platforms to be hard to resist, the companies are causing serious harm to young users. “We are part of a global movement to protect our kids,” she said. Luxon said one in three children between the ages of 13 and 17

spends at least five hours on social media a day, exposing themselves to harmful content, addictive technology and pressures they are not equipped to deal with. It’s affecting their family life, mental health, sleep and education,” he said. “We can no longer sit back and just wait for the big tech companies to fix this on their own. They’ve had years to act and they haven’t,” said Luxon.

Coalition partners

THE government, which is a coalition made up of three parties— Luxon’s National, New Zealand First and the ACT Party—may also face difficulty getting the bill passed into law. New Zealand First leader Winston Peters said in a statement that while his party agreed with the intent of the bill, it won’t be supporting the progression of legislation. “The fact is, no matter how laudable the intent is of introducing laws to address this serious issue, there is no method that would fulfill that intent without banning VPNs or the use of digital ID to enforce the law,” he said. “This has been proven with the colossal failure of Australia bringing in similar measures that National want to bring in now.” The libertarian ACT Party will also not support the legislation, meaning National will have to rely on the support of opposition parties Labour, the Greens and Te Pāti Māori. “ACT won’t support a policy just because it sounds tough or polls well,” leader David Seymour said. “The test should be whether it works, and whether the cure is worse than the disease.” Luxon said the bill won’t progress through parliament prior to

the Nov. 7 election so it will be up to all parties in parliament after the vote to decide whether they will back it.

‘Significant penalties’

LUXON said media platform operators will need to use methods including existing account information, facial age estimation, digital ID services and formal ID to identify their users. They will also need to regularly assess the risks their platforms pose and report on how those risks are being identified and reduced. Messaging services such as WhatsApp will not be included in the ban, nor will multiplayer games such as Roblox Corp. The bill will also bring emerging technologies, including AI companion platforms, within the regulatory framework, and establish an online safety regulator within the Department of Internal Affairs to independently monitor compliance, investigate platforms and enforce the law, according to the statement. Last year, the center-right coalition government was unable to agree on moving ahead with a ban after junior partner ACT said an initial proposal would prove unworkable. A parliamentary select committee subsequently held an inquiry into the harms of social media on young people. Rachel Tan, a law lecturer at the University of Waikato, said the effectiveness of the regime will depend heavily on its implementation. “Methods such as facial age estimation, digital ID and analysis of existing account information still raise important questions about accuracy, privacy and how these systems will operate in practice,” Tan said in a statement.

Tuesday, August 25, 2026 B7

Japan PM Takaichi defends habit of staying at official residence By Alastair Gale Bloomberg

APANESE Prime Minister Sanae Takaichi defended her tendency to remain at her residence unless she has official duties outside, saying it lets her work long hours without burdening her staff. “Work conducted at the official residence, such as meetings held there, are not reported as part of the prime minister’s daily schedule, but from my perspective it’s also a workplace,” Takaichi wrote on X on Saturday. In an unusual aside, she also expressed her surprise at spotting cockroaches at the residence. Since becoming national leader late last year, Takaichi has become well known for a round-the-clock working style and a preference for poring over documents alone at her residence. In July, she wrote on X that she gets only “zero to three” hours of sleep each night. The Nikkei newspaper reported on Friday that since becoming prime minister Takaichi hasn’t left home at all on a majority of Saturdays, Sundays and public holidays. In comparison, the previous three prime ministers spent between 3 percent and 16 percent of non-weekdays entirely at home, the newspaper calculated. In her X posts that followed the report, Takaichi highlighted how she focuses on work while at her residence. “I have created a working environment that is essentially no different from when I am working at the Prime Minister’s Office,” she wrote. Her posts underscore both her emphasis on solitary hard work and her frequent use of social media to convey her views. A Bloomberg News analysis of her official schedule through July showed she met finance ministry officials 50 percent less often than the country’s previous two leaders, and held the fewest cabinet office meetings of any premier over the past 14 years. She also talks less to the media than her predecessors. Her direct appeal to voters via X and the contrast in

