The report said the country’s manufacturing PMI rose to 50.7 in June from 50.1
United States, fees are expected to rise because of an upturn, with the Middle East conflict as the culprit behind the tightened space availability. The logistics provider pointed out that the ongoing crisis in the Middle East may affect routes between Asia and Europe.
“Airlines are expected to reduce flight frequencies in response to potential disruptions in capacity and routing,” Dimerco noted.
“Intra-Asia traffic is holding strong, especially on routes linking China with Taiwan, Vietnam, Thailand, Malaysia, and Singapore. Capacity on these lanes is tight, and we’re seeing higher rates compared to the same period last year,” Kathy Liu, VP, Global Sales and
By Samuel P. Medenilla and VG Cabuag
WITH the full implementation of Republic Act (RA) No. 12214 or the Capital Markets Efficiency Promotion Act (CMEPA) on Tuesday, President Ferdinand Marcos looks forward to a surge in trading in the local bourse by making it accessible to more Filipinos.
By reducing the stock transaction tax (STT) from 0.6 percent to 0.1 percent and removing documentary stamp tax on mutual funds, the new law is expected to encourage more people to invest in the stock market and make it more competitive to its Association of Southeast Asian Nations (Asean) peers, according to the chief executive.
He said the country’s previous STT rate was the highest in Asean. “It empowers the small business owner, the young professional, and
the overseas Filipino worker to start investing their hard-earned money to build a better future,” Marcos said in the special bellringing ceremony at the PSE office in Taguig on Tuesday.
Despite the tax reduction, the Department of Finance (DOF) projected the new legislation will help the government generate P25 billion of net revenue in the next five years through increased volume in stock trading.
Marcos ordered the Philippine Stock Exchange, Inc. (PSE) to ensure the full implementation of RA 12214 by streamlining their procedures, removing bureaucratic bottlenecks, and reducing transaction costs.
In his speech during the event, PSE president and CEO Ramon S. Monzon agreed with the President that the new law is not the “panacea” to solve the stock market’s liquidity issues.
He said the STT reduction should be complemented by increasing the number of the PSE-listed firms and expanding the reach of their product and service offerings.
The PSE chief they are determined to find more ways for people to invest in the stock market than online gambling and other nonessentials items.
The PSE said it has already taken steps to increase market liquidity in the long term basis such as signing a memorandum of understanding with the Department of Migrant Workers to conduct learning sessions for overseas Filipino workers and their families on personal finance and stock market investment, while also protecting them from investment scams.
An MOU with the Commission on Filipinos Overseas was also signed to showcase its PSE Academy website and its online and mobile app-based
By Justine Xyrah Garcia
WITH fewer businesses planning to expand in the
BELLS AND GAINS President Ferdinand R. Marcos Jr. (center) rings the opening bell at the Philippine Stock Exchange (PSE) in Bonifacio Global City on Tuesday, July 1, 2025, to mark the first trading day under the Capital Markets Efficiency Promotion Act (CMEPA), which slashes the stock transaction tax from 0.6 percent to 0.1 percent. Joining him are (from left) SEC Chairperson Atty. Francis Ed. Lim,
Senator Sherwin T. Gatchalian, SAPIEA Secretary Frederick D. Go, DOF Secretary Ralph G. Recto, PSE Chairman Jose T. Pardo, PSE President and CEO Ramon S. Monzon, PSE Director Ma. Vivian Yuchengco, former Chief Justice Teresita J. Leonardo-De Castro, and Atty. Marilyn A. Victorio-Aquino.
P384.4 billion from P290.8 billion a year ago, on account of various social protection programs implemented.
Interest payments also increased by 10.3 percent year-on-year to P287.4 billion from P260.5 billion, due to the higher volume of government securities issued.
Meanwhile, allotment to LGUs amounted to P299.5 billion, up by 19 percent year-on-year from P251.7 billion, on the back of larger tax shares.
The implementation of salary adjustments also pushed personnel services expenditures to P440.3 billion, 6.6 percent higher than P412.9 billion last year.
In addition, the P7.5-billion tax subsidy granted to the Manila International Airport Authority in February 2025 for corporate income tax liabilities resulted in tax expenditures amounting to P17.5 billion during the four-month period.
As of end-May, the DBM has released P5.720 trillion of the P6.326trillion budget for this year.
In the coming months, the DBM said government spending will be driven by operating expenses of schools and education-related departments, as well as scholarship programs, as the new academic year starts.
Disbursements will also increase on the back of ongoing health and social protection programs, supporting human capital development and poverty reduction efforts.
FCDU loans shrink 1.8% to $15.78B in Q1, BSP reports
By Cai U. Ordinario @caiordinario
THEcountry’s foreign-denominated bank loans contracted 1.8 percent in the first quarter of the year, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).
The BSP said foreign currency deposit unit (FCDU) loans declined to $15.78 billion in the first quarter of 2025 from the $16.07 billion posted in the first quarter of 2024.
Compared to the previous quarter, FCDU loans contracted 0.2 percent from the $15.82-billion debts recorded
Continued from A1
Marketing, Dimerco Express Group. Apart from the conflict in the Middle East, Dimerco said air freight demand out of Southeast Asia, particularly from Thailand and Vietnam is starting to pick up due to the upcoming tariff deadline in July, while
at the end of December 2024.
“The reduction in FCDU loans came alongside the rise in deposits in foreign currencies. Deposits to FCDUs reached an all-time high of $58.92 billion as of end-March 2025, up by 0.5 percent year-on-year from $58.61 billion,” the BSP said.
demand from China to the US and EU remains week, “with no signs of recovery in eCommerce volumes.”
“As a result, scheduled freighter flights continue to be cancelled,” Dimerco noted.
For ocean freight rates, the global logistics provider said freight capacity is expected to remain “soft,” meaning supply will still be greater than demand.
However, Dimerco said possible equipment shortages can affect space availability for the Philippines.
Moreover, with the onset of the peak season, both
Based on the data, the bulk of these FCDU loans amounting to $9.91 billion was extended to Philippine-based borrowers; and the remaining $5.87 billion extended to non-residents.
Of the FCDU loans granted to local borrowers, some 24.6 percent or $2.44 billion were extended to merchandise and service exporters.
This was followed by the Towing, Tanker, Trucking, Forwarding, Personal and Other Industries which received 21.3 percent of the loans worth $2.11 billion.
Another sector that received a significant share of these loans was Power Generation Companies with 19.1 percent or $1.9 billion of the total FCDU loans in the first three months of the year.
During the period, the BSP said
inbound and outbound shipment volumes are expected to increase and inclement weather during the rainy season may lead to vessel delays.
As to the East China Market Situation for ocean freight, Dimerco said: “Rates to Singapore are rising, driven by increased automotive exports. In contrast, soft demand to Indonesia and Cambodia has led to slight rate decreases. Capacity to the Philippines is tightening, and early bookings are recommended.”
Alvin Fuh, Vice President for Ocean Freight at Dimerco Express Group, underscored: “With ongoing uncertainty around tariff policies and shifting capacity deployment, the container shipping industry is navigating a complex web of geopolitical and economic forces that will shape costs moving forward.”
Frontloading of export orders
LAST June 27, Former Tariff Commissioner George N. Manzano explained to the BusinessMirror that outbound shipments of the Philippines in the January to May 2025 period may have displayed growth due to frontloading of
the bulk of FCDU loans or 77.2 percent were medium- to long-term or those payable over a term of more than one year. This was a slight increase from the 77.1 percent recorded in the previous quarter.
The outstanding loans as of endMarch 2025 included $7.66 billion in new loans and $7.72 billion in loan payments received during the reference quarter.
These loans, the BSP said, are extended by FCDUs of local banks or local branches of foreign banks authorized by BSP to engage in foreign currency transactions.
BSP also noted that FCDU loans support economic activities that require foreign exchange such as importers, businesses and individuals with foreign currency payables or needs.
export orders in anticipation of the impending reciprocal tariffs announced by US President Donald Trump. He added: “The originally proposed 17-percent reciprocal tariff on the Philippines did not fully materialize. Instead, following the 90-day pause initiated on April 9, a flat 10-percent tariff was applied during that period.”
Preliminary data from the Philippine Statistics Authority (PSA) showed the country’s export receipts grew by 15.1 percent to $7.29 billion in May 2025 from the $6.33-billion export revenues in May 2024. This was the fastest growth rate for Philippine exports since April 2024 and the highest value recorded since October 2022.
The country’s exports also posted a doubledigit growth in the year-to-date scenario, or in the January to May 2025 period.
“The year-to-date total value of exports, that is, from January to May 2025, amounted to USD34.20 billion. This represents an annual increase of 10.8 percent from the year-to-date total export value of USD30.87 billion in January to May 2024,” PSA noted. Andrea E. San Juan
tion to include financial education in this curriculum and teach young students of a “savers mindset is a way of life.”
platforms for disclosures, market data and initial public offering subscriptions.
“Still, nothing beats providing financial education to students while they are still young, and it is still possible to influence them to shift to a savings mindset from a spending or gambling mindset,” Monzon said.
The PSE said it will work with the Commission on Higher Education and the Department of Educa-
as delayed delivery times for inputs and material shortages impacted production capacity,” Baluch said. Former Tariff Commissioner George B. Manzano said this moderate growth may have been due to the possibility of frontloading export deliveries in light of the “resumption of the reciprocal tariffs of President Trump.” Manzano said at this point, it is difficult to speculate on the performance of the manufacturing sector in the second semester of the year. He said much of this performance will depend on the lifting of the 90-day pause on Trump’s reciprocal tariffs.
“If there is really frontloading, then one would see a correction in terms of weaker [relative to the earlier] activity as the production schedules will correct. This will depend also on the definitive reciprocal tariffs imposed on Philippine exports that will be announced after the 90-day pause this July 9,” Manzano told BusinessMirror on Tuesday. Baluch said they will be monitoring the next couple of months, as these are crucial in determining whether the manufacturing sector’s growth will return to the rates posted in 2024. She noted that the growth of the sector also hinges on business confidence. The latest Business Expectation Survey (BES) data of the Bangko Sentral ng Pilipinas (BSP) showed businesses are not as optimistic due to Trump’s tariffs.
(See: https://businessmirror.com.ph/2025/06/30/bsp-tariffs-denting-business-confidence/). Nonetheless, Baluch said the latest performance of the manufacturing sector still showed some bright spots such as the recovery in employment, the first time in four months. She added that output also improved in June, reflecting a reversal of the decline recorded in May 2025.
“Lower inflationary pressures and sustained demand will in part help Filipino manufacturers to achieve this through scope for improved pricing power,” Baluch said.
In an interview with BusinessMirror, DOLE Secretary Bienvenido E. Laguesma said the agency is adjusting its labor interventions in light of the more cautious business climate, particularly in sectors facing hiring freezes or enterprise restructuring.
“The DOLE is committed to supporting vulnerable workers, especially in sectors facing reduced hiring or stalled growth. The department employs a multipronged approach to ensure their welfare and promote inclusive
To help attract more firms to list in PSE, Monzon said they are coordinating with the Securities and Exchange Commission and other multiple stakeholders to implement measures such as the amendment of the board lot table to make investing more affordable and accessible to Filipinos, update regulations for Global Philippine Depositary Receipts, streamline requirements for securities borrowing and lending, and introduce derivative products such as index futures.
growth, aligning with the Philippine Development Plan 2023 to 2028,” Laguesma said. According to Laguesma, the Adjustment Measures Program (AMP) offers short-term wage relief and transition assistance to workers affected by economic shocks, including layoffs and technological changes.
He said the department is also working through its nationwide network of Public Employment Service Offices (PESOs) to improve job matching, especially in provinces where business activity may contract. These offices, he noted, provide employment referrals, labor market information, and access to regional job fairs.
The BSP survey also showed a sharp decline in expansion plans among industry firms.
The share of businesses intending to expand in the third quarter dropped to 15.9 percent from 19.4 percent, while the 12-month outlook fell to 20.9 percent, down
Earlier, the BSP said the impending end of the 90-day pause on the reciprocal tariffs of the United States has made local business less optimistic in the second quarter. BSP data showed the current-quarter confidence index (CI) fell to 28.8 percent in the second quarter survey round from 31.2 percent in the first quarter. It was also lower than the 32.1 percent posted in the same period last year. The BSP noted that business confidence for the next quarter and the next 12 months slowed with CIs at 39.3 percent and 51 percent, respectively. It also noted that both figures were lower from their quarter-ago and year-ago levels.
The central bank also said the postMidterm Election slowdown will moderate business activities in the country, leading to a decline in clients and orders during the period and that the off-milling season for sugar would contribute to the slowdown in business activities.
from 22.4 percent.
Firms cited stiff domestic competition (59.8 percent), insufficient demand (33.5 percent), and high interest rates (22.8 percent) as top risks.
To support workers in sectors likely to be affected, Laguesma pointed to Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (Tupad), which provides emergency employment, and the Integrated Livelihood Program (DILP), which offers support for those starting small-scale enterprises.
For longer-term employment stability, the labor chief said workers are being referred to Technical Education and Skills Development Authority-led upskilling and reskilling programs, focusing on green industries, digital work, and other highdemand sectors.
“DOLE continuously monitors labor market trends. When industry expansion slows, the department strengthens its enhanced employment facilitation services, including job matching, career development support services, and labor market information dissemination, to help workers specially groups in vulnerable situations find alternative opportunities,” Laguesma said.
PAF to get ‘best equipment, training, facilities’–Marcos
By Samuel P. Medenilla @sam_medenilla & Rex Anthony Naval
AMID the evolving challenges faced by Air Force (PAF), including securing the country’s borders and disaster relief, President Marcos vowed to continue providing the service with the “best equipment, training and facilities.”
Marcos made the statement during the celebration of the 78th Founding Anniversary of the PAF at the Villamor Airbase in Pasay City with the theme “Focus PAF @78: Advancing Air Power by Committing to Mission, Strengthening Capabilities and Championing Core Values.”
“We remain relentless in ensuring that support will continue. Because we know that when our troops are equipped and are attended to properly, they are empowered to fulfill their duties and serve the country with excellence,” Marcos said.
The Marcos administration stressed the need for the government to continue providing support to PAF amid its growing demands to its personnel.
The President noted how PAF was able to detect hundreds of unidentified aircraft and thousands of seacraft oprating on Philippine waters, as well as neutralize insurgents, help capture criminals and stop smuggling.
“As threats evolve and disasters strike, the Air Force delivers, adapts, and does its job and performs its mission,” Marcos said.
He noted among the ongoing efforts of PAF to enhance the capabilities of its personnel is its acquisition of six new aircraft, flight simulators and advanced training.
PAF also completed infrastructure projects to ensure its “air assets are always well protected and strategically positioned.”
“Focus PAF @78 demands us all to continue fulfilling this mandate with clarity of purpose and conviction. It is a reminder to stay committed to our mission—one that is strengthened with enhanced capabilities and enduring values,” Marcos said.
Awacs, aerial tankers
SECRETARY of National Defense
(SND) Gilberto Teodoro Jr. said the military needs to obtain airborne warning and control system (Awacs) capability for the optimum utilization of the multi-role fighter (MRF) jets, which the country plans to acquire.
“It is not only the purchase of the MRF per se, which we need
to deal with but also to make the MRFs operational as a force package, meaning to say we need the Awacs capability,” Teodoro said.
“A lot of countries have experienced the fact that they are realizing that they need Awacs, notwithstanding the fact that their satellite capability is not enough. We also need tankers and we need sustainment,” Teodoro, a rated multi-engine pilot, said.
He added that the Philippines must take into account that these assets need to be maintained and used with adequate stores, reserves, and munitions, which add to the cost of the package.
Teodoro said the Department of National Defense is in constant coordination with the Department of Finance and the Department of Budget and Management for the continuity of funding available.
Advancing capabilities
THE Air Force, meanwhile, highlighted its commitment to enhance all its capabilities as it celebrated its 78th founding anniversary on Tuesday.
The Air Force commander, Lt., Gen. Arthur Cordura the challenges that the country face prompts the major service to “advance our capabilities in surveillance, precision strike, advanced systems, integrated air defense, and we’ll earnestly work for the adoption of space capabilities,” he said in his anniversary speech at General Jesus Villamor Air Base, Pasay City.
Aside from this, Cordura said the PAF is also evolving all doctrines, force structure, and strategic partnerships to ensure that we remain relevant and decisive in times of peace and in times of crisis.
“But more than platforms and systems, it is our values that propel us forward: integrity, service above self, teamwork, excellence, and professionalism. These remain our true strength, along with our commitment to do good governance, pursuit of a stronger safety culture, and unshakeable warrior ethos,” Cordura said.
And as the PAF celebrates its 78th anniversary, Cordura said the service is alway ready to fulfill its role as the nation’s “vigilant guardians of the skies—alert, capable, and committed.”
“Across our vast and porous archipelago, your Air Force has risen to that call, flying and defending our airspace and territorial integrity. More importantly, we transitioned mindset, posturing from internal security operations to territorial defense operations,” he added.
New DFA chief sworn in
PRESIDENT Marcos recognized the achievements of newly appointed Foreign Affairs Secretary Ma. Theresa P. Lazaro who he said is an experienced diplomat, who will advance the country’s interests amid challenging geopolitics.
Marcos made the remark after presiding over the oath-taking of Lazaro, after which he conferred her with the Order of Sikatuna last Tuesday in Malacañang.
“A career diplomat who has spent decades serving our country, she now steps up to lead the Department of Foreign Affairs, bringing the experience and steady hand we need to advance our interests, protect our territorial integrity and care for our people around the world,” Marcos said in a social media post.
Lazaro replaced former Secretary Enrique A. Manalo, who was appointed as the new Philippines’ Permanent Representative to the United Nations.
Pagcor gives Immigration ₧50-M for deportation of Pogo workers
By Reine Juvierre S. Alberto @reine_alberto
GAMING regulator Philippine Amusement and Gaming Corporation (Pagcor) provided P50 million to the Bureau of Immigration (BI) for the deportation of foreign workers hired by illegal offshore gaming operators.
Pagcor in a statement said that a memorandum of agreement was signed by Pagcor Chairman and Chief Executive Officer Alejandro H. Tengco and Immigration
Commissioner Joel Anthony Viado on Monday. The P50 million funding, Pagcor said, will be released in two tranches of P25 million each to
cover the repatriation expenses of illegal Pogo workers currently held at the BI Warden Facility and Protection Unit.
“This inter-agency effort is not just about sending people home; it also ensures that only legitimate gaming operations are allowed in our country,” Tengco said.
To recall, President Marcos banned all Pogos in the country, effective December 31, 2024, with all Pagcor-issued licenses deemed cancelled.
“These individuals are unable to return to their home countries because they cannot afford a plane ticket,” Tengco said.
“This grant will ensure they receive assistance in accordance with international laws and
Pinoy, American troops fire Himars in NE live-fire drills
FILIPINO and US soldiers test fired two units of High Mobility Artillery Rocket System (Himars) during “Operation Spartan Strike” live-fire exercise at the Canantong Fire Base, Laur, Nueva Ecija on Sunday.
“The Army [PA] leadership lauded the training participants from both armies for maximizing the learning opportunities during the training exercise. ‘Operation Spartan Strike’ enhanced the interoperability and tactical proficiency, synchronized kinetic effects in a controlled environment and contributed to the development of fire support strategies of PA and Usarpac nine US Army Pacific Command],” the Army spokesman, Col. Louie Dema-ala, said in a statement on Tuesday.
RP,
SShe is a career diplomat with over 20 years of experience in public service who has been assigned as ambassador to France and Switzerland and other posts in Europe, the Americas, and the Asia-Pacific.
Marcos conferred on Lazaro the Order of Sikatuna with the Rank of Datu (Grand Cross), Gold distinction, for her efforts and her achievements during her tours of duty abroad.
The order is conferred to individuals, who have rendered meritorious services to the country.
Among Lazaro’s achievements, which were cited by the President, was the revitalization of “diplomatic mechanisms with new and traditional partners, including through maritime dialogues, policy consultations, and joint commission meetings.”
Lazaro met with China Vice Foreign Minister Chen Xiaodong
To recall, the Himars live-fire test was incorporated for the first time in the 2023 iteration of RPUS Exercise Salaknib.
It can be noted that the truckmounted Himars can hit targets with precision and power that is beyond the current capabilities of the artillery pieces in the hands of PA. It can also be moved around the battlefield, making it a tough target to find.
As this developed, Dema-ala said the PA and the Australian Defense Force (ADF) concluded the six-week cyber warfare exercises dubbed as “Joint Defense Forward Training Activity” at its headquarters in Fort Andres Bonifacio, Taguig City, on June 26.
He added that this activity aimed to strengthen cyber de -
fense and resilience by conducting collaborative cyber operations focused on detecting, analyzing, and mitigating sophisticated digital threats.
Key activities included joint malware forensics, advanced threat intelligence exchange, and reverse engineering of malicious software, enabling both forces to gain critical insights into current and emerging cyber threats.
“The joint undertaking significantly enhanced the Philippine Army’s cyber posture by tapping into ADF’s advanced technological expertise and operational best practices. It also reinforced the strategic partnership between the Philippines and Australia in addressing the dynamic challenges of cyberspace and hybrid warfare,” Dema-ala said. Rex Anthony Naval
allies adopt ‘one theater’ concept
ECRETARY of National Defense (SND) Gilberto Teodoro Jr. said the Philippine military has started operationalization of the “one theater” concept for the Indo-Pacific region.
“Theater” in military parlace means the entire area—land, sea, and air where actual war operations may happen.
“[One-theater concept] is being operationalized now by the Japanese joint operations command. Right now, the chief of
staff of the [Philippine] Armed Forces [is also operationalizing the one theater concept],” Teodoro said Monday. He added however, “But it may be the purview of the strategic command of the Armed Forces in the future, and the US Indo-Pacific Command together with the Australian Self Defense Force, so the operationalization will be on military end. And the first product of this will be the combined coordinating center which will will be
activated this December.”
