GOVERNMENT agencies and corporations are directed by the Department of Finance (DOF) to route their investments in the capital market through state-run banks to avoid “missed opportunities” for the government to generate additional income.
Finance Secretary Ralph G. Recto has issued Department Circular No. 001-2025, published in the DOF’s website last week, directing that capital market investments, such as fixed income and equity securities through public offerings, be coursed through government banks.
This directive covers investments by national government agencies (NGAs), govern-
ment-owned and -controlled corporations, government financial institutions (GFIs), government instrumentalities with corporate powers (GICPs) and government corporate entities (GCEs) in issuances where government banks serve as underwriter, bookrunner, issue manager or selling agent.
Provident funds, retirement funds and similar funds of these agencies, except the Social Security System, Government Service Insurance System and Home Development Mutual Fund, are likewise encouraged to place their investments through state-run banks.
If no government
DEBT SERVICE BURDEN
STEADY IN JAN-MAY: BSP
of the year, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP).
creased to 2.8 percent in January to May 2025 from the 3.1 percent recorded in the same period of 2024.
only 0.51 percent or $30,000 more than the $5.839 billion posted in the same period last year. BSP said the principal of the total debt service burden reached $2.645 billion, a 2.68-percent growth from the $2.576 billion posted in the same period last year. For interest, the data showed interest contracted 1.23 percent or $40,000 to $3.224 billion in January to May 2025 from $3.264 billion in January to May 2024. In terms of ratios, DSB to export shipments ratio declined to 23 percent in January to May 2025 from the 24.3 percent posted in the same period last year. The BSP also said the DSB to Exports of Goods, and Receipts from Services & Primary Income ratio declined to 9.3 percent in the first five months of the year from the 9.5 percent posted in the same period last year.
The DSB to GDP ratio also de-
BSP data showed the DSB to Gross National Income (GNI) ratio decreased to 2.5 percent this year from 2.7 percent last year.
The central bank explained that the debt service burden represents principal and interest payments after rescheduling.
These are principal and interest payments on fixed medium- and long-term (MLT) credits including International Monetary Fund (IMF) credits, loans covered by the Paris Club and commercial banks’ rescheduling, and New Money Facilities. Also included are interest payments on fixed and revolving short-term (ST) liabilities of banks and non-banks. However, it excludes prepayments on future years’ maturities of foreign loans and principal payments on fixed and revolving ST liabilities of banks and non-banks.
By Justine Xyrah Garcia
RISING heat stress caused by climate change could wipe out 3.7 percent of total working hours in the Association of Southeast Asian Nations (Asean) by 2030, the International Labour Organization (ILO) warned. In a new policy brief, the ILO said this loss of productivity is equal to about 13 million fulltime jobs, as soaring temperatures make it harder for millions of workers in the region to perform their tasks safely and effectively.
The risks are greatest in Cambodia, Thailand and Viet Nam, where higher heat stress levels and deficits in decent work leave millions of workers exposed to
dangerous conditions. The ILO said labor-intensive industries such as agriculture, fisheries, manufacturing and construction are already showing signs of strain from heat, floods and extreme weather. These shocks not only erode output but also place millions of vulnerable workers at risk of displacement. In terms of exposure, the organization also noted that migrants are one of the most exposed, as nearly nine in 10 employed migrants in Asean’s destination countries are concentrated in industries and services highly prone to climate stress.
Many work in factories with poor ventilation, on construction
By Andrea E. San Juan @andreasanjuan
THE increasing purchasing power of Filipinos is enticing domestic marketoriented projects to set up shop in economic zones, according to the Philippine Economic Zone Authority (Peza).
“We see more domestic market-oriented projects locating in the ecozones. The biggest come-on is our growing domestic market and increasing purchasing power with our growing middle class,” Peza Director General Tereso O. Panga told the BusinessMirror in a Viber message on Monday.
Panga also noted: “In a way, this is a result of the emerging supply chain diversification due to the global trade dynamics.”
In a statement on Monday, Panga revealed that 12 mayors from various LGUs across the country have “manifested” their intentions to establish new ecozones in their respective areas.
The Peza chief explained, however, that of
these 12 LGUs, 10 are establishing an ecozone in their respective LGUs for the first time while Naga City and Victoria, Tarlac have already proclaimed their first ecozones in the previous years.
“All 12 LGUs are not hosting ecozones yet— except for Naga City [Naga City Industrial Park, proclaimed last year], and Victoria, Tarlac [Victoria Industrial Park, 1st pharma park in the country, proclaimed last year],” Panga told this newspaper.
The mayors of the 12 LGUs that manifested their intent to establish new ecozones are: Naga City Mayor Leni Robredo, Los Baños City Mayor Neil Nocon, San Pablo City Mayor Najie Gapangada, Libon Mayor Mac Sayson, Pamplona Mayor Dennis Imperial, Oroquieta City Mayor Lemuel Acosta, Silang City Mayor Ted Carranza, Leganes Mayor Junjun Jaen, Victoria Mayor Rex Villa Agustin, Pagudpud City Mayor Ralph Benemerito, Digos City Mayor Josef Cagas, and San Andres Mayor Ralph Lim.
“We certainly welcome these new host LGUs to join the Peza network of 427 operating
ecozones [and counting] all over the country,” Panga said. Per the Peza chief, all 12 LGUs are eyeing to establish manufacturing ecozones while “others are setting up multiple ecozones to include agro-processing, IT park and tourism.”
Panga said the developers who are set to file their applications within the next two months are San Andres, Libon, Pamplona, Leganes and Silang.
“Almost all of the ecozone developers are from the private sector. The LGU/governmentinitiated ecozones are by Libon, Leganes and Pagudpud,” the Peza chief said.
He noted that the biggest ecozones set to be applied within the year and deemed “bigticket” are the San Andres, Pantao (Libon) by Peza, and Leganes—all with direct access to a seaport.
For the big-ticket ecozones, these are the prospective locators: “For San Andres, Quezon, steel manufacturing [Chinese], biomass power plant, activated carbon; For Libon, Albay: steel manufacturing [Chinese], activated carbon and
special aviation fuel [British], sack manufacturing [Filipino], EV tri-wheel transport assembly [Filipino]; For Leganes, which is LGU-initiated, port development, cement manufacturing, light to medium industry—mostly Filipino domestic producers.”
The Peza visited proposed ecozones in San Andres, Quezon, 135 hectares; Pamplona Camarines Sur, 60 hectares; and Libon, Albay, 40 hectares for the “conduct of due diligence and consultation meetings with the proponents and stakeholders.”
“These three ecozones are strategically located along the Bicol and Bondoc Peninsulas, fronting the Ragay Gulf—the third-largest gulf in the Philippines,” per Peza’s website. Providing for port connectivity among San Andres, Pasacao and Pantao ports, Peza said, “will stimulate regional economic growth as the goods produced and raw materials needed in the ecozones can be facilitated through barge deliveries.” These ports can serve as “vital gateways” for
Ecozones new boon for LGUs, says…
domestic and international commerce, tourism, and inter-island transportation, it added.
Explaining the trend of establishing new economic zones in LGUs, Panga said “some private land developers have urged the host LGUs to support their bid for a Peza status.”
“In pushing for the creation of more ecozones particularly in rural and new growth areas, we urge our partner LGUs to forge an investment code and integrity pledge—coupled with digital transformation as well as human resource, infrastructure and local supply chain development— to enhance their capacities in attracting more investments into their respective jurisdictions,”
Panga said in his statement.
The Peza chief said all these key reforms will factor in “as competing LGUs vie to host ecozones and locator industries to generate additional income, jobs livelihood, and other economic opportunities for their constituents.”
Panga called it a “proven fact” that when economic zones exist in LGUs, it becomes a “boon” to their community as it generates new ancillary and complimentary MSMEs, service companies and transport service opportunities that each ecozone spurs with its creations.
Citing the latest survey by the Philippine Statistics Authority (PSA) of the top 10 performing LGUs in the country, the Peza chief noted that in terms of their growth share in the gross domestic product (GDP) and amount of investments that they generate, almost all are hosting economic zones.
Panga said Peza chief has 34 new and expansion ecozones proclaimed under the current administration, contributing P14.7 billion in capital investments.
Palace suspends govt work, classes on new LPA, habagat
By Samuel P. Medenilla @sam_medenilla
AMIDthe looming heavy rainfall from a new Low Pressure Area and the Southwest Monsoon (Habagat), Malacañang announced the suspension of government work and classes at all levels in Metro Manila and other provinces in Luzon and Visayas on Tuesday.
The suspension was based on the recommendation of the National Disaster Risk Reduction and Management Council (NDRRMC) to prevent
possible casualties from the new weather disturbance.
The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) has warned that the heavy rains may cause flooding and landslides in the affected areas.
In his Memorandum Circular (MC) No. 94, Executive Secretary Lucas P. Bersamin said the suspension will take effect on 26 August 2025 in Metro Manila and in the provinces of Aurora, Quezon, Rizal, Laguna, Camarines Norte, Camarines Sur, Albay, Sorsogon, Catanduanes, Masbate, Northern Samar, Eastern Samar, Leyte and Southern Leyte.
Local officials in areas which were not included in the list may implement localized cancellation or suspension of classes and/or work in government.
The MC will not cover agencies involved in the delivery of basic and health services, preparedness/response to disasters and calamities, and/or the performance of other vital services are hereby directed to continue their operations and render the necessary services.
For private firms, Bersamin said their work suspension is left to the discretion of their respective heads. MC 94 was signed and took effect on Monday.
sites under direct heat, or in informal street-based services with no access to protection or rest. As climate shocks intensify, these conditions reduce wages, heighten health risks and, in many cases, drive workers to relocate in search of safer livelihoods.
“Mainland Asean countries, in particular, are expected to see heat levels in the hottest month that are likely to affect labor productivity, which could also impact migrant wages, and also constitute a health risk,” ILO explained.
The ILO also warned that climate change could worsen forced and unsafe migration, with disaster-hit communities being pushed into exploitative recruitment systems. In some cases, workers pay high fees only to end up in jobs equally exposed to climate risks, creating what the organization calls maladaptive migration.
Off-track on adaptation
said, partly in Filipino. She cited a source saying that Sy entered PCGA in
2018 and received an honorary rank under the new administration. This means infiltration not just of local governments, as in the case of dismissed Bamban mayor Alice Guo, but also access to the coast guard—the agency tasked with securing Philippine waters.
Hontiveros also exposed that during former Presi-
Santos, convenor of Better Internet Philippines (BIP), called the milestone “a transformative moment” for digital inclusion.
dent Duterte’s state visit to China in 2016, Sy’s company entered into a partnership with Chinese State-owned enterprise Baiyin Nonferrous Group Co., Ltd. The agreement involved mining operations in Palawan, a sensitive and strategic location in the ongoing territorial dispute between the Philippines and China.
“This law was seen as an impossible feat, given the entrenched system that it aims to change,” she said in a text message. “It took nine years, three Congresses, wide support from various stakeholders, and political will to make this happen! We look forward to seeing how Konektadong Pinoy will change the status quo and help achieve digital inclusion for all Filipinos.”
The law is expected to shake up the industry by forcing existing internet service providers (ISPs) to improve their offerings while opening the market to new challengers.
“Immediately, with the passage of the Konektadong Pinoy Act, we can expect that existing ISPs will be seriously reviewing and seeking to improve their services, particularly post-sales customer support,” said Winthrop Yu, chairperson of the Internet Society of the Philippines.
Yu said regulators such as the Philippine Competition Commission and the Department of Trade and Industry must ensure consumers benefit from the law— including the ability to cancel subscriptions without delay and switch providers more easily. His group “looks forward to the emergence of more players in the provision of Internet connectivity, and both better and wider access to the Internet for all Filipinos.”
Implementation crucial CONVERGE ICT Solutions cofounder and CEO Dennis Anthony Uy said his company supports the law, but implementation will be crucial.
“Competition gives people real choice. It’s not just ‘take it or leave it,’” Uy said. “The last thing we want is for consumers to suffer from substandard offers. We need strong, clear, and enforceable.”
Uy underscored the need for high regulatory standards and cybersecurity safeguards.
“Hindi pwedeng Mom and Pop operators, mamaya patay-sindi, hindi pwedeng walang proper capability. Kung saan-saan lang binunot, nilagay, tapos ibinenta sa consumer—that is not acceptable,” he said.
Industry leaders PLDT Inc. and Globe Telecom Inc. were vocal in their opposition of the bill’s “version” that was passed in Congress. PLDT Corporate Secretary Marilyn Victorio-Aquino had warned the measure grants “so much benefits” to data transmission providers without extending similar obligations to incumbent operators.
She had said the group may “have no option but to go to court
“If this businessman is indeed a Chinese national masquerading as Filipino, the Senate must immediately probe his affiliations, background, and the circumstances under which he obtained his Philippine documents. We should look into who enabled him and how deep his network goes,” the senator said.
and raise the issue of constitutionality.”
Globe General Counsel Froilan Castelo cited the risk of “regulatory imbalance, uneven competition, and the lack of transparency and oversight for new players.”
The BusinessMirror sought both telcos’ comments on the lapsing of the bill into law, however they advised us to wait for the official position of the Philippine Communications and Telecommunications Operators (PCTO), a group representing incumbent telcos and tower firms.
The PCTO had repeatedly opposed the bill, citing concerns about unequal regulatory obligations and what it described as “overly broad” open access rules that may compromise sustainability and security in the sector.
Nonetheless, with the passage of the bill into law, the telco market is now more open to new players.
Already, Aguda has received feelers from “two dozen” players interested in setting up shop in the Philippines.
“The ones that I’ve talked to that are interested are around two dozen new players. They are from different countries, but most of them are from the US,” he said.
Chiz: Education benefits
SENATE President Francis “Chiz” G. Escudero hailed the enactment as a giant step toward bridging the digital divide in the country due to poor connectivity, prohibitive cost, and absence of infrastructure, particularly in farflung and underserved areas.
By easing the entry of new players into the data transmission or internet service industry, the Senate President is confident that the cost of connectivity in the country will go down significantly as “there will be greater competition and more choices for consumers” under the measure identified as one of the priority bills of the administration.
“The Philippines has one of the highest internet connectivity costs in the world considering the speeds it offers to consumers. But more than bringing down the rates, the Konektadong Pinoy Act is about providing greater access to information and markets to Filipinos who live far from the cities and in remote areas,” he said.
According to the Senate chief, the education sector stands to benefit the most from the law, or the Open Access in Data Transmission Act, where access to fast and affordable internet is critical.
With Cai U. Ordinario and Butch Fernandez
DESPITE these threats, the labor organization found that most Asean countries are still in the early stages of adaptation planning with only Cambodia, Thailand and the Philippines having submitted national adaptation plans to the United Nations.
ILO also observed that while all member states have filed nationally determined contributions (NDCs) to cut carbon emissions, just two— Myanmar and Viet Nam—include migration in their climate strategies.
Myanmar cited the rural-urban and cross-border movements triggered by extreme weather events, while Viet Nam acknowledged the social costs of relocation, including family separation and the loss of cultural identity.
“Governments should embed clear targets and policy commitments within their Nationally Determined Contributions to protect migrant workers from the adverse effects of climate change and associated policy actions,” the ILO said.
The organization added that collaboration between governments and social partners is needed in shaping adaptation and mitigation measures, since workers and employers are best placed to act in the workplace.
It also pointed to the need for fair recruitment, access to social protection and skills training to ensure that climate transition strategies create opportunities.
“Social dialogue needs to be at the heart of debates on and responses to the global challenge of climate change, ensuring a just transition to mitigate its worst effects, including on global inequality,” the ILO said.
Lowest in brand equity
CITING the Digital Brand Score, Jurado said, “Singapore and Thailand lead Southeast Asia in brand equity, with scores above 147, compared to the Philippines’ 120.8, the lowest in the region.” Singapore maintains its “Passion Made Possible” slogan, while Thailand continues to use “Amazing Thailand.” He likewise recommended Manila expand its visa-free access for key markets like China and the European Union. “Launch a modern e-visa platform to reduce entry friction.” It has already given visa-free access to India.
He suggested that government focus funding “on regions and projects with proven RoTI, using costbenefit analyses to prioritize initiatives.”
Lastly, government must “partner with investors and local communities to build authentic experiences, not just resorts. Empower small and medium enterprises through training, digital access, and financing.” Jurado said the Philippines’ potential as a tourism powerhouse “remains immense. By adopting a RoTIdriven approach, the country can make tourism not only a source of revenue, but a catalyst for inclusive development, regional equality, and global relevance.”
berto Teodoro Jr. and Australian Deputy Prime Minister and Defense Minister
Richard Marles on Sunday witnessed what they described as an “impressive” display of interoperability between the Armed Forces (AFP) and the Australian Defense Force (ADF) during the Combined Joint Forcible Entry Operations (CJFEO) for Exercise ALON 2025.
The drill, staged along the 14-kilometer Long Beach in San Vicente, Palawan, featured amphibious and land operations supported by naval, air and ground assets.
It simulated coordinated naval gunfire support, amphibious assault, maritime strike missions, and airfield seizure—scenarios aimed at securing littoral terrain in contested environments.
“The exercise was very, very impressive,” Teodoro told reporters after the activity.
“You saw that the coordination between both the Australian and the Philippine forces was smooth. So, we hope to be able to logisticize and to think of new scenarios as it evolves.”
Marles praised the planning and execution, stressing that the joint training strengthens the ability of both countries to work seamlessly in real-world operations.
“This is about building the interoperability between two countries which share values and have one intent, and that is to uphold the rules-based order in this region,” Marles said.
Exercise Alon 2025 which started on August. 15 and end on August 29 is be staged within the AFP’s Northern and Western Command joint operational areas.
Some 3,600 personnel from the AFP, ADF, United States Marine Corps and the Royal Canadian Navy are participating.
This year’s iteration also features cyber resilience training, special operations integration, civil-military cooperation and public affairs exchanges.
Defense observers from Japan, South Korea, New Zealand, and Indonesia are monitoring the drills.
Exercise Alon (Amphibious and Land Operations), first launched in 2023, has since evolved into a platform for deepening defense cooperation among like-minded nations.
Ahead of the Palawan drill, Teodoro and Marles held the Second Philippines-Australia Defense Ministers’ Meeting, reaffirming their commitment to enhancing bilateral defense ties and regional security cooperation.
For the Alon maneuvers, the AFP deployed Marine Battalion Landing Team-11’s 61st Force Recon Company with attached Small Unit Riverine Craft and Patrol Craft from the Marine Corps Assault Boat Battalion of Marine Battalion Landing Team-9, Marine Battalion Landing Team-7, and two FA-50 fighter aircraft providing air support.
Meanwhile, the ADF deployed a joint pre-landing force with combat rubber raiding craft, HMAS Brisbane (DD-G41) with an embarked MH-60R “Seahawk” helicopter, and a Royal Australian Air Force EA-18G “Growler” for electronic warfare support.
A US Marine Corps MV-22 “Osprey” tiltrotor also observed the exercise.
The AFP chief of staff, Gen. Romeo Brawner Jr., lauded the troops for their professionalism and the significance of the exercise in preparing for modern challenges.
“Today’s Combined and Joint Forcible Entry Operations was very successful. What makes this year’s ‘Alon’ exercise different is that we fully integrated the air, maritime, and land domains,” he added.
The activity underscored the AFP’s advances toward multi-domain operations to prepare forces for evolving challenges.
Also, the AFP said Exercise Alon 2025 served as a testament to the enduring defense partnership between the Philippines and Australia and the shared commitment of partner nations to uphold peace, security, and stability in the Indo-Pacific Region.
Rex Anthony Naval with PNA
Bicol legislator wants counselor, psychologist in public schools
AMID growing concerns over rising depression and suicidal ideation among the youth, lawmakers are advocating for licensed mental health professionals in every public school and state university campus.
House Deputy Majority Leader Luigi Villafuerte and Camarines Sur Rep. Migz Villafuerte of Camarines Sur filed the proposed Mental Health and Digital Wellbeing for Youth Act of 2025, which aims to address the critical mental health issues affecting students, which have been aggravated by academic pressures, the psychological effects of the pandemic, and cyberbullying.
The bill seeks to provide early, preventive, and non-stigmatizing mental health support while also regulating digital platforms to protect the youth from harm. The urgency of this measure is underscored by the current lack of trained mental health professionals in many public schools, leaving most students without regular access to essential support.
Victims of 2006 Petron Guimaras oil spill lose partial judgment plea at CA
TBy Joel R. San Juan @jrsanjuan1573
HE Court of Appeals (CA) has junked the plea of the victims of the country’s worst maritime environmental disaster, also known as the 2006 Guimaras oil spill, for partial judgment in connection with their P291 million-damage class suit filed against the London-based International Oil Pollution Compensation (IOPC) Fund 1992 and Petron Corporation.
It has been 19 years since MT Solar 1 sank off the coast of Guimaras Island, spilling more than 2,000 metric tons of bunker fuel oil into the Guimaras Strait.
The oil spill wiped out the means of livelihood of 967 fishermen, shell gatherers, and other individuals who derived their income from the sea, particularly those living in and around the Guimaras Island and adjacent shores of Iloilo and Negros Occidental.
Three years after the incident, the victims filed a complaint for
pollution damage against the IOPC and Petron with the Regional Trial Court in Jordan, Guimaras.
The trial on the complaint started only in 2014, where petitioners presented the judicial affidavit of Myna Theresa A. Deles, a chemist at the Environmental Management Bureau (EMB) of the Department of Environment and Natural Resources (DENR)-Region VI, Iloilo City, to prove their claim that the oil spill lasted for at least 22 months.
Believing that they have sufficiently presented evidence as to
the duration of the oil spill, the petitioners filed a motion for partial summary judgment and moved for trial pertaining to the computation of their respective claims.
However, the RTC in Guimaras RTC denied the motion for partial summary judgment in a ruling issued on January 5, 2018.
The trial court also denied the motion for reconsideration filed by the victims in a resolution issued on March 16, 2018.
This prompted the victims to file a petition before the appellate court, alleging grave abuse of discretion against the trial court in denying their motion.
However, in an 11-page decision written by Associate Justice Edilwasif Baddiri, the CA’s Nineteenth Division in Cebu City declared that there was no grave abuse of discretion on the part of the lower court in denying the victims’ motion.
The CA explained that the relief by summary judgment is intended to expedite or promptly dispose of cases “where the facts appear undisputed and certain” based on the pleadings, affidavits, testimonies and admissions.
If the facts offered by the parties are being disputed, the CA added, proceedings for a summary judgment cannot be availed of.
In the case of the Guimaras victims, the CA found no merit
No further reset of BSKE, PPCRV pleads
By Justine Xyrah Garcia
ELECTION watchdog Parish
Pastoral Council for Responsible Voting (PPCRV) has urged that the latest postponement of the Barangay and Sangguniang Kabataan Elections (BSKE) be the last, calling for certainty in the country’s electoral calendar.
PPCRV Chairman Evelyn Singson said in a recent radio interview that constant postponements gradually weaken confidence in the electoral process
the reset would give the Commission on Elections (Comelec) more time to prepare for the country’s first-ever parliamentary polls in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), scheduled for October 13 this year.
