BusinessMirror January 12, 2026 by BusinessMirror

H1 growth will remain ‘modest’—BSP report

WORLD » A6

IRAN WARNS US, ISRAEL OF RETALIATION FOR STRIKES; PROTEST DEATH TOLL CLIMBS

ROTARY CLUB OF MANILA JOURNALISM AWARDS

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HE slowdown in investments is expected to persist and would cause economic growth to remain “modest” through the first half of the 2026 amid “less favorable” economic sentiment, according to the Bangko Sentral ng Pilipinas’s (BSP) Monetary Policy Report. However, the central bank said growth is projected to be slightly higher in 2027, supported by the “lagged” impact of the BSP’s policy rate cuts since August 2024. “Nonetheless, persistent uncertainty surrounding global economic policies, particularly in trade and investment, continues to pose downside risk to domestic growth,” added the BSP.

The BSP noted, however, that “persistent uncertainty” surrounding global economic policies, particularly in trade and investment, continues to pose downside risk to domestic growth. Meanwhile, the central bank said potential output growth is expected to moderate in the near term, as “weak economic sentiment continues to constrain private investment.” “This is compounded by subdued public infrastructure spending following the proposed removal of flood control projects from the 2026 budget of the Department of Public Works and Highways [DPWH],” it added. Nonetheless, it noted that rising

real wages and household incomes could support consumption, while a gradual recovery in investment activity and infrastructure spending is expected to support overall demand beginning 2027. BSP highlighted that the output gap has become “more negative” relative to the previous round as governance issues have dampened investment prospects. Output gap, measured as the difference between the actual and potential output, is a summary indicator of the relative demand and supply conditions in the economy, according to the BSP. “The BSP monitors the output gap to assess the degree of demand-based inflation pressure,” it

said. If the output gap is positive over time, prices will begin to rise in response to demand pressures. Similarly, it further explained, if actual output falls below potential output over time, reflecting “economic slack,” prices will begin to fall to reflect weak demand relative to supply. In its Asia Economic Monthly report, Japan-based think tank Nomura said it sees 2026 GDP growth to pick up only slightly to 5.3 percent in 2026 from 4.7 percent in 2025 despite low base effects, which is at the lower end of the government’s 5 to 6 percent forecast range that was recently See “Growth,” A2

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‘TOURISM REVIVAL KEY TO REVVING UP GDP’ www.businessmirror.com.ph

Monday, January 12, 2026 Vol. 21 No. 92

P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK

By Andrea E. San Juan @andreasanjuan

USINESSMEN belonging to the Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) are prodding the government to implement “comprehensive” tourism reforms to revive what it deems as the “lowhanging fruit” sector. FFCCCII made the pronouncement after it cited government data indicating that the Philippines recorded only 5.24 million international arrivals in January to November 2025, a decline of 2.2 percent from the same period in the previous year and a “concerning” 37 percent below the pre-pandemic level. FFCCCII President Victor Lim

said the Philippine tourism decline is a “direct blow” to the national economic well-being, considering that tourism is the economy’s “low-hanging fruit,” or “the most accessible engine for inclusive economic growth” as it directly creates jobs and sustains the micro, small, and medium enterprises (MSMEs). See “GDP,” A2

MANILA LAYOVER TOURISTS GET NEW CITY TOUR OPTION OF D.O.T By Ma. Stella F. Arnaldo Special to the BusinessMirror

HE Department of Tourism (DOT) has just launched a brief city tour program for foreign tourists in transit through Manila. In a post on its Facebook page, the DOT said its Transit Tour Program is “designed to create positive first impressions of the Philippines and encourage travelers to return for longer visits.” The program is open for “eligible international transit passengers with at least an eight-hour layover, and carry-on luggage, and a connecting flight from the same terminal” at the Ninoy Aquino International Airport (Naia). Eligible transit passengers are those from visa-free countries or those holding valid Philippine visas. The program, which will start on January 16, will allow said passengers to “clear immigration and experience” Manila in four hours on weekends from Fridays to Sundays. The morning tours will feature heritage sites such as Intramuros or the National Museum, while the

afternoon tours will take participants to entertainment and lifestyle destinations such as Okada Manila or Solaire Resort in Pasay or Parañaque. “The Transit Tour costs $50 for a four-hour guided experience, inclusive of a 49-seater, air-conditioned tour bus, entrance fees, a DOT-accredited tour guide, travel insurance, a police officer onboard, and light refreshments,” said the government agency. Netizens and tour operators noted though that at $50 (P2,950), the Manila tour costs more than the hop-on, hop-off bus tours abroad which offer more tourist spots and may be done an entire day. London’s Big Bus Tours, for instance, cost just 29 euros (P2,000), according to its web site. In 2023, the DOT also launched its own Hop On, Hop Off Tours covering Manila, Makati, and Pasay/Entertainment City in Aseana. While DOT officials have yet to respond on the status of these tours, it’s believed to have ceased as none of its buses have See “Tourists,” A2

CHILDLIKE FAITH, TIMELESS DEVOTION A mother cradles her child as images of the Santo Niño gleam behind glass at a shop selling religious items along Tayuman, Manila, on Sunday,

January 11, 2026—seven days before the Feast of the Sto. Niño on January 18. The feast, celebrated nationwide, honors the Holy Child Jesus and marks the introduction of Christianity to the Philippines in 1521. Across the country, devotees prepare with novena Masses, processions, and vibrant festivities such as the Sinulog in Cebu, Dinagyang in Iloilo, and Ati‑Atihan in Aklan. Scenes like this reflect a faith quietly passed from one generation to the next, where devotion, family, and tradition converge in everyday moments. NONIE REYES

US optimistic about PHL’s Asean chairship By Malou Talosig-Bartolome

HE United States said it is “very optimistic” about the Philippines taking over the chairship of Asean, highlighting Manila’s role in advancing America’s priorities in the region and ensuring peace in the Indo-Pacific. US Assistant Secretary of State for East Asian and Pacific Affairs Michael George DeSombre visited Bangkok and Phnom Penh last week to follow up on the Kuala Lumpur Peace Accords. The deal was brokered last October by US President Donald Trump and then-Asean chair Malaysian Prime Minister Anwar Ibrahim after deadly clashes erupted along the Thai-Cambodian border.

“We’re very optimistic with the Philippines now being the chair of Asean, and we’ll be focusing with them on our joint priorities and ensuring a safe, secure, and more prosperous Indo-Pacific,” DeSombre told reporters in a virtual press briefing from Bangkok.

Monitoring ceasefire

DESOMBRE underscored Asean’s role in deploying observer teams to monitor the fragile ceasefire between Thailand and Cambodia. “Their creation and deployment took longer than hoped, but we’re confident they will play an increasingly valuable role.” The ceasefire, reached last July after weeks of border fighting and mass displacement, was credited

to Trump’s direct intervention and Malaysia’s mediation. The Kuala Lumpur Peace Accords were signed in October, with Washington pledging continued support.

Funding commitments

DeSombre announced new US assistance packages: n $15 million for border stabilization and displaced communities n $10 million for demining and clearing unexploded ordnance n $20 million to combat scam centers and drug trafficking He said the restoration of peace “opens new opportunities for the United States to deepen our work with both countries.” In Bangkok, DeSombre also informed Thai Foreign Minister Siha-

sak Phuangketkeow that Washington plans to provide $68 million in Foreign Military Financing (FMF), $10 million for cybercrime cooperation, and $14 million under the Mekong-US Partnership (MUSP).

Border dispute

THE Thai-Cambodian conflict stems from France’s colonial-era demarcation of their 800-kilometer (500-mile) border, where both sides claim overlapping territory and several centuries-old temple ruins. The disputed frontier has flared repeatedly into violence, most recently in 2025, when two rounds of clashes escalated into the deadliest fighting in years. The second wave of hostilities See “Chairship,” A2

PESO EXCHANGE RATES n US 59.1480 n JAPAN 0.3771 n UK 79.5067 n HK 7.5912 n CHINA 8.4697 n SINGAPORE 46.0475 n AUSTRALIA 39.6114 n EU 68.9725 n KOREA 0.0408 n SAUDI ARABIA 15.7732 Source: BSP (January 9, 2026)

News

BusinessMirror

A2 Monday, January 12, 2026

Growth…

Continued from A1

lowered from 6 to 7 percent. “We believe the ‘bad scenario’ continues to play out regarding the impact on growth of the ongoing government corruption scandal via a sharp drop in public sector spending amid increased scrutiny,” it said. Nomura also noted that “unintended fiscal tightening” will likely persist for 1 to 2 quarters. “Over the same period we continue to expect negative spillover effects—already evident in household consumption in the third quarter of 2025–to broaden to private investment spending,” the think tank noted. It expects a rebound in growth only in the second half of 2026, supported by base effects and the government implementing “catch-up” spending plans. For the whole of 2026, the United Nations said in its latest report that Philippine economy to expand 5.7 percent in 2026, faster than the estimated 5 percent in 2025. Its report titled “World Economic Situation and Prospects 2026” noted that economic conditions across Southeast Asian countries are becoming increasingly divergent, with some economies facing stronger headwinds than others. Domestically, the national government revised the 2025 growth forecast to 5.5-6.5 percent from the previous 6 percent to 8 percent, citing global uncertainties, tensions in the Middle East and new tariffs imposed by the United States. Andrea E. San Juan and Bless Aubrey Ogerio

www.businessmirror.com.ph

Farm trade deficit narrows 20% in November—report

By Ada Pelonia @adapelonia

HE country’s farm imports continued to outpace exports in November but the trade gap was narrower, based on data from the Philippine Statistics Authority (PSA). Figures from the PSA indicated that the country’s agricultural trade deficit shrank by 20 percent to $806.34 million in November, from $1 billion in the same period of 2024. While farm goods purchased abroad continued to outstrip shipments of agricultural products in the reference month, PSA data showed that exports

inched up by 18.9 percent to $806.18 million from last year’s $677.89 million. Imports held the lion’s share of the country’s farm trade, despite declining by 4.4 percent to $1.61 billion in November from $1.69 billion in the previous year. Overall, the country’s total agricultural trade inched up by 2.3 percent

Record-high 7.5M devotees… Continued from A12

not decide alone—the [local government unit] and inter-agency partners are also involved. It’s a collaborative decision.”

Casualties

THE record turnout also coincided with one of the

to $2.42 billion, a slump from the 13.5-percent growth recorded in November 2024 but a gain from the 2.2-percent dip posted in October 2025. Animal, vegetable, or microbial fats and oils were the country’s leading agricultural export, earning $294.37 million or 36.5 percent of total farm export receipts. This was followed by edible fruit and nuts; preparations of vegetables, fruit, nuts, or other parts of plants; and tobacco and manufactured tobacco substitutes. Within the Asean region, Malaysia remained the Philippines’s top buyer of farm goods, purchasing $16.57 million worth of exports, or 25.8 percent of total agricultural shipments to Asean member countries.

Meanwhile, the Netherlands was still the country’s major trading partner in the European Union (EU), making up $142.85 million or 62.8 percent of shipments to the bloc. Meat and edible meat offal replaced cereals as the country’s top farm imports in the reference month worth $225.21 million, or 14 percent of total agricultural shipments. The top 10 import groups reached a combined $1.32 billion, a decline of 5.5 percent from the same month of 2024. Among its Asean partners, Indonesia also remained the country’s top source of farm imports, supplying $209.17 million or 37.8 percent of the Philippines’s total agricultural imports from the region.

highest casualty counts in recent years. Four individuals died during the January 9 activities, including 54-year-old photojournalist Armelito Son, who reportedly suffered what his family believed was a heart attack while covering the Pahalik at the Grandstand. “We have a total of four casualties. Our request is to please pray for them,” Arellano said. “We can say this is among the highest in terms of casualties…It is truly saddening on

our part that we have this kind of incident.” Medical teams treated an additional 1,057 individuals for various conditions, though organizers did not classify the cases. Arellano said organizers were still “thankful” that no stampede occurred given the density of the crowd. “The figures we are talking about here are in the millions, considering the hardship they endure in the procession…Definitely at this point, they (the injured) are all safe.”

ERC to focus on 5 major… Continued from A12

tion, streamline processes, and strengthen consumer protection—critical steps in supporting competition and enabling timely project approvals. At the same time, the appointment of DOE [Department of Energy] Secretary Garin brings a renewed focus on policy clarity, investor confidence, and the faster execution of long-planned reforms,” MGEN President Emmanuel Rubio said in an interview. Juan and Garin formally took their oath of office in July last year. Another key change in the power industry last year is the appointment of Engr. Robinson Descanzo as the new president of the Independent Electricity Market Operator of the Philippines (IEMOP), whose appointment took effect on October 1, 2025. Rubio said these changes signal reforms in the power sector that will drive more investments. “With clearer policy direction, more predictable regulation, and improving grid readiness, these shifts set the stage for 2026 to be a year of clearer direction, stronger competition, improved grid capability, and accelerated prog-

ress in the country’s energy transition,” the MGEN official said. With new leaders in place, the industry awaits end results. ACEN Corp., the power generation arm of conglomerate Ayala Corp., said that after the successful Green Energy Auction (GEA) Programs 3 and 4 last year, the key challenge now is ensuring timely project implementation. The GEA 3, 4 are critical drivers in scaling up RE in the country, with the potential to unlock up to six gigawatts (GW) of pumped storage hydro (PSH) capacity and 10 GW of solar and wind projects. “The timely project completion and implementation will require significant upgrades to grid infrastructure and effective system integration. As variable renewable capacity expands, the incorporation of meaningful battery energy storage solutions becomes an imperative to maintaining grid reliability,” ACEN President Eric Francia said in an interview. Last year, the country secured over 17,000 megawatts (MW) of RE capacity. Of which, PSH took center stage and attracted significantly oversubscribed bids.

Chairship…

the ground, citing delays and vague enforcement details. DeSombre acknowledged the challenges but insisted Washington remains optimistic about the ceasefire’s durability. Despite sporadic incidents— including accidental ordnance fire in January—US officials said the way commanders resolved the matter without retaliation showed the truce’s resilience. DeSombre stressed that Thailand remains a strategic US ally while Cambodia is closer to China. “There has been no change in our policy with regard to Thailand as our strategic ally. Our priority is ensuring peace for both nations.” Asked about China’s role in brokering peace last December, he replied: “I really don’t know what China did except have a meeting after the last ceasefire occurred, so I think there’s not much there.”

Continued from A1

displaced thousands, shut down border trade, and forced the expulsion of ambassadors, prompting urgent international mediation. It was this crisis that led to the Kuala Lumpur Peace Accords, brokered in October 2025 by US President Donald Trump and then-Asean chair Malaysian Prime Minister Anwar Ibrahim. Trump has since listed the Thai-Cambodian conflict among several wars he claims to have resolved, insisting he deserves the Nobel Peace Prize for his role in brokering ceasefires.

Challenges, criticism

CRITICS have questioned whether Asean observers are active on

GDP…

Continued from A1

“To revive our economy from the grassroots up, we must first reform and revive tourism,” the group said in a statement over the weekend. The Filipino-Chinese business community outlined the challenges which it said must be met with “equal clarity of action.” For one, FFCCCII cited the congested gateways, logistical hurdles, and unreliable connectivity which “create a barrier that deters the mainstream traveler, limiting our appeal to only the most adventurous.” Moreover, the business group cited “uncompetitive access” to the country as one of the challenges faced by the sector, further noting that while regional Asean competitors streamline entry, “Our visa processes remain an obstacle.” As such, it said he Philippines is losing visitors to neighbors who make access “effortless.” Further, the Filipino-Chinese community said the Philippines may sell “magnificent sights but often fail to craft compelling, holistic experiences,” adding, “Our rich culture, history, and world-class cuisine remain underutilized pillars of our tourism narrative.” With these challenges, FFCCCII proposed a “focused national agenda of comprehensive reforms.” It also made pitch for an “Aseancompetitive” visa regime. “We must immediately benchmark and match the most visitor-friendly visa policies in our Asean region, making the choice to visit the Philippines an easy one.” The business group said there is a need for the government to launch a “gateways and connectivity revolution,” saying that modernizing the country’s primary airports and improving inter-island travel infrastructure is “non-negotiable.” “The first and last impression must be one of efficiency and ease,” FFCCCII said. The group stressed that global promotion must move beyond scenery. “We must train our industry and tell stories that connect our landscapes to our living heritage, our flavors and our framed hospitality.” “We are at a pivotal time where decisive, comprehensive reform is not just an option—it is an urgent economic imperative,” it added. “We urge immediate decisive and comprehensive tourism reforms.” The FFCCCII said it stands ready to partner in this “crucial endeavor,” further noting that the nation’s potential is “boundless.” However, it pointed out that realizing this demands collective will and decisive action.

Tourists…

Continued from A1

been seen in Metro Manila, nor at its usual stops like Greenbelt, Makati. Its booking app has also not been working. “By turning transit time into a meaningful introduction to the country,” said Tourism Secretary Christina Garcia Frasco “the initiative aims to create lasting first impressions, enhance the overall airport-to-city experience, and encourage visitors to return for a longer stay in the Philippines.” The Transit Tour Program may be booked online via DOT’s LovePH Tourism site (https://lovephtourism.gov.ph) or Philippine Airlines (https://www.philippineairlines. com), or register at the Naia-Terminal 3 Transit Tour Concierge Desk. In the 11 months to November last year, there were 5.24 million foreign tourists in the Philippines, 2.16 percent less than the same period in 2024. Of the total, foreign nationals reached 4.77 million, 3-percent less than in 2024, while overseas Filipinos—Philippine passport holders permanently residing abroad — increased by 7.66 percent to 465,584, year on year. (See, “PHL tops WeChat views in China tourism marketing,” in the BusinessMirror, Jan. 8, 2026.) The DOT is targeting to attract 6.7 million tourists from abroad this year.

www.businessmirror.com.ph

Monday, January 12, 2026

Leviste on carpet for selling mega energy franchise By Joel R. San Juan

@jrsanjuan1573

ATANGAS Rep. Leandro Leviste is being investigated by the Office of the Ombudsman over the alleged sale of his mega-franchise in solar energy without the required approval from Congress. Ombudsman Jesus Crispin Remulla, in his regular radio program over dzRH, noted that Leviste is trying to divert the attention of the public over the possible legal consequences of the sale of his

power franchise by dipping his hands into the flood control scandal involving officials of the Executive and Legislative branches of the government. Remulla was referring to Solar

Social protection, health, education, good governance bill take front seat at House

HE House of Representatives will prioritize measures on social protection, health, education, and good governance when sessions resume this month, according to the chamber’s majority leader. House Majority Leader Ferdinand Alexander Marcos said the chamber aims to fast-track key priority bills after the recess, moving them from technical working group briefings and committee reports to plenary deliberations. Session will resume on January 26. He said that the measures identified under the LegislativeExecutive Development Advisory Council (Ledac) are aligned with the people’s most pressing needs. “Our target when we return from recess is to move as many of the social protection, health, education, and good governance measures up the pipeline, from TWG briefings to committee reports, then to the floor,” Marcos said. “Ledac is not a separate track from the people’s priorities; these are the same bills that touch classrooms, hospitals, barangay halls, rice prices, and jobs.” The House has already approved on third and final reading 12 of the 48 priority measures identified by Ledac, placing President Marcos’ reform agenda at the center of the chamber’s work during the first regular session of the 20th Congress. Marcos said the Ledac scorecard capped a productive opening session in which 7,030 bills and 645 resolutions were filed, 86 measures were approved, and 584 measures were processed by committees and the plenary in just 22 session days. “Under the leadership of Speaker Bojie Dy, we wanted the first months of the 20th Congress to send a clear signal that the House is serious about delivering on the Leac. This signifies the hard work and unity of House members in passing these vital pieces of legislation,” Marcos said. He noted that the House has already transmitted one national law to the President, the P6.793-trillion 2026 General Appropriations Act, and adopted 52 resolutions. In addition, 32 House-approved bills—26 national and six local—are now awaiting Senate action. He said these numbers reflect “a House that is trying to match the pace of the challenges facing the country,” with Ledac priorities serving as the spine of the chamber’s reform workload. Of the 48 Ledac measures, Marcos said 12 have already been approved on third and final reading. These include amendments

to the Electric Power Industry Reform Act to strengthen the Energy Regulatory Commission’s oversight and consumer protection powers; a waste-to-energy bill on waste treatment technology; the establishment of a National Center for Geriatric Health; amendments to the Government Assistance to Students and Teachers in Private Education Act; the Assistance to Individuals in Crisis Situations Act; amendments to the National Building Code; the Blue Economy Act; the National Reintegration Bill; amendments to the Teachers Professionalization Act; the extension of the estate tax amnesty period; the creation of the Department of Water Resources; and amendments to the Bank Deposits Secrecy Law. He added that five Ledac measures have already cleared their main substantive committees and are awaiting review by the Appropriations and Ways and Means panels. These include the bill modernizing the Bureau of Immigration, the National Land Use Act, the measure creating the Independent People’s Commission, the Presidential Merit Scholarship Program, and amendments to the Universal Access to Quality Tertiary Education Act. “These are big structural reforms, from land use to immigration to scholarships, and we want to make sure that when they reach the plenary, their funding and fiscal implications are fully worked out,” Marcos said. Meanwhile, 15 Ledac items are undergoing technical working group discussions or committee deliberations. These include a second waste-to-energy bill covering the broader regulatory framework, amendments to the Universal Health Care Act, the proposed excise tax on single-use plastics, amendments to the Rice Tariffication Law, amendments to the Masustansyang Pagkain Para sa Batang Pilipino Act, the Classroom-Building Acceleration Program, the Philippine Civil Registration and Vital Statistics Act, amendments to the Pantawid Pamilyang Pilipino Program Act, a measure strengthening the Bases Conversion and Development Authority, disaster risk financing insurance, amendments to the Magna Carta for MSMEs, amendments to the Fisheries Code, the Right to Information bill, amendments to the Local Government Code on the special education fund, and the reprogramming of the Seal of Good Local Governance. See “Bill,” A9

Philippines (SP), a company established by Leviste in 2013 with the goal of making solar power more accessible and affordable across the nation. In 2019, Solar Philippines was granted a 25-year mega-franchise by the Duterte administration to establish and operate solar-powered microgrids and distributed energy resources in unserved and underserved areas across numerous provinces. In 2023, Leviste made headlines when he sold 14.6 billion shares of SP New Energy Corporation (SPNEC) to Meralco PowerGen Corporation (MGen) for about P18.26 billion. “He has many other problems. His franchise is now under investigation...the violation of his

franchise. Because a franchise is not supposed to be a subject of a business deal. You’re very young, yet you are already using the franchise as a business,” Remulla said. “That is critical... it’s critical. Usually, the franchise, if there are changes. you have to go back. You should go to Congress first, you have to go back,” the Ombudsman added. The Ombudsman said the sale should have been approved first by Congress since the franchise is non-transferable without the go-signal from legislators. Remulla further revealed that as many as 84 related contracts have been cancelled, raising alarm over the potential impact on the country’s energy supply. “Can you imagine the effect on the national energy situation? You

tell us this is our energy forecast. The DOE [Department of Energy] believed you, but it turned out to be just a drawing. It did not happen,” Remulla added. The Ombudsman also pointed out that Leviste is attempting to divert attention away from the franchise controversy by raising other issues, such as the flood control scandal. “He wants to change the subject. That is not allowed. This issue must be discussed first before anything else,” Remulla added. Leviste earlier released the socalled “Cabral files” which refers to documents he obtained from the late Department of Public Works and Highways (DPWH) Undersecretary Maria Catalina Cabral containing the names several high-ranking

officials, including Cabinet secretaries, to alleged budget insertions in the 2025 infrastructure project of the government. The legislator is seeking an investigation into possible anomalies over these budget insertions for supposed government infrastructure projects. However, Remulla belittled the value of “Cabral files” as compared to the controversy involving the sale of Leviste’s power firm. “ That’s nothing. The documents he got when Cabral was alive is not the same document when she is dead already because there is nobody to authenticate it. That’s already irrelevant unless he has other evidence to show that everything there is gospel truth,” Remulla said.

Impeachment rumors at House Mayon By Jovee Marie N. dela Cruz @joveemarie

HE House of Representatives is set for a politically charged February, with a lawmaker claiming that impeachment efforts could be mounted not only against Vice President Sara Duterte but also against President Ferdinand Marcos Jr., a prospect that drew caution from another lawmaker who stressed that any impeachment move must strictly comply with constitutional standards and not be driven by political noise. A formal House inquiry may be needed to verify the allegations of Ramil Madriaga should groups seeking to file a new impeachment complaint against Vice President Sara Duterte decide to cite his affidavit as an additional ground, the chairman of the House Committee on Public Accounts said. Party-list Rep. Terry Ridon of Bicol Saro said that while Madriaga’s claims are not yet formally included in any impeachment complaint, Congress cannot simply disregard sworn allegations – especially if they are invoked in proceedings with constitutional implications. “If they want it as one of the grounds,” R idon said on Saturday, refer r ing to potentia l impeachment filers, “Congress will ultimately have to require corroborative evidence.” C a looc a n C it y R e p. Ed ga r Erice, in a radio inter view, said

lawmakers are allegedly preparing two separate impeachment initiatives when the session resumes on Januar y 26. “The House will be exciting in February because I think it’s not just impeachment. I’m listening to Vice President Sara [Duterte], there are also congressmen who will also file an impeachment against Presidend Marcos,” Erice said. “So there are two – we’re waiting for two.” Erice did not identify which lawmakers were supposedly preparing the complaints, nor did he specify the grounds being considered. However, Lanao del Sur Rep. Zia Alonto Adiong cautioned that any move to impeach the President must meet the strict requirements set by the Constitution and should not be driven by political noise.

Unsubstantiated statements

MALACAÑANG on Sunday dismissed talks of a possible impeachment complaint against the President as unsubstantiated, saying the Chief Executive remains focused on governance and delivering results for the Filipino people. Palace Press Officer Claire Castro issued the statement in response to claims by Erice that an impeachment complaint could be filed against Marcos once Congress resumes session on Jan. 26. “At this point, these are unsubstantiated statements allegedly coming from the supporters of a certain politician,” Castro said.

She stressed that the President respects constitutional processes and will not be distracted by rumors or political maneuverings. “The President remains committed to leading and producing results for the Filipino people. He respects the existing constitutional processes and believes that any actions taken by members of Congress will be driven by facts, the law, and national interest,” Castro said.

Solemn process

ADIONG stressed that impeachment is a solemn constitutional process that demands discipline, fairness, and solid evidence, regardless of the official involved. “Any impeachment complaint must be supported by clear facts and solid proof. Anything less will not pass constitutional scrutiny,” Adiong said. The Mindanao lawmaker underscored that the House of Representatives is guided by evidence and due process, not speculation, rumors, or partisan pressure. “Impeachment is a serious constitutional process. It cannot be based on rumors, speculation, or political talk,” Adiong said. He added that the House will not be swayed by unverified claims or political narratives, underscoring that complaints must be judged on their legal and factual merits. “Any complaint must be supported by clear facts and solid See “Impeachment,” A4

Two successive offshore earthquakes hit Davao

WO successive ea r t hquakes struck the coasta l to w n of S a r a n g a n i , Dav ao O cc id e nt a l , S at u rd ay night, the Philippine Institute of Volcanolog y and Seismolog y reported. The epicenters of the earthquakes, which happened 17 minutes apart, were traced between the Cotabato Trench and the Philippine Trench. The first earthquake with a

magnitude of 6.2 was recorded at 10:58 p.m. some 314 km east of Balut Island, Sarangani town. It generated an Intensity II level earthquake that was felt in Malungon, and Kiamba, Sarangani; Koronadal City, and Tupi in South Cotabato; and Palimbang, Sultan Kudarat. Intensity I was also felt in M a g s a y s a y, D a v a o d e l S u r ; Sta. Maria Davao Occidental; Na bu nt u r a n , Dav ao de O ro;

Maitum and Malapatan, Sarangani Province; Banga, Tampakan, T ’Boli, Surallah, and Santo Nino in South Cotabato; and General Santos City. The second earthquake, also in the same area, was recorded at 11:15 p.m., some 287 km south of Balut Island. It generated no reported intensities. There were no reported casualties or damage to infrastructure as of this writing. Jonathan L. Mayuga

Declogging of MM drainage on track By Lenie Lectura @llectura

HE Department of Public Works and Highways (DPWH) said on Sunday that it has declogged 67.5 percent of Metro Manila’s drainage system. “As of the first week of January 2026, 67.5 percent or more than 3,108.65 cubic meters of drainages

have undergone declogging, while 8,368.81 cubic meters of desilting of waterways in various areas have been completed,” the agency said. The activity is part of the national government’s “Oplan Kontra Baha” program meant to address widespread f looding. “With each week of Oplan Kontra Baha, the public can expect the agency to continue to focus and take action to make communities

in the NCR safer and more orderly,” the agency added. The DPWH-NCR is also implementing other measures to ensure the smooth flow of water in the main roads of the metropolis. These include cleaning of esteros, dredging and hauling of spoils, declogging and cleaning of drainage inlets and laterals, manual declogging of drainage lines, and also the desilting of waterways.

weeps, molten lava flows By Jonathan L. Mayuga @jonlmayuga

LOWING, slow-moving molten lava oozed from the collapsed crater walls of Mayon Volcano Saturday night, the Philippine Institute of Volcanology and Seismology (Phivolcs) reported. Fountain-like lava being spitted out, as well as glowing molten lava, were visible from afar, creating a spectacular view at Mayon. Located just north of Legazpi City, Albay, some 325 kilometers southeast of Manila, Mayon is a near-perfect cone. While it is one of the country’s 24 active volcanoes, Mayon is also a tourist destination in Southern Luzon, especially when the volcano is restive. The volcano, currently under Alert Level 3 or intensified unrest, has been spitting out pyroclastic density currents over the past several days. Phivolcs’ 24-hour monitoring, which covered from 12 a.m. to 12 p.m. on January 10 was characterized by lava dome effusion, collapse, and incipient lava flow. Lava dome effusion and collapse is the piling up and crumbling of thick, sticky lava, forcing the lava dome to collapse. According to Phivolcs, it has recorded 256 rockfall events and 41 pyroclastic density currents (PDC). It said sulfur dioxide influx on Saturday is estimated at 777 tons. The volcano has also emitted plumes 200 meters above the crater, moderately drifting northeast of the volcano. Phivolcs said the volcano edifice remains inflated, indicating magmatic activity. Phivolcs has maintained Mayon’s alert status. Entry into the six-kilometer radius Permanent Danger Zone and entry without vigilance into the Extended Danger Zone (EDZ) are not allowed. At the same time, flying aircraft close to the volcano remains prohibited because of the possible hazards that can occur. Phivolcs said risks of rockfall or landslides or avalanches, ballistic fragments, lava f lows and lava fountaining, pyroclastic density currents, moderatesi zed e x plosions, and l a hars du r i ng heav y a nd prolonged rainfall remain high. See “Mayon,” A9

Monday, January 12, 2026

www.businessmirror.com.ph

CA upholds DOLE-ordered pay hike at Asia Brewery By Justine Xyrah Garcia

HE Court of Appeals (CA) has affirmed the Department of Labor and Employment’s (Dole) decision granting wage increases to workers of Asia Brewery Inc. (ABI). In a November 28, 2025 decision, the CA upheld the Labor Secretary’s February 5, 2025 order that awarded a P25-per-day wage increase for each covered year— equivalent to about P652 monthly—to qualified ABI workers. The appellate court denied Asia Brewery’s petition for review. Dole said the dispute arose from a notice of strike filed by the Pagasa at Ilaw ng mga Manggagawa sa Asia-Independent owing to a collective bargaining deadlock. After conciliation before the National Conciliation and Mediation Board stalled, both sides opted for voluntary arbitration and appointed the Labor Secretary

as arbitrator. In its proceedings, Dole found that Asia Brewery was financially positioned to shoulder the wage increase, citing company records indicating “steady profits” in 2022 and 2023, and “improved cash flow, lower debts, and growing assets.” Wage costs, the agency noted, rose only marginally during the period. Asia Brewery challenged the findings and pointed to financial constraints, arguing much of its income came from non-core activities. The CA sided with Dole and said the agency’s conclusions were supported by evidence sufficient to justify the increase. “So long as the conclusion is supported by substantial evidence, as in the present case, the Court will uphold the DOLE Secretary’s exercise of his statutory power and authority,” the ruling stated.