Earlier, Japan reportedly proposed a “one theater” concept to the US that would combine the Korean Peninsula, East China Sea, and South China Sea as one operational and war zone.
Teodoro said the one theater concept is already an operating concept and does not need any other agreement. The concept has been approved by different military hierarchies concerned, he said.
humanitarian considerations,” he added.
Tengco said Pagcor continuously works with the BI in enforcing the ban on offshore gaming operations to ensure a “clean, legitimate and socially responsible” gaming industry in the Philippines.
Viado, for his part, said that the country’s security environment is becoming more complex, which requires a whole-ofgovernment approach to uphold immigration laws.
“Fast-tracking the deportation cases of illegal Pogo workers will help ensure a safer community for Filipinos,” Viado said.
Following the ban, the BIR projected that around 20,000 foreign workers in the Pogo sector would leave the country.
Stranded Pinoy, Indian seamen get govt help
ALAWMAKER on Tuesday announced the end of the three-month ordeal of 13 seamen—six Filipinos and seven Indians—stranded aboard a vessel off the Iloilo Strait.
Iloilo City Rep. Julienne Baronda stepped in after receiving a letter on Saturday, June 28, from six Filipino crew members of MV Hirman Star, requesting her assistance over unpaid salaries and the ship’s alleged unseaworthiness.
None of the Filipino seamen were residents of Iloilo City, but they asked for the lawmaker’s help after failed negotiations with their ship’s foreign owner.
Citing the seafarers, Baronda said the vessel owner had insisted they sail to Cebu or Singapore for repairs despite the ship being unfit for travel. Their salaries were being withheld, with the owner allegedly promising payment only after departure—a condition the crew refused owing to safety concerns. Tensions escalated to the point that crew members barred anyone from boarding the ship, which had been docked for months.
“I was shocked to learn they had been stranded for three months,” said Baronda. “I immediately contacted the Department of Migrant Workers and the Overseas Workers Welfare Administration. By Monday morning, Owwa Administrator PY Caunan was in Iloilo and briefed me on the situation.”
Baronda then convened an urgent multi-agency meeting involving the shipowner, the crewing agency, and representatives from key government agencies, including the Coast Guard (PCG), Bureau of Immigration, Bureau of Customs, Maritime Industry Authority, and the Iloilo City police.
“After five hours of mediation, both sides reached an agreement,” she said. “We then boarded the vessel and fetched the crew. It
See “Seamen,” A4
Congressmen filed 683 measures on first day of filing period
THE 20th Congress kicked off with a strong start as incoming members of the House of Representatives filed a total of 683 measures on the very first day of the filing period.
Of these, 666 were House bills, 16 were resolutions, and one was a joint resolution— signaling an energetic push by lawmakers to advance their legislative priorities early in the session.
Among the first to file was Party-list Rep. Iris Marie D. Montes of 4-K, a first-time legislator who is advocating for women’s rights and community development. Montes highlighted the 4K Party-list group’s HEELS agenda—Health, Education, Environment, Livelihood, and Services—by filing 10 bills focused on women’s empowerment, health, and social inclusion. Her bills include the Kababaihan Kanegosyo at Kasosyo para sa Kaunlaran Act, Kababaihan Kaagapay sa Kaunlaran ng Kanayunan Act, Mariang Makiling Tagapangalaga ng Inang Kalikasan Act, Health Literacy Programs for
Expectant Mothers, and the Philippine Center for Disease Prevention and Control Act. Other measures she filed address the Universal Social Pension for Senior Citizens, Mental Health Services in State Universities and Colleges, the National Bullying Awareness and Prevention Month Act, Inclusive Education and Employment for 4Ps Adult Beneficiaries, and the Women in Government Act.
“The fight of the 4K Party-list is for women and their families. We will work hard to promote economic empowerment for women while ensuring their rights are protected through responsive and relevant policies,” said Montes. She added that the 4K party-list group is also preparing to file additional measures, including the Healthy Pilipinas Act, Child Online Protection Act, Women Participation and Representation in Political Parties Act, and the Mandatory Immunization Program Act, all of which are aligned with the recommendations of the Philippine
Commission on Women (PCW).
“We will prioritize legislation that will ensure their development and well-being.
4K will work hard in pushing for women’s economic empowerment aside from those legislations that will secure their rights through responsive and relevant policies,” Montes said.
Meanwhile, Albay Rep. Joey Salceda filed House Bill 55, or the Equal Pay for Equal Work Act, which seeks to abolish regional wage boards and implement a single National Basic Wage. Salceda criticized the wage disparity across regions, citing how a cashier in Quezon City earns P610 daily while one in Legazpi City receives only P375 for the same job. His bill proposes a five-year transition toward a unified wage system with annual wage adjustments per
More ‘holistic, balanced’ approach for GEA-5–DOE
By Lenie Lectura @llectura
THE Department of Energy (DOE) will adopt a more holistic and balanced approach in the coming fifth round of the Green Energy Auction (GEA-5).
This, after the agency held a virtual dialogue with industry stakeholders to further refine the draft Terms of Reference (TOR) for the GEA-5, the Philippines’ first auction dedicated
last year for the 9th Meeting of Bilateral Consultation Mechanism on the South China Sea for the deescalation of Philippines-China tensions.
Marcos also recognized Lazaro for promoting Philippines’ foreign policy and development priorities, contributions to cultural diplomacy and the global recognition of Philippine heritage as the country’s permanent delegate to United Nations Educational Scientific and Cultural Organization (Unesco), and her commitment to the highest standards of diplomatic service.
Samuel P. Medenilla
exclusively for offshore wind (OSW) projects.
The DOE said it will also focus on technical readiness, permitting progress, grid connection status, delivery timeline, and risk management. In addition, the agency pointed out that early coordination with the transmission network service provider and port authority will ensure the success of the auction.
During the two-hour discussion, representatives from the DOE, other government agencies such as the Department of Environment and Natural Resources-Forest Management
Bureau, Department of HealthBureau of Quarantine, Department of Labor and Employment Energy Regulatory Commission, Maritime Industry Authority, National Power Corporation, National Resource Water Board, National Transmission Corporation, Coast Guard (PCG), Philippine Ports Authority, and the private sector engaged in a substantive exchange of views to ensure that the auction framework is practical, transparent, and well-aligned with the unique requirements of offshore wind development.
The DOE also clarified that
Bill insulates ‘ayuda’ from politics
SEN. Panfilo M. Lacson seeks to harmonize the government’s social protection programs while penalizing political exploitation of such programs, under a bill expanding the Pantawid Pamilyang Pilipino Program (4Ps).
Lacson noted that while social protection programs and “ayuda” are crucial to address inequality and poverty such as in the case of 4Ps which ranks among the world’s best in targeting the poor, many newly created provisional programs have been criticized as becoming tools of political patronage.
“With the unprecedented expansion of ayuda programs, critics have branded us the moniker ‘ayuda nation’...Pressing concerns
have been raised regarding the potential of various dole-outs to foster dependency and, even worse, serve as a political tool that promotes the entrenchment of the culture of mendicancy. Ayuda, misappropriated as instruments of patronage, has been wrongly construed to come from politicians’ pockets rather than from the tax and nontax revenues of our nation,” Lacson said in his Senate bill titled “Expanded Pantawid Pamilyang Pilipino Program (4Ps) Act of 2025,” which amends Republic Act 11310.
“The ever-changing landscape for social protection has created overlaps, duplication, and fragmentation... These overlaps and duplications breed potential for misuse, fraud, or errors to the disadvantage of the target poor
only bank guarantees, irrevocable standby letters of credit, or cash will be accepted as performance securities under GEA-5. Surety bonds will no longer be permitted.
The DOE stressed that delays exceeding three years owing to developer default will result in the revocation of the Certificate of Award and the Certificate of Endorsement for the Green Energy Tariff. However, lenders’ “step-in rights” will be recognized, allowing them to assume project control before any revocation occurs.
“The energy transition requires
and marginalized beneficiaries,” he added. Worse, he said the middle-income class who are equally vulnerable to risks and economic shocks, lack adequate protection and inclusion in risk insurance programs of the government.
He said such lack of access to and the restrictive nature of social protection programs for the middle class make them more vulnerable to shocks, and increases the risk of pushing them below the poverty threshold.
“Government resources are limited. Hence, prudence, efficiency, and responsiveness are crucial to ensure delivery of social protection within our means and on the right priorities. This bill hence seeks to expand the 4Ps law to ensure a coherent, unified, and harmonized national strategy for all social protection programs and ayuda,” he added.
Lacson’s bill creates “Pantawid Pag-asa” under the framework of the 4Ps for the convergence of social protection programs across various government agencies and instrumentalities. It is distinct but complementary to the regular conditional cash transfer programs implemented under the existing law.
Social amelioration programs or “ayuda” namely Akap (Ayuda sa Kapos ang Kita Program), AICS (Assistance to Individuals in Crisis Situation), Tupad (Tulong Panghanapbuhay sa Ating Disadvantaged Workers), and Food STAMP shall be consolidated under the Pantawid Pag-Asa.
Pantawid Pag-Asa will serve as a rationalized support program of 4Ps providing financial assistance to persons and households—whether classified as poor or not—who experience financial hardship because of crises, loss of income, and other emergencies which limit them to meet their basic needs.
It guarantees stricter measures against fraud, duplication, and abuse with the standardized social protection database, which contains vetted and comprehensive ayuda programs and all their beneficiaries. This is crucial for the unified targeting system and monitoring measures for all social protection programs.
Lacson’s bill also penalizes political exploitation and manipulation of the programs in any shape or form, and puts in place institutional support to ensure proper implementation, monitoring and evaluation.
Those involved in political exploitation and manipulation of the assistance provided under Pantawid Pag-Asa will suffer perpetual absolute disqualification from holding public office.
Butch Fernandez
more than just policy, it demands implementable rules, open dialogue, and strong partnerships,” said Energy Undersecretary Rowena Cristina Guevara. “We are working to make the process more responsive to real project conditions and more consistent across the board.”
With 3,300 megawatts (MW) of offshore wind capacity targeted between 2028 and 2030, GEA 5 is regarded as a critical step in building renewable energy capacity, attracting investment, and enhancing long-term energy security.
Gatchalian seeks stricter online gambling rules
SEN. Sherwin Gatchalian is seeking to regulate online gambling in a bid to curb the growing addiction of many Filipinos to such vice, which has led to numerous social ills.
“Maraming pamilya ang nasira ang kinabukasan dahil sa online gambling na lalo pang pinadali ng mga e-wallet— halimbawa na lang ang Scatter,” said Gatchalian, as he filed a bill that seeks stricter regulation on online gambling.
“Due to its accessibility, online gambling activities have magnified the dangers from gambling and have been linked to the erosion of our moral fibers, as it has caused an increase in mental health problems,
financial problems, addictive behavior, vices, and crime rates,” he added. Recent headlines also reveal the connection between the 34 missing sabungeros, who were reportedly dumped in Taal Lake in Batangas, and illegal e-sabong operations. The measure bans gambling sponsorships of public events and campaign donations. It, likewise, mandates regulators to allocate a portion of collected regulatory fees toward the establishment of gambling addiction rehabilitation centers and sets a minimum cash-in requirement of P10,000 to discourage impulsive and easy access to gambling platforms. Butch Fernandez
Congressman seeks higher, more stable funding for DSWD livelihood programs
ALEGISLATOR is pushing for higher and more stable funding for the Department of Social Welfare and Development’s (DSWD) Sustainable Livelihood Program (SLP), aiming to broaden its coverage and boost the growth of nano and micro enterprises throughout the country.
Parañaque Rep. Brian Raymund Yamsuan emphasized that institutionalizing the SLP through legislation will ensure that it receives regular allocations in the national budget, allowing more low-income families—especially in rural areas—to benefit from livelihood assistance.
“Institutionalizing the SLP ensures that the program would continue to benefit the poor and other vulnerable sectors of our society and yields positive multiplier effects. SLP beneficiaries who succeed in developing their nano enterprises would be able to hire more workers. The improved quality of life and increased purchasing power of both the business owners and their employees mean more spending, which adds value to the economy,” Yamsuan said.
Yamsuan said he will file a measure that aims to institutionalize the SLP to guarantee its regular allocation under the national budget.
“Adequate support that does not end with just providing them funds but also incorporates proper skills training and marketing support is what poor families need for them to rise above poverty, lead comfortable lives, and have a stable future.
The SLP could be an effective instrument to realize these goals,” he said.
Through his “Dagdag-Puhunan Para sa Kabuhayan” program, Yamsuan is already implementing the SLP in all eight barangays of Parañaque’s Second District.
Beneficiaries are given P15,000 in seed
capital to establish small-scale “nano” enterprises—businesses typically operated by just one or two individuals.
Participants undergo training and seminars on entrepreneurship and business management. The DSWD supports them further by providing marketing assistance, monitoring progress, and rewarding those who successfully expand their businesses.
“The President [Marcos] described the people who run these nano businesses as ‘solopreneurs.’ Their plight is usually overlooked, but the President recognizes this sector as an important aspect of our economy that can contribute to our overall economic growth,” Yamsuan said.
“Institutionalizing the SLP is in line with the President’s goal of providing support for, and fueling the growth of, nano businesses,” he added.
MSMEs make up more than 99 percent of all businesses in the Philippines, with microenterprises accounting for 90.54 percent—many of which began as nano or solo businesses.
Yamsuan added that the SLP can help sustain the progress of beneficiaries under the government’s Pantawid Pamilyang Pilipino Program (4Ps), particularly those who “graduate” from the cash aid initiative.
“If the SLP is assured of adequate and regular funding under the national budget, families that ‘graduate’ from the 4Ps are guaranteed to reap the benefits of this livelihood assistance program. They will not fall behind and revert to poverty,” Yamsuan said.
The DSWD earlier said that its SLP beneficiaries in 2024 consist of 162,394 households from the 4Ps program and another 202,022 non-4Ps households, or a total of 364,416 households. Jovee Marie N. dela Cruz
was a collaborative effort, powered
Customs overhaul: Marcos replaces commissioner and sacks five others
By Samuel P. Medenilla @sam_medenilla
PRESIDENT Ferdinand Marcos has sacked five more officials and personnel of the Bureau of Customs (BOC) as part of his administrations’ continued effort to improve the service of the
agency, according to Malacañang.
Last Tuesday, Palace Press Office Claire Castro announced that aside from former BOC Commissioner Bienvenido Y. Rubio, five other “collectors, deputy commissioners and directors” were also removed from their positions. She did not disclose the names of the
Konektadong Pinoy Bill set to transform PHL’s digital economy, boost competition, says PCC
By Andrea San Juan @andreasanjuan
THE Konektadong Pinoy Bill will help build a more “competitive” and “consumer-centric” digital economy, according to the Philippine Competition Commission (PCC).
In a statement on Tuesday, the country’s competition watchdog said it believes that incorporating competition principles into the country’s digital connectivity framework is “essential” to improving telecommunications services.
PCC Chairperson Michael G. Aguinaldo underscored that the bill’s provisions, such as streamlining the approval process for telecommunications providers, promoting open access, and reducing market entry barriers, are aligned with the PCC’s mandate to “foster fair and open markets.”
“By institutionalizing competition in the digital infrastructure sector, the bill can help lower costs, improve service quality, and expand access, especially in underserved areas,” Aguinaldo said.
The PCC chief also noted that the bill “reinforces” the state’s commitment to data inclusivity and consumer welfare by encouraging a “more dynamic and responsive” telecommunications market.
The PCC said it previously co-hosted the Konektadong Pinoy: A Pro-Filipino, Pro-Consumer, Pro-Competition Digital Connectivity Law policy forum on March 28 at the University of the Philippines Law Center.
The event, held in partnership with the Department of Information and
Communications Technology and the National Economic and Development Authority (now the Department of Economy, Planning, and Development), brought together stakeholders from government, industry, and academe to discuss the bill’s potential impact on the telecommunications sector.
In a joint statement, 35 signatories representing business groups, foreign chambers, tech alliances, public sector organizations, and civil society said the passage of the Konektadong Pinoy Bill “will democratize internet access, which could potentially be this administration’s greatest legacy.”
The bill, also known as the Open Access in Data Transmission Act, aims to break down long-standing barriers in the telecom sector by simplifying permits, promoting infrastructure sharing, and eliminating the franchise requirement for internet service providers.
According to the organizations, the proposed piece of legislation is “pro-Filipino, pro-consumer, and pro-competition,” and could address the “lack” of internet access in 19,000 barangays, which represent 45.5 percent of all barangays nationwide.
Among the 35 signatories are the Employers Confederation of the Philippines, PHILEXPORT, Fintech Alliance.PH, and the Analytics & AI Association of the Philippines, as well as foreign business groups such as the American, Canadian, European, Japanese, and Korean Chambers of Commerce. (See: https://businessmirror. com.ph/2025/06/25/35-groups-topbbm-sign-konektado-bill/)
DA seizes ₧34-M smuggled farm products at Manila Port, eyes Anti-Agricultural Economic Sabotage case
Tdisplaced BOC officials and personnel.
“The President only wants [for BOC officials and personnel] to be honest with the country, fight smuggling, and of course be transparent in the collection of revenues,” she said in mixed English and Filipino in a press briefing.
Marcos ordered all the members of his
Cabinet to submit their courtesy resignation last May as part of his efforts to rid the government of underperforming and corrupt officials.
When asked why the President opted to remove Rubio and five other BOC officials and personnel from their positions, Castro was not able to directly state if it was due
to poor leadership or being involved in anomalies.
“We cannot say that. The only purpose of the President there is a continuing performance evaluation, everybody is on notice; everybody is on probation. We have to work better for the country and for our fellowmen, Filipino people,” she said.
Rubio was tasked by the President to protect, strengthen your border protection and fight vigorously smuggling.
SIDC project hits snag as SC issues Writ of Kalikasan, refers TEPO plea to CA
TBy Joel R. San Juan @jrsanjuan1573
right to a balanced and healthful ecology is violated or threatened.
HE Supreme Court (SC) has tossed to the Court of Appeals (CA) the plea of environmental groups to immediately issue a temporary environmental protection order (TEPO) enjoining the construction of the P23-billion Samal Island-Davao City Connector (SIDC) Project.
At a press briefing, SC spokesman, lawyer Camille Sue Mae Ting said the magistrates, during their regular en banc session on Tuesday, issued a writ of kalikasan directing the respondents to file a verified return on the petition filed by environmental groups within a non-extendible period of 10 days after service of the writ.
A writ of kalikasan is a legal remedy available to a natural or juridical person, entity authorized by law, people’s organization, non-governmental organization (NGO), or any public interest group, on behalf of persons whose constitutional
Under the Rule on Writ of Kalikasan a return of the writ should contain all defenses to show that respondent did not violate or threaten to violate, or allow the violation of any environmental law, rule or regulation or commit any act resulting to environmental damage of such magnitude as to prejudice the life, health or property of inhabitants in two or more cities or provinces.
It added that “all defenses not raised in the return shall be deemed waived.”
The return should also include affidavits of witnesses, documentary evidence, scientific or other expert studies, and if possible, object evidence.
The petition for the issuance of a writ of kalikasan was filed by Carmela Marie Santos, director of Ecoteneo; Mark Peñalver, executive director of Interfacing Development Interventions for Sustainability (IDIS), Inc.; Sustainable Davao Movement; and Marvelous Dainty Camilo, chairperson of
Dyesebel Philippines Inc.
They named the SIDC project proponent Department of Public Works and Highways (DPWH, Department of Environment and Natural Resources (DENR), Samal Island Protected Landscape and Seascape Protected Area Management Board and the SIDC project contractor China Road and Bridge Corporation (CRBC) as respondents.
While the Court directed the respondents to file a verified return on the petition, the petitioners’ prayer for a TEPO was referred to the CA-Cagayan de Oro for action.
The petitioners sought the issuance of a TEPO directing the respondents to perform or desist from performing an act in order to protect, preserve or rehabilitate the environment.
The petitioners claimed that the project poses “irreversible damage “on the coral reefs in the 15,000 square meter Paradise Reef in Samal Island and in Hizon Marine Protected Area, in Davao City, They claimed that DPWH and CRBC has been inflicting damage to coral reefs in
Avoid mercury for healing, traditional believers told
By Bless Aubrey Ogerio
CULTURAL practitioners should heed the Department of Health’s (DOH) warnings on the dangers of using mercury as a supposed antidote to witchcraft, citing serious health risks and legal concerns, according to an environmental watchdog.
The EcoWaste Coalition commended the DOH for releasing a public health advisory on June 29, cautioning the public against the use of mercury in traditional practices linked to “kulam” or “barang,”—local terms for sorcery or black magic.
it as a spiritual remedy or “pamatay bisa.”
EcoWaste had earlier raised this concern in a February 7 letter to the health agency, warning about the rise in advertisements on e-commerce platforms and social media promoting the use of mercury for cultural or magico-religious practices.
Also, the Department of Environment and Natural Resources (DENR) has prohibited such practices through Administrative Order 20, or the revised Mercury Chemical Control Order (CCO), which excludes these cultural uses from the list of allowable applications.
Paradise Reef, which is considered a violation of the provisions of Republic Act No. 11038, otherwise known as the Expanded National Integrated Protected Areas System of 2018 and R.A. No. 9147 or the Wildlife Resources Conservation. They added the respondents should be held liable for violation of the provisions of Protection Act, Davao
Gatchalian
proposes 3-year college program to reduce education time
By Ada Pelonia @adapelonia
HE Department of Agriculture (DA) seized as much as P34 million worth of smuggled farm products at the Port of Manila on Tuesday, which could trigger a case for the Anti-Agricultural Economic Sabotage Act.