Singson said the PPCRV recognizes the importance of the BARMM vote and supports the Comelec’s decision to focus its resources on ensuring credible and orderly elections.
She emphasized, however, that the integrity of the country’s democratic system depends on the regularity of elections.
“Our citizens must be assured that elected officials will serve only within their rightful mandate and that their performance will be judged through the ballot, at regular and fixed intervals,” Singson added.
in their claim that Deles’ affidavit warrants the issuance of a partial summary judgment since the same proved their claim that the oil spill lasted for 22 months, and has been subjected to the crossexamination of the IOPC Fund 1992 and Petron.
“Since this material fact was neither admitted nor stipulated by the parties during pre- trial, the same cannot be the subject of a summary judgment,” the CA explained.
“Moreover, the Deles Affidavit cannot be the basis of a summary judgment because it was not presented in a summary hearing before trial as proof that there are no genuine issues of fact,” it added. The CA agreed with the trial court that Deles’ affidavit, which is part of the petitioners’ evidence in the case, is still subject to rebuttal evidence.
Likewise, the SC did not give credence to the petitioners’ claim that they do not seek summary judgment over the entire case but only partial summary judgment on the specific issue regarding the duration of the oil spill.
“In this case, the RTC correctly denied the motion due to the unresolved issue regarding the duration of the oil spill which is a genuine issue respecting a matter of fact,” the CA ruled.
Seek out, protect whistleblowers in flood control mess
ALAWMAKER on Monday called on the Department of Justice (DOJ) to proactively seek out and secure whistleblowers under the Witnesses Protection Program to combat what he describes as a “massive, corrupt conspiracy” within the Department of Public Works and Highways (DPWH).
Authors of the bill said the push for this legislation follows recent incidents of school-based violence that have prompted a wider government response. President Marcos has directed the Departments of Education (DepEd), of the Interior and Local Government (DILG), and the National Police (PNP) to investigate these events. The Department of Social Welfare and Development (DSWD) on the other hand was tasked with evaluating child protection policies in schools nationwide.
Education Secretary Juan Edgardo Angara has instructed all schools to strengthen their systems for reporting and addressing incidents of child abuse, bullying, and violence. These actions come after three recent, highly publicized incidents of studentperpetrated violence, including a
HB 63 proposes a three-year plan to deploy psychologists, guidance counselors, or psychiatric nurses to all public high schools and State Universities and Colleges (SUCs). This initiative would provide students with a regular channel for professional counseling, early intervention, and emotional support. In addition to assigning mental health professionals to schools, the bill mandates annual mental health screenings to identify atrisk students, the creation of safe spaces for emotional processing, training programs for teachers on trauma-informed and empathybased approaches, and an annual “Digital Detox Week” to encourage offline activities and digital self-regulation.
“That said, it is imperative that this be the last. The sanctity of our democratic process rests on the certainty of regular elections. The extension of terms of office erodes public trust and undermines accountability,” Singson said.
President Marcos on August 13 signed Republic Act 12232, which extends the term of barangay and SK officials from three to four years and moves the December 1, 2025 BSKE to the first Monday of November 2026.
Marcos earlier explained that
DAVAO CITY—A Bangsamoro cultural commission accorded one of its highest biennial recognition to five individuals who it believed contributed to the shaping of the autonomous region’s identity and heritage.
Two academicians, a broadcaster, a mayor and a civic leader were recognized as “outstanding Bangsamoro leaders, visionaries and cultural advocates” and accorded the Bangsamoro Achievement and Dedication Towards Greatness (BADToG) Recognition 2025 in the August 19 awarding in Cotabato City. Bangsamoro Commission for the Preservation of Cultural Heritage (BCPCH), the award-giving body, said this year’s awardees represented diverse fields, from governance and education to media and community service.
“The BCPCH emphasized that each honoree reflects the resilience and values of the Bangsamoro, standing as symbols of progress rooted in culture and faith,” said BCPCH Chairman Salem Lingasa. The recognized personalities and
“I believe that the deferment was made in recognition of the paramount importance of the BARMM elections. The [Comelec], in partnership with stakeholders, is devoting its full attention to ensuring that the BARMM elections are credible, orderly, and successful—given the serious consequences to national stability should they falter,” she said.
While calling the reset far from ideal, Singson said there are times when circumstances necessitate adjustments in the interest of the greater good.
awardees were Abraham Sakili (academe), Myra Mangkabung (academe), Samad Puna Macmod (media), Abuhassan Ismail Sali (leadership), and Drieza Lininding (leadership).
Sakili is known locally for his pioneering work in Muslim art. He is a retired University of the Philippines professor with postgraduate studies in Philippine Studies, and has published several books about Moro arts, culture and humanities.
Mangkabung was once the secretary of the Department of Science and Technology in the defunct Autonomous Region in Muslim Mindanao and currently the superintendent of schools in Lamitan City, Basilan. She is a semi-finalist in the 2025 Gawad Lingkod Bayan.
Macmod is connected with the dxMY 90.9 RMN Cotabato. His nomination is endorsed by the Provincial Office in Maguindanao.
Sali is the mayor of Languyan, TawiTawi. He was given the National Kabalikat Award 2024 for his contribution to the country’s Technical Vocational Education
On August 15, election lawyer Romulo Macalintal filed a petition for certiorari before the Supreme Court (SC), seeking to declare RA 12232 unconstitutional.
The SC has already directed the Senate, House of Representatives, Executive Secretary Lucas Bersamin, and the Comelec to respond to the petition.
The poll body earlier said it is proceeding with preparations for the BSKE, noting that the Court may still issue a temporary restraining order (TRO) that would override the postponement.
In June 2023, the SC declared that the 2022 BSKE postponement was unconstitutional.
and Training. Lininding is a civic eader in Lanao del Sur, and head of the Marawi Consensus Group.
The BCPCH said awards are held once every two years to highlight the contributions of the Bangsamoro “whose dedication and service continue to shape the region’s identity, preserve its heritage, and inspire future generations.”
The Badtog is word that means ‘of greatest honor’ and is a term with different variations shared by the Maguindanaon, Yakan, Iranun, and Meranaw people. In island provinces, it is also known as Bantog.
“To our distinguished awardees, you represent the true spirit of the Bangsamoro. What you achieved is not only a mark of your own excellence but also a reflection of the strength and greatness of our people,” Lingasa said.
The 2025 recognition coincides with the celebration of National History Month, themed “Diwa ng Kasaysayan, Kabilin sa Kabataan.” Manuel T. Cayon
In a statement, Bacolod Rep. Albee Benitez said that the DOJ should not simply wait for individuals to come forward but must instead provide a platform and protection for DPWH officials and employees who possess key information about the alleged plundering of public funds. These funds, he noted, were intended for crucial flood control projects.
“The Department of Justice must not wait for witnesses to step forward if we want to try, convict, and imprison all those who have plundered public funds intended to save our people from the threats of flooding,” he said.
“This is their chance to expose the truth,” Benitez said. “It is the government’s responsibility to give them a platform and the appropriate protection to uphold the truth.” The lawmaker emphasized that the fight for justice will be long and difficult, but it is essential to ensure public infrastructure is built without shortcuts, government processes are free from corruption, and those who would corrupt the system are held accountable.
“Thus, I urge the Department of Justice to seek out and protect under the mantle of the whistleblower program those officials and employees of the Department of Public Works and Highways, along with other persons with key information, who wish to stand as witnesses against the massive, corrupt conspiracy that is at work,” he said.
‘Bribe’ try THE office of Batangas Rep. Leandro Legarda Leviste, meanwhile, confirmed that a case against the Batangas First Engineering head, District Engineer Abelardo Calalo is scheduled to be filed at the Office of the Batangas Provincial Prosecutor on Tuesday. Calalo was arrested by the policemen assigned to the National Police’s (PNP) Regional Office 4A after he allegedly offered Leviste a bribe of P3,126,900.
A4
Tuesday, August 26, 2025
CSOs seek publicly accessible budget transparency server
By Jovee Marie N. dela Cruz @joveemarie
CIVIL society organizations
(CSOs) are urging the government to create a publicly accessible budget transparency server, similar to the system used for reporting election results.
The People’s Budget Coalition and Social Watch Philippines said the aim is to track changes, such as deletions and insertions, made to the national budget.
This push comes in response to what CSOs and lawmakers describe as major fiscal risks, including last-minute congressional insertions and weak oversight.
For her part, House Deputy Minority Leader Leila M. de Lima has expressed strong support for the proposal.
“We laud and fully support this call for an open budget transparency server to allow the public
to monitor the developments in the national budget. This is the people’s money, so they should know what is happening—what services are planned to be used or transferred, especially to protect it and prevent it from ending up in the pockets of the greedy and exploitative,” de Lima said. “Through this open budget transparency server, those with vested interests will think twice because many eyes are watching. Fund swindles and cuts that deprive the services and programs that truly help the people will be avoided,” she added.
In the 2026 national budget analysis and briefing of the People’s Budget Coalition, one of the key messages the group raised about next year’s P6.793 trillion budget is the “major fiscal risks that can further drain the budget.”
These risks include last-minute congressional insertions with
Trustworthy
By Henry J. Schumacher
AR from the stuff of science
Ffiction, artificial intelligence (AI) has moved from the exclusive regimes of theoretical mathematics and advanced hardware to an everyday aspect of life. Over the last several years of exponentially accelerating development and proliferation, our needs and requirements for mature AI systems have begun to crystallize.
Trust is not an internal quality of an AI system like accuracy, or even fairness. Instead, it’s a characteristic of the human-machine relationship formed with an AI system. No AI system can come off the shelf with trust baked in. Instead, trust needs to be established between an AI user and the system, which must be dominated by humans!!!
The highest bar for AI trust can be summed up in the following question: What would it take for you to trust an AI system with your life?
Fostering trust in AI systems is the great obstacle to bringing into reality transformative AI technologies like autonomous vehicles or the large-scale integration of machine intelligence into medicine. To neglect the need for AI trust is also to downplay the influence of the AI systems already embedded in our everyday financial and industrial
processes, along with the increasing interweaving of our socioeconomic health and algorithmic decision-making.
AI is far from the first technology required to meet such a high bar. The path to the responsible use of AI has been paved by industries as diverse as aviation, nuclear power, and biomedicine. What we’ve learned from their approaches to accountability, risk, and benefit, forms the foundation of a framework for trusted AI.
The challenge now is to translate those guiding principles and aspirations into implementation, and make it accessible, reproducible, and achievable for all who engage with the design and use of AI systems. This is a tall order but far from an insurmountable obstacle.
What do we mean by “Dimensions of Trust”?
WE trust an AI system in three main categories:
minimal presidential vetoes, ballooning pension obligations, national tax allotment to local government units, advances to government corporations, and weak human capital investment.
During a briefing with the Development Budget Coordination Committee (DBCC), de Lima raised concerns about a trend of huge budget cuts and diversions in recent years.
She questioned why this was happening and where the diverted funds were going, noting that billions, even trillions, of pesos were at stake. She also highlighted the immense challenge of scrutinizing the thousands of pages in the National Expenditure Program (NEP) and stressed the importance of collaboration with CSOs to ensure accountability.
In a related development, Social Watch Philippines announced it would not seek accreditation as
an “observer” in the House budget proceedings, citing a lack of “meaningful participation” under the new interim rules.
SWP Co-Convener Jessica ReyesCantos said that the rules, which only allow for submissions to be “accepted and noted,” reduce public engagement to a “token exercise.”
In a letter to Speaker Martin Romualdez, SWP urged Congress to implement confidencebuilding measures to demonstrate a genuine commitment to transparency.
These include passing the “Open Bicam” House Joint Resolution, which would make all bicameral conference committee meetings open to the public; adopting a resolution that details which budget documents must be made accessible to the public; and ensuring that versions of the General Appropriations Bill are available in machinereadable formats like Excel.
Systems–needed!!
1. Trust in the performance of our AI-machine learning model.
2. Trust in the operations of our AI system.
3. Trust in the ethics of our workflow, both to design the AI system and how to use it in our business process.
It’s worth acknowledging that trust in an AI system varies from user to user. Trust signals refer to the indicators you can seek out in order to assess the quality of a given AI system along each of these dimensions.
But trust signals are not unique to AI—it’s something that we all use to evaluate even human-to-human connections. Think about what kinds of trust signals you intentionally seek out when meeting a new business partner. It will vary person to person, but we all recognize that eye contact is important, especially as a sign that someone is paying attention to you while you speak. For some people, a firm handshake is meaningful, and for others, punctuality is vital; a minute late is a sign of thoughtlessness or disrespect. Reflective language is a powerful way to signal that you are listening. To complicate things, think about how trust signals change when evaluating a new acquaintance as a potential friend compared to a business partner.
How does this relate to an AI system? Depending on its use, an AI system might be comparable to any of these human relationships. An AI that is embedded in your personal banking is one that you need to be able to trust like a business advisor. An AI system that is powering the recommendation algorithm for your streaming television service needs to be trustworthy like a friend who shares your interests and knows your taste. A diagnostic algorithm must meet the credentials and criteria you would ask of a medical specialist in the field, and be as open and transparent to your questions, doubts, and concerns.
The trust signals available from an AI system are not eye contact or a diploma on the wall, but they serve the same need. Metrics, visualizations, certifications, and tools can enable you to evaluate your system and prove to yourself that it is trustworthy.
In conclusion, AI is part of our future, but it is essential to understand the need for its ethical deployment. It is to be understood also that humans need to manage AI and see to it that AI does not drive the performance of the organization in the wrong direction.
I look forward to your views on this topic; contact me at hjschumacher59@ gmail.com.
www.businessmirror.com.ph
DA sees command center up, running by November
THE Department of Agriculture (DA) is eyeing the launch in November of a command center that will introduce data-driven management of the country’s food supply chain.
Agriculture Secretary Francisco Tiu
Laurel Jr. 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, 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 have most of these data but they are scattered across various agencies,” Laurel said in a statement.
“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.” Laurel also stressed the need to shift toward precision and volume.
“When I accepted this Cabinet portfolio, my thinking was ‘produce, produce, produce.’ Nearly two years into the job, I’ve realized
that equally as important mantra is ‘manage, manage, manage,’” he said. The agency noted that the center will initially focus on on the rice value chain, given that wild swings in prices of the staple grain could unsettle economic assumptions, particularly those tied to inflation.
Rice arrivals in April and May stood at 970,000 metric tons (MT), higher than the country’s average monthly consumption of around 320,000 MT.
Such a volume led to the sharp fall in palay prices that prompted President Marcos Jr. to suspend rice importation for two months starting September 1, the DA said.
“Sharper forecasting of supply and demand that would be provided by the command center [...] should help forge a buffer against future price shocks, bringing much-needed predictability and improved incomes for Filipino rice farmers.”
Meanwhile, the DA said the center’s model will simultaneously be adapted to other key industries such as high-value crops, livestock, poultry, and fisheries, along with the central registration of all food facilities and cold and dry warehouses with their stock levels.
The agency noted that such a move is crucial to the government’s vision of a modern agriculture and a food-secure Philippines. Ada Pelonia
Oil firms announce price increase
UEL pump prices are on the rise again.
FOil companies announced on Monday a P0.70 per liter increase in gasoline products, diesel by P0.50 per liter, and kerosene by P0.30 per liter.
The price increase takes effect at 6:00 a.m. of August 26.
This was announced by Petron, Shell, Caltex, Unioil, Total, PTT, Phoenix, Seaoil, and Jetti.
Cleanfuel, meanwhile, will adjust its pump prices 4:01 p.m.
Oil companies implement new prices every week to reflect movements in the world oil market.
TInitial police reports said the incident occurred at approximately 4:30 p.m. on Monday.
Calalo is currently in the custody of the Taal Municipal Police Station for booking and disposition and has undergone a physical and medical examination at the Batangas Provincial Hospital.
In response to the incident, DPWH
“We should not tolerate any corruption in DPWH [Department of Public Works and Highways,” Leviste’s office said, adding that the legislator will demand better quality and lower cost for projects and obligate contractors to correct deficiencies without additional government cost.
Secretary Manuel Bonoan said he immediately issued a preventive suspension order for Calalo.
He said that if the allegations against Calalo were true, he deserves to be arrested.
The DPWH, meanwhile, said it is taking “very seriously” the allegations of bribery involving Calalo.
In a statement, the agency said it does not condone misconduct on its ranks and will cooperate with the ongoing investigation being conducted by the authorities.
“The recent allegations involving a district engineer assigned in Batangas are deeply concerning and are being taken very seriously,” the statement read. “We fully support the ongoing investigation by the proper authorities and stand firm in our commitment to transparency and integrity in public service.”
The engineer, identified by authorities as Abelardo Calalo, was arrested in Taal, Batangas, on Monday after allegedly attempting to bribe Leviste with P3.13 million in exchange for halting scrutiny of anomalous infrastructure projects in the province.
He is facing charges of corruption of public officials under the Revised Penal Code and violations of the Anti-Graft and Corrupt Practices Act.
Independent commission
THE chairperson of the House Committee on Human Rights wants the alleged bribery attempt to a lawmaker to be investigated by an independent commission rather than by the Congress.
Manila Rep. Bienvenido Abante said an independent investigation body would be more credible.
“There is a cover-up here. Investigations conducted by Congress or even the Senate can sometimes be more hypocritical than honest,” Abante said.
“If the House investigates, there will always be a perception of bias. What if members of Congress themselves are implicated? That is why we need an independent commission composed of respected legal luminaries to thoroughly investigate the issue once and for all,” he explained.
Abante also supported summoning the district engineer involved in the projects, saying the inquiry should determine if higher officials were backing him.
“The district engineer must also be questioned—who is behind him? Because I don’t believe he is acting alone. I think there are bigger personalities involved,” Abante added. Jovee Marie N. dela Cruz with Lorenz S. Marasigan
“The adjustments reflect the movement on prices of refined fuel products, freight and market premiums in the international market,” said Jetti.
HE Iloilo Bulk Water Supply Project is being considered a practical and reliable solution to secure water for the city’s future.
Proponents of the project are confident of the inclusive and transparent framework, the ability to complement current and future infrastructure projects, and broadbased support from key public and private stakeholders.
The project is designed to enhance system redundancy and ensure sustainable and reliable bulk water delivery to off-takers and distribution companies to deliver substantial benefits to both households and businesses in the province.
“We see the Iloilo Bulk Water Supply Project as a critical step in building a more resilient and future-ready Iloilo. By working closely with public and private stakeholders, we aim to create a water infrastructure system that not only meets today’s needs, but also supports the city’s growth and competitiveness in the years ahead,” Cosette V. Canilao, president and chief executive officer of Aboitiz InfraCapital, Inc. (AIC), the infrastructure arm of the Aboitiz Group said in a press statement.
With a total investment amounting to P5 billion, the Iloilo Bulk Water Supply Project proposes diverting water from a raw source through a water intake facility. Following a thorough treatment process, the treated water will be delivered to the city’s off-takers. The project is unique as it will sell to multiple off-takers, thus benefiting more Ilonggos.
As a public-private partnership, the Iloilo Bulk Water Supply Project will go through the full and stringent PPP framework, including a competitive selection process, to ensure that Ilonggos receive the best deal that puts public interest first.
As bulk water supply and distribution require a focused set of expertise and capabilities, differentiating the value chain ensures competitiveness and accountability.
The Department of Energy’s Oil Industry Management Bureau earlier projected price increases for this week, citing the four-day trading in the Mean of Platts Singapore (MOPS), and developments in the international oil market. Jetti had said that the movement of oil prices in the Asian benchmark, Means of Platts Singapore, was “relatively lower at the start of the week on the prospect that a peace deal in the war in Ukraine would ease sanctions on Russia and bring Russian oil back into global markets.” Lenie Lectura
The project will unbundle bulk water and distribution, resulting in better services to Ilonggos. In terms of capacity, the project will ensure 86 million liters per day of potable bulk water, directly enabling a wide range of socio-economic drivers for the city, including a reliable and consistent water supply, improved water quality, and support for local and economic growth.
Through this initiative, the project aims to provide a long-term solution that promotes co-existence among existing and future water suppliers, complementing current and planned infrastructure to build a stronger, more reliable system for the people of Iloilo. The project also builds on the active encouragement by the Iloilo City Government and the national government for private sector involvement in this issue during the Iloilo Water Dialogue held in the city recently.
“We should take advantage of opportunities for convergence, particularly in the private sector, to bridge infrastructure and service delivery gaps in the water sector,” said Department of Economy, Planning, and Development Undersecretary Carlos Bernardo Abad Santos in June this year.
Then-Iloilo City Mayor Jerry P. Treñas, for his part, said: “For a sustainable city, for a livable city, power, as well as water, we should always have redundancy.”
The project has since received significant support from several Metro Iloilo mayors, the Iloilo City Local Development Council, and a unanimous endorsement from the Iloilo City Council following consultations with local officials, civil society, and business stakeholders. This demonstrates its clear alignment with the City’s development plan. As the project progresses, AIC continues to collaborate with stakeholders to bring down production costs, making sure that water delivery is impactful, offers fair rates for consumers, and contributes to Iloilo City’s sustainable growth. Jonathan L. Mayuga
Bulk water project to address Iloilo’s shortage
OCTA survey: Filipinos overwhelmingly see China as greatest threat, distrust widespread
By Claudeth Mocon-Ciriaco @claudethmc3
CHINA is overwhelmingly perceived by Filipinos as the “greatest” threat to the country, as compared to Russia and North Korea, according to the latest Tugon ng Masa (TNM) nationwide survey focused on “Filipino Public Opinion on China and the West Philippine Sea.”
The independent and non-partisan poll conducted regularly by OCTA Research showed that 74 percent of respondents believes that China is the greatest threat— far surpassing Russia and North Korea at just 4 percent each.
The survey from July 12 to 17, 2025, using face-to-face interviews
with 1,200 male and female probability respondents aged 18 and above, stated that majority of Filipinos also distrust China and they strongly support asserting Maritime Rights in the WPS.
A great majority of adult Filipinos, or 85 percent, continue to distrust China, with only 15 percent saying the Philippines should trust the country.
Caraga had reported a full 100 percent distrust. Across major areas, distrust ranges from 77 percent to 88 percent, lowest in the Visayas and highest in the National Capital Region and Balance Luzon.
By socioeconomic class, distrust remains consistently high at 80 percent to 90 percent,
OPAPRU chief fetes security troops, other modern-day heroes on National Heroes’ Day
By Rex Anthony Naval
AS the country observes
National Heroes’ Day this Monday, Office of the Presidential Adviser on Peace, Reconciliation and Unity (OPAPRU)
Secretary Carlito Galvez Jr. paid homage to the Philippines’ security personnel, care workers, and educators for their role in ensuring peace and development.
The OPAPRU chief gave this comment as the country honors its heroes, especially those who made the ultimate sacrifice, by laying down their lives for freedom and independence.
“May this day be a time of deep reflection on the impact of their heroism on our lives and our nation, and inspire us to be patriots in the truest sense,” he stressed.
The OPAPRU chief said the sacrifices of these heroes in the past is instrumental in unshackling the Philippines from the chains of colonization.