CDC helps displaced workers of Clark locators find new jobs By Ashley J. Manabat

LARK FREEPORT—A total of 2,930 job vacancies were offered during a job fair organized by the Clark Development Corporation (CDC) and the Department of Labor and Employment (Dole) on Friday at the Clark Events and Conference Hall, with 25 applicants hired on the spot. The one-day fair drew 236 jobseekers and 29 participating companies from industries including information and communications technology, tourism, services, industrial, commercial, and aviation sectors. The activity was led by CDC President and Chief Executive Office Agnes VST Devanadera, with CDC Vice President for Administration and Finance Jose Miguel dela Rosa representing her during the program. Dela Rosa said worker welfare remains central to CDC’s mandate. Dole Central Luzon Director Geraldine Panlilio said continued collaboration between government agencies is key to supporting workers and sustaining economic growth in Clark. Among the applicants were former employees of Charter Link Clark, Inc. and La Rose Noire Philippines, Inc., companies that recently retrenched workers. Several jobseekers said the job fair made the application process more efficient by

allowing them to apply to several employers in a single venue. Walk-in applicant Jervy Guevarra was among those hired immediately, securing employment after a brief hiring process. “Madali at mabilis lang ang hiring process, mga 30 minutes lang po,” Guevarra said, adding that the job would provide stability for his family. Despite the available opportunities, some applicants noted persistent challenges in the labor market, particularly experience requirements and competition for limited positions. Danica Miranda, who traveled from Bataan, said many employers continue to prioritize applicants with relevant work experience or those recently displaced by retrenchments. “Mahirap mag-apply ngayon ng trabaho. Iyong may experience ang hinahanap nila,” Miranda said. “Focused sila sa mga natanggalan ng trabaho sa Charter at La Rose. Nagbabakasakali lang kami.” The job fair also featured service booths for Social Security System Unemployment Insurance Benefits, the Dole Integrated Livelihood Program, the Emergency Employment Program, and labor advisory and help desk services. CDC said the activity forms part of its socioeconomic mandate to generate employment opportunities and assist workers during periods of transition.

Legislator seeks probe on tobacco smuggling By Jovee Marie N. dela Cruz

@joveemarie

HE chairman of the House Committee on Ways and Means has called for a congressional inquiry, in aid of legislation, into the growing incidence of largescale tobacco smuggling and its damaging effects on public health and government revenues. In filing House Resolution 636, Marikina Rep. Miro Quimbo, the panel chairman, cited the seizure of 32 trucks loaded with allegedly smuggled cigarettes on January 1, 2026, during coordinated operations by the National Police (PNP) in Batangas and Malabon. The confiscated cigarettes were valued at an estimated P2.6 billion, underscoring, he said, that organized cigarette smuggling remains a serious and persistent national problem requiring urgent action. Based on current excise tax rates for 2026, the seized cigarettes correspond to approximately P875.16 million in foregone tax revenues – funds that the government would have otherwise col-

lected had the products entered the market legally. The lawmaker also pointed to data from the Bureau of Internal Revenue showing that in 2023 alone, the government lost an estimated P25.5 billion in excise taxes due to illicit tobacco trade. Quimbo said that large-scale tobacco smuggling undermines both public health objectives and tax enforcement by keeping cigarette prices artificially low, thereby weakening the intent of sin tax reforms. “If large-scale smuggling is not stopped, cigarette prices drop. The stark price gap between legal and smuggled cigarettes waters down the impact of sin taxes and other

health reforms we have achieved so far. With the continued smuggling of cigarettes, the vice becomes more accessible to the youth and to our poorer countrymen. The government also continues to lose much-needed funds for health programs, especially PhilHealth,” Quimbo said. Through the proposed inquiry, Quimbo said Congress will review existing enforcement mechanisms, interagency coordination, and current penalties to assess whether these remain sufficient to deter large-scale illicit tobacco trade. Quimbo said the investigation aims to identify regulatory loopholes, strengthen oversight across the tobacco supply chain, and ensure the prosecution of smugglers so that legitimate businesses can compete on a level playing field. “While our law enforcement agencies have been vigilant on this case, the magnitude of the issue demonstrates the need for systemic reforms. Smugglers must be prevented from profiting at the expense of public health and taxpayers,” he added. T he resolution states that the findings of the inquiry will serve as the basis for remedial legislation to further reinforce anti-smuggling measures and safeguard the country’s fiscal stability.

SHFC releases ₧14-M for land acquisition By Bless Aubrey Ogerio

HE Social Housing Finance Corporation (SHFC) has released more than P14 million in housing assistance to a homeowners’ association in Valenzuela City. The funds were issued to Wawang Pulo Homeowners’ Association Inc. (Hoai) Phase 1 and will be used to pay the landowner for the acquisition of the property, as well as to cover the documentary stamp tax related to the mortgage, SHFC said. The Valenzuela project covers 242 member-beneficiaries and forms part of the Expanded Community Mortgage Program (ECMP), which aims to secure land tenure for informal-settler families through direct land acquisition. Wawang Pulo Hoai Phase 1 is among the 36 communities initially approved under the program, which targets more than 6,200 families nationwide. According to HOA president William Asuncion Jr., the release of funds brings the community closer to formal ownership of the land they have occupied for more than two decades. The housing agency said further ECMP releases are expected as additional projects complete documentary and legal requirements, in line with the government’s efforts to expand access to secure and affordable housing.

Court orders removal of mine road barricades By Jonathan L. Mayuga @jonlmayuga

HE Regional Trial Court in Nueva Vizcaya has ordered the removal of barricades set up by protesters on Keon Barangay Road in Bitnong, Dupax del Norte, Nueva Vizcaya. The order paved the way for the mining company Woggle Corp to conduct exploration activities in the area. The order, dated January 6, 2026, signed by Judge Paul Attolba Jr., addressed a series of interrelated motions in SCA Case 139-25-J. The resolution also ordered the National Police (PNP) provincial director to assist the court sheriffs in implementing the writ of preliminary injunction. The police were authorized to take action against any individuals who defied the writ. Attolba denied several defense pleadings, including motions to dissolve the injunction. It emphasized the binding nature of judicial orders and warned that the defendants and their supporters should obey the injunction

Impeachment. . . Continued from A3

proof. That is the standard the House is bound to follow,” he said. “Impeachment should never be used as a political tool. It exists for grave and provable offenses, not for creating noise,” Adiong added.

Complaints vs Sara

EARLIER reports said civil society groups and complainants behind the four consolidated impeachment complaints against the vice president are considering refiling and augmenting them with new evidence, including Madriaga’s exposé.

within a specified period or face potential contempt charges. Attolba noted that officers of the court are expected to uphold respect for judicial orders rather than erode them The legal dispute involves the application of the Philippine Mining Act and the propriety of injunctive relief. The court reached its decision based on existing pleadings and records without the need for a trial on disputed facts. In a statement, Woggle Corp. General Manager Lorne Harvey said the company respects and accepts the consolidated resolution issued by the court. “We recognize it as part of the proper functioning of the judicial process,” said Harvey. “We appreciate the Court’s careful consideration of the issues raised by all parties and its effort to resolve the related matters in a clear, orderly, and principled manner, consistent with established law and procedure,” he said. “O u r compa ny h a s a lways m a int a ined t hat d isputes of this nature are best addressed w ithin the framework of the law,” Har vey added.

“We remain fully committed to comply with all court orders and to conduct our operations responsibly, transparently, and in a manner that respects both the rule of law and the communities affected by our work.” The Nueva Vizcaya RTC ruling took effect immediately upon its Jan. 6 promulgation. While the court resolution did not specify a monetary value for the dispute, any future fines or bonds related to the case would be denominated in pesos. The dispute over Woggle Corporation’s exploration project in barangay Bitnong, Dupax del Norte began with community concerns about possible impacts on land and livelihoods, but escalated into a court case after protest actions led to road barricades and questions over the limits of lawful protest and public access. An affiliate of FCF Minerals Corporation and Metals Exploration PLC, a British-linked mining group. Woggle Corporation secured from the Department of Environment and Natural Resources-Mines and Geosciences Bureau (DENR-MGB) in August

2025 an Exploration Permit covering approximately 3,100 hectares across five barangays in Dupax del Norte, Nueva Vizcaya, to assess potential gold and copper deposits under Exploration Permit No. EP00003011. Woggle’s presence in the area has been marked by significant controversy and community opposition. Residents and barangay councils have accused the company of failing to conduct proper prior consultations as mandated by Philippine law, prompting formal objections and denial of consultation certificates by local governments. Civil society groups and environmental advocates have raised concerns about environmental impacts, including tree-cutting and muddying of rivers, even at the exploration stage. In response to resistance on the ground, Woggle secured temporary restraining orders (TROs) from courts to prevent barricades and allow its personnel and equipment to enter the exploration site, a move that has further intensified tensions between the company and affected communities.

In a sworn statement submitted in December, Madriaga alleged that illicit sources, including narcotics syndicates and Philippine Offshore Gaming Operators (Pogos), bankrolled Duterte’s campaign. He also asserted that he once worked closely with the vice president and was tasked with moving substantial sums of cash across various parts of the country from July 2022 to August 2023. Ridon said questions surrounding Madriaga’s allegations have resurfaced, particularly amid discussions on whether his affidavit could be raised as a third impeachment ground, alongside issues on confidential funds and alleged threats against the President, the First Lady, and the former Speaker.

“Mr. Madriaga’s allegations are grave,” Ridon said, speaking generally. “Even without it being part of a ground for impeachment, I guess the Congress can look at it.” He noted that any House probe need not be limited to the Committee on Justice, adding that other panels could also take up the matter given its possible links to government complicity and syndicate operations. Asked whether Madriaga’s affidavit could already be used to support the confidential funds issue, Ridon said this would be premature. Ridon said Congress would need corroborative proof, whether through additional witnesses or documentary evidence, to establish any direct connection between

Madriaga and Duterte. On whether he believes the affidavit to be true, Ridon remained cautious. “We have to look at the entirety of the evidence at this point,” he said. “We’re not saying it’s not true, but many House members would want to see more details.” As a lawyer, Ridon said some aspects of Madriaga’s claims are verifiable, while others remain unanswered or have already been clarified by government officials. Meanwhile, Ridon explained that impeachment proceedings remain in a holding pattern as Congress awaits the Supreme Court’s resolution of the motion See “Impeachment,” A9

Monday, January 12, 2026

NFA seeks elbow room for rice procurement By Ada Pelonia

@adapelonia

HILE the National Food Authority’s (NFA) budget this year could cover the mandated 15-day rice buffer stocks, the P20 per kilo program and natural calamities could put pressure on its resources. NFA Administrator Larry Lacson told the BusinessMirror that the grains agency’s coffers to purchase palay from local farmers stood at P14 billion. Of this, he noted that P9 billion was allocated to buy paddy rice under the 2026 General Appropriations Act (GAA) along with the P5 billion carryover fund from last year. At an average buying price of P23 per kilo, the grains agency

could purchase up to 608.7 million kilos of unmilled rice. As daily consumption is pegged at 37,500 kilos, this could last for 16 days. “The NFA mandate is to maintain 15 days buffer stock. Since end-2025 we have 12 days buffer stock, we only need to buy 3 days’ worth of buffer stock to reach 15 days, which is worth P4 billion,” he recently told this newspaper. “Having said that, we have P5 billion remaining procurement

FAO: Average food prices higher in 2025

HE benchmark for world food commodity prices was higher in 2025 due to more expensive meat, dairy and vegetable oil, according to the Food and Agriculture Organization of the United Nations (FAO). Despite the decline in sugar and rice prices, the FAO Food Price Index was 4.3 percent higher in 2025 than its average in 2024. “For the year 2025, the FAO Vegetable Oil Price Index averaged 161.6 points, up 23.6 points [17.1 percent] yearon-year and marking a threeyear high amid tight global supplies,” the UN agency said. FAO said its Dairy Price Index averaged 146.9 points in 2025, 13.2 percent above the 2024 average, reflecting strong price increases during the first half of the year. “The annual rise was driven primarily by cheese, WMP and butter, underpinned by strong global import demand and limited exportable supplies earlier in the year, while SMP prices increased only marginally, reflecting ample availability and comparatively subdued demand growth.” As for meat, FAO said its price index averaged 123.2 points, up 6 points (5.1 percent) from 2024, supported by firm global import demand and heightened market uncertainty linked to animal disease outbreaks and geopolitical tensions. “World bovine and ovine meat prices were up sharply year on year, on robust import demand and limited export availabilities. By contrast, pig meat prices declined, driven by weaker global import demand, while poultry meat prices edged lower due to abundant supplies.” In contrast, the FAO All Rice Price Index averaged 103.5 points in 2025, down 35.2 percent from 2024, reflecting downward pressure on rice quotations from ample exportable availabilities, intense competition among exporters, and reduced purchases by some importing

countries in Asia, including the Philippines. “For the entire 2025, the FAO Sugar Price Index averaged 104.3 points, down 21.4 points [17.0 percent] from 2024 and marking the lowest annual value since 2020, amid ample export availabilities.” In December alone, the FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally-traded food commodities, averaged 124.3 points, down 0.6 percent from November and 2.3 percent from its level a year ago. Cereal, vegetable oil, dairy and meat prices recorded declines last month. “The FAO Vegetable Oil Price Index in December fell by 0.2 percent from November to a six-month low, as declines in world prices of soy, rapeseed and sunflower oils more than offset increases in palm oil quotations.” The UN agency said its meat price index dipped by 1.3 percent from its revised November value but remained 3.4 percent above its December 2024 value, with prices down across all meat categories, particularly bovine and poultry. As for dairy prices, the index fell by 4.4 percent from November, led by a sharp drop in butter prices driven by seasonally higher cream availability in Europe. Commodities that recorded increases last month were rice and sugar. “The FAO Cereal Price Index in December increased by 1.7 from November, buoyed by renewed concerns over Black Sea wheat export flows, robust import demand for maize, strong domestic ethanol production in both Brazil and the United States of America, and higher prices across all rice market segments.” The FAO Sugar Price Index rose by 2.4 percent from November, mainly due to a sharp drop in sugar production in Brazil’s key southern growing regions, while remaining 24 percent below its December 2024 level.

fund [from last year] to buy palay whenever the level falls below 15 days.” The NFA buys clean and dry palay at P23 to P30 per kilo, while the price of fresh and wet palay ranges from P17 to P23 per kilo. This scheme changes weekly per province. Under the 2026 GAA, P11.29 billion has been allocated to the NFA. Broken down, P9 billion would bankroll the purchase of unmilled rice; P2.1 billion for milling and prepositioning; P80 million for the establishment of warehouses; and P35 million for the procurement of dryers. However, Lacson said the government’s cheaper rice program and release of rice stocks for calamities could weigh on its buffer stocking mandate. “Will [the budget] be enough? If the release of rice stocks for calamities or the P20 program is fast, we only have P5 billion to work with, then we’ll fall short. The fund is not enough to buy more palay from farmers to influence

WORKERS load sacks of rice onto Kadiwa trucks at the NFA warehouse in Valenzuela City on Wednesday, July 30, 2025, ahead of the rollout of the “Benteng Bigas Meron Na” program. The initiative will offer rice at P20 per kilo via FTI booths in NFA warehouses. PHOTO BY NONOY LACZA

the traders’ price.” Thus, Lacson noted seeking for a standby fund. “It will be better if there’s already a sure fund, but a standby fund would do.”

Under the amended Rice Tariffication Law (RTL) the NFA should maintain a buffer stock enough to cover 15 days of national rice consumption from the previous

nine-day requirement. Recently, the Department of Agriculture (DA) said it will expand the P20 rice program through a province-wide rollout in Pangasinan as part of efforts to reach 15 million households by the end of 2026. Initially aimed at benefiting society’s most vulnerable sectors, the DA said the government’s cheaper rice program is now poised for a broader reach. “We started with the most vulnerable—4Ps beneficiaries, persons with disabilities, single parents, and senior citizens,” Agriculture Secretary Tiu Laurel said in a statement. “Then we expanded to members of tricycle associations, farmers, fisherfolk, minimum-wage earners, teachers, and non-teaching personnel. Millions have already benefited. By 2026, our target is 15 million households, or roughly 60 million Filipinos.” The government has allocated P23 billion in 2026 to subsidize the P20 rice program.

Zamboanga LGU wants to team up with DA for FMRs

HE local government unit (LGU) of Zamboanga is keen on forging ties with the Department of Agriculture (DA) for the implementation of farm-to-market road (FMR) projects throughout Mindanao. Agriculture Secretary Francisco Tiu Laurel Jr. noted that he was “looking favorably” at Zamboanga del Sur Governor Divina Grace Yu’s request. “Local government units coming forward to help the DA fasttrack farm-to-market road projects is a welcome development,” he said. “We need all the support we can get to build infrastructure that opens access, lowers production costs, raises farmers’ incomes, and delivers real development in

the countryside.” In a letter submitted to the DA, Zamboanga del Sur has identified 26 priority road projects across 21 municipalities, including Pagadian City, with a combined budget of P370 million, for joint implementation with the agency. Yu said the proposed partnership would strengthen oversight while accelerating project delivery. “We firmly believe this collaboration will reinforce transparency and accountability, while ensuring the efficient and timely completion of FMR projects that improve accessibility and advance the welfare of our farmers,” she said in a letter to the DA chief. She added that the provincial government is prepared to create a dedicated unit solely responsible

for monitoring and supervising the identified projects. The province also vowed to submit regular and timely reports on disbursements and progress, and to strictly comply with government accounting, auditing, and procurement rules. Earlier, an agriculture official noted that most of the budget earmarked for FMRs this year will be poured into building roads in top-producing regions to boost the production of rice, corn, coffee, and cacao. This includes Northern and Central Luzon, and Mindanao. The DA said partnerships with “capable” local governments are expected to play a crucial role in expediting rural infrastructure, as it ramps up spending to connect farms to markets and translate

higher public investment into tangible gains for farmers and rural communities. The DA will now assume the responsibility for FMR development following several years under the Department of Public Works and Highways (DPWH), following the controversial flood-control projects. Congress has since doubled the FMR budget to P33 billion for 2026, which could fund the construction of at least 2,200 kilometers of farm roads nationwide. The DA is setting up an online portal and enlisting citizen groups to help monitor the road projects, ensuring these infrastructures are built on time and within specifications. The portal is set to be launched in February. Ada Pelonia

Cocoa prices plunge 13% as exporter hedging offsets index buying

OCOA in New York plunged the most intraday since July 2024 as exporters took advantage of buying related to index rebalancing to lock in more favorable prices. Futures fell as much as 13 percent on Friday, touching the lowest level since November 28. That wiped out gains made earlier in the week tied to the rebalancing of broad commodity indexes, which Peak Trading Research has estimated could draw purchases of about 37,000 cocoa contracts. After hitting a record high in December 2024 in the wake of poor harvests in West Africa, cocoa futures halved last year amid better supplies, prompting sellers to sit on the sidelines and wait for higher prices. Exporters have seized the recent market uptick to hedge, tempering further upside, according to Hamburg-based trader Hanseatic Cocoa & Commodity Office. At the same time, many speculative investors had added long positions in the market ahead of the index rebalancing, said Jonathan Parkman, head of agricultural sales at commodities brokerage Marex Group in London. “Now they’re all sort of fighting to sell it to the index and there’s too many of them,” he added. “If you look at the last eight to 10 months in cocoa, the market is weak,” said Vladimir Zientek, a senior trader at StoneX. “Every single rally we have seen has been sold.” “While I do think we’re going to see some volatility in the coming days, I really don’t expect cocoa

to go much higher just because the fundamentals don’t point that way,” he said. Aggregate open interest the number of outstanding cocoa contracts has picked up in recent weeks to the highest since February, though it is far below levels seen a couple of years ago. The addition of positions could potentially amplify price moves in a relatively small market. Prices are reversing a recent rally that occurred on the back of lower-than-expected bean deliveries in the ports of top exporter Ivory Coast, said Judy Ganes, president of J Ganes Consulting LLC. The slowdown in port deliveries was recently interpreted as a sign of lower supplies, but it might also have been the result of bottlenecks at ports, she added. “People bought into this idea that there was a crop problem,” Ganes said. “Now, it’s kind of back to reality.”

Yara spending

FERTILIZER giant Yara International ASA sought to assuage investor concerns that capital spending could balloon as it seeks to expand ammonia production in the United States. “The company will maintain strict capital discipline, prioritizing US ammonia development subject to final investment decision,” the Norwegian firm said Friday ahead of an investor day in Oslo. Yara’s planned $2 billion US investment fits within average annual spending levels, it said. The bid to reassure investors comes after some analysts questioned whether Yara’s new lowcarbon projects can make enough money to satisfy its ambitions for shareholder returns. The company has said double-digit returns would remain a key requirement for any investment. The shares rose as much as 2.8 percent on Friday, and traded up

DRIED cocoa beans at the Somos Cacao farm and production facility in Ragonvalia, Norte de Santader department, Colombia, on Friday, March 22, 2024. PHOTOGRAPHER: FERLEY OSPINA/BLOOMBERG

0.5 percent as of 3:05 p.m. in Oslo. In December, Yara and Air Products & Chemicals Inc. announced they were teaming up on a venture in Louisiana, with a final investment decision expected by mid2026. The project would produce so-called blue ammonia, employing a process that locks away the emissions generated using carbon capture. While blue ammonia is generally more expensive to make than conventional or gray ammonia, the costs of production in the US may be far lower that those in Europe through the end of the decade, according to Bloomberg Intelligence. Yara has been looking at multiple potential investments in the US, but will concentrate its efforts on the Louisiana venture, Chief Executive Officer Svein Tore Holsether said in an interview in Oslo. Work has already started to prepare the ground, giving the project a “head start,” according to the CEO, who said it “has a lot going for it.” Spending discipline is likely to remain in focus. Yara’s shares rose back in August when the company and partner BASF SE scrapped plans to develop a low-carbon ammonia plant on the US Gulf Coast. Yara also previously signed a letter of intent to build a separate plant in Texas. It hasn’t yet announced whether that will proceed. The company is targeting growth in free cash flow of more than $600 million from 2024 to 2030, with more than $250 million already delivered, it said Friday. Bloomberg News

A6 Monday, January 12, 2026

The World BusinessMirror

Editor: Angel R. Calso

junta holds controversial Iran warns US, Israel of retaliation Myanmar second round of polls amid civil war for strikes; protest death toll climbs By Jon Gambrell

The Associated Press

UBAI, United Arab Emirates— Nationwide protests challenging Iran’s theocracy saw protesters flood the streets in the country’s capital and its second-largest city into Sunday, crossing the two-week mark as violence surrounding the demonstrations has killed at least 116 people, activists said. With the internet down in Iran and phone lines cut off, gauging the demonstrations from abroad has grown more difficult. But the death toll in the protests has grown, while 2,600 others have been detained, according to the US-based Human Rights Activists News Agency. Meanwhi le, Iran’s parliament speaker warned the US military and Israel would be “legitimate targets” if America strikes the Islamic Republic, as threatened by President Donald Trump. Qalibaf made the threat as lawmakers rushed the dais in the Iranian parliament, shouting: “Death to America!” Those abroad fear the information blackout will embolden hardliners within Iran’s security services to launch a bloody crackdown, despite warnings from Trump he’s willing to strike the Islamic Republic to protect

peaceful demonstrators. Trump offered support for the protesters, saying on social media that “Iran is looking at FREEDOM, perhaps like never before. The USA stands ready to help!!!” The New York Times and Wall Street Journal, citing anonymous US officials, said on Saturday night that Trump had been given military options for a strike on Iran, but hadn’t made a final decision. The State Department separately warned: “Do not play games with President Trump. When he says he’ll do something, he means it.”

Parliament rallies IRANIAN state television broadcast the parliament session live. Qalibaf, a hardliner who has run for the presidency in the past, gave a speech applauding police and Iran’s paramilitary Revolutionary Guard, particu-

IN this frame grab from footage circulating on social media from Iran showed protesters once again taking to the streets of Tehran despite an intensifying crackdown as the Islamic Republic remains cut off from the rest of the world in Tehran, Iran, Saturday Jan. 10, 2026. UGC VIA AP

larly its all-volunteer Basij, for having “stood firm” during the protests. “The people of Iran should know that we will deal with them in the most severe way and punish those who are arrested,” Qalibaf said. He went on to directly threaten Israel, “the occupied territory” as he referred to it, and the US military, possibly with a preemptive strike. “In the event of an attack on Iran, both the occupied territory and all American military centers, bases and ships in the region will be our legitimate targets,” Qalibaf said. “We do not consider ourselves limited to reacting after the action and will act based on any objective signs of a threat.” It remains unclear just how serious Iran is about launching a strike, particularly after seeing its air defenses destroyed during the 12-day war in June with Israel. Any decision to go to war would rest with Iran’s 86-year-old Supreme Leader Ayatollah Ali Khamenei. The US military has said in the Mideast it is “postured with forces that span the full range of combat capability to defend our forces, our partners and allies and US interests.”

Protests in Tehran and Mashhad ONLINE videos sent out of Iran, likely using Starlink satellite transmitters, purportedly showed demonstrators gathering in northern Tehran’s Punak neighborhood. There, it appeared authorities shut off streets, with protesters waving their lit mobile phones. Others banged metal while fireworks went off. Other footage purportedly showed demonstrators peacefully marching down a street and others honking their car horns on the street. In Mashhad, Iran’s second-largest city, some 725 kilometers (450 miles) northeast of Tehran, footage purported to show protesters confronting security forces. Flaming debris and dumpsters could be seen in the street, blocking the road. Mashhad is home to the Imam Reza shrine, the holiest in Shiite Islam, making the protests there carry heavy significance for the country’s theocracy. Protests also appeared to happen in Kerman, 800 kilometers (500 miles) southeast of Tehran.

Iranian state television on Sunday morning took a page from demonstrators, having their correspondents appear on streets in several cities to show calm areas with a date stamp shown on screen. Tehran and Mashhad were not included. They also showed progovernment demonstrations in Qom and Qazvin. Khamenei has signaled a coming clampdown, despite US warnings. Tehran escalated its threats Saturday, with Iran’s attorney general, Mohammad Movahedi Azad, warning that anyone taking part in protests will be considered an “enemy of God,” a death-penalty charge. The statement carried by Iranian state television said even those who “helped rioters” would face the charge.

More demonstrations planned Sunday IRAN’S theocracy cut off the nation from the internet and international telephone calls on Thursday, though it allowed some state-owned and semiofficial media to publish. Qatar’s state-funded Al Jazeera news network reported live from Iran, but they appeared to be the only major foreign outlet able to work. Iran’s exiled Crown Prince Reza Pahlav i, who called for protests Thursday and Friday, asked in his latest message for demonstrators to take to the streets Saturday and Sunday. He urged protesters to carry Iran’s old lion-and-sun flag and other national symbols used during the time of the shah to “claim public spaces as your own.” Pahlavi’s support of and from Israel has drawn criticism in the past—particularly after the 12-day war. Demonstrators have shouted in support of the shah in some protests, but it isn’t clear whether that’s support for Pahlavi himself or a desire to return to a time before the 1979 Islamic Revolution. The demonstrations began Dec. 28 over the collapse of the Iranian rial currency, which trades at over 1.4 million to $1, as the country’s economy is squeezed by international sanctions in part levied over its nuclear program. The protests intensified and grew into calls directly challenging Iran’s theocracy.

Venezuela’s prisoner releases continue for 3rd day following government’s goodwill initiative By Regina Garcia Cano The Associated Press

AN FRANCISCO DE YARE, Venezuela—As Diógenes Angulo was freed Saturday from a Venezuelan prison after a year and five months, he, his mother and his aunt trembled and struggled for words. Nearby, at least a dozen other families hoped for similar reunions. Angulo’s release came on the third day that families had gathered outside prisons in the capital, Caracas, and other communities hoping to see loved ones walk out after Venezuela’s government pledged to free what it described as a significant number of prisoners. Members of Venezuela’s political opposition, activists, journalists and soldiers were among the detainees that families hoped would be released. Angulo was detained two days before the 2024 presidential election after he posted a video of an opposition demonstration in Barinas, the home state of the late President Hugo Chávez. He was 17 at the time. “Thank God, I’m going to enjoy my family again,” he told The Associated Press, adding that others still detained “are well” and have high hopes of being released soon. His faith, he said, gave him the strength to keep going during his detention.

Minutes after he was freed, the now 19-year-old learned former President Nicolás Maduro had been captured by US forces Jan. 3 in a nighttime raid in Caracas. Venezuela’s government on Thursday pledged to free a significant number of prisoners in what it described as a gesture to “seek peace.” Officials have not identified or given a number of prisoners being considered for release, leaving rights groups scouring for hints of information and families to watch the hours tick by with no word. US President Donald Trump said the release of people detained for political reasons came at Washington’s request. “Venezuela has started the process, in a BIG WAY, of releasing their political prisoners,” Trump wrote Saturday on his Truth Social platform. “Thank you! I hope those prisoners will remember how lucky they got that the USA came along and did what had to be done.” Trump added that should prisoners forget, “it will not be good for them.” As of Saturday night, only 16 people imprisoned for political reasons had been released, according to Foro Penal, a Venezuelan advocacy group for prisoners. Eight hundred and four remained imprisoned, the group said. A brother of human rights attorney

Rocío San Miguel, one of the first to be released and who immediately relocated to Spain, said in a statement that her release “is not full freedom, but rather a precautionary measure substituting deprivation of liberty.” The conditions of her release ban her from speaking to the media. “This situation does not constitute exile, nor a waiver of her rights, but is part of the humanitarian and diplomatic agreements reached to facilitate her release,” José Manuel San Miguel said of his sister’s move to Spain. Among the prominent members of the country’s political opposition who were detained after the 2024 presidential elections and remain in prison are former lawmaker Freddy Superlano and Perkins Rocha, lawyer for opposition leader María Corina Machado. Juan Pablo Guanipa, a former governor and one of Machado’s closest allies, and Rafael Tudares, the son-in-law of opposition presidential candidate Edmundo González, also remain imprisoned. One week after the US military intervention in Caracas, Venezuelans aligned with the government marched in several cities across the country demanding the return of Maduro and his wife Cilia Flores. The pair were captured and transferred to the US, where they face charges including con-

spiracy to commit narco-terrorism. Both pleaded not guilty. In Caracas, many demonstrators waved Venezuelan flags and chanted, “Maduro, keep on going, the people are rising.” Acting president Delcy Rodríguez, speaking at a public social-sector event in Caracas, again condemned the US military action on Saturday. “There is a government, that of President Nicolás Maduro, and I have the responsibility to take charge while his kidnapping lasts...We will not stop condemning the criminal aggression,” she said, referring to Maduro’s ousting. After the shocking military action that overthrew Maduro, Trump stated the US would “run” the South American country and demanded access to oil resources, which he promised to use “to benefit the people” of both nations. “I love the Venezuelan people and I am already making Venezuela prosperous and safe again,” Trump said in his Saturday post. The US and Venezuelan governments on Friday announced they are evaluating the restoration of diplomatic relations, broken since 2019, and the reopening of their respective diplomatic missions. A US delegation visited Venezuela for several hours Friday.

VOTERS wait for a polling station to open during the second phase of general election in Mandalay, central Myanmar, Sunday, Jan. 11, 2026. AP PHOTO/AUNG SHINE OO

ANGON—Myanmar began a second round of voting Sunday in the country’s first general election since a takeover that installed a military government five years ago. Voting expanded to additional townships including some areas affected by the civil war between the military government and its armed opponents. Polling stations opened at 6 a.m. local time in 100 townships across the country, including parts of Sagaing, Magway, Mandalay, Bago and Tanintharyi regions, as well as Mon, Shan, Kachin, Kayah and Kayin states. Many of those areas have seen clashes in recent months or remain under heightened security, underscoring the risks surrounding the vote. The election is being held in three phases due to armed conflicts. The first round took place Dec. 28 in 102 of the country’s total 330 townships. A final round is scheduled for Jan. 25, though 65 townships will not take part because of fighting. Myanmar has a two-house national legislature, totaling 664 seats. The party with a combined parliamentary majority can select the new president, who can name a Cabinet and form a new government. The military automatically receives 25% of seats in each house under the constitution. Critics say the polls organized by the military government are neither free nor fair and are an effort by the military to legitimize its rule after seizing power from the elected government of Aung San Suu Kyi in February 2021.