her leadership style to the slow-moving consensus-based style of some of her predecessors are among the factors that helped her secure a historic election landslide in February. Still, her lone wolf style has made her the target of criticism by some opposition lawmakers and media commentators, some of whom have highlighted her preference of staying at her residence, near the prime minister’s office. Her opinion poll ratings have also fallen from elevated levels, with respondents citing her focus on passing legislation they see as detached from a more pressing need to address the costof-living crunch. Takaichi’s intense focus on work at all hours has attracted attention since she became prime minister last year. In November, Takaichi faced criticism when she arrived at the prime minister’s office at 3 a.m. to prepare for her first parliamentary debate, requiring aides to also attend the pre-dawn meeting. In her posts on X at the weekend, she said she hoped to reduce the amount of time that she has to be accompanied by personal security officials, known as “SP officers.” “On holidays, as well as early in the morning and late at night on weekdays, I try not to leave the Official Residence unless it is absolutely necessary. That is because whenever I go out, it requires a substantial number of SP officers and places a considerable burden on them,” she wrote. The premier moved into the official residence in December, a brick building dating from 1929 that previous prime ministers have joked may be haunted. In a separate post on X on Saturday, Takaichi said she hadn’t seen any ghosts but she was shocked when she encountered cockroaches in the building. After a secretary arranged for insect poison to be used around the building, the cockroaches have stopped appearing, Takaichi said. “I was relieved, but somehow also felt a little lonely,” she wrote. “Even a little sad.”

SG doubles down on a baby push that keeps falling short By Philip J. Heijmans, Srinidhi Ragavendran & Gabrielle Ng Bloomberg

R I M E M i n i s t e r L aw r e n c e Wong’s latest family support package is a familiar strategy for Singapore: make parenthood cheaper and easier in the hope that people will have more children. The record shows there are limits to how much that can actually achieve. The 53-year-old premier drew applause, and even some oohs and aahs, from the audience Sunday night during his National Day Rally speech, as he unveiled one of the world’s most generous attempts to reverse a record decline in Singapore’s birth rate. The package includes thousands of dollars in direct assistance in addition to a S$10,000 ($7,879) “baby gift” and more full-day childcare subsidies. For Jason Gan, a 28-year-old business development manager expecting his first child in November, the extra help is welcome. “It’s given me a financial sigh of relief,” said Gan, the first among his friends to become a parent. The funds could go toward groceries and enrichment classes, and mean fewer trips across the border to Malaysia for cheaper essentials, but he’s less convinced it will persuade others. It’s good for those “like me that are about to be parents, but I don’t think that’s really the long-term solution here.” Wong has couched the latest push as a shift away from a traditional reliance on baby incentives, saying in June that the government would focus instead on making family life easier. It’s unclear yet if that can surmount the growing concerns among younger

Singaporeans about the rising pressures and perceived constraints of raising children. Parents often weigh chi ldren against the quality of life and freedom they would otherwise enjoy, said Sam Yam, an associate dean at the National University of Singapore’s business school and a professor of psychology and bioethics. “They don’t mean money in their pocket,” Yam said. He likened the new support for people who already have or are planning children to giving someone a discount for a movie after they already bought the ticket. “In effect, the government is giving everyone at the cinema already a $5 rebate that they never asked for,” he said. That trade-off resonates with Huang Ying Yi, 24, who said the pressure of Singapore’s education and work culture makes parenthood less appealing. “Some of us have no desire to birth a child just for it to go through the motions and join the rat race, becoming a cog in the machine,” she said. “You always have to keep up with other people.” A YouGov survey published days before Wong’s speech found nearly one-third of Singaporeans aged 18 to 44 said no government policy would make them more willing to have children, while lower-cost preschool and childcare ranked highest among measures that could encourage parenthood. With declining birth rates threatening to compound over generations, the latest measures may be “Singapore’s last opportunity to get it right,” said Eugene Tan, an associate professor of law at the Singapore Manage-

SKYLINE of Singapore. SEONGJOON CHO/BLOOMBERG ment University. “Whether they will work will depend on social norms and mindsets being accommodative of marriage and parenthood,” he said. For a small but wealthy nation where citizens make up just 60 percent of the 6.1 million population, a total fertility rate that fell to a record low 0.87 last year represents an existential concern, especially as it’s on course to be a “super-aged” society. The problem is hardly unique to Singapore. China’s birth rate dropped to its lowest on record last year, while Japan’s fertility rate also fell to a fresh low. In May, Taiwan announced plans to launch government-subsidized