“On this day, let us also recognize our modern-day heroes who wholeheartedly served the country through their service and sacrifices—from our security forces who protect our nation’s peace internally and externally, health-care professionals who heal and save lives, educators who dedicate their lives to teaching our youth, and peace workers who
champion peace and inclusive development in conflict-affected communities,” he added. What has made these individuals extraordinary, Galvez said, is not only their acts of selflessness and bravery but also their indomitable spirit—their capacity to forge ahead in the face of obstacles to achieve a higher purpose.
“May the past and present heroes of our nation continuously inspire all of us to do what we can to make a difference in our families, organizations, and communities. Heroism is not only defined by the strong and valiant individuals enshrined in our history books. It is an ideal and legacy that is deeply embedded in the hearts and minds of each and every Filipino,” he added.
Galvez also expressed the OPAPRU’s commitment to oversee the implementation of the nation’s comprehensive peace process and its commitment in uplifting the lives of former combatants, their families, and communities, serving marginalized communities affected by conflict, and building the foundations on which a just and lasting peace for all. He added that these initiatives will allow the country to sustain the gains of peace, freedom, and justice which Filipino patriots fought so hard to achieve.
Sultan Kudarat farmers get farm equipment from DAR
THE Department of Agrarian Reform (DAR) announced on Monday the distribution of P442,200 worth of farm equipment and agricultural inputs to the Pidma Irrigators Association Inc.
The Lambayog, Sultan Kudaratbased agrarian reform beneficiary organization (ARBO), is expected to enjoy higher yields, lower production costs, and stronger livelihoods with the support services provided recently by DAR.
The package includes a Travelling Rice Mill, a Floating Tiller, 30 sacks of fertilizer, 30 knapsack sprayers, and 30 shovels, which will help ARBs improve land preparation, reduce production costs, and improve postharvest efficiency.
Provincial Agrarian Reform Program Officer II Abdullah Balindong emphasized that the project aims to uplift the lives of
the ARBs by equipping them with modern tools that will increase rice production, improve farm productivity, and ensure higher income for their families.
“This initiative is not just about providing equipment—it is about empowering our farmers to be more self-sufficient, resilient, and competitive in the agricultural sector,” he said.
Members of the Pidma Irrigators Association welcomed the support, noting that the additional farm inputs will significantly ease their workload and allow them to maximize their irrigated lands.
With sustained government support, ARBs in Sultan Kudarat are expected not only to strengthen their communities but also to contribute to the country’s food security and local economic growth. Jonathan L. Mayuga
peaking among those in Class E.
At the regional level, distrust is widespread, with majority levels recorded across almost all regions, except in Cagayan Valley where only 34 percent expressed distrust.
By age group, distrust levels range from 73 percent to 89 percent, highest among those aged 55–64 and lowest among those aged 75 and older.
Meanwhile, the main reasons for distrust include China’s aggressive acts in the West Philippine Sea (66 percent), the influx of smuggled products from China that hurt local industries (13 percent), the increase in criminal cases involving Chinese nationals (9 percent), and job competition from Chinese
workers at 8 percent.
At the same time, the survey showed, the great majority of Filipinos or 76 percent strongly support defending the country’s maritime rights, affirming that the WPS “is a vital part of the nation’s maritime entitlements and backing government efforts to assert them.”
Beyond the maritime dispute, the survey highlights additional economic and social concerns fueling negative sentiment toward China.
Thirteen percent of Filipinos point to the influx of smuggled products that harm local industries and weaken Filipino businesses.
Another 9 percent identify the rise in criminal cases involving Chinese nationals, while 8 percent
cite growing competition from Chinese workers, reflecting anxieties about jobs and livelihoods.
“Taken together, the survey findings highlight a multi-dimensional distrust toward China. Filipinos not only view China as a direct threat to the country’s sovereignty and territorial integrity, but also express concerns about its economic activities and social impact on local industries and communities. These overlapping external and domestic apprehensions help explain why China registers relatively higher levels of distrust compared with other countries included in the survey,” the survey stated.
By socioeconomic class, the survey revealed, support is broad and
consistent, with agreement levels ranging from 73 percent to 78 percent. This indicates that the WPS is widely regarded as a national issue that cuts across income groups, resonating with both lower- and higher-income Filipinos. These findings highlight strong public backing for government actions related to the WPS. At the same time, according to the survey, the sizable proportion of undecided respondents in some regions suggests the need for “more public education, outreach, and communication efforts to build a deeper and more informed national consensus on the issue.” This survey has a ±3 percent margin of error at a 95 percent confidence level.
Migrante urges DMW to enforce $500 minimum wage for overseas Filipino domestic workers
By Samuel P. Medenilla @sam_medenilla
AMIGRANT advocate group has called on the Department of Migrant Workers (DMW) for the strict enforcement of its new US$500 monthly minimum wage for Filipino domestic workers abroad.
Migrante International said many employers of Filipino household service workers (HSW) overseas do not comply even with the previous US$400 monthly minimum wage.
“An example of this is the
underpayment and non-payment of salaries [of the Filipino HSWs] for some months,” it said in Filipino in a statement.
Other HSWs, it said, even suffer from wage theft especially for those deployed in the Middle East and Asia.
“This has been a longstanding problem. Pero despite this, the DMW was not able to promote the rights of our DH [domestic helpers],” Migrante said.
Aside from raising the minimum wage of domestic workers abroad, the migrant advocate group also called on the Marcos
administration to pass the piece of legislation which will raise existing local wage rates by P1,200.
“If the salaries here will be enough to make a living, many Filipinos will no longer seek employment abroad,” it added.
Last week, DMW issued its Advisory No. 25, series of 2025 for the adoption of the Enhanced Reform Programs for Filipino Domestic Workers.
Among its salient provisions was it raised the monthly minimum wage for domestic workers from US$400 to US$500.
The increase will be integrated
42 DPWH projects in Las Piñas lack permits from city
LAS Pinas Rep. Mark Anthony
Santos revealed that a total of 42 construction projects of the Department of Public Works and Highways (DPWH), amounting to millions of pesos, were found to have been carried out without the required permits.
Citing acting City Engineer Michael Aguilar, Santos said that the Las Piñas–Muntinlupa Dis -
trict Engineering Office, failed to secure any building permits from the city government when the projects commenced earlier this year.
Santos, citing the district office, noted that of the projects inspected, 19 have already been completed while seven are still undergoing construction.
Fifteen projects with ongoing
activities were promptly issued notices of violation, while one project has stopped construction after being served with the same notice.
into all employment contracts processed by the DMW 60 days after the advisory took effect on 22 August 2025.
To make sure the provisions of the new advisory will be enforced, DMW Secretary Hans J. Cacdac said they will start the full implementation of their “Kamusta Kabayan Digital Monitoring System. The system will use the Overseas Workers Welfare Administration, which is an attached agency of DMW, to monitor the status and complaints of HSWs online via digital check ins, calls, messaging platforms, and emails.
govt–Rep. Santos
“If an illegal structure collapses or violates a neighbor’s easement, the owner is solidarily liable, while architects and engineers who signed plans for such projects may face Professional Regulatory Commission suspension under RA 9266 and RA 544,” he added.
Jovee Marie N. Dela Cruz
The City Engineering Office has directed the concerned private contractors and government offices to immediately secure the required building, electrical, and plumbing permits, along with zoning and barangay clearances, the lawmaker said.
Go lauds medical technologists as silent, steadfast pillars of healthcare system
SENATOR Christopher “Bong”
Go, on Friday, August 22, paid tribute to medical technologists, calling them “silent yet steadfast pillars of our healthcare system” during the 17th Mindanao Regional Conference of the Philippine Association of Medical Technologists, Inc. (PAMET) held in Grand Regal Hotel in Davao City.
“We all recognize the critical role that our medical technologists play. You are the silent yet steadfast pillars of our healthcare system—ensuring accuracy in laboratory results, guiding physicians in their diagnoses and treatment, and ultimately helping save countless lives,” a grateful Go said.
Go considered medical technologists as among the unsung heroes of the health sector whose sacrifices, especially during the most difficult times of the pandemic, must be appreciated.
“ Sa totoo lang po, kayo po ang dapat pasalamatan. Hindi po kami. Kayo po ang nagsakripisyo sa panahon ng pandemya. Hindi po natin mararating itong kinaroroonan ngayon kung hindi dahil sa inyo,” Go underscored.
Go, on the same occasion, shared that his daughter is a recent Magna Cum Laude graduate
of Bachelor of Science in Medical Technology at the University of Santo Tomas.
Malapit po sa aking puso ang mga med tech. Alam ninyo, just recently, two days ago, nabalitaan ko pumasa po ang aking anak . Med Tech na rin po siya Nagin g Magna Cum Laude po siya ng UST,” Go proudly announced.
One of the recent measures filed by Go is Senate Bill No. 172, also known as the proposed New Medical Technology Law.
This bill aims to update several laws that date back over half a century, reflecting the advancements and requirements of modern medical technology.
Layunin po nito na i -update ang luma ng batas, Republic Act No. 5527 in 1969, at tugunan ang kasalukuyang hamon ng inyong hanay,” Go pointed out.
RA No. 5527 has remained the governing law for the practice of medical technology in the Philippines for over five decades.
Gusto ko pag na -hear na po ito sa Senado, dapat nandidiyan kayo. Dapat po marinig kayo. Kung ano ang dapat na baguhin dahil… napakatanda na po at marami nang nagbago sa ating buhay ngayon na dapat baguhin sa med tech bill,” Go said.
A notable feature of the bill is the proposed improvement of compensation and benefits for medical technologists, and it likewise proposes the establishment of a Professional Regulatory Board of Medical Technology.
Sa ilalim ng panukalang ito, itinataguyod natin ang mas mataas na sahod para sa entry-level, at pagkakaroon ng sariling Professional Regulatory Board na tututok sa standards, ethics, at integridad ng propesyon ,” Go added.
The senator then urged the officers and members of PAMET, led by Luella Vertucio, PAMET National President, and Maria Bea Lao, PAMET Davao City Chapter, to voice their recommendations and collaborate with the government to strengthen the healthcare system and ensure that no Filipino is left behind.
Asahan ninyo po na bukas parati ang aking opisina . In my own capacity, gagawin ko po ang lahat ng kaya kong gawin. Tawagin ninyo lang po akong kuya Bong Go,” the lawmaker concluded, reinforcing his commitment to serve the Filipino people with compassion, hard work, and urgency.
On the same day, Go also personally visited the 126 fire victims
in Purok San Isidro, Barangay Agdao Proper in the city.
Go marked National Heroes Day by recognizing the sacrifices and service of modern-day heroes such as healthcare workers and overseas Filipino workers (OFWs). As Chairperson of the Senate Committee on Health, he renewed his appeal for the release of Health Emergency Allowances (HEA) still pending to qualified healthcare workers. He also reiterated his priority to push for their welfare through key legislative measures.
“ Maliit na halaga ito kumpara sa sakripisyo at serbisyo ng ating mga healthcare workers during the pandemic. At tinutukan natin ito noong nakaraang Kongreso at , in fact, nagkaroon tayo ng 15 hearings para kalampagin ang DOH [Department of Health] at DBM [Department of Budget and Management].”
Go recalled his role as one of the authors and co-sponsors of Republic Act No. 11712, which was passed during the 18th Congress. The law provides a Health Emergency Allowance for healthcare workers in both public and private sectors who served during public health emergencies, including the Covid-19 pandemic.
Editor: Angel R. Calso
Israeli airstrike on southern Gaza hospital kills 8, health ministry says
By Wafaa Shurafa & Samy Magdy
The Associated Press
DEIR AL-BALAH, Gaza Strip—
An Israeli airstrike hit the fourth floor of southern Gaza’s main hospital Monday, killing at least eight people, Gaza’s health ministry said.
The victims on the fourth floor of Nasser Hospital were killed in a double-tap strike with one missile hitting first, then other moments later as rescue crews arrived, the ministry said. Khan Younis’ Nasser Hospital, the largest in southern Gaza, has
France summons US Ambassador Kushner over ‘unacceptable’ letter about rising antisemitism
By Michelle L. Price The Associated Press
WASHINGTON —France has summoned the American ambassador to Paris after the diplomat, Charles Kushner, wrote a letter to French President Emmanuel Macron alleging the country did not do enough to combat antisemitism.
France’s foreign ministry issued a statement Sunday announcing it had summoned Kushner to appear Monday at the French Ministry for Europe and Foreign Affairs and that his allegations “are unacceptable.”
The White House did not immediately respond to a message seeking comment. State Department spokesperson Tommy Pigott on Sunday evening said it stood by Kushner’s comments, adding: “Ambassador Kushner is our US government representative in France and is doing a great job advancing our national interests in that role.”
The summoning of the ambassador is a formal and public notice of displeasure.
Kushner, a real-estate developer, is the father of President Donald Trump’s son-in-law Jared Kushner.
The French foreign ministry,
in its statement, said “France firmly rejects these allegations” from Kushner and that French authorities have “fully mobilized” to combat a rise in antisemitic acts since the October 7, 2023 attack by Hamas on Israel, deeming the acts “intolerable.”
In the letter, released late on Sunday, Kushner writes that “public statements haranguing Israel and gestures toward recognition of a Palestinian state embolden extremists, fuel violence and endanger Jewish life in France.” Kushner urges Macron “to act decisively: enforce hate-crime laws without exception, ensure the safety of Jewish schools, synagogues and businesses...and aban -
don steps that give legitimacy to Hamas and its allies.”
Kushner’s allegations violate international law and the obligation not to interfere with the internal affairs of another country, the French ministry said, and, “They also fall short of the quality of the transatlantic partnership between France and the United States and of the trust that must prevail between allies.”
The dustup follows Macron’s rejection this past week of accusations from Israel Prime Minister Benjamin Netanyahu that France’s intention to recognize a Palestinian state is fueling antisemitism.
France is home to the largest
Jewish population in Europe, with an estimated 500,000 Jews, the third-largest Jewish population in the world after Israel and the United States. That’s approximately 1% of the national population.
The diplomatic discord comes as French-US relations have faced tensions this year amid Trump’s trade war and a split over the future of UN peacekeepers in Lebanon. France in particular has objected to the US push to wind down the peacekeeping operation known as UNIFIL, with a vote on the issue set for the end of the month by the U.N. Security Council.
France and the US have also been divided on support for Ukraine in its war with Russia, but the split has eased with Trump expressing support for security guarantees and a warm meeting with Macron and other European leaders at the White House last week.
Trump at the end of his first term as president pardoned Charles Kushner, who pleaded guilty years earlier to tax evasion and making illegal campaign donations.
His son Jared is a former White House senior adviser to Trump who is married to Trump’s eldest daughter, Ivanka. AP Writer Sylvie Corbet in Paris contributed to the story
Rohingya refugees in Bangladesh mark ‘Rohingya Genocide Remembrance Day’
By Shafiqur Rahman & Al Emrun Garjon The Associated Press
COX’S BAZAR, Bangla -
desh—Tens of thousands of Rohingya refugees from Myanmar living in dozens of camps in Bangladesh marked the eighth anniversary of their mass exodus, demanding safe return to their previous home in Rakhine state.
The refugees gathered Monday in an open field at a camp in Kutupalong, in the Cox’s Bazar district of Bangladesh, carrying banners and festoons reading “No more refugee life” and “Repatriation the ultimate solution.”
The day was marked as “Rohingya Genocide Remembrance Day.”
A separate three-day conference began Sunday in Cox’s Bazar. International dignitaries, United Nations representatives, diplomats and Bangladesh’s interim government are set to discuss supporting refugees with food and other amenities and how to speed up the repatriation process.
Bangladesh’s interim leader, Nobel Peace Prize laureate Muhammad Yunus, is expected to speak Monday.
While Bangladesh and the UN have long campaigned for the safe return of more than 1 million refugees, the situation inside Myanmar has remained volatile, especially in their previous home in Rakhine state. In Bangladesh, Rohingya refugees face challenges including aid cuts by donors. Hundreds of thousands of Rohingya Muslims began leaving Myanmar for Bangladesh on August 25, 2017. They traveled by foot and boats during shelling, indiscriminate killings and other violence in Rakhine state, which has been captured by the Arakan Army insurgent group that has battled against Myanmar government soldiers.
The refugees protesting Monday at Kutupalong, one of the largest of more than 30 Rohingya camps, expressed frustration over the rise of Arakan Army and the situation contributing to uncertainty over their return.
“We are here today because the Myanmar military and the Arakan Army committed genocide against our community. We are here today to remember the people who lost their lives and who sacrificed their lives for being Muslim,” Nur Aziz, 19, told The Associated Press.
“We want to go back to our country with equal rights like other ethnic groups in Myanmar. The rights they are enjoying in
withstood raids and bombardment throughout 22 months of war, with officials citing critical shortages of supplies and staff.
Israel’s military did not immediately respond to questions about the strike.
Israeli strikes and raids on hospitals are not uncommon.
Multiple hospitals have been struck or raided across the Gaza Strip, with Israel claiming its attacks had targeted militants operating inside the medical facilities, without providing evidence.
A June strike on Nasser Hospital killed three people and
wounded 10, according to the health ministry. At the time, Israel’s military said it had targeted Hamas militants operating from a command-and-control center inside the hospital. The health ministry said Sunday that at least 62,686 Palestinians have been killed in the war. It does not distinguish between fighters and civilians but says around half have been women and children. The UN and independent experts consider it the most reliable source on war casualties. Israel disputes its figures but has not provided its own.
Indonesia hosts annual US-led joint combat drills with Indo-Pacific allies
By Niniek Karmini & Andi Jatmiko
The Associated Press
JAKARTA , Indonesia — Indonesia and the United States began annual joint military exercises on Monday together with forces from a dozen other countries, as the US pushes its allies to take threats from China more seriously.
Hosted by the Indonesian National Armed Forces, this year’s Super Garuda Shield focused on strengthening regional ties in an increasingly unstable global landscape, said Gen. Tandyo Budi Revita, the military’s Deputy Commander.
“It serves as a joint exercise where we stand together to respond every challenge quickly and precisely.” he said in his speech at kick-off ceremony along with Admiral Samuel Paparo, the Commander of the US Indo-Pacific Command.
The exercise has been held annually in Jakarta by US and Indonesian soldiers since 2009.
The list of participants expanded since 2022 to include Australia, Japan, Singapore, the United Kingdom, France, Canada, Germany, the Netherlands, New Zealand, Brazil and South Korea, bringing the total number of troops taking part in the drill to 6,500.
Paparo said the expanded participants symbolizes a commitment to partnership and to the sovereignty of each country through mutual respect.
Myanmar as citizens of the country, we too want to enjoy the same rights,” he said.
Myanmar launched a brutal crackdown in August 2017 following insurgent attacks on guard posts in Rakhine state. The scale, organization and ferocity of the operation led to accusations of ethnic cleansing and genocide from the international community, including the UN.
The Bangladesh government, which was led at the time by former Prime Minister Sheikh Hasina, ordered the border to be opened, eventually allowing more than 700,000 refugees to take shelter in the Muslim-majority nation. The influx was in addition to more than 300,000 refugees who already had lived in Bangladesh for decades in the wake of previous violence perpetrated by Myanmar’s military.
Since 2017, Bangladesh has attempted at least twice to send back the refugees and has urged the international community to build pressure on Myanmar’s government to establish a peaceful environment that could assist their repatriation. The governments under Hasina and Yunus also have sought repatriation support from China. Julhas Alam contributed from Dhaka, Bangladesh.
“It represents deterring anyone that would hope to change the facts on the ground using violence with the collective determination of all participants to uphold the principles of sovereignty,” Paparo said.
Jakarta has expressed concern about what it sees as Chinese encroachment on its exclusive economic zone in the South China Sea, while maintaining generally positive ties with Beijing.
Several Asian countries also sent observers to the 11-day combat exercise in Jakarta and
on Sumatra Island. They will end on Sept. 4 with a combined live-fire drill.
The expanded drills have sparked concern from China, which accused the US of trying to build an “Asian NATO” to limit China’s growing military and diplomatic influence in the region.
During a recent speech in Singapore, US Defense Secretary Pete Hegseth cautioned that seeking US military support while relying on Chinese economic support carries risk.
Hegseth said Washington has been strengthening an arc of military alliances in the Indo-Pacific to reassure allies alarmed by Beijing’s increasing military and economic pressure from China and provocative actions in the disputed South China Sea.
Despite increased activities by Chinese coast guard vessels and fishing boats in the area have unnerved Jakarta, Indonesia has sought to avoid confrontation and continued economic initiatives with China.
Jakarta’s decision to sidestep the issue is consistent with its longstanding policy of keeping friction with Beijing behind closed doors, especially given the scale of Chinese trade and investment in the Indonesian economy, said Muhammad Zulfikar Rakhmat and Yeta Purnama, researchers at the Center of Economic and Law Studies or CELIOS.
“This dual-track diplomacy might seem inconsistent. But for Jakarta, it is strategic. Indonesia is embracing defense diversification, not alignment,” said Rakhmat of CELIOS.
The country has remained committed to Super Garuda Shield and continued purchasing US and French arms and developing interoperability with Western militaries, he added.
“In a region defined by rising tensions and great power rivalry, Indonesia’s refusal to choose sides, at least in defense, might be its strongest asset,” Rakhmat said.
Lee faces crucial Trump test at White House amid trade, security concerns
By Soo-Hyang Choi
WHEN South Korean President Lee Jae Myung meets with Donald Trump at the White House for the first time on Monday, the Asian leader will face his biggest test since taking office less than three months ago.
Lee heads to the Oval Office after securing a trade deal that resulted in the Trump administration slapping 15% tariffs on imports from the key supplier of cars, smartphones and machinery. Potential flashpoints looming over the bilateral talks range from unresolved points related to the trade deal to how best to manage simmering security threats in Asia.
Speaking to reporters on his flight to Washington, Lee said he was determined to protect the interests of his citizens. “Even now, there is a clear perspective from the US side that the negotiations are looking favorable for South Korea,” Lee said. “But we don’t think it’s desirable to so easily overturn or alter an agreement that has been reached.”
Here are five things to look out for:
$350 billion investment fund
ONE potential source of tension will be details pertaining to South Korea’s $350 billion fund for projects in the US. When he announced the trade agreement on July 31, Trump said investments from the fund would be directed by the president himself, and that 90% of the profits would flow back to the US.
South Korea has released few details on how it sees the fund playing out, but authorities have said it would be largely structured as loan guarantees, with the actual equity commitment likely remaining below 5%.
O f the total amount pledged, $150 billion is to be allocated for shipyards to help stimulate the moribund US shipbuilding industry, and Lee plans to wave the flag when he visits a shipyard in Philadelphia during his trip.
It r emains to be seen whether the leaders will be able to agree on how they see the fund functioning, including a timeline for when the money will be disbursed.
Private investment
LEE will be joined by leaders of South Korean companies including Samsung Electronics Co., SK Hynix Inc., LG Energy Solution Ltd. and Hyundai Motor Co.
The Hankyoreh newspaper earlier said South Korean companies may announce up to $150 billion in US investment plans at the summit. Several Korean firms already have existing US investment plans, including Samsung’s multibillion-dollar semiconductor plant in Texas and Hyundai Motor’s $21 billion pledge for vehicle and steel facilities.