Polls see mixed turnout ON Sunday, people in Yangon, the country’s largest city, and Mandalay, the second-largest, were casting their ballots at high schools, government buildings and religious buildings. At more than 10 polling stations visited by Associated Press journalists in Yangon and Mandalay, voter numbers ranged from about 150 at the busiest site to just a few at others, appearing lower than during the 2020 election when long lines were common. The militar y government said there were more than 24 million eligible voters in the election, about 35% fewer than the 2020 election. The government called the turnout a success, claiming ballots were cast by more than 6 million people, about 52% of the more than 11 million eligible voters in the election’s first phase. Myo Aung, a chief minister of the Mandalay region, said more people turned out Sunday to vote than in the first phase. “The weaknesses from Dec. 28 vote have been addressed, so I believe the January 11 election to be well organized and successful,” Myo Aung said. Maung Maung Naing, who voted at a polling station in Mandalay’s Mahar Aung Myay township, said he wanted a government that will benefit the people. “I only like a government that can make everything better for livelihoods and social welfare,” he said. Sandar Min, an independent candidate from Yangon’s Latha township, said she decided to contest the

election despite criticism because she wants to work with the government for the good of the country. She hopes the vote will bring change that reduces suffering. “We want the country to be nonviolent. We do not accept violence as part of the change of the country,” Sandar Min said after casting a vote. “We care deeply about the people of this country. We want to make a change that does not cause harm for the people.”

Military-backed party favored WHILE more than 4,800 candidates from 57 parties are competing for seats in national and regional legislatures, only six parties are competing nationwide with the possibility of gaining political clout in parliament. The first phase left the militarybacked Union Solidarity and Development Party, or USDP, in a dominant position, winning nearly 90% of those contested seats in that phase in Pyithu Hluttaw, the lower house of parliament. It also won a majority of seats in regional legislatures. Suu Kyi, Myanmar’s 80-year-old former leader, and her party aren’t participating in the polls. She is serving a 27-year prison term on charges widely viewed as spurious and politically motivated. Her party, the National League for Democracy, was dissolved in 2023 after refusing to register under new military rules. Other parties also refused to register or declined to run under conditions they deem unfair, while opposition groups have called for a voter boycott.

Vote labeled as a sham TOM Andrews, a special rapporteur working with the U.N. human rights office, urged the international community Thursday to reject what he called a “sham election,” saying the first round exposed coercion, violence and political exclusion. “You cannot have a free, fair or credible election when thousands of political prisoners are behind bars, credible opposition parties have been dissolved, journalists are muzzled, and fundamental freedoms are crushed,” Andrews said. According to the Assistance Association for Political Prisoners, which keeps detailed tallies of arrests and casualties linked to the nation’s political conflicts, more than 22,000 people are detained for political offenses, and more than 7,600 civilians have been killed by security forces since 2021. The army’s takeover triggered widespread peaceful protests that soon erupted into armed resistance, and the country slipped into a civil war. A new Election Protection Law imposes harsh penalties and restrictions for virtually all public criticism of the polls. The authorities have charged more than 330 people under new electoral law for leafleting or online activity over the past few months. There were no reports of major interference with the polls on Sunday, though opposition organizations and armed resistance groups had vowed to disrupt the electoral process. During the first phase, attacks were reported in 11 of the 102 townships holding polls, according to the military government. AP

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Monday, January 12, 2026 A7

‘Under-explored gold mine’: Investors pivot to Asia tech for cheaper entry into AI boom By Winnie Hsu

SIA’S technology stocks began 2026 on a tear, with investors betting their momentum and outperformance against US peers will last through the year. Strategists at Goldman Sachs Group Inc. are overweight and expect further gains driven partly by surging artificial intelligence-related demand and reasonable valuations. Citigroup Inc. says global long-term investors are accumulating Asia’s tech stocks given their importance in the semiconductor supply chain and the potential for earnings upside. A key Asia tech gauge has jumped about 6% so far this year, beating a 2% gain in the Nasdaq 100, as investors rotate toward the region at the core of the global semiconductor supply chain. The shift reflects growing skepticism that US tech can sustain its AI-driven rally after years of outsized gains. Strong fundamentals are reinforcing the move. Samsung Electronics Co. last week posted preliminary operating profit that more than tripled to

a record and Taiwan Semiconductor Manufacturing Co.’s revenue exceeded estimates. Stellar stock market debuts of Chinese AI firms are also adding to the optimism. “This really comes down to a shift in where investors see the best riskreward right now,” said Dilin Wu, a research strategist at Pepperstone Group Ltd. in Australia. “US tech is like a mature gold mine—already rich in value. Asian tech, on the other hand, is like an under-explored mine— still undervalued but fundamentally strong, ready to reward those who notice it.” The MSCI Asia Pacific Information Technology Index is trading at a forward price-to-earnings multiple of 16.3 times, compared with about 25 times for the Nasdaq 100 Index and the Philadelphia Stock Exchange Semiconductor Index. That’s even as the Asian gauge has outperformed the Nasdaq by 33 percentage points since the end of 2024, and the Philadelphia measure by about two percentage points. A variety of money managers are investing in Asia tech as they set their portfolios for 2026. George

Molina, head of trading at Templeton Global Investments, notes a mix of hedge‑fund, long‑only and passive demand into the cohort, notably in Korea and Hong Kong. In Japan, he sees investors who trimmed AI exposure into year-end adding back. T he f lows are boosting share prices. TSMC, Samsung and its South Korean peer SK Hynix Inc.—three of Asia’s biggest tech stocks—have already surged between 8% and 16% this year. In Hong Kong, shares of chipmaker Hua Hong Semiconductor

Ltd. are up more than 20%.

Earnings potential ANOTHER major reason behind the bullishness is higher earnings growth potential. Aggregate earnings-pershare for companies part of the equity benchmarks in South Korea and Taiwan—Asia’s two tech-heavy markets—are seen climbing 79% and 36%, respectively, over the next 12 months, according to data compiled by Bloomberg. That’s versus a forecast of 28% growth for Nasdaq firms.

China’s tech

prowess has only grown in the new year, buoyed by DeepSeek ’s paper outlining a more efficient approach to developing AI, the rising global popularity of Kuaishou Technology’s video editing AI model and Beijing’s self-sufficiency drive. Earnings growth for a gauge of China’s tech megacaps is poised for a major inflection point in 2026 when it’s expected to overtake Magnificent 7 for the first time since 2022, according to Bloomberg Intelligence. Also underpinning the buoyant sentiment is a growing pipeline of AIrelated companies looking to list in Hong Kong and mainland China. Last week alone saw listings by two firms that are seen as challengers to global sector leaders including OpenAI. “AI is a multi-year global growth driver, and North Asia’s technology ecosystem spanning hardware, software, and infrastructure positions the region at the forefront of this trend,” said Gary Tan, a portfolio manager at Allspring Global Investments in Singapore.

MEANWHILE, China is another key element of investing in Asia tech. Enthusiasm over the nation’s tech

With assistance from Abhishek Vishnoi/Bloomberg

With Samsung’s preliminary results—boosted by higher memory prices—out of the way, attention now turns to TSMC’s full-year earnings this week. Expectations of improving profitability have already seen about half a dozen brokerages raise their price targets for the stock since the start of the year. Amid all this positive sentiment, Vey-Sern Ling, managing director at Union Bancaire Privee in Singapore, says the main risks for Asian chipmakers are a pullback in AI spending and geopolitics, especially for Taiwan. Concerns have been mounting over the hundreds of billions of dollars Big Tech has pledged to spend on AI infrastructure. Capital expenditures from Microsoft Corp., Alphabet Inc., Amazon.com Inc. and Meta Platforms Inc. are expected to rise 34% to roughly $440 billion over the next year, according to data compiled by Bloomberg.

Greenland’s harsh environment and lack of key infrastructure have prevented rare earth mining By Josh Funk & Suman Naishadham The Associated Press

EVANA, an oil tanker, is docked at El Palito Port in Puerto Cabello, Venezuela, Dec. 21, 2025. The US military says US forces have boarded another oil tanker in the Caribbean Sea. The Olina is the fifth tanker seized by US forces. AP PHOTO/MATIAS DELACROIX

US intercepts another sanctioned tanker as it exerts control over Venezuelan oil distribution By Konstantin Toropin, Aamer Madhani & Michael Biesecker The Associated Press

ASHINGTON—US forces boarded another oil tanker in the Caribbean Sea on Friday, the US military said, as the Trump administration targets sanctioned tankers traveling to and from Venezuela as part of a broader effort to take control of the South American country’s oil. The predawn raid was carried out by Marines and Navy sailors launched from the aircraft carrier USS Gerald R. Ford, part of the extensive force the US has built up in the Caribbean in recent months, according to US Southern Command, which declared “there is no safe haven for criminals” as it announced the seizure of the tanker called the Olina. The Coast Guard then took control of the vessel, officials said. Southern Command and Homeland Security Secretary Kristi Noem both posted unclassified footage on social media Friday morning of a US helicopter landing on the vessel and US personnel conducting a search of the deck and tossing what appeared to be an explosive device in front of a door leading to inside the ship. In her post, Noem said the ship was “another ‘ghost fleet’ tanker ship suspected of carrying embargoed oil” and it had departed Venezuela “attempting to evade US forces.” The Olina is the fifth tanker that has been seized by US forces as part of the effort by President Donald

Trump’s administration to control the production, refining and global distribution of Venezuela’s oil products, and the third since the US ouster of Venezuela President Nicolás Maduro in a surprise nighttime raid. In a post on his social media network later in the day, Trump said the seizure was conducted “in coordination with the Interim Authorities of Venezuela” but offered no elaboration. The White House did not immediately respond to requests for more details. Venezuela’s government acknowledged in a statement that it was working with US authorities to return the tanker, “which set sail without payment or authorization from the Venezuelan authorities,” to the South American nation. “Thanks to this first successful joint operation, the ship is sailing back to Venezuelan waters for its protection and relevant actions,” according to the statement. Samir Mad ani, co -founder of TankerTrackers.com, said his organization used satellite imagery and surface-level photos to document that at least 16 tankers left the Venezuelan coast in contravention of the quarantine US forces have set up to block sanctioned ships from conducting trade. The Olina was among that flotilla. US government records show that the Olina was sanctioned for moving Russian oil under its prior name, Minerva M, and flagged in Panama. While records show the Olina is now flying the flag of Timor-Leste, it is listed in the international shipping

registry as having a false flag, meaning the registration it is claiming is not valid. In July, the owner and manager of the ship on its registration was changed to a company in Hong Kong. According to ship tracking databases, the Olina last transmitted its location in November in the Caribbean, north of the Venezuelan coast. Since then, however, the ship has been running dark with its location beacon turned off. W hile Noem and the militar y framed the seizure as part of an effort to enforce the law, other officials in the Trump administration have made clear they see it as a way to generate cash as they seek to rebuild Venezuela’s battered oil industry and restore its economy. In an early morning social media post, Trump said the US and Venezuela “are working well together, especially as it pertains to rebuilding, in a much bigger, better, and more modern form, their oil and gas infrastructure.” The administration said it expects to sell 30 million to 50 million barrels of sanctioned Venezuelan oil, with the proceeds to go to both the US and Venezuelan people. But the president expects the arrangement to continue indefinitely. He met Friday with executives from oil companies to discuss his goal of investing $100 billion in Venezuela to repair and upgrade its oil production and distribution. Associated Press writers Dánica Coto in San Juan, Puerto Rico, Josh Boak in Washington, and Regina Garcia Cano in Caracas, Venezuela, contributed to this report.

REENLAND’S harsh environment, lack of key infrastructure and difficult geology have so far prevented anyone from building a mine to extract the soughtafter rare earth elements that many high-tech products require. Even if President Donald Trump prevails in his effort to take control of the arctic island, those challenges won’t go away. Trump has prioritized breaking China’s stranglehold on the global supply of rare earths ever since the world’s number two economy sharply restricted who could buy them after the United States imposed widespread tariffs last spring. The Trump administration has invested hundreds of millions of dollars and even taken stakes in several companies. Now the president is again pitching the idea that wresting control of Greenland away from Denmark could solve the problem. “We are going to do something on Greenland whether they like it or not,” Trump said Friday. But Greenland may not be able to produce rare earths for years — if ever. Some companies are trying anyway, but their efforts to unearth some of the 1.5 million tons of rare earths encased in rock in Greenland generally haven’t advanced beyond the exploratory stage. Trump’s fascination with the island nation may be more about countering Russian and Chinese influence in the Arctic than securing any of the hard-to-pronounce elements like neodymium and terbium that are used to produce the high-powered magnets

needed in electric vehicles, wind turbines, robots and fighter jets among other products. “The fixation on Greenland has always been more about geopolitical posturing—a military-strategic interest and stock-promotion narrative—than a realistic supply solution for the tech sector,” said Tracy Hughes, founder and executive director of the Critical Minerals Institute. “The hype far outstrips the hard science and economics behind these critical minerals.” Trump confirmed those geopolitical concerns at the White House Friday. “We don’t want Russia or China going to Greenland, which if we don’t take Greenland, you can have Russia or China as your next-door neighbor. That’s not going to happen,” Trump said

A difficult place to build a mine THE main challenge to mine in Greenland is, “of course, the remoteness. Even in the south where it’s populated, there are few roads and no railways, so any mining venture would have to create these accessibilities,” said Diogo Rosa, an economic geology researcher at the Geological Survey of Denmark and Greenland. Power would also have to be generated locally, and expert manpower would have to be brought in. Another concern is the prospect of mining rare earths in the fragile Arctic environment just as Greenland tries to build a thriving tourism industry, said Patrick Schröder, a senior fellow in the Environment and Society program at the Chatham House thinktank in London.

TOURISTS kayak at sea in front of Nuuk Cathedral in Nuuk, Greenland, June 16, 2025. AP PHOTO/KWIYEON HA

“Toxic chemicals needed to separate the minerals out from the rock, so that can be highly polluting and further downstream as well, the processing,” Shröder said. Plus, rare earths are often found alongside radioactive uranium. Besides the unforgiving climate that encases much of Greenland under layers of ice and freezes the northern fjords for much of the year, the rare earths found there tend to be encased in a complex type of rock called eudialyte, and no one has ever developed a profitable process to extract rare earths from that type of rock. Elsewhere, these elements are normally found in different rock formation called carbonatites, and there are proven methods to work with that. “If we’re in a race for resources— for critical minerals — then we should be focusing on the resources that are most easily able to get to market,” said David Abraham, a rare earths expert who has followed the industry for decades and wrote the book “The Elements of Power.” This week, Critical Metals’ stock price more than doubled after it said it plans to build a pilot plant in Greenland this year. But that company and more than a dozen others exploring deposits on the island remain far away from actually building a mine and would still need to raise at least hundreds of millions of dollars.

Producing rare earths is a tough business EVEN the most promising projects can struggle to turn a profit, particularly when China resorts to dumping extra materials onto the market to depress prices and drive competitors out of business as it has done many times in the past. And currently most critical minerals have to be processed in China. The US is scrambling to expand the supply of rare earths outside of China during the one-year reprieve from even tougher restrictions that Trump said Xi Jinping agreed to in October. A number of companies around the world are already producing rare earths or magnets and can deliver more quickly than anything in Greenland, which Trump has threatened to seize with military power if Denmark doesn’t agree to sell it. Funk reported from Omaha, Nebraska, and Naishadham reported from Madrid.

A8 Monday, January 12, 2026

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s state archive faces ‘infection’ risk Kenyan women lost their husbands and Israel’ over retouched official photos of first lady their land; but some are fighting back By Evelyne Musambi

Africa, there is tension between general and customary law, which dominates inheritance cases. “While the general law protects the inheritance rights of surviving spouses and children, customary practices still allow different ethnic groups to administer estates according to their traditions, often to the detriment of widows,” said Misheck Dube, a former associate professor at the University of Limpopo in South Africa who has researched widowhood.

The Associated Press

IAYA, Kenya — Rebecca Anyango stood outside the house she has called home for 26 years, wondering how long it will remain hers. As a widow, she’s been threatened with eviction for years by her late husband’s family, who claim she has no inheritance rights. This year they filed a lawsuit, and the 70-year-old Anyango has no legal representation. She pointed out where her husband is buried, a few steps from the door. “Where do I take the grave?” she asked softly. Anyango is among thousands of widows in western Kenya who face losing everything after their husbands die. They are often in rural areas and with little education, unaware of their rights.

Violating Kenya’s constitution

IN the Luo, Luhya, and Kisii ethnic groups, widowhood can come with certain cultural expectations that can be considered illegal. One is “sexual cleansing,” in which a widow is made to have sex with another man, often a brother of her late husband, in the belief that the “dark cloud” of widowhood will lift. Another is “wife inheritance,” in which a widow is taken in as a wife by her late husband’s brother. Those who refuse, like Anyango and others who spoke with The Associated Press, are often isolated and stripped of their land, a violation of Kenya’s constitutional guarantee of the right to land ownership for all citizens. “If the woman is not aware of what protects her, then she will be disinherited,” said Simiyu Waddimba, who teaches anthropology at the University of Nairobi and authored a paper on wife inheritance. But in November, the local assem-

Fighting back ANNE BONARERI, a widow, looks out the window of her home in Kisii, Kenya, Wednesday, Nov. 26, 2025. AP PHOTO/BRIAN INGANGA bly in Siaya County, where Anyango lives, unanimously passed a Widows Protection Bill. If signed by the governor, it will criminalize forced disinheritance or forced remarriage. The legislation was championed by county legislator Scholastica Madowo, herself a widow and one of four elected women in the 42-member local assembly. She said the “atrocities that the women go through” inspired her to act. “Those cultural practices are actually a violation of their rights unless the woman does it willingly,” she said. W hile Madowo wasn’t forcibly disinherited or remarried, she faced opponents’ insinuations about her widowhood during her campaign for office, including allegations that she had killed her husband. Her bill would establish welfare committees to help widows access legal aid to challenge disinheritance.

Efforts made elsewhere

IN neighboring Kisii County, Anne Bonareri was stripped of her home and her commercial property, which had been in her late husband’s name. Within hours of her husband’s death in 1997, her in-laws also took

his possessions, including photos and clothes. Bonareri was left with three young children and another on the way. “They took everything, and I was left with one photo of the father,” the 60-year-old recalled, her voice catching. The day after the burial, she said, her husband’s elder brother came to claim her as a wife. When she refused, armed men were sent to attack her. Bonareri said she later worked three jobs to buy a small piece of land and build a new house. Her daughter, Emma Mong’ute, founded the Amandla MEK Foundation in 2019 to help women in such circumstances by offering legal advice and connecting them to pro bono lawyers. She said they have had some success in helping women retain land. Banned like her mother from their land, and unable to visit her father’s grave there, Mong’ute said the disinheritance of widows creates a cycle of poverty for hundreds of thousands of children in Kenya. She said her organization would consider pushing for a bill like the one in Siaya County. Some widows elsewhere in Africa face similar pressures. In southern

MOST widows are disinherited because they don’t understand Kenya’s land succession laws, which recognize widows and children as the true inheritors, said Easter Okech with the Kenya Female Advisory Organization in Kisumu County. She now offers legal training for women so they can represent themselves, and some are doing so in ongoing cases. She also encourages people to write wills—many people in rural areas don’t make one—and have a neutral executor. Some widows in western Kenya have fought back on their own. Marie Owino, an 87-year-old former teacher, said she knew her rights under the law. She said her confidence and financial independence meant her in-laws “didn’t dare” to disinherit her after her husband died 33 years ago. She still lives in the brick house she and her husband shared on their 100 acres, its manicured gardens a symbol of the boundaries she laid down long ago. “Once you have established yourself that you can, then I’m telling you all those people will give you respect,” she said. A ssociated Press journalist Farai Mutsaka contributed from Harare, Zimbabwe.

Millions of Venezuelans scattered across Latin America cautiously watch what comes next lowed to stay in the shelter and she heard about kidnappings in the area. “I’m afraid of being out on the street with my son alone. It’s a bit dangerous here,” she said. Meyer said forces were building to create a “perfect storm” for Venezuelans like Marquéz who found themselves outside their country and without legal status.

By Franklin Briceño, María Verza & Nayara Batschke The Associated Press

IMA, Peru—Almost immediately after US forces deposed Venezuela’s president, officials from Washington to Lima, Peru, began encouraging some of the 8 million Venezuelans who have scattered themselves across the Americas over more than a decade to go home. But that idea had not even crossed the mind of Yanelis Torres. The 22-year-old graphic designer was too busy printing T-shirts with images of captured former Venezuelan President Nicolás Maduro overlaid with phrases like “Game Over.” Her clients in Lima’s largest textile market were snatching them up within hours of the news of Maduro’s downfall. Settled or undocumented, many of the millions of Venezuelans spread across Latin America received news of Maduro’s capture with joy but also caution, especially after hearing US President Donald Trump say that he would work with Maduro’s vice president, now interim President Delcy Rodríguez, rather than the opposition. Despite leaders in Peru and Chile echoing US suggestions to return to Venezuela, the diaspora does not appear ready to do so. Venezuela’s economy remains a shambles and with the exception of Maduro and his wife, the government remains in place. “I have a lot of things here,” Torres said from her shop in a bustling Lima neighborhood, adding it would take time for things to change in Venezuela. “You’ve got to keep an eye on it, know what’s going on, but not lose hope.”

Crisis scatters a people

THERE are nearly 7 million Venezuelan migrants and refugees in Latin America. Colombia tops the list with 2.8 million, followed by Peru with 1.5 million. A further estimated 1 million are in the United States, according to the most recent data from R4V, a network tracking the diaspora and coordinated by the United Nations High Commissioner for Refugees and the International Organization for Migration.

Turning political tide

A VENEZUELAN celebrates holding a banner with a message that reads in Spanish: “At last Venezuela is free” after US President Donald Trump announced that President Nicolas Maduro had been captured and flown out of Venezuela, in Santiago, Chile, Saturday, Jan. 3, 2026. AP PHOTO/ESTEBAN FELIX

They were driven out by compounding political and economic crises. An estimated 8 in 10 people in Venezuela live in poverty in a country that was once one of Latin America’s wealthiest, with the world’s largest proven oil reserves. Some have found work or started small businesses, while others tried to the reach the US or bounced from country to country. Over the past year, thousands have been deported to Venezuela or third countries and many more could be near the end of their protected status in the US. Eduardo Constante, 36, left Venezuela in 2017 in the middle of a “hunger crisis.” Speaking from a migrant shelter in the northern Mexican city of Monterrey, he recalled his journey. He had spent three months in Colombia, a country overwhelmed by the numbers of arriving Venezuelans; three years in Peru, which he left during the pandemic because they wouldn’t give him the vaccine; and then three more years in Chile, where he was unable to legalize his status. Finally, he made the long trek through South America, the Darien jungle and up to the US border just in time for Trump to close it to asylum seekers. “I had plans in Europe, but if things settle down in Venezuela, I’m going to Venezuela,” he said. His joy at Maduro’s ouster was moderated by the worries of the family he still has there over food scarcity and security

forces that search people’s cellphones for signs of opposition, he said. Maureen Meyer, vice president for programs at WOLA, a Washington-based human rights organization focused on Latin America, said “we’re nowhere near where we’re going to have a country where people that fled...feel that they could be comfortable returning.” And if Venezuelans are forced to leave the countries where they are now, either under pressure or via deportation, they will be even more vulnerable to organized crime groups in the region seeking to exploit them now that the business of smuggling them north has dropped off. Yohanisleska de Nazareth Márquez, a 22-year-old Venezuelan, heard of Maduro’s capture while riding across Mexico on a bus with her 3-year-old. They had left Venezuela in February 2024 and turned themselves in to US Border Patrol that June. She was picked up by US immigration agents in Pennsylvania last year and deported to Mexico with her son on Jan. 1. They were headed with other deportees to the southern state of Tabasco when she heard about Maduro. “We all shouted with joy ... it was what we all wanted,” she said. Still getting her bearings, Márquez planned to apply for asylum in Mexico and try to find work but she is worried. She doesn’t know how long they will be al-

THEIR prospects are not looking good. In Chile, ultra-conservative Presidentelect José Antonio Kast, who will take office in March, made deporting hundreds of thousands of undocumented immigrants central to his campaign. This week, Kast said “they have 63 days left to leave our country and to have the possibility of returning with all of their papers in order.” Peru and Colombia are also scheduled to elect new presidents this year, and immigration will be a focus. This week, Kast met with Peru’s interim President José Jerí, and among the ideas that both men have mentioned is creating some sort of humanitarian corridor passing through Chile, Peru and Ecuador to make it easier for Venezuelans to return home. “Some of these big host countries, how they decide to respond to the population that are already in their countries and those that may come will be key,” Meyer said. In Santiago, in the eight-block “little Caracas,” initial celebrations with car horns, shouts and reggaeton music, had calmed. Alexander Leal, 66, who arrived with his wife in 2018, expressed hope as he sold homemade ice cream in the southern hemisphere summer. His family is scattered across the globe, some in the United States, others in Europe and four siblings still in Venezuela. He dreams of returning one day. “It won’t be this year, but maybe it will be next year,” he said. “That is everyone’s aspiration, that the country is fixed.” He said Trump’s help would be necessary. Verza reported from Mexico City and Batschke from Santiago, Chile. Gabriela Molina in Quito, Ecuador, contributed to this story.

ISRAELI Prime Minister Benjamin Netanyahu and his wife Sara sit during a conference in Jerusalem, Sunday, July 27, 2025. AP PHOTO/OHAD ZWIGENBERG

By Julia Frankel

The Associated Press

E R U S A L E M —T h e p h o t o s seemed destined for posterity in Israel’s state archives. In the snapshots, Prime Minister Benjamin Netanyahu is joined by his wife, Sara, as well as US Ambassador Mike Huckabee and a group of Israeli soldiers, as they light Hannukah candles at Western Wall, the holiest site where Jews pray. The leaders exchange triumphant looks. But something is off. Sara Netanyahu’s skin is poreless, her eyes overly defined and her hair perfectly coiffed—a look officials acknowledge is the result of heavy retouching. Critics say the issue isn’t the use of photo-editing software, which is common on the social media accounts of celebrities and public figures. They say it’s the circulation of the images in official government announcements, which distorts reality, violates ethical codes and risks compromising official archiving and record-keeping efforts. “All the pictures to this day in the archives in Israel are authentic pictures of reality as it was captured by the lenses of photographers’ cameras since the establishment of the state,” said Shabi Gatenio, the veteran political journalist who broke the story in The Seventh Eye, an Israeli site that covers local media. “These images, if entered into the database, will forever infect it with a virtual reality that never existed.” Since the manipulation of images was revealed, the government has taken the unprecedented step of crediting Sara Netanyahu in its releases that include manipulated images. And it’s not clear if official archive will include images of her taken during the second half of last year, when Gatenio said the editing appears to have begun. The first lady’s personal spokesperson did not respond to a request for comment. Nit zan Chen, d irector of t he Government Press Office, told The Associated Press that images of the prime minister are never manipulated and that his office would not upload any retouched photos to the official archive.

Personal Photoshop habit enters political realm SAR A NETANYAHU, 67, has long used photo-editing software on her images. Her social media account is filled with images in which her face appears heavily retouched. But the topic raised eyebrows since her Photoshop habit entered the public record. Gatenio said he first noticed this last July, when the couple visited President Donald Trump in Washington, D.C., and again in September, as Sara Netanyahu joined her husband on the tarmac ahead of a trip to New York for the U.N. General Assembly. At the time, the prime minister’s office released a video of the sendoff along with a photo, credited to Avi Ohayon, an official government photographer. Comparing the photo to the raw video, Hany Farid, a digital forensics expert at the University of California, Berkeley, said the image had been post-processed, bearing local manipulations to smooth the first lady’s skin and remove wrinkles. Since then, photos showing the first lady meeting with Vice President JD Vance and his wife, Usha, in Washington also appear to have been retouched, Farid said.

“There’s been some Photoshop editing to—let’s call it—‘beautify,’ lighten, smooth the face,” Farid said. “Is it nefarious? No. Is it a problem? Yes. This is about something bigger than, ‘she Photoshopped her face to make herself look younger.’ This is about trust. Why should I trust any official photo coming out of that administration?” Chen, the head of the Government Press Office, said office lawyers are trying to determine how to handle and properly identify photos “processed by people other than GPO photographers.” He said the Justice Ministry is also examining the “criteria, limitations and possibilities” of the edited images, though he stressed there is nothing illegal about touching up photos. The issue, he said, is being transparent when such changes are made. For now, his office has decided to add Sara Netanyahu’s name to press releases that include retouched images. Since November, press releases showing photos of her smiling next to Trump and the family of the last hostage in Gaza in Washington, visiting a Miami synagogue and attending a funeral for an Israeli mayor have included this label. At least one outlet, the Times of Israel, has said it will no longer carry official state photos that appear to have been manipulated. The Associated Press does not publish images that appear to have been retouched or digitally manipulated.

A broader phenomenon CHEN said the prime minister is never edited: “No Photoshop, no corrections, no color. Nothing.” While his face may not be retouched, the prime minister’s official Instagram account tells another story. The page has posted a bevy of content that appears to be AI-edited or generated, including a picture of the couple with Trump and first lady Melania Trump celebrating the new year in Washington. The photo raised suspicions in Israel because it shows Sara Netanyahu wearing a black dress absent from other photos of the event, where she wore a dark red frock. Appearing in the sky above the couples are brightly colored fireworks and American and Israeli flags that Farid said were “almost certainly” generated by AI. It is now marked with a tag on Instagram indicating that it may have been altered or generated using AI. It is not clear when the tag was added nor by whom. Netanyahu is not alone. Many world figures, including Trump, use AI-generated image manipulation frequently in their public output. Tehilla Shwartz Altshuler, who runs the “Democracy in the Digital Age Program,” at the Israel Democracy Institute, a Jerusalem think tank, called it “part of the populist playbook” and said there was “no question” that Netanyahu was emulating how Trump uses the technology. Netanyahu’s official Instagram has posted video of Trump and Netanyahu in a B-2 bomber that appears entirely AI-generated. It is captioned “on our victory lap,” referencing the joint Israel-US attacks on Iran last year. “This is exactly what Netanyahu and his surrounding circle have tried to do for many years,” she said. “Presenting himself as a superhero, his wife as a supermodel, their family as a super loyal family. Even when it wasn’t the case, even at the expense of actual political work, administrative work and social work.”