investment accounts for people between six and 18 years old to reverse its plummeting birth rate. South Korea’s fertility rate has inched up for a second year—yet only to 0.8—as marriages show signs of recovery after a prolonged slump, supported by incentives designed to ease the financial burden of raising children. To help incentivize more children, Singapore is now aiming to underwrite almost the entirety of childhood, not just the first moments. Every Singaporean newborn will receive S$2,000 in child credits annually, a S$5,000 “first step” grant and thousands more

as the years go on—in addition to the baby gift. The number of parental leave days was expanded as well. All-in, each child will receive almost S$70,000 in direct assistance through age 17. The biggest pop from the crowd Sunday night came when Wong announced families applying for build-to-order flats will receive an additional ballot for every child they have or are expecting, drastically improving the odds of securing high-demand public housing. “What we can do is make it easier for Singaporeans who want children to start and raise a family, and we want every family to know: If you choose

to have children, the government will stand with you,” he said against a pink backdrop during his remarks at the Institute of Technical Education. The drive for babies is a far cry from the “Two Is Enough” campaign launched in the early 1970s, when too many children was seen as a drag on the country’s development and resources. Since the city-state reversed course on population policy in 1987, measures have included thousands of dollars in handouts and extended maternity leave. The government ran matchmaking events for university graduates and a short-lived program that gave children of highly educated mothers priority in primary-school registration if they had three or more children. Then-Prime Minister Lee Kuan Yew remarked at the time that women ought not to work “ jobs where they cannot, at the same time, be mothers.” Yet by 2010 and 2011, the birth rate had fallen to its lowest levels in nearly half a century of independence. With rates continuing to drop, the government set up a workgroup to review marriage and parenthood measures and, in February, announced plans to spend nearly S$7 billion on related initiatives this fiscal year. Even still, Eugene Godfrey Lee, a 32-year-old executive senior financial consultant, said the latest measures may “kickstart the process” of planning for a family. “At the very least, it will let us feel more supported by the country,” he said. The prime minister acknowledged the limits, saying on Sunday that Singapore would also have to continue welcoming immigrants while ensuring citizens remain the majority.

Tuesday, August 25, 2026

www.businessmirror.com.ph

102 localities still under state of calamity

By Jonathan L. Mayuga

@jonlmayuga

S moderate to heavy rainfall threatens parts of Luzon, the National Disaster Risk Reduction and Management Council on Monday said the three successive storms and the prevailing southwest monsoon have severely affected 102 cities and towns that remain under a state of calamity due to severe flooding.

The figure is a sharp increase from the 88 cities and towns under state of calamity in August 22. The provinces of Bataan, Pampanga, Cavite, Bulacan and Zambales have declared provincewide states of calamity owing to severe f looding. In its Thunderstorm Advisory 2, the Philippine Atmospheric, Geophysical and Astronomical Services Administration’s (Pagasa) Regional Services Division for the National Capital Region, which also covers nearby provinces, said that moderate to heavy

rainshowers with lightning and strong winds are being experienced in Bataan, Tarlac, Pampanga, Rizal (Rodriguez, San Mateo, Antipolo, Cainta, Taytay, Baras, Tanay), Metro Manila (Marikina, Pasig, Quezon City), and Quezon (Lucena, Pagbilao, General Nakar, Tayabas, Panukulan, Burdeos, Polillo, Patnanungan). The NDRRMC reported that several flooding and landslides during the onslaught of Tropical Cyclones Luis, Maymay, and Neneng, and aggravated by the monsoon rains, claimed the lives

of 29 persons, with three others reported missing. The inclement weather affected 2.2 million families, or 7.5 million persons. Because of the severe flooding that damaged some 2,500 houses, 9,858 families or 33,358 persons remain in 418 different evacuation centers for shelter, food, and medical care. According to the NDRRMC, damage to public and private infrastructure has reached P5.1 billion, while damage to crops has reached P1.7 billion.

Dy calls for ‘moral recovery’ at House By Jovee Marie N. dela Cruz @joveemarie

Palawan eyes ₧7 million direct sales from Cebu travel expo S By Estrella Torres Special to the BusinessMirror

UERTO PRINCESA CITY, Palawan—Palawan is taking its tourism industry to Cebu in October, targeting P6 million to P7 million in direct sales from a three-day travel and trade expo as the province seeks to turn destination interest into

actual business for its tourism enterprises. The Palawan World’s Best Island Travel and Trade Expo 2026, set for October 23 to 25 at Ayala Center Cebu, will bring together hotels, resorts, tour operators, transport providers and other tourism enterprises from Palawan with travel agencies, corporate clients, MICE (meetings,

incentives, conferences and exhibitions) buyers and consumers. T he prov inc i a l gover nment i s mou nt i ng t he e vent w it h t he Pa l awa n Tou r ism Cou nc i l (PTC) under the theme ‘Beyond Pa rad ise: Connect ing Isl a nd s, Creat ing O ppor t u n it ies. The direct-sales target is based on last year’s experience at the Glorietta Activity Center in Makati