“The summit risks friction that could threaten the broader framework if Trump decides Korea is falling short of his expectations,” Bloomberg Economics’ Adam Farrar said. “In a bid to head off such concerns, major Korean conglomerates are likely to announce further investments in the US, as previewed by Trump after the announcement of the trade agreement.”
Agriculture market, tariffs on autos, chips ANY perceived retreat by Lee on agriculture—giving American farmers greater access to South Korea’s beef and rice markets—would risk spurring domestic backlash.
South Korea earlier said rice and beef were excluded from the concessions it made in the negotiations, citing their political sensitivity. But Trump has said South Korea would be “completely open” to trade with the US, including its markets for agricultural goods. The comments leave open the possibility there could be differing interpretations of the pact, as was the case with Washington’s deals with China and the UK.
Most sectors in South Korea’s economy will take a hit from Trump’s barrage of tariffs, making it difficult for the agriculture industry to insist it should be exempt from the pain. In terms of economic output, the farming sector generates about 1.5% of gross domestic product. In contrast, the automobile and semiconductor industries are key drivers of the nation’s total exports, which are equivalent to more than 40% of the economy. Chips accounted for around 21% of exports last year, while cars comprised around 10%.
South Korea is expected to push for lower sectoral tariffs on key export items, including auto parts and semiconductors. Whether Lee will ultimately concede ground on the country’s agricultural sector—a crucial support base for his liberal party—in exchange for better terms for exporters remains to be seen.
Defense spending
DEFENSE spending, which Trump has repeatedly framed in blunt financial terms, is at the heart of issues spanning politically fraught questions over the number of US troops stationed in South Korea to the Asian country’s role in the broader regional security framework.
Trump has been urging US allies to ramp up spending on security and rely less on the US. Against that backdrop he referred to South Korea as a “money machine.” The nation hosts 28,500 American troops to help deter threats from North Korea.
While the defense cost-sharing issue wasn’t addressed by tariff negotiators, a senior South Korean official earlier confirmed that the two countries are discussing expanding Seoul’s defense spending in line with global trends. South Korea plans to spend 2.32% of its GDP on defense this year.
North Korea
ONE area of diplomacy where Lee and Trump may find common ground is the approach toward North Korea, as both are seeking a departure from the approach taken by their predecessors.
Trump and North Korean leader Kim Jong Un met in person three times during the US president’s first term, with those interactions failing to convince Kim to curb the development of his nuclear weapons program. North Korea has since rebuffed the idea of sitting down with the US and has emerged as a key ally of Russian President Vladimir Putin, supporting his war on Ukraine.
Kim last week called for the “rapid expansion” of his country’s nuclear weapons program, ramping up tensions just as the US and South Korea commenced joint military drills that Pyongyang views as a prelude to war. Bloomberg News
Fed’s Jackson Hole exposes hard road ahead for central bankers
By Catarina Saraiva, Jana Randow & Amara Omeokwe
THE Federal Reserve’s annual gathering in the Rocky Mountains is usually a time for central bankers and their wonky friends to kick back, discuss a few complicated economic topics and then go for a hike in the shadow of Grand Teton.
This year, the Fed’s Jackson Hole symposium, which wrapped up Saturday, was at times a tense affair and drove home how difficult the path ahead is for the US central bank.
On Friday, Chair Jerome Powell used his keynote speech to signal the Fed is headed for an interestrate cut as soon as its next policy meeting in September. Yet there are clear divisions among policymakers over whether that’s the right call. Powell, himself, noted the economy has handed Fed officials a “challenging situation.”
Policymakers are grappling with inflation that’s still above their 2% goal—and rising—and a labor market that’s showing signs of weakness. That unnerving reality, which pulls policy in opposite directions, is made worse by a high degree of uncertainty about how each of those factors will evolve over the coming months.
“We’re getting some cross-currents and it’s in a difficult environment,” Chicago Fed President Austan Goolsbee said in an interview on the sidelines of the conference. “I always say the hardest job the central bank has is to get the timing right at moments of transition.”
The conference also highlighted the political pressures weighing on the Fed. Those are likely to intensify in coming months as President Donald Trump looks to put his stamp on what may be the most prominent federal institution to have so far escaped his overhaul attempts.
As Powell delivered his speech Friday morning, Trump said he would fire Fed Governor Lisa Cook if she didn’t resign over recent allegations that she committed mortgage fraud. It’s the latest attempt by the administration to pressure the Fed from multiple angles as Trump relentlessly pushes for lower interest rates.
Security for the event was noticeably heightened compared to recent years, adding to the tension at the gathering. Officers from the Fed Police, US Park Police and Teton County Sheriff’s Office, some in military-style fatigues and carrying weapons, were a constant presence.
Earlier Friday morning, officers had to remove one person, the Trump-backer and Fed gadfly James Fishback, after he confronted Cook in the lobby of the lodge and shouted questions about the mortgage controversy.
Rate path
POWELL , in what was likely his final Jackson Hole speech at the helm of the Fed, detailed the cloudy signals coming from the economy.
While the effect of tariffs on prices is now visible, there are still questions about whether that will reignite inflation in a more persistent way, he said. He called the labor market’s current status—with both falling demand for, and declining supply of workers—“curious.”
Even with those uncertainties, Powell opened the door to a rate cut at the Fed’s September 16-17 meeting, though it wasn’t as clear a
signal as at last year’s conference. Then, the labor market was deteriorating but inflation worries had receded, and many policymakers shared a desire to cut soon. The backing is not nearly as strong this year.
Recent data have shown inflation has stalled above the Fed’s 2% goal, with some measures indicating that price pressures may be spilling over to products and services not directly impacted by tariffs. Meantime, while hiring has slowed significantly over the summer, other labor market indicators, like the low level of unemployment, paint a more stable picture. Without much clarity on how the economy will unfold, disagreements over how to proceed are festering among policymakers. Already, two governors dissented at the Fed’s July meeting, when officials didn’t cut rates. If they do cut in September, others may dissent in the opposite direction.
Policy disagreements could grow in the coming months as Trump names new officials to vacancies at the Fed and Powell’s term as chair ends in May. The president has already tapped Stephen Miran, who chairs his Council of Economic Advisers, to fill an open slot on the Fed board that expires in January.
Under pressure
THE discord among Fed officials comes at a time when the central bank is facing intense scrutiny from the White House. The topic seeped into conversations over coffee, during meals and in between sessions, even if there wasn’t much outright discussion of it during official conference proceedings.
Karen Dynan, an economics professor at Harvard University and frequent attendee of the conference, said she wasn’t surprised that central bankers didn’t want to wade into conversations about
politics. Still, she said the conference set an example of how bigpicture economic issues should be approached.
“This year it feels particularly meaningful that we have a bunch of papers that are grounded in good economics done by people who are prominent experts,” Dynan said. “These are not problems that can be solved by thinking about one’s intuition or talking to just a circle of people around you—you really need this sort of expertise.”
A new framework
ONE issue that received less attention was the new framework Powell unveiled in his speech.
The document, which will guide policymakers as they pursue their inflation and employment goals, is the culmination of a months-long review of the previous one, implemented in 2020. The new strategy removes some of the language that more narrowly focused on the prepandemic challenge of persistently low inflation.
It’s a return to basics and sets the Fed up to more clearly focus on its mandates of maximum employment and stable prices, said Carolin Pflueger, associate professor at the University of Chicago Harris School of Public Policy.
In his remarks, Powell “emphasized that his job is inflation and unemployment, and that can only be achieved within an independent Fed,” Pflueger said. “I think people appreciate that.”
Global impact
THAT appreciation became apparent when Powell was greeted Friday morning with a standing ovation from economists and policymakers from around the world— and not for the first time this year. For them Fed independence is not only a matter of principle but also practicality, since decisions taken in Washington inevitably come with consequences that spread far beyond.
The euro strengthened by 1% against the dollar following Powell’s remarks, adding downside risks to euro-area inflation that’s already seen falling to 1.6% next year.
“If a cut does come and reflects slower US growth, that probably means slower growth for them given the size of the US,” Maurice Obstfeld, a senior fellow at the Peterson Institute for International Economics and the former chief economist at the International Monetary Fund, said of the euro area and other economies. With assistance from Matthew Boesler / Bloomberg
Taiwan ruling party wins on nuclear vote, faces energy security challenge
By Linda Lew and Yian Lee
THE failure of a weekend vote to restart a key nuclear plant in Taiwan is an apparent win for the island’s ruling party, but one that leaves the government scrambling to satisfy energy security concerns and the growing demands of a vital chip industry.
Some 74% of those who voted in a referendum backed the return of the Maanshan nuclear plant, shuttered earlier this year. That’s a significant change from 2021, when voters struck down a proposal to open the mothballed Lungmen plant. Still, the affirmative vote did not meet the threshold of 25% of eligible voters required for the opposition-backed referendum to pass and, ultimately, to provide a route to the widespread use of atomic power.
The upshot is a defeat that, according to analysts like William Yang at the International Crisis Group, still sends a significant message on changing public perceptions.
“This result, even though it falls short of the legal threshold, showcases the gap between the government’s preferred policy line and the public opinion,” Yang said.
“It also reflects the public’s anxiety and concern about Taiwan’s energy resilience and capability to maintain stable energy supply.”
T he debate over the future of nuclear power in Taiwan has been a challenging one for President Lai Ching-te.
His D emocratic Progressive Party has long opposed any change, given concerns around waste disposal and accidents, but it is now left to deal with the risk that comes with importing 96% of the self-governed democracy’s energy.
That’s a dependence on seaborne cargoes that leaves the island — and a globally vital chip industry, including companies such as Taiwan Semiconductor Manufacturing Co.— vulnerable in the event of a Chinese blockade.
Restarting Taiwan’s mothballed nuclear power plants is one of the key things the government should do to bolster its energy security against threats from China,
according to two top former US security officials who were said to have made the recommendations to Lai recently.
It also runs counter to a global nuclear renaissance, as nations race to fuel artificial intelligence infrastructure and meet climatechange emissions targets. Jensen Huang, chief executive officer of Nvidia Corp., said during a stopover in Taipei last week that nuclear power is an “excellent option” for Taiwan. Taiwan’s power demand is projected to rise 13% by the end of the decade, largely driven by data centers and chipmakers.
In a pr ess conference on Saturday, as results trickled in, Lai stressed the importance of safety issues in any restart decision, but stopped short of drawing a line under a return to the atomic option.
“Nuclear power’s safety is a scientific issue, and safety cannot be resolved by a single referendum,” he said on Saturday. “If future technology is safer, has less nuclear waste, and more accepted by society, we will not rule out advanced nuclear energy.”
The referendum’s defeat means there will be a two-year moratorium on public votes to restart Maanshan. Still, there are other avenues nuclear advocates could take, including seeking a plebiscite on firing up reactors at one of the island’s three other dormant atomic plants. Rising fuel costs and renewable energy investments have weighed on the finances of Taipower, the island’s primary power supplier. The state utility, which has absorbed higher costs to keep prices affordable, reported over NT$420 billion ($13.7 billion) in accumulated losses by the end of last year. That’s putting pressure on the government to increase power rates for businesses and households. In May, Taiwan’s legislature did revise a nuclear power bill that effectively opens the door for a restart of the island’s atomic plants by renewing or extending licenses for up to 20 years—though it was too late for the Maanshan facility. With assistance from Sing Yee Ong, Jane Lanhee Lee and Stephen Stapczynski/Bloomberg
SOUTH Korean President Lee Jae Myung BLOOMBERG
FED Chair Jerome Powell strolls through the grounds of the Kansas City Federal Reserve’s Jackson Hole Economic Policy Symposium in Moran, Wyoming, on August 22. BLOOMBERG
Golden glow: PHL’s young scientists win big at nuclear science olympiad editorial
THE future of science in the Philippines is looking brighter than ever, thanks to the stellar performance of our young delegates at the 2nd International Nuclear Science Olympiad (INSO). Held at Universiti Kebangsaan Malaysia, the competition saw the Philippine team bring home an impressive haul of medals: one gold and three silver. This achievement is a testament to the dedication, intelligence, and rigorous training of these students, and reflects well on the support system provided by their schools, families, and the Department of Science and Technology’s Philippine Nuclear Research Institute (DOST-PNRI). (Read the BusinessMirror story: “PHL students bag gold, silver in International Nuclear Science Olympiad in Malaysia,” August 17, 2025).
Wins Keinrich Chen of Saint Jude Catholic School (SJCS) clinched the coveted gold medal. His teammates, Jeremiah Auza of the Philippine Science High School-Central Visayas, Shaun Mannix Yap (also of SJCS), and Nouel Christian Amaguin of Manila Science High School, each secured a silver medal, further solidifying the Philippines’ strong presence in the competition.
Chen acknowledged the crucial role of the PNRI staff, particularly coaches Kristine Marie Dean and Jeffrey Tare, whose unwavering support guided them throughout their INSO 2025 journey. The team’s success wasn’t accidental; it was the result of countless lectures, problem sets, experiments, and practice tests that not only deepened their understanding of nuclear science but also instilled confidence in their abilities.
Tare highlighted the significance of the extensive six-week training program, facilitated by experts from PNRI and the University of the Philippines, which equipped the students with the knowledge and skills necessary to excel. The students’ exemplary dedication and determination throughout the training program underscored their will to win.
The INSO serves a vital mission: to advance nuclear education and foster global collaboration in the peaceful applications of nuclear science and technology. With 14 countries participating and 55 junior and senior high-school students vying for medals, the competition provides a platform for young minds to engage with this crucial field. The contestants, competing as individuals, navigated both experimental and theoretical examinations designed to test their knowledge and skills.
Dean aptly summarized the “recipe” for the Philippine team’s success: intelligent and driven students, well-prepared by their respective schools, supported by their families, mentored by a dedicated coaching team, and provided with the necessary resources by sponsors. The DOST-PNRI, along with other organizations such as the DOST-National Research Council of the Philippines, International Atomic Energy Agency, Philippine Nuclear Science Foundation, Meralco, Aboitiz Power Corp., DMCI Power Corp., and GN Power, deserve recognition for their invaluable support.
This victory builds upon the Philippines’ previous success at the first INSO, where the country secured two gold and one silver medal. Ana Elena Conjares, chief of PNRI’s Technology Diffusion Division and organizer of the first INSO, continued to support the team, demonstrating the nation’s commitment to nurturing young talent in nuclear science.
The achievements of the Philippine team at the second INSO are more than just a collection of medals; they represent a triumph of hard work, dedication, and a strong support system. These young scientists are not only bringing honor to the country but also paving the way for a brighter future in nuclear science and technology in the country. Their success should inspire other students to pursue their passions in STEM fields and contribute to the advancement of our nation.
Opinion
TB. Resurreccion,
D. Estopace
Angel R. Calso, Dionisio L. Pelayo
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan BusinessMirror
www.businessmirror.com.ph
John Mangun
OUTSIDE THE BOX
HE adulthood your grandparents experienced is gone and will not return. Marriage, housing, and stability were once expected milestones. Today they look more like luxuries.
In 1950—my birth year—half of 30-year-olds in the United States were married homeowners. This year the figure will barely reach 12 percent. Your grandparents often purchased a home and wore a wedding ring before their first child was born. Your children may still be renting at 40, chasing milestones that no longer exist. It is tempting to say young people simply changed values. That marriage matters less. That tradition has faded. Both arguments are lazy and wrong.
Note that culture does not dictate economics. Economics dictates culture. Humanity did not abandon hunting because farming was fashionable. Farming happened because food security and survival required it. The same is true today. When the first home costs 6 times annual income, when wages stagnate, when inflation eats salaries, marriage and ownership are not life stages. They are privileges bought on credit.
We Baby Boomers enjoyed an
anomaly. Cheap energy, protected industries, and a globally dominant US dollar created prosperity. Real incomes doubled within a decade. Government-backed loans and low down payments allowed families to purchase homes before age 30. By 1960, ownership percentages climbed into the 60s. Stability looked permanent. It was not.
Those conditions vanished. Today’s buyers face record prices, volatile interest rates, and little support. US national ownership still stands at roughly 65 percent, but under-35 households hover near 38 percent. Among Generation Z, closer to 1 in 4. That is not a rejection of tradition. That is economic exclusion.
The pattern is global. In Japan, marriage age rises beyond 30. In Spain, 60 percent of 30-year-olds still live with their parents. In the Philippines, housing costs outran wages long before the current generation. Lending is cautious, down payments steep, and salaries insuf-
Your grandparents inherited stability. Your children will have to invent it. The safety net is gone. What remains is the capacity to create, the discipline to adapt, and perhaps the sense to accept that adulthood is no longer delivered by a wedding ring and a house key. It is built with skills, networks, and ideas.
ficient. Adulthood is delayed not by choice but by lack of footing.
So what replaces the old scaffolding? If adulthood was once symbolized by land titles and wedding photographs, today it is adaptability, portable skills, and ownership of ideas. A Filipino designer can contract with a US firm one year and a Singapore startup the next. A nurse can shift into telehealth. A developer can sell software worldwide without renting an office.
The Philippine startup ecosystem shows both frustration and promise. In 2024 startups raised more than $1 billion, led by fintech, logistics, and e-commerce. Critics call it fragile.
Realists call it growth. Metro Manila dominates, but Cebu, Davao, and Iloilo are producing entrepreneurs in renewable energy, tourism, and agritech. From a few dozen startups in the early 2000s, the Philippines now counts more than 1,000. Venture funds and incubators multiply. The country’s innovation ranking has climbed sharply in the past decade.
Adulthood is no longer guaranteed by the system. It must be built individually, with tools previous generations never had. The ability to shift sectors, learn quickly, and monetize talent is the new foundation. The 21st-century adult is not measured by a mortgage but by adaptability. Families still form, but without the old checklist. The fall from half of young Americans as “married homeowners” in 1950 to barely 1 in 10 today is not simply a statistic. It is a verdict. The world that rewarded patience and steady employment is finished. Security must be built in real time. The Philippine perspective is clear. Housing is beyond reach for most. Marriage is postponed for financial reasons more than cultural ones. Yet opportunities exist through technology and global markets. For a country already embedded in international services, the shift to digital entrepreneurship and freelancing is less a threat than an evolution. Your grandparents inherited stability. Your children will have to invent it. The safety net is gone. What remains is the capacity to create, the discipline to adapt, and perhaps the sense to accept that adulthood is no longer delivered by a wedding ring and a house key. It is built with skills, networks, and ideas.
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.
Honoring our heroes: A tribute to courage, sacrifice, and the spirit of nationhood on National Heroes’ Day
(Message of OPAPRU Secretary Carlito G. Galvez, Jr. on the commemoration of National Heroes’ Day)
THE Office of the Presidential Adviser on Peace, Reconciliation and Unity (OPAPRU) joins the Filipino people in honoring the men and women throughout our history who courageously fought for our nation’s independence and unshackled us from the chains of colonization. A happy National Heroes’ Day to all!
As we pay tribute to our country’s heroes, especially those who made the ultimate sacrifice of laying down their lives for our freedom, may this day be a time of deep reflection on the impact of their heroism on our lives and our nation, and inspire us to be patriots in the truest sense. On this day, let us also recognize our modern-day heroes who wholeheartedly serve the country through their service and sacrifices—from our security forces who protect our nation’s peace internally and ex-
ternally, healthcare professionals who heal and save lives, educators who dedicate their lives to teaching our youth, and peace workers who champion peace and inclusive development in conflict-affected communities. What has made these individuals extraordinary is not only their acts of selflessness and bravery but also their indomitable spirit—their capacity to forge ahead in the face of obstacles to achieve a higher purpose. May the past and present heroes
As the agency mandated to oversee the implementation of the nation’s comprehensive Philippine peace process, the OPAPRU is steadfast in its commitment to uplifting the lives of former combatants, their families, and communities, serving marginalized communities affected by conflict, and building the foundations on which a just and lasting peace for all can take root and flourish. This will enable us to sustain the gains of peace, freedom, and justice which our forebears fought so hard to achieve.
of our nation continuously inspire all of us to do what we can to make a difference in our families, organizations, and communities. Heroism
is not only defined by the strong and valiant individuals enshrined in our history books. It is an ideal and legacy that is deeply embedded in the hearts and minds of each and every Filipino.
As the agency mandated to oversee the implementation of the nation’s comprehensive Philippine peace process, the OPAPRU is steadfast in its commitment to uplifting the lives of former combatants, their families, and communities, serving marginalized communities affected by conflict, and building the foundations on which a just and lasting peace for all can take root and flourish. This will enable us to sustain the gains of peace, freedom, and justice which our forebears fought so hard to achieve.
Ambassador Antonio L. Cabangon Chua Founder
Powell’s dovish pivot brightens analyst views on Asian markets
By Momoka Yokoyama, Winnie Hsu & Alice French
ASIAN markets are likely to see a lift in sentiment following
Federal Reserve Chair Jerome Powell’s dovish tone at the Jackson Hole symposium, which signaled a likely rate cut in September. The shift is triggering expectations of improved risk appetite and stronger performance in Asian equities and bonds.
A softer dollar is also in play, with pressure on rates making dollardenominated investments less attractive and likely prompting capital flows toward Asia. Still, the sustainability of this rally is up in the air, depending on upcoming economic data and corporate earnings and whether the Fed commits to a deeper easing cycle, analysts say. Without that clarity, gains could be short-lived.
Here’s what analysts and strategists had to say: Gerald Gan, deputy chief investment officer at Reed Capital, Singapore:
“Asian equities across the board will certainly be boosted if expectation of a cut rise further as the September FOMC approaches.”
“As long as the appreciation of Yen is moderated, it will not be too problematic towards Japanese risky assets.
“With the BOJ closely monitoring the yen, I do not see a high yen volatility moving forward and once again, that means Japanese equities will likely be net higher into next year.”
Priyanka Kishore, principal economist at Asia Decoded:
“A weaker dollar would temporarily lift Asian currencies with Powell signaling a September rate cut. But unless the Fed commits to a deeper easing cycle, any rally is likely to be short-lived.”
Hebe Chen, analyst at Vantage Markets:
“Powell’s wish-to-reality signal is set to serve as glue on the cracks beneath Asia’s mildly shaking markets. While it offers no guarantee of permanence, the uplift should be most evident in tech-heavy sectors and markets (i.e., Japan and Taiwan) where sentiment is more fragile. For investors, this fresh dose of optimism is likely to keep risk appetite buoyant through to September 17.”
Jamie Halse, chief executive officer at Senjin Capital:
“This is likely positive for global markets in the short term, as it implies capital leaving the US for better return opportunities elsewhere, and a falling dollar.”
“Lower rates generally make USD investments less attractive if rates elsewhere stay the same. That’s why the USD usually falls when US rates fall.”
“Weaker US rates, combined with Ueda’s still-hawkish tone, implies a strengthening JPY versus the USD. This hurts the earnings of large-cap exporters and those with sizable profit-pools overseas, but benefits smaller-cap domestic-facing businesses with USD denominated inputs. ” Anna Wu, cross-asset strategist at VanEck Associates:
“Powell’s speech is dovish, removing the block for a September rate cut and boosting risk sentiment. This is supportive for equities and shortterm bonds.”
“Japanese equities will get a boost, in my view, due to sentiment improvement. But Nvidia’s results and PCE data will be key this week, to test if the rally can endure.”
“The yen could strengthen a little against the dollar, as Jackson Hole helped yields.”