Monday, January 12, 2026

Lacson flags ₧2.5-B allocables tied to Imee By Butch Fernandez

@butchfBM

AYING people who live in glass houses should not throw stones, Senate President Pro Tempore Panfilo M. Lacson on Sunday flagged P2.5 billion in allocables tied to Sen. Maria Imelda Josefa Remedios “Imee” Marcos in the 2025 National Expenditure Program (NEP). And, apparently returning the “favor” when she criticized his handling of Blue-Ribbon committee hearings on the flood-control fund mess, Lacson scored as well as her silence on supposed “giniling” or “pork ” when the 2026 budget bill was being tackled at the bicameral conference level. Lacson said these are based on documents he received from the camp of the late Department of Public Works and Highways

(DPWH) Undersecretary Catalina Cabral. “[Imee] Marcos had allocables worth P2.5 billion in the NEP, according to the Cabral files. Most allocables were moved from the NEP to the 2025 GAA via insertions in the bicameral committee where Senator Marcos had at least the same amount based on DPWH records...While part of the insertions were flagged for later release, part of her FLR allocables had been

Army brass’ lack of delicacy blamed for Mongao’s woes By Jane Magturo

HE failure of some Army senior officers to observe delicacy in dealing with the assignment of an officer passed over twice for promotion when they assigned the individual to a unit commanded by an Academy underclassman may have led the office to resort to social media and announce his withdrawal of support for President Marcos. Sources said the officer should have been assigned to another unit, possibly at the Army headquarters, to spend his remaining days in the service since he is scheduled to retire on May 15 anyway. This, as Malacañang urged due process for the Army officer who has been relieved from his post for his social media post. The officer, Col. Audie Mongao, has reportedly surrendered to his commander, Maj. Gen. Michael Logico, commander of the Army Training Command (Tracom) on Friday night. Logico said an investigation was already underway to check on Mongao, and that administrative and legal charges may be slapped against the latter over the matter. Mongao, he said, is cooperating in the investigation. Palace Press Officer Claire Castro said that the President was keeping tabs over the developments of the case. The President is listening and watching. Regardless of the personalities involved, due process should be observed. What the law says should be followed, she said in Filipino. A statement has made rounds on social media about Mongao’s alleged withdrawal of support for the the President. The Philippine Army has said it relieved Mongao from his post as commander of the Training Support Group as of Thursday night. Logico, referring to the Mongao said, “We had a long talk, and he is fully cooperating with our investigation.” Logico said. However, Logical did not reveal details of the discussion. Mongao was relieved the Army ccommander, Lt. Gen. Antonio Nafarrete from his post as the commander of the Training Support Group under the PA’s Tracom on

Friday after he allegedly posted on his social media his withdrawal of support from Marcos, the military’s Commander-in-Chief. The Army said that Mongao may face administrative charges and court martial for violation of Articles of War, Article 96 or Conduct Unbecoming an Officer and Gentleman, which carries a penalty of dismissal from service upon conviction. Mongao is a member of Philippine Military Academy Class of 1992 and has been in the uniformed service for 34 years. Col. Louie Dema-ala, spokesman for the Army said investigators may also determine ther possible violations. Mongao is one of the most senior officers in the Army in terms of length of service and should have retired in May 2025 upon reaching the mandatory age of 56. However, a new law, Republic Act 11709, which set fixed terms for senior military officers, basically added one more year of service to all officers. Mongao was assigned as commander of the Tracom Training Support Group. TSG is a subordinate unit of Tracom commanded by Logico who belong to PMA Class of 1993. Apparently, Logico said Mongao, considered a senior officer in the Army, has been passed over for promotion to brigadier general twice already and this could have weighed heavily on him. Logico said the demands of military service can take a toll even on the most dedicated officer but professionalism is what keeps them moving forward. “This is not an easy profession. Some of our jobs require a lot of hard work, and sometimes our efforts feel under-rewarded. Professionalism is what keeps us going,” he added. He did not reveal the reason why Mongao was passed over, but said it was a common reality in large organizations. “A lot of people are passed over. We are all judged according to our merits, accomplishments, and capacity to handle stress and perform professionally.” “Many people are passed over but continue to perform their duties as professionals. We have to understand that not everybody reacts the same way,” he also said.

released,” he said in English and Filipino, in a radio interview. “She makes a lot of noise criticizing the 2026 budget for having ‘pork ’ but she had ‘pork ’ in the budget, at least in the 2025 GA A. So she has no moral ascendancy to criticize. In the first place, she was a member of the Senate contingent in the bicameral conference committee. Why didn’t she raise the issue that there was pork? We heard nothing from her then, when she was in the bicam,” he added. Also, Lacson noted that while Senator Marcos rejected the ratified version of the 2026 budget bill owing to increases in funding for assistance programs she labeled as ‘soft pork’—among them the Medical Assistance to Indigent and Financially Incapacitated Patients (Maifip) and Assistance to Individuals in Crisis Situations (AICS)—she had pork at least in the 2025 GAA, and was even physically present in the distribution of ayudas last year. “She was so fond of attending such distributions, and now she says there is ‘pork giniling’ in the

Senator Imee R. Marcos

OPISYAL na Pahayag tungkol sa mga hanash ni Senator Ping sa wishlist ko na nanatiling wish na lang. Medyo nakakatawa siya, ‘ di niya alam na lahat yan ay wishlist na binigay sa DPWH Central Office. Clueless ba siya na kaming mga oposisyon lahat FLR or “for later release” kaya ni isa diyan ay walang naibigay, ZERO KAMING LAHAT nila Bong Go, Bato at Robin! At, malay ko ba sa ALLOCABLES NG ADMIN, sa aming dalawa, hindi ako ang abogada ng Malacañang. Parang masyadong gigil itong si Senator Ping sa akin, baka makipagsabunutan—sure akong talo ako diyan! budget? You know, if you don’t have any moral ascendancy, just keep quiet because it will come back to you. People in glass houses

shouldn’t throw stones,” he said. Lacson scored Marcos as well for her baseless criticisms of the Blue-Ribbon committee which he chairs—particularly in its investigation into the flood control scandal. He debunked her claims that he banned members from linking personalities such as former Speaker Martin Romualdez to the issue, noting that in the first place, she never attended hearings that he chaired. He also addressed her claims of him “limiting” senators to 10 minutes in asking questions, saying this was needed so each senator can have his or her turn to ask questions. “In the first place, what pressure is she talking about when she never attended any of the hearings I chaired?” he said. “I have said before that the best response to nonsense is silence. But when she starts insulting, I cannot disregard it anymore. By insulting the Blue-Ribbon committee, she is undermining its integrity. Why does she not attend and ask questions?” he added.

Former DPWH officials who recant face double-whammy

ORMER Department of Public Works and Highways (DPWH) officials who recant their sworn statements on the corruption behind anomalous flood-control projects face a double whammy, Senate President Pro Tempore Panfilo M. Lacson said on Sunday. Lacson, who set the next hearing of the Senate BlueRibbon Committee on the matter on January 19, said former officials who recant will not only face sanctions for perjury, but their recantation will fail to weaken the cases being built against those involved. “If they will recant, they may be liable for violating the law on perjury, Article 183 of the Revised Penal Code as amended by RA 11594, which raises the penalty for perjury to up to 12 years [imprisonment]. This is aside from a penalty of P1 million and perpetual absolute disqualification if the offender is a government official,” he said in a radio interview, amid reports indicating the officials may recant. However, he pointed out that even if the DPWH officials involved recant their statements, this may not sway the investigation into the flood-control scandal as circumstantial or documentary evidence such as items in

Mayon. . . Continued from A3

Aside from Mayon Volcano, Phivolcs is closely watching Kanlaon Volcano, which is currently under Alert Level 2 or increased unrest. Located on Negros Island, the volcano straddles the border of Negros Occidental and Negros Oriental, and about 30 km southeast of Bacolod City. A highly active stratovolcano, Kanlaon, has demonstrated signs of unrest and is considered a threat to eruption.

the budget books linking personalities—including lawmakers – to the mess had been bared in previous BlueRibbon hearings. He added that the Department of Justice is investigating the case while the Anti-Money Laundering Council has initiated the freezing of accounts of some of those involved. “Their statements are not standalone evidence. The case will not die or collapse on the basis of their recantation,” he added. Lacson added that former DPWH Bulacan engineers Henry Alcantara and Brice Hernandez had already turned over money and vehicles to the government, an indication that they admitted wrongdoing. Lacson added that he is not discounting the possibility that some of those implicated may have reached out to the ex-DPWH officials. “I won’t wonder if some of those implicated may have reached out to the ex-DPWH officials through their lawyers,” he said. He said the committee will subpoena personalities it already invited before but did not show up. These include former Public Wors secretary Manuel Bonoan, former undersecretary Trygve Olaivar, and businessman Meynard Ngu—as well as former congressman Elizaldy Co, the

former chairman of the House Appropriations committee. If those subpoenaed still fail to attend, Lacson said he will recommend to the Senate President the issuance of warrants for their arrest. “Olaivar and company were invited but did not show up. We already subpoenaed them. If they still won’t show up, we can issue warrants for their arrest,” he said. He said he wants to clarify with the Budget department and Office of the Executive Secretary how a Special Allotment Release Order that allowed the release of P50 billion from the unprogrammed appropriations in the budget was released on December 27, 2024. Also, he said the committee may invite Batangas Rep. Leandro Leviste, coursed through the leadership of the House of Representatives, if Leviste agrees. He said there are similarities between the documents Leviste has made public, and those that he has— although Lacson said he has yet to see the “SAP” and “OP” Leviste referred to. When asked if the “Cabral files” would be enough basis to file cases against Cabinet members, he said the documents must be authenticated by the DPWH first. Butch Fernandez

Over the past 24 hours, from 12 a.m. to 12 p.m. on January 10, Phivolcs recorded five volcanic earthquakes and a sulfur dioxide flux of approximately 1,502 tons per day as of January 10. It also emitted a plume 1,200 meters tall. The volcano edifice is inflated, indicative of magmatic activity beneath. Phivolcs has declared the fourkilometer radius Permanent Danger Zone in Kanlaon “off limits,” and flying any aircraft close to the volcano is prohibited. Phivolcs said sudden steamdriven or phreatic eruptions and

precursor y magmatic activity may occur. Two other volcanoes, Taal Volcano in Batangas and Bulusan Volcano in Sorsogon, are under Alert Level 1 or low-level unrest. Both volcanoes continue to generate volcanic earthquakes and moderately emit plumes. The four-km radius Permanent Danger Zone and entry without vigilance into the Extended Danger Zones under the volcano’s alert status is prohibited. Likew ise, f ly ing any aircraft c lose to t he volc a no i s a l so proh ibited.

W hen asked what could be behind Senator Marcos’ actions, Lacson said: “She might want to apply as the Senate’s ‘meow-meow.’ We don’t want that but it seems someone is intent on applying for the post.” Lacson said he remains puzzled over why some senators including Marcos and Sen. Rodante Marcoleta seem intent on disrupting the Blue-Ribbon committee hearings, with Marcoleta earlier questioning Lacson’s objectivity. “The problem is that there are those who want to disrupt the investigation. I don’t know what their end game is,” he said. Meanwhile, Lacson declined to speculate on claims that the “pork” in the budget would be dangled before House members for the impeachment of Vice President Sara Duterte. “Under the Constitution, the House has the power to impeach, and the Senate has the power to convict or acquit. So since we could be senator-judges in a potential impeachment case, we cannot comment especially on the merits of the case,” he said.

Bill. . . Continued from A3

Marcos said the remaining 17 LEDAC measures have already been docketed for committee hearings. These include amendments to the Coconut Farmers and Industry Trust Fund Act, a general tax amnesty bill, a proposed law on online gambling, a master plan for infrastructure and national development, the Progressive Budgeting for Better and Modernized Governance Act, a measure disqualifying relatives of officials up to the fourth degree from certain government contracts, the Cybersecurity Act, the Digital Payments Act, a bill regulating the fair use of social media, artificial intelligence, and internet technology in elections, the Magna Carta for Barangays, amendments to the Downstream Oil Industry Deregulation Law, amendments to the Biofuels Act, a proposal requiring civil servants to waive bank secrecy, amendments to the Anti-Money Laundering Act, the Citizen Access and Disclosure of Expenditures for National Accountability or Cadena Act, the Anti-Political Dynasty bill, and the Party-list System Reform Act. Jovee Marie N. dela Cruz

Impeachment. . . Continued from A4

for reconsideration filed by the 20th Congress questioning the Court’s ruling on the first impeachment complaint against Duterte. “It is very important for the Supreme Court to resolve this MR because this will provide the next steps for Congress in the event that an impeachment complaint is filed by the 6th of February, 2026,” Ridon said. He added that the House expects the Supreme Court to act within the next three to four weeks, noting that the bar examinations have ended and the Court’s calendar has eased. According to Ridon, the outcome of the MR will determine whether the Senate will be compelled to resume impeachment proceedings already transmitted to it or whether the House will have to process new complaints under revised rules set by the Supreme Court. As Congress braces for the possible filing of impeachment complaints once the one-year bar lapses in February, Ridon said lawmakers must carefully weigh their next steps to avoid procedural errors that could derail proceedings. With PNA

A10 Monday, January 12, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

The hollowed-out engine: Addressing the cracks in PHL’s manufacturing sector

HE latest Labor Force Survey from the Philippine Statistics Authority (PSA) presents a paradox that should alarm economic managers and policymakers alike. While the headline unemployment rate of 4.4 percent in November 2025 appears manageable on the surface, the data beneath it reveals a troubling erosion of the country’s industrial foundation. The loss of 150,000 manufacturing jobs over the past year is a symptom of a sector struggling to breathe under the weight of structural inefficiencies, high costs, and external volatility. (Read the BusinessMirror story: “Weak competitiveness in manufacturing hurts jobs,” January 8, 2026).

Manufacturing has long been envisioned as the “gold standard” for employment—a provider of stable, formal, and higher-paying jobs compared to the seasonal nature of agriculture or the often-informal service sector. To see it shedding positions at such a steep rate suggests that the Philippines is experiencing a premature deindustrialization. When a country loses its ability to produce goods competitively, it loses its economic sovereignty, becoming a hostage to global supply chains and currency fluctuations. The experts cited in the report highlight a multi-front war. Former Socioeconomic Planning Secretary Dante Canlas correctly identifies the “tariff trap” and the reliance on a narrow electronics niche. While electronics exports grew to $33.52 billion, the broader manufacturing base—food processing and motor vehicles—is flagging. As economist Leonardo Lanzona points out, our manufacturing model is precariously built on imports. When the peso weakens, as seen in its recent slide to P59.35, the cost of production skyrockets, forcing firms to choose between staying afloat and keeping their staff. However, the most stinging critique comes from the reality of regional competition. As economist Ella Oplas noted, the Philippines is increasingly being viewed as an expensive and “chaotic” destination for capital. High labor costs— not just in wages but in the total “cost of doing business”—combined with perceived instability, are driving investors into the arms of our neighbors. Vietnam and Thailand are not just winning on price; they are winning on predictability. The government’s response, articulated by DEPDev Secretary Arsenio Balisacan, focuses heavily on “upskilling” and “lifelong learning.” While the 2026 General Appropriations Act’s emphasis on education and reskilling is a necessary long-term investment, it feels like a slow-acting medicine for an acute wound. You cannot “upskill” a worker for a factory that has already relocated to a neighboring country. Furthermore, the vulnerability of our service and agriculture sectors to climate change was laid bare by the 517,000 jobs lost in agriculture and the 309,000 lost in food services due to typhoons. This underscores the fact that our economic “resilience” is still largely at the mercy of the weather. To reverse this trend, the government must move beyond the rhetoric of “workforce competitiveness” and tackle the hard structural barriers. This means lowering the cost of power (among the highest in Asia), streamlining the bureaucratic maze that deters investors, and aggressively pursuing the “preferential tariff treatment” Canlas suggested. Most importantly, we must heed the call to develop domestic capacity. We cannot continue to be a nation that merely assembles components made elsewhere; we must become a nation that creates. The November 2025 figures are a wake-up call. If the manufacturing engine continues to stall, the “quality jobs” the government promises will remain a mirage, and the Philippine economy will be left running on the fumes of a volatile service sector and a weather-beaten agricultural base. Enough with the damage control—let’s start building again.

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Revive PHL tourism via resilience, diversification Atty. Jose Ferdinand M. Rojas II

RISING SUN

HE Philippines, with our 7,641 islands and emerald waters, should be Southeast Asia’s tourism crown jewel. Yet here we are in early 2026, projecting just 6.3 million foreign arrivals— a distant echo of pre-2019 highs and a stark underperformance next to Thailand’s 40 million and Vietnam’s 18 million annual visitors.

While our neighbors attract diverse crowds from Europe to India, we rely on Korea and China for over half of our inflows, leaving us vulnerable to shifts in Beijing or Seoul’s policies. Add crumbling infrastructure —congested NAIA, potholed roads to paradise, and it’s no wonder we lag. Amid this gloom, our domestic travelers and balikbayans continue to fill hotels and boost airlines when foreigners hesitate. So…why not harness this homegrown vigor to bridge the gap and propel this industry forward? Korea remains our top source, while China promises volume but delivers volatility amid diplomatic spats and economic issues. Thailand, by

contrast, courts everyone: backpackers from Australia, families from the US, luxury seekers from the Middle East. Vietnam woos India and the EU with visa waivers and bullet trains zipping from Hanoi to Ha Long Bay. Our natural assets—Palawan’s lagoons, Siargao’s barrels, Bohol’s hills—rival them all, yet dreams of paradise crumble due to dysfunctional ports and endless jeepney rides. Domestic demand also shines brighter: budget carriers like Cebu Pacific report packed local routes, OFW remittances fuel family reunions, and wellness seekers flock to island retreats. All this, however, can’t fully compensate for international shortfalls, leaving revenue

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streams shaky in a world of US tariffs and global uncertainties. It’s time to create solid changes with smart, integrated strategies. First, diversification. Launch clear campaigns for untapped markets— India’s rising middle class craving beaches that are not as crowded as Bangkok’s, Australians escaping winter for tropical dives, Americans chasing authentic adventures beyond Bali. Expand e-visas aggressively, pair them with cultural hooks like Cebu’s Sinulog Festival or Ma-

nila’s varied food and crafts festivals. Simultaneously, it would help to supercharge domestic foundations. Balikbayans deserve hero status, so offer tax credits on extended family packages, “Live-Love-Linger” visas for month-long stays blending work and wanderlust. Convert local enthusiasts into global ambassadors: incentivize social media vlogs of hidden gems, turning every Pinoy traveler into a free promoter. Imagine a Cebuano family posting Palawan sunsets on TikTok, drawing their US-based cousins and their friends. None of this would fly without proper infrastructure. So, publicprivate partnerships must fast-track nautical highways linking LuzonVisayas-Mindanao, upgrade Tourist Rest Areas into experiential hubs with local crafts and gentle movement sessions, for instance. Imagine 2028: The Philippines surging ahead, not merely recovering, but topping Southeast Asia with 10 million visitors—a vibrant mix powered by enthusiastic locals and eager global travelers. Do we really want to remain stuck in the shadows of our Asian neighbors while our stunning islands and spirited people demand the stage? We have the power to do it. Turn Pinoy pride into the world’s top tourism magnet.

Salceda’s red flag: The dangerous gap between credit card debt and productive capital

✝ Ambassador Antonio L. Cabangon Chua Publisher

Our natural assets—Palawan’s lagoons, Siargao’s barrels, Bohol’s hills—rival them all, yet dreams of paradise crumble due to dysfunctional ports and endless jeepney rides. Domestic demand also shines brighter: budget carriers like Cebu Pacific report packed local routes, OFW remittances fuel family reunions, and wellness seekers flock to island retreats. All this, however, can’t fully compensate for international shortfalls, leaving revenue streams shaky in a world of US tariffs and global uncertainties.

HERE is a kind of economic growth that feels good in the short term—and quietly dangerous in the long term. It comes with crowded malls, brisk restaurant traffic, a surge in online shopping, and the reassuring illusion that the country is finally “moving.” But some numbers tell a deeper story. Former Congressman Joey Salceda, economist to the bone, raised one of them directly to Bangko Sentral Governor Eli Remolona: credit card receivables surged by 29.5 percent even as gross capital formation contracted by 2.8 percent. Liquidity expanded, bank lending grew, yet investment—the engine of tomorrow’s productivity—retreated. Salceda’s question deserves to be treated not as forum banter, but as national economic diagnosis: Is our monetary transmission mechanism channeling liquidity into consumption and speculation rather than productive capital formation? Are we financing a consumption boom rather than an investment boom? It is a question asked with uncommon credibility. I have known Joey Salceda long before he became a familiar face in policy debates— back when I was covering the stock

market in the 1980s and he was a topnotch Baring Securities man. He was the kind of broker who didn’t merely sell a stock; he sold the reason it deserved to be owned. I still remember how he would regale me with small but decisive details— how he once managed to wangle an important economic feature of a listed blue chip, giving him a bird’seye view of the business. It was the kind of insight that separated serious counsel from market noise. That background matters. Sal-

Salceda’s question deserves to be treated not as forum banter, but as national economic diagnosis: Is our monetary transmission mechanism channeling liquidity into consumption and speculation rather than productive capital formation? Are we financing a consumption boom rather than an investment boom?

ceda doesn’t speak of economics as an accessory. He speaks it like a native language—trained by the discipline of markets, not the theater of politics. And when he points to the surge in credit card receivables as a red flag, it is worth pausing. Because credit card debt is not merely a lifestyle statistic. It is a macroeconomic indicator of fragility. Credit cards reflect consumption financed by future income. It is not wage-driven demand; it is debtsupported spending. Sometimes this happens because incomes are inadequate against rising costs. Sometimes it is driven by the seductive convenience of installment culture. But either way, when consumer credit expands rapidly while investment contracts, the economy

may still look active—yet it becomes increasingly vulnerable to shocks. At the heart of Salceda’s warning is a liquidity-investment disconnect. Money is flowing, but not compounding. Lending is increasing, but the economy is not building. If bank portfolios tilt toward highmargin consumer credit while productive capital formation remains soft, then liquidity becomes comfort today—at the expense of capability tomorrow. The pattern also has implications beyond domestic demand. When a country borrows to consume, a portion of that consumption leaks outward into imports— gadgets, appliances, fast fashion, online purchases, travel. Salceda notes import composition as well: consumer goods imports remain robust while capital goods soften. That pattern is not merely trade trivia; it is an early shape of external vulnerability. Borrowing to consume rather than to build is a classic prelude to balance-of-payments stress. The BSP’s traditional tool— interest rates—affects the whole economy. But the problem Salceda points to appears sector-specific: liquidity finding its way into conSee “Gagni,” A11

Opinion BusinessMirror

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Japan ruling coalition partner sees ‘new stage’ on snap election

Monday, January 12, 2026 A11

From ports to BIR administration: What Mendoza and Baquiran must learn (and unlearn)

By Yoshiaki Nohara

Joel L. Tan-Torres

DEBIT CREDIT

PECULATION that Japanese Prime Minister Sanae Takaichi will call for a snap election continues to rise as the leader of a partner in her party’s coalition cited a shift to “a new stage.”

Conclusion

Customs Administrative Order 032022 provide to informants a 20 percent reward vase on tariff and duties collected. The reward is much lower for informants leading to BIR additional tax collections. The National Internal Revenue Code and Revenue Regulations 16-2010 provide for a 10 percent reward on taxes collected not to exceed P1 million per case. It may be appropriate to increase the rewards similar to that governing in the BOC by means of legislation. But there should be clearer rules, faster processing, and more meaningful—but disciplined—financial rewards for credible information that leads to actual tax collections to be able to significantly enhance enforcement. Without transparency and safeguards, such whistleblower rewards programs risk encouraging abuse, vendettas, or manufactured cases. Incentives must reward integrity, not opportunism. Equally urgent is the long-delayed task of filling vacant leadership positions and undertaking a rational reassignment of officials and employees based on merit, competence, and performance. Any perceived cadre of BIR officials positioned by the previous administration must be dismantled—not for political reasons, but to restore institutional neutrality and credibility. Key posts should be occupied by revenue leaders who meet clear key performance indicators, uphold ethical standards, and command professional respect. An undermanned, misaligned, or factionalized organization cannot deliver consistent and fair enforcement. It is good that the re-assignments have started with the issuance of Revenue Travel Assignment Order No. 001-2026, involving the transfer or posting of BIR directors and assistants in key places, including Makati and Manila. Finally—and this must be said

plainly—some taxpayers and practitioners are not merely victims of irregularities; they are active contributors to them. Those who offer bribes, manufacture fake invoices, design sham transactions, certify misleading financial statements and tax returns, or profit from “fixing” audits must be part of the reform equation. Any reform of LOAs and audit processes that focuses solely on examiners, while ignoring these other participants, will always be incomplete. This is where post-audit reviews, performance measurement systems, strengthened practitioner accreditation, ethical tax planning standards, and closer coordination with the PRC-BOA, PICPA, IBP, and corporate boards must come into play. Tax governance is not only an administrative issue; it is a professional and corporate responsibility. Commissioner Mendoza and Deputy Commissioner Baquiran are stepping into a BIR where trusted tax administration is as important as tough tax enforcement. Their Customs experience is not a handicap—it is a starting point. But to lead a genuinely transformed BIR, they must learn quickly, listen deeply, and demonstrate through concrete actions—not slogans— that firm enforcement can coexist with fairness, transparency, and a genuine partnership with the millions of taxpayers.

“Dissolution is the prime minister’s prerogative,” Hirofumi Yoshimura, co-leader of the Japan Innovation Party, also known as Ishin, said Sunday on public broadcaster NHK. “If she decides to dissolve the Diet, we are prepared to fight” as a coalition partner. The Yomiuri newspaper reported late Friday that Takaichi may call for a vote on February 8 or February 15, citing unidentified government officials. Other Japanese media have since published similar reports saying that Takaichi may announce a dissolution of the lower house of parliament at the start of the next parliament session on January 23. “When speaking with the prime minister, I felt we have shifted to a new stage now,” Yoshimura said about his conversation with Takaichi on Friday, without elaborating further. Yoshimura’s comments add to the speculation that Takaichi will try to leverage her popularity to strengthen the coalition’s grip on power. Her ruling Liberal Democratic Party and its junior partner Ishin have only a razor-thin majority in the powerful lower house, with the help of three independent lawmakers. Takaichi’s support ratings have held steady at historically high levels. Surveys conducted in December showed that about 70 percent of respondents were in support of her administration. The Yomiuri report pushed the yen down to 158.18 versus the dollar on Friday, the lowest since January 2025.

The currency may face high volatility on Monday in thin trading, as Japan will be on a public holiday. The yen’s slide has caused Japanese officials to ramp up warnings against speculative trading, and markets are bracing for possible government intervention to support the currency. When Takaichi became prime minister in October, she started without a majority in either of the two chambers of parliament due to the LDP’s weak results in two national elections under her predecessor, Shigeru Ishiba. Takaichi can dissolve only the lower house for a snap election—her party will remain six seats short of a majority in the upper house. Yoshihiko Noda, the leader of the Constitutional Democratic Party, said that the biggest opposition party is now in election mode. “A dissolution on the 23rd has become very likely,” Noda said Sunday on NHK. “Since they’ve made their move, we intend to keep pushing forward aggressively.” In an interview that was recorded on Thursday and aired Sunday on NHK, Takaichi said she was focusing on immediate tasks when asked about the possibility of dissolving the lower house of parliament. “Regarding the dissolution? We’ve managed to pass the supplementary budget, and I’m instructing all ministers to ensure its early execution,” Takaichi said. “We want the public to feel the effects of our inflation-relief and economic policies as soon as possible.” Bloomberg

Gagni. . .

Nephew of former Thai premier Thaksin faces balancing act to win over electorate

Continued from A10

sumption, possibly speculation, rather than productive formation. This is why macroprudential tools deserve serious attention: tighter prudential rules on consumer credit, more cautious expansion of unsecured credit lines, differentiated reserve or capital treatment that recognizes the risk of excessive consumption lending, and regulatory incentives that encourage lending toward productivity-enhancing sectors. But no economic discussion is complete if it ignores what drags the economy down even when liquidity is present: corruption. The corruption issues surrounding flood control projects are not just moral failures—they are macroeconomic wounds. Every peso stolen from drainage and dikes becomes dead capital. This is why the country needs more than administrators. It needs strategists. If the Marcos administration is serious about steering the country out of economic drift, it must build a reform agenda that links monetary stability to productive investment, and links public spending to genuine outcomes—measured in resilience, not ribbons. In that context, Joey Salceda stands out as an economist with both market IQ and policy IQ: a public servant who understands signals, and a professional who has seen how capital behaves in the real world. A statesman governs not by creating comfort alone, but by creating capacity. The Philippines must choose whether it wants to finance convenience or to finance competence; whether it wants growth that merely feels good today, or growth that can endure tomorrow. And in that choice, we should listen carefully when a seasoned economist raises a warning—not because it is dramatic, but because it is sober.

OMMISSIONER Carlito “Charlie” Mendoza and Deputy Commissioner Vener Baquiran are stepping into the Bureau of Internal Revenue (BIR), where trusted tax administration is as important as tough tax enforcement. Their previous Burea of Customs (BOC) experience is not a handicap; it is a starting point. But to lead a truly transformed BIR, they will have to learn quickly, listen deeply, and demonstrate—through actions, not slogans—that firm enforcement can coexist with fairness, transparency, and genuine partnership with the vast community of taxpayers they now serve. It has now been about two months since two former BOC officials were appointed to key leadership positions in the BIR. This is sufficient time not for verdicts, but for early signals—signals of whether the transition from border enforcement to domestic tax administration is being understood as a fundamental change in mindset, not merely a transfer of command. While Customs and internal revenue share enforcement DNA, they operate in vastly different institutional, legal, and relational environments. What worked at the ports cannot simply be replicated in the internal revenue tax administration and taxpayer compliance environments. The new leadership must therefore be deliberate in adopting innovative tools, including those they encountered in border enforcement—but only after careful recalibration. The BOC has been using body cameras in its border control. This tool, when properly piloted, tightly regulated, and respectful of privacy—may have application

By Patpicha Tanakasempipat

ODCHANAN WONGSAWAT, the Pheu Thai Party’s top candidate for prime minister, faces a delicate balancing act in his quest to run the Southeast Asian country—he must leverage his family’s legacy to win the support of the party faithful, while showing he has fresh ideas to revitalize the economy. The biomedical engineer and nephew of jailed former Thai premier Thaksin Shinawatra, whose family-backed parties have won all but one election since the turn of the century, said he believes he can achieve an annual economic growth rate of 5 percent by developing the country’s medical sector. “We have a lot of researchers, we have a lot of opportunities, just only need to make a little bit of investment on the infrastructure and technology transfer, then we can build a new sector of cancer treatment service,” Yodchanan said in an interview with Bloomberg News on Saturday in the northern city of Chiang Mai, his hometown, where he led a campaign to rally supporters ahead of the Feb. 8 snap election. Yodchanan said he believes the wellness industry has potential to eclipse other sectors in Thailand and act as a new growth engine. The nation is already a formidable player in global medical tourism, with hospital operators such as Bangkok Dusit Medical Services Pcl and Bumrungrad Hospital Pcl leading efforts to attract foreign visitors for medical treatment. “Instead of the automobile or electronic industries, we can make medical devices, which would yield higher income with the same infrastructure,” he said. “We can make semiconductors for data centers and especially for medical AI.” The son of former leader Somchai Wongsawat, Yodchanan has emerged as the surprise new face of Pheu Thai and is now one of the frontrunners to be Thailand’s next leader, potentially its fourth in three years. He

represents a strategic reboot for the Shinawatra-linked political machine after last year’s ouster of his cousin, Paetongtarn Shinawatra, from the top office by the Constitutional Court over an ethics violation case. Yodchanan is seen as a bridge between the party’s populist past and a high-tech future, appealing both to voters in the northern and northeastern rural heartlands who remain loyal to Thaksin and the skeptical Bangkok electorate that favors progressive economic reforms. Still, he will need to shake the perception that he is a proxy for his uncle, who is serving a one-year prison sentence for corruption during his time in office from 2001 until being toppled in a coup in 2006. The power struggle between Thaksin and the military-royalist establishment has dominated much of Thai politics over the past two decades, which have seen five prime ministers linked to him ousted by the military or by the Constitutional Court. Yodchanan stated he’s “very confident” that, within four years, he can close the gap between Thailand and its Southeast Asian neighbors, whose economies are growing at double the pace or more. To achieve that, he will need to address deep structural issues in Thailand, which has one of the highest household debt-to-GDP ratios in the world and a yawning wealth gap between the rich and poor. The 46-year-old plans immediate assistance measures for citizens, including annual cash handouts of up to 36,000 baht (about $1,150) for those living below the national poverty line, aggressive debt relief, a three-year debt moratorium for

in certain BIR in-person engagements such as the service of Letters of Authority, field verification, key audit conferences, and enforcement actions. Done right, this technology can protect both taxpayers and honest BIR personnel from harassment, extortion, and false accusations. Done wrong, it degenerates into mere theatre or, worse, another instrument of intimidation. The difference lies in clear rules on when body cameras are used, how recordings are stored and assessed and who has access to them. Commissioner Mendoza and Deputy Commissioner for Operations Baquiran can also strengthen the tax informant and whistleblower program, again drawing carefully from Customs experience. For both the BIR and BOC, persons who provide definite, sworn information not yet in the possession of the two offices that leads to the collection of taxes, duties, penalties and other amounts, will be entitled to informers’ rewards. The Customs Modernization and Tariff Act in Section 1512 and

farmers and a 30 percent crop profit guarantee. Rural voters are a powerful element of the electorate and have been key to the success of Thaksinlinked political parties. In the metropolis of Bangkok, Yodchanan has pledged to cut prices of transport in an appeal to the growing number of urban voters struggling with higher costs of living. “We need to help clear the debt burden in parallel with lowering the cost of living,” Yodchanan said, adding that his Pheu Thai Party is the only one that can effectively tackle the two problems and boost the economy. “Innovation-driven economic growth is my expertise.” Yodchanan, a professor, said he believes his experience in the laboratories and hallowed lecture halls of Bangkok’s prestigious Mahidol University provides him with a unique perspective, helping him understand that innovation-driven economic growth is the way forward Thailand. While he said he believes he is his own person, Yodchanan acknowledged that his family relations would be an advantage if he were to become prime minister. “I’ll be on my own, but for execution you need highly experienced people to help and I’m on the shoulders of giants,” he said. “I know all the old team, which can help build on the success of the country.” Still, “If I continue talking about innovation and how we execute things, I think people will forget about my last name,” he said. In rallies in Chiang Mai on Friday, Yodchanan appealed to Thaksin’s supporters for help, asking them to vote for “Thaksin’s nephew.” At one of the rallies, 67-year-old juice vendor Jadet said she supported Yodchanan because she was hopeful he could fix Thailand’s economic woes, not because of his family name. “I like him because he is humble despite his many achievements,” said Jadet. “The economy is bad. I sell smoothies at just 10 to 20 baht (0.64

cents), the villagers still struggle to afford it and count their 1-baht coins.” Yodchanan faces formidable rivals in the reformist People’s Party’s Natthaphong Ruengpanyawut and Anutin Charnvirakul of the ruling conservative Bhumjthaithai. Despite announcing his candidacy only in mid-December, Yodchanan is rising in the polls. A popularity survey by Suan Dusit University late last month showed him winning 22% of support, ranking second behind Natthaphong who received 24% backing. On Thursday, a joint survey by Thai-language newspapers Matichon and Daily News ranked him as the most preferred prime ministerial candidate, with 39.2 percent support, compared with Natthaphong’s 38.8 percent. His party, Pheu Thai, lost out to a predecessor of the People’s Party in the 2023 election, and is predicted to come in second or third in next month’s vote. Yodchanan said he would be happy to join a coalition with any of the parties, but the ministers in his cabinet must be free from corruption allegations. In his first 100 days in office, Yodchanan plans to focus on rebuilding trust to attract foreign direct investment to fund his vision for supply-chain upgrades by pitching Thailand’s strategic locations and manufacturing strength. In the longer term, he plans to refine and upgrade the skills of the Thai workforce to meet the demands of new investors, whom he believes will be attracted to Thailand’s developed supply chains. “You can use our global supply chain; you can use our supply chain from Southeast Asia,” he said, in an appeal to foreign investors.