City, where participating businesses generated more than P4 million in actual sales during the event alone. That figure did not include additional bookings and sales generated from leads developed during the expo and converted afterward. For organizers, the results showed that the expo could serve as more t han a dest inat ion-

marketing exercise. It could also function as a direct commercial platform for Palawan’s tourism businesses. This year’s event is targeting 8,000 visitors, 60 buyer companies and 250 business appointments, alongside the P6 millionP7 million direct-sales goal. See “Palawan,” A16

PEAKER Faustino G. Dy III on Monday called for “moral recovery” within the House of Representatives, emphasizing that the success of the Bagong Kongreso should be judged by the integrity of its members and the trust of the public, rather than the sheer volume of legislation passed. Speaking following the Mass of the Holy Spirit at the House of Representatives, Dy urged lawmakers to ground their decisions in conscience and the public interest. “I have said this before, and I will continue to say it: A truly Bagong Kongreso must begin with moral recovery. Our standard cannot simply be how many laws we pass, but whether we become better public servants and restore our people’s faith in this institution,” said the Speaker. See “House,” A16

DANGER The flood-prone corner of Samar Avenue and Mother Ignacia Avenue, near Epifanio delos Santos Avenue, in Quezon City is seen with a warning sign and a flood-level marker. PNA

Nartatez hails service’s positive survey ratings By Rex Anthony Naval

HE National Police (PNP) Chief, Gen. Jose Melencio Nartatez Jr., on Monday welcomed the latest results of the Octa Research Tugon ng Masa Survey which had the police service earning a 65 percent trust rating and a 63 percent performance rating for the second quarter of the year. In a statement, Nartatez said the results are a meaningful reflection of how the public sees the police force and its work. “Gagawin namin itong dagdag na inspirasyon para lalo pang pagbutihin ang aming serbisyo at patunayan araw-araw na karapatdapat kami sa tiwalang ito [we will use these results as an inspiration for us to further improve our service and prove that we merit the trust the public gave us],” he added. The results place the PNP among the government agencies receiving strong public trust and positive performance assessments during the period, reflecting the public’s recognition of the organization’s continuing efforts to maintain peace and order, protect communities, and provide responsive police services. Likewise, Nartatez said the ratings further encourage the organization to remain focused on providing police services that are professional, responsive, and respectful of the rights of every citizen. The results also reinforce the PNP’s continuing implementation of its Focused Agenda, particularly efforts under Enhanced Managing Police Operations to make police responses more effective, responsive, and attuned to the needs of communities. For the PNP, public confidence is strengthened not only by measurable accomplishments, but also by the everyday experiences of people when they interact with police officers— from responding to emergencies and addressing crimes to assisting citizens and helping keep communities safe. The latest Octa Research results are an encouraging affirmation for the men and women of the PNP, as well as a reminder of the responsibility that comes with the public’s trust.

Gatchalian eyes urgent reforms in power sector By Butch Fernandez

VERY means must be found to bring down electricity costs to help revive the economy amid its sluggish growth and growing exposure to global energy shocks, Senate President Sherwin Gatchalian said, as he called for urgent reforms in the power sector. “If we want to revitalize our economy and give real financial relief to Filipino families and small businesses, we need to bring down the cost of electricity,” Gatchalian said. He stressed that the generation and system loss charges “are pass-through costs on electricity bills that need transparency and justification.” Recent economic indicators showed that the country’s gross domestic product (GDP) grew by a dismal 2.3 percent in the second quarter, and no significant recovery is seen for the rest of 2026. “The country’s reliance on imported oil exposes Filipinos to higher global energy prices that drive up fuel and electricity costs,” he noted. Gatchalian earlier filed Senate Bill 2350, which seeks to prohibit distribution utilities from imposing system loss charges on consumers and remove the valueadded tax on electricity sales. He also filed Senate Resolution 581 to look into the absence of regular fuel cost audits amid rising generation charges, aiming to strengthen regulatory oversight of the power generation sector.