Tim Waterer, chief market analyst at KCM Trade:
“The Fed Chairman sounded dovish rather than defiant at Jackson Hole, which was music to the ears of risk assets.”
“The prospect of lower US rates could prompt investors to search for yield elsewhere, which could bode well for Asian economies.”
Marito Ueda, head of financial market research at SBI Liquidity Market:
Opinion
Tax refund vacuum
T“Powell’s speech seems to acknowledge a rate cut in September, but he is not that dovish, saying that it will depend on the data. The dollar-yen rose because the market expected hawkish comments, so it has fallen back by that amount.”
“I don’t think the dollar-yen exchange rate will break out of its range.”
Kazuya Fujiwara, fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities:
“JGB prices are likely to remain firm in line with lower US interest rates, but upside potential is limited due to expectations of a Bank of Japan rate hike and concerns about fiscal expansion.”
“Governor Ueda’s statement during the panel discussion that ‘upward pressure on wages will continue’ is likely to be interpreted as a message that the Bank of Japan will continue to raise interest rates.”
“There is a high probability that the Bank of Japan, which is exploring rate hikes, and the Federal Reserve, which is exploring rate cuts, will have opposite policy rate directions.”
“The foreign exchange market is expected to move gradually toward yen appreciation and dollar depreciation, reflecting expectations of one more rate hike by the Bank of Japan this year and two rate cuts by the Federal Reserve.”
Steven Englander, head of global G-10 FX research at Standard Chartered:
“Powell would not have given that kind of speech unless he thought it was very likely that the FOMC would cut rates. It is pointless to raise expectations and then disappoint. For markets the question is how high NFP would need to be to derail a cut, and how low it would need to be to justify 50 basis points.”
Billy Leung, investment strategist at Global X Management (Aus):
“Powell’s dovish signal at Jackson Hole revived risk appetite and fueled rotation into cyclicals and small caps, but for Asia the bigger catalyst will be heavyweight earnings. We could see some selling into the strength with results peaking.”
“I would lean to likely fade into strength for today or into this week mainly as we are entering Asia’s busy earnings week.”
Katsutoshi Inadome, senior strategist at Sumitomo Mitsui Trust Asset Management:
“Across Asian markets, we’re seeing a shift toward risk-on sentiment in response to expectations for Fed easing. Equities have jumped, and commodities like oil and gold are being bought as well. This is all part of the market starting to price in U.S. rate cuts.”
“In bonds, that same risk-on tone could trigger some upward pressure on yields. But in the end, it depends on how each central bank responds.”
“In Asia-ex Japan, we see better risk-reward in laggard ASEAN-4 markets tactically where Fed rate cuts should provide greater support for ASEAN-4 Central Banks to embark on their growth supportive rate cuts.”
“We note that the Bank Indonesia already surprised markets this past week with a surprise 25bp rate cut, and our ASEAN economists expect more cuts ahead in Indonesia, the Philippines and Thailand.” With assistance from Masahiro Hidaka, Hidenori Yamanaka, Eijiro Ueno, David Finnerty and Carmeli Argana/Bloomberg
Atty. Irwin C. Nidea Jr.
TAX LAW FOR BUSINESS
HERE are only two ways by which a tax may be refunded under the Tax Code:
1 Value-Added Tax (VAT) attributable to zero-rated sales, under Section 112; and
2. A ll other types of tax, under Section 229.
For a claim under the latter, the tax paid must fall within the strict definition of an “illegal or erroneous tax.” In practice, however, both the BIR and the courts have applied this definition quite narrowly, often leaving taxpayers without a remedy to recover taxes that the BIR was never entitled to collect in the first place.
A tax is considered illegal when it is levied without legal basis. This can happen if a tax is imposed without statutory authority, on property exempt from taxation, or by an official who lacks the authority to do so. In essence, it’s a tax that should never have been collected in the first place because the law doesn’t support it. An erroneous tax payment, on the other hand, is a mistake of fact. A prime example is when a taxpayer pays a tax because they are unaware of an existing tax exemption. The case of Commissioner of Internal Revenue v. Acesite (Philippines) Hotel Corporation serves as a classic illustration. Acesite paid Value-Added Tax (VAT) on transactions with the Philippine Amusement and Gaming Corporation (PAGCOR), a tax-exempt entity. Acesite proved it was unaware that these transactions were zero-rated, and the court ruled its payment was an honest mistake of fact, making it refundable.
There are some instances, however, that overpayments don’t meet the strict legal definitions of “illegal” or
“erroneous.” Here are some scenarios where a refund claim under Section 229 will likely be denied:
1. Payments made under compromise agreements
When a taxpayer offers a compromise to settle a tax liability, the BIR requires the payment to be made upfront. Revenue Regulations governing compromise agreements explicitly provide that if the compromise is disapproved, the amount paid will not be refunded. Instead, it will be applied against the taxpayer’s outstanding tax liabilities. Such payments are treated as voluntary and conditional—made in good faith to facilitate settlement, not as “illegal or erroneous” payments.
But what if the courts later rule in favor of the taxpayer and cancel the very assessment that was the subject of the denied compromise? Since no liability remains against which the advance payment can be applied, what happens to the money already paid?
The Supreme Court has addressed a related situation in the Union Bank of the Philippines (UBP) case. UBP filed applications for administrative abatement to settle deficiency tax assessments. The BIR, however, neither accepted nor acted upon these applications. UBP then filed a claim for refund of the amounts it had paid.
The BIR argued that the payments formed part of staggered payments under the abatement program. The Supreme Court disagreed, ruling that
In the end, the process reflects a familiar truth: once the government has your money, getting it back can feel like trying to hold back a flood—beyond your control.
UBP’s payments could not be treated as installments on abated taxes.
The Court explained that taxes initially collected legally may still be refunded if a supervening event later renders them refundable. Under Section 229 of the Tax Code, this principle applied to UBP: while the payments were initially valid as part of its abatement applications, the BIR’s non-acceptance of those applications constituted a supervening cause. As a result, UBP became entitled to a refund of the amounts it had paid.
Will the SC apply the same principle in denied compromise applications?
2. VAT absorbed by a zerorated entity The Coral Bay case, and more recently the Melco case, illustrate the difficult position of entities that are charged VAT despite their VAT zerorated status. This situation is common among companies registered with Investment Promotion Agencies (IPAs) and renewable energy developers. While these entities should not be burdened with VAT, their suppliers sometimes nonetheless impose it. If the VAT is passed on and paid, the taxpayer cannot recover it from the government—even if the amount has already been remitted. In Coral Bay, the Court clarified that the only recourse of the taxpayer is to pursue a collection case against its suppliers. In the recent case of Melco, the Supreme Court held that such payments form part of the purchase price and are therefore not refundable.
Still, it must be emphasized that this leads to unjust enrichment on the part of the government. Equity suggests that the amounts should, in
Wall Street got the rally signals from Powell it was hoping for
By Denitsa Tsekova, Ye Xie & Natalia Kniazhevich
FOR much of this month, Wall Street traders piled into stocks and bonds, betting that the Federal Reserve was finally ready to start cutting interest rates again. All they were waiting on was the green light from Jerome Powell to keep the rally going.
They got exactly what they were looking for on Friday, when the Fed chair unleashed the biggest cross-markets surge since April by striking a dovish tone during a highly anticipated speech.
Treasuries rallied, driving twoyear yields down as much as 12 basis points, and futures traders made bets that a September rate cut is very likely after Powell said the “shifting balance of risks may warrant adjusting our policy stance.”
The S&P 500 Index rebounded from a five-day slide, rising 1.5 percent and closing just shy of a record high. Meanwhile, the Russell 2000 surged almost 4 percent on the back of rate- and economically-sensitive stocks. The dollar slid and risk assets like Bitcoin gained, anticipating the central bank will use policy to spur growth. Gold rose 1 percent.
“This is an important shift for Chairman Powell,” said Matt Maley, chief market strategist at Miller Tabak + Co LLC. “The question for the markets now is whether concerns over slower growth will cause earnings to decline, but the Fed is not going to create significant headwinds for investors.”
Powell’s speech at the annual Jackson Hole, Wyoming, symposium was eagerly awaited by financial markets, which early this month started pricing in near certainty that the Fed would cut interest rates by a quarter percentage point at next month’s meeting,
the first reduction since December.
With the job market losing steam, some options traders even bet on a half-point move—the sort of cut typically reserved for emergencies.
The speculation fanned risk sentiment across markets, propelling stocks to new record highs through late last week, despite concerns that President Donald Trump’s trade war is slowing the economy and worries that the Big Tech stocks driving the gains have run up too far. By April 14, the S&P 500 had rallied 30 percent off its early-April lows, when Trump’s tariff rollout briefly sent markets into a tailspin, largely due to the torrid advance of companies like Nvidia Corp. that are profiting from a surge of spending on artificial intelligence.
But over the last several days, doubts about the Fed’s next move started seeping in and some central bank officials warned a September cut wasn’t certain. The rally stalled after the government reported that wholesale inflation in July jumped by the most in three years, reigniting fears that stagflation could limit the central bank’s room to cut rates. That pulled the S&P 500 down for the five-straight days through Thursday and pushed up Treasury yields.
“Powell’s remarks highlight his attempt to steer the US economy safely through another challenging stretch, a dynamic supportive of stocks but more problematic for longer-dated Treasuries. Cutting
some manner, be returned.
3. Advance tax payments
In the PNB Case, the subject of the recovery is the advance income tax payment of PNB for the bank’s 1991 operations in response to thenPresident Corazon C. Aquino’s call to generate more revenues for national development. According to the court, the advance income tax payment made by the bank is not in the nature of erroneously or illegally collected tax. The advance income tax payment was not pursuant to any law or regulation requiring such advance payment but simply out of its volition to heed the call of thenPresident Corazon C. Aquino. Not all tax overpayments are considered “erroneous or illegal” payments that may be refunded under the Tax Code. While other remedies may be available, that is a discussion for another time. So, if you apply for a compromise and pay the amount in advance, you should not expect a refund if the application is denied. If you are VAT zero-rated, it is best to insist that your suppliers respect the incentives granted to you by law, rather than simply absorbing the VAT they pass on. And if you make advance tax payments to the government, these likewise cannot be recovered under the Tax Code refund provisions, as they are not treated as erroneous or illegal.
In the end, the process reflects a familiar truth: once the government has your money, getting it back can feel like trying to hold back a flood— beyond your control.
The author is a senior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph).
The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.
Powell’s speech at the annual Jackson Hole, Wyoming, symposium was eagerly awaited by financial markets, which early this month started pricing in near certainty that the Fed would cut interest rates by a quarter percentage point at next month’s meeting, the first reduction since December. With the job market losing steam, some options traders even bet on a half-point move—the sort of cut typically reserved for emergencies.
before tariff-driven inflation takes hold could worsen pressures down the line, hitting Treasuries hardest,” said Bloomberg strategist Tatiana Darie.
That reversed after Powell signaled that the Fed is prepared to change course, echoing what happened a year ago at the Jackson Hole event, when he telegraphed that the central bank was poised to start pulling rates back from a more than two-decade high.
Later on Friday, Fitch Ratings affirmed the US credit grade at AA+ with a stable outlook. The move didn’t shift the markets, but it may have helped to justify traders’ optimism.
The Fed has remained on hold in 2025 as Trump’s policy shifts amplified the uncertainty in the economic outlook, leaving Powell trying to balance the risk of reaccelerating inflation against a slowdown in growth.
While the employment figures earlier this month showed that the job market was weaker than had been expected, other indicators point to some economic strengths and corporate earnings have continued to bolster the stock market’s optimism.
The central bank is also facing unprecedented pressure from Trump, who has jettisoned the traditional respect for the Fed’s autonomy by attacking Powell for not cutting rates and threatening to fire a Fed governor over allegations of mortgage fraud. In the face of that, Powell has seemed eager to assure markets that the Fed won’t allow politics to dictate monetary policy.
The Fed is “under a white hot political spotlight right now,” said Tony Rodriguez, head of fixedincome strategy at Nuveen Asset Management. “This maybe helped to lower the temperature just a bit.” Still, the president seemed unimpressed by Powell’s speech on Friday, telling reporters that the Fed should have lowered rates a year ago.
“We call him ‘Too Late’ for a reason,” Trump said.
The markets have been caught offsides by prematurely anticipating a Fed pivot several times since the pandemic, and Powell has consistently underscored that the bank is taking a data-dependent approach, making it still difficult to predict how deeply the central bank will cut over the next several months.
Dan Carter, portfolio manager at Fort Washington Investment Advisors, said that even with Powell’s more dovish tone, the data in coming weeks still pose some risks.
“The market will like this change in tone,” he said. “But I think we have to be careful not to get too far ahead. There is still a lot of data between now and the next FOMC meeting.” With assistance from Michael MacKenzie, Emily Graffeo and Carter Johnson /Bloomberg
WITHthe enactment of the Konektadong Pinoy Act, Filipinos can now expect cheaper, faster, and more reliable internet services as the measure opens the market to more players, drives competition among providers, and lays the groundwork for universal connectivity.
The law, first known as the Open Access in Data Transmission Act, seeks to dismantle barriers for new entrants in the broadband market, which for years has been dominated by a few large operators.
It also mandates the creation of regulatory frameworks to ensure fair competition, consumer protection, and better quality of service.
Department of Information and Communications Technology (DICT) Secretary Henry Aguda said in a text message that President Ferdinand Marcos Jr. has “directed
By Ma. Stella F. Arnaldo Special to the BusinessMirror
THE Philippines has the lowest return on tourism investment among six Southeast Asian economies, according to an investment and hedge fund manager.
In his policy report, “Which Southeast Asian Countries Truly Profit from Tourism” published in the Institutional Investor in June, Eric Jurado, using his Return on Tourism Impact (RoTI) framework, said, “The Duterte and Marcos administrations allocated approximately US$23 billion [P1.32 trillion] over several years to tourism infrastructure and promotional programs.”
But, “in 2024, total tourism receipts were only about $13.1 billion [P750 billion], implying a RoTI of approximately 0.57—meaning the country earns only 57 cents for every dollar invested. This suggests inefficiency in execution, whether due to poor infrastructure, weak branding, or administrative hurdles.” https://tinyurl.com/4f9suwa6
The six countries in the review made significant investments to revive their respective tourism industries to help them recover from the pandemic, the data of which was used by Jurado and compared against the tourism revenue they earned.
Vietnam tops new metric HE found Vietnam has the highest RoTI at 1.94, having invested US$17 billion, thereafter generating $33 billion in tourism revenue. “This means nearly $2 in returns per $1 invested, a model of highly efficient tourism growth.” Thailand has a RoTI of 1.5 ($20B investment, $30B revenue), indicating “massive inbound tourism and decades of brand equity.”
Malaysia registered a RoTI of 1.49 ($14B investment, $21B revenue), while Singapore has a RoTI of 1.37 ($12B investment, $16.4B revenue).
DICT to ensure that Konektadong Pinoy delivers the objective of universal connectivity in the country and ensure that all Filipinos have affordable and quality access to internet.”
He said the agency will immediately convene stakeholders to draft the Implementing Rules and Regulations (IRR), which it will co-lead with the Department of Development (DepDev). The law requires the IRR to be finalized within 90 days.
“By making internet access
truly universal, we are creating a foundation for better education, e-commerce growth, accessible government services, and stronger communities,” Aguda said. “The President’s vision is clear: no Filipino should be left behind in the digital age.”
In a statement on Monday, DepDev Secretary Arsenio M. Balisacan said the KP Act will help bring internet connectivity to remote areas of the country allowing more Filipinos, especially students, access to online learning resources.
Balisacan said such internet access to remote areas will also benefit micro, small, and medium enterprises, allowing them to expand their market reach.
“Clinics can deliver telehealth to those who are unable to travel to regional centers. Our farmers and fisherfolk can access timely market and weather information that will allow them to manage their crops more effectively. Citizens will also find it easier and less costly to access government services,” Balisacan also said.
DepDev said the KP Act will promote competition and ensure more efficient use of radio frequency
spectrum.
These reforms will deliver wider coverage, faster speeds, and more affordable internet, making digitalization a stronger engine of productivity and inclusive growth, it said.
The new law can also strengthen digital infrastructure and enhance resilience during disasters by keeping households, workplaces, and public services connected.
“The Konektadong Pinoy Act is a game-changing measure that will revolutionize and boost our digital economy, bringing us closer to our shared vision of a matatag, maginhawa, at panatag na buhay. This is a future where no Filipino is left behind and accessible digital opportunities uplift every individual, home, livelihood, and community,” Balisacan said.
9 years in Congress FIRST filed in 2016, the measure languished in Congress for nine years before finally passing. Its journey was marked by opposition from incumbent telcos and skepticism that it could ever be enacted.
A long-time advocate of the passage of the bill, Grace Mirandilla-
RED ONION STOCK TO RUN OUT BY NOV, IMPORTS ALLOWED
By Ada Pelonia @adapelonia
THE country’s red onion inventory is projected to be depleted by early November, based on the latest government data.
Figures from the Bureau of Plant Industry (BPI) showed that the country’s red onion inventory as of August 15 stood at 49,750 metric tons (MT). Without an expected volume of the allume to be produced or expected to arrive, the agency attached to the Department of Agriculture (DA) said such available stocks would only last for around 84 days or until November 8.
Despite this, Agriculture Secretary Francisco Tiu Laurel Jr. earlier confirmed to the BusinessMirror that the agency would authorize the importation of red onions in October to plug the projected shortfall. Its arrival would also be in time for the holiday season, which could prevent a potential spike in prices of the commodity.
However, Laurel did not disclose the volume of red onions that would enter the country, since the agency was
in the process of “getting the final figures.”
Meanwhile, BPI data indicated that yellow onion stocks were estimated at 1,142 MT in the reference period.
Earlier, Laurel allowed the importation of 25,000 MT of yellow onions since inventories of the onion variety were expected to be depleted. With this, the agency said the Philippines is expected to receive 6,140 MT as of August 16. BPI estimated that the country’s additional yellow onion supplies would last for about 50 days or until October 4. The DA had authorized the importation of 4,000 MT of red and yellow onions in February as stocks thinned out, with a caveat that these would only plug the projected shortfall in domestic supply that month.
Government price monitoring data shows that the retail price of local red onions ranges from P135 per kilo to P175 per kilo.
Local white onions are sold in Metro Manila markets between P110 per kilo and P180 per kilo, while the price of imported white onions stood at P120 per kilo.
Indonesia’s RoTI at 1.08, “is constrained by geographic dispersion and infrastructure bottlenecks outside Bali,” and thus earned just $9.75 billion in revenue froma $9-billion investment.
The Department of Tourism (DOT) likes to point out the number of jobs created by the tourism industry as a way to prove its success in policymaking. However, Jurado said, while 6.75 million are employed in Philippines’ tourism industry, “the lower RoTI limits the quality, pay, and scalability of these roles.”
Why tourism underperforms IN contrast, he said, Thailand has 7 million tourism jobs “with higher average incomes, or [in] Vietnam, tourism supports a fast-growing sector of youth employment and community enterprises. High RoTI ensures not just job creation, but meaningful, sustained livelihoods.”
Jurado identifies four key weaknesses in the Philippines tourism underperformance: inadequate infrastructure, weak international branding, restrictive visa policies, and limited data-driven planning.
He recommended that, for one, Manila institutionalizes RoTI monitoring and create a “national scorecard that tracks returns on tourism investments at the regional and national levels.”
For another, it should improve the physical and digital infrastructure in the country. “Prioritize upgrades to key gateways [Naia, Cebu, Davao] and inter-island transport. Implement seamless booking, navigation, and payment systems.”
The Philippine Brand has to be relaunched globally. “Develop a campaign that goes beyond beaches— highlighting cultural, culinary, and eco-tourism assets. Use data to target high-value source markets.” In 2023, DOT changed the tourism branding to “Love the Philippines” from the award-winning “It’s More Fun in the Philippines” launched in 2012.
Fake Pinoy? Industry
By Jonathan L. Mayuga
THE Chamber of Mines of the Philippines (COMP) has called on the government to act with dispatch on the case of Global Ferronickel Holdings, Inc. (FNI) chairman Joseph Sy, who was taken into custody by the Bureau of Immigration (BI) on August 21, 2025.
Sy remains under detention allegedly without a lawful basis, according to COMP.
“We emphasize that Platinum Group Metals Corporation [PGMC], an affiliate of FNI, is a member in good standing of COMP. As such, we speak out in defense of Mr. Sy, whose record as a staunch advocate of responsible and sustainable mining reflects the very principles our Chamber upholds,” COMP stated.
Two separate rulings by the BI itself have affirmed Sy’s Filipino, according to COMP.
“It is both disturbing and contradictory that the same agency that recognized his citizenship
is now the source of his unlawful arrest and detention. This action has no lawful basis and violates fundamental rights guaranteed by the Constitution,” COMP said.
It described Sy as someone who has advanced responsible mineral development, ensuring environmental stewardship, supporting host communities, and building investor confidence in the Philippines as a competitive and ethical mining jurisdiction. His detention sends a chilling signal to the business and investment community, undermining government efforts to position the country as a reliable global supplier of critical minerals, COMP stressed.
Relatedly, the Philippine Nickel Industry Association (PNIA) also called for the immediate release of Sy, a member of PNIA.
FNI is the second-largest nickel producer in the Philippines.
According to the PNIA, the arrest and detention of Sy, a Filipino citizen whose rights are
guaranteed under the Constitution, are illegal.
“His citizenship has already been affirmed by Philippine authorities, in particular by the BI, in two separate rulings. It is, therefore, deeply troubling and legally inconsistent that the BI, which twice recognized his citizenship, is now the very source of his illegal arrest and unlawful detention,” the group stated.
According to the PNIA, his continued detention on mere suspicion of being an alien, without a lawful basis and outside the BI’s jurisdiction, is a grave injustice and a violation of the fundamental principles of due process.
PNIA has long stood for due process and a rules-based environment, which are essential to the responsible growth of the mining industry. We advocate for these principles not only at the industry level but also for our individual member companies.
“PNIA stands in solidarity with Mr. Sy and with all industry stakeholders who deserve the protection of their constitutional rights. We urge the authorities to act swiftly, observe due process,
Editor: Jennifer A. Ng
Operator of Dali stores still optimistic despite losses
By VG Cabuag @villygc
HARD Discount Philippines Inc., the operator of Dali Everyday Grocery, said its losses widened to P1.97 billion last year from the previous year’s P1.9 billion.
Its revenues last year grew 52 percent to almost P34 billion from the previous year’s P22.3 billion. Its accounting firm SGV & Co. said the company’s current liabilities have exceeded its current assets by P134.6 million as of December 31, 2024 and the company has negative operating cash flows of P534.8 million in 2023.
‘Agencies,
“These conditions indicate that material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern and, therefore, that the company may be unable to realize its assets and discharge its liabilities in the normal course of business.”
The company the cumulative
losses it incurred led to a deficit of P5.23 billion last year, up from P3.26 billion in 2023.
“However, additional capital was already infused by the stockholders amounting to P7.56 billion and P4.67 billion as at December 31, 2024 and 2023, presented as deposit for future stock subscription,” Hard Discount said.