Thai reformist party chief leads in latest opinion poll

THE head of Thailand’s reformist People’s Party maintained his lead as the preferred candidate in next month’s general election, according

Joel L. Tan-Torres was a former Commissioner of the Bureau of Internal Revenue. He has also held various positions, including Dean of the University of the Philippines School of Business, Chairman of the Professional Regulatory Board of Accountancy, Tax partner of Reyes Tacandong & Co., and SyCipGorres and Velayo & Co., and director of various corporate boards. He is a Certified Public Accountant who ranked No. 1 in the CPA Board Examination of May 1979. He has his own tax and consultancy practice in JL2T Consulting and can be contacted at joeltantorres@yahoo.com.

to the latest opinion poll, with voters appearing to grow more decisive as the race to lead the next government heats up. Support for Natthaphong Ruengpanyawut, leader of the People’s Party, rose to 24.76 percent from 17.2 percent last month, a January 5-8 survey by the National Institute of Development Administration showed. Incumbent Prime Minister Anutin Charnvirakul of the conservative Bhumjaithai Party followed, with the backing of 20.84 percent of respondents, up from 12.32percent. The percentage of respondents who are indecisive about which candidate to support has shrunk from 40.6 percent last month to 14.12 percent. Support increased for most of the candidates as voter interest increases closer to the Feb. 8 election. The Democrat Party’s Abhisit Vejjajiva, a former prime minister, had the third-highest support, with 12.12 percent. Yodchanan Wongsawat, nephew of ex-premier Thaksin Shinawatra and the latest family member to front the Pheu Thai Party campaign, had the backing of 9.64 percent of respondents. Anutin, who has only been in power for four months, dissolved parliament last month to prevent his minority government from being toppled in a no-confidence vote threatened by Natthaphong’s party, triggering the snap election. The People’s Party is the successor to a previous political grouping that won the 2023 general election, only to be blocked from power and later dissolved over its campaign to amend Thailand’s royal defamation law. Anutin’s Bhumjaithai Party trails the People’s Party, which led the latest survey with the backing of about 30% of respondents, even though Bhumjaithai held the incumbency advantage heading into the polls. The ruling party did narrow the gap, receiving about 22 percent of support—more than double what it got last month. Bloomberg

A12 Monday, January 12, 2026

2nd Front Page BusinessMirror

RECORD-HIGH 7.5M DEVOTEES JOIN LONGEST TRASLACION By Justine Xyrah Garcia

HE 2026 Feast of the Jesus Nazareno set new records in both scale and duration, with organizers confirming almost a 31-hour procession and an estimated 7.5 million devotees along the route—believed to be the largest turnout in the country’s history. Data from the Quiapo Church Command Post showed that the andas carrying the Nazareno image reached Quiapo Church at 10:50 a.m. on January 10, or 30 hours, 50 minutes, and one second after leaving the Quirino Grandstand at 4:00 a.m. a day earlier. The Manila Public Information Office pegged the crowd at 7.5 million during the procession itself—excluding participants in other activities throughout the 10-day celebration. Feast organizers reported a total accumulated footfall of 9.64 million from December 31 to January 9. “So far this is the longest…Maybe we can say longest because of the volume of people who welcomed and participated… Year by year, it seems the number of people increases…That’s the challenge we encountered, why it took so long, because the crowd really surged,” Nazareno 2026 Spokesperson Fr. Robert Arellano said in a press briefing over the weekend. The 5.8-kilometer route was not only narrow at critical choke points, but also crowded with more devotees attempting to climb the andas. Organizers earlier said the repeated surges toward the image

caused the platform to topple or stall, preventing the procession from moving forward (See: https://businessmirror.com. ph/2026/01/10/traslacion-2026-callfor-humility-extends-to-governmentofficials/). Official data showed that the procession took roughly 12 hours just to reach Arlegui Street, the route’s midpoint. The Nazareno then spent another nine hours and 50 minutes in Arlegui alone—an 832-meter stretch—due to heavy crowding. After Arlegui, it took almost another nine hours for the procession to navigate the remaining streets back to Quiapo. The Nazareno reached Plaza del Carmen at 4:05 a.m. on January 10 for the traditional dungaw with Nuestra Señora del Carmen, marking more than 24 hours since the procession began. Organizers announced a temporary halt and decided to move the image inside the San Sebastian Church to allow volunteers and devotees to rest. The announcement, however, was met with defiance as devotees seized the andas ropes and marched the image back to Quiapo, completing the record procession after daybreak. With these issues, Arellano admitted that they are now considering shortening next year’s route. “But again, this is a major decision to make, so it needs to be supported by relevant data and information,” Arellano said. “Every Traslacion, route adjustments enter our planning, but it’s not easy to decide quickly. And Quiapo Church does See “Devotees,” A2

www.businessmirror.com.ph

Report: Limited investments crimp PHL’s exposure to AI

By Andrea E. San Juan @andreasanjuan

HE Philippines is one of the four countries in Asia with low “aggregate” exposure to artificial intelligence (AI), which Nomura attributed to limited investments in manufacturing and minimal data center activity. The Japan-based think tank said in its monthly brief that India, Thailand, Indonesia and the Philippines have low aggregate AI exposure. Out of the 10 countries evaluated by Nomura, India ranked 7th in terms of Aggregate AI Exposure, followed by Thailand (8th); the Philippines (9th) and Indonesia was seen at the bottom of the pack at 10th place. “The direct spillovers from the global AI boom are less pronounced for these economies,” Nomura said.

That said, data center investments are rising in India and Thailand, and other low-value added benefits are “accruing” to both Thailand (hard disk drive and server component production) and the Philippines (assembly/testing, components). The Asia Economic Monthly report of Nomura noted that the Philippines ranks low in tech investment and that it has “limited manufacturing investment.” As it mapped Asia’s AI exposure, Nomura said rising AI demand is lifting capital expendi-

tures (capex) within Asia. “Foundries are expanding advanced node and advanced packing capacity, memory firms are expanding high-end lines and server manufacturers are investing in new assembly and testing facilities across the region.” In terms of data center (DC) construction, meanwhile, the Philippines also ranks low as it has “minimal DC activity.” As for other parts of the region, Nomura said there is an increase in third-party data centers in Asia for data storage and processing, which is boosting demand for electrical equipment, cooling systems and other infrastructure. Further, the Nomura report noted that the Philippines also has low wealth effects given its low ranking in aggregate AI exposure. “The valuations of AI-exposed firms have increased significantly, which is leading to equity wealth effects amid portfolio gains for investors.” According to Nomura, Asia dominates in AI-related trade, contributing to nearly two-

thirds of global AI trade growth in the first half of 2025. Within Asia, the AI trade exposure is concentrated in Northeast and Southeast Asia, it added. “AI-enabled goods accounted for over 65 percent of Taiwan’s goods exports in 2024, ref lecting its advanced AI chip manufacturing prowess, and 28.3 percent of Korea’s total exports,” Nomura said. As for other Southeast Asian economies, Nomura said they have also become “deeply integrated” into AI supply chains, led by the Philippines with AI enabled goods accounting for 45 percent of its total exports; Singapore, 41.1 percent; and Malaysia,38.8 percent as they focus on assembly and testing, data storage, and component and precision manufacturing. Asian countries with the highest aggregate AI exposure are Korea (very high), followed by China (high), Singapore (Medium-high). Meanwhile, Malaysia and Vietnam have “medium” aggregate AI exposure.

ERC to focus on 5 major thrusts in ’26 By Lenie Lectura

HOPE EMERGES IN CEBU LANDFILL DISASTER A massive mound of garbage lies collapsed at a waste segregation facility in Barangay Binaliw, Cebu City, as seen Saturday, January 10,

2026, days after a deadly garbage avalanche swept through the site. Rescuers say they have detected “signs of life” beneath the debris, fueling renewed hope as search-and-rescue operations intensify following the collapse that has killed at least four workers and left dozens missing. Authorities are deploying heavier equipment amid unstable debris and safety risks, even as concerns mount over waste management and landfill safety in densely populated Philippine cities. AP/JACQUELINE HERNANDEZ

Govt all set for global launch of OECVS in Q1 By Samuel P. Medenilla

OLLOWING the pilot implementation of its Online Employment Contract Verification System (OECVS) in Dubai, United Arab Emirates (UAE) last year, the Department of Migrant Workers (DMW) announced that the scheme will soon be rolled out globally. DMW Secretary Hans J. Cacdac signed a Memorandum of Agreement (MOA) with DataFlow Group Chief Strategy Officer Amit Gupta at Conrad Hotel in Dubai last January 9. “Under the agreement, the global rollout of OECVS will start in Abu Dhabi, Hong Kong, and Saudi Arabia in the first quarter of 2026,

followed by Singapore, other parts of the Middle East, and later, Europe and Asia in the second half of 2026,” DMW said in a statement. In a Viber message, DMW Undersecretary Dominique R. Tutay told BusinessMirror that DMW will incur a “minimal cost” in conducting the global launch of the OECVS as the agency has already “perfected” its implementation. “If ever there will be cost incurred, transport, accommodation and allowance lang for the team. Other activities can be done remotely,” she said. Tutay said the global launch is expected to benefit 2 to 3 million overseas Filipino workers (OFWs). The OECVS developed Dataflow, which will be locally called “Digi-

tal, Mabilis, Walang Pila,” will allow OFWs to submit, pay for, and download verified employment contracts online. Since it was piloted by DMW in Dubai last year, the OECVS processed 30,000 contracts and allowed its OFWs users to save nearly 2 million UAE Dirhams and about 137,500 hours from previous manual processing. The OECVS makes use of artificial intelligence to automate repetitive processes. The OECVS is part of the DMW’s initiatives to streamline the processing of DMW requirements through digitalization, which also includes the OFW Pass and Kumusta Kabayan App. The mobile application provides

OFWs digital identity, real-time support, and secure access to government services for OFWs worldwide. During the weekend, DMW also held the third leg of its Bagong Bayani ng Mundo – OFW Serbisyo Caravan in Dubai. The event was led by Cacdac, First Lady Marie Louise Araneta Marcos and Overseas Workers Welfare Administration Administrator Patricia Yvonne M. Caunan A total of 9 government agencies participated in the event, which aims to make their services accessible to Filipinos abroad. At least 100 OFW patients were given assistance by DMW, OWWA and the Office of the President– Presidential Action Center during the event.

@llectura

HE Energy Regulatory Commission (ERC) is moving forward this year with five major thrusts that define the direction of the “New ERC” which stands for greater transparency, stronger public engagement, and a deeper commitment to consumer welfare. “The five major directions for the ‘New ERC’ include strengthening evidence-based rate setting, ensuring the timely resolution of cases, enhancing oversight to promote competition, fostering a stable and supportive regulatory environment, and adopting a proactive, consumer-focused approach,” ERC Chairperson Francis Saturnino Juan said in an interview. On top of the agency’s list is to ensure fair and evidence-based rate setting for power industry stakeholders which consist of 264 power generation companies (gencos), 152 distribution utilities (DUs), and 121 electric cooperatives (ECs). According to Juan, the commission is bent on enforcing least-cost obligations, complete the long delayed regulatory resets for DUs, and set prices for emerging technologies such as offshore wind (OSW) and liquefied natural gas (LNG). Industry stakeholders welcomed this as power firms particularly the renewable energy (RE) developers who made it to the green energy auctions have deadlines to meet. Juan also said the agency has started to streamline hearings and internal processes, alongside adherence to Energy Virtual One-StopShop (EVOSS) and Ease of Doing Business (EODB) laws to support faster case resolutions. “To expedite the resolution of cases, we are fully implementing the EVOSS and Ease of Doing Business laws, while also enhancing the efficiency of hearings and internal processes.” Next on his list is strengthening oversight and fostering competition. Juan said the ERC is reviewing market rules and updating technical standards to keep up with emerging technologies, while investment approvals for utilities, Power Supply Agreement (PSAs), and RE projects

will be expedited. “These two make up the third and fourth goals of the ERC this year. We also want to create a stable and enhanced regulatory environment that attracts investments,” he said. These can be done through faster and well-grounded approvals of rate cases for DUs and the National Grid Corporation of the Philippines (NGCP), capital expenditures (capex) applications, PSAs, and renewable-related filings, as well as pushing legislative amendments that strengthen ERC’s mandate. And most importantly, consumer protection is a must, Juan said. “To uphold a proactive and consumerfocused leadership, we are expanding subsidies for lifeline consumers and senior citizens, enhancing consumer rights under the Magna Carta, improving rules on metering and net metering, and coordinating with the Bureau of Internal Revenue (BIR) to ensure fair application of VAT.”

‘Exciting items’

THE Philippine Independent Power Producers Association Inc. (PIPPA), which represents the industry voice of the power generation sector, welcome these changes and look forward this productive ERC in the coming years. “There are several exciting items to look forward to this year— GEAP, Reliability Standards, Philippine Grid Code amendments. PIPPA hopes that the progressive trend towards understanding what will entice investors and sustain their confidence will continue throughout 2026 and beyond. With these positive developments carrying over the new year, we can only have a hopeful outlook for energy security, reliability, and affordability,” said PIPPA President Ann Montelibano via Viber. Meralco PowerGeneration Corp. (MGen), the power generation arm of Meralco, said leadership transitions are equally important and influential in promoting a more competitive electric power industry, while boosting investor confidence. “ERC Chair Juan is expected to advance regulatory modernizaSee “ERC,” A2

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, January 12, 2026

PSE may raise ₧170 billion in capital funding this year

By VG Cabuag

@villygc

HE Philippine Stock Exchange Inc. announced recently that it may have some P170 billion in money raised from its platform. The said capital raising figure, which will come from initial public offering (IPO), private placement and preferred share sale, is about 20 percent above the P140 billion raised by the operator of the country’s equities market in 2025. A large portion of the amount will come from the widely expected IPO of GCash and the listing of PNB Holdings Corp., the company’s president and CEO Ramon S. Monzon said. According to Monzon, the first listing may be the P56-billion listing by way of introduction of PNB Holdings, the spun-off real estate assets of Philippine National Bank (PNB). PNB Holdings has already filed its application for listing, he added.

The company’s shares were distributed to shareholders as a property dividend, giving the whollyowned subsidiary of the PNB a wider subscriber base to qualify for listing without having to undergo an initial public offering. According to Monzon, the PSE is also expecting a P25-billion preferred share issuance and listing application to be filed by Globe Telecom Inc. The PSE, he said, is targeting at least four IPOs this year. “GCash is the big one that we’re looking for,” Monzon said. The IPO of GCash operator GXchange Inc. will push through once the company gets the right

valuation since some strategic investors in the company have plans to exit once their target valuations were hit. “What they are saying basically is that the one exiting has a target. If that target is not met, they’re not going to sell,” Monzon said. He explained GCash is asking for a lower public float requirement because there is no supply of shares for the IPO and only the exiting investor will be selling their shares. Monzon said the Securities and Exchange Commission (SEC) is already taking steps to amend the public ownership requirement for IPOs to lower it to 12 percent for firms with a market capitalization of over P150 billion. To encourage smaller companies to go public, the PSE is also seeking to halve the minimum IPO size of P1 billion to P500 million and reducing the minimum number of shareholders to 200 from 1,000. With a number of firms already delisting, Monzon said the PSE and the SEC are working together to put in place several policy re-

forms that will encourage more firms to go public. These reforms include the recently-amended rules on real estate investment trusts which expands REIT-able assets to include infrastructure projects such as tollways, airports and telecommunications towers. “We have actually tasked our IRD (Issuer Regulation Division) to review our disclosure rules to make it less intimidating because the feedback we get is a lot of companies are scared of the penalties,” Monzon said. “So, basically, we’re trying to see how we can distinguish between disclosure requirements that affect stock price, which therefore affects the investor,” he added. Some disclosure violations have actually little or no impact so maybe the PSE can initially just warn them for three times, instead of an immediate penalty. “The idea is to make it easier for issuers as long as the violation has no impact on the stock price,” Monzon said.

MGEN: Investment in SPNEC legitimate

MGREEN Baras Solar, Rizal province CREDIT: MERALCO POWERGEN CORP. (MGEN) By Lenie Lectura @llectura

ERALCO PowerGen Corp. (MGEN), the power generation arm of Panglinanled Meralco, on Sunday clarified that SP New Energy Corp. (SPNEC) is a separate and distinct corporate entity from Solar Para Sa Bayan Corp. (SPBC). MGEN did not acquire any share in SPBC, which was awarded a congressional franchise thru Republic Act 11357 to construct, install and operate microgrids in remote areas. Moreover, MGEN is not privy to any transactions of SPBC nor to any circumstances that may relate to its compliance with its franchise.

According to Christer A. Gaudiano, MGEN’s head for sustainability, corporate communications and external affairs, the company’s investment in SPNEC did not violate any law or regulation. As a publicly-listed entity, the transactions of SPNEC, including the entry of MGEN through its affiliates, have been scrutinized and approved by the Philippine Stock Exchange and the Securities and Exchange Commission. In addition, SPNEC’s business and operations are not dependent on the franchise mentioned. “We hope this clarifies the issue and lays to rest the disinformation coming out especially in social media,” said Gaudiano, who is also a lawyer.

Miner touts nickel in EV batteries Defense firm keeps mum on Trump D

AVAO CITY—The nickel mined in Davao Oriental is now an essential material in the global production of electric batteries, according to Hallmark Mining Corp. (HMC). “Mati is now part of the global supply chain powering electric vehicles and renewable energy systems, highlighting the Philippines’ growing role in the clean energy transition,” read a statement issued by the company this week. The company said its Pujada Nickel Project south of Mati City, Davao Oriental, “has supplied nickel laterite ore to processing hubs in China and Indonesia from 2022 to 2025.” It added that the materials

are used in EV batteries and energy storage systems, sectors driving worldwide decarbonization. “Once prized mainly for stainless steel, nickel is now a critical EV battery component,” it added. Because of the current nickel laterite production the Philippines, the country was ranked the world’s second-largest nickel producer in 2023, with output of about 330,000 metric tons, largely from laterite deposits, according to the company. Davao Oriental, along with neighboring Davao de Oro (formerly Compostela Valley) and all the way to the Agusan and Surigao provinces, is part of the country’s eastern mineral belt, with known

rich deposits of gold and copper. On its web page, HMC said the Pujada nickel mines, which opened in the new Millennium, was then one of the 23 priority mining projects identified in the Philippine government’s 2004 Minerals Action Plan that was intended to revitalize the Philippine mining industry and encourage foreign investment. Also during that decade, the Philippines has been identified as the fifth most mineralized country in the world, “and thus has the potential of attracting billions of dollars in capital investment.” By 2011 the United States Geological Survey Mineral Commodity Sum-

maries placed the Philippines third in global mine production after Russia and Indonesia. According to HMC, the Pujada nickel mine is located at the northeastern section of the Pujada Peninsula and straddles the Barangays of Macambol and Cabuaya in the City of Mati, Davao Oriental, located 175 kilometers east of Davao City. The company established its base camp 50 kms. South of Mati City. HMC, along with Austral-Asia Link Mining Corp. that is also operating in the area, are Philippine companies under the management of Asiaticus Management Corp. owned by the Tan family. Manuel T. Cayon

Global AI race shows Asia leading as stocks start 2026 with a bang A

SIA’S technology stocks began 2026 on a tear, with investors betting their momentum and outperformance against US peers will last through the year. Strategists at Goldman Sachs Group Inc. are overweight and expect further gains driven partly by surging artificial intelligence-related demand and reasonable valuations. Citigroup Inc. says global long-term investors are accumulating Asia’s tech stocks given their importance in the semiconductor supply chain and the potential for earnings upside. A key Asia tech gauge has jumped about 6 percent so far this year, beating a 2 percent gain in the Nasdaq 100, as investors rotate toward the region at the core of the global semiconductor supply chain. The shift reflects growing skepticism that US tech can sustain its AI-driven rally after years of outsized gains. Strong fundamentals are reinforcing the move. Samsung Electronics Co. last week posted preliminary operating profit that more than tripled to a record and Taiwan Semiconductor Manufacturing Co.’s revenue ex-

AN electronic quotation board displays the Nikkei 225 stock prices on the Tokyo Stock Exchange. CREDIT: BLOOMBERG

ceeded estimates. Stellar stock market debuts of Chinese AI firms are also adding to the optimism. “This really comes down to a shift in where investors see the best riskreward right now,” said Dilin Wu, a research strategist at Pepperstone Group Ltd. in Australia. “US tech is like a mature gold mine—already rich in value. Asian tech, on the other hand, is like an under-explored mine—still undervalued but fundamentally strong, ready to reward those who notice it.”

The MSCI Asia Pacific Information Technology Index is trading at a forward price-to-earnings multiple of 16.3 times, compared with about 25 times for the Nasdaq 100 Index and the Philadelphia Stock Exchange Semiconductor Index. That’s even as the Asian gauge has outperformed the Nasdaq by 33 percentage points since the end of 2024, and the Philadelphia measure by about two percentage points. A variety of money managers are investing in Asia tech as they set

their portfolios for 2026. George Molina, head of trading at Templeton Global Investments, notes a mix of hedge‑fund, long‑only and passive demand into the cohort, notably in Korea and Hong Kong. In Japan, he sees investors who trimmed AI exposure into year-end adding back. The flows are boosting share prices. TSMC, Samsung and its South Korean peer SK Hynix Inc.—three of Asia’s biggest tech stocks—have already surged between 8 percent and 16 percent this year. In Hong Kong, shares of chipmaker Hua Hong Semiconductor Ltd. are up more than 20 percent.

Earnings potential

ANOTHER major reason behind the bullishness is higher earnings growth potential. Aggregate earnings-pershare for companies part of the equity benchmarks in South Korea and Taiwan—Asia’s two tech-heavy markets—are seen climbing 79 percent and 36 percent, respectively, over the next 12 months, according to data compiled by Bloomberg. That’s versus a forecast of 28 percent growth for Nasdaq firms. Bloomberg

HEN RTX Corp. executives’ phones started buzzing with the news that President Donald Trump had singled out their company for criticism, they quickly realized they had two options, both fraught: push back or keep quiet. Trump had turned his ire on the company after announcing that defense contractors should be barred from issuing dividends or conducting stock buybacks. RTX, Trump said, has been the “least responsive to the needs of the Department of War” and the “most aggressive” spender on shareholders. The claims were subject to dispute. RTX has many contracts across the U.S. military, including for jet engines and the popular Patriot missile system. Yes, the company spent $36.4 billion on shareholder returns since 2020, but that was nearly $6 billion less than Lockheed Martin Corp., the maker of F-35 fighter jets. But in the end, RTX executives led by CEO Chris Calio opted against publicly commenting on the posts or the executive order accompanying them, according to people familiar with the matter who asked not to be identified discussing private deliberations. Doing so risked attracting more attention, they said. An RTX spokesman declined to comment on Friday. RTX’s plan to keep its head down may be buttressed by the fact it’s far from clear the government can legally limit executive pay or force companies to spend in certain ways, people familiar with the matter said. James Angel, a finance professor at Georgetown University, said that buybacks are enshrined in the US tax code, which lays out

how these investor incentives are taxed. The executive order included a directive to the Securities and Exchange Commission to change rules on buybacks. “When Congress says, ‘sure, it’s legal, and here’s the tax you have to pay on it,’ it’s really hard for anyone to put a blanket ban on them,” Angel said. The company’s silence fits with a familiar pattern playing out across corporate America in Trump’s second term. Firms that thought they were in the president’s good graces find themselves singled out for a perceived offense. Many remain silent. Some change course. Others seek go to the White House bearing gifts. Both Netflix Inc. and Paramount Skydance Corp. launched charm offensives in trying to gain Trump’s favor in the battle to acquire Warner Bros. Discovery Inc. Jim Vena, chief executive officer of railroad Union Pacific Corp., visited Pennsylvania Avenue in September, having announced a deal to buy peer Norfolk Southern for $72 billion. The company subsequently made a donation to the new ballroom that will replace the White House’s East Wing. “He didn’t ask me for a donation at any point, I want to make that clear,” Vena said in an interview last year. It wasn’t known whether there was another reason for Trump’s broadside. The Pentagon declined to say what information it provided to the White House that formed the basis of Trump’s statements. But it would be difficult for the Defense Department to stop doing business with RTX, which makes Tomahawk cruise missiles, the SM-6, the US Navy’s top air-defense missile, and F-35 fighter jet engines. Bloomberg

Companies BusinessMirror

Monday, January 12, 2026

PSE STOCK QUOTATIONS

January 9, 2026

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

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

41.65 138.5 9.08 120.7 62.55 14.78 12.28 70.25 7.72 57.9 55.8 26 67.85 27.05 0.67 1.37 1.45 4.58 0.095 2,020 0.77 208 3,600 0.99

42 139.1 9.2 120.8 62.6 15.82 12.3 70.3 7.8 58 57 26.1 68 27.2 0.73 1.38 1.47 4.64 0.102 2,040 0.83 210 4,000 1.03

40.85 137.6 9.18 120.9 63 15.86 12.3 70.45 7.8 58.35 55.8 26 68.75 27.5 0.71 1.41 1.43 4.58 0.092 2,020 0.79 206 3,600 1

42.05 139.7 9.22 120.9 63.7 15.88 12.38 70.75 7.8 58.85 57 26 68.8 27.8 0.73 1.41 1.48 4.67 0.094 2,020 0.83 210 3,600 1.1

40.85 137.3 9.01 120 62.5 14.2 12 69.9 7.8 57.9 55.5 26 67.85 27 0.7 1.37 1.43 4.56 0.092 2,020 0.78 203 3,600 0.96

41.65 139.1 9.22 120.7 62.55 14.78 12.3 70.3 7.8 58 57 26 67.85 27.05 0.73 1.38 1.47 4.58 0.094 2,020 0.81 208 3,600 1.04

54,100 2,403,620 73,400 1,685,770 378,460 8,800 110,600 2,385,350 1,100 117,500 740 4,900 180,470 306,900 21,000 190,000 832,000 44,000 20,000 25 1,695,000 11,170 400 935,000

2,254,020 333,770,558 674,145 203,327,391 23,741,418 131,896 1,357,944 167,970,022.50 8,580 6,864,341 41,307 127,400 12,282,991.50 8,340,435 14,970 264,360 1,224,410 201,930 1,860 50,500 1,359,380 2,316,596 1,440,000 944,360

994,195 32,409,531 386,544 -20,959,508 -2,701,108 982,078 12,239,774.50 -2,930,638 -65,000 -2,324,578.50 -1,493,805 -87,420 -13,230 -18,340 1,860 50,500 621,130 60,110 17,820

INDUSTRIAL ACEN CORP 2.97 2.98 2.96 3.02 2.96 2.97 10,037,000 29,992,400 -6,251,130 ALSONS CONS 0.53 0.53 0.51 0.53 0.51 0.53 130,000 68,060 0.82 0.83 0.82 0.83 421,000 348,080 63,080 0.83 0.83 ALTERNERGY HLDG 44.35 44.5 44.25 44.8 44.25 44.35 329,200 14,664,640 4,725,095 ABOITIZ POWER RASLAG 0.84 0.84 0.87 0.83 0.83 0.84 20,000 16,650 BASIC ENERGY 0.122 0.123 0.125 0.125 0.122 0.123 350,000 43,120 -11,070 4.44 4.5 4.44 4.44 7,000 31,200 CITICORE RE 4.5 4.5 FIRST GEN 19.04 19.08 18.8 19.3 18.78 19.04 719,700 13,702,296 1,811,242 FIRST PHIL HLDG 78.05 78.1 78 78.2 78 78.1 38,340 2,991,754 1,367,340 JOLLIVILLE HLDG 4 4.3 4.29 4.29 4.29 4.29 6,000 25,740 590 591 594 600 589 590 303,580 -51,140,870 179,562,915 MERALCO 40.85 40.9 41.05 41.3 40.7 40.9 734,000 30,056,215 -10,929,380 MANILA WATER 17.16 MAYNILAD 17.1 17.08 17.3 17.08 17.1 3,121,100 53,593,356 -11,547,512 PETRON 2.68 2.68 2.69 2.59 2.58 2.68 1,993,000 5,287,210 -53,050 3.35 3.4 3.4 3.54 56,000 192,720 PETROENERGY 3.54 3.54 PRYCE CORP 14.4 14.48 14.4 14.48 14.36 14.4 52,600 757,588 SEMIRARA MINING 30.5 30.55 30.15 30.7 30.15 30.5 940,100 28,613,500 342,500 SYNERGY GRID 17.64 17.66 17.9 17.9 17.58 17.64 1,158,700 20,463,542 -9,622,022 7.5 7.51 6.75 7.5 6.7 7.5 3,210,700 22,808,900 -7,489,929 SHELL PILIPINAS 10.4 10.46 10.4 10.46 98,700 1,031,126 -124,788 SPC POWER 10.46 10.48 SP NEW ENERGY 1.19 1.21 1.21 1.21 1.19 1.21 4,859,000 5,855,160 -492,040 TOP LINE 1.67 1.68 1.74 1.74 1.66 1.68 1,542,000 2,589,680 -11,880 0.53 0.53 0.53 0.54 251,000 133,520 0.54 0.54 AGRINURTURE AXELUM 2.26 2.3 2.33 2.25 2.26 50,000 113,710 -4,680 2.35 CNTRL AZUCARERA 10.18 10.18 9.71 10.18 10.18 10.18 12,800 130,304 CENTURY FOOD 39.9 40.3 40.6 40.6 39.75 39.9 649,000 25,908,990 -16,756,035 4.53 4.61 4.58 4.58 4.53 4.53 41,000 186,290 18,170 DEL MONTE 4.07 4.09 4 4.12 3.97 4.08 5,909,000 24,082,900 8,995,640 DNL INDUS EMPERADOR 16.02 16.08 16.06 16.12 15.94 16.02 3,019,100 48,361,500 -4,391,706 SMC FOODANDBEV 55.85 56 55.95 56.1 55.75 56 13,200 738,543.50 560 0.6 0.61 0.6 0.61 566,000 339,700 30,000 FIGARO GROUP 0.61 0.61 0.64 0.64 0.63 0.65 194,000 123,720 FRUITAS HLDG 0.65 0.65 GINEBRA 295.8 295 298 300 294 295 6,460 1,910,566 -1,442,932 JOLLIBEE 185,742,816 205.2 206 206 208 202.2 206 902,410 6,721,476 2.46 2.48 2.48 2.49 2.45 2.46 529,000 1,306,030 -609,290 KEEPERS HLDG 35 35.2 35.4 35.4 34.8 35.2 4,300 150,670 -24,570 LIBERTY FLOUR MACAY HLDG 6.65 6.77 6.85 6.85 6.78 6.78 2,300 15,601 2.34 2.4 2.35 2.42 2.33 2.33 16,000 38,350 -14,430 MAXS GROUP 0.061 0.064 0.06 0.065 0.06 0.061 130,000 8,240 610 MG HLDG MONDE NISSIN 6.08 6.1 6.2 6.28 6.08 6.08 2,977,800 18,295,746 -2,153,955 SHAKEYS PIZZA 7.06 7.1 7.24 7.24 7.1 7.1 26,100 185,900 2.51 2.55 2.51 2.56 2.5 2.55 47,000 118,190 ROXAS AND CO RFM CORP 4.83 4.84 4.89 4.9 4.83 4.84 885,000 4,298,590 -3,782,550 0.051 SWIFT FOODS 0.05 0.051 0.051 0.05 0.05 130,000 6,550 -500 UNIV ROBINA 70.9 71.5 70.55 70.85 69.8 70.9 1,827,660 128,590,395 26,005,679.50 0.55 0.55 0.54 0.56 148,000 81,360 72,050 VITARICH 0.56 0.56 1.9 2 1.95 1.95 1.97 2,000 3,920 VICTORIAS 1.97 ATN HLDG A 0.495 0.54 0.495 0.495 0.495 0.495 350,000 173,250 CONCRETE A 48.1 51 50 50 50 50 10 500 46.55 52.9 52.9 52.9 20 1,058 52.9 52.9 CONCRETE B CONCREAT HLDG 1.13 1.14 1.13 1.14 1.12 1.13 483,000 544,830 35,030 EEI CORP 2.68 2.68 2.66 2.68 2.68 2.68 14,000 37,520 -5,360 MEGAWIDE 3.23 3.1 3.15 3.09 3.09 3.1 685,000 2,142,720 18,550 32.2 52 32.2 32.2 14,100 579,985 SUPERCITY 45.95 TKC METALS 0.35 0.365 0.36 0.36 0.36 0.36 50,000 18,000 CROWN ASIA 1.68 1.68 1.65 1.68 1.65 1.65 17,000 28,530 1.04 EUROMED 1.01 1 1.06 1 1.01 75,000 77,460 21,260 4.86 5.02 4.95 5.01 4.91 5.01 18,000 88,880 MABUHAY VINYL CONCEPCION 13.9 14.6 14 14.9 14.6 10,600 148,936 13.82 GREENERGY 0.181 0.173 0.178 0.174 0.172 0.18 1,140,000 198,600 INTEGRATED MICR 4.1 4.11 4.2 4.25 4.1 4.11 1,801,000 7,490,850 -2,170,930 1.1 1.11 1.12 1.07 1.1 532,000 585,210 -62,700 IONICS 1.13 10.74 10.64 11 10.64 10.98 6,600 71,144 PANASONIC 10.98 CIRTEK HLDG 0.71 0.73 0.74 0.74 0.71 0.71 878,000 635,570 720 STENIEL 2.18 2.05 2.17 2.08 2.02 2.18 9,000 18,460