A joint inspection by the DA, DA Inspectorate and Enforcement (DAIE), Bureau of Plant Industry (BPI), and Bureau of Customs (BOC) intercepted six container vans that carried misdeclared imported onions and mackerel. Initially, the shipments were stated as egg noodles, spring rolls, and dumplings.
The DA said three of the containers contained around 74 metric tons (MT) of fresh red onions worth P10.3 million. One container had yellow onions worth P3.82 million, and the remaining two contained frozen mackerel with an estimated worth of between P13 million and P20 million.
The listed consignee for two onionloaded vans was Latinx Consumer Goods Trading, while the remaining four, one of which had yellow onions and three with mackerel, were consigned to Lexxa Consumer Goods Trading.
Agriculture Secretary Francisco Tiu Laurel Jr. said the government would pursue all legal remedies “to bring these illicit traders to justice.”
“We intend to use the full force of the
Anti-Agricultural Economic Sabotage Act against these companies, including those who may have hired them to ship these onions and fish,” Laurel said. Under the law, smuggling or hoarding of agricultural commodities is treated as economic sabotage if the value of the goods exceeds P10 million.
Violators of the AGES may face a fine amounting to five times the value of the smuggled or hoarded agricultural products and life imprisonment.
According to Customs Assistant Commissioner Vincent Philip Maronilla, smugglers tend to use a “scheme” where they would declare items as processed food under the Food and Drug Administration’s (FDA) jurisdiction.
“What they do is add a layer, thinking that our risk management system will just tag them for normal examination and the content underneath won’t be inspected,” Maronilla said.
Microbiological tests conducted by the BPI on onions seized from Paco Public Market last month revealed E. coli contamination. Vegetables that were previously confiscated also tested positive for heavy metals.
“We are fighting for our farmers and fisherfolks. They are really affected by this smuggling,” Laurel said. “We hope to catch more and eliminate this so that our farmers and fisherfolks will have better income.”
NBI arrests suspected terrorist for
THE National Bureau of Investigation
(NBI) announced on Tuesday the arrest of a bomb expert and suspected member of terrorist group Daulah Islamiyah—Hassan Group who was responsible for a series of bombings in Maguindanao and nearby provinces.
T he suspect identified as Lutre Aman was arrested during an operation conducted by the NBI-Bangsamoro Autonomous Region in Muslim Mindanao
(NBI-BARMM) last June 19 in Cotabato City.
T he operation was launched after the NBI-BARMM received information that Aman was roaming around Cotabato City. Aman was allegedly behind the bombing of a bus in Tulunan, North Cotabato in January 2021, which resulted in the death of a fruit vendor and injured several others.
T he NBI also said Aman was responsible for the burning of another bus in Miang,
“There is evidence showing that mercury poisoning causes serious damage to the brain, nerves, kidneys, and other vital organs,” the DOH stated in Filipino. “We strongly oppose the use of mercury as a counter to witchcraft due to its known health hazards.”
The advisory came amid reports that liquid mercury is being sold both online and in public spaces like the area surrounding Quiapo Church in Manila.
Vendors there reportedly market mercury alongside amulets, herbal remedies and other folk healing items, promoting
“People should not be lured into using such a highly toxic chemical, including ‘planting’ mercury into the skin, as a ‘pamatay-bisa’ or antidote to acts of witchery,” the group emphasized “Toxic mercury has no known function in the human body and there is no level of mercury in the body that is deemed safe; thus the need for the government, the DOH in particular, to urgently warn the public against the adverse impacts of such use of mercury to human health,” it added.
The United Nations Environment Program also addressed this issue in its booklet Cultural Uses of Mercury, noting that mercury’s cultural use poses public health risks.
The document highlighted risks such as secondhand vapor exposure from previous mercury use in homes, as well as the dangers associated with its storage, transportation and handling.
Aided by the law
WITH the recent enforcement of the Internet Transactions Act, or Republic Act (RA) 11967, EcoWaste urged government agencies to intensify their crackdown on online sales of mercury and other banned substances.
RA 11967, which officially took effect on June 20 following an 18-month transition period, authorizes the Department of Trade and Industry (DTI) to issue takedown orders against unlawful goods and services on digital platforms.
It also established the E-Commerce Bureau to oversee the law’s implementation and ensure marketplace compliance.
“Our laws cannot be static and stagnant, and must always move with the changing times,” EcoWaste legal counsel Grip Bueta said.
Comelec orders immediate proclamation of Marcy Teodoro of Marikina’s 1st district
THE Commission on Elections (Comelec) has ordered the immediate proclamation of Marcelino “Marcy” Teodoro as the duly elected representative of Marikina’s first district in the 2025 congressional race.
The Comelec en banc on Tuesday issued a certificate of finality and entry of judgment, following the absence of any temporary restraining order from the Supreme Court.
Comelec Chairman George Erwin M. Garcia said the en banc's decision is now final and executory, and it’s up to the City Board of Canvassers to implement it.
“The implementation of this decision falls not only on the Comelec but also on the city board of canvassers of Marikina, the election officer of the district, the city prosecutor, and the city superintendent of the [Department of Education]," Garcia said in an interview.
a series of bombings
Cotabato last June 2021. His a rrest was made by virtue of a warrant of arrest for murder and multiple frustrated murder issued by the Regional Trial Court (RTC), Branch 23, Kidapawan City and destructive arson issued by RTC, Branch 16, Kabacan Cotabato.
T hrough a confidential informant, the agents of the NBI-BARMM were able to locate Aman’s exact location in Peñafrancia Village, Rosary Heights 11,
Despite this, Teodoro said in a press briefing that the local Comelec office had refused to proclaim him, citing the absence of a specific en banc "resolution" directing the board to convene.
The poll chief denied that another resolution was needed, emphasizing that it is within the authority of the city board of canvassers to decide whether a notice must be sent to involved parties before convening.
“Teodoro can be proclaimed at any time, but the Comelec en banc cannot dictate the exact timing of the proclamation. We cannot interfere with that, as there are procedures in place that determine when the board may convene,” Garcia added.
Teodoro’s disqualification case was filed in October 2024 by three individuals, including former Senator Aquilino “Koko”
in Cotabato City
Cotabato City.
Upon arriv al at the location, the NBI operatives spotted Aman at the parking area of an establishment and immediately implemented the arrest warrants.
N BI Director Jaime B. Santiago lauded the NBI-BARMM agents for the successful operation, which he said was part of a broader directive to intensify the campaign against local terrorist groups.
Joel R. San Juan
Pimentel III, who also ran for the same congressional seat in the May 12 elections.
The petitioners alleged that Teodoro committed material misrepresentation as he did not meet the required one-year residency requirement for district representative.
The Comelec First Division initially ruled in favor of the petitioners in December, but the en banc reversed the decision just last week. Justine Xyrah Garcia
SBy Butch Fernandez @butchfBM
PECIALIZATION -focused college education that can be completed in three years. This proposed tertiary education reform tops Senator Win Gatchalian’s priority measures on education for the 20th Congress.
“Noong nagdagdag tayo ng dalawang taon sa high school, ipinangako natin sa atingmgakababayannaiikliangpanahong kailangang ilaan sa kolehiyo. Panahon na upang tuparin natin ang pangakong ito,” said Gatchalian.
The Three-Year College Education (3CE) Act seeks to capacitate the Commission on Higher Education in allowing flexibility for degree programs to be completed in not more than three academic years. The duration of programs, however, should still be based on assessed industry needs, international standards, or benchmarks, and recognized best practices.
The proposed measure provides that all General Education (GE) courses shall be integrated and completed at the senior high school level. It also seeks to ensure students’ college readiness and provide more time for internship and advanced specialization.
The lawmaker cited findings by the Second Congressional Commission on Education (EDCOM II), which revealed that college programs in the Philippines are GE-heavy and internship-light.
Rubio was replaced by former National Disaster Risk Reduction and Management Council (NDRRMC) head Ariel F. Nepomuceno as the new Commissioner of BOC. Castro said
Editor: Angel R. Calso
Thai prime minister suspended in ethics probe, family’s political future uncertain
By Jintamas Saksornchai The Associated Press
BANGKOK—The Constitutional Court’s suspension of Thai Prime Minister Paetongtarn Shinawatra has raised questions about whether her family’s political comeback last year would end with another downfall.
Paetongtarn was the third prime minister in her family, after her father, Thaksin Shinawatra, a telecom billionaire who has been one of Thailand’s top political operators, and her aunt, Yingluck Shinawatra, who was the country’s first female prime minister. Thaksin was ousted by a military coup in 2006 and Yingluck by a court ruling in 2014.
Thaksin remained beloved after his ouster among voters who saw in him and his allies a government that looked after their interests. While campaigning in 2022, Paetongtarn acknowledged her family ties but insisted she was not her father’s proxy. “It’s not the shadow of my dad. I am my dad’s daughter, always and forever, but I have my own decisions,” she said.
She also said she hoped her government would be able to “build opportunity and quality of life” and “make the country go forward.”
Paetongtarn was suspended Tuesday by the court pending an ethics investigation on a leaked phone call with senior Cambodian leader Hun Sen that was perceived as damaging to Thailand’s interests and image.
Eroding trust capped by a diplomatic blunder HER critics have said Paetongtarn’s government has achieved little. Marriage equality became law but was initiated under her predecessor. Controls on cannabis were retightened after public backlash over decriminalization, but the move and its enforcement
were called rushed and confusing.
Her critics also cited unsatisfactory outcomes in other Pheu Thai party policies, like unequal minimum wage increases, constant changes in a cash handout program and the stalled and controversial legalization of casinos. They also noted the lack of progress in tariffs talks with the United States.
But analysts see the leaked call following border tensions with Cambodia to be the most disastrous event by far.
The outrage has centered on Paetongtarn’s comments about an outspoken Thai army commander and the perception that she was trying to appease Hun Sen. Paetongtarn apologized but also denied that she had damaged the country. She ignored calls for her to resign or dissolve Parliament to take responsibility, which critics saw as an attempt by the Pheu Thai party to cling to power.
Napon Jatusripitak, a political science researcher at Singapore’s ISEAS-Yusof Ishak Institute, said her response seemed “totally disconnected from political reality” and that the scandal has exposed “her leadership failures and fuels accusations that she prioritizes family interests over national welfare.”
Adoration for the Shinawatra cools HER father, Thaksin, is believed to
be the key decision maker behind Pheu Thai, now led by Paetongtarn. Time and again, Thaksinbacked parties have prevailed in national elections but could not stay in office after legal rulings and destabilizing street protests engineered by Thaksin’s die-hard foes.
But in 2023, Thaksin alienated many of his old supporters with what looked like a self-serving deal with his former conservative opponents. It allowed his return from exile and his party to form the new government, while sidelining the progressive Move Forward Party, which finished first in
a national election but was seen by the conservative establishment as a greater threat. Now with the current crisis, things could drastically change for the Shinawatra family.
“In light of the recent controversy, the Shinawatra spell has been broken. The only viable Shinawatra scion is now tainted,” Napon said. “It would be an understatement to say that the Shinawatra name no longer guarantees electoral success.”
And not everything has been squared away with her family’s enemies. Yingluck remains in
exile, and legal problems—arguably politically inspired—could send her to prison if she returns to Thailand. Thaksin also still faces some legal challenges.
Thailand’s royalist establishment has long been disturbed that Thaksin’s populist policies appeared to threaten their status and that of the monarchy at the heart of Thai identity.
Paetongtarn now also faces protests by familiar faces from the same conservative, pro-royalist group that opposed her father.
“History seems to be repeating itself in a way. Thailand seems trapped in a depressingly familiar cycle where Shinawatra-led governments come to power, only to face mounting pressure from traditional power centers, street protests, and extraparliamentary interventions that ultimately force them from office,” Napon said.
Paetongtarn, 38, is the youngest of Thaksin’s three children. She was an executive in a hotel business run by her family before making her public entry into politics in 2021 when the Pheu Thai party named her to lead an advisory committee. She has two children with her husband, Pitaka Suksawat, who was a commercial pilot before he began working in one of the Shinawatras’ real estate ventures.
74 killed in Gaza as Israeli forces strike a cafe and fire on people seeking food
By Samy Magdy & Melanie Lidman
CThe Associated Press
AIRO—Israeli forces killed at least 74 people in Gaza on Monday with airstrikes that left 30 dead at a seaside cafe and gunfire that left 23 dead as Palestinians tried to get desperately needed food aid, witnesses and health officials said.
One airstrike hit Al-Baqa Cafe in Gaza City when it was crowded with women and children, said Ali Abu Ateila, who was inside.
“Without a warning, all of a sudden, a warplane hit the place, shaking it like an earthquake,” he said. Dozens were wounded, many critically, alongside at least 30 people killed, said Fares Awad, head of the Health Ministry’s emergency and ambulance service in northern Gaza.
Two other strikes on a Gaza City street killed 15 people, according to Shifa Hospital, which received the casualties. A strike on a building killed six people near the town of Zawaida, according to Al-Aqsa hospital.
The cafe, one of the few businesses to continue operating during the 20-month war, was a gathering spot for residents seeking internet access and a place to charge their phones. Videos circulating on social media showed bloodied and disfigured bodies on the ground and the wounded being carried away in blankets.
Meanwhile, Israeli forces killed 11 people who had been seeking food in southern Gaza, according to witnesses, hospitals, and Gaza’s Health Ministry.
Nasser Hospital in the southern city of Khan Younis said it received the bodies of people shot while returning from an aid site associated with the Israeli and US-backed Gaza Humanitarian Fund. It was part of a deadly pattern that has
killed more than 500 Palestinians around the chaotic and controversial aid distribution program over the past month.
The shootings happened around 3 kilometers (1.8 miles) from the GHF site in Khan Younis, as Palestinians returned from the site along the only accessible route. Palestinians are often forced to travel long distances to access the GHF hubs in hopes of obtaining aid.
Nasser Hospital said an additional person was killed near a GHF hub in the southern city of Rafah. Another person was killed while waiting to receive aid near the Netzarim corridor, which separates northern and southern Gaza, according to Al-Awda hospital.
Ten other people were killed at a United Nations aid warehouse in northern Gaza, according to the Health Ministry’s ambulance and emergency service.
Witnesses describe Israeli gunfire ONE witness, Monzer Hisham Ismail said troops attacked the crowds returning from the GHF hub in Khan Younis.
“We were targeted by (the Israeli) artillery,” he said.
Yousef Mahmoud Mokheimar was walking with dozens of oth -
ers when he saw troops in tanks and other vehicles racing toward them. They fired warning shots before firing at the crowds, he said.
“They fired at us indiscriminately,” he said, adding that he was shot in a leg, and a man was shot while attempting to rescue him.
He said he saw troops detaining six people, including three children. “We don’t know whether they are still alive,” he said.
The Israeli military said it was reviewing information about the attacks. In the past, the military has said it fires warning shots at people who move suspiciously or get too close to troops including while collecting aid.
Israel wants the GHF to replace a system coordinated by the United Nations and international aid groups. Along with the United States, Israel has accused the militant Hamas group of stealing aid and using it to prop up its rule in the enclave. The UN denies there is systematic diversion of aid.
The Israeli military said it had recently taken steps to improve organization in the area, including the installation of new fencing and signage and the opening of additional routes to access aid.
Israel says it only targets militants and blames civilian deaths
on Hamas, accusing the militants of hiding among civilians because they operate in populated areas.
Strikes in and around Gaza City intensify
THE military intensified its bombardment campaign across Gaza City and the nearby Jabaliya refugee camp. On Sunday and Monday, Israel issued widespread evacuation orders for large swaths of northern Gaza.
Palestinians reported massive bombing overnight into Monday morning, describing the fresh attacks as a “scorched earth” campaign that targeted mostly empty buildings and civilian infrastructure.
“They destroy whatever left standing … the sound of bombing hasn’t stopped,” said Mohamed Mahdy, a Gaza City resident who fled his damaged house Monday morning.
Awad with the emergency and ambulance services said that most of Gaza City and Jabaliya have become inaccessible and ambulances were unable to respond to distress calls from people trapped in the rubble.
The Israeli military said it had taken multiple steps to notify civilians of operations to target Hamas’ military command and control centers in northern Gaza.
The war has killed over 56,000 Palestinians, according to Gaza’s Health Ministry, which does not distinguish between civilians and combatants. It says more than half of the dead were women and children.
The Hamas attack on October 2023 that sparked the war killed some 1,200 people, mostly civilians, and took 251 others hostage. Some 50 hostages remain, many of them thought to be dead.
Lidman reported from Tel Aviv, Israel.
THAILAND’S new Prime Minister Paetongtarn Shinawatra talks to media members after receiving a royal letter of endorsement for the post at the Pheu Thai party headquarters in Bangkok, Thailand, on August 18, 2024. AP/SAKCHAI LALIT
THE mother of the Palestinian journalist Ismail Abu Hatab, who was killed in an Israeli strike on a cafe, mourns over the body of her son outside the Shifa Hospital, Gaza City, Monday, June 30, 2025. AP/JEHAD ALSHRAFI
US skips global UN meeting to address $4 trillion financing gap for development
By Joseph Wilson & Edith M. Lederer The Associated Press
BARCELONA, Spain—Leaders of many of the world’s nations, but not the United States, gathered Monday in Spain to tackle the growing gap between rich and poor nations and try to drum up trillions of dollars needed to close it.
More than 70 world leaders and other delegates unanimously adopted the so-called Seville Commitment— named for the host city—which had previously been hammered out in the run-up to the meet, without changes. It said delegates have agreed to launch “an ambitious package of reforms and actions to close the financing gap with urgency.”
The gathering was held while many countries face escalating debt burdens, declining investments, decreasing international aid and increasing trade barriers. Still, there is hope that the world can address one of the most important global challenges: ensuring all people have access to food, health care, education and water.
“Financing is the engine of development. And right now, this engine is sputtering,” United Nations Secretary-General Antonio Guterres said in his opening comments at the four-day Financing for Development meeting being co-hosted by the UN and Spain.
The hosts said the meeting was an opportunity to close the staggering $4 trillion annual financing gap to promote development, bring millions of people out of poverty and help achieve the UN’s badly lagging Sustainable Development Goals for 2030.
Along with heads of state and government, representatives of
international financial institutions, development banks, philanthropic organizations, the private sector and civil society also attended.
The summit is an opportunity “for us to raise our voice in the face of those who seek to convince us that rivalry and competition will set the tone for humanity and for its future,” Spain’s Prime Minister Pedro Sánchez told delegates.
‘Collective mobilization’ AT the last preparatory meeting on June 17, the United States rejected the outcome document that had been negotiated for months by the UN’s 193 member nations and announced its withdrawal from the process and the Seville conference.
UN Deputy Secretary-General Amina Mohammed last week called the US withdrawal from the conference “unfortunate,” adding that after Seville, “we will engage again with the US and hope that we can make the case that they be part of the success of pulling millions of people out of poverty.”
The European Union and France also said they were not going be dissuaded by the American-led trend toward unilateralism.
“Collective mobilization can still work,” French President Emmanuel Macron said on Monday.
SPAIN’S
Europe sizzles as heat wave brings record temperatures and forest fires
By Suzan Fraser & Joseph Wilson The Associated Press
mobilized, the regional emergency service said.
European Commission Presi -
dent Ursula von der Leyen reaffirmed the bloc’s commitment to development financing, saying, “Our commitment is here to stay.”
Interest on debt payments
THE Sevilla Commitment calls for a minimum tax revenue of 15% of a country’s gross domestic product to increase government resources, a tripling of lending by multilateral development banks and scaling up of private financing by providing incentives for investing in critical areas like infrastructure. It also calls for reforms to help countries deal with rising debt.
UN trade chief Rebeca Grynspan recently said “development is going backward” and the global debt crisis has worsened.
Last year, 3.3 billion people were living in countries that pay more interest on their debts than they spend on health or education, and the number will increase to 3.4 billion people this year, according to Grynspan. And developing countries will pay $947 billion to service debts this year, up from $847 billion last year.
Angolan President Joao Lourenco, speaking for the African Group, said debt payments “consumes more resources than those allocated to health and education combined” for many countries.
US objections
ANGEL GARCIA
JONATHAN SHRIER , acting US Representative to the Economic and Social Council, told the June 17 meeting that “our commitment to international cooperation and long-term economic development remains steadfast.” He said the text “crosses many of our red lines.”
He said those include interfering with the governance of international financial institutions, tripling the annual lending capacity of multilateral development banks and proposals envisioning a role for the UN in the global debt architecture.
Shrier also objected to proposals on trade, tax and innovation that are not in line with US policy, as well as language on a UN framework convention on international tax cooperation.
The United States was the world’s largest single founder of foreign aid before the Trump administration dismantled its main aid agency, the US Agency for International Development. It drastically slashed foreign assistance funding, calling it wasteful and contrary to the Republican president’s agenda.
Other Western donors also have cut back international aid.
Lederer reported from the United Nations.
ANKARA, Turkey—A heat wave covered much of Europe on Monday, with a record-hot first day of play at Wimbledon and high winds fanning forest fires in Turkey.
Heat warnings were issued for parts of Spain, Portugal, Italy, Germany and the UK, with new highs expected on Wednesday before rain should bring respite to some areas.
“Extreme heat is no longer a rare event—it has become the new normal,”
UN Secretary-General António Guterres tweeted from Seville, Spain, where temperatures hit 42 degrees Celsius (108 degrees Fahrenheit). He called for action to fight climate change, saying “the planet is getting hotter & more dangerous.”
Dr. Hans Kluge, head of the World Health Organization’s Europe office, warned in a statement that the scorching heat “silently threatens the people who need protection most: older adults, children, outdoor workers and anyone living with chronic health conditions.”
Portugal
PORTUGUESE authorities issued a red heat warning for seven of 18 districts as temperatures were forecast to hit 43 C (109F).