“The company forecasts that profit margins will improve over the next five years resulting from the implementation of cost-efficiency measures. Management believes that the projected improvement in net profit margin, the company will be able to generate sufficient cash flows from its operations to meet its obligations as and when they fall due.”
The company has 888 Dali stores at the end of 2024, with Batangas
Port as its 888th store. It has already put up a minimum investment of P16 billion for these stores.
Last year, the company said it constructed a warehouse in Batangas, Naic and North Caloocan, and construction of the stores located in Cavite, Batangas, Bulacan, Laguna, Oriental Mindoro, Rizal and around Metro Manila.
The construction of warehouses was completed in 2024 whereas the construction of stores was completed in the first quarter of 2025.
The company is a wholly owned subsidiary of HDPM Sin Pte. Ltd., a foreign company incorporated under the laws of Singapore with geographic focus on the Southeast Asian market. The ultimate parent of the company is Dali Discount AG, which is founded in Switzerland.
SMC power unit profit surges in H1
By Lenie Lectura @llectura
SAN Miguel Global Power Holdings Corp. said its net income in the first half soared to P34.57-billion from P7.43 billion last year, due to a revaluation gain from the joint agreement it forged with the Manila Electric Co. (Meralco) and Aboitiz Power Corp.
The 365-percent increase mainly came from the P21.65 billion “other income” booked in the first half of the year.
“This surge was primarily driven by the revaluation gain recognized from the dilution of equity interests in SPPC [South Premiere Power Corp.], EERI [Excellent Energy Resources Inc.] and Ilijan Primeline Industrial Estate Corp. [IPIEC], following the completion of the Chromite Transaction,” SMC Global Power reported in a filing. In addition, the foreign exchange loss recognized was lower compared to last year due to the appreciation of the peso against
the dollar, the power firm added.
It can be recalled that the three big power firms entered into a $3.3-billion gas deal.
The transaction involves the 67-percent stake acquisition of Chromite Gas Holdings, Inc. (CGHI) in SPPC, EERI, and IPIEC.
CGHI is 60-percent owned by Meralco PowerGen Corp. (MGen) and 40 percent owned by Therma NatGas Power Inc. (TNGP).
The deal also involves CGHI and San Miguel Global Power acquiring 100 percent of Linseed
Field Corp. (LFC) to operate an liquefied natural gas (LNG) import and regassification terminal in Batangas City. As a result, CGHI will own 67 percent of SPPC, EERI, and IPIEC, while San Miguel Global Power will retain a 33-percent stake in these entities and gains a corresponding interest in LFC.
LFC is a local unit of global infrastructure firm Atlantic, Gulf & Pacific Co. while SPPC owns and operates 1,278-megawatt Ilijan power plant.
Vietnam billionaire’s taxi firm takes on Grab in SE Asia
VIETNAM’S richest man Pham Nhat Vuong is looking to disrupt ride-hailing sectors across Southeast Asia as his taxi company Green & Smart Mobility JSC, or GSM, battles Grab Holdings Ltd. to be the top ride operator in his home market.
The company, though, will face challenges as it takes on entrenched rivals in a thin-margin industry and with a small presence in overseas markets, said Bloomberg Intelligence analyst Nathan Naidu.
The billionaire is leveraging his deep pockets, aggressive pricing and electric vehicles from VinFast Auto Ltd., which he founded, according to Mordor Intelligence.
The two-and-a-half-year-old GSM, also known as Xanh SM in Vietnam, is bringing its playbook to Laos, Indonesia and the Philippines—and is expected to enter India, where VinFast just opened an EV factory. VinFast said it will open an Indonesian auto factory this fall.
Vuong sees GSM, in which he holds a 95 percent
stake, as a marketing tool to turn VinFast into a global electric vehicle brand. The ride service accounted for about 21 percent of the automaker’s car sales in the first quarter. The taxi company may expand to other Asian countries as part of parent Vingroup JSC’s “broader strategy,” and into areas such as intercity transport, premium rides, delivery and corporate services, GSM Global Chief Executive Officer Nguyen Van Thanh said. In Vietnam, GSM had a 40-percent share in the country’s ride-hailing market in the first quarter, with Grab at 32 percent and BE Group JSC at 6 percent, according to Mordor. Rakuten Insight, however, said Grab currently holds 55 percent of the Vietnam market, with GSM at 35 percent.
GSM plans to invest $1 billion in the Philippines over the next three years after dispatching 2,500 vehicles to the Manila metro region, according to a June government statement. GSM declined to comment. In Indonesia, GSM expects to have 10,000 of
its cyan-colored EV taxis—known there as Green SM—on the nation’s streets by the end of this year, taking on leaders Grab, GoTo Group and PT Blue Bird Tbk.
GSM can claim 6 percent of the Indonesian car ride-hailing market in 2026 if its fleet grows to 16,000 cars, and 12 percent if it expands to 35,000 vehicles, roughly matching its current Vietnam fleet, by 2027, Maybank Securities analysts Etta Rusdiana Putra and Hussaini Saifee said in a December report. Grab and GoTo could see sales value from on-demand services shrink 1 percent and 3 percent, respectively, in 2027 due to GSM competition, they said.
GSM creates “a catalyst for Blue Bird to innovate,” CEO Adrianto Djokosoetono said in a statement, adding his company will focus on mobility services, expanding partnerships and quality control.
In January, GoTo CEO Patrick Sugito Walujo said GSM will be competitive in Indonesia. Grab did not respond to a request for comment.
GSM’s fleet size pales in comparison with vehicles used by Grab and Gojek, which have millions in service across Southeast Asia, said Bloomberg Intelligence’s Naidu. He doesn’t see Vuong’s push into Indonesia as a major competitive threat to either company. GoTo, in a cost-cutting drive, pulled out of other countries including Thailand and Vietnam, underscoring the challenges of entering new markets.
PROPERTY consultant Prime Philippines said the relocation of agencies in Metro Manila could boost office occupancy, while the provincial growth of the business process outsourcing (BPO) sector is set to continue in Clark in Pampanga, Cebu, Davao, Iloilo and Bacolod.
“Real estate performance in the first half of 2025 suggests a market not merely weathering global turbulence but actively repositioning to align with structural and geographic shifts in demand,” it said.
“While macro conditions remain fluid, the direction of change is clear: decentralization, flexible formats, and responsiveness to innovation will define the most competitive opportunities in the months ahead.”
For the first half of the year, Bonifacio Global City in Taguig, Makati and Ortigas registered year-on-year occupancy gains of as much as 3 percent, driven by expansions from BPOs, professional services companies and government relocations.
By contrast, the bay area in Pasay and Paranaque, and also Alabang recorded slight drops of 3.2 percent and 3.7 percent, respectively, as vacancies from the leftovers of the Philippine offshore gaming operations and the downsizing of BPO and IT companies persisted, the company said.
“With no new office stock in the NCR [National Capital Region] during the first half, and only 3 percent growth is expected for the remainder of the year, office landlords in Metro Manila can breathe a sigh of relief.”
Metro Manila’s average lease rate fell 6 percent year-on-year, with Pasay posting the steepest drop at 10.6 percent. Outside Metro Manila, Davao’s rates rose 12.7 percent due to a shortage of premium PEZA-ac-
credited spaces, while Metro Cebu saw a 3.9- percent increase, in line with its recovery trajectory.
Quezon City, the company said, presents an “interesting case” as despite strong interest from government agencies and professional service firms, its occupancy declined by 3.5 percent in the first half. It said much of the government’s requirements remain in the procurement stage and have yet to convert into actual take-up.
“Nonetheless, government agencies accounted for the majority or 18.5 percent of national office requirements in the first half, with interest concentrated in Quezon City, Pasay and Pasig.”
Many of these agencies, headquartered in the Manila and Quezon City, are seeking to relocate due to aging facilities or are expanding their footprints. This institutional demand provides a critical buffer, helping to hedge against potential contractions in expansions from the private sector and supporting the city’s resilience in the evolving office landscape.
In the industrial market, meanwhile, Tarlac, Pangasinan and Pampanga are poised to lead warehousing supply growth, with highvalue manufacturing benefitting from global trade realignment and lease rates expected to post modest gains.
“In retail, expansion will follow suburban and mixed-use developments, with health and wellness and food and beverage remaining key demand anchors, and EV [electric vehicle] infrastructure integration emerging as a competitive differentiator for malls and as a boon for land lessors.” VG Cabuag
BUSINESSMIRROR FILE PHOTO
Banking&Finance
‘Multilateral banks key to EV market growth’
By Cai U. Ordinario @caiordinario
APARIS, France-based thinktank believes the current pace of growth of the market for electric vehicles could significantly increase, especially in emerging economies, on support from multilateral development banks (MDBs).
In its latest report, the International Transport Forum (ITF) said these financial institutions can help support the growth of electric medium- and heavy-duty vehicles (e-HDVs) by extending concession-
al financing to emerging markets where high costs remains a barrier to accessing these vehicles.
The ITF also said governments and MDBs should work together to establish clear due diligence and
The most common financial regrets and how to avoid them
FINANCIAL regrets are common. There’s always something we did hastily or without proper consideration that we wish we hadn’t, especially with our money. While there’s no guarantee that things would have been better if we had chosen differently in the past, regret is a reminder that we are not perfect and that it’s more important never to repeat the same mistakes.
The most common financial regrets
A SURVEY by Quicken revealed that roughly 80 percent of Americans have financial regrets. What are the most common financial regrets? Here’s what the survey showed:
n Too much credit card debt:
31 percent
n Not enough savings for emergencies: 28 percent
n Too little saved for retirement; too few long-term investments: 27 percent
n Overspending on a house: 23 percent
n Overspending on a vehicle: 21 percent
n Not prioritizing income: 20 percent
n Not enough short-term investments: 20 percent
n Not enough saved for children’s education: 16 percent
n Having too much student loan debt: 11 percent Avoid financial regrets
1. ESCHEW debt accumulation. Credit card debts carry high interest rates that can drain your wallet and hinder your ability to build wealth. Prioritize paying it off by properly budgeting and finding ways to earn extra income. Consider consolidating debts or negotiating lower interest rates to accelerate repayment.
2. B uild emergency fund. Unexpected expenses can sometimes arise, leading to financial stress and regret if you’re unprepared. Aim to build an emergency fund equivalent to three to six months’ living expenses. Set up monthly automatic transfers to your emergency savings account to ensure consistency.
3. Save enough for retirement. One of the biggest regrets people have is not saving adequately for retirement. Begin investing as soon as possible, even if it’s small. Many long-term investments, such as stocks and mutual funds, now require only P1,000 to open an account. Start with what your budget can allow and increase gradually over time.
4. Live within your means. Overspending and accumulat -
transparency guidelines in terms of these concessional loans.
“MDBs are well-positioned to offer concessional finance, which would lower financing costs and make electric heavy-duty vehicles more accessible,” according to the ITF, a politically-autonomous and administratively integrated organization with the OECD.
“Emerging markets face significant hurdles in transitioning to electric trucks and intercity coaches, due to their reliance on used vehicle imports, lack of charging infrastructure and vehicle models available for sale, and difficulties in accessing capital,” added the intergovernmental organization comprised of 69 member countries.
Apart from concessional financing, support for small and medium
Unregistered
Ting debt can lead to significant regrets later on. Create a budget and stick to it. Differentiate between needs and wants, and prioritize saving over spending. Track your expenses regularly to ensure you’re staying within your means.
5. Do not rely on only one source of income. Relying solely on one source of income can leave you vulnerable to financial instability, especially in times of economic uncertainty. Explore opportunities to generate additional income streams, such as freelancing, starting a side business, or investing in rental properties. Diversifying your income sources can provide greater financial security and flexibility, helping you weather unexpected challenges more effectively.
6. P lan for significant life events. Whether buying a home or a car, preparing for your child’s education, or saving for retirement, not planning significant life events can lead to financial strain and regret. Start saving for these events well in advance. Research the costs involved and create a savings plan tailored to each goal. Consider consulting with a professional to help you develop a comprehensive financial plan.
Final thoughts
PROPER financial planning can avoid these financial regrets. Learning from experience is good, but learning from the experience of others is better. If you don’t have these regrets, there’s still time to change and improve your finances. Be intentional in giving your finances proper direction. Be informed, proactive, and disciplined. Lastly, regularly reassess your goals and adjust your financial strategy to stay on track.
While you will still make mistakes—and there’s no guarantee you won’t have regrets in the future—I’m sure they won’t be as big and disappointing as they would be if you take action today.
Fitz Villafuerte is a Registered Financial Planner of RFP Philippines. The views Villafuerte expressed in this article do not necessarily reflect those of the BusinessMirror’s. To learn more about personal financial planning, attend the 113th RFP program this September 2025. E-mail info@rfp.ph or visit rfp.ph to learn more about the program.
enterprises (SMEs) in accessing eHDVs is in order, the ITF added. The group said SMEs have not benefitted from electric subsidy schemes even if they serve markets and play a crucial role in the green transition.
The ITF noted that private banks continue to be challenged in terms of providing sufficient financing to support to support the transition to electrification because SMEs often have lower credit scores.
“Governments have an important role to play in offering credit guarantees and other risk-mitigating mechanisms as well as capacity building and technical training. Funding for such programs can be sourced from green bonds and carbon pricing,” ITF said.
According to the ITF report, China remained the global leader in the electrification of HDVs. In 2024,
By VG Cabuag @villygc
HE Securities and Exchange Commission last Monday flagged several unregistered crypto platforms that continue to lure Filipinos into investing into the volatile currency.
In an advisory, the SEC has warned the public against these non-registered entities and online platforms that offer crypto assets to Philippine residents without the required registration or authorization from the agency.
The Regulator has released a new list of online platforms, which it identified as providing features that specifically enable access within the Philippine territory. Some of these features include options to register with a Philippine mobile number, to
electric buses in China accounted for approximately 64 percent of its total bus sales, the report cited.
Access to financing for these HDVs includes those coming from the government such as the subsidies extended by the Chinese government. The ITF estimates this could have been $70,000 per unit in 2016 and dropped steadily to about $5,000 to $7,000 per unit in 2022.
Other countries offering similar subsidies for the purchase of electric buses include Canada, Cyprus, Hungary, Brazil, and Korea. The government of India also has financial support extended for electric vehicles through its Faster Adoption and Manufacturing of Electric Vehicles (FAME) program.
Early data culled from the joint report of Campi and the Truck Manufacturers Association (TMA) showed total vehicle sales from January to May 2025 reached 190,429 units, which is a 1.7-percent increase from the 187,191 units sold during the same period last year. Commercial vehicles dominated, accounting for 79.66 percent of total sales. From January to May, 151,704 commercial units were sold. This is a 10-percent rise from the 137,944 units sold in the same period in 2024. In contrast, the passenger car segment recorded a significant drop. Sales fell 21.4 percent to 38,725 units from 49,247 units year-onyear. (See: https://businessmirror. com.ph/2025/06/18/local-autoindustry-riding-strong-salesmomentum-into-h2-says-campigovernment-private-cooperation-cited/).
crypto sellers still selling to Filipinos—SEC
accept Philippine peso through onramp methods (including banks or e-wallets), and make their platforms accessible within the country without securing the necessary registration and Casp (crypto-asset service provider) license from the SEC.
The unregistered crypto platforms flagged by the SEC include Blofin, CoinW, DigiFinex, LBank and Pionex. These were added to an earlier list identified by the SEC, which led to the geo-blocking of Binance’s website.
These include websites of OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex and Kraken.
The SEC said engaging with unregistered platforms may result in total loss of invested funds, absence of legal protection or recourse, expo -
PHOTOGRAPHER: KIYOSHI OTA/BLOOMBERG
Govt workers support suspended GSIS chief
By Justine Xyrah Garcia
THE Philippine Government Employees Association (PGEA) has issued a statement last Monday expressing full support for suspended Government Service Insurance System (GSIS) President and General Manager Jose Arnulfo A. Veloso, warning that political squabbles inside the corporation could undermine confidence in the pension fund. The statement quoted PGEA National President Esperanza S. Ocampo as saying that Veloso had shown “steady and responsive” leadership, pointing to the growth of the pension fund and improved services for members.
GSIS records show that as of June 2025, it has P1.88 trillion in total assets and P76.82 billion in net operating income, a 31-percent increase compared to the same period last year.
“He listens, he acts, and he gets things done for the benefit of government workers. That kind of leadership is what we need,” Ocampo said, adding that services have become faster and more accessible under his term.
In July, the Office of the Ombudsman ordered a six month preventive suspension of Veloso and six other GSIS officials over a P1.45 billion investment in Alternergy Holdings Corporation.
Labor group Public Services Labor Independent Confederation (PSLINK) linked the case to what it called a “disturbing pattern” of risky investments,
citing P2.3 billion placed in unprofitable firms, a P1.46 billion investment in Nickel Asia Corp. without board approval, and a failed attempt to invest $100 million in a credit fund linked to the defunct Lehman Brothers (Related: https:// businessmirror.com.ph/2025/07/24/ were-gsis-funds-mishandled-groupseeks-probe/ ).
The PGEA, for its part, argued that the issue must not be politicized and that GSIS should remain focused on protecting members’ long-term security.
“It gives us peace of mind to know that the fund’s life has been extended to 2058. That is what truly matters to us...Let us not risk the stability of an institution like GSIS over internal power struggles,” PGEA Vice President Glen Pastorfide said.
Ocampo also warned that “political noise” and misinformation could shake members’ trust in GSIS.
“It is unfair and dangerous when political noise creates fear among our members. We are the ones who suffer when trust in GSIS is shaken when we jump to conclusions without due process,” she said.
Ocampo clarified that the PGEA is not simply defending Veloso but is also looking out for GSIS and its members by “ensuring there is due process and fighting fake news.”
PGEA, which represents over 150,000 members and has a network of nearly half a million public service workers, is the largest umbrella organization of government workers in the country.
sure to fraud, identity theft, market manipulation, and misuse of personal data and increased vulnerability to money laundering and terrorist financing.
“The commission likewise warns the public that unregistered cryptoasset platforms may be exploited for money laundering and terrorist financing. Under Philippine law and the Anti-Money Laundering Act, Virtual Asset Service Providers are considered covered persons and are required to implement robust controls including customer due diligence, suspicious transaction reporting and record keeping,” the SEC said.
The SEC said earlier new rules on crypto asset service providers, which took effect on July 5, do not prohibit cryptocurrency trading or investment.
“Rather, they require platforms to obtain the appropriate registration and licenses before offering their services in the Philippines,” the SEC said in an advisory.
“This ensures that investors are protected, market integrity is upheld, and all market participants operate on a level playing field,” the SEC said. In enforcing the CASP rules, the SEC said it acts within its legal mandate to investigate and take action against unregistered entities, which may include measures to limit access to non-compliant platforms.
“These actions are designed to safeguard the public from risks such as fraud, loss of funds and money laundering risks that often increase during periods of heightened market activity,” the SEC said.
‘Public role in budget process up in the air’
By Reine Juvierre Alberto @reine_alberto
DESPITE efforts to allow the involvement of people’s organizations (POs) and civil society organizations (CSOs) in the national budget process, the interim rules of the House of Representatives “still fall short” of ensuring genuine public participation.
This is according to nongovernment group Social Watch Philippines (SWP), which also said there are limited avenues and mechanisms for genuine participation under the newly-adopted interim guidelines for civil society engagement.
“As currently framed, civil society and grassroots submissions will only be ‘accepted and noted’ without the chance for full discussion. There is likewise an accreditation process that interested parties would have to go through. This reduces the public’s participation to a token exercise,” SWP Co-Convenor Jessica Reyes-Cantos was quoted as saying in a statement the group issued last Monday.
According to the SWP, while it will not seek accreditation as an “observer” in the House budget proceedings, the organization will continue to advocate for transparency, accountability and inclusivity in public finance.
“Amid widespread corruption and misuse of public funds, Filipinos deserve more than ceremonial engagements. True transparency allows citizens to voice their concerns and scrutinize how their money is spent,” Reyes-Cantos added.
Last week, the Office of Speaker Ferdinand Martin G. Romualdez issued a statement saying Memorandum Circular 20-002 operationalizes House Resolution (HR) 94 for the coming budget cycle. The MC allows accredited groups to observe committee and plenary hearings,
obtain materials presented during deliberations, file written position papers within set deadlines and present consolidated sectoral views at points designated by the House. According to the SWP, it had previously pushed for key measures to strengthen citizen participation, such as the recognition of CSOs as resource persons in budget hearings and dedicated time to discuss sectoral and community-driven proposals. These proposals, however, were not incorporated in the interim rules, the SWP said.
The group added the letter it sent to Romualdez stressed the importance of “confidence-building measures to demonstrate Congress’s sincerity in promoting transparency in the budget process.”
The SWP lobbied for the early passage of House Joint Resolution 2 to set mechanisms for the Open Bicam. It also lobbied for the adoption of House Concurrent Resolution (HCR) 5 to make budget documents accessible to the public. Likewise, the group said it also sought the release of Second and Third Reading versions of the General Appropriations Bill of both Houses in machine-readable formats such as Excel.
The SWP noted that the Senate has already passed Concurrent Resolution 4, the counterpart of HCR 5, proving such reforms are feasible and timely.
The group also urged Congress to build on past good practices and adopt immediate reforms that will ensure taxpayer money is spent in ways that reflect the needs and priorities of the people.
The House of Representatives began its hearings on the proposed P6.793-trillion national budget for 2026 on August 18.
Next year’s national budget is higher by 7.3 percent than this year’s P6.326 trillion national budget.
PERSONAL FINANCE
Fitz Gerard Villafuerte
CRYPTO CAPTURE Signage for Solana during the WebX2024 in Tokyo, Japan, on Thursday, August 29, 2024. Galaxy Digital, Multicoin Capital and Jump Crypto are in talks with potential backers about raising roughly $1 billion to accumulate Solana, in what would be the largest treasury dedicated to the digital token.
Art BusinessMirror
From dialogue to tribute: Montegrande interacts with Sansó in ‘Lines of Legacy’
VISUAL artist Kenneth Montegrande had an already tall task. The abstract expressionist was to “interact” with unfinished works of master painter Juvenal Sansó in a longplanned two-man show, coming off the heels of their successful engagement in 2021. On March 28, however, the 95-year-old Señor passed, and the entire complexion of the proposed exhibit changed.
“When they first turned over the works to me, buhay pa si Master Sansó, and we had a project na before, so hindi pa ganun nakaka-pressure itong show,” Montegrande said. “But when he passed, I remember thinking, teka lang, this is now a different story.’” That altered narrative unfolds in Lines of Legacy, which has become Montegrande’s homage to the late Señor, as well as the first guest artist exhibition at Fundacion Sansó since the passing of its namesake founder. The show, mounted in partnership with Galerie Joaquin, opened on August 20 and runs until September 10 at Fundacion Sansó Museum & Gallery in San Juan City.
According to Ricky Francisco, director of the non-profit organization created to promote the legacy of Sansó, it was only fitting to have Montegrande featured in the incidental tribute show. In an exclusive preview of the exhibit, he said Sansó and Montegrande “share similarities in more ways than one.”