HOLDING & FRIMS

ABACORE CAPITAL 0.31 0.315 0.32 0.325 0.315 0.315 3,920,000 1,238,950 -129,150 ASIABEST GROUP 17.7 18.14 18.58 18.58 17.62 18.14 28,700 514,048 88,200 489 492 498 498.2 487.2 489 237,540 116,253,122 -54,241,114 AYALA CORP 31.15 31.4 31.25 32.35 31.05 31.4 1,799,100 56,414,940 -14,551,680 ABOITIZ EQUITY ALLIANCE GLOBAL 7.93 7.94 8.2 8.2 7.92 7.93 1,836,200 14,622,767 -3,362,208.00 ANSCOR 14.48 14.5 13.94 14.48 13.94 14.48 16,300 235,754 -6,970 0.77 0.8 0.77 0.77 0.76 0.77 229,000 176,320 ANGLO PHIL HLDG COSCO CAPITAL 7.47 7.5 7.49 7.65 7.49 7.5 2,230,200 16,923,257 8,790,672 DMCI HLDG 10.66 10.7 10.7 10.74 10.66 10.66 2,571,600 27,504,648 5,337,476.00 FILINVEST DEV 4.57 4.7 4.6 4.7 4.5 4.68 5,000 23,180 2.24 2.57 2.24 2.24 2.24 2.24 10,000 22,400 FJ PRINCE A GT CAPITAL 606 606.5 600 607 599 606 242,810 147,036,005 106,474,250 HOUSE OF INV 4.51 4.79 4.78 4.79 4.78 4.79 6,000 28,710 JG SUMMIT 24.3 24.35 24.2 24.4 24 24.3 2,432,500 58,967,455 -22,166,390 3.8 3.88 3.68 3.8 3.61 3.8 563,000 2,088,810 -1,639,530 LOPEZ HLDG 15.04 15.12 15.24 15.52 15 15.04 7,534,300 114,359,366 9,336,688 LT GROUP PACIFICA HLDG 1 1 0.96 1 1 1 2,000 2,000 PRIME MEDIA 1.16 1.19 1.14 1.23 1.14 1.19 8,000 9,460 2.33 3.35 3 3 3 3 306,000 918,000 REPUBLIC GLASS SOLID GROUP 1.34 1.36 1.34 1.35 1.34 1.35 485,000 654,100 SM INVESTMENTS 728.5 731 725 731.5 721.5 730 343,930 250,736,225 -25,138,140 SAN MIGUEL CORP 84.6 85 84.1 85 83.35 85 195,830 16,565,798 -7,656,863 60 60.95 61.15 61.5 59 60.95 3,430 203,729.50 12,980 TOP FRONTIER 0.074 0.076 0.071 0.074 0.071 0.074 630,000 45,630 ZEUS HLDG PROPERTY AYALA LAND 22.5 22.55 22.65 22.85 22.5 22.5 6,339,200 142,992,115 -28,345,735 AYALA LAND LOG 1.37 1.38 1.37 1.39 1.37 1.37 426,000 587,410 -90,620 8.34 8.4 8.4 8.4 200 1,680 ALTUS PROP 8.4 8.4 ARANETA PROP 0.405 0.415 0.415 0.415 50,000 20,750 0.415 0.415 AREIT RT 43.65 43.95 43.8 44.25 43.65 43.65 533,500 23,409,955 -7,782,485 A BROWN 1.05 1.05 1.02 1.02 1.02 1.05 2,933,000 3,029,700 0.58 0.59 0.6 0.6 0.58 0.58 665,000 386,800 CITYLAND DEVT CROWN EQUITIES 0.073 0.073 0.073 0.075 40,000 2,940 0.075 0.075 CEB LANDMASTERS 2.46 2.47 2.49 2.5 2.45 2.46 235,000 578,360 -69,040 CENTURY PROP 0.7 0.71 0.71 0.73 0.71 0.71 14,807,000 10,611,250 71,560 3.54 3.55 3.54 3.55 3.54 3.54 1,298,000 4,601,390 460,700 CITICORE RT 9.15 9.18 9.25 9.15 9.18 103,800 951,893 117,626 DOUBLEDRAGON 9.25 DDMP RT 1.07 1.07 1.06 1.04 1.03 1.06 22,025,000 23,160,130 2,579,220 DM WENCESLAO 5.1 5.1 4.73 5.09 4.73 4.73 213,200 1,085,064 -68,126 0.109 0.11 0.11 0.111 0.109 0.11 290,000 31,910 EMPIRE EAST FILINVEST RT 3.07 3.08 3.07 3.1 3.05 3.08 764,000 2,339,160 -1,715,670 FILINVEST LAND 0.84 0.84 0.83 0.81 0.81 0.83 4,041,000 3,340,570 2,560,000 GLOBAL ESTATE 0.75 0.76 0.79 0.79 0.75 0.77 16,000 12,120 1,025 1,073 1,078 1,078 1,025 1,025 120 123,515 -15,375 GOLDEN MV 0.335 0.345 0.34 0.355 0.33 0.355 140,000 46,900 6,600 PHIL INFRADEV KEPPEL PROP 2.27 2.79 2.26 2.26 2.26 2.26 5,000 11,300 CITY AND LAND 0.52 0.53 0.52 0.52 0.52 0.52 2,000 1,040 2.16 2.17 2.16 2.16 11,241,000 24,318,520 6,871,990 2.17 2.17 MEGAWORLD 0.95 0.96 0.91 0.97 0.89 0.96 68,773,000 65,625,840 1,795,180 MRC ALLIED MREIT RT 13.86 13.98 14 14 13.86 13.86 968,200 13,493,220 -10,084,508 OMICO CORP 0.101 0.113 0.101 0.101 0.101 0.101 30,000 3,030 0.219 0.22 0.218 0.22 0.218 0.219 580,000 127,040 -2,190 PRMIERE HORIZON 0.3 0.305 0.3 0.3 0.3 0.3 40,000 12,000 PHIL ESTATES PHIL RACING 5.83 7.18 5.81 5.83 5.81 5.83 300 1,747 PREMIERE RT 1.08 1.09 1.12 1.12 1.07 1.11 363,000 398,960 57,440 1.15 1.16 1.16 1.16 1.16 1.16 3,000 3,480 PRIMEX CORP RL COMM RT 7.99 8 7.96 8.05 7.96 8 11,125,500 89,067,654 31,485,152 ROBINSONS LAND 16.52 16.74 17.04 17.16 16.5 16.52 2,738,900 45,959,078 -4,447,242 PHIL REALTY 0.1 0.11 0.101 0.101 0.1 0.1 560,000 56,090 1.9 1.9 1.92 1.85 1.91 248,000 468,490 1.91 ROCKWELL SHANG PROP 3.57 3.62 3.57 3.57 555,000 1,997,390 7,200 3.62 3.62 STA LUCIA LAND 2.45 2.56 2.6 2.6 2.58 2.6 4,000 10,360 23.1 23.15 23.25 23.35 23.05 23.15 7,775,600 179,946,845 -83,689,010 SM PRIME HLDG 1.18 1.2 1.2 1.2 18,000 21,660 -7,260 VISTAMALLS 1.21 1.21 SUNTRUST RESORT 0.74 0.74 0.71 0.73 0.69 0.74 677,000 476,230 UNIHOLDINGS 149.8 150 150.4 160 150 150 210 32,456 -4,777 1.34 1.35 1.35 1.36 1.33 1.35 3,334,000 4,486,910 45,900 VISTA LAND 1.46 1.48 1.49 1.49 1.41 1.48 1,963,000 2,879,020 242,150 VISTAREIT RT SERVICES ABS CBN 4.19 4.3 4.21 4.35 4.16 4.19 238,000 1,004,210 GMA NETWORK 5.74 5.76 5.7 5.75 5.7 5.75 379,700 2,175,542 0.171 0.182 0.175 0.189 0.17 0.17 550,000 95,570 MANILA BULLETIN MLA BRDCASTING 5.1 6.75 6.7 6.7 1,300 8,770 6.75 6.75 DITO CME HLDG 0.75 0.76 0.77 0.77 0.75 0.75 7,586,000 5,753,190 -950,550 GLOBE TELECOM 1,620 1,623 1,620 1,645 1,611 1,620 56,695 92,051,575 -36,580,395 1,300 1,279 1,313 1,279 1,300 141,120 183,312,530 -16,937,265 PLDT 1,303 0.006 0.0059 0.0059 0.0061 752,000,000 4,562,300 114,300 APOLLO GLOBAL 0.0061 0.0061 CONVERGE 15.24 15.78 15.18 15.4 15.12 15.18 7,290,300 112,805,890 979,848 DFNN INC 0.81 0.81 0.79 0.81 0.8 0.81 45,000 36,020 -32,000 0.126 0.129 0.13 0.132 0.126 0.129 1,260,000 161,080 ISLAND INFO NOW CORP 0.68 0.69 0.69 0.69 208,000 143,980 0.71 0.71 TRANSPACIFIC BR 0.136 0.138 0.136 0.14 0.133 0.138 3,720,000 511,850 -55,200 ASIAN TERMINALS 34.8 34.8 34.7 34.6 34.6 34.7 139,600 4,841,000 -3,325,390 0.93 0.95 0.95 0.94 0.94 30,000 28,250 CHELSEA 0.94 CEBU AIR 33.2 33.3 33.4 33.5 33.1 33.2 551,800 18,327,060 6,162,500 INTL CONTAINER 625 625.5 618 630 615 625 1,785,190 1,115,978,780 396,548,560 LBC EXPRESS 8.12 8.19 8.85 8.85 8.5 8.5 8,400 74,037 0.56 0.62 0.56 0.56 0.55 0.56 35,000 19,560 LORENZO SHIPPNG MACROASIA 4.63 4.67 4.67 4.63 4.64 646,000 2,998,130 894,910 4.64 PAL HLDG 3.85 3.85 3.81 3.85 3.84 3.85 107,000 411,910 -242,510 HARBOR STAR 0.59 0.59 0.57 0.58 0.58 0.59 16,000 9,340 -5,800 0.038 0.039 0.039 0.039 0.038 0.039 36,900,000 1,420,700 -38,000 BOULEVARD HLDG 1.02 1.02 1.02 1.12 100,000 104,110 100,910 DISCOVERY WORLD 1.12 1.12 PH RESORTS GRP 0.139 0.143 0.141 0.141 0.139 0.141 460,000 64,200 28,000 16.38 16.38 CENTRO ESCOLAR 16.28 16.38 16 16.38 39,000 635,328 801 814.5 801 801 801 801 20 16,020 FAR EASTERN U IPEOPLE 6.5 6.57 6.27 6.58 6.27 6.5 165,600 1,074,540 1,022,108.00 STI HLDG 1.4 1.4 1.39 1.4 1.38 1.39 3,098,000 4,305,960 804,440 BELLE CORP 1.34 1.36 1.33 1.35 1.33 1.34 83,000 110,680 2.6 2.63 2.75 2.76 2.6 2.6 24,603,000 -14,822,160 65,626,360 BLOOMBERRY 1.74 1.78 1.74 1.74 1.74 1.74 8,000 13,920 PACIFIC ONLINE DIGIPLUS 16.3 16.32 16.68 17.16 15.52 16.3 27,601,700 449,357,240 81,019,370 PHILWEB 6.37 6.36 6.42 6.5 6.36 6.36 960,800 6,148,301 -1,525,435 0.032 0.034 0.036 0.036 0.032 0.032 60,800,000 2,064,700 ALLDAY -1,435,400.00 0.26 0.27 0.275 0.255 0.26 640,000 170,450 ALLHOME 0.275 METRO RETAIL 1.15 1.19 1.17 1.2 1.16 1.19 390,000 457,600 416,510 39.8 40 40 39.5 40 1,366,800 54,658,220 8,855,670 PUREGOLD 40.15 35.55 35.6 35.1 35.65 34.7 35.55 264,000 9,299,940 -83,275 ROBINSONS RTL PHIL SEVEN CORP 36.5 36.7 37.75 37.75 36.7 36.7 65,100 2,407,995 -1,512,540 SSI GROUP 2.76 2.85 2.9 2.9 2.75 2.75 95,000 269,850 -14,320 0.69 0.7 0.71 0.71 0.7 0.7 50,000 35,110 -10,500 UPSON INTL CORP 6.97 7 7 7.03 6.96 7 2,921,300 20,442,228 7,723,745 WILCON DEPOT APC GROUP 0.107 0.109 0.108 0.108 0.106 0.107 1,070,000 115,020 -9,530 IPM HLDG 1.43 2.4 1.6 1.6 1.6 1.6 33,000 52,800 0.246 0.25 0.25 0.247 0.247 120,000 29,790 0.247 MEDILINES PHILCOMSAT 1.77 1.57 1.77 1.57 1.77 60,000 105,380 -1,710 1.85 SBS PHIL CORP 3.54 3.65 3.51 3.65 3.51 3.65 25,000 89,950 -80 MINING & OIL 2.18 ATOK 2.1 2.13 2.18 2.13 2.13 41,000 87,790 12.78 12.8 12.8 12.94 12.68 12.8 3,391,400 43,484,554 9,208,490 APEX MINING 7 7.01 7 7.05 6.95 7 1,463,500 10,223,659 2,103 ATLAS MINING BENGUET A 5.11 5.12 5.01 5.11 4.95 5.11 221,800 1,112,577 DIZON MINES 5.03 5.39 5.02 5.44 5.02 5.4 88,300 458,823 -57,230 0.3 0.305 0.285 0.3 0.285 0.3 30,000 8,750 EC VULCAN FERRONICKEL 1.84 1.9 1.95 1.85 1.9 1,251,000 2,350,030 715,740 1.95 GEOGRACE 0.094 0.088 0.093 0.095 0.093 0.095 350,000 32,890 LEPANTO A 0.192 0.193 0.192 0.196 0.191 0.192 33,400,000 6,458,690 0.19 0.198 0.19 0.19 0.19 0.19 1,070,000 203,300 LEPANTO B MANILA MINING A 0.0072 0.0073 0.0073 0.0073 0.0073 0.0073 111,000,000 810,300 MANILA MINING B 0.0072 0.0074 0.0073 0.0073 0.0073 0.0073 5,000,000 36,500 0.83 0.83 MARCVENTURES 0.82 0.79 0.78 0.82 5,905,000 4,809,060 354,380 0.36 0.39 0.35 0.35 0.35 0.35 10,000 3,500 3,500 NIHAO 4.22 4.23 4.25 4.42 4.21 4.23 13,231,000 56,540,960 1,180,060 NICKEL ASIA OCEANAGOLD 35.45 34.85 34.9 34.6 34.6 34.9 346,600 12,100,330 -4,914,960 ORNTL PENINSULA 0.43 0.43 0.42 0.43 0.43 0.43 100,000 43,000 -30,100 10.6 10.68 10.2 10.74 10.18 10.6 12,555,100 132,621,868 33,807,638 PX MINING 0.0048 0.0049 0.0049 0.005 0.0046 0.0048 28,000,000 134,200 UNITED PARAGON ENEX ENERGY 3.34 3.43 3.44 3.44 3.44 3.44 3,000 10,320 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.012 110,500,000 1,225,800 0.0088 0.009 0.0088 0.0088 0.0089 22,000,000 193,900 0.0089 PHILODRILL PXP ENERGY 2.49 2.5 2.45 2.5 2.45 2.5 448,000 1,118,560 -87,150 PREFFERED ACEN PREF A 1,010 1,020 1,018 1,018 1,018 1,018 10 10,180 ACEN PREF B 1,078 1,088 1,089 1,089 1,089 1,089 110 119,790 2,490 2,550 2,510 2,510 2,490 2,490 1,600 3,985,200 12,550 AC PREF AR 500 505 502 502 502 502 50 25,100 ALCO PREF F BRN PREF C 106 107.5 107 107.5 106 107.5 10,210 1,087,510 35.6 35.6 CEB PREF 34.8 35 34.8 35.6 3,600 126,300 -3,560 1,005 1,029 1,007 1,007 1,007 1,007 5 5,035 CLI PREF A1 CLI PREF A2 1,021 1,064 1,067 1,067 1,020 1,020 605 622,945 DD PREF 95.9 96 96.45 96.45 96 96 88,770 8,524,389 866,257 EEI PREF B 97.2 98.9 97.2 98.9 97.2 98.9 6,010 584,189 981.5 997 976 976 976 976 3,040 2,967,040 GTCAP PREF B JFC PREF B 975.5 994 975 990 975 990 6,020 5,869,800 MWIDE PREF 5 99 102.7 102.7 102.7 102.7 102.7 10 1,027 MWIDE PREF 6C 103.9 105.8 105.8 105.8 105.8 105.8 400 42,320 100.5 104.6 104.6 104.6 104.6 104.6 10 1,046 MWIDE PREF 7A PCOR PREF 3B 1,001 1,004 1,001 1,001 1,001 1,001 23,000 23,023,000 PCOR PREF 4A 988.5 1,000 988.5 988.5 988.5 988.5 600 593,100 PCOR PREF 4B 1,000 1,030 1,000 1,000 1,000 1,000 100 100,000 1,007 1,020 1,010 1,010 1,010 1,010 10 10,100 PCOR PREF 4C PCOR PREF 4D 1,000 1,080 1,000 1,000 1,000 1,000 4,085 4,085,000 PCOR PREF 4E 1,001 1,014 1,015 1,015 1,015 1,015 2,000 2,030,000 SMC PREF 2I 74.75 75.15 74.5 75.15 74.5 74.8 68,510 5,104,601.50 79 79.1 79 79 79 79 4,500 355,500 -355,500 SMC PREF 2L 79.1 80.7 79.1 79.1 79.1 79.1 2,060 162,946 SMC PREF 2N SMC PREF 2O 81 81.2 81.25 81.25 81 81 6,830 553,297.50 SMC PREF 2P 75.25 77 75.25 77 75.25 75.25 157,070 11,819,535 () 76 77.5 76.5 76.5 76 76 3,610 274,365 SMC PREF 2R SMC PREF 2S 75.8 77.9 76 76 76 76 1,280 97,280 -59,280 SMC PREF 2U 77.5 78 77.05 78 77.05 78 870 67,841 TECH PREF B2C 12.96 12.98 12.3 12.96 12.3 12.96 1,600 20,264 8.27 8.46 8.46 8.46 8.26 8.27 1,000 8,287 TECH PREF B2D VLL PREF 2A 88.15 92.25 92.2 92.2 92 92 130 11,964 -1,844 VLL PREF 2B 91.2 93.15 93.2 93.2 93.15 93.15 880 81,998 -48,464

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.63 5.29

4.47 5.4 -

1.06

SMALL, MEDIUM & EMERGING

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MERRYMART XURPAS NEXGEN ENERGY

0.335 0.38 1.03 0.88 0.04 0.435 0.25 3.08

104.8

1.07

1.09

1.06

1.07

731,000

784,570

0.35 0.39 1.07 0.89 0.043 0.45 0.255 3.1

0.34 0.39 1.07 0.88 0.044 0.45 0.25 3.08

0.34 0.39 1.08 0.9 0.044 0.45 0.255 3.08

0.335 0.375 1.07 0.88 0.04 0.435 0.25 3.08

0.34 0.39 1.07 0.89 0.044 0.435 0.255 3.08

470,000 310,000 255,000 66,000 600,000 440,000 4,540,000 7,000

158,600 118,650 272,860 58,520 25,200 194,100 1,139,900 21,560

16,910 -18,000 73,000 -

EXHANGE TRADE FUNDS FIRST METRO ETF

105

104.2 105 104.2 105 6,240 654,864 -189,000

www.businessmirror.com.ph

COL Financial cites reasons to stay in the stock market

By VG Cabuag

@villygc

HERE are a number of reasons to stay in the Philippine stock market today, despite a lot of challenges facing the Philippine economy and the stock market, mainly the the weak global economic outlook for the year. COL Financial Group Inc. First Vice President April Lynn L. Tan said these reasons include lower inflation rate and policy interest rates of the Bangko Sentral ng Pilipinas. “Next would be the cheap valuations of stock, which seemed to price in all the negatives already. And then next, we’re seeing this rotation in the emerging market stocks, which could trickle down to the Philippines,” Tan

said in her presentation to individual investors. With interest rates and inflation rates expected to remain low for this year, this will support consumer spending and investment spending, she said. “I understand why it’s easier to be bearish rather than be to be bullish right now, because there really are a lot of challenges facing the

STOCK-MARKET OUTLOOK

Philippine economy and the stock market,” added Tan, who is also COL Financial’s chief investor relations officer. “In December, surprisingly, we did see more negative news than positive news, even though the market was recovering. And then, of course, we know about the corruption scandal that is hurting government spending growth. And finally, there are headwinds globally that could lead to contagion risk,” she said. Tan, who also heads COL Financial’s corporate strategy, said at least the outlook on interest rates and inflation, which in December rose only at 1.8 percent—still within the BSP target of 2- to 4 percent range—will buffer the negative headwinds, and then on the valuation. While the US market is trading at the high end of its historical valuation, the benchmark 30-company Philippine Stock Exchange index is trading at the low end of its valua-

MUTUAL FUNDS

tion, which was at nine times or just multiples away from the five times PE during the global financial crisis in 2028. “So really very cheap valuations. And this just means that, you know, everybody’s so pessimistic anyway, and everything’s so cheap,” Tan said. “I’ve been really I’ve been hearing a lot of people talk about the Philippines is a value trap. But honestly, I beg to disagree, because a lot of the stocks right now are giving high dividend yields,” Tan said. And because these companies give a lot of high dividend yields, investors who have the capacity to hold on to these stocks will benefit, she said. “I don’t think they are value traps precisely because they provide us attractive dividends. So if you are a long term investor, just hold on to them and wait until the market realizes their value, so you will be, you will be handsomely rewarded. So in that respect, they are not value traps,” Tan said.

January 9, 2026

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

LAST WEEK SHARE prices gained for third straight week, with the main index returned to the 6,300-point level, mainly on foreign inflows. The benchmark Philippine Stock Exchange index gained 213.08 points to close at 6,348.14 points. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the main index broke above crucial lines, including the 200-day exponential moving average from which it last traded above in July 15, 2025. “Foreign investors have also been supportive recently with the past week registering a net inflow of P2.16 billion,” Tantiangco said. The average volume of trade reached P6.25 billion, with foreign investors taking in half of the trades. Among the sub-indices, only the Property index fell by 4.91 points to close at 2,303.93 points, while the rest ended on the green. The All Shares index rose 89.95 points to 3,607 points, the Financials index gained 37.96 to 2,133.55, the Industrial index climbed 293.18 to 9,066.24, the Holding Firms index added 93.32 to 4,991.92, the Services index soared 200.11 to 2,554.64 and the Mining and Oil index surged 777.74 to 16,300.56. For the week, gainers led losers 158 to 76 and 30 shares were unchanged. The top gainers were Supercity Realty Development Corp., Global Ferronickel Holdings Inc., Jackstones Inc., Apollo Global Capital Inc., Oriental Peninsula Resources Group Inc., Anchor Land Holdings Inc. and Shell Pilipinas Corp. The top losers, meanwhile, were TKC Metals Corp., Philippine Racing Club Inc., F and J Prince Holdings Corp. A shares, Citystate Savings Bank Inc., United Paragon Mining Corp., Philippine Realty and Holdings Corp. and AllDay Marts Inc.

THIS WEEK SHARE prices may fall this week on strong selling pressures driven by profit taking. Tantiangco said investors may also move with more cautiousness while waiting for new catalysts “These include updates on the situation between the US and Venezuela, clues on the BSP’s (Bangko Sentral ng Pilipinas) policy path this 2026, movement of the peso and clues on the local economy’s growth trajectory,” he added. Investors may also take cues from our upcoming foreign direct investments and OFW cash remittances data, Tantiangco said. Broker 2TradeAsia said geopolitical risk has returned to the forefront of global markets after the White House signaled extremely aggressive posturing toward Venezuela and Greenland. “The potential for supply-side disruptions in the energy sector has kept a floor under oil prices, while the diplomatic friction with European allies over Arctic sovereignty has injected a fresh layer of risk premium into F markets, particularly the Euro,” it said. While the current momentum is encouraging, tighter geopolitical risks and chaotic global capital conditions introduce a volatility tail-risk that warrants a defensive tilt in portfolio construction, according to the broker. “Stay alert to the 6,500 level. A clean break on high volume would signal a structural shift in sentiment, while a rejection could lead to a prolonged, albeit healthy, consolidation around 6,000,” 2TradeAsia said.

STOCK PICKS THE COL Financial Group Inc. has returned D and L Industries Inc. (PSE: DNL) to its stock picks due to its 6.3-percent dividend yield, while its upside is more than 100 percent but it’s currently trading at 8.6 times, which COL Financial said “is really very cheap”. “The reason why we picked DNL over other consumers, one of the favorable trends we see as far as 2026 is concerned is the fall in commodity prices. So if you remember I talked about oil and palm oil prices going down, and coconut oil and palm oil and those two commodities account for around 60 percent of their raw material cost, so they will benefit the most from there,” COL Financial Research Head April Lynn L. Tan said. “And if you look at what went wrong with DNL in 2025 it’s not that their sales volume went down. Their sales volume actually went up,” Tan added. DNL closed last week at P4.08 apiece. Meanwhile, COL Financial said it is also bullish on the stock of Maynilad Water Services Inc. (PSE: MYNLD) as the stock was providing an attractive dividend yield. “it’s a defensive stock, and it has a lot of capex (capital expenditure) plans going forward. That’s why we’re quite bullish about this stock,” Tan said. MYNLD closed last week at P17.10 apiece. VG Cabuag

ALFM GROWTH FUND, INC. -A222.41 1.36% 1.88% -0.38% -0.62% 3.56% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.224 20.33% 16.93% 10.93% 7.25% 3.28% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.9529 -1.12% 0.06% -1.16% -1.65%3.21% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7777 5.9% 3.81% -0.56% N.A3.21% FIRST METRO CONSUMER FUND, INC. -A 0.5793 -7.92% -4.96% -4.85% N.A 4.45% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.5277 -2.46% -1.32% -1.71% -1.08% 3.3% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6696 -2.93% -2.01% -2.41% N.A4.09% MBG EQUITY INVESTMENT FUND, INC. -A 89.76 24.12% 5.67% -2.28% N.A 1.26% PAMI EQUITY INDEX FUND, INC. -A 43.2143 -0.64% -0.5% -1.54% -0.34% 4.25% PHILAM STRATEGIC GROWTH FUND, INC. -A 467.02 1.01% 1.38% -0.86% -0.41% 3.53% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6006 13.24% 10.35% 6.53% 3.56% 3% PHILEQUITY FUND, INC. -A35.8537 2.43% 2.03% 0.68% 1.03% 3.85% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9285 4.8% 2.42% 0.36% N.A 3.85% PHILEQUITY PSE INDEX FUND, INC. -A 4.6589 1.07% 0.68% -0.5% 0.58% 3.99% PHILIPPINE STOCK INDEX FUND CORP. -A 767.27 0.15% 0.29% -0.81% 0.39% 4.17% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7282 1.99% 2.14% 0.24% -1.22% 3.33% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.3261 -4.72% -0.98% -1.68% -0.89%3.38% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8604 -0.84% -0.18% -1.22% 0.1%4.19% UNITED FUND, INC. -A3.4348.69% 3.1% 0.72% 1.34% 5.49% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0783 0.17% 0.19% N.A N.A 4.15% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0767 1.73% N.A N.A N.A 3.02% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9787 -5.6% -2.9% -2.4% N.A 3.22% PHILIPPINE STOCK INDEX FUND CORP. -A 925.5 -0.54% 0.07% N.A N.A 4.18% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 104.4528 -0.26% 0.57% -0.53% 0.9%4.22% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0698 28.89% 6.62% -3.16% 2.27% 5.73% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.2489 15.84% 16.37% 6.03% N.A 1.38% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1913 1.27% -0.81% 2.43% 0.55% 2.13% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.667 6.32% 4.16% -0.18% -0.09%1.63% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5202 0.15% -0.07% -0.8% -0.31% 2.3% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2361 7.66% 6.73% 3.54% N.A2.43% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0465 3.12% 1.45% 0.79% 1.59% 2.17% PAMI HORIZON FUND, INC. -A3.8688 4.85% 3.78% 0.46% 1.05% 1.95% PHILAM FUND, INC. -A16.33641.28% 2.45% -0.68% 0.44% 1.9% SOLIDARITAS FUND, INC. -A2.1464 2.03% 2.3% 0.51% 0.93% 1.92% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4982 0.1% 1.33% -0.41% 0%1.66% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9267 -0.02% 1.55% 0.89% 0.29% 1.57% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9882 2.56% 2.63% -0.67% N.A 0.94% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8678 1.07% 0.93% -1.72% N.A 2.92% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8396 0.18% 0.33% -2.03% N.A 3.37% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03457 8.4% 2.36% -2.42% -0.23% 0.76% 27.88% 10.57% 1.06% 3.79% PAMI ASIA BALANCED FUND, INC. -B $1.2441 3.36% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.3769 12.93% 11.7% 3.49% 5.86%0.97% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1871 9.28% 6.75% 0.33% N.A0.46% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A420.39 4.2% 3.61% 2.54% 2.68% 0.16% ATRAM CORPORATE BOND FUND, INC. -A 1.9597 2.74% 1.43% 0.61% 0.35% 0.09% COCOLIFE FIXED INCOME FUND, INC. -A 3.587 3.4% 3.67% 2.21% 3.5% 0.16% EKKLESIA MUTUAL FUND, INC. -A 2.4601 3.85% 4.18% 1.4% 1.88% 0.25% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5737 3.22% 2.53% 0.98% 1.54%0.16% PHILAM BOND FUND, INC. -A4.6254 4% 3.53% -0.01% 1.49% 0.39% PHILAM MANAGED INCOME FUND, INC. -A 1.5242 4.89% 4.88% 2.92% 2.81% 0.2% PHILEQUITY PESO BOND FUND, INC. -A 4.3241 3.82% 3.83% 1.64% 2.26% 0.19% SOLDIVO BOND FUND, INC. -A1.1234 4.18% 3.34% 1.55% 2.07% 0.23% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A3.5655 4.08% 4.23% 2.2% 2.81% 0.39% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8931 3.95% 3.75% 1.6% 2.2% 0.42% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) 3.72% 3.3% 1.82% 2.34% 0.11% ALFM DOLLAR BOND FUND, INC. -A $529.32 ALFM EURO BOND FUND, INC. -AЄ223.79 2.28% 2.22% 0.4% 0.82% 0.05% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0749 4.03% 2.1% -3.4% -0.19% -0.02% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0265 6.85% 3.79% 0.08% 0.87%0% PAMI GLOBAL BOND FUND, INC. -B $1.0598 22.99% 7.2% -0.62% 0.07% 0.05% PHILAM DOLLAR BOND FUND, INC. -A $2.4783 7.8% 4.56% -0.44% 1.55% -0.02% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0644223 3.65% 2.44% 0.67% 1.5% 0.02% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9231 7.84% 2.53% -1.89% 0.24%-0.2% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1671 3.06% N.A N.A N.A 0.1% ALFM MONEY MARKET FUND, INC. -A 149.03 4.48% 3.8% 2.79% 2.69% 0.22% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.1988 3.88% 3.73% 2.72% N.A0.14% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.4828 3.91% 3.46% 2.71% 2.66% 0.13% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 114.07 4.34% 4.3% N.A N.A 0.18% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1772 3.06% 3.22% 2.26% N.A 0.09% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 46.5906 4.3% 2.52% N.A N.A 1.05% SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.2068 23.18% 21.49% 14.01% N.A1.95% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1263 5.2% N.A N.A N.A 1.55% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8181 3.3% 0.72% -3.74% N.A 0.28% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. * THE FIRST TRANCHE (CORPORATE DEBT FUND 1) OF THE ATRAM UNITIZED CORPORATE DEBT VEHICLE, INC. MATURED ON MAY 25, 2025.