Spain
SPAIN’S national weather service said no relief from the first heat wave of the year is expected until Thursday. Sunday’s national average of 28 C (82F) set a new high temperature for June 29 since records were started in 1950.
France
IN France, where air conditioning remains relatively rare, authorities were taking extra effort to care for homeless and elderly people. Misting stations doused passers-by along the River Seine in Paris.
France’s first significant forest fires of the season consumed 400 hectares (988 acres) of woods Sunday and Monday in the southern Aude region. Water-dumping planes and some 300 firefighters were
Turkey IN Turkey, forest fires forced the temporary closure of the airport in Izmir, the staterun Anadolu Agency reported. Authorities evacuated four villages as a precaution, the Forestry Ministry said.
Firefighters battled a blaze that broke out Monday near residential areas in Hatay province, near the border with Syria, that prompted 1,500 people to evacuate.
Italy IN Italy, the Health Ministry put 21 cities under its “red” alert, which indicates “emergency conditions with possible negative effects” on healthy, active people as well as others. Regional governments in northwestern Liguria and southern Sicily put restrictions on outdoor work. There were torrential rains in the north, and parts of Bardonecchia near Turin were covered in sludge after the Frejus River burst its banks. RAI state television said one person was killed.
Britain
BRITAIN’S national weather service said the Wimbledon tennis tournament was facing what could be its hottest start, with temperatures just under 30 C (85F). Tournament rules allow players to take a 10-minute break when the heat goes above 30.1 C mid-match.
Germany
TEMPERATURES in southern Germany were forecast as high as 39 C (102F) on Wednesday. Some towns and regions imposed limits on how much water can be taken from rivers and lakes. At the Berlin Zoo, elephants were showered with water and bears treated with blocks of ice containing fruit.
Wilson reported from Barcelona, Spain. Associated Press journalists Angela Charlton and Masha Macpherson in Paris, Nicole Winfield in Rome, Lydia Doye in London, Barry Hatton in Lisbon, Portugal, and Jamey Keaten in Lyon, France, contributed to this report.
Prime Minister Pedro Sanchez, left, speaks with United Nations Secretary-General Antonio Guterres, as they pose for a photo with nation leaders and representatives, at the start of the four-day Financing for Development meeting, in Seville, Spain, Monday, June 30, 2025.
AP/JOSE
Death toll rises to 36 after explosion at a pharmaceutical factory in India
By Omer Farooq & Rajesh Roy The Associated Press
HYDERABAD, India—The death toll from Monday’s massive explosion and fire at a pharmaceutical factory in India’s southern state of Telangana has risen to at least 36 while about three dozen were left injured, authorities said Tuesday.
The fire department recovered the charred bodies of 34 workers from the accident site in an industrial area about 50 kilometers (31 miles) from the state capital Hyderabad, the state’s fire services director G.V. Narayana Rao told The Associated Press.
Two other workers succumbed to burns and were pronounced dead in hospital, Rao said, adding that debris of the gutted pharmaceutical unit of Sigachi Industries was still being removed to find out if any more workers were trapped.
Nearly three dozen injured workers were admitted to hospitals, he said.
“The whole structure of the factory has collapsed. Fire has been doused, and we hope to finish removing the debris in the next few hours,” Rao said.
Sigachi Industries did not disclose what led to the explosion and fire, but said the plant’s core manufacturing infrastructure was damaged and facility operations would be halted for 90 days. The plant produces microcrystalline cellulose, a chemical compound commonly used in making drugs, the company said.
The explosion and subsequent fire were reported on Monday in the factory’s spray dryer unit, which is used to process raw material into fine powder for making drugs, Rao said.
The state’s Health Minister
Damodar Raja Narasimha said there were 108 workers inside the factory at the time of the explosion.
“As bodies were badly burnt and mutilated, a special medical team has been deployed to conduct DNA tests”, said Narasimha, adding the state government has set up a panel to investigate the cause of the incident.
Witnesses said they heard the explosion from a couple of kilometers away from the site.
India is home to some of the world’s top pharmaceutical companies, playing a pivotal role in the global supply of generic medicines and vaccines. The country’s robust manufacturing and cost-effective production have made it a hub for pharma giants.
Industrial accidents, particularly involving chemical reactors, aren’t uncommon in such factories, underlining the need for authorities to implement stringent safety protocols and regulatory oversight in a sector critical to public health.
Sigachi Industries Limited is an Indian company dealing with active pharmaceutical ingredients, intermediates and vitamin-mineral blends, according to the company’s website. It has five manufacturing facilities across India and subsidiaries in the US and the United Arab Emirates.
Shares of Sigachi Industries tumbled 8% in intra-day trading Tuesday, extending the previous session’s plunge of nearly 10%.
In a disclosure to the Bombay Stock Exchange on Monday, the company called the incident “unfortunate” and announced that a thorough site assessment was underway. The factory where the fire occurred contributes a little more than a fourth of the company’s annual capacity.
Monsoon rains and flash floods across Pakistan kill at least 46
PESHAWAR, Pakistan—Nearly a week of heavy monsoon rains and flash floods across Pakistan has killed at least 46 people and injured dozens, officials said Monday.
The fatalities caused by abnormally strong downpours since Tuesday include 22 in Khyber Pakhtunkhwa, 13 in eastern Punjab province, seven in southern Sindh, and four
in southwestern Balochistan, the National Disaster Management Authority and provincial emergency officials said.
“We are expecting above-normal rains during the monsoon season
and alerts have been issued to the concerned authorities to take precautionary measures,” said Irfan Virk, a Pakistan Meteorological Department deputy director.
Virk said that forecasters cannot rule out a repeat of extreme weather like the devastating floods in 2022. Rains inundated a third of the country, killing 1,737 people and causing widespread destruction.
The deaths from the past week include 13 tourists from a family of 17 who were swept away Friday.
The other four family members were rescued from the flooded
Swat River in northwestern Khyber Pakhtunkhwa province. Rescuers found 12 bodies from the group and divers continued searching Monday for the remaining victim, said Bilal Faizi, a provincial emergency service spokesman.
The incident drew widespread condemnation online over what many called a slow response by emergency services.
On Sunday, the National Disaster Management Authority had warned of potential hazards and advised people against crossing rivers and streams. AP
Ancient Himalayan village relocates as climate shifts reshape daily life
By Aniruddha Ghosal & Niranjan Shrestha The Associated Press
SAMJUNG, Nepal—The Himalayan village of Samjung did not die in a day. Perched in a wind-carved valley in Nepal’s Upper Mustang, more than 13,000 feet (3,962 meters) above sea level, the Buddhist village lived by slow, deliberate rhythms—herding yaks and sheep and harvesting barley under sheer ochre cliffs honeycombed with “sky caves”—2,000year-old chambers used for ancestral burials, meditation and shelter.
Then the water dried up. Snow-capped mountains turned brown and barren as, year after year, snowfall declined. Springs and canals vanished and when it did rain, the water came all at once, flooding fields and melting away the mud homes. Families left one by one, leaving the skeletal remains of a community transformed by climate change: crumbling mud homes, cracked terraces and unkempt shrines.
A changing climate
THE Hindu Kush and Himalayan mountain regions—stretching from Afghanistan to
Myanmar—hold more ice than anywhere else outside the Arctic and Antarctic. Their glaciers feed major rivers that support 240 million people in the mountains—and 1.65 billion more downstream.
Such high-altitude areas are warming faster than lowlands. Glaciers are retreating and permafrost areas are thawing as snowfall becomes scarcer and more erratic, according to the Kathmandubased International Centre for Integrated Mountain Development or ICMOD.
Kunga Gurung is among many in the high Himalayas already living through the irreversible effects of climate change.
“We moved because there was no water. We need water to drink and to farm. But there is none there. Three streams, and all three dried up,” said Gurung, 54.
Climate change is quietly reshaping where people can live and work by disrupting farming, water access, and weather patterns, said Neil Adger, a professor of human geography at the University of Exeter. In places like Mustang, that’s making life harder, even if people don’t always say climate change is why they moved. “On the everyday basis, the changing weather patterns ... it’s actually
affecting the ability of people to live in particular places,” Adger said.
Communities forced to move AROUND the globe, extreme weather due to climate change is forcing communities to move, whether it’s powerful tropical storms in The Philippines and Honduras, drought in Somalia or forest fires in California.
In the world’s highest mountains, Samjung isn’t the only community to have to start over, said Amina Maharjan, a migration specialist at ICMOD. Some villages move only short distances, but inevitably the key driver is lack of water.
“The water scarcity is getting chronic,” she said.
Retreating glaciers—rivers of ice shrinking back as the world warms—are the most tangible and direct evidence of climate change. Up to 80% of the glacier volume in the Hindu Kush and Himalayas could vanish in this century if greenhouse gas emissions aren’t drastically cut, a 2023 report warned.
It hasn’t snowed in Upper Mustang for nearly three years, a dire blow for those living and farming in high-altitude villages.
Snowfall traditionally sets the seasonal
calendar, determining when crops of barley, buckwheat, and potatoes are planted and affecting the health of grazing livestock.
“It is critically important,” Maharjan said.
For Samjung, the drought and mounting losses began around the turn of the century. Traditional mud homes built for a dry, cold mountain climate fell apart as monsoon rains grew more intense—a shift scientists link to climate change. The region’s steep slopes and narrow valleys funnel water into flash floods that destroyed homes and farmland, triggering a wave of migration that began a decade ago.
Finding a place for a new village MOVING a village—even one with fewer than 100 residents like Samjung—was no simple endeavor. They needed reliable access to water and nearby communities for support during disasters. Relocating closer to winding mountain roads would allow villagers to market their crops and benefit from growing tourism. Eventually, the king of Mustang, who still owns large tracts of land in the area nearly two decades after Nepal abolished its monarchy, provided suitable land for a new village.
A10
July 2, 2025
Starmer faces down revolt over welfare reform after troubled first year in office
By Jill Lawless The Associated Press
LONDON—British
Prime
Minister Keir Starmer marks a year in office this week, fighting a rebellion from his own party in a vote Tuesday on welfare reform and reckoning with a sluggish economy and rock-bottom approval ratings.
It’s a long way from the landslide election victory he won on July 4, 2024, when Starmer’s center-left Labour Party took 412 of the 650 seats in the House of Commons to end 14 years of Conservative government.
In the past 12 months, Starmer has navigated the rapids of a turbulent world, winning praise for rallying international support for Ukraine and persuading US President Donald Trump to sign a trade deal easing tariffs on UK goods.
But at home his agenda has run onto the rocks as he struggles to convince British voters—and his own party—that his government is delivering the change that it promised. Inflation remains stubbornly high and economic growth low, frustrating efforts to ease the cost of living. Starmer’s personal approval ratings are approaching those of Conservative Prime Minister Liz Truss, who lasted just 49 days in office in 2022 after her tax-cutting budget roiled the economy.
John Curtice, a political scientist at the University of Strathclyde, said Starmer has had
“the worst start for any newly elected prime minister.”
Rebellion over welfare reform ON Tuesday, Starmer faces a vote in Parliament on welfare spending after watering down planned cuts to disability benefits that caused consternation from Labour lawmakers. Many balked at plans to raise the threshold for the payments by requiring a more severe physical or mental disability, a move the Institute for Fiscal Studies think tank estimated would cut the income of 3.2 million people by 2030. After more than 120 Labour lawmakers said they would vote against the bill—more than enough to defeat it—the government offered concessions, including a guarantee that no one currently getting benefits will be affected by the change. It pledged to consult with disability groups about the changes, and do more to help sick and disabled people find jobs.
Some rebels backed down, but dozens of others maintained their opposition. Almost 40 signed an amendment rejecting the bill.
“This is not the right thing to do. It’s not a Labour thing to do,” lawmaker Rachel Maskell, who sponsored the amendment, told the BBC. “We are there to protect the poor, to ensure that disabled people have a future.”
The welfare U-turn is the third time in a few weeks that the government has reversed course on a policy under pressure. In May, it dropped a plan to end winter home heating subsidies for millions of retirees. In June, Starmer announced a national inquiry into organized child sexual abuse, something he was pressured to do by opposition politicians—and Elon Musk.
“It’s a failure of leadership for a prime minister with such a big majority to not be able to get their agenda through,” said Rob Ford, professor of politics at the University of Manchester. “I can’t think of many examples of a prime minister in postwar politics suffering such a big setback when presiding over such a strong position in the Commons.”
The U-turns also make it harder for the government to find money to invest in public services without raising taxes. The government estimated that its welfare reforms would save 5 billion pounds ($7 billion) a year from a welfare bill that has ballooned since the Covid-19 pandemic. After the concessions, it’s only likely to save about half that amount.
Starmer acknowledges errors
THE government argues that it has achieved much in its first year: It has raised the minimum wage, strengthened workers’ rights, launched new social housing projects and pumped money into the state-funded health system. But it has also raised taxes
for employers and farmers, as well as squeezing benefits, blaming previous Conservative governments for the need to make tough choices. That downbeat argument has done little to make Starmer popular.
In recent days, Starmer has acknowledged mistakes. He told the Sunday Times that he was “heavily focused on what was happening with NATO and the Middle East” while the welfare rebellion was brewing at home, and should have acted sooner to win over colleagues.
UK politics is in flux
STARMER’S struggles are all the more striking because the opposition Conservative Party had its worst-ever election result in 2024, reduced to only 121 lawmakers.
But British politics is in unpredictable flux. A big chunk of Conservative support—and some of Labour’s—shifted in this spring’s local elections to Reform UK, a hard-right party led by veteran political pressure-cooker Nigel Farage. Reform has just five legislators in the House of Commons but regularly comes out on top in opinion polls. If the shift continues it could end a century of dominance by the two big parties.
Starmer’s key asset at the moment is time. He does not have to call an election until 2029.
“There’s still plenty of time to turn things around,” Ford said. But he said the Labour lawmakers’ rebellion “will make things harder going forward, because it’s not like this is the end of difficult decisions that he’s going to have to make.
“Barring some magical unexpected economic boom…there’s going to be a hell of a lot more fights to come,” he said.
Russian forces overrun all of Ukraine’s Luhansk region, illegally annexed in 2022
By Illia Novikov & Geir Moulson The Associated Press
KYIV, Ukraine—A Russia-appointed official in Ukraine’s occupied Luhansk region said Monday that Moscow’s forces have overrun all of it—one of four regions Russia illegally annexed from Ukraine in September 2022 despite not fully controlling a single one.
If confirmed, that would make Luhansk the first Ukrainian region fully occupied by Russia after more than three years of war and as recent US-led international peace efforts have failed to make progress on halting the fighting.
Russian President Vladimir Putin has effectively rejected a ceasefire and hasn’t budged from his demands, which include Moscow’s control over the four illegally annexed regions. There was no immediate comment from Kyiv on the claim made by the Moscowinstalled leader of the occupied region, Leonid Pasechnik. In remarks to Russia’s state TV Channel One that aired Monday evening, Pasechnik said he received a report “literally two days ago” saying that “100%” of the region was now under the control of Russian forces.
Germany’s top diplomat visits Kyiv THE development came just hours after the top German diplomat said that Germany aims to help Ukraine manufacture more weapons more quickly as Kyiv looks to strengthen its negotiating position in peace talks with Russia.
“We see our task as helping Ukraine so that it can negotiate more strongly,” Foreign Minister Johann Wadephul said during a visit to the Ukrainian capital, Kyiv, accompanied by German defense industry representatives.
“When Putin speaks of peace today, it is pure mockery,” Wadephul told a news conference with Ukrainian Foreign Minister Andrii Sybiha. “His apparent readiness to negotiate is only a facade so far.”
Russia’s invasion shows no sign of letting up. Its grinding war of attrition along the roughly 1,000-kilometer (620-mile) front line and long-range strikes on civilian areas of Ukraine have killed thousands of troops and civilians.
Ukraine is outgunned and shorthanded on the front line and international aid has been vital for Ukraine’s resistance against its neighbor’s bigger army and economy. Germany has been Ukraine’s second-largest military backer after the United States, whose continuing support is in doubt.
“We want to build new joint ventures so that Ukraine itself can produce faster and more for its own defense, because your needs are enormous,” Wadephul said while standing next to Sybiha.
“Our arms cooperation is a real trump card—it is a logical continuation of our delivery of material,” Wadephul said. “And we can even benefit mutually from it—with your wealth of ideas and your experience, we will become better.” Wadephul was also due to meet with Ukraine President Volodymyr Zelenskyy.
Russia’s aerial attacks on Ukraine continue THE top German diplomat’s trip to Kyiv came less than 48 hours after Russia launched its biggest combined aerial attack against Ukraine over the weekend, Ukrainian officials said, in an escalating bombing campaign that has further dashed hopes for a breakthrough in peace efforts.
Ukraine’s air force said Monday it detected 107 Russian Shahed and decoy drones in the country’s air space overnight. Strikes in Ukraine’s northeastern Kharkiv region left two civilians dead and eight injured, including a 6-year-old child, regional Gov. Oleh Syniehubov said Monday. The aerial onslaughts are calculated by Russia to squeeze Ukraine into submission, according to the Institute for the Study of War.
“Russia is continuing to use increasingly large numbers of drones in its overnight strike packages in order to overwhelm Ukrainian air defenses and enable subsequent cruise and ballistic missile strikes,” the Washington-based think tank said late Sunday.
“The increases in Russia’s strike packages in recent weeks are largely due to Russia’s efforts to scale up its defense industrial production, particularly of Shahed and decoy drones and ballistic missiles,” the institute added.
Moulson contributed from Berlin.
Republicans seek support for Trump’s ‘big beautiful bill’ in overnight session
By Lisa Mascaro, Mary Clare Jalonick & Matt Brown
WThe Associated Press
ASHINGTON—The Senate is slogging through a tense overnight session that has dragged into Tuesday, with Republican leaders buying time as they search for ways to secure support for President Donald Trump’s big bill of tax breaks and spending cuts while fending off proposed amendments, mostly from Democrats trying to defeat the package.
An endgame was not immediately in sight. Senate Majority Leader John Thune of South Dakota is reaching for a last-minute agreement between those in his party worried the bill’s reductions to Medicaid will leave millions without care and his most conservative flank, which wants even steeper cuts to hold down deficits ballooning with the tax cuts. Thune declared at one point they were in the “homestretch” as he dashed through the halls at the Capitol, only to backtrack a short time later, suggesting any progress was “elusive.”
At the same time House Speaker Mike Johnson has signaled more potential problems ahead, warning the Senate package could run into trouble when it is sent back to the House for a final round of voting, as skeptical lawmakers are being called back to Washington ahead of Trump’s Fourth of July deadline.
“I have prevailed upon my Senate colleagues to please, please, please keep it as close to the House product as possible,” said Johnson, the Louisiana Republican. House Republicans had already passed their version last month.
It’s a pivotal moment for the Republicans, who have control of Congress and are racing to wrap up work with just days to go before Trump’s holiday deadline Friday. The 940-page “One Big Beautiful Bill Act,” as it’s formally titled, has consumed Congress as its shared priority with the president.
In a midnight social media post urging them on, Trump called the bill “perhaps the greatest and most important of its kind.”
Vice President JD Vance summed up his own series of posts, simply imploring senators to “Pass the bill.”
The GOP leaders have no room to spare, with narrow majorities in both chambers. Thune can lose no more than three Republican senators, and already two—Sen. Thom Tillis of North Carolina, who warns people will lose access to Medicaid health care, and Sen. Rand Paul of Kentucky, who opposes raising the debt limit—have indicated opposition.
Attention quickly turned to key senators, Lisa Murkowski of Alaska and Susan Collins of Maine, who have also raised concerns about health care cuts, but also a loose coalition of four conservative GOP senators pushing for even steeper reductions.
Murkowski in particular was the subject of the GOP leadership’s attention, as Thune
and others sat beside her in conversation.
Then Paul drew eyes after he returned from a visit to Thune’s office.
And on social media, billionaire Elon Musk was again lashing out at Republicans as “the PORKY PIG PARTY!!” for including a provision that would raise the nation’s debt limit by $5 trillion, which is needed to allow continued borrowing to pay the bills.
Senate Democratic Leader Chuck Schumer of New York said his side was working to show “how awful this is.”
“Republicans are in shambles because they know the bill is so unpopular,” Schumer said as he walked the halls.
A new analysis from the nonpartisan Congressional Budget Office found 11.8 million more Americans would become uninsured by 2034 if the bill became law. The CBO said the package would increase the deficit by nearly $3.3 trillion over the decade.
Senators to watch FEW Republicans appear fully satisfied as the final package emerges, in either the House or Senate.
Tillis said it is a betrayal of the president’s promises not to kick people off health care, especially if rural hospitals close.
Collins had proposed bolstering the $25 billion proposed rural hospital fund to $50 billion, but her amendment failed. And Murkowski was trying to secure provisions to spare people in her state from some health care and food stamp cuts while also working to beef up federal
reimbursements to Alaska’s hospitals. They have not said how they would vote for the final package.
“Radio silence,” Murkowski said when asked.
At the same time, conservative Senate Republicans proposing steeper health care cuts, including Rick Scott of Florida, Mike Lee of Utah, Ron Johnson of Wisconsin and Cynthia Lummis of Wyoming, filed into Thune’s office for a near-midnight meeting.
The Senate has spent some 18 hours churning through more than two dozen amendments in what is called a vote-arama, a typically laborious process that went on longer than usual as negotiations happen on and off the chamber floor. The White House legislative team also was at the Capitol.
A few of the amendments—to strike parts of the bill that would limit Medicaid funds to rural hospitals or shift the costs of food stamp benefits to the states—were winning support from a few Republicans, though almost none were passing.
One amendment was overwhelmingly approved. It would strip a provision barring states from regulating artificial intelligence if they receive certain federal funding. It was approved 99-1.
What’s in the big bill
ALL told, the Senate bill includes $4.5 trillion in tax cuts, according to the latest CBO analysis, making permanent Trump’s 2017 rates, which would expire at the end of the year if Congress fails to act, while
adding the new ones he campaigned on, including no taxes on tips.
The Senate package would roll back billions of dollars in green energy tax credits, which Democrats warn will wipe out wind and solar investments nationwide.
It would impose $1.2 trillion in cuts, largely to Medicaid and food stamps, by imposing work requirements on ablebodied people, including some parents and older Americans, making sign-up eligibility more stringent and changing
The Associated Press writers Ali Swenson, Fatima Hussein, Michelle L. Price, Kevin Freking, Matt Brown, Seung Min Kim and Chris Megerian contributed to this report.
PHL still grappling with a growing crisis of food insecurity
THE first time the Philippine government conducted a nationwide campaign to heighten the public’s awareness about the importance of nutrition was in 1974. Then President Ferdinand E. Marcos signed Presidential Decree 491, which mandated the National Nutrition Council (NNC) to coordinate and lead the campaign every July. For this year, the agency attached to the Department of Health opted to train the spotlight on the Philippine Plan of Action for Nutrition (PPAN 20232028), which seeks to reduce all forms of malnutrition and hunger rates in the coming years.
Unfortunately, decades after PD 491 was signed, the Philippines continues to grapple with malnutrition and hunger. Citing the Food and Agriculture Organization of the United Nations (FAO) 2024 report, NNC said about 51 million Filipinos experienced moderate or severe food insecurity between 2021 and 2023. This, the agency said, was also reflected in the Social Weather Stations Survey in December 2024, where it was reported that 25.9 percent of Filipino families experienced involuntary hunger.
The NNC said the result of the 2023 Expanded National Nutrition Survey conducted by the Food and Nutrition Research Institute of the Department of Science and Technology affirmed the need for action to address food insecurity. The survey indicated that 31.1 percent of Filipinos are considered moderately to severely food insecure, while 2.7 percent are severely food insecure. One of the major factors that contributed to these results, the NNC said, is limited agricultural productivity.
Nowhere is this more evident than in the rice sector, where yield per hectare remained at 4 metric tons. In a paper it presented during a hearing at the House of Representatives in 2024, the Philippine Rice Research Institute said rice yield per hectare reached 4.36 metric tons and 4.03 MT during the dry and wet season, respectively, from 3.63 MT in 2019. (See, “PhilRice: RTL raised rice yield,” in the BusinessMirror , May 1, 2024). While these figures are an improvement from the 2019 base levels, the increase in yield is still falling behind the pace of growth in local rice demand.
Further exacerbating the food supply situation of the Philippines is the onslaught of pests and animal diseases, which threaten certain crops and the livestock sector. Until now, the Philippines has yet to find a way to raise hog output amid the presence of African swine fever, which continues to threaten domestic hog farms. There is also the threat of bird flu, which could also decimate poultry farms—a development that would put more pressure on meat prices.
While imports can help fill the supply gap especially during the lean season for certain crops, recent international developments have shown that relying on imports is becoming an expensive proposition. Geopolitical crises result in higher logistics costs, making imported commodities even more expensive. And import restrictions make it more difficult for countries like the Philippines to tame inflation.
The celebration of Nutrition Month would become more meaningful if constraints that hamper Filipinos’ access to healthy diets are eliminated. We hope that by the time the annual event hits another milestone in 2034, FAO and local surveys would say that millions of Filipinos are no longer food insecure or experiencing hunger.
Issuance and transfers of shares of stock: Taxation as modified by CMEPA
TAX LAW FOR BUSINESS
THE effectivity of Republic Act 12214 or the Capital Markets Efficiency Promotion Act (CMEPA) on Tuesday, July 1, 2025, signaled the implementation of the various changes in the taxation of the capital markets and the products and transactions that come with them. The new law modified the taxation of passive income—interests, dividends, capital gains, and royalties—to make it simpler, fairer, more efficient, and more competitive.
Among those affected by the changes are the taxes imposed on the original issuance of shares of stock and their subsequent sale or transfers.
Documentary Stamp Tax (DST).
DST is a tax that is levied without any purpose other than raising revenue. Nonetheless, it is still imposed in our jurisdiction. Among those subject to DST are the issuance and transfers of shares of stock. Since its initial imposition, the rates have been changing. But with the enactment of CMEPA, original issue of shares of stock is now subject to DST at the rate of 75 percent of 1 percent (0.75 percent) of the par value of shares or on the actual consideration for shares of
Cstock issued without par value. This was reduced from the previous rate of P2 for every P200 of the par value of shares or on the actual consideration.
The DST on the sale or transfer of shares has not changed. It remains to be P1.50 for every P200 of the par value of the stock, or 50 percent of the DST paid upon the original issue for stocks sold without par value. Differently treated for DST purposes are the original issuance, redemption, and other dispositions of shares in a mutual fund company. The new law specifically exempts these transactions from the imposition of DST.
Capital Gains Tax (CGT). The rate of CGT remains at 15 percent, which
By Erica Yokoyama & Toru Fujioka
ONFIDENCE among Japan’s large manufacturers edged up in June, reflecting resilience in the face of the escalating US tariff campaign and backing the case for another Bank of Japan interest rate hike this year.
The sentiment index for the country’s major manufacturers climbed to 13 from 12 in March, according to the BOJ’s quarterly Tankan report Tuesday, beating economists’ expectations that it’ll fall to 10. The improvement was led by steel and paper makers. The gauge for large non-manufacturers slipped slightly to 34 from 35, staying near the highest levels since the early 1990s.
A positive figure indicates that optimists outnumber pessimists. The outlook broadly remained unchanged for large manufacturers and non-manufacturers and sentiment also stayed largely the same for smaller firms.
The better than expected reading for sentiment at large manufacturers is likely to give BOJ Governor Kazuo Ueda confidence he can keep the debate around a potential rate hike on the agenda when his board next meets at the end of the month. The
main gauge has now stayed positive for more than four years, supporting the central bank’s contention that the economy continues to recover with pockets of weakness.
“I really didn’t think we’d see improvement,” said Tsuyoshi Ueno, executive research fellow at NLI Research Institute. “The BOJ was trying to assess how much the overseas economy has affected domestic business sentiment. But so far, the effects haven’t really surfaced, so from the BOJ’s perspective, the situation probably doesn’t look too bad.”
The yen strengthened, emerging as the best performer among major currencies against the dollar. The Japanese currency advanced as much as 0.4 percent to 143.44 per dollar.
In the bond market, 10-year government bond futures, which had opened higher, reversed course and fell for a while, reflecting a shift in sentiment around long-term yields.
is imposed on the net capital gains derived from the sale, exchange, or other disposition of shares of stock. This 15 percent tax rate is uniformly applied regardless of the classification of the taxpayer, unless there are exemptions that can be availed—such as the extension of tax treaty benefits for residents of countries where the Philippines has existing tax treaties. Perhaps, one of the significant changes in the imposition of CGT are the transactions that are (a) included and (c) excluded in its coverage. This used to be imposable only on shares of stock issued by domestic corporations. Sale or transfer of shares of stock issued by foreign corporations was not subject to this type of tax. Taxable gains were then subjected to the regular income tax rates. With the change introduced by CMEPA, gains derived from the disposition of shares issued by foreign corporations may also be covered by this tax. Shares sold or disposed of through a stock exchange remain to be excluded from the coverage of this tax, as these are subject to the stock transaction tax discussed below. But this exclusion—which used to apply only to stocks sold in a local stock exchange—was extended to stocks sold in a foreign stock exchange. With the change introduced by CMEPA, shares of stock listed and traded in both local and foreign exchanges are outside
Business sentiment is a key indicator for authorities seeking to assess whether wage momentum may be sustained. The bank warned in its latest policy statement that growth may moderate as trade and other policies weigh on corporate profits. If companies see their margins squeezed, they may have to slow the pace of pay increases.
In the last two years, large companies have vowed during annual wage negotiations to give wage increases of 5 percent or more, the biggest gains in more than three decades. Those gains fueled hopes of a virtuous economic cycle featuring increased spending that spurs demand-led inflation.
“A surprise pickup in business sentiment among large manufacturers in the Bank of Japan’s secondquarter Tankan survey suggests exporters are holding up well despite US tariff pressure. Price-related indicators, meanwhile, point to domestic inflationary momentum on track with the BOJ’s 2 percent target,” said Bloomberg economist Taro Kimura.
Uncertainty surrounding the outcome of the trade negotiations could still weigh on corporate sentiment. In Tuesday’s data, confidence among
the coverage of the CGT. In essence, gains derived from the sale or transfer of shares of stock issued by domestic and foreign corporations, except those listed and traded through local and foreign exchanges, are subject to CGT at the rate of 15 percent, which is imposed on the gains realized from the sale. Stock Transaction Tax (STT). This is a type of tax that does not know where it belongs—whether it is an income tax or a percentage tax. Anyway, that will be the subject of a discussion in a separate column. Sale or transfer of shares listed and traded through stock exchanges are taxed differently from the shares that are not listed. Instead of the CGT, the STT applies. The STT rate used to be one half of 1 percent (0.05 percent) of the gross selling price or gross value in money of the shares of stock sold. This tax rate was increased by the TRAIN Law (RA 10963) to 6/10 of 1 percent (0.60 percent). CMEPA further modified this by fixing the rate to 1/10 of 1 percent (0.10 percent) of the gross selling price or gross value in money of the shares sold. This new rate is lower than the previous one, but still higher than the rate prior to the TRAIN Law.
Aside from the change in the tax rate, there is also a change in the shares of stock covered by the STT.
large carmakers and metal product makers worsened, though so far the impact appeared limited.
“Compared to the last survey, the export environment has clearly worsened,” said Ueno. “Car exporters have recently cut prices on vehicles shipped to North America by about 20 percent. That’s definitely hurting their profitability—some exporters are probably experiencing losses.”
Despite more than two months of talks, Tokyo has yet to finalize a deal with Washington. Japan continues to seek a comprehensive agreement that includes sector-specific tariffs, especially those impacting the vital auto industry. Without progress, the baseline duty on Japanese exports to the US is set to revert to 24 percent from the current 10 percent next week.
Even with the export outlook darkened by trade friction, companies are set to continue investing in plants and equipment. Tuesday’s Tankan report showed that large firms across various sectors intend to increase investment by 11.5 percent in the
sion from
Fulvio D. Dawilan
Fed versus Trump on tariffs impact will soon be put to the test
By Amara Omeokwe
IT’S a widely held belief among economists that President Donald Trump’s tariffs will boost inflation notably over the next few months. But muted price increases so far have called that assumption into question, emboldening the White House and opening up divisions at the Federal Reserve.
Anticipation of firmer inflation has kept the US central bank from delivering interest-rate cuts this year as it waits to see what happens. The Trump administration is applying intense pressure on Fed Chair Jerome Powell to bring down borrowing costs, and two Fed governors in recent days have publicly diverged from Powell by asserting a cut could be appropriate as soon as July.
A pair of key reports in the coming weeks—the monthly jobs report due Thursday and another on consumer prices due July 15—will be critical in determining the central bank’s next steps. Both are expected to finally begin reflecting the impact of tariffs, but any surprises could change the schedule for rate cuts.
“One of the things that makes it such a difficult situation is that we simply haven’t done this sort of experiment in the past,” William English, a professor at the Yale School of Management and former highranking Fed economist, said of the tariffs. “We’re outside the range of experience for a modern US economy, and so it’s very difficult to be confident about any forecast.”
Trump and his allies have escalated attacks on the Fed and Powell in recent weeks, motivated by data showing inflation remained tame through May despite the tariffs put in place. The president has lobbed several insults at Powell, calling him a “numbskull” and “truly one of the dumbest, and most destructive, people in Government.”
Other Trump administration officials and some congressional Republicans—oftentimes more reticent to weigh in on monetary policy—have joined in as well. Kevin Hassett, director of the White House National Economic Council, said on June 23 that there is “no reason at all for the Fed not to cut rates right now.”
Hassett, who is seen as a possible replacement for Powell when the Fed chair’s term expires next year, emphasized data due in the coming weeks: “I would guess that if they see one more month of data, they’re going to really have to concede that they’ve got the rate way too high,” he said.
The debate reflects the delicate situation the Fed is in as it aims to avoid a policy mistake. Should officials cut rates just as tariff-induced price pressures kick in, they may have to resort to more aggressive measures later on. But holding rates at an elevated level to combat inflation that never materializes risks restraining the economy unnecessarily, potentially damaging the labor market in the process.
Forecasters expect inflation to accelerate in the coming months. Powell told Congress in testimony last week he expects “meaningful” price increases to materialize in June, July and August data as the levies work their way through the economy. But he added Fed officials are “perfectly open to the idea” the impact could be smaller than feared, “and if so, that’ll matter for our policy.”
The Bureau of Labor Statistics will publish its report on consumer prices for June on July 15, two weeks before the central bank’s next policy meeting. Fed Governors Christopher Waller and Michelle Bowman—both Trump appointees—have broken step with Powell and their other colleagues to raise the possibility of a rate cut next month if the data cooperate.
“I think we’ve got room to bring it down, and then we can kind of see what happens with inflation,” Waller said in a June 20 CNBC interview, adding the central bank could always bring a halt to rate cuts again if necessary. “We’ve been on pause for six
Hedge fund strategy built on catastrophes taps hot new trend
Omonths to wait and see, and so far the data has been fine.”
Still, investors currently see only about a 20 percent chance of a July move and are instead betting the next cut will come in September, according to federal funds futures.
Tariff math
BENIGN inflation readings through May suggest companies are finding ways, at least for now, to avoid price hikes despite Trump’s tariffs on dozens of US trading partners—and widespread uncertainty over how long the duties will last and the level where they’ll ultimately settle.
One potential explanation is companies are working through inventories of imports they frontloaded in the first quarter to get ahead of the levies, said Josh Hirt, a senior US economist at Vanguard Group.
Hirt’s calculations suggest that, on average, importers this year have paid an effective tariff rate lower than what Trump has put in place, largely because so much was brought in before they took effect.
Another source of uncertainty Powell discussed in his testimony is just how the costs of the tariffs will be split between exporters, importers, retailers, manufacturers and consumers.
“In the beginning, it will be the importer that pays the tariff, but ultimately it will be spread out among those five,” Powell said, adding that data suggests at least some of the impact will fall on consumers.
“After a brief lull in April and early May, container traffic from China to the US is rising again, with year-todate import volumes on pace to exceed normal levels at least through summer. If that pace is sustained, US store shelves should be wellstocked at the holiday season. That likely means less need for firms to pass on tariff costs this year,” said Bloomberg economists Estelle Ou and Andrej Sokol.
Before the July 15 inflation report comes equally consequential monthly data on employment, due from the BLS on July 3. So far this year, there’s been little indication that tariffs have put a dent in hiring, which has allowed the Fed chair and many of his colleagues to maintain that a solid labor market means there’s no rush to cut rates.
But as with the inflation data, forecasters have largely maintained that any potential labor-market impact of the trade policy upheaval wouldn’t be visible before the release of the June figures. In a Bloomberg survey, economists said they expect the this week’s report will show the unemployment rate in June crept up to 4.3 percent, which would mark the highest level since 2021.
Bowman, in a June 23 speech, said Fed officials should “recognize that downside risks to our employment mandate could soon become more salient, given recent softness in spending and signs of fragility in the labor market.”
Monthly consumer spending figures published Friday by the Bureau of Economic Analysis showed a drop in outlays in May as households pulled back on discretionary services like travel and dining, and forecasters warned higher prices in the months ahead would put more pressure on consumption. English, at Yale, said the impact of tariffs will depend on factors which are difficult to measure. But “the kind of intuition that there’s going to be some pass-through of the tariffs to prices just feels right,” he said. “I am not yet thinking that the basic story is wrong.” Bloomberg
By Gautam Naik
NE of the most successful hedge fund strategies of recent years—insurance-linked securities—is latching on to an old idea whose popularity is suddenly soaring.
Parametric insurance, where policyholders get quick payouts if weather-related metrics are met, used to be the preserve of small businesses and farmers in developing countries. Now, it’s a rapidly growing market luring large corporations across the rich world.
Sebastien Piguet, co-founder and chief insurance officer at Descartes Underwriting, says parametric models are filling a gap left by other types of insurance policies. That’s as climate change and more frequent extreme weather events challenge standard coverage models.
“It’s much more challenging to find capacity for this kind of coverage with traditional insurance,” he said.
Companies using parametrics now include French pharmaceutical firm Sanofi SA, telecommunications company Liberty Latin America, and renewable energy investor Greenbacker Capital Management. The market for such products is estimated to almost double to $34 billion in the decade through 2033.
It’s a shift that’s caught the attention of ILS investment managers. Insurance-linked securities, which a Preqin ranking listed as the bestperforming hedge fund strategy of 2023, have long focused on catastrophe bonds. Typically issued by insurers and reinsurers, investors in the bonds make money if predefined triggers like wind speed or insured losses aren’t met, and lose money if they are.
In recent years, that model has
generated market-beating returns. Investment funds based on parametric insurance have the potential to beat cat bond returns, according to Rhodri Morris, a portfolio manager at Twelve Securis. The Zurich-based $8.6 billion alternative investment manager, which specializes in catastrophe bonds, launched the LumynaTwelve Capital Parametric ILS Fund together with Lumyna Investments in February.
“We aim to return a couple of percentage points above the cat bond market,” Morris said in an interview.
The fund, which is the first of its kind, has so far attracted about €85 million ($99 million) of capital. Morris says the expectation is that it will draw as much as €200 million next year.
A key attraction for investors is they can avoid so-called trapped capital, according to Morris. Investors in cat bonds sometimes wait for months—or even years—before loss rates are assessed and payouts settled. Investors in a parametric fund will generally know within days whether an underlying insurance contract has paid out or not.
The Lumyna-Twelve parametric fund has drawn “genuine interest” from investors, Morris said. But they’ve also had questions, and there’s a number of important factors to consider, he said.
“Investors need to understand that you’re giving up liquidity in some part of the portfolio,” Morris said. “But the benefits you’re get-
ting are higher returns and the lack of trapping.”
The fund has received seed capital from what it describes as a “top-tier European institutional investor.”
Morris declined to identify the firm by name.
Luca Albertini, chief executive of Leadenhall Capital Partners, a London-based firm which oversees $4.5 billion in ILS assets including a few private parametric deals, says that while investors benefit from the transparency and quick payouts of parametric products, they need to pick investments with care.
“The attractiveness of parametric comes and goes,” and “you need to be watchful that the risk-reward remains attractive compared to alternatives in the same space,” such as cat bonds, he said.
The Lumyna-Twelve fund will be structured so that part of the capital will support deals it strikes itself. For these, it will rely on Descartes to structure the transactions, and on Assicurazioni Generali SpA— the parent of Lumyna—to provide the insurance capital to back the product.
Returns are also based on parametric deals done by Descartes and its partner Generali for their own clients. These will be bundled, with the Lumyna-Twelve fund free to invest in a chunk of the end product.
At the same time, the fund plans to invest 40 percent or more of its capital in catastrophe bonds to provide “a liquid element” in the fund, according to Morris.
Climate-related economic losses in the US have reached $6.6 trillion over the past 12 years, so figuring out how to deal with extreme weather events is no longer just an environmental concern, but a “significant
financial issue,” Bloomberg Intelligence said in a recent report. Against that backdrop, corporate demand for parametrics keeps growing. Cyril Lelarge, global head of insurance at Sanofi, says the company has been relying increasingly on parametric coverage as it looks for ways to guard its supply chain. “It’s important for us to protect our assets for the future,” he said. Liberty Latin America says it bought “several hundred million dollars’ worth” of hurricane parametric insurance in 2024. When Hurricane Beryl hit last July, Liberty says it got a quick payout of $44 million, which helped the company rebuild damaged infrastructure.
Descartes has also launched parametric cover for solar farms against tornado damage. And Aon Plc, an insurance broker, has together with Swiss Re and Floodbase rolled out a policy for hurricane-related storm surge along the US coast, while Axa SA has introduced a product that protects outdoor workers in Hong Kong from heat waves. Parametric deals are also increasingly popular among renewables firms, with solar plants in Texas acquiring policies against hailstorms, and wind farms using them as a financial buffer when the wind fails to blow and revenue drops. For Greenbacker Capital Management, the parametric coverage it received from Munich Re, in conjunction with a “wind proxy hedge” that it structured with kWh Analytics, helped it attract lenders, according to Dan de Boer, interim chief executive at Greenbacker.
“It allowed us to raise 20 percent more debt capital” for a US wind project, he said. Bloomberg
Solar, wind industries see existential threat in Senate tax bill
By Michelle Ma
AS Senate Republicans debate President Donald Trump’s tax and spending bill, renewable energy companies are reeling at what looks like a worst-case scenario for the industry.
The latest version of the Senate bill includes a new excise tax on wind and solar projects with certain Chinese components, a late addition that stunned renewable advocates. Given China’s dominance of the solar supply chain, developers would struggle to find ample equipment, including wafers, from other countries.
The bill would also roll back clean energy tax credits sooner than the House version of the package. It would require wind and solar projects to be fully operational by the end of 2027 to qualify for incentives. Many observers had expected the Senate to ease the phaseout—not accelerate it.
The moves by the Senate, as it seeks to cut spending to offset trillions of dollars in tax cuts, “came out of left field” and shocked the industry, according to Ben King, an associate director with research group Rhodium Group’s Energy & Climate practice.
If passed in its current form, the “One Big, Beautiful Bill” would threaten billions of dollars of investments, hobbling energy development at a time of skyrocketing power demand. It would also risk causing household energy bills to spike higher.
“The willingness of the Senate to
Tax law. . . continued from A12
The STT used to be imposed only on the sale or disposition of shares of stock listed and traded through a local stock exchange. Shares of stock listed and traded through foreign stock exchanges were not subject to the STT. Gains from said transactions were either subject to the capital gains tax or to the regular income tax. This was modified by CMEPA. Sale of shares of stock listed and traded through a foreign stock exchange shall also be subject to the
suggest policy changes that will dramatically increase cost of energy to their consumers and sacrifice significant job growth is very surprising,” said Jason Grumet, chief executive officer of the American Clean Power Association, or ACP, an industry trade group. “It suggests that the effort to repolarize this debate is now taking precedence over their actual constituent interests.”
Republican Senators Joni Ernst and Chuck Grassley of Iowa, along with Lisa Murkowski of Alaska, worked Monday to advance an amendment to soften the clean electricity tax credit phaseout and jettison the proposed excise tax. The tax is “unprecedented,” and “the extremity of the proposal may motivate key Senators to support excise tax repeal,” analysts for research provider Capstone LLC wrote in a note Monday.
ACP estimates the new tax would raise costs on American clean energy companies by $4 billion to $7 billion in the next 10 years, while Rhodium projects it will result in a 10 percent to 20 percent increase in the cost of building wind and solar.
That cost increase would “drive down deployment” and, for some new solar and wind facilities that
STT at the new rate of 0.10 percent. In short, beginning July 1, 2025, sale or other dispositions of shares of stock issued by domestic and foreign corporations which are listed and traded through local stock exchanges and sale or other dispositions of shares of stock issued by domestic corporations which are listed and traded through a foreign stock exchange are subject to the STT at the rate of 0.10 percent, which is imposed on the gross selling price on gross value in money of said shares. The rules noted above, however, do not apply if the seller is regularly
If passed in its current form, the “One Big, Beautiful Bill” would threaten billions of dollars of investments, hobbling energy development at a time of skyrocketing power demand. It would also risk causing household energy bills to spike higher.
would otherwise be economically competitive with natural gas, push them “out of the sweet spot,” said King. Because this kind of policy has never been implemented before, the uncertainty it introduces would have a “chilling effect” on investment in renewables, he added.
The current proposal would also prevent 300 gigawatts of wind and solar—on par with the output of 300 nuclear reactors—from being brought online within the next 15 years, ACP estimates, which Grumet called a “dramatic interruption” of bringing power to the grid as demand soars. Natural gas couldn’t easily fill the gap, due to a shortage of turbines, while nuclear power plants take years to bring online.
Industry wasn’t alone in its dismay over the changes. On his platform X, Elon Musk called the bill “political suicide for the Republican Party” and “utterly insane and destructive” in its impact on energy. Labor groups assailed the potential for job losses, with North America’s Building Trades Unions President Sean McGarvey calling the legisla-
involved in the trading of securities. The income derived from the sale of shares of stock by a dealer in securities licensed by the appropriate government agency to buy and sell securities for his/its own account and done in the ordinary course of business is considered ordinary income. Being income derived from the regular business activities, such income is subject to the regular income tax. As the new law envisions, we hope that these changes in the taxation of shares of stock would help in the development of the capital markets. Added to that, of course, is the imple
tion “the biggest job-killing bill in the history of this country.”
Asked about the proposed excise tax Monday, White House spokeswoman Karoline Leavitt declined to comment on the specifics of legislation. Pressed further to respond to an allegation the excise tax would be tantamount to terminating more than a thousand Keystone XL pipeline projects, Leavitt said the president understands “legislators want to protect jobs in their communities and in their districts, and so he understands why some of them are against this provision, but he also understands why people want the provision.”
The Trump administration has made a concerted push to shift federal policy to favor fossil fuels over renewables. Agencies have moved to strip $3.7 billion in loan support for lowand zero-emission power projects and unexpectedly paused construction of an offshore wind farm for weeks, both unprecedented moves. But the clean energy incentives in the Inflation Reduction Act have spurred investment predominantly in red states and districts, giving some congressional Republicans reason to think twice about nixing them.
As lawmakers debate the bill, one thing is clear: Its current iteration would “signal a real step back” on the energy transition, according to Rhodium’s King.
“Decarbonization effectively flatlines from where we are today,” he said. With assistance from Jennifer A Dlouhy and Tope Alake/Bloomberg
mentation of
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Wednesday, July 2, 2025 END-APRIL INFRA SPENDING UP, DESPITE POLL SPENDING BAN
Low BSP assets, more debt crimp growth in PHL liability
By Cai U. Ordinario
THE reduction in net assets of the Bangko Sentral ng Pilipinas (BSP) and higher external liabilities of the national government slowed the growth of the country’s net external liability position.
The BSP said on Tuesday that the country’s net external liability position slowed to 7.4 percent to P3.5 trillion in the last quarter of 2024 from the P3.8 trillion posted in the third quarter of 2024.
The growth, the BSP said, was due to lower net external liabilities of the non-financial corporations and a shift by the other depository corporations from a net external liability to a net external asset position.
“However, the reduced net external assets of the Central Bank and the higher external liabilities of the general government partially mitigated these positive developments,” the BSP said.
The data also showed that the net liability position of the domestic economy in relation to the rest of the world grew by 39.7 percent yearon-year to P3.5 trillion in the fourth quarter of 2024 from P2.5 trillion in the fourth quarter of 2023.
“This increase was primarily driven by the general government and
non-financial corporations, both of which expanded their net external liabilities. However, the Central Bank’s higher net external asset position partially tempered the overall increase,” the BSP explained.
The BSP said its net financial asset position was “generally stable” at P1.3 trillion, posting a 1-percent quarter-on-quarter growth and 40.3 percent year-on-year growth.
The data showed this reflected the decline in the BSP’s reverse repurchase agreements with banks, the reduction in the other depository corporations’ holdings of BSP-issued debt securities, as well as the decline in the BSP’s deposit liabilities to the general government.
“These were, however, offset by the increase in currency holdings by both the households and the other depository corporations, along with the higher deposits of banks in the BSP,” the BSP said. The year-on-year growth was driven by the increase in the BSP’s repurchase agreements with nonresidents.
In terms of sector, BSP said the non-financial corporations’ net financial liability position eased by 2.5 percent quarter-on-quarter to P11.4 trillion from P11.7 trillion.
On a year-on-year basis, however, the BSP said the sector’s net debtor
position expanded by 12.4 percent due to higher loans payable to the other depository corporations and the rest of the world.
The BSP also said non-financial corporations saw an increase in outstanding equity and investment fund shares by nonresidents and the other financial corporations.
Meanwhile, general government’s net financial liability position grew by 5.2 percent quarter-on-quarter to P10 trillion from P9.5 trillion. On an annual basis, the general government’s net financial liability position rose by 16.1 percent.
The quarterly growth, the BSP said, reflected the decline in deposits in the banking system and the BSP. It also mirrored the growth of the sector’s loans payable to nonresidents, which accounted for 89.2 percent of the general government’s total outstanding loans.
On a year-on-year basis, the doubledigit growth was largely due to the increase in holdings of government securities by the rest of the world, the other depository corporations as well as other financial corporations.
Meanwhile, BSP data showed that households’ net financial asset position expanded by 4.1 percent quarter-on-quarter to P14.7 trillion from P14.2 trillion. However, there was a
10.4-percent growth in households’ net financial asset position in the fourth quarter of 2024 compared to the same period in 2023.
“This (quarterly) increase was driven by the sector’s increased currency holdings and investments in equity and investment fund shares issued by the other financial corporations,” BSP said.
“(The annual growth reflected) the sector’s increased holdings of equity and investment fund shares, as well as insurance, pension, and standardized guarantee schemes issued by the other financial corporations,” it added.
The data was based on the Balance Sheet Approach (BAS), which is a presentation of the country’s financial balance sheets on a from whom-to-whom (WTW) basis using the aggregate balance sheet data of each sector of the economy as of the periods indicated.
It is a financial stability surveillance tool developed by the International Monetary Fund to help countries better monitor the potential vulnerabilities of economic sectors and their interactions with one another.
The BSP said the BSA is useful in identifying the possible emergence of a financial crisis, specifically those arising from asset-liability mismatches and increasing balance sheet interlinkages.
By Reine Juvierre S. Alberto @reine_alberto
GOVERNMENT infrastructure spending slightly rose as of the end of April, although the election-related spending ban weighed on disbursements for the month, according to the Department of Budget and Management (DBM).
Latest data on the national government’s disbursement performance showed infrastructure disbursements grew by 2.4 percent as of end-April, from P409.7 billion in the same period a year ago.
Infrastructure disbursements cover infrastructure components of subsidies and equity provided to government-owned and -controlled corporations (GOCCs), as well as transfers to local government units (LGUs).
The DBM attributed the strong spending to the Department of Public Works and Highways (DPWH) for the implementation of various infrastructure projects, settlement of right-ofway claims and payments for progress billings and outstanding obligations. However, in April alone, infrastructure and other capital outlays declined by 27.8 percent year-on-year to P85.8 billion
from P118.9 billion. This was traced to the election-related public spending ban on specific activities, goods, and services, along with the lower volume of contractor billings, which muted the DPWH’s infrastructure spending.
“Infrastructure activities were likewise frontloaded and accelerated in the earlier months in anticipation of the election ban,” the DBM said.
Moreover, direct payments made by development partners for several foreign-assisted rail projects of the Department of Transportation (DOTr), such as the South Commuter Railway Project and the Metro Manila Subway Project, were lowered during the month. Releases for local counterpart funds also contributed to the decline of infrastructure and other capital expenditures in April, according to the DBM.
Overall government spending DBM data further showed government disbursements reached P1.899 trillion as of end-April. This is 11.6 percent higher than the P1.7 trillion spent in the same period last year.
As such, maintenance and other operating expenses expanded by 32.2 percent to
By Cai U. Ordinario @caiordinario
GOVERNMENT’S longterm bond issuances drove the country’s external liabilities to widen, data released by the Bangko Sentral ng Pilipinas (BSP) showed. The Philippines’s international investment position (IIP), a broad measure of a country’s financial assets and liabilities, registered a 5.8-percent increase in net external liabilities from $65.5 billion as of end-December 2024 to $69.3 billion by endMarch 2025, read a statement issued by the central bank last Tuesday.
On a year-on-year basis, the BSP data showed the IIP grew 17.2 percent compared to the $59.117 billion posted in the January to March period last year. A statement issued by the central bank read that the Philippines’s net external liability rose in end-March 2025 as foreign investments in the Philippines increased more than Philippine investments abroad.
The BSP noted an increase in other investments largely due to “higher net availments of foreign loan by residents.” The data showed nonresidents’ portfolio investments in debt securities rose by 6.8 percent to $62.6 billion.
The central bank said these debt securities are classified under the “Portfolio Investment” account and consist mainly of placements in negotiable instruments serving as evidence of a debt, which are issued by enterprises that are not affiliated with the investors.
“This growth was driven by substantial net placements by nonresidents in long-term bonds issued by the National Government (NG), which were intended to support the NG’s general financing needs and other bud -
getary requirements,” BSP’s IIP report read.
According to the central bank, the double-digit growth in net external liability was due to the 7.4-percent increase in external financial liabilities from $304.2 billion amid the 5.1-percent growth in external financial assets from $245.1 billion.
Meanwhile, as of the end of March 2025, the country’s foreign investments in Philippine financial assets in end-March 2025, the biggest share of 56.1 percent was in the country’s “other sectors,” which covers other financial corporations, non-financial corporations, and households and non-profit institutions.
The second-biggest share of 28.6 percent was in securities issued by and loans extended to the National Government followed by the 14.1 percent share in instruments issued by the banking sector.
The BSP held the smallest share of 1.2 percent, which were mostly in the form of Special Drawing Rights (SDRs), the central bank explained.
Meanwhile, the data showed that the BSP continued to hold the largest share of the country’s investments in foreign assets at 43.3 percent. The “Other Sectors” contributed the second-biggest share of 40.9 percent. The banking sector accounted for the smallest share of 15.8 percent.
The IIP is a statistical statement that shows at a point in time the value of financial assets of residents of an economy that are claims on nonresidents or are gold bullion held as reserve assets and the liabilities of residents of an economy to nonresidents.
The difference between the assets and liabilities is the net pos ition in the IIP and represents either a net claim on or a net liability to the rest of the world.
By Malou Talosig-Bartolome
BEIJING has barred former Senate Majority Floor Leader Francis Tolentino from entering mainland China, Hong Kong, and Macau, China’s Foreign Ministry said Tuesday. Tolentino is one of the principal authors of two laws that further solidify the Philippines’ claim over the West Philippine Sea. He also exposed a deal between the Chinese Embassy and a Philippine-based PR firm, which he suspected was a provider of troll farms.
The former senator called China’s sanction “a badge of honor and a testament” to his commitment to uphold and defend Philippine sovereignty.
Barred for ‘egregious conduct’
ACCORDING to a spokesperson of China’s Foreign Ministry, “a handful of anti-China politicians” in the Philippines have made “malicious remarks and moves on issues related to China that are detrimental to China’s interests and China-Philippines relations.”
He said these politicians were “driven by selfish interests.”
“The Chinese government is firmly resolved to
defend national sovereignty, security, and development interests. China has decided to impose sanctions on former Philippine senator Francis Tolentino for his egregious conduct on Chinarelated issues and to prohibit him from entering mainland China, Hong Kong, and Macao,” he said in a statement.
The Department of Foreign Affairs said China’s sanctions on Tolentino are “not conducive to mutual efforts to restore trust and improve bilateral relations.”
It acknowledged, however, that the measures are “legally within China’s prerogative.”
‘No foreign power can silence me’ IN a statement, Tolentino said the sanctions were imposed on him for “defending the rights, dignity, and sovereignty of the Filipino people in the West Philippine Sea.”
“This sanction is a badge of honor and a testament to my unwavering commitment to protect our national interest and our people’s dignity. No foreign power can silence me or weaken my resolve to uphold our sovereignty. I am, and will always be, proud to be a Filipino,” he wrote in a post on his social media accounts.
Despite protests from China, the Philippine Congress passed the Philippine Maritime Zones Act and the Philippine Archipelagic Sea Lanes Act—two landmark legislations that clarified the country’s claims over the West Philippine Sea.
Last April, during a special Senate session on another maritime bill, Tolentino revealed a copy of a service agreement between the Chinese Embassy in Manila and PR firm Infinitus Marketing Solutions. He said the service contract included a provision for deploying “keyboard warriors.”
He also presented a check amounting to P930,000 from the Embassy to the marketing firm. Tolentino alleged that the troll farms were evidence of China’s “covert disinformation and influence operation” targeting the Philippine government. Infinitus denied that they are engaged in troll farm, and never authorized the contract that Tolentino showed during the Senate hearing. The check payment is true, the Infinitus official confirmed, but it was for the services they rendered for organizing an event that included President Marcos Jr. in June 2023. Tolentino ran for re-election in the May 2025 midterm elections but lost.
‘Summon Chinese ambassador’ SENATE President Pro Tempore Jinggoy Estrada denounced China’s move, which he believes “undermines mutual respect and regional stability.” “I urge the Department of Foreign Affairs to summon Chinese Ambassador
Editor: Jennifer A. Ng
Companies
BusinessMirror
Prime Energy, Ratio keen on foreign oil, gas assets—exec
By Lenie Lectura @llectura
PRIME Energy Resources Development B.V. (Prime Energy), a subsidiary of Prime Infrastructure Capital Inc., has partnered with Israel’s Ratio Petroleum to explore more oil and gas resources in the Philippines and abroad.
We want to thrive beyond Malampaya,” Prime Energy President and CEO Donnabel Kuizon Cruz said in a statement.
The Prime Energy executive stressed the need to develop indigenous gas resources to meet rising energy demand and avoid deeper dependence on imported fuel, which exposes the country to volatile global markets.
and only indigenous gas resource off the province of Palawan. It supplies about 20 percent of Luzon’s electricity needs and has significantly contributed to the nation’s energy independence since 2001.
PLDT banks on AI integration into 5G to build
‘mega utility’
Ratio Petroleum was earlier awarded by the Department of Energy (DOE) a contract to explore for oil and gas in East Palawan Basin under Service Contract (SC) No. 76. The operator of the Malampaya Deep Water Gas-to-Power Project said it has partnered with Ratio Petroleum to explore SC 76 and is pursuing farm-in opportunities in oil and gas blocks both in the Philippines and abroad.
“Ultimately, we want to see more oil and gas hubs in the Philippines, operated by generation upon generation of Filipino experts. We want more Filipinos to lead better lives because they have energy security.
“Prime Energy’s vision and purpose have been very clear to us from the start—we aim to be a world-class Filipino energy company providing long-term energy security to Filipinos. We’ve proven we can operate assets well and rig up a major project in record time. Now we are looking beyond our boxes, and evolve as an exploration company, too.”
T he Malampaya Deepwater Gasto-Power project is the country’s first
Prime Energy is currently working on Phase 4 of the Malampaya gas project that involves the drilling of two wells. The wells will be tied back to the existing platform via a 12-kilometer subsea pipeline laid across a canyon at depths reaching 1.2 kilometers, making it one of the most complex underwater projects in Asia Pacific.
“With these two new production wells, we hope to extend Malampaya life and sustain revenue remittances to the government as we continue to explore new gas sources,” said Cruz.
Prime Energy will also drill an exploration well in a new field named Bagong Pag-Asa.
Panjit to expand operations in PHL
By Andrea E. San Juan @andreasanjuan
TAIWAN -based global semi -
conductor manufacturer
Panjit International Inc. is expanding its presence in the Philippines, particularly in the electric vehicle (EV) segment, in light of the new tariff policy of the United States, according to the Philippine Economic Zone Authority (Peza).
On Tuesday, Peza said in a statement that Panjit International Inc. and Automated Technology Philippines Inc. (ATEC) inaugurated the Panjit Automotive Captive Line at ATEC Plant 1, Light Industry and Science Park in Cabuyao Laguna. Peza quoted Panjit President Jeff Fang as saying that more than just expanding capacity, setting up in the Philippines is a “forward looking move amid global trade shifts.” Fang said Panjit—one of the largest semiconductor manufacturers in China exporting to over 10 countries—sees this investment as “planting a seed for the future,” particularly in light of the current US tariff conditions.
Vivian S. Santos, Peza deputy director general for operations, said this project is a “significant” milestone for the country’s semiconductor industry.
“This partnership is a testament to a unified vision, strategic collaboration, and steadfast commitment. It contributes to our shared goals of advancing the semiconductor value chain, creating quality jobs, and building sustainable and globally competitive industries,” Santos said.
According to the Board of Investments (BOI), another investment promotion agency attached to the Department of Trade and Indusrtry, said this expansion “further integrates” the Philippines into the global semiconductor and automotive value chain, especially in the rapidly growing electric vehicle (EV) segment.
“The new lines bolster ATEC’s capacity to deliver advanced semiconductor solutions tailored to Panjit’s multinational clients in the automotive industry,” the agency said in a statement.
ATEC, a Filipino outsourced semiconductor assembly and test (OSAT) provider, plays a critical role in enabling high-value manufacturing in the country.
Meanwhile, Panjit International, manufactures, processes, assembles, and distributes semiconductors across various global markets.
In a separate statement issued on Tuesday, Peza said Omonprime Inc. inked its Registration Agreement (RA) with he agency as the
company is set to expand as an Ecozone Logistics Service Enterprise.
The agency said the expansion project, to be located at Laguna Technopark-Special Economic Zone (LT-SEZ) in Biñan, Laguna, involves warehousing, supply chain support, vendor-managed
Pag-IBIG
of digital transformation.
Pinventory, and logistics services aimed at enhancing the efficiency and global positioning of the country’s export and manufacturing sectors.
Peza Director General Tereso O. Panga noted that this is Omonprime’s fourth expansion.
Fund Earns 13th Straight Unmodified Opinion from COA
PAG -IBIG Fund has earned its 13th consecutive Unmodified Opinion from the Commission on Audit (COA), reaffirming its commitment to excellence in financial management, sound governance practices, and consistent compliance with accounting and auditing standards, officials announced on Tuesday, July 1.
The latest audit opinion followed COA’s comprehensive review of PagIBIG Fund’s financial statements and operations for the year 2024. The review confirmed that the agency’s transactions were properly conducted in accordance with applicable laws and regulations, and that its financial statements were fairly presented, in all material respects, in line with relevant government accounting and reporting standards.
“This is further proof that PagIBIG Fund has been, and continues to be, managed with professionalism, prudence, and integrity,” said Secretary Jose Ramon P. Aliling, head of the Department of Human Settlements and Urban Development and Chairperson of the 11-member Pag-IBIG Fund Board of Trustees. “It is a testament to how Pag-IBIG Fund upholds the highest standards in managing our members’ hard-earned savings and in fulfilling its mandate to serve the Filipino worker. This achievement also reflects Pag-IBIG Fund’s strong position, as it plays a key role in the administration’s flagship Expanded Pambansang Pabahay para sa Pilipino (4PH) Housing Program. We remain committed to the directive of President Ferdinand Marcos Jr. to build a more secure, resilient, and prosperous future for every Filipino family.”
COA had previously issued unqualified opinions on Pag-IBIG Fund from 2012 to 2017 and unmodified opinions from 2018 to 2024. With this latest result, Pag-IBIG Fund joins a short list of Philippine government agencies and GOCCs that have consis-
tently received unqualified and unmodified opinions for over a decade, a noteworthy distinction that underscores its sustained fiscal discipline and commitment to transparency.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta likewise emphasized the significance of this recognition, highlighting how it reflects the agency’s outstanding performance and service delivery in 2024.
“Pag-IBIG Fund exceeded the one-trillion-peso mark in total assets and posted a historic net income of P66.78 billion last year. We also achieved all-time highs in our housing loan releases, cash loan disbursements, and loan collections, enabling more Filipino workers to access affordable home financing and meet their short-term financial needs. Earning COA’s Unmodified Opinion for the 13th consecutive year affirms that we accomplished all these while upholding the highest standards of integrity, in line with President Marcos Jr.’s call for excellence and accountability in public service, said Acosta.”
“This recognition reinforces our members’ trust, knowing that their savings are safe, protected, and responsibly managed. We will continue to serve them with Tapat na Serbisyo, Mula sa Puso, and remain focused on sustaining this track record of integrity in the years ahead, she added.”
The unmodified opinion from COA adds to the list of recognitions earned by Pag-IBIG Fund from governing bodies for its excellence in public service last year. In 2024, Pag-IBIG Fund was also named as one of the top-performing government firms for good governance by the Governance Commission for GOCCs (GCG). Pag-IBIG Fund also earned a satisfaction rating of 99.52% in its 2024 Client Satisfaction Measurement, in accordance with the standards set by the Anti-Red Tape Authority (ARTA) and the GCG.
By Lorenz S. Marasigan @lorenzmarasigan
LDT Inc. is placing a highstakes bet on the convergence of 5G and artificial intelligence (AI), which it sees as the twin engines of smarter, faster, and more intelligent connectivity across industries.
Menardo Jimenez Jr., the company’s COO, said the integration of these two technologies will change what telcos can deliver, powering everything from smarter infrastructure to next-generation digital platforms.
“It is the power of both 5G and AI that will deliver the magic,” he said. “Not just one or the other. Telcos have the unique DNA to deliver both, and that’s why we believe the future of the industry depends on how we harness these two forces together.”
Jimenez said the integration of AI into PLDT’s 5G network is central to the conglomerate-wide goal laid out by PLDT Chairman Manuel V. Pangilinan to create a “mega utility” that serves Filipinos across industries—telco, power, water, highways, agriculture, and media.
He said PLDT’s role has evolved from merely providing connectivity to becoming a critical enabler
“If we stopped at just providing connectivity, our revenues and relevance would eventually plateau. We had to invest forward, and we did.”
To date, PLDT operates the country’s largest network of data centers and is the only telco offering GPU-based computing—an essential component for processing AI workloads.
These capabilities place the company in a prime position to meet the rising demand from enterprises and industries seeking scalable AI solutions.
Jimenez noted that the company has a three-part strategy for 5G-AI leadership: “build smarter infrastructure, collaborate boldly, and train relentlessly.”
He cited PLDT’s adoption of 5G Standalone architecture as a key enabler for future innovations and emphasized the importance of partnerships in delivering value to customers.
“The solo mindset is outdated,” Jimenez said, adding that PLDT is training its workforce through AI bootcamps and upskilling programs to ensure internal alignment with its tech-forward ambitions. “If our people don’t embrace AI, there’s no way we can lead with it.”
B1 Wednesday, July 2, 2025
BUSINESSMIRROR FILE PHOTO
DTI grants over ₧4.9M in loans to Laguna MSMEs
THE Department of Trade and Industry (DTI) gave more than P 4.9 million in affordable loans to micro, small, and medium enterprises (MSMEs) in Laguna on Thursday, June 26. The move will help MSMEs who are in need of capital for business expansion and operational growth.
The financial support was distributed during a town hall meeting as part of a broader DTI initiative that has already injected over P 86.56 million into Laguna’s local economy since August 2024.
“These figures are more than just numbers—they reflect expanded business opportunities, more jobs for Filipinos, and stronger economic resilience at the local level,” said Secretary Cristina A. Roque.
The funding was channeled through two specific programs managed by the Small Business Corporation, the DTI’s financing arm.
Under the RiseUp Multi-Purpose Suki Loan Program for established borrowers, financing was awarded to Minette Tambago of Tamagdo Builders (P 2.3 million), Ma. Perliz Santiago of Lackey Excel Hardware (P 1.5 million), and Marilyn Ceredon of Lavmemar Travel and Tours (P 450,000).
Meanwhile, first-time borrow-
FAST
DTI launches Women’s Enterprise Fund to empower women entrep
Wer Leonard Remi Liu, owner of Woodcraves Online Shop, secured P 700,000 through the SME MultiPurpose Loan First Timer Program, which is designed to simplify capital access for entrepreneurs.
The awarding ceremony was also a highlight of the “DTI Secretary Goes to the Regions” program in CALABARZON, a two-day initiative from June 25 to 26 aimed at making government services and programs closer to provincial communities.
As part of the regional visit, DTI officials conducted price monitoring of basic necessities and prime commodities in Sto. Tomas City to ensure consumer protection. The agency also brought its Diskwento Caravan to the area, offering residents access to stable goods at a 10% discount.
In Lipa City, the DTI team engaged with the private sector and visited local businesses such as Café de Lipa to study successful enterprise models. Discussions were also held with stakeholders at the LipaMalvar industrial estate, focusing on sustainable production, innovation, and workforce advancement.
MSMEs interested in applying for similar financial assistance may visit https://brs.sbcorp.ph and refer to the “How to Apply for a Loan” guide.
Logistics, Aritao partner to boost farmer income with new logistics kiosk
By Andrea E. San Juan
FAST Logistics Group, the leading provider of end-to-end logistics and supply chain solutions in the Philippines, said it has inked an agreement with the Municipality of Aritao in Nueva Vizcaya to establish a Logistics Support Kiosk which can help farmers and local enterprises in the province improve market access and boost their income.
Last Friday, FAST CEO for Logistics Manuel L. Onrejas Jr. signed a Memorandum of Partnership Agreement (MOPA) with Aritao Municipal Mayor Remelina Peros-Galam and DTI Nueva Vizcaya Provincial Director Ramil D. Garcia to establish the province’s first Logistics Support Kiosk in Aritao.
The initiative aims to ease transport bottlenecks and help agricultural producers and micro, small, and medium enterprises (MSME) reach bigger markets by providing a “full suite” of logistics solutions—including transport, warehousing, cross-docking, last-mile delivery—along with direct linkages to institutional buyers in urban centers.
The logistics firm said in a statement on Sunday that the kiosk, which is located at [One Town, One Product] OTOP Store Aritao, will serve as a “drop-off and consolidation point” MSME products from Aritao and surrounding areas.
From there, FAST said it will transport these products to major markets like Metro Manila, providing small businesses with a “reliable, cost-effective” way to reach more customers.
FAST underscored that Nueva Vizcaya, recognized as the “Ginger Capital of the Philippines” and “Citrus Capital of Luzon,” is a major source of rice, vegetables, fruits, and other agricultural products.
The firm said that while “a significant portion” of this produce goes to Metro Manila and Calabarzon, many
farmers struggle with logistics barriers that reduce their profitability and lead to food wastage.
“We want farmers to succeed, and we believe logistics plays a crucial role in that,” Onrejas said.
“Logistics should be an enabler, not a barrier, so we are making it easier for fresh produce to reach institutional buyers and larger markets,” he also noted. Meanwhile, FAST said it is also exploring ways to support the Aritao Cold Storage Facility and the Aritao Agricultural Trading Post to improve postharvest handling, reduce spoilage, and ensure that agricultural products from Nueva Vizcaya reach consumers in optimal condition. ºOnrejas said he is willing to support Nueva Vizcaya by providing logistics training and employment opportunities for locals.
“We will continue to work with our partners to help build a more resilient food supply chain,” Onrejas said. “When farmers succeed, the economy grows, and families eat better. That is a mission we will never walk away from,” he added. Onrejas said the “operationalization” of FAST’s Logistics Support Kiosk in Aritao, the first of its kind in Cagayan Valley, also seeks to empower MSMEs— many of whom produce processed food products and handicrafts.
“Our partnership with FAST Logistics opens new opportunities for MSMEs in Aritao and nearby towns to grow and reach bigger markets,” Mayor Remelina Peros-Galam said, describing the project as a vital boost for local enterprises. There are about 3,000 MSMEs in Nueva Vizcaya currently assisted by the DTI, FAST noted.
“We are continuously looking for ways to help MSMEs expand their reach and competitiveness,” said DTI Provincial Director Ramil D. Garcia. “Strong partnerships with private sector leaders like FAST are essential to helping our entrepreneurs grow and thrive beyond the province.”
OMEN-OWNED and women-led micro, small, and medium enterprises (WMSMEs) can now avail of loans of up to P20 million through the Women’s Enterprise Fund launched on Friday, June 27, by the Department of Trade and Industry (DTI).
The said fund will help empower WMSMEs by improving their access to capital. The DTI, through its financing arm Small Business Corporation (SBCorp.), will provide loans from P30,000 to P20 million at 1 percent monthly interest rate based on a diminishing balance, with repayment terms of up to five years with an option to avail of a grace period for specific financing windows, while collateral will be required only for loan amounts exceeding P 5 million. The loan can be used for busi-
ness needs, including franchising, purchase order financing, business expansion, and recovery assistance of WMSMEs.
“Women are a vital driving force in our economy. In fact, more than half of newly registered businesses are owned or led by women. By providing accessible loans, we are empowering them further to grow their enterprises and create lasting opportunities for their families and communities,” Trade Secretary Cristina Roque said For his part, SBCorp. President
and CEO Robert Bastillo said that to date, the agency has disbursed more than P 8 billion in loans to WMSMEs.
The DTI’s new financing program was launched during the inaugural DTI Wedding Fair, which showcased the creativity and innovation of local businesses by integrating Filipino culture into wedding concepts.
Interested entrepreneurs can apply for the Women Enterprise Fund online through the www.brs.sbcorp. ph Applicants must submit a business permit (which can be a Barangay Certification, Mayor’s Permit, or BMBE certificate), a governmentissued ID, proof of a bank account, photos of the business (including signage, inventory, and assets), and
relevant corporate documents if applicable.
About Small Business Corporation
SBCorp. is a government-owned and controlled corporation created through the Magna Carta for MSMEs (RA 6977, as amended by R.A. 8289 and R.A. 9501). It is under the policy program and administrative supervision of the MSME Development Council of the Department of Trade and Industry.
SBCorp. is the program implementer of the Bayanihan CARES (COVID-19 Assistance to Restart Enterprises) and the RISE-UP Loan Programs which made available a total of Ph14.4 billion in loans to 71,902 MSMEs across the nation.
DSWD livelihood program boosts beneficiaries’ biz, personal skills
By Liza Agoot
BAGUIO CITY—The Department of Social Welfare and Development’s (DSWD) Sustainable Livelihood Program (SLP) has capacitated its beneficiaries with leadership and business management skills, aside from helping improve their economic status.
Hindi sila pinanganak na may business skills. These are women turned entrepreneurs so kailangan natin bigyan sila ng capacity to teach them how to manage their business and how to grow their businesses so ’ yan ang most important component ng sustainable livelihood program (They were not born with business skills. These are women turned entrepreneurs that is why, we need to capacitate them on how to manage their business and how to grow their business which is the most important component of the sustainable livelihood program),” Mary Ann Buclao, promotive services division chief of the DSWD-Cordillera Administra-
tive Region, said during the “Kapihan” here on Thursday.
She said the SLP is an augmentation assistance provided by the DSWD to the Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries, as well as non-4Ps who belong to the indigent sector. It aims to improve their lives through livelihood activities and capacity building.
Marcelina Ciano, president of the Happy Hollow farmers’ association in Baguio, said the SLP not just gives additional income to groups but also to individual members.
She cited the P450,000 SLP grant to their poultry and agricultural venture in 2023, which has now grown to P1.6 million.
She added they recently divided part of the income, and the 40 members each received P11,000 each as an initial share.
“We plan to increase the number of heads from the current 500 so that we reap more benefits. We also plan to venture in other activities such as baking making use of
Let’s talk about respect
CAREERS of highly successful sales leaders are built over the long haul because there is really no such thing as an overnight success. And the foundations of these enduring vocations consist mainly of their expertise, passion and perseverance. But right along their journey from the very beginning, sustained and consistent relationship-building with various sectors can be considered as its cornerstone. And the key to effectively developing and keeping such lasting connections rests on respect. Here are three things about respect that every aspiring sales leaders should know.
Respect is earned KING Hussein Nisha, the Pakistani beggar king known for his wisdom and philosophical writings once said that you need to “Treat people the way you want to be treated. Talk to people the way you want to be talked to. Respect is earned, not given.” Do not think so highly that you feel entitled of others’ respect. You need to prove your worth and earn it. Likewise, arrogance and conceit will never merit even an ounce of respect so veer away from such. Earn it by displaying the right character, professional work ethics, and ideal business results. There is absolutely no shortcuts!
some of the eggs we produce as an additional economic venture,” Ciano said in Filipino.
“Let us continue working with each other, be industrious and enjoy working because our labor will be compensated,” she exhorted the members of their group.
The SLP is a program of the DSWD that was launched in 2011. It has continually evolved to address the needs of vulnerable sectors through comprehensive capacity building, community-based approaches and innovative livelihood interventions.
As a component of the convergence strategy of DSWD, the SLP prioritizes beneficiaries of the 4Ps, providing a pathway for program participants to sustain and expand their socio-economic gains beyond the 4Ps intervention.
Hedeliza Fernandez, SLP regional program coordinator, said that among the economic ventures of the beneficiaries are handicraft making, agricultural activity, farm supply, gasoline vending, poultry
While society may naturally accord a basic level of respect to humanity in general and to certain sectors like women, elders and people of stature in particular, still one’s genuine respect for an individual is ultimately determined by perceived and felt values of that person. Take a quick selfie and ask yourself this question—“Am I actually worthy of respect?”
Freely give respect I THINK Jesus Christ, the King of Kings said it best in His golden rule—“Do unto others as you would have them do unto you.” So while you earn others’ respect, you must however learn to freely give it, without reservation. I know this is quite challenging. However, as sales leaders we must be confident enough to practice humility by giving respect even before the other person earned his. By doing so, you actually disarm the other party’s defensive layer and replaces it with feelings of trust, safety and well-being. Eventually, they will begin to reciprocate that respect. Author Dave Willis gave an apt reminder—“Show respect even to people who don’t deserve it, not as a reflection of their character, but as a reflection of yours.” Go ahead, freely give respect!
and hog raising. She said that since 2023, the program duration has been increased from two years to five years.
“Likened to a growing seed, the SLP associations start from planting (punla) where they are provided the initial capital. They then level up for the usbong (bud) where they are monitored of their progress, they grow (sibol), then they expand (yabong) and they reap or harvest (ani). Once they are ready, they are transferred to the local government unit that will further assist them to grow more and expand,” she said. The largest total amount of intervention given under the program is P900,000.
Record shows that since the program started, about 80,000 households have economically benefited with about 80 percent success rate recorded.
Aside from the SLP associations, there are also 13,000 individual beneficiaries receiving PHP15,000 livelihood grant each. PNA
Respect begets influence IN my opinion, respect is a towering expression of true leadership. Without it, people will lack the necessary trust and confidence integral to gaining influence or the ability to get people to do what you want them to do. Coach John Wooden shared a valuable tip— “Respect a man, and he will do all the more.” Clearly, as sales leaders, respecting as a way of life will allow us to gain not just long-term business connections and relationships, but more importantly, influence. And as John Maxwell puts it, “The true measure of leadership is influence, nothing more, nothing less.” Indeed, respect begets influence. At the end of the day, respect is not just an option. It’s the only right thing to do. God bless!
Banking&Finance
Bond yields dipped as investors expect inflation sped up in June
By Reine Juvierre Alberto @reine_alberto
THE Bureau of the Treasury
(BTr) successfully raised P30 billion from the local debt market on Tuesday, capitalizing on declining bond yields as investors bet inflation picked up pace in June.
According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), the average yield declined as investors expect inflation in June to slightly rise.
Ricafort said the inflation uptick could be mainly due to higher fuel prices caused by the Israel-Iran war and the weakening of the local tender against the greenback.
Nevertheless, the tentative truce between Israel and Iran led to global crude oil prices declining to threeweek lows, with the benchmark Nymex crude oil priced at $64 to $65 levels, erasing all of the increase in
MOODY’S Ratings affirmed last Tuesday its “Baa3” credit ratings and “ba1” Baseline Credit Assessment (BCA) on Rizal Commercial Banking Corp. (RCBC).
The debt watcher said as of March, RCBC reported gross nonperforming loans (NPL) ratio increased to 4.3 percent from 3.5 percent a year earlier on the back of higher delinquencies in the small-and-medium-enterprises (SME) borrower segment, as well as the bank’s credit cards portfolio.
Moody’s Ratings also said RCBC’s loan loss reserves as a percentage of stage 3 loans declined to 57.7 percent as of December 2024 from 64.1 percent a year earlier, lower than the average of 97 percent for rated Filipino banks.
“Over the next 12 to 18 months, we expect the asset quality of RCBC to remain under pressure as rapid growth in the consumer portfolio over the past three years has exposed the bank to unseasoned loan risk. At the same time, SME borrowers will remain vulnerable to defaults due to elevated, albeit declining, interest rates,” Moody’s said.
The agency added that RCBC’s reported annualized return on assets (ROA) in the first quarter of the year was stable
Sglobal oil prices since the attacks started, added the RCBC executive.
Low yields THE 5-year T-bonds drew an average yield of 5.896 percent, down by 4.7 basis points from the 5.943-percent yield for the same tenor previously auctioned last June 3.
Investors asking yields went for as low as 5.865 percent to as high as 5.918 percent.
Compared to the benchmark Philippine Bloomberg Valuation (PHP BVAL) rate, the average yield is lower by 4.1 basis points from the 5.937
percent for the 5-year tenor.
With a remaining life of five years and 24 days, the reissued T-bonds are set to mature on July 27, 2030, and carry a coupon rate of 6.375 percent.
Tenders for the long-term government securities reached P57.491 billion, making the auction 1.92 times oversubscribed and prompting the auction committee to award the full P30-billion offer.
“With its decision, the Committee raised the full program of P30.0 billion, bringing the total outstanding volume for the series to P356.7 billion,” read statement issued by the Treasury. The demand, however, was slightly lower than the P59.869 billion in bids tendered during the previous auction for the same tenor.
Helping ease
RICAFORT noted that the lower US dollar/peso exchange rate at new two-week lows, at the P56.25-level lately, would help ease recent pressures on imported prices and overall inflation.
“Local monetary officials signaled possible -0.25 local policy rate cut for the rest of the year and a possible
at 0.7 percent. It stated that the bank’s profitability will remain broadly stable at the current level.
“We could upgrade RCBC’s ratings and BCA if its return on assets improves to 1 percent on a sustained basis, supporting internal capital generation, such that its TCE/Moody’s-adjusted RWA increases to 15 percent and; its asset quality improves, as reflected from a decline in its stage 3 ratio to 3 percent and an improvement in its stage 3 coverage ratio to 80 percent,” Moody’s Ratings said. However, the debt watcher could also downgrade the bank’s deposit ratings and BCA if its TCE/TWA falls below 10 percent or if its asset quality deteriorates, leading to an increase in credit costs and consequently lower profitability.
Moody’s uses tangible common equity to total weighted assets TCE/TWA) as a key indicator for bank financial health, especially when evaluating creditworthiness and assigning ratings. The agency said a significant weakening in RCBC’s funding and liquidity would also be negative for the BCA and ratings as well as a downgrade of the country’s sovereign rating “as a result of the lower capacity of the sovereign to provide support to RCBC.”
TATE agencies sustained a 94-percent cash utilization rate as of the end of May as the government scaled up budget releases to support public spending.
Latest data from the Department of Budget and Management (DBM) showed that notices of cash allocation (NCAs) released increased by 6.87 percent to P2.114 trillion as of end-May from P1.978 trillion in the same period a year ago.
The DBM issues NCAs to central, regional and provincial offices and operating units to cover the cash requirements of the government agencies. NCAs authorizes these units to withdraw from banks. Last May, about 60 million participated in the midterm elections.
Of the NCAs released, P1.978 trillion were utilized, bringing the NCA utilization rate to 94 percent as of end-May. Compared to last year, P1.893 trillion in NCA releases were used up by government agencies, recording the same utilization rate at 94 percent.
The NCA utilization rate reflects the efficiency of line agencies in disbursing their allocated funds and implementing their programs and projects. A high utilization rate reflects agencies’ ability to carry out their programs and projects.
Broken down, line departments received 74.65 percent of the NCAs released worth P1.578 trillion. About 92 percent or P1.447
trillion of NCAs were utilized.
New
president
THE RCBC, meanwhile, announced the appointment of Reginaldo Anthony B. Cariaso, a seasoned banker and former United States Navy lieutenant, as its new president and CEO effective July 1.
Cariaso succeeds Eugene S. Acevedo, who saw the bank through its years of transformative growth, digital innovation, and inclusive banking. Acevedo will remain as a member of the bank’s Board of Directors.
RCBC said Cariaso brings extensive expertise in institutional banking, capital markets, and strategic execution. The bank said Cariaso presents a roadmap to strengthen its position as a digitally driven customer-first bank.
“Our focus is clear. We will build more seamless connections to deliver relevant, timely, and intuitive financial solutions,” said Cariaso. “We want to serve our customers in ways that are not only accessible and secure, but meaningful and future-ready.”
Prior to joining RCBC, Cariaso held senior leadership roles at Bank of the Philippine Islands and JP Morgan Hong Kong, and began his career as a lieutenant in the US Navy Submarine Force.
The Office of the Vice President and the Commission on Audit registered a 100 percent NCA utilization rate, spending P323.501 million and P5.972 billion, respectively.
In terms of the highest NCAs received, the Department of Public Works and Highways (DPWH) secured P417.901 billion, followed by the Department of Education (DepEd) with P312.115 billion.
The DPWH posted a 90-percent utilization rate, while the DepEd managed to exhaust 96 percent of their allocation.
Meanwhile, the Department of Information and Communications Technology logged the lowest spending rate at 61 percent, followed by the Congress of the Philippines at 68 percent and the Department of Agriculture at 72 percent.