“Mr. Montegrande’s development over the years saw him evolve from doing seascapes to abstracts, which are the same tropes of Mr. Sansó,” Francisco
said. “Also, they use art not just for their personal fulfillment, but also to help others. Mr. Sansó used his art to fund private scholarships in UP [University of the Philippines], and now, through Mr. Montegrande’s help, we’re helping scholars in Bulacan State University [BSU].”
“Hence, the title [of the exhibit] Lines of Legacy,” the director added, “because they are in parallel paths, not just in art, but in the social component of what they do.”
The self-taught Montegrande broke through the art scene in 2012 with his faith-based gestural abstractions and captivating seascapes. His thick impastos, luminous sceneries, and vivid palette call to mind greats, such as Jackson Pollock, Willem de Kooning, and Basquiat. His emotive lighting reminds one of J.M.W. Turner, while his chiaroscuro is very Rembrandt.
The Manila-born painter is the first Southeast Asian artist collected by Japanese billionaire Yusaku Maezawa and included in the Tokyo-based Contemporary Art Foundation, alongside works by Basquiat, Bruce Nauman, and Alexander Calder. Montegrande also became the youngest artist to exhibit at the Malacañang Palace Museum, with two works now part of its permanent collection, and has been featured in the inaugural volume of Contemporary Filipino Artists by De La Salle University Publishing House. His international debut, titled Expanding Horizons, opened in 2022 at the Philippine Center in New York, followed by Love Beyond Words at ManilArt to mark his first decade in art.
Moreover, the painter has always been a philanthropist. Montegrande has raised funds from his debut solo to help victims of Typhoon Yolanda, setting the tone for a career in which art and advocacy are deeply intertwined.
For Lines of Legacy, both Montegrande and Francisco noted that “everything fell into place.” The two first met in 2020, during the height of the lockdown, at a hotel in Manila to discuss a project. Montegrande, ever zealous, mentioned in the meeting that he always dreamed of collaborating with masters, mentioning
several big names, including Sansó. “Nangangarap na lang din ako, ‘yung mataas na,” Montegrande said.
The artist wasn’t aware of Francisco’s role at Fundacion Sansó at the time. An hour after their meeting, Francisco reached out to Montegrande and told him that his proposal had received approval. The show, titled The Blissful Expanse of Sea and Sky: Sansó x Montegrande, featured a charity auction that benefited seven scholars from BSU under Fundacion Sansó’s Fine Arts Scholars program.
Nagulat ako,” the artist said, “parang hindi ako naniniwala na matutuloy. Pero director pala si Ricky for the organization, and that was it. To this day, I consider that show as one of the best I have done.”
For this follow-up showcase years later, Montegrande admitted that pressure was still there. He looked up to Sansó and wanted to do right by him, even though they had not met in person. He said that through Fundacion Sansó, however, it felt like he already knew the master through and through.
Thus, when Sansó passed, Montegrande felt even more self-imposed urgency to deliver. People looked up to Señor, and he did not want to disappoint. But it is in the recognition of the public adoration for Sansó where Montegrande found his answer. He recalibrated his approach from engaging in dialogue to mounting a tribute.
“More than anything, in this show I want to honor Master Sansó,” Montegrande said. “I want to honor him not only as an artist but as a person, someone who helped a lot of people.”
In Lines of Legacy, Montegrande presents his various series of cloudscapes, seascapes, abstracts, and the more recent allusions to flowers. At the center of the presentation are three interactive pieces, or unfinished Sansós that Montegrande was given full liberty to work with.
“Since it’s an interaction, you have to showcase your identity. Otherwise, parang tinapos mo lang ‘yung gawa niya,” the artist said.
Montegrande also noted that just before Sansó
CONTINUED ON B5
LEO (July
22): Communication is your key to success. Let your imagination wander and your ideas dazzle those you encounter. Travel, reunions, meetings and networking will give you the platform necessary to motivate others to see things your way. Embrace the future with a passionate attitude, and something good will happen.
VIRGO (Aug. 23-Sept. 22): Consider money management and how you can lower your costs by doing some of the legwork yourself. Indecisiveness or acting in haste will be your downfall. Get the facts and formulate a plan that checks off the necessary boxes. Put your creative imagination to work and add discipline, and what transpires will be impressive. ★★★
LIBRA (Sept. 23-Oct. 22): Emotions will get you in trouble. Overreacting or acting in haste will backfire. Take your time, look inward and work on yourself instead of trying to change others. Let your creative imagination help you dream and bring about the lifestyle you desire. Believe you can, and you will make progress. ★★★
SCORPIO (Oct. 23-Nov. 21): Establish what’s important to you before you start. Don’t expect others to agree with you; it’s time to follow your heart and to achieve what you set out to do. Distance yourself from negative people and one-sided partnerships. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Declutter your life. Expect someone to criticize you and your lifestyle if you ask for input. Listen, absorb what you hear and work out a plan that fits into your schedule. Cap your expenses and spending, and focus more on what you can do or get for free, and sell off items you no longer use.
CAPRICORN (Dec. 22-Jan. 19): Refuse to buy into someone else’s dream. You perform best when you commit to your vision. Simplify your life by sticking to the people and pastimes that bring you joy and fulfillment and help you achieve the happiness you deserve. ★★
AQUARIUS (Jan. 20-Feb. 18): Align your budget with your plans and enforce change. Investing in your space and prospects will ease stress and encourage you to include pampering and physical and mental improvements in your agenda. How you embrace personal growth will also encourage you to connect with people who can match you every step of the way. ★★★★★
PISCES (Feb. 19-March 20): Take a moment to review your schedule, lifestyle and where you see yourself heading. Finding an outlet for anxiety through social events, physical activities or the arts will help you revise how you spend your downtime and recover from
anthology Tadhana, hosted by network star Marian Rivera, is celebrating its 8th successful year on air and online through a special three-part episode airing beginning August 23. Veteran actress Cherry Pie Picache and Sparkle Artist Althea Ablan banner the special episode, titled “Banta ng Kahapon.” Joining them are Isay Alvarez, Mike Lloren, Anne Garcia, Al Gatmaitan, and Princess Aliyah.
In the pursuit of a simple dream—to save enough to return home—Charo’s (Cherry) life takes a devastating turn. Hired as a housemaid for wealthy, influential land developers Gloria (Isay) and Otto (Mike), she endures endless cruelty from Gloria and fends off unwanted advances from Otto. But when Gloria’s ruthless business dealings collide with Charo’s personal life, her world shatters.
On the very day Gloria orders the demolition of Charo’s community, Charo is assaulted by Otto. As if that wasn’t enough, she returns home to discover her husband Lito (Al) had been killed in the ensuing violence. Her torment deepens when she gives birth to Otto’s child and is forced to make an impossible choice to protect her baby from Gloria.
Years later, a newly freed Charo is on a path of vengeance, vowing to find the wealthy couple who destroyed her and search for the daughter she was forced to give up. What she doesn’t know is that the child she tried so hard to protect has been raised by the very family who took everything from her.
“Walong taon na ang Tadhana sa paghahatid sa inyo ng mga kuwento ng pag-asa, pagkabigo, at tagumpay— mga kuwentong base sa mga tunay na karanasan ng mga kababayan nating OFW,” says Marian Rivera.
Since 2017, Tadhana has been captivating audiences with inspiring stories of Filipinos who have triumphed over great challenges. It’s not surprising that the show is one of the highest-rated programs on weekends and a social media powerhouse, with 12 million followers on Facebook to date. In 2023, the show took home the National Winner award for Best Single Drama/Telemovie/Anthology Episode at the Asian Academy Creative Awards in Singapore.
“Maraming salamat po sa walong taon at sa walang sawa n’yong pagsuporta sa Tadhana,” added Marian.
Catch Tadhana’s special anniversary episode “Banta ng Kahapon” on August 23, August 30, and September 6, 3:15 pm, on GMA Network, with live streaming on GMA Public Affairs’ social media accounts. Global Pinoys can watch it as well via GMA Pinoy TV.
FROM DIALOGUE TO TRIBUTE: MONTEGRANDE INTERACTS WITH SANSÓ IN ‘LINES OF LEGACY’
Continued from B4
passed, he was already making headway with his flower series, something he always wanted to pursue as someone who appreciates nature’s beauty. He was able to infuse that into the interactive pieces, given that Sansó himself was noted for his depictions of flowers, both in texture and color.
One artwork in particular stands out. Titled No Greater Love, the 19” x 25” acrylic painting on paper was no more than a black-and-white framework of a promising landscape when it was provided to Montegrande. Sansó had the makings of mountains and fields from his signature gestural strokes, but little else. Upon introspection, Montegrande saw a vision and executed it with precision, poeticism, and poignancy. He bathed the paper to achieve a sepia effect, simulating age and eliciting nostalgia. In the foreground rose a commanding thicket of sunflowers, depicted only as silhouettes to match the overall message of the painting. “Doon ko nakita ‘yung pagkakapareho ng buhay natin sa sunflower,” Montegrande said. “Like flowers, our lives have seasons. May pagtubo, pagusbong at paglanta, and I wanted to show that in this piece. Also, I reflected on the fact that ‘a sunflower has to die for its seed to ripen and grow new ones.’ From the one passing, seeds will fall at may tutubo ulit. Montegrande said he wants to consider himself as one of those seeds, set to grow and continue the legacy of Sansó, particularly in helping those in need. “I want to continue that cycle. More than anything, ‘yun ‘yung naiwan ni Mr. Sansó sa akin yung puso. Siya yung sunflower, tayo yung seeds. May bagong sibol.” “At, sana,” Montegrande added, “hindi lang ako. Sana may iba pa.”
Show BusinessMirror
Being brave, being brilliant, being Ice
OR two nights in September, first-rate artist
FIce Seguerra will bravely try conquer the performing stage without his biggest fan and supporter, and in doing so he hopes to be able to find himself and discover more about his strengths through his songs.
Billed as Being Ice: Live! The Concert Experience, the shows will be staged at the Newport Performing Arts Theater on September 12 and 13, and it will also be a special celebration of his 38th year in the music and entertainment industry. Sadly, one front-row seat will be empty, the one usually reserved for Seguerra’s dearest mom.
Mommy Caring (as she’s fondly referred to in entertainment circles) was his pillar of strength, the switch to his brilliance. “She raised my standards, in general that is—not only about my being a performing artist and as a professional, but more importantly she taught me about people: how to treat people, especially my fans and followers, and how to be treated and respected, as well. She instilled in me the value of empathy, and that truly made a huge impact on me.”
With his recent loss, Seguerra is now technically an orphan. And for everyone else, life reminds us that one does not totally get over losing someone you love dearly.
“I’ve learned that there is no right way to grieve. Some days, I feel okay, not so much on other days, and I was told that is perfectly normal,” he said.
He added, “Losing someone so dear like my mom made me realize that grief is not just a feeling—it is a shift, a huge change inside where something who was once there is now missing. It is hard to describe, because most of the time it doesn’t just hurt, it unsettles you.”
Grief indeed is something almost sacred, and when one goes deep inside the core of that feeling, one realizes that it is still love—but in a different form. It creates a space where love once used to be, and that space now echoes with silence.
Seguerra shared that he avoids empty rooms and quiet places. “Sometimes, when it’s too quiet, I feel the void.” He feels fortunate to have his strongest core support ally, his wife Liza Diño. “Liza’s got my back and I am assured that she is and will always be there
for me, that she will be my strength when I am in my weakest state. And for that, I feel truly blessed and I’m so thankful I have her, and that we’ve got each other.”
Seguerra’s two-night concert will feature songs that have shaped him, compositions that bear witness to his many transitions in life. He will also include songs that have influenced him, his signature songs and some timeless hits, too. “My repertoire will
weave a narrative of my musical journey, and that is something special I would love to share with my audience.”
With time, and the healing powers of music, we are sure Ice Seguerra will find peace and happiness again, not because his wounded heart has forgotten, but because he has learned to carry both love and loss in his brave heart.
‘KPop Demon Hunters’ gives Netflix its first box-office win
LOS ANGELES—Netflix appears to have its first No. 1 box-office title in the streaming company’s 18-year history thanks to the sensation of KPop Demon Hunters Rival studios on Sunday estimated KPop Demon Hunters led all films over the weekend with $16-18 million in ticket sales. Distribution executives from three studios shared their estimates for the Netflix phenomenon on condition of anonymity because the streaming company has a policy of not reporting ticket sales.
Following a dominating few weeks as one of the most popular Netflix releases ever, the streamer put the film into 1,750 theaters for sing-along screenings Saturday and Sunday. Studios are able to accurately estimate ticket sales for all releases on Sunday morning, though the uncommon nature of the KPop Demon Hunters releases means a wider variance. Some estimates were as high as $20 million. It amounted to a victory lap for KPop Demon Hunters, arguably the biggest hit of Hollywood’s summer, and an ironic success for Netflix, whose emphasis on streaming, not theatrical release, upended the movie industry. Another sore spot for Hollywood: The film was developed and produced by Sony Pictures, which sold it to Netflix.
Not all exhibitors went along. AMC, the largest theater chain in North America, declined to show
the movie. But that didn’t stop Netflix from claiming the box-office title its more traditional competitors typically own.
David A. Gross, who runs the movie consulting firm FranchiseRe, called it “a completely unique twoday musical event.”
“It may turn out to be higher,” said Gross. “Theater owners are quick on their feet and can add capacity according to demand.”
The theatrical release, though limited, is out of the ordinary for the streaming giant, which has long stressed a commitment to subscriber releases. The movie debuted on the platform in late June and is currently Netflix’s most-watched animated original film.
The film centers on Huntr/x, a KPop superstar trio who double as demon hunters. The members, Rumi (Arden Cho), Mira (May Hong) and Zooey (Ji-young Yoo), must protect their fans and face their biggest enemy yet: a rival boy band made up of demons in disguise.
Zach Cregger’s horror hit Weapons strength in the box office during its third weekend, bringing in $15.6 million domestically. The horror movie has proved its staying power, raking in over $100 million globally since its release.
Disney’s Freakier Friday landed behind the horror movie once again, earning $9.2 million in North American theaters.
The two films are “real bright spots” as the box office heads into a “rather quiet finish” for the summer, said Paul Dergarabedian, senior media analyst for the data firm Comscore. Both films, which premiered simultaneously earlier this month, had a minimal 36-percent drop from last weekend.
“I think we have to look at the currency of the goodwill generated by people having these great summer moviegoing experiences,” Dergarabedian said. “We have to look at that as a more important
Book Korea Now and get a Bonus Domestic Flight to Jeju or Busan
The Korea Tourism Organization (KTO), in partnership with South Korea’s leading carriers Korean Air, Asiana Airlines, and Jeju Air officially launched the Korea Fiesta Deals on August 19, 2025. This special promotion is designed to encourage Filipino travelers to go beyond Seoul and discover Korea’s diverse regional destinations by making domestic travel within the country more accessible and affordable.
It’s the perfect time to book Korea now. Experience the charm of Jeju, the setting of K-Dramas and home of the famous Jeju tangerines or enjoy the vibrant city life and coastal beauty of Busan. Whether you’re a K-Drama fan or a seaside lover, these destinations offer unique and unforgettable experiences.
Through this program, passengers flying from the Philippines to Korea can enjoy a subsidy of up to P5,600 for a roundtrip domestic flight within Korea. This benefit allows travelers to explore popular destinations such as Jeju Island, Busan, and other regional destinations. Any amount beyond the subsidy, including applicable taxes and fees, will be shouldered by the passenger.
The Korea Fiesta Deals promotion is available for bookings starting August 19, 2025, and all domestic flights must be completed on or before December 21, 2025. To qualify, passengers must purchase a Philippines–Korea ticket issued exclusively by Korean Air, Asiana Airlines, or Jeju Air through their designated booking platforms.
After securing their international ticket, travelers can then book a Korea domestic roundtrip flight through the
same platform or the official process of their chosen airline. Each passenger is entitled to a maximum support value of P5,600.
This is a limited offer and will be on a first come, first served basis. See the booking platforms and mechanics for each airline below:
Korean Air
Booking Platform: Korean Air Website
Mechanics:
After issuing a Manila/Cebu to Seoul ticket, proceed to Korean Air’s website (www.koreanair.com) SPECIAL OFFERS
PAGE or directly register for your domestic coupon voucher using this link: bit.ly/ KExKoreaFiestaDeals
Korean Air will then issue and provide a domestic flight coupon linked directly to passenger’s SKYPASS account within 1–5 business days upon registration.
The customer may use the coupon to book a domestic flight directly through their Korean Air SKYPASS log in account.
Applicable to Korean Air flights from Manila and Cebu to Korea.
Passenger must be a member of Korean Air’s mileage program SKYPASS in order to qualify and receive the coupon for the Korea domestic flight.
Asiana Airlines
Booking Platform:
Asiana Airlines Ticketing Office • R akso
AS the Philippines continues to face increasingly severe climate-related disasters, mobility companies are being called to play a more active role in community resilience. Global ride-hailing platform inDrive, through its local social impact program inDrive Cares, is helping turn emergency relief into long-term, community-centered action, supporting both vulnerable families and the TNVS (Transport Network Vehicle Service) drivers who power its platform. The initiative began with a series of relief efforts during the onslaught of Typhoons Crising and Dante, when inDrive partnered with Laban TNVS to distribute essential aid to evacuees. The team reached up to 160 families in Barangay Bagumbayan, Barangay Quirino 2A, Quezon City, and Barangay Masambong Quezon City, providing ready-to-eat meals, hygiene kits, and other emergency items to those displaced by floodwaters. This experience led to the launch of inDrive Cares, a program designed for long-term, community-driven solutions.
“Itong
Air Travel and Tours Inc.
Island Resort Club Tour Services, Inc.
Airmark Tour and Dev’t Inc.
Luxury Vacation Holidays and Tours Inc.
Mechanics:
Book your PH–KR flight only through Asiana Airlines’ designated booking platforms.
After booking your PH–KR flight, proceed to book your Korea domestic flight on the same platform to avail of the promotional offer.
Applicable to Asiana Airlines’ flights from Manila, Cebu, and Clark to Korea only.
Jeju Air
Booking Platform:
Island Resort Club Tour Services, Inc.
Airmark Tour and Dev’t Inc.
OnTopTour OPC Mechanics:
Book your Manila-Incheon-Manila flight only through Jeju Air’s designated booking platforms.
After booking your Manila-Incheon-Manila flight, proceed to book your Korea domestic flight on the same platform to avail of the promotional offer.
• Applicable to Jeju Air’s flight from Manila to Incheon only.
This promotion is valid while supplies last and applies only to flights in 2025. While the program highlights Jeju and Busan, passengers may choose other Korea domestic destinations served by participating airlines, depending on availability and schedule. Additional terms and conditions apply and may vary per airline.
If you visit the Korea Travel Fiesta 2025 on August 30 to 31, 2025 at the SM Mall of Asia Music Hall, you can avail of the Korea Fiesta Deals promo while also enjoying exciting performances and cultural experiences.
Korea Fiesta Deals is part of KTO’s continued efforts to make Korean regional travel more accessible to Filipino visitors.
By collaborating with leading Korean airlines, KTO aims to provide added value and encourage travelers to go beyond Seoul and experience Korea’s diverse regions, rich culture, and unique attractions.
For complete details and the latest booking mechanics, visit: bit.ly/ KoreaFiestaDeals2025.
NOVO NORDISK, ORA PARTNER FOR DIGITAL OBESITY CARE PROGRAM. Novo Nordisk and ORA officially seal their partnership to revolutionize obesity care in the Philippines through telehealth. The collaboration brings together Novo Nordisk’s clinical expertise and ORA’s fully digital care platform to offer end-to-end obesity care, from virtual consultations to personalized plans and medication delivery. The initiative aims to break down barriers of stigma, cost, and limited access to doctor’s care by empowering Filipinos to take charge of their health from the comfort of their homes. This forms part of Novo Nordisk’s Truth About Weight (TAW) campaign in the country, which aims to raise awareness, dispel stigma, and encourage informed, science-based approaches to addressing obesity. Photo shows, seated from left, Thalia Bondoc, director for marketing, ORA, Tom Reynolds, vice president for marketing, ORA, Wei Sun, general manager of Novo Nordisk Philippines, and Geraldine Perez, market access & business development director of Novo Nordisk Philippines. Joining them are key colleagues from both Novo Nordisk Philippines and ORA who made this partnership possible.
pagbabago kapag hindi lang tayo nagbibigay ng tulong, kundi andiyan ka rin mismo sumasama at tumutulong kasama sila. Do’n nagiging higit pa sa ayuda ang suporta, nagiging pag-asa.”
[“This initiative of ours with inDrive shows the strength and heart of TNVS drivers. In our partnership with inDrive, I have seen that real change occurs more when we not only provide help, but also when you are there yourself and help with them. That’s where support becomes more than just aid, it becomes hope”]
inDrive’s efforts align with the national government’s climate adaptation goals, particularly the Bayanihan sa Estero Program, aimed at rehabilitating flood-prone waterways in the National Capital Region. The program addresses critical drainage issues and waste buildup that worsen flooding during the monsoon season.
“We realized we were treating symptoms, not causes,” said Vanessa Taqueban, inDrive’s Driver Operations Lead for the Philippines. “The flooded communities we served were the same areas where our TNVS drivers couldn’t operate, losing income when roads became impassable.”
As part of its contribution, inDrive volunteers alongside local agencies joined the clean-up drive at the
Local Travel Marketplace Guide to the Philippines Wins Tripadvisor Travelers’ Choice Award
GUIDE to the Philippines (www. guidetothephilippines.ph), one of the country’s leading travel booking marketplaces and agencies, has once again earned a spot among the world’s best in the 2025 Tripadvisor® Travelers’ Choice® Awards. This marks the third consecutive year that Guide to the Philippines has been recognized by Tripadvisor, placing it in the top 10 percent of listings worldwide based on consistently earning high ratings from travelers.
Tripadvisor, the world’s largest travel guidance platform, grants this award to businesses that have earned outstanding reviews from travelers around the globe over a 12-month period. Winners are selected based on real, first-hand feedback, making this honor a true reflection of traveler trust and satisfaction.
“We are incredibly grateful to be recognized once again as a Travelers’ Choice Award winner. Being among the top trusted travel agencies on Tripadvisor for the third year in a row reflects our continued dedication to
making Philippine vacations more accessible, seamless, and unforgettable for every traveler,” said Rabbi Vincent Ang, Managing Director of Guide to the Philippines. “This award is a celebration of our passionate team, trusted partners, and the travelers who continue to choose and trust us.”
Bacolod, Tanduay Renews Partnership for 5th Rum Festival
BACOLOD is set to raise its glasses high as it celebrates the 5th Tanduay Bacolod Rum Festival from August 28 to 31, 2025, coinciding with the worldwide observance of Rum Month this August.
First launched in 2019 through the partnership between Tanduay Distillers Inc. and the City of Bacolod, the festival has grown into one of the city’s most anticipated cultural events. It brings together locals, visitors, and global attention to Bacolod’s unique identity as a center of artistry, hospitality, and world-class rum-making.
More than just a festive gathering, the Tanduay Bacolod Rum Festival is a tribute to Bacolod’s sugarcane and rum heritage, a tradition that has sustained the local economy, flavored its celebrations, and inspired generations of artisans. Rum, deeply rooted in Negros’ fertile sugarcane fields, is part of the city’s soul and a proud emblem of Filipino craftsmanship.