“While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.pifa.com.ph to see the latest NAVPS/NAVPU.”

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Banking&Finance

Law making digital pay essential for govt eyed By Jovee Marie N. dela Cruz @joveemarie

HE sharp rise in electronic fund transfers coursed through InstaPay and PESONet should prompt Congress to pass a law mandating the use of digital payments in most government transactions, the chairman of the House Committee on Information and Communications Technology (ICT) said on Sunday. Camarines Sur Rep. Miguel Luis “Migz” R. Villafuerte cited Bangko Sentral ng Pilipinas (BSP) data showing that the volume of electronic fund transfers (EFTs) more than tripled yearon-year to 4.065 billion transactions worth over P22 trillion as of November 2025. “The sustained dramatic growth in both volume and value of EFTs cleared through InstaPay and PESONet underlines the deepening public trust and confidence in digital platforms,” Villafuerte said. “The government can persuade more Filipinos to embrace fintech (financial technology) via the mandatory online payment of most official transactions, such as the collection of taxes, payment of fees, and disbursement of public funds.” He noted that as early as 2023, Google projected in its “e-Conomy Southeast Asia” report that Philippine e-commerce could reach $35 billion by 2025 and $60 billion by 2030, while digital payments could grow to $126 billion in 2025 and $220 billion by 2030. Villafuerte said accelerating the government’s digital transformation would also help the BSP achieve its target of having online transactions account for 60 percent to 70 percent of all retail payments by 2028. He added that the BSP, national government agencies, and local government units must work together to further expand the use of safe and interoperable digital payments in government, despite persistent challenges. “Such challenges to a speedy switch to online payments at this point include the inadequate access to reliable digital infrastructure, slow internet connectivity, especially in remote areas, costly digital payment fees, and limited acceptance of digital payments,” Villafuerte said. He also cited the Philippine Chamber of Commerce and Industry (PCCI), which has stressed that digitalization will boost the country’s competitiveness as an investment destination while helping deter corruption. During the group’s “51st Philippine Business Conference and Expo,” PCCI President Enunina V. Mangio said digital transformation is no longer optional but imperative for national competitiveness and prosperity. BSP data showed that the combined value of InstaPay and

PESONet transactions jumped 41.15 percent to P22.054 trillion in the January-November 2025 period, from P15.64 trillion a year earlier. Transaction volume rose more than threefold to 4.065 billion from 1.339 billion over the same 11-month period in 2024. InstaPay transactions posted a 56.18 percent increase in value to P10.209 trillion, from P6.537 trillion the previous year, while transaction volume surged to 3.958 billion from 1.247 billion. Meanwhile, PESONet transaction value climbed 30.35 percent to P11.845 trillion from P9.087 trillion, with volume rising 16.19 percent to 106.626 million from 91.772 million. InstaPay and PESONet are automated clearing houses under the BSP’s National Retail Payment System, which allows peso transfers between participating banks and non-bank financial institutions. Villafuerte explained that InstaPay is used mainly for low-value transactions of up to P50,000, such as e-commerce and remittances, while PESONet caters to highvalue transactions and serves as a digital alternative to paperbased checks. To address remaining hurdles to digital transformation, Villafuerte is pushing House Bill 3646, or the proposed Promotion of Digital Payments Act. The measure seeks to mandate the use of digital payment platforms in government transactions and require LGUs to pass ordinances obligating merchants to install functional digital payment systems as a condition for the issuance or renewal of business permits. “No new or renewal of business permit shall be approved unless the merchant concerned shows to the satisfaction of the LGU that a functional digital payment system accessible by mobile phone or other access devices is installed or provided by a duly registered PSP in the merchant partner’s place of business,” the bill states. HB 3646 also directs LGUs to assist small and micro-merchants—such as market vendors, tricycle operators, and food stall owners—in adopting digital payment systems and allows LGUs to offer reduced fees or incentives to merchants that provide efficient digital payment options. The bill further mandates capacity-building initiatives by the BSP and the Departments of Trade and Industry, Interior and Local Government, and ICT, as well as improvements in digital infrastructure access and affordability by the DICT and the Department of Science and Technology. Villafuerte said the measure would help ensure the long-term sustainability of a fully digitized financial ecosystem and reinforce the Marcos administration’s digital transformation agenda.

BusinessMirror

Editor: Dennis D. Estopace • Monday, January 12, 2026

PHL’s largest insurer tweaks ‘insurance-as-optional’ tack

By Reine Juvierre Alberto

@reine_alberto

S Filipinos rein in spending amid uncertainties over where their taxes go, Sun Life of Canada (Philippines), Inc. is reframing life insurance as an “essential” household expense rather than an optional purchase. “Life insurance is an essential [expense] because there is some certainty to it,” Sun Life Philippines President Jonathan Juan D.C. Moreno said during a roundtable with journalists last Saturday. His musings come as households grow more cautious in their spending, amid weaker consumer confidence following recent corruption scandals involving the government’s flood control projects. Moreno said several industries, such as construction and logistics, are already feeling the impact of softer demand. “The more resilient ones are those

that are going into the more essential side of the business,” he said. “If we are able to position life insurance as an essential spend, that’s probably where we’ll be able to get a little bit more of some growth on that side.” Sun Life Philippines recently announced Moreno as its next CEO and country head effective April 1, 2026, succeeding Benedict Sison. Moreno also wants to reposition life insurance for younger Filipinos and make protection products more appealing. “In the next few years, we will make insurance hip,” Moreno said. “If you’re a millennial, it should be

cool to buy insurance. It’s no longer about the cellphones, it’s now like, ‘Look, I’m covered.’” For his part, Sison said that despite disruptions caused by the pandemic, geopolitical risks and heightened market volatility, the life insurance industry remains “very resilient” and will continue to grow. The industry has posted a compounded annual growth rate of close to 10 percent over the past five years, Sison said, stressing that life insurance is an “essential at the end of the day.” Sun Life also sees growth opportunities in the country’s persistently low insurance penetration rate. Insurance penetration in the Philippines stands at 1.85 percent as of the third quarter of 2025, compared with about 7.5 percent in Thailand and over 8 percent in Singapore, Sison said. Instead of viewing the gap as a weakness, Sison described the figures as “aspirational benchmarks” that point to a “huge market potential” for Sun Life to penetrate in the coming years. Despite the slower economic growth in the third quarter of 2025, at

4 percent, Sun Life remain bullish on the economy, which Sison said is still one of the highest in the Asian region. The insurance company is also banking on the expansion of the middle-income segment, rising awareness of life insurance following the pandemic and digitalization, which allows insurers to reach a broader market. Looking ahead to 2026, Moreno acknowledged a number of headwinds facing the industry, particularly the lack of financial literacy and increasing competition for consumers’ wallets. Moreno said life insurers are now competing not only with each other but with alternative financial products such as savings and investments, which are often seen as substitutes for protection products. Macroeconomic volatility also impacts equity-linked insurance products, such as variable universal life products, Moreno added. To address these challenges, Moreno said Sun Life is ramping up its financial literacy campaigns through digital platforms, accelerating its digital transformation and strengthening its agency force.

US inflation to pick up after muddy November CPI

S consumers probably experienced only a modest pickup in inflation as 2025 drew to a close, consistent with price pressures that are gradually abating. The core consumer price index, regarded as a measure of underlying inflation because it strips out volatile food and energy costs, is seen rising 2.7 percent in December from a year earlier. That’s just a touch more than the 2.6 percent annual advance in November, which was the smallest since early 2021. On a monthly basis, economists expect 0.3 percent increases in both overall and core prices. The Bureau of Labor Statistics wasn’t able to publish month-over-month changes in the previous CPI report, which was delayed by the longest-ever government shutdown. Economists said the November report, which showed a broad cooling of inflation, was distorted by the agency’s inability to collect most prices in October, as well as its assumption that key rent indexes were essentially unchanged for the month. While that culminated in sizable downward pressure on the November figures, the December report, due on Tuesday, has the potential to reverse that bias. The absence of clean readings on inflation, as well as signs the US labor market is stabilizing after a run of weak payrolls figures, help explain why Federal Reserve officials are expected to hold the line on interest rates in the near-term. New York Fed President John Williams on Monday kicks off a busy calendar of appearances by US central bankers. Others set to offer remarks on the economy in the com-

SHOPPERS carry Lululemon and Nordstrom bags at Broadway Plaza in Walnut Creek, California in December. PHOTOGRAPHER: DAVID PAUL MORRIS/BLOOMBERG

ing week include Alberto Musalem, Anna Paulson, Michelle Bowman and Philip Jefferson. Meanwhile, consumer spending in the fourth quarter is proving resilient. Government data due on Wednesday is expected to show another solid advance in retail sales. Excluding auto dealers, economists project a 0.4 percent increase in November, matching the previous month’s gain. Other reports in the coming week include October new-home sales, the November producer price index, and December industrial production and home resales. Looking north, Statistics Canada will release data on securities transactions after a surge in foreign investment in Canadian equities and bonds. It will also publish manufacturing and wholesale sales figures. Travel data are expected to show a continued drop in Canadian trips to

the US, while sub‑provincial population estimates will point to the impact of tighter immigration policies. Elsewhere, Indian inflation, growth data from Germany and the UK, and a likely no-change decision on borrowing costs in South Korea will be among the week’s highlights. Investors will also be watching for any comments from Group of Seven finance ministers, who are meeting in Washington at the start of the week.

Asia

ASIA’S data calendar will give policymakers and investors fresh clues on how growth and inflation dynamics are evolving, with key releases from China, Japan and Australia testing whether recent trends are gaining traction. The week opens with China’s financial data for December, including aggregate financing and new yuan loans. Trade and foreign direct in-

vestment figures later in the week will provide further clarity on the health of the Chinese economy. India takes center stage with December inflation on Monday. The report will influence how investors read the balance of risks for the Reserve Bank of India, which cut its key rate by 25 basis points in December, to 5.25 percent. On Thursday, India releases unemployment and trade figures. Attention then pivots to Australia, where ANZ job advertisements and household indicators will help shape expectations about the central bank’s next move. Westpac’s consumer confidence survey on Tuesday comes after Reserve Bank officials have signaled an end to the current easing cycling, reiterating a cautious stance as price pressures stay elevated. Japan’s heavy midweek calendar is a focal point for markets assessing whether the Bank of Japan will remain on its hiking path. Balance of payments and trade figures will offer insight into the impact of the weak yen on exports and income flows. Producer price data is due later in the week. The Bank of Korea is expected to hold its policy settings steady on Thursday, with the focus on whether authorities may signal the easing cycle has run its course. South Korea also releases labor market and trade price data, while New Zealand’s employment and building permits may cast light on the Reserve Bank of New Zealand’s potential policy stance. Southeast Asia rounds out the week with a gross domestic product update from Malaysia, reserve data from Thailand, and non-oil exports from Singapore. Bloomberg

More bonds show signs of losing investment-grade status, teeter on brink of junk

ENEATH the calm surface of the US corporate bond market, there are worrying signs about companies that could lose their investment-grade status. The first full week of the year has been one of the busiest for US corporate debt sales on record, and risk premiums stayed low even amid heavy issuance. But the amount of bonds teetering on the brink of junk surged last year, according to JPMorgan Chase & Co. Around $63 billion of US corporate bonds in the high-grade universe have a high-yield rating from one bond grader, a BBB- rating from

others, and at least one negative outlook, according to the bank’s review based on ratings for debt in its highgrade US index. That figure was $37 billion at the end of 2024, JPMorgan strategists wrote. “As companies continue to refinance debt, the pressure on their balance sheets from rising interest expense is growing,” said Nathaniel Rosenbaum, a US high-grade credit strategist at JPMorgan. “That, in turn, does put a little bit more ratings pressure on weaker credits.” JPMorgan doesn’t anticipate market turmoil anytime soon. Demand from investors is still strong, and

earnings will probably be relatively strong in the coming weeks, leaving spreads relatively rangebound. But there are still risks in credit. About $55 billion of US corporate bonds migrated from investmentgrade to junk status in 2025, becoming “fallen angels,” according to JPMorgan. That far exceeds last year’s $10 billion of “rising stars,” or firms elevated to high-grade. And the trend is set to continue, the strategists say. BBB- debt is just 7.7 percent of JPMorgan’s US high-grade corporate index, a record low share. But a relatively high amount of debt is susceptible to being cut to junk. Compa-

nies typically see their spreads blow out when they lose their high-grade status, as the universe of junk bond investors is much smaller in dollar terms than investment-grade. There are reasons to be a little more concerned about credit risk now: Broad measures of indebtedness have been creeping higher relative to earnings, fueled by rising yields after the pandemic, a flood of spending on artificial intelligence, and acquisitions. “If you look underneath the hood there are underlying signs of weakening in credit profiles,” said Zachary Griffiths, head of US investment grade

and macro strategy at CreditSights Inc. But in the near term, demand for bonds has been strong. And fiscal stimulus from some provisions of the One Big Beautiful Bill Act could help keep consumer sentiment “a little more buoyant,” Griffiths said. Generally, money manager have been less worried about credit risk for months. Investment-grade spreads have spent much of this week averaging 0.78 percentage point, or 78 basis points, and haven’t risen above 85 basis points since June, according to Bloomberg index data. The mean for the last decade is closer to 116 basis points.

For 2026, JPMorgan expects a slowdown in credit ratings upgrades, and cites acquisitions and re-leveraging from AI issuers as key drivers. The highest quality tech issuers could add leverage and accept ratings that are a notch lower, points out Rosenbaum, as there isn’t much spread penalty within investmentgrade when going from low AA to high A, for instance. Changing their capital structure could help make them more competitive in the AI financing deluge, he said. Still, some investors are looking to cut their exposure to companies that are piling on risk. Bloomberg

B4 Monday, January 12, 2026

Explainer BusinessMirror

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COLD GRAB: How the US could take over Greenland and the potential challenges By Emma Burrows & Ben Finley The Associated Press

S President Donald Trump wants to own Greenland. He has repeatedly said the United States must take control of the strategically located and mineral-rich island, which is a semiautonomous region that’s part of NATO ally Denmark.

RDIACHKIN VIA DREAMSTIME.COM

Officials from Denmark, Greenland and the United States met Thursday in Washington and will meet again next week to discuss a renewed push by the White House, which is considering a range of options, including using military force, to acquire the island. Trump said Friday he is going to do “something on Greenland, whether they like it or not.” If it’s not done “the easy way, we’re going to do it the hard way,” he said without elaborating what that could entail. In an interview Thursday, he told The New York Times that he wants to own Greenland because “ownership gives you things and elements that you can’t get from just signing a document.” Danish Prime Minister Mette Frederiksen has warned that an American takeover of Greenland would mark the end of NATO, and Greenlanders say they don’t want to become part of the U.S. This is a look at some of the ways the U.S. could take control of Greenland and the potential challenges.

mussen summoned the top US official in Denmark in August to complain that “foreign actors” were seeking to inf luence the country’s future. Danish media reported that at least three people with connections to Trump carried out covert inf luence operations in Greenland. Even if the US managed to take control of Greenland, it would likely come with a large bill, Gad said. That’s because Greenlanders currently have Danish citizenship and access to the Danish welfare system, including free health care and schooling. To match that, “Trump would have to build a welfare state for Greenlanders that he doesn’t want for his own citizens,” Gad said.

Military action could alter global relations TRUMP and his officials have indicated they want to control Greenland to enhance American security and explore business and mining deals. But Imran Bayoumi, an associate director at the Atlantic Council’s Scowcroft Center for Strategy and Security, said the sudden focus on Greenland is also the result of decades of neglect by several U.S. presidents towards Washington’s position in the Arctic. The current fixation is partly down to “the realization we need to increase our presence in the Arctic, and we don’t yet have the right strategy or vision to do so,” he said. If the U.S. took control of Greenland by force, it would plunge NATO into a crisis, possibly an existential one. While Greenland is the largest island in the world, it has a population of around 57,000 and doesn’t have its own military. Defense is provided by Denmark, whose military is dwarfed by that of the US. It’s unclear how the remaining members of NATO would respond if the U.S. decided to forcibly take control of the island or if they would come to Denmark’s aid. “If the United States chooses to attack another NATO country militarily, then everything stops,” Frederiksen has said. Trump said he needs control of the island to guarantee American security, citing the threat from Russian and Chinese ships in the region, but “it’s not true” said Lin Mortensgaard, an expert on the international politics of the Arctic at the Danish Institute for International Studies, or DIIS. While there are probably Russian submarines — as there are across the Arctic region — there are no surface vessels, Mortensgaard said. China has research vessels in the Cen-

Disagreement unlikely to be resolved

A PLANE carrying Donald Trump Jr. lands in Nuuk, Greenland, January 7, 2025. EMIL STACH/RITZAU SCANPIX VIA AP tral Arctic Ocean, and while the Chinese and Russian militaries have done joint military exercises in the Arctic, they have taken place closer to Alaska, she said. Bayoumi, of the Atlantic Council, said he doubted Trump would take control of Greenland by force because it’s unpopular with both Democratic and Republican lawmakers, and would likely “fundamentally alter” U.S. relationships with allies worldwide. The U.S. already has access to Greenland under a 1951 defense agreement, and Denmark and Greenland would be “quite happy” to accommodate a beefed up American military presence, Mortensgaard said. For that reason, “blowing up the NATO alliance” for something Trump has already, doesn’t make sense, said Ulrik Pram Gad, an expert on Greenland at DIIS.

Bilateral agreements may assist effort US Secretary of State Marco Rubio told a select

group of U.S. lawmakers this week that it was the Republican administration’s intention to eventually purchase Greenland, as opposed to using military force. Danish and Greenlandic officials have previously said the island isn’t for sale. It’s not clear how much buying the island could cost, or if the U.S. would be buying it from Denmark or Greenland. Washington also could boost its military presence in Greenland “through cooperation and diplomacy,” without taking it over, Bayoumi said. One option could be for the US to get a veto over security decisions made by the Greenlandic government, as it has in islands in the Pacific Ocean, Gad said. Palau, Micronesia and the Marshall Islands have a Compact of Free Association, or COFA, with the US. That would give Washington the right to operate military bases and make decisions

about the islands’ security in exchange for U.S. security guarantees and around $7 billion of yearly economic assistance, according to the Congressional Research Service. It’s not clear how much that would improve upon Washington’s current security strategy. The U.S. already operates the remote Pituffik Space Base in northwestern Greenland, and can bring as many troops as it wants under existing agreements.

Influence operations expected to fail GREENLANDIC politician Aaja Chemnitz told The Associated Press that Greenlanders want more rights, including independence, but don’t want to become part of the US. Gad suggested inf luence operations to persuade Greenlanders to join the US would likely fail. He said that is because the community on the island is small and the language is “inaccessible.” Danish Foreign Minister Lars Løkke Ras-

SINCE 1945, the American military presence in Greenland has decreased from thousands of soldiers over 17 bases and installations to 200 at the remote Pituffik Space Base in the northwest of the island, Rasmussen said last year. The base supports missile warning, missile defense and space surveillance operations for the US and NATO. US Vice President J.D. Vance told Fox News on Thursday that Denmark has neglected its missile defense obligations in Greenland, but Mortensgaard said that it makes “little sense to criticize Denmark,” because the main reason why the US operates the Pituffik base in the north of the island is to provide early detection of missiles. The best outcome for Denmark would be to update the defense agreement, which allows the US to have a military presence on the island and have Trump sign it with a “gold-plated signature,” Gad said. But he suggested that’s unlikely because Greenland is “handy” to the US president. When Trump wants to change the news agenda—including distracting from domestic political problems—“he can just say the word ‘Greenland’ and this starts all over again,” Gad said.

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Style

BusinessMirror

Editor: Gerard S. Ramos • Monday, January 12, 2026

Shiny new things for the new year centerstage, while its writing instruments and watches are displayed within a library-inspired setting. n MYDIAMOND’S WHITE HALO COLLECTION. The luxury jewelry brand known for its festive vibrance and timeless elegance, MyDiamond offers gift ideas for your loved ones and for yourself even beyond the holidays. Its White Halo Collection of rings, earrings, bracelets and necklaces, is a range of lab-grown diamonds that are ethically sourced but with the same chemical properties as natural diamonds. A covetable piece is the 14K White Gold labgrown diamond ring, which features a hexagonal-cut diamond flanked by tapered baguette diamonds that are “gracefully angled to draw the eye toward the radiant centerpiece.” n OUR HOME x FRANCIS LIBIRAN. In his first foray into interior design, celebrated fashion designer Francis Libiran collaborated with Our Home, a trusted name in modern home furnishings and décor. “This partnership is a heartfelt tribute to the people who have shaped my life, with each piece telling its own unique story. I am thrilled to work with Our Home, a brand that aligns with my vision of blending art and functionality,” shared Libiran, an architecture graduate. The Francis Libiran Home Collection offers statement accent chairs to plush cushions and delicately crafted candles and scents, and available exclusively at Our Home stores and online in limited quantities. “This collection allows me to showcase my creativity not just in fashion but in crafting spaces that embody beauty and meaning,” said Libiran in a statement. “A true Filipino home is not merely defined by its structure but by the warmth and cultural touches that reflect our heritage and the love shared by the family within.”

E might all still be dazed from the holidays. But amid the rush and confusion, we might have missed giving a loved one—or ourselves— shiny new things. Here are some indulgent gift suggestions: JBL. JBL, the pioneer in the audio equipment industry, has some of the best products to soothe your sense of hearing. Working on the theme “Hear the Future,” the brand offers a dynamic lineup designed for every kind of listener, mover, creator, or musician. The Soundgear Clips, Sense Pro, and Sense Lite might be a must-have for writers as these next-gen wearables “offer open-ear comfort, situational awareness, and long-lasting playtime for those who live life connected.” They are perfect for work, travel, or staying active while keeping tuned in to your surroundings. Or just to cancel—and escape from— all the unwanted noise nowadays. n KOJIE-SAN’S ADVANCED SKINCARE. Kojie. san, the innovative skincare brand behind the bestselling lightening soap in the Philippines, believes that our skin deserves care everywhere, not just a special focus on the face. Bringing the same attention and effectiveness to every part of your skin, it drops new variants that combine the power of Zero Pigment Light (kojic acid) with good-for-you ingredients, like Glycolic Acid, vitamin C, Salicylic Acid, and Niacinamide to target specific skin concerns. With Kojie.san, we can now address our specific skin concerns for an enhanced glow, for brightening and clarity, for acne and oil control, and for a smooth, even texture. n AVON’S SEDUCTIVE SCENT. Global beauty brand Avon has an alluring offering, the Imari Seduction Eau de Toilette, Perfumed Rollette and Body Spray gift set. If you want to level up your seduction game, this oriental-fruity scent is your best bet. The luscious Imari perfume is filled with fruity wild berries and plum notes on top; a purple orchid floral heart; and a base of patchouli, warm vanilla, amber and musk. All the more to make you irresistible. n OLD NAVY REOPENS AT BONIFACIO HIGH STREET. Old Navy, the global apparel and accessories brand that makes current American essentials accessible to every family, reopens its store at Bonifacio High Street in Taguig City. With a revamped space for a more immersive shopping experience, the brand offers its signature on-trend, playfully optimistic, affordable and high-quality products. Still on a cheerful mood, Old Navy categories on display include Jingle Jammies, Holiday Bounce Fleece, Cloud Comfy Activewear, Ultra-Soft Fleece Blankets, Pet Bandanas and Sweaters, and Scarves, Beanies & Touches of Cozy. n UNIQLO X BABYMONSTER. Come February, Japanese retail brand Uniqlo will launch BabyMonster

UT, its first UT (Uniqlo T-shirt) collaboration collection with the popular K-pop group BabyMonster. Inspired by the group’s hit song “Batter Up,” the T-shirt designs will have a slightly wide boxy silhouette and shear body material in crew neck and V-neck types. n LUCKY ME! X LINYA LINYA. Two iconic local brands—Lucky Me!, the country’s No. 1 instant noodle brand; Linya Linya, the “headquarters” of relatable Pinoy one-liners and lifestyle tees—came together for a witty collaboration. Creating a lifestyle moment that’s distinctly Filipino, the partnership was officially unveiled on October 2, 2025, launched in time for National Noodle Day on October 6 at the Monde Nissin Headquarters in Mandaluyong. The limited-edition merchandise is composed of two quirky shirts (stating “Pang-shirt Canton” and “Pancituationship”) and one tote bag, “Carry On Pancit Canton.”

Gen de la Peña, integrated marketing communications head of Monde Nissin, explained: “Lucky Me! has always been a part of Filipino lives— not just on the table but in every kwento that brings comfort and joy. With Linya Linya, we’re taking that comfort to a new space, making it wearable, shareable, and truly part of pop culture.” Linya Linya, with an activist streak cheekily poking at current issues, also has a shirt “admonishing” our corrupt politicians. n MONTBLANC OPENS AT SHANGRI-LA PLAZA. Reflecting its roots in writing, luxury Maison Montblanc opens a new boutique at Shangri-la Plaza in Mandaluyong with the latest NEO 4.0 concept, blending innovative materials, like paper, travertine, brass, dark oak, and designs, such as ink effect and mountain-inspired patterns. Montblanc’s handcrafted leather goods take

K-beauty-inspired anti-acne skincare contains ‘allancica’

FILIPINO beauty brand Posh Skin Co. recently launched its acne skincare line qinspired by K-beauty. If there is one thing I learned about K-beauty, it is that they treat acne-prone skin with care instead of using harsh ingredients to eliminate bacteria. “Posh Skin Co. has always been about giving young Filipinos simple, effective solutions they can trust, to empower the next generation to embrace their skin with confidence,” said expert stylist and Posh Skin Co. partner Charmaine Palermo. “This skincare line reflects our commitment to making high-quality, effective skincare accessible to every young Filipino.” While Western skincare approaches acne with a conquerors’ mindset, the Korean beauty routine calms inflammation and tries to restore skin health to prevent breakouts. Korean beauty brands use BHA pads and liquid exfoliators to address acne without stripping skin of moisture. Cica or centella asiatica is a frequently used ingredient in Korean skincare. Centella asiatica, or gotu kola, is known to promote

tissue regeneration, collagen production, reduce scars, and help with conditions like psoriasis. Posh Skin Co.’s new anti-acne range contains allancica—a combination of allantoin and cica (or centella asiatica)—an ingredient commonly found in Korean skincare products that helps soothe skin irritation, retain skin’s moisture, and strengthen the skin barrier. Posh Skin Co’s anti-acne line includes an Acne Cleanser (P399). This is followed by an Acne Toner (P499). Acne Moisturizer (P499) and Acne Serum (P599) are perfect for use in the Philippines’ tropical weather. Meanwhile, Acne Korean Pink Clay (P699) Mask helps to improve skin texture and minimizes the look of pores. “We crafted each product to be gentle, nurturing, and reliable, so clear, glowing skin feels achievable without pressure, just honest care and results you can trust,” said Palermo. She said the line was designed to help Filipino Gen Zs achieve clear, calm, and glowing skin with consistent use. The acne skincare line pairs well with the brand’s best-selling pimple patches, giving you a complete acne + glow routine and reinforcing Posh Skin Co.’s position as the go-to acne solution for Gen Zs in the Philippines. For me, the star product of the line is the Acne Serum as it applies smoothly and is not greasy. You can use it for day or night, layered under the Acne Moisturizer or on its own. It also works as a makeup base

Posh Skin Co.’s new anti-acne skincare line is available online (Shopee, Lazada, and TikTok Shop) and exclusively in over 200 Watsons stores nationwide. Fully-made in South Korea, Posh Skin Co.’s new range is FDA-registered and is formulated using vegan and paraben-free ingredients.

ACNE Serum is part of Filipino beauty brand Posh Skin Co.’s new Korean-inspired line. PHOTO BY JULIANA MAXINE VASQUEZ

L’ORÉAL PHILIPPINES, DTI EXPAND BEAUTY FOR A BETTER LIFE

L’ORÉAL Philippines, in partnership with the Department of Trade and Industry (DTI) and key local government and academic partners, is expanding its Beauty for a Better Life (BFBL) E-Beauty Advisor (e-BA) Program across Luzon, scaling a pioneering beauty and social media entrepreneurship initiative that equips Filipinos with beauty, digital and business skills for livelihood building. Now on its third year, the BFBL e-BA Program forms a core part of L’Oréal’s ambition to uplift and empower 10,000 Filipinos by 2030 through beauty education and livelihood opportunities. The program’s expansion underscores the company’s broader commitment to a more responsible and inclusive business model, driving inclusive growth, while supporting the country’s push toward poverty reduction and digital economic participation. The Beauty for a Better Life E-Beauty Advisor Program is a two-month hybrid training that combines beauty fundamentals with social commerce and entrepreneurship. Co-developed with partners, the curriculum blends four key pillars: 1. SCIENCE AND FOUNDATION OF BEAUTY—skincare, hair care, and makeup fundamentals. 2. CONTENT CREATION TRAINING—practical modules on social commerce platforms such as TikTok and other shortform video environments. 3. EARNING ONLINE / MAXIMIZING JOB OPPORTUNITIES—how to earn as an affiliate, livestreamer, or digital beauty advisor. 4. PERSONAL AND BUSINESS BUILDING—mental health awareness, financial literacy, and basic steps in small business registration. Graduates are equipped to pursue multiple livelihood pathways: as content creators, social commerce entrepreneurs, e-beauty advisors, salon professionals, or beauty freelancers, helping them tap into the Philippines’ fastgrowing digital economy. “With the BFBL E-Beauty Advisor Program, we are using beauty and digital skills as real levers for inclusive growth,” said Yassine Bakkari, managing director, L’Oréal Philippines. “Beyond teaching makeup techniques or skincare science, we are helping Filipinos—especially women and individuals in vulnerable conditions—build confidence, learn how to earn online, and take concrete steps toward sustainable livelihoods.” Since its launch under the Beauty for a Better Life umbrella, the e-BA program has already reached 2,346 beneficiaries between 2023 and 2024, with 600 beneficiaries across Luzon in its pilot year. Recognizing its impact, the program has earned global recognition and accreditation under the L’Oréal Foundation’s BFBL framework, paving the way for adoption in other markets. In Year 3, L’Oréal and DTI are scaling the program across key Luzon cities, working closely with local governments and academic institutions.

GIFTS GALORE

Old Navy; Montblanc; MyDiamond White Halo Collection; Uniqlo x BabyMonster; JBL Sense Lite Purple; Our Home X Francis Libiran; Lucky Me! X Linya Linya; Linya Linya; Kojie. san Skincare; Avon Imari Perfume Set

PARTICIPANTS of the Beauty for a Better Life E-Beauty Advisor Program pose in front of the event backdrop featuring L’Oréal Philippines and key partners.

B6 Monday, January 12, 2026

SM Supermalls expands its nationwide presence for Pickleball

ickleball continues to find its home in SM Supermalls.