Local government units (LGUs) were also allotted P480.452 billion, of which 99 percent or P477.903 billion was used.
Further, government-owned and -controlled corporations recorded a 96-percent utilization rate for spending P53.498 billion of their P55.594-billion allocation.
State agencies and LGUs still have a total of P136.226 billion in unused NCAs as of end-May.
The DBM has released P5.720 trillion of the P6.326-trillion overall budget for 2025 as of end-May. Reine Juvierre S. Alberto
cut in banks’ RRR in 2026 amid [a] still-benign inflation environment despite the recent tensions between Israel and Iran,” he added.
At its last meeting, the Monetary Board of the Bangko Sentral ng Pilipinas reduced the target reverse repurchase (RRP) rate to 5.50 percent, while interest rates on the overnight deposit and lending facilities were lowered to 5 percent and 6 percent, respectively.
This month, the Treasury will offer T-bonds with maturities ranging from three to 25 years every Tuesday to raise a total of P125 billion.
The government will borrow a total of P2.545 trillion this year, wherein P2.037 trillion will be raised domestically, while P507.408 billion will come from external sources.
Gross borrowings reached P1.327 trillion in the first five months of the year, to finance its budget deficit amounting to P523.9 billion as of end-May.
The government’s outstanding debt amounted to a record-high of P16.752 trillion as of end-April, up by 11.56 percent from P15.017 trillion in the same period last year.
Cariaso was appointed RCBC’s Deputy CEO last January after heading the bank’s Operations Group where he led corporate-wide initiatives.
These initiatives included enhancing service delivery and streamlining processes which played a critical role in strengthening the bank’s infrastructure and overall experience.
The new RCBC executive intends to focus on accelerating the bank’s financial innovations while enhancing banking experience through data intelligence and enterprise integration.
Cariaso also emphasized that RCBC must go beyond traditional offerings such as loans and deposits to stay competitive in today’s banking landscape.
He also underscored the need to upgrade the bank’s approach, moving beyond basic transactions to a more scalable strategy using digital tools, data, and smarter systems to deepen client engagement.
“Our job is to integrate channels, data, and teams more effectively in order to deliver not just better products, but better outcomes. From payments to platforms to partnerships, everything must work together to create lasting value,” Cariaso further said. Cai U. Ordinario
HE Insurance Com -
Tmission (IC) has lifted the cease and desist orders (CDOs) against two insurance companies, allowing them to resume business operations.
In a notice, Insurance Commissioner Reynaldo A. Regalado said the IC has lifted the order issued against The Premier Life and General Assurance Corp. (Premier) and Philippines International Life Insurance Co. Inc. (PhilInterLife).
The two companies were also released from conservatorship, effective June 30, according to the IC.
Composite insurance company Premier was placed under conservatorship on June 3 due to its inability to comply with the P1.3-billion minimum net worth requirement under Republic Act 10607, or the Amended Insurance Code.
Based on Premier’s 2024 annual statement and afterdate transactions, the com-
Thrift banks’ assets grew ₧1.1T on support to SMEs
By Cai U. Ordinario @caiordinario
EFFORTS to support underserved markets such as small and medium enterprises (SMEs), housing, and consumers has yielded the country’s thrift banks P1.1 trillion in assets at the end of last year.
In a statement, the Chamber of Thrift Banks (CTB) said the amount represented a six percent growth in assets from the previous year.
The sector’s lending activities expanded by 14.7 percent, allowing thrift banks to extend a total of P777.28-billion worth of loans to underserved markets. Deposit liabilities, on the other hand, increased by 4.7 percent to P826 billion during the period.
The Chamber’s president, Mary Jane A. Perreras, was quoted in the statement as saying that the CTB “continued to demonstrate remarkable growth and adaptability through the years.”
“From our origins in 1974 as a small industry group, the Chamber has evolved into a leading voice for thrift banks across the Philippines, representing their interests with strength and clarity,” Perreras added.
The CTB also said the sector’s capital base reached P174 billion while its capital adequacy ratio was at 17.88 percent, which is above regulatory requirements.
In terms of non-performing loans (NPL), the NPL ratio stood at 6.67 percent, which, CTB said, demonstrated sound credit risk management despite external challenges.
CTB has remained active in shaping policies to support operational sustainability and innovation. The Chamber played a key role in the
Betrayal
THE Department of Budget and Management (DBM) has just recently announced the proposed national budget for next year 2026 in the total amount of P6.793 trillion in public spending; but our inquiries about our current year’s budget have not been answered yet to our satisfaction.
At the bicameral committee that finalizes this budget for presidential approval, there have been misallocation of appropriations, questionable realignment of funds and unjustified additional spending authorizations.
And all this represents stark abuse of legislative power. And all this done with shameless impunity despite all the public outcry against this collective legislative ignominy.
pany reported a net worth of P1.46 billion, now above the minimum requirement. It also met the risk-based capital (RBC) standards, posting RBC2 ratios of 165 percent for its life business and 460 percent for its non-life operations, according to the IC. Meanwhile, PhilInterLife was placed under conservatorship on March 14 for its inability to comply with the requirements of the Amended Insurance Code.
Data from the IC showed that PhilInterLife’s net worth stood at P1.680 billion as of end-2024, ranking 23rd among 31 life insurance companies. The company also earned P5.797 million in premium income, while its net income reached P29.495 million as of end-2024.
The IC is authorized to place an insurance company under conservatorship if it determines that the firm is unable or unwilling to fulfill its obligations to policyholders. Reine Juvierre S. Alberto
Bangko Sentral ng Pilipinas (BSP) Technical Working Group on the Standard Business Loan Application Form (SBLAF).
This initiative, the Chamber said, streamlined loan processing and provided regulatory incentives, such as reduced supervisory fees, to early adopters.
“Through our quarterly engagements with the BSP’s Bank Supervision Policy Committee, we continue to advocate for regulatory adjustments that reflect the realities of thrift banks, including the proposed lowering of the Minimum Liquidity Ratio from 20 percent to 16 percent,” Perreras noted.
According to the CTB, it will continue to “champion digital transformation,” particularly for smaller banks that face resource constraints. Many of the Chamber’s members have upgraded their digital infrastructure. They have also adopted cybersecurity protocols, and offered digital literacy programs to protect consumers in an increasingly connected financial ecosystem, the CTB said. The Chamber added that collaborative efforts with fintech firms and low-code platform providers have also enabled thrift banks to roll out customized digital services more efficiently.
“Looking ahead, we will remain steadfast in promoting sound risk management, operational excellence, and sustainable growth,” Perreras said.
“Our goal is to strengthen the thrift banking sector’s contribution to inclusive economic development, ensuring our members remain key providers of financial access in communities across the country,” she added.
Are we going to have a repeat of this kind of legislative abuse of power? We have not received any response from Congress. (Can we even expect any?) Let us just review the highlights of our complaints as pointed out by business organizations in December last year.
1. The Department of Public Works and Highways (DPWH) was given a whopping P1.1 trillion of appropriations; an increase the department never asked for in the first place.
This DPWH appropriation is higher than the P737 billion for the Department of Education (DepEd), when the Constitution says education should get the highest appropriation.
Of course, we know where the pork barrel opportunities lurk. They’re in public work projects and, please understand, it’s an election year.
2. Our bright Congress concocted the “Ayuda Para sa Kapos sa Kita” program, or “Akap” (hug), in the amount of P26 billion. How this has been distributed we don’t know. Nor has there been a clear justification for this magical program except for our own legislators’ “bleeding hearts for the poor.”
3. And if the poor have an “ayuda,” why not also the Congressmen? The appropriations for Congress were increased by P19 billion.
4. To partly provide for the lastminute adjusted increases in the budget, it was therefore thought to remove P74.43 billion in the subsidy for the
Philippine Health Insurance Corp., even as the PhilHealth law says this should not be done. PhilHealth members need the amount most certainly. These realignments and financial hocus-pocus all happened at the secretive bicameral committee. And this is the problem. All the deliberations in the bicameral committee, a select small group of members from the House and Senate, are never open to the public. They can, and do, summarily change the budget appropriations decided previously in the House and Senate, in the guise of reconciling budget provisions. As we enter into another cycle of national budget formulation, legislation and/or implementation, let us not forget the legitimate questions we have raised against abusive legislative power. Let us continue to demand some satisfactory answers to our suspicions and accusations. These are all wasteful spending, and there must be accountability.
Right now, we are all throwing out venom at Vice President Sara Z. Duterte’s alleged criminal use or misuse of confidential funds for which she is now being impeached. But what is the difference in culpability between the vice president and the bicameral committee in the misuse of public funds? Indeed, what is the difference between the Office of the Vice President and the whole Congress in the wanton waste of public funds? And the President of the Republic? He had the power to veto but didn’t. Aren’t we all entitled to feel betrayed? Should we just slide to quiet complacency and let the matter go?
Santiago F. Dumlao Jr.
Image
Truth or troll?
IN today’s hyperconnected world, information is at our fingertips all the time. A simple scroll through social media or a quick search online can instantly flood us with news, opinions, and updates. But the challenge is that not everything we see or read is true. Some information is intentionally misleading. Some are simply wrong. And others, while seeming factual, are twisted just enough to misguide us. So, learning how to spot fake news, disinformation and misinformation is not just a good habit but an essential skill.
Let us start with some definitions. Fake news is a broad term often used to describe completely fabricated stories designed to deceive. Disinformation is false information spread deliberately to mislead, often for political, financial, or ideological gain. Misinformation, on the other hand, is false or inaccurate information shared without harmful intent, like when a friend reposts a fake cure for a cold thinking it might help.
Why is it important to know the difference? Because how we deal with each type matters. Disinformation requires a strong critical lens and sometimes even reporting to authorities or platforms. Misinformation calls for gentle correction and informed conversations. Fake news, depending on its form, may need to be flagged, questioned, or simply ignored. Let us look at some practical ways to protect yourself and others from falling for these falsehoods.
First, check the source by asking who is telling the story. Before believing or sharing anything, ask yourself where it came from. Legitimate news sources usually have a track record of accuracy, editorial oversight, and named authors. Watch out for unknown websites, sensationalized headlines, and articles without bylines or publication dates. If something comes from a blog or page you have never heard of, take a moment to look it up. Websites designed to mimic real news outlets often rely on names that sound official but are not.
It goes without saying to cross-check the facts. If a story seems surprising, too good to be true, or upsetting, it is worth checking if other reputable sources are reporting it. For example, if you see a viral post claiming that a popular celebrity has passed away, verify with major news outlets before believing
WHISPER BIDS ADIEU TO BAD UNDERWEAR DAYS
FAREWELL to bad underwear days. So went a cheeky yet stylish send-off to ill-fitting undies with guests laid them to rest in the “R.I.P. Ugly Panties” coffin, petals and all, during the launch of Whisper Day & Night Protect that celebrates comfort and confidence.
There’s one drawer in almost every woman’s closet that holds a not-so-pretty secret: the stash of stretched-out, stained, and faded panties women keep just for their period days. they tell themselves it’s practical, no need to ruin their favorite pairs with leaks, right?
But what if women didn’t have to settle anymore? What if this worn-out habit could finally be laid to rest?
In fact, the movement is already picking up online. Creators and girls across Tiktok have started posting their own farewell videos and panty obituaries with dramatic, funny and relatable moments as they finally bid their goodbyes to their trusty (but tired!) period panties. Many women have already switched to Whisper Day & Night Protect and it’s up to 100 percent leak protection makes them feel they no longer need to hold on to stained or stretchedout underwear “just in case”. It’s a small but powerful shift as they move from compromising to confident.
The new Whisper Day & Night Protect pad offers up to 100 percent leak protection, with the brand challenging women to stop settling and start expecting more from their period care. Whisper’s 28 cm long pad is designed to protect you through even your heaviest flow days and nights, so you can finally wear what you want with confidence.
“Whisper is helping Filipinas say RIP to their ugly period panties because with the right pad like Whisper Day & Night Protect, they shouldn’t need a backup plan anymore,” says Katrina Mangubat, senior communications manager of Whisper.
stories because these sites regularly debunk hoaxes and provide context to trending misinformation. Then, examine the tone and language. Fake news and disinformation often rely on emotionally charged language to provoke outrage or fear. Posts filled with exclamation points, all caps, and words like, “you will not believe,” or “exposed” are common red flags. Ask yourself: is this trying to inform me or manipulate me? Responsible journalism is usually calm, balanced, and focused on facts rather than drama. Watch for manipulated images and videos. Because of editing tools and artificial intelligence, images and videos can be altered to deceive. A photo may be from years ago but presented as if it just happened. A video may even be spliced to remove context or someone might have used deepfake to show someone saying things they never said. One example is a viral photo of a shark supposedly swimming in a flooded city
the photo was completely fabricated. If you can, use reverse image search tools to trace where an image came from and whether it has been misused. Also, consider the intent behind the post. Sometimes, false information spreads not just because it is fake, but because it plays into what people want to believe. This is known as confirmation bias. If a post strongly aligns with your existing beliefs, you may be more likely to trust and share it. But that is when critical thinking is needed most. Ask yourself: Is this presenting facts or feeding opinions? Before sharing anything, take a moment to reflect. Even if you are unsure whether something is true or false, the best first step is to pause. Forwarding information without checking it can spread misinformation unintentionally. Think of it like passing along a rumor which may cause harm even if you meant well. If you are uncertain,
see a friend or family member sharing fake news, approach the conversation with understanding. They may not realize the information is false. Instead of blaming or mocking them, you can say, “I saw this too but I checked it and it seems like it might not be true because here is what I found....” Encouraging thoughtful discussion helps stop the cycle of misinformation without creating conflict.
We all have a role to play in building a healthier information space. Just like we wash our hands to prevent the spread of illness, we must fact-check to stop the spread of falsehoods. In the end, spotting fake news is not about being suspicious of everything. It is about being aware, thoughtful and informed.
So the next time something catches your eye online, ask yourself: Is this truth or troll? With a bit of care and curiosity, you can help keep yourself, and your community, on the side of truth.
Wear your luck on your sleeve
BELIEVERS of talismans and trinkets of magic will be enchanted to incorporate the handcrafted creations of recent graduate Patricia Broniola into their daily wardrobe.
Dubbed as “Lucky Strike,” Broniola’s whimsical collection for her namesake brand explores the concept of manifesting good fortune by donning charms revered across cultures, patterns deemed to bring prosperity, and objects with sentimental meanings.
“It celebrates the tiny pockets of luck woven into your everyday life,” Broniola noted. “By wearing these pieces, you get to carry a tangible reminder that luck isn’t a coincidence, but something that you can invite into your life if you’re open to it.”
The items include a starlight-inspired dress in skyblue metallic gazar or cream mikado. It is embellished with various sparking crystal beads and delicate deadstock laces. Perfect for breezy days, the Felicity Teacup Skirt in apple green gingham is adorned with embroidered ladybugs, commonly associated with positivity and happiness.
On the other hand, the Kismet Poncho is a flattering outfit for every body type.
The fully customizable Milkyway Market Bag is a go-to errand companion. An assortment of cute accessories was likewise showcased.
For a hint of surprise, she likewise spotlighted a lucky blind bag with a limited-edition crocheted fourleaf clover and one mystery charm.
Tied with care, the Lucky Knot is a must-have amulet for those who wish for balance, beauty and
luck. It has hand-beaded crystal details with two variations. The Cosmic Express Service lets you customize with beaded patches or embroidered detailing to amp-up the style of your well-loved tees, jackets, and totes to achieve a dreamy new look.
“Lucky Strike is born out of a quiet realization that luck isn’t always loud. Sometimes, it’s in the tiniest of things: finding a lone P50 bill in an old bag, meeting a friendly cat on the road, or even just a perfect moment of stillness,” she claimed.
HONORING TRADITION AND CRAFTSMANSHIP WITH EVERY STITCH
BRONIOLA, a School of Design and Arts (SDA) alum of the De La Salle-College of Saint Benilde (DLS-CSB), grew up with a fascination for arts over subjects like math or science.
“But naturally, fashion education was never supposed to be in the cards for me,” she narrated.
“Slowly but surely, I worked toward my dreams. I took short courses on fashion construction in high school and eventually pursued Arts and Design at De La Salle Santiago Zobel Vermosa. I was very fortunate to be offered the SDA Scholarship after getting into Benilde.”
The Fashion Design and Merchandising alum recently joined the Benilde Hub of Innovation for Inclusion (HiFi) Crowdfunding Accelerator 2025. It is a three-month program designed to support the creative conscious ventures of participants through mentorship, training, and access to funding opportunities.
The Benilde alumna wishes to engage an organic audience who advocates slow fashion and encourages a collective effort to bring back artisanal styles in wearable day-to-day attires. In the future, she seeks to adopt a sustainable production system and market her works in pop-up stores around Metro Manila.
“It was the push I needed to stop making excuses for myself and just put my brand out there, despite all the odds thrown at me. Being in the same space as other creatives in their respective fields was honestly so inspiring.”
The young designer of her own startup business hopes to collaborate with local artisan communities in bringing her ideas to life, while preserving timehonored techniques with the use of embroidery, beadwork and crochet.
Her storytelling-driven fashion brand aims to put together tradition and innovation, as well as transforming a basic garment into a work of art.
“I want to create pieces that are not just pretty on the outside,” she remarked. “It has to be made with purpose and meaning. So by making use of handmade techniques like embroidery or beading, we have the opportunity to tell a story through clothes.”
“In recent years, the rise of fast fashion and increased use of automated machines to execute handcrafted methods was kind of a cold wake-up call to be more mindful of the things that I create,” she reflected.
To support Broniola’s crowdfunding campaign, check out tinyurl.com/mw64a7jn. Her products may be viewed at www.instagram.com/patricia.broniola.
PHOTO BY BRIAN MCGOWAN ON UNSPLASH
KISMET PONCHO
LUCKY Knot
MILKYWAY Bag
PATRICIA BRONIOLA
Digital transformation headlines PCCI’s business conference
The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, is putting digital transformation front and center of at this year’s biggest gathering of business leaders — the 51st Philippine Business Conference and Expo (PBC&E), happening on October 20 to 21, 2025 at the SMX Convention Center Manila.
PCCI President Enunina V. Mangio said this year’s theme, “The Future is Now: Unleash the Power of Digital Transformation,” highlights the urgent need to embrace digital tools to stay competitive, enhance efficiency, and drive sustainable growth in a rapidly evolving digital landscape.
“It’s time to act boldly and strategically to harness the full potential of digital technology and innovation. If we want to compete for investments and capital, our local enterprises need to remain competitive on the global stage, and for our workers and youth to thrive in an evolving technological landscape, we must embrace digital transformation,” Mangio stressed.
Heading the conference is Converge ICT Solutions Inc. CEO and Co-Founder Dennis Anthony H. Uy, who also chairs PCCI’s IT and Telco committee. Uy envisions a Philippines where every household, business, and community is connected and empowered by technology.
“Digital transformation is the key to unlocking our nation’s full potential and ensuring no one is left behind in this rapidly evolving digital world,” Uy said.
Mangio stressed the need for a clear, unified digital roadmap to accelerate progress, urging stronger collaboration between the government and the private sector to align efforts and fast track the rollout of digital infrastructure.
In the lead-up to the conference, PCCI and Converge, in partnership with the Department of Trade and Industry (DTI), have launched a nationwide series of hackathons in North Luzon, Visayas, Mindanao, and NCR. The goal: develop practical tech solutions to help MSMEs tackle real-world business challenges.
More than 2,000 delegates are expected to join this year’s conference and explore “the future” through a tech expo featuring cutting-edge solutions — from AI-driven automation to smart infrastructure — designed to help businesses work smarter and grow faster.
Uy shared that local and international
Linden
in Linden,” dedicated to guests seeking the perfect blend of comfort, convenience, and long-term living.
tech companies will be on hand to showcase emerging technologies and highlight how digital transformation can drive growth across all sectors.
“This conference is more than just a discussion — it’s a launchpad for ideas, partnerships, and innovations that can bring every Filipino business into the digital age,” Uy said.
Now in its 51st year, the Philippine Business Conference & Expo continues to serve as PCCI’s flagship event, bringing together policymakers, industry experts, business leaders, and entrepreneurs for meaningful dialogue, collaboration, and networking opportunities.
Ortigas Center
Designed for today’s evolving lifestyles, “Living in Linden” offers thoughtfully curated, fully furnished living spaces — ranging from 40 sqm to 120 sqm in our one to three bedroom suites — that feel like home, but with the perks of a hotel. Longstaying guests enjoy weekly housekeeping, front desk secretarial assistance, and full access to hotel amenities, allowing them to focus may it be on work, study, or simply living an active life with complimentary use of the gym and the all-weather indoor heated pool, while The Linden Suites takes care of the rest.
Strategically located within Ortigas’ business district, shopping centers, hospitals, restaurants, and cafes, “Living in Linden” is ideal for professionals with residential needs, students pursuing academic dreams, or young adults embracing independent city living.
As The Linden Suites continues to grow with its guests, “Living in Linden” reflects a renewed vision: to offer a welcoming, adaptable space that meets the diverse needs of today’s generation with space, comfort, and style. Designed with flexibility and comfort in mind, each space lets guests create a stay that fits their lifestyle.
The Linden Suites invites you to “Make your Life at Linden,” now offering exclusive rates tailored for extended stays. For inquiries and reservations, you may follow them on Facebook and Instagram @LivinginLinden or contact +632-56387878, +63917-1324108, or +63917-1356835.
ID8 Shines with Double Gold at Asia-Pacific Stevie® Awards
FRESH off being named Agency of the Year at the 60th Anvil Awards earlier this 2025, ID8, Inc. is once again making headlines, this time on the international stage. The agency clinched two coveted Gold trophies at the 2025 Asia-Pacific Stevie® Awards, a prestigious program that recognizes excellence in innovation across 29 countries. Founded in 2011 as the digital content arm of Stratworks