“This is not just Bacolod’s pride, it’s the pride of the entire nation,” said Mayor Greg Gasataya. “Our rum heritage connects us to our past, strengthens our identity, and positions the Philippines on the global stage. This festival is where our history meets our world-class achievements.”
Themed “Ilabas ang Natatagong Galing,” the festival celebrates the hidden skills and creativity of Bacolodnons and Filipinos, from music and dance to culinary arts and mixology. The event also plays a key role in rum education, sharing knowledge about the craft of rum-making and its
Caingin Estero, Barangay Caingin on the boundary of Valenzuela City and Meycauayan, Bulacan, and provided cleaning kits and protective gears.
“Ang clean-up initiative na ito ay tunay na diwa ng bayanihan nating mga Pilipino. Tulong-tulong ang lokal na pamahalaan, mga ahensya ng gobyerno, at inDrive para sa kalinisan ng ating bayan. Nagpapasalamat kami sa kontribusyon ng inDrive dahil ito ay nakakatulong hindi lang sa kalinisan kundi pati sa kalusugan at pagiwas sa pagbaha. Makakaasa ang bawat-isa sa atin na magpapatuloy ang ganitong mga programa,” MMDA General Manager Procopio Lipana said.
[“This clean-up initiative is the true spirit of our Filipino solidarity. Local governments, government agencies, and inDrive help each other for the cleanliness of our city. We are grateful for inDrive’s contribution because it not only helps with cleanliness but also health and flood prevention. Each of us can hope that programs like this will continue,”]
This shift reflects a deeper understanding of how
Water ‘Ponzi’ that burned Jefferies had something for everyone, until it didn’t
By Jonathan Randles & Carmen Arroyo
THE pitch went like this: Good, safe drinking water has become such a scarce resource that Americans will pay to fill up jugs—30 or 40 cents to the gallon—at dispensers all across the country.
Hundreds of investors bought thousands of units, believing in the vision laid out by Ryan Wear, founder of a startup called WaterStation Management. They plunked down $8,500 for each vending machine and then waited for the dispensers to throw off a steady stream of cash. Among those lured in was a product manager in Oregon in 2021 and then, several months later, a dentist in Illinois. Each bought dozens of water dispensers, which Wear’s team would install and operate.
What they didn’t know is that at least one of those Hylytebranded machines wound up being sold to both of them: serial number 101962, wedged in between a liquor store and a yoga studio in a strip mall in the Los Angeles suburb of Torrance, according to court records. To make matters worse, a machine with that same serial number was also pledged as collateral to back WaterStation bonds that were sold in April 2022 to the investment bank Jefferies Financial Group Inc.
Serial number 101962, faded and rusted in pictures submitted to court, is now gone from that strip mall, WaterStation is in bankruptcy, and Wear, 49, is the target of legal action by federal prosecutors, the Securities and Exchange Commission, a state banking regulator, Jefferies and scores of small-time investors, all of whom claim the company’s business was largely an illusion.
“This case involves a massive Ponzi scheme,” Assistant US Attorney Justin Rodriguez told a federal judge in Manhattan Wednesday after Wear pleaded not guilty to criminal charges. A few feet away sat Jordan Chirico, a former Jefferies fund manager who prosecutors allege also committed fraud, directing his fund to purchase more WaterStation bonds after Wear admitted many water machines didn’t exist. He, too, pleaded not guilty. Lawyers for both declined to comment.
Voluminous legal filings describe a business that drew in military veterans, stock traders, pharmacists, salespeople and retirees by leveraging growing fears about contaminated tap water and microplastics and offering a lucrative solution that’d churn out annual returns as high as 20%, year after year. That desire to make easy money, coupled with clever marketing and alleged diligence lapses, kept the sputtering business going until the money finally stopped flowing around June 2023, according to court documents.
“These schemes never arise in a vacuum,” said John Bender, a lawyer who is representing a committee of WaterStation creditors. “The tragic consequences of the WaterStation affair could have been avoided had it not been for a cabal of insiders and institutions that prioritized their greed over doing the right thing even if it meant devastating the lives of a lot of people.”
Earlier this month, the committee asked a judge overseeing the proceedings to rule that Wear’s business meets the legal definition of a Ponzi scheme—a type of operation that uses new money to pay returns of existing investors or other creditors, with promoters
usually promising high returns for little risk. If granted, franchisees would likely get tax relief and advisers would have an easier time clawing back funds from entities that profited off WaterStation’s business, which “will lay the groundwork for future recoveries on behalf of victims of this Ponzi,” according to the committee’s filing.”
Machine mismatch
FORMED in 2016 in Everett, Washington, WaterStation Management sold upwards of 21,000 machines and raised more than $380 million over the course of some seven years. Growth was fueled by a handful of banks that issued loans backed by the US Small Business Administration, as well as about $100 million in bonds bought by a fund run by Jefferies. Wear claimed in a 2023 deposition that his business had more than 500 employees. In actuality, Wear’s firm only deployed roughly 2,100 machines, many likely never existed at all and most of the money WaterStation raised paid other costs or payments to existing franchisees, according to court records. Many dispensers that do exist were sold to multiple buyers—like the one that was in Torrance— or were promised as Jefferies’ collateral. Serial numbers on other machines don’t correspond with addresses investors were given by the company, court papers indicate. Determining who owns each machine and who bears responsibility for the alleged scheme is being fought over in federal court.
To locate machines that were sold more than once, Bloomberg News analyzed thousands of serial numbers submitted in court by creditors with claims to WaterStation machines and more than a dozen investor lawsuits that have piled up.
Restructuring advisers say in court papers that more than 10,000 water machines were sold to multiple purchasers.
Falling behind WATERSTATION had trouble paying franchisees for years before monthly payments stopped completely two years ago, according to Becky Yang O’Malley, a GlassRatner Advisory Services managing director and certified fraud examiner retained by a committee representing WaterStation franchisees and other creditors. Franchisees have sued WaterStation and Wear, who along with Chirico, was sued by the Jefferies fund, while banks have sued franchisees who have fallen behind on business loans, according to court records. Jefferies has also sued one lender, First Fed Bank, alleging it helped keep WaterStation afloat after becoming aware of the alleged fraud in order to prioritize repayment of debt it was owed.
Wear in a sworn statement in April 2024 said franchisees’ allegations that machines don’t exist were untrue and their claims of fraud “are baseless, inflammatory and false.”
Although WaterStation had occasionally experienced cashflow issues, the business was legitimate and profits derived from water machines “were historically paid to plaintiffs,” Wear said at the time.
A First Fed spokesman said the bank isn’t able to comment on specific aspects of Jefferies’ lawsuit “as this is an ongoing legal matter,” but that the lender did nothing wrong. The bank
will be submitting a formal response to Jefferies’ complaint next month, “which will provide additional clarity at that time,” he said.
‘Financially devastated’ CHIRICO, 41, has also denied wrongdoing. His lawyer has said Chirico is also a victim of the WaterStation fraud and that Jefferies has “tried to scapegoat our client for an alleged scheme that deceived him along with hundreds of other investors and major institutions.”
Jefferies’ 352 Capital fund, once managed by Chirico, filed a civil lawsuit against Chirico in New York state court after a federal judge in May dismissed an earlier complaint. The bond transactions and their risks “were no secret” to the firm and other institutions, Chirico’s lawyers said in a motion to dismiss the latest lawsuit. Chirico sought to protect the fund by removing Wear as manager and attempted “to stabilize the collateral so the possibility of a restructuring or refinancing could be explored,” according to his Aug. 14 motion.
Restructuring advisers face a daunting task of trying to return money to franchisees who face substantial losses after Wear’s businesses went bankrupt last year. The situation is worse for those who took out loans to buy machines because even though the business was an alleged fraud, franchisees are still responsible for the debt and certain banks have sued borrowers who have fallen behind on payments. Some investors contend banks that partnered with Wear’s business should have uncovered the alleged scheme earlier because they had access to machine lists with duplicate serial numbers.
“My family has been financially devastated by the WaterStation scheme,” one Indiana franchisee noted in a
sworn statement. He said he spent $3.3 million on machines and took out loans from two banks to fund his investment, pushing his monthly loan payments to $35,000. He said WaterStation’s assurances that it would buy back machines and that the financing was “SBAapproved” made him believe the business was more profitable and secure than it actually was.
Bank loans
WATERSTATION was listed on the SBA’s database of franchises eligible for agency-approved loans starting in 2018. It gained momentum two years later, when Wear hired former bankloan officer Kevin Nooney to help forge ties with banks and build a financing program to boost machine sales. The arrangement brought in new investor cash as the pandemic triggered a plunge in interest rates that motivated Americans to pile into a raft of alternative investments during lockdowns.
First Fed and fellow regional lenders Unibank and Celtic Bank were among the institutions that provided the most financing to investors, according to papers filed by a committee representing WaterStation creditors. Nooney said in a 2024 court filing that one of his former colleagues knew First Fed’s vice president of commercial lending, and that he also had “long-standing personal relationships” with Unibank’s former chief credit officer and a former loan officer.
Unibank and Celtic participate in the SBA’s preferred lending program which lets private banks administer SBA-backed loans with minimal agency review. Preferred lenders approved 28,875 SBA loans worth nearly $30 billion in fiscal 2021, roughly 55% of all loans approved in the SBA’s flagship lending program, according to a 2022 congressional report.
Voluminous legal filings describe a business that drew in military veterans, stock traders, pharmacists, salespeople and retirees by leveraging growing fears about contaminated tap water and microplastics and offering a lucrative solution that’d churn out annual returns as high as 20%, year after year. That desire to make easy money, coupled with clever marketing and alleged diligence lapses, kept the sputtering business going until the money finally stopped flowing around June 2023, according to court documents.
Unibank and Celtic didn’t respond to requests for comment.
From the start, though, the machines that Wear’s business was built on never made enough money to pay investors or cover WaterStation’s other costs. Instead, Wear relied on investors’ money and other loans to pay returns he promised franchisees “and to perpetuate the illusion of a legitimate business,” according to Yang O’Malley’s report.
As new money rolled in, people who already purchased machines got payouts they thought were their cut of the money generated from the vending business, according to court documents. WaterStation paid out $31.5 million in investor returns in 2021, about double what it paid in 2020, and more than $44 million in 2022, according to Yang O’Malley’s report.
But cracks were already forming as soon as August 2021, when Nooney learned that WaterStation purchases could constitute a security, according to a complaint brought by Washington’s banking regulator in May. The company responded by altering how it pitched the opportunity and paid returns, and these changes had the effect of curtailing new purchases, the complaint said. A lawyer for Nooney didn’t return messages seeking comment.
There was another problem with Wear’s business. The company pitched its machines as a way to make passive income, even though SBA rules say the loans WaterStation benefited from can only be used to fund actively managed franchises, according to the complaint.
The state regulator also said WaterStation exploited the SBA’s preferred lender program.
The SBA was “left in the dark” and relied on lenders to verify that funds for the WaterStation loans were being used for approved purposes, Washington authorities said.
Enter Jefferies IN need of fresh capital, Wear turned to the bond market. In 2022, a Jefferies hedge fund c alled 352 Capital purchased roughly $100 million in WaterStation bonds earmarked for machine purchases. The fund was run by Chirico, who had bought hundreds of machines prior to joining 352 Capital as portfolio manager, according to federal prosecutors. Chirico didn’t fully disclose to Jefferies his personal stake in WaterStation, according to the indictment, which he disputes.
The bonds have spawned a separate Jefferies lawsuit against First Fed, which the firm claims became aware in the summer of 2022 that many machines didn’t exist. The lender, a unit of First Northwest Bancorp, had serial numbers for machines purchased with loans it gave franchisees, as well as machines WaterStation claimed ownership of that served as collateral for the bonds, “and hundreds of machines appeared on both lists,” according to Jefferies’ suit.
First Fed has denied wrongdoing and last year sought a receiver to take over Wear’s business. In a July bankruptcy settlement, the bank also agreed to pay $2.87 million to creditors and make additional payments and concessions to benefit franchisees, according to court papers.
First Fed in a statement this month said the bankruptcy settlement will benefit creditors
because the bank released claims against WaterStation as well as liens on properties owned by an affiliate company. Proceeds from those assets will “become available for ratable distribution” to creditors, the bank said.
‘Going to jail’ AS for Chirico, prosecutors allege he had “learned of serious issues at WaterStation” by the summer of 2023. Then, in a phone call the following January, Wear admitted that thousands of machines supporting the bonds didn’t exist. But instead of telling Jefferies, Chirico allegedly directed the fund to purchase more WaterStation bonds which Wear partly used to repay a debt to Chirico, according to the indictment.
At Wednesday’s arraignment, Rodriguez, the prosecutor, told a federal judge that a “lengthy recorded phone call” is among the evidence law enforcement collected along with messages from Wear’s business email account. An investor who was also on the recorded phone call told Wear this was the “largest franchise fraud case in the history of the United States” and that he was “going to jail,” according to the indictments. As the legal process plays out, borrowers are still responsible for SBA loans even if they are victims of an alleged scam, said Paul Midzak, a lawyer who advises small business owners. However, borrowers like the WaterStation franchisees can raise the alleged fraud as a defense against their loans and challenge lenders in court, Midzak said. The SBA, meanwhile, can be slow in responding to borrowers and working with the agency can be “like dealing with a woolly mammoth,” he said.
An SBA spokesman directed Bloomberg News to the Department of Justice. The DOJ in its press release announcing the criminal charges this month said that the SBA’s Office of Inspector General was among the federal agencies that assisted law enforcement in the criminal investigation. Outside court proceedings, the physical markers that remain of Wear’s business include the water dispensers that actually were deployed in places like Pahrump, Nevada, where a Hylyte machine sits near the Lakeside Casino & RV Park, serving water to travelers who stop at the casino for a $12 plate of steak and eggs before heading east to Las Vegas or west to Death Valley.
Another 4,000-plus machines are sitting idle in two dozen abandoned warehouses stretching from Everett to Missoula, Montana, and Fort Meyers, Florida. Liquidation firm TAGeX Brands was hired to inventory machines. It discovered that people have broken into the warehouses to harvest copper wiring from the walls and that some packaged food left inside has attracted rats, according to court papers. The facilities “stand out as among the most disorganized warehouses I have encountered in my 38-year career,” TAGeX Chief Executive Officer Neal Sherman said in an August court filing. The machines lack insulation and pipes inside dispensers left in cooler climates often burst, making them impossible to sell.
“The water machines were in poor condition,” Sherman said, “and were poorly made.” With assistance from Nicola M White and Katanga Johnson/Bloomberg
NEW YORK—Janice Tjen earned the first singles win by an Indonesian player in a Grand Slam tournament in 22 years, advancing to a second-round match against a US Open champion who has been one of her inspirations: Emma Raducanu.
Tj en upset No. 24 seed Veronika Kudermetova 6-4, 4-6, 6-4 on Sunday in two hours and 11 minutes—she moved on to face the 2021 US Open winner, who came through the qualifying rounds before winning her title in Flushing Meadows.
That’s how the 23-year-old Tjen earned her spot in the field, becoming the first player from Indonesia to play singles in a major tournament since Angelique Widjaja at the 2004 US Open.
“ When Emma won the tournament and had an incredible run here, I was actually in college and I was injured at the time, so I got to watch a lot of tennis,” Tjen said. “Just seeing her doing it makes me, like, inspired to be able to do it as well.”
Her victory came on the same day that Alexandra Eala became the first woman representing the Philippines to win a Grand Slam match, knocking off No. 14 seed Clara Tauson, 6-3, 2-6, 7-6 (13-11). Growing up in the same region, we would run into each other a lot in the same tournaments,” Eala said of Tjen. “I haven’t been able to spend a lot of time with her recently. I know she was in college. Now she’s playing pro and doing super well. I’m so happy for
BEFORE facing her inspiration Emma Raducanu (inset) in the second round, Janice Tjen acknowledges fellow Southeast Asian Alexandra Eala.
her, and it’s nice to see someone that you grew up with in the same—in the biggest stages in the world.” Tjen played at Pepperdine, where she was the NCAA doubles runner-up in 2024. After graduating this past spring with a degree in sociology, she weighed whether to try and play professionally.
“I think during my college years I’m always, like, contemplating if I should go for it; should I not. And I think at the end I decided to try it out and the coaches at Pepperdine told me I think you should give it a try, at least for two years,” Tjen said. “So I trust them, and here I am.” AP
Laoag makes ‘Set Na Natin ‘To’ trophy, mascot tour exceptional
WITH Cignal HD Spikers Josh Umandal, JM Ronquillo and Vince Malinao trumpeting the forthcoming 2025 FIVB Men’s World Volleyball Championship, Laoag City made a strong statement of support for the prestigious tournament during the “Set Na Natin ‘To Trophy and Mascot Tour” at the newly-opened SM CityLaoag last Saturday.
And the well-attended tour—which started at SM Seaside Cebu two Saturdays ago and culminate this Saturday at the SM Downtown Cagayan de Oro—went beyond the mall’s walls to the Dap-Ayan Park where Block Builers, behind MVP John Paul Lorenzo, won a mini-tournament over three other Ilocos Norte teams North Western University, Laoag Men’s Team and Pasuquin in a mini-tournament specifically staged for the tour.
We are very thankful to the City of Laoag and the Province of Ilocos Norte for the warm welcome and enthusiastic support for the world championships,” said Ramon “Tats” Suzara, president of the Philippine National Volleyball Federation and Asian Volleyball Confederation. The world championship kick off with the Philippines-Tunisia match at 6 p.m. on September 12 at the SM Mall of Asia Arena followed by a first-of-kind opening ceremony featuring K-Pop group BOYNEXTDOOR.
The 32-nation world championship is scheduled until September 28 and tickets are available at official website https://www.philippineswch2025.com/. PNVF Charter Member Faivo
who also heads the Ilocos Norte volleyball association, and his fellow Ilocos Norte Provincial Sports Consultant Joseph Co helped organized the event graced by Laoag City Vice Mayor Carlos Fariñas.
Joining the event where official mascots KidLat and Hataw also regaled the crown were Senior Tourism Operations Officer Bon Derryl Pugal representing Department of Tourism OIC-Regional Director Evangeline Dadat and Senior Tourism Operations Officer, as well as SM City Laoag’s Engr. Gian Carlo Quiaoit and Assistant Mall Manager and Laoag City Volleyball Grassroots player Shainnah Althea Gubac and coach Joshua Manzanas.
A RUSH of emotions envelopes Alexandra Eala who becomes the first Filipino in the Open Era to win a Grand Slam match. AP
NEW YORK—Alexandra Eala became the first woman representing the Philippines to win a Grand Slam match, doing so at the US Open by defeating No. 14 seed Clara Tauson, 6-3, 2-6, 7-6 (13-11), on Sunday after coming back from a 5-1 deficit in the third set and getting some help from a key video review decision that flustered Tauson.
“I w as playing really bad, anyway. But it definitely didn’t help,” Tauson told The Associated Press. “But that’s how life is.”
E ala is a 20-year-old who is ranked 75th and trains at the Rafael Nadal Academy. This was her fourth win against a top-20 opponent in 2025, including against Iga Swiatek in March en route to the Miami Open semifinals.
Her milestone victory on Sunday for the Philippines meant a lot to Eala.
“I’m so blessed to be the first to do this. I take so much pride in representing my country,” she said. “It makes what I do bigger than myself.”
ITS mission accomplished for Adamson University after the Lady Falcons sweep their way to the 2025 Shakey’s Super League (SSL) National Invitationals Cebu Leg title in Mandaue City over the weekend. But for skipper Shaina Nitura and her teammates, their arduous buildup for the University Athletic Association of the Philippines has only just begun.
The young but very talented Lady Falcons captured their breakthrough crown after winning all their three in the short round-robin format tournament backed by Shakey’s Pizza Parlor, PeriPeri Charcoal Chicken, Potato Corner and R and B Milk Tea.
We’re very grateful and thankful for having gotten this opportunity from God,” said Nitura after Adamson University beat Ateneo, 25-15, 26-24, 25-14, in the final of the three-day contest Sunday at the Mandaue Sports Complex. “He gave us this championship and we’ll take this
Eala: I’m just so over the moon!
Felicisimo Ampon (19201997) was the greatest Filipino tennis player ever for his major accomplishments (Wikipedia) on the international stage—only 5-foot-3, he reached the quarterfinals of the French Open in 1952 and 1953; third round of Wimbledon in 1949, 1950 and 1953; and fourth round of the US Open from 1948 to 1950 and 1952).
T he pivotal moment came in the last set at the Grandstand, with Tauson clinging to a 5-4 lead and serving for the match for the second time. Eala hit a shot right up near the net and it wasn’t immediately clear during play whether or not her racket had crossed over the tape to make contact with the ball, which isn’t allowed.
C hair umpire Kader Nouni employed video review, a system that was introduced at the US Open in 2023 on a small number of courts to allow officials to check calls such as double bounces and was expanded to all 17 competition arenas this year.
Nouni ruled that Eala hit the ball fairly and awarded her the point, giving her two break chances at 15-40.
T here was a lengthy delay before action resumed, though, with Tauson complaining and telling Nouni: “Look at the ball. What is your opinion about this? What is your opinion?”
to further improve our game.”
N itura dropped 23 points, including her team’s last six points of the match, to finally deliver the school to the top podium after a runner-up finish in the 2023 edition.
“Actually, this is the start of our preparations for the UAAP,” said the Best Player of the Cebu Leg. Adamson University started its campaign in the Visayas with a four-set win over eventual second-placer University of San Carlos and a sweep of University of Southern Philippines Foundation.
The Lady Falcons’ emphatic victory over the Blue Eagles gave Adamson University faithful something to look forward to ahead of UAAP Season 88 after the San Marcelino-based squad missed the Final Four the last two seasons.
By Josef Ramos
Some in the stands booed her.
“I don’t need to watch it again. [It was an] incorrect call. My coach said the same. Physio said the same. And especially if my coach says that, I know that I’m not in the wrong, because he’s often telling me I’m wrong,” Tauson said with a hint of a laugh in an interview a little more than a half-hour after the match ended.
“So I have nothing else to say, other than it’s an incorrect decision. I don’t know we can do that with VR. I don’t know how that’s even possible,” she added.
E ven after his decision was made clear to all, Tauson took some extra time before hitting her next serve, standing with both hands on her hips at the baseline. Eventually, Tauson double-faulted, making it 5-all and drawing a rowdy reaction from a crowd that was loudly supporting Eala.
“The whole stadium was with her, so I’m sure the umpire felt pressure,” Tauson said.
T hat gave Eala 16 of 21 points in that span, and soon she was one away from victory. Took a bit longer, though: In the end, she needed five match points to close out the win after more than two and a half hours.
W hen Tauson sent one last forehand long, Eala dropped to her back on the court, chest heaving, and covered her face with both hands.
After Eala arose, and met Tauson at the net for a handshake, the winner skipped around the court while the spectators roared their approval.
“I was just so over the moon,” Eala said, “and it was just such a rush of emotions.” AP
SHAINA NITURA and her Adamson University teammates sweep their way to the Shakey’s Super League National Invitationals Cebu Leg crown and are now looking forward to improve some more. SSL Photo