Through the SM Sports and Lifestyle Center (SLC), SM expands its permanent pickleball court locations to SM Center Shaw and SM Center Muntinlupa, giving the all-inclusive sport, its athletes, and enthusiasts even more venues for their next friendly or competitive matches. Because of this, SM closed 2025 with 61 court locations across the Philippines with 37 total permanent courts, the largest among mall operators. SM empowers the thriving local pickleball scene with maxed-out sports experiences for picklers and the active lifestyle community nationwide. Through its launch of SM Active Hub, the country’s largest sports playground, partnered with SM SLC’s mission of revolutionizing fitness and sports engagement in the country, it encourages tournament play, friendly competition, and fun bonding moments. “SM launched SM Active Hub in March last year with the strong intention of giving athletes, sports enthusiasts, and even casual players alike high-quality and easily accessible spaces that can house their best sports experiences, whether that’s lighthearted fun or high adrenaline competition,” said Joaquin San Agustin, SM Supermalls Executive Vice President for Marketing. “Closing 2025 with our largest pickleball court locations while adding two new permanent courts in SM Center Shaw and SM Center Muntinlupa in Metro Manila is evidence that sports remains not just a strong interest, but a new way of life for our customers.” Opened in partnership with Paloo, the pickleball court locations of SM Center Shaw and SM Center Muntinlupa boast three outdoor and four indoor permanent courts respectively, both intuitively designed to accommodate experienced and novice players, with accessible rates. Through Active Hub, SM gave local picklers the ultimate spot to maximize

PNP OFFICERS PROMOTED Fifty Philippine National Police (PNP) generals took their oath before President Ferdinand R. Marcos Jr. at Malacañang Palace last December 17, 2025. Of the 50 officers, six were promoted to the rank of Police Major General, while 44 were promoted to Police Brigadier General. Among the promotees was PBGEN Eduardo M. Paras, Director of the Regional Internal Affairs Service 7, who is pictured above with President Marcos, Alessandra Eunice A. Paras, Ana Cel A. Paras, and Eduard Antonio A. Paras. In his message, President Marcos reminded the newly promoted officers that their higher rank carries broader authority and greater responsibility in serving the nation and the Filipino people.

movement and active lifestyles, meeting the athletic appetite of customers through its modular court approach. With the integration of the SM Malls Online app, players can easily sign up to be part of the community, discover upcoming events, and gain exclusive access to the best deals that maximize experiences they’ll love. “On top of the permanent courts, we also have 24 semi-permanent courts all over the country to accommodate the maximum amount of activity our customers seek,” said San Agustin. This holistic approach has made SM the favorite go-to pickleball hangout place for customers, almost doubling the 44 courts initially constructed through the rise of interest in the sport. Also following strong demand and fully booked courts until the end of 2025, SM’s upcoming thrust focuses on building more permanent courts to increase its inventory to close to 80 in 2026. “The high volume of bookings across all our courts hints that pickleball isn’t an exclusive sport—anyone can play. And because it is inclusive and easy to learn, SM saw this as an opportunity to naturally drive active lifestyles for our customers,” said San Agustin. Active Hub caters to a wide group of

picklers, from competitive enthusiasts to casual first timers looking to play or find a new and fun bonding activity with their friends, every kind of player can find an event that encourages them to keep playing. Out-of-the-box creative concepts like the Glow Ball pickleball event giving the game a fun and exciting glow in the dark twist, while enrichment activities such as free coached Pickleball Clinics encouraged newbies and young players to try the sport out. Active Hub is also home of the major competition SM Pickleball Super Series in partnership with Toby’s Sports running alongside local tournaments and events. It initiated the Pickleball Power Tour with Filipino-American, world-ranked pro-athlete Lauren Mercado igniting passion for the sport among the next generation of players. The event was such a massive hit that SM will be hosting a second iteration within the first half of 2026. “This is a testament to SM’s desire of hosting the most creative and commercially attuned sports events that our customers can always look forward to. As long as the Filipino desire for community and activity remains ablaze, SM is determined to continually give that passion for sports a home,” said San Agustin.

Wyeth Nutrition® Reaffirms Commitment to Operational Excellence, Sustainability in Nourishing Healthier Tomorrows

Last January, Wyeth Nutrition’s electric van was launched as a way to reduce emissions when transporting products from the GMA distribution center to supermarkets and customers.

N celebration of its 110th anniversary, Wyeth Nutrition® isn’t just looking back on its rich legacy of nurturing Filipino families. It’s also upholding its promise of shaping a healthier future for generations to come through its high quality, innovative and science-based products, and by championing environmental sustainability. Wyeth Nutrition’s trusted milk brands including Promil® and Bonakid Pre-School® are manufactured in its plant in Cabuyao City, Laguna. Its manufacturing facilities operate under world-class quality systems

that leverage advanced technologies and strict safety protocols to deliver excellence in every product. Rigorous research and development are also undertaken to ensure that products meet the latest scientific standards in young child nutrition. Anchored on the belief that healthy children need to grow in a healthy world, Wyeth Nutrition® has put sustainability at the heart of its operations, committing to reduce its environmental footprint and achieve net-zero emissions by 2050. As part of this commitment to help care for the planet, Wyeth Nutrition® products are made using 100 percent renewable electricity. Electric material handling equipment are also used to move manufactured products within the site, while an electric van is utilized to transport products from GMA distribution center to customers in Metro Manila to minimize emissions. Since 2020, Wyeth Nutrition® has been collecting and diverting post-consumer plastic waste from the environment equivalent to 100% of its packaging footprint, a feat that puts the company ahead of the Extended Producer Responsibility (EPR) target of 80 percent collection by 2028. It has also eliminated the use of plastic shrinkwraps on pallets, replacing

them instead with pallet nets and belts for raw and packaging materials, and glue for finished goods. Heading into the next 110 years and more, Wyeth Nutrition® will continue its mission as a pioneer in science-driven nutrition through Product Innovation and Science Leadership. The focus will be on investing in advanced research to deliver clinically proven formulations that support immunity, growth, and brain development, and leverage breakthroughs to meet evolving consumer needs. At the same time, it will also prioritize Manufacturing Excellence and Digital Transformation by becoming the “Northstar factory,” or the best in class in all of the Nutrition operations, powered by automation, digital technologies, and mastery of fundamentals, to ensure operational excellence, safety, and cost competitiveness. Initiatives like manufacturing optimization and advanced process controls will drive efficiency while maintaining world-class quality standards. “Our vision is clear: To lead in innovation, sustainability, and operational excellence— creating a world where every child has the healthiest start in life and every family thrives on a more livable planet,” said Wyeth Nutrition® Factory Head Kristine Joy Aguinaga.

ASUS showcases new, award-winning lineup of AI-powered laptops at CES 2026

SUS showcased its all-new and award-winning 2026 lineup of AIpowered Copilot+ PCs at CES® 2026. These laptops and PCs are built to empower every creator, professional and everyday user. This comprehensive lineup boasts the latest Copilot+ PC experiences, exclusive ASUS AI apps, and the latest CPU platforms from AMD, Intel®, and Qualcomm® to ensure the best AI experiences. In the realm of AI for creators, the 2026 ProArt family showcases ASUS’ unwavering commitment to providing a seamless creative ecosystem that merges hardware excellence with software intelligence, and our innovative partnership with GoPro furthers our companies’ shared vision to empower and support creators. The 2026 CES Innovation Awardwinning ProArt GoPro Edition (PX13), along with the ProArt PX13, and ProArt PZ14 models embody the future of hybrid creativity and cross-disciplinary collaboration. The limited-edition ProArt GoPro Edition convertible transforms the storytelling process with the pre-loaded StoryCube AI-powered app — the first Windows app with GoPro Cloud integration and 360° video support. This co-branded laptop features a GoPro-inspired design and exclusive reusable GoPro-themed packaging. Complementing this flagship device, the standard ProArt PX13 convertible is powered by an AMD Ryzen™ AI Max+ 395 processor and features a 3K OLED touchscreen. Finally, ProArt PZ14 is a powerful 2-in-1 creator tablet based on the 18-core Snapdragon® X2 Elite, with ASUS Pen 3.0 support that allows creators to unlock their creativity when they are on the go. For everyday AI users, ASUS redefines versatility and power through the 2026 Zenbook and Vivobook series. The 2026 Zenbook DUO, another 2026 CES Innovation Award winner, sets a new benchmark with its dual 14-inch 3K ASUS Lumina Pro OLED displays, Ceraluminum™ chassis, and up to a powerful yet efficient

Intel Core Ultra X9 Series 3 processor. With a new hideaway hinge to reduce the gap between screens, plus a powerful dualbattery system totaling 99Wh to extend runtime, it offers a seamless dual-screen workflow. The 2026 Zenbook A16 and Zenbook A14 are lightweight, powerful and elegant. Zenbook A14 maintains its sub-1kg weight but has upgraded performance from the 18-core Snapdragon X2 Elite processor, while Zenbook A16 offers a larger screen with reduced weight and boasts the market’s most powerful Snapdragon X2 Elite Extreme for unrivaled performance. The redesigned Zenbook S series, including the 2026 CES Innovation Award Zenbook S14, features the latest AMD Ryzen AI 400 Series or Intel Core Ultra Series 3 processors, yet runs cooler, offers up to 3K OLED displays and comes with vibrant new nature-inspired finishes. Finally, the 2026 Vivobook S series includes 14-inch and 16-inch models that bring AI-driven performance to mobile, budget-conscious users, offering long battery life and the latest AMD, Intel and Qualcomm processors. Completing the everyday AI ecosystem are new ASUS desktops and AiOs. These include the ASUS V700 mini tower PC and ASUS V500 mini tower desktop PCs, and the ASUS VM441QA AiO — the world’s first Snapdragon-powered all-inone PC. These devices bring Copilot+ AI benefits to the home and home office in three different desktop form factors, each combining whisper-quiet performance, energy efficiency, and aesthetic integration with next-generation AMD, Intel, and Snapdragon processors. Together, these innovations form the ASUS Copilot+ PC lineup, a collection of AIpowered devices that combine performance, efficiency, security, and design. Whether creating, coding, collaborating or relaxing, users can now experience AI-enhanced productivity and creativity like never before — unlocking the full potential of intelligent computing for everyone.

Crown Asia Cements Presence South of the Metro with Debut of Latest Themed Developments

ROWN ASIA, renowned for its themed house-and-lot developments and condominiums nationwide, gathered business partners and clientele for “Prelude: A Crown Asia Priority Selling Event” at the Brittany Hotel Villar City. The event offered an early preview of its latest developments, inspired by global influences and tailored for discerning buyers and investors. Guests received access to properties poised in prime corridors south of Metro

Manila. Trieste rises in Bacoor City, where connectivity and continuous progress converge. Moments from Tagaytay, Lambertine Tower in Pinevale unveils a refuge for those seeking both solace and a sound investment. Nestled against the slopes of Mount Makiling in Santo Tomas, Batangas Verdalia will elevate suburban stillness into an exquisite experience. The program held investment-focused discussions that underscored leasing as a

compelling avenue for value creation within the expanding Crown Asia residential portfolio. For information about the latest developments of Crown Asia, visit www.crownasia.com.ph and follow @ CrownAsiaOfficial. Caption: Marketing officers Andrea Mijares and Rehian Vicente unveil Crown Asia’s newest themed developments to homebuyers, investors, and business partners.

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What’s ahead for PR in 2026?

n Agencies/Business “AFTER a year of industry-shaking consolidation and lay-offs, brands will increasingly turn towards independent agencies with leaner, more transparent models. Boutique agencies earn their seats at the table, for pitches and briefs, and their work will continue to stand out for creativity, speed, and impact.” Jennifer Risi, Founder and President, the Sway Effect “Internal comms will finally move from afterthought to power center, as brands realize their most influential audience is the one already on payroll. With employees more vocal and values driven than ever, companies that elevate IC will turn their workforce into their most credible advocates.” Liv Allen, VP and Head of PR, Codeword “As AI driven workflows be-

n CINEMALAYA OPENS

SUBMISSIONS FOR 2026 SHORT FILM COMPETITION

MANILA, PHILIPPINES— Building on over two decades of nurturing independent Filipino cinema, the Cultural Center of the Philippines and the Cinemalaya Foundation Inc. open the screens for submission to the Short Film Category of the Cinemalaya Philippine Independent Film Festival 2026. The deadline for submissions is on or before 6pm of February 27, 2026. The country’s biggest independent film competition is open to all Filipino filmmakers. Interested participants may submit a maximum of three (3) entries but only one (1) entry per proponent may be considered as a finalist. Submitted entries must have been produced from May 16, 2025 to February 27, 2026. Short film entries that participated in other

local and international festivals and competitions are qualified to join Cinemalaya. Entries may be submitted ONLINE or OFFLINE. For online application, submit all requirements through: https://bit.ly/CM2026_ ShortFilm_EntryForm. Requirements include a duly completed entry form, synopsis in English, a brief resume with 2×2 photo/s of the filmmaker/s, and the final work in MP4 format, with violator/ watermark (for screening purposes only) and properly labeled with title, production company, address and contact numbers, production date, director’s name, and running time (which should not exceed 20 minutes including credits). For OFFLINE submission, send entries to the Film, Broadcast, and New Media Division office, located at the Cultural Center of the Philippines Annex Building, Vicente Sotto St. corner Magdalena Jalandoni St., Pasay City. For OFFLINE submission, film entry must be submitted on a thumb drive (USB), with the entry form, synopsis, and filmmaker’s profile. All must be submitted in a long brown envelope

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HAT can communicators look forward to in 2026? Nicole Schuman, managing editor of PRNEWS, compiled some predictions for the coming year that she received from friends in the communication industry and came up with a comprehensive (and exciting) forecast in Communicators Share Their 2026 PR Industry Predictions. Here we share those received regarding Agencies/Business, Content, and Media Relations. While most of these come from the US, we have things in common, and there is much we can learn from these

come the industry norm, hybrid studios will become the new standard for production: AI will sit at the center of modern production pipelines, unifying creative development, VFX design, live action and post into a single continuous process. The companies best positioned to lead will be hybrid studios able to more fluidly from idea to execution with AI as an accelerator, not a replacement. Rupert Cresswell, Co Funder and Chief Executive Officer, Elevade n Content “HUMAN storytelling will become the differentiator in an AI saturated world. Communicators must double down on the parts of storytelling AI can’t replicate -emotional intelligence, cultural insight, lived experience, and a trusted, verifiable point of view. That means elevating trusted human voice, shaping narratives around truth, and crafting stories that feel

properly labeled with the proponent’s name, title of the film, and contact details. The Cinemalaya Selection Committee will shortlist 10 film finalists which will be screened at the 2026 Cinemalaya Film Festival on August 6 to 18, and will have the chance to compete for the coveted Balanghai trophies. Since 2005, Cinemalaya has been committed to the development and promotion of Philippine independent film. At its core, it provides an avenue for the production of cinematic works of Filipino independent filmmakers that boldly articulate and freely interpret the Filipino experience with fresh insight and artistic integrity. With its call for submissions for the 2026 short film competition, Cinemalaya continues to invigorate the Philippine film industry by developing a new breed of Filipino filmmakers. For full mechanics, visit the CCP website (www.culturalcenter. gov.ph) and the Cinemalaya website (www.cinemalaya.org). Follow the official CCP and Cinemalaya social media accounts on Facebook, X, Instagram, and TikTok

personal rather than programmatic. The brands that win will be using AI for efficiency, but relying on people for higher order thinking, creativity, and deeper meaning.” GiGi Downs, Head of We. Studio. We. Communications “Social-first campaigns will be built with cinematic ambition—but grounded in real human authenticity. But authenticity still comes from real people —whether that’s influencers, creators, talent, or everyday individuals whose presence gives the work its cultural credibility. The winning model is hybrid: human led ideas and on-screen voices at the center, with AI used to expand, multiply, and enhance this content—not replace it. Brands will need work that is handcrafted, culturally fluent, and made at the speed of social.” Rupert Cresswell, Co-Founder and Chief Executive Officer, Elevado

for more updates.

n COMCO MUNDO LAUNCHES

SEA CAN ALLIANCE TO UNITE SOUTHEAST ASIA’S INDEPENDENT COMMUNICATIONS AGENCIES

MANILA, PHILIPPINES—This 2026, a new force in communications has finally emerged in the region with the full rollout of the new Southeast Asia Communications Agencies Network Alliance (SEA CAN Alliance) by COMCO Mundo, a network of independent communications agencies united by a shared vision to create insightful, meaningful, and impactful initiatives through seamless regional integration, local expertise in each market, industry best practices, and agility for the changing landscape in business and related sectors. SEA CAN Alliance by COMCO Mundo brings together pioneering agencies from across the region, Agrakom PR from Indonesia led by its Managing Director, Hana Budiono; Ink PR from Malaysia led by its Managing Director, Manimaran Ambalaghan; COMCO Southeast Asia—Pilipinas led by its Vice

“In a world polished to perfection by AI, brands will have to strategically “break their own aesthetic to look real. The most trusted brands in 2026 will intentionally imperfect—slightly messy, human, and impossible for AI to fake. Authentic errors will be a competitive advantage”. Kary Kelley, SVP and Head of Marketing Codeword

PR professionals should double down on empathy and connection: take time to understand a reporter’s interests, anticipate their coverage plans, and offer insights to make their job easier.” Sam Hrdlicka, Associate Vice President and Education Industry Expert, RH Strategic Communications

n Media Relations “BRANDS will resurrect oldschool comms tactics like press releases and wire blasts thinking they’ll overperform LLMs. What they’ll learn [again] is that they’re minimally impactful, and AI doesn’t magically make mediocre tactics effective.” Gabie Kur, Partner and Head of Growth Codeword

PR Matters is a roundtable column by members of the local chapter of the United Kingdombased International Public Relations Association (IPR A), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair.

“We will get back to the basics of reporter relationship building. AI tools can assist with pitching and research, but relationship building remains human work. In 2026,

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

President for Business Operations and Managing Director / Partner, Rachel Syfargo; COMCO Southeast Asia—Singapore led by its Managing Director and Business Administrator/Partner, Ampy Corpus; 2COMMU from Thailand led by its Managing Director, Sineenart Sinchai; and Chi Communications from Vietnam led by its Managing Director/Founder, Lai Thuy Chi. Overall, the SEA CAN Alliance by COMCO Mundo is spearheaded by COMCO Mundo League of Enterprises’ Interregional President and Group Chief Executive and Head of Global & Strategic Communications/Partner & Co-Founder, Ferdinand L. Bondoy. “With SEA CAN Alliance, we are building more than just a network, we are creating an ecosystem that connects local expertise with regional synergy, reinforcing excellence in the communications industry,” said Ferdinand L. Bondoy, who is also the Lead Convener of SEA CAN Alliance by COMCO Mundo. “Our goal is to empower independent agencies to grow together, share strengths, and deliver world-class communication campaigns rooted in authentic

Southeast Asian perspectives.” Through this alliance, SEA CAN Alliance by COMCO Mundo enables its members to leverage local insights and strengths while thoroughly collaborating across borders to deliver communication strategies that drive meaningful connections and measurable impact across Southeast Asia and beyond. Southeast Asia’s communications and marketing landscape is rapidly evolving, driven by digital transformation, cultural convergence, and a growing need for human-centered storytelling. SEA CAN Alliance was born out of this dynamic environment, providing a strategic framework for crossborder collaboration, where each member contributes its unique market expertise to help brands and organizations navigate complex audiences and cultural nuances. The SEA CAN Alliance by COMCO Mundo partners show their support for the One Southeast Asia advocacy, championing regional identity, environmental sustainability, and youth engagement across the region.

Sports BusinessMirror

B8 Monday, January 12, 2026 | Editor: Jun Lomibao

Qualifiers test Rizal Memorial courts’ integrity

HE newly-renovated Rizal Memorial Tennis Center will go operational testing on Monday two weeks ahead of the historic Philippine Women’s Open (PWO). The country’s top female players will face off for three days for national ranking points and a coveted wildcard entry in the qualifiers for the country’s maiden WTA 125 event. “The matches will not only test the facilities of the tennis center but also serve as a qualifying event for local players aiming to compete in the Philippine Women’s Open,” said Dyan Castillejo, Philippine Tennis Association (PHILTA) board member and PWO co-Tournament Director. The Philippines’s top two players— Alex Eala and rising star Tennielle Madis of M’lang, Cotabato—have already been granted wildcards and will not compete in the playoffs. Castillejo, however, noted that Eala’s participation remains dependent on her performance at the Australian Open as the PWO main draw coincides with the second week of the “Happy Slam” in Melbourne. A primary goal of this week’s matches is to stress-test the venue’s recent upgrades. “We need to evaluate the ball bounce and traction on the newly resurfaced hard courts under competitive conditions,” Castillejo said. “This testing phase allows us to make any final technical adjustments to the surface to meet the international standards required for a WTA 125 event.” Three matches are scheduled for Monday with No. 2 seed and 2025 Southeast Asian Games bronze medalist Stefi Aludo facing Justine Hannah Maneja and Nina Angeline Alcala taking on Elizabeth Abarquez. Kaye Anne Emana tackles Joanna Peña in the third match. Top seed Tiffany Nocos drew an opening-round bye and will face the winner of the Emana-Peña match in the semifinals. Castillejo thanked the Philippine Sports Commission for its swift action on the tennis courts and technical support. At least 24 players from 19 different countries have signed up for the PWO including Olympic silver medalist Donna Vekic, the Croatian who may face a rematch after her recent three-set thriller against Eala in Auckland. Also competing are China’s Wang Xinyu, who defeated Eala in the Auckland quarterfinals, and Germany’s veteran Tatjana Maria, a former Wimbledon semifinalist.

mirror_sports@yahoo.com.ph

Ukrainian foils Eala slayer in Auckland W Ceccarelli’s mission in Milano:

FRANCIS CECCARELLI’S aware of how tough the snow and the field will be in the Winter Olympics. FACEBOOK PHOTO

ELLINGTON, New Zealand—Elina Svitolina will head to the Australian Open after winning her 19th Women’s Tennis Association (WTA) Tour title Sunday at the ASB Classic in Auckland. Top seed Svitolina beat seventh-seeded Wang Xinyu of China 6-3, 7-6 (8). It was the 13th-ranked Svitolina’s 19th title from 24 finals appearances—she previously reached the Auckland final in 2024 when she lost in three sets to Coco Gauff. Svitolina will now head to Melbourne where she will play an exhibition against fourth-ranked Amanda Anisimova of the United States on Wednesday. Wang beat fourth-ranked Filipino Alex Eala of 5-7, 7-5, 6-4 in the other semifinal on Saturday. Eala, meanwhile, will take part in a three-day exhibition Kooyong Classic, which returns to the Australian tennis calendar in 2026—the tournament opens on Tuesday at Kooyong Lawn Tennis Club and features singles matches. Eala earned 98 WTA ranking points that could see her improve on her world ranking of No. 53— she also made the doubles semifinal with Iva Jovic—the American teenager who Svitolina ousted in the semifinals, 7-6 (5), 6-2—but they lsot to the third-seeded Chinese pair of Yifan Xu and Zhaoxuan Yang, 5-7, 3-6, on Friday. Wang played in her first WTA Tour final. “I want to say thank you to my team,” Wang said. “I’ve had some injuries in the past year and sometimes the most important thing is the people around here. I’m very happy to start my 2026 like this.”

In Brisbane, top-ranked Aryna Sabalenka has captured her second consecutive Brisbane International title, and 22nd overall, with a straight sets victory over Marta Kostyuk also on Sunday. It was the third year in a row Sabalanka appeared in the final and the Belorussian player looked in comfortable surroundings as she closed out a 6-4, 6-3 victory in just 1 hour and 17 minutes at Pat Rafter Arena. The Ukranian Svitolina ended her 2025 season in September when she decided to take a mental health break from the tour and Auckland was her first tournament since that break. She was supported courtside throughout the week by her husband Gael Monfils, who won the men’s title in Auckland last year and will defend that title from Monday. “It definitely feels amazing to win another title, especially after a not very pleasant end of year for me,” Svitolina said. “But that break really helped me to regroup and come back with a new energy and I’m very happy that I got a title here. “This one was very special because, obviously, my husband won here last year and this year he told me if you don’t win this year I don’t know what to tell you anymore.” Svitolina saved a break point in her opening service game in which Wang made her first successful venture to the net, showing the ability of a former Grand Slam doubles champion. Wang also used a well-disguised drop shot, another weapon for a player who won the French Open doubles title in 2023. Svitolina converted her first break point opportunity in the sixth game, then held her next two service games to take the first set in just over 30 minutes. Wang held a tight opening service game in the second set, using a drop shot to catch Svitolina out of position. After surviving break points in the fifth game with a running volley, Wang maintained pressure to lead 5-4, utilizing powerful groundstrokes to move Svitolina around the court.

By Josef Ramos

RANCIS CECCARELLI punched a ticket to the Milano-Cortina Winter Olympics next month in Italy but isn’t setting his goals that high in men’s Alpine skiing. “It’s 6 0, or in the top 60, that’s where I want to see myself after my campaign … as a finisher,” Ceccarelli told the BusinessMirror, stressing that the best of the best—like World Cup and Beijing 2022 champion Marco Odermatt of Switzerland—will be in Italy. Ceccarelli, 22, is the only Filipino who has qualified so far the Winter Olympics. Another Alpine skier,16-year-old Utah-based Tallulah Proulx, is still10 points away from reaching the 120 International Ski and Snowboarding Federation, or FIS, qualification points for the games. Proulx already represented the Philippines at the Asian Winter Games February last year in Harbin and

Taduran preps up for title unification fight

EIGNING International Boxing Federation (IBF) minimum weight champion Pedro Taduran is preparing for a potential unification fight with World Boxing Organization (WBO) minimum weight titleholder Oscar Collazo in the United States. Taduran, 29, arrived at Sean Gibbons’ Knuckleheads Gym in Las Vegas last week and began working out with Jhack Tepora to condition himself for the anticipated showdown with the Puerto Rican boxer. “He just started working out since last Tuesday and sparred with some boxers here,” Tepora, a former interim featherweight world champion, told BusinessMirror on Sunday. “I will be his assistant trainer for now while waiting

Pogoy, Barroca and the unlikely

Romeo and others. As good as this team was, they were unable to win a UAAP title because they ran smack into that really great Ateneo team that won a five-peat. Yet, the one player on that team who has become a star was the maligned Mark Barroca who was accused of throwing matches while at FEU. That of course, was BS. Barroca outlasted his teammates not only in the PBA but also the national team.

finished 16th among 44 women skiers. Ceccarelli also saw action in Harbin but was disqualified in his first run for running out of slalom line. He will compete in giant slalom and slalom in Milano-Cortina with the hope of a better performance— two-time Olympian Asa Miller was DNFed, or Did Not Finish, in both events in Beijing. A homegrown Filipino who was adopted by Italian parents when he was eight years old, thanked the Philippine Olympic Committee for allowing him to represent the Philippines in the Olympics. “If I can make it at top 40, that will be a huge achievement because it’s really hard to compete in the Winter Olympics,” he said. “But I will do my very best to defy the odds, do the improbable and make history.” Based in Abetone in Tuscany, Ceccarelli is training at the Rocky Mountains of Valle d’Aosta in Aosta Valley in Italy. The Winter Olympis are set February 6 to 22.

Two-time champ van der Valk all out for redemption at TCC

UP next for Alex Eala is the threeday exhibition Kooyong Classic before heading to Melbourse for the Australian Open. WTA PHOTO

ELINA SVITOLINA validates her being the tournament top seed by disposing of seventh-seeded Wang Xinyu of China for her 19th title in 24 finals appearances in Women’s Tennis Association events. AP

WATCHING Roger Pogoy go off against Meralco in a losing effort last Friday, well, he is a big-time scorer, I cannot help but think of his great Far Eastern University (FEU) team during his college days. And he had some really fantastic teammates during his time in college where he won a University Athletic Association of the Philippines (UAAP) and Philippine Collegiate Champions League title—Carl Bryan Cruz, Mark Belo, Mike Tolomia, Russel Escoto and Raymar Jose to name but a few. Jose and Belo made the Mythical Selections. And yet, if there is one genuine star among them today, it’s Pogoy. I am not suggesting that Pogoy wasn’t any good during his college days. He was good but only came into his own in his final year with FEU. Whether he’d be a star in the Philippine Basketball Association (PBA) was anyone’s guess, but he worked really hard at his craft and has been a dependable player for TNT. And I go back to another batch of FEU Tamaraws some eight years earlier when they had Aldrech Ramos, Ric Cawaling, Mac Baracael, Reil Cervantes, RR Garcia, Terrence

Modest finish in Alpine skiing

for his main trainer Carl Peñalosa.” Tepora added that the two-time world champion is doing roadwork under freezing conditions in Las Vegas to acclimatize and be ready for a deal with the Collazo camp that’s beeing finalized by Manny Pacquiao’s MP Promotions president Gibbons. Taduran is coming off a unanimous decision win over Christian Balunan last October to improve his win-loss-draw record to 19-4-1 with 13 knockouts. Collazo, on the other hand, is unbeaten in 13 fights with 10 knockouts—his last was a seventh-round knockout win against Filipino Jayson Vayson last September. Collazo is handled by Golden Boy Promotions. Josef Ramos In the PBA, Mark has been named twice to the Mythical Team and twice to the All-Defensive Team. He is a nine-time PBA champion as well as a six-time All-Star. The national team. When Mark was playing for that first batch of Gilas players, boy did they have star players. University of Santo Tomas’s Dylan Ababou, La Salle’s JV Casio, Ateneo’s Chris Tiu, Japeth Aguilar,and Greg Slaughter, as well as his FEU teammates Ramos, Baracael and Cawaling. While after that batch of players went up to the PBA, Mark was still included in national team pools by Yeng Guiao and Tim Cone. While he didn’t make the final cuts, the fact that he was still there shows his longevity and significant contributions. As for Pogoy, he still has some teammates in the league, but no one gets his minutes and plaudits. Terrence Romeo maybe but Pogoy is without the noise that comes alongside. I thought Pogoy would be a role player sort, but not a main component. I am happy to be proven wrong. He is just fun to watch making all these heady plays, a stud on both ends of the court. I think it is a luxury for Chot Reyes to have two of these types of players the other being Calvin Oftana. The latter though I felt was earmarked for a PBA career. Calvin Oftana reminded me of a younger and 21K version of San Beda’s Merwin Castelo who played for the San Beda Red Lions in the 1990s alongside Boybits Victoria.

UIDO VAN DER VALK returns to The Country Club (TCC) Invitational with redemption firmly on his mind as he seeks a third championship when the premier event unwraps on January 27 at the demanding TCC course in Canlubang. “It’s always great to play the TCC Invitational, and anytime you tee it up here, you want a chance to win,” said van der Valk, a two-time champion whose familiarity with the course’s subtleties has long been one of his greatest strengths. At 45, however, the Dutchman is keenly aware that opportunities like this do not come endlessly—especially with a new wave of younger, longer-hitting players surging through the Philippine Golf Tour, joined by battle-tested international campaigners. “I don’t have many years left to win it,” he admitted candidly. “So winning a third TCC Invitational would really be a dream.” That dream came agonizingly close to reality last year. Van der Valk appeared poised to carve his name deeper into the tournament’s storied history, holding a two-stroke lead with just one hole to play. But the TCC, notorious for punishing even the smallest lapse in execution or focus, bared its teeth—a rare late fumble sent him into sudden death, where he eventually bowed to first-time champion Minwook Gwon of Korea. “Last year was tough for me,” van der Valk reflected. “My dad had just passed away, and emotionally, I was going through a lot. Honestly, I was surprised to even be in contention.” Yet if that final-hole heartbreak lingered, it has since been transformed into fuel. Entering the P6-million championship, which also serves as the kickoff event of the 2026 Philippine Golf Tour season, van der Valk arrives with renewed purpose, clarity and belief. “I don’t think the same things will happen again,” he said with quiet confidence. “I’ve worked hard, and I’m excited about where my game is right now.” A productive 10-day training block with his coach before Christmas has only strengthened that optimism, sharpening both his swing and his competitive edge. GUIDO VAN DER VALK says winning a third The Country Club Invitational will be a dream come true. PGT PHOTO

Castelo was of the same build—tall, long arms and a SpiderMan type pest on defense. Oftana though has more scoring sock. I don’t think one can say that being a star during one’s college days automatically means one has a great PBA career. So many factors come into play—going to the right team, the right coach, health and injuries, and attitude. The league is replete with star players for their college teams who quickly disappeared from the PBA. One cannot really tell. Digressing a bit, watching the PBA today, I see guys who were never stars for their college teams, but yet have had a spot on PBA rosters. I am proud of Raymond Aguilar who suited up for National University and made the league in spite of much ballyhooed teammates like Edwin Asoro. And how many years has he been with Ginebra? I am proud of him. And there’s Damie Cuntapay who went undrafted but found his way into the PBA. When I was watching him with the San Sebastian Staglets in the National Collegiate Athletic Association, he was a hothead and sometimes, his own undoing. By the time he got to college, he was with San Beda, and he slowly became a contributor. And now, he is in the PBA. All four—Barroca, Pogoy, Aguilar, and even Cuntapay— should be examples for young men to pursue their basketball dreams. You’ll never know after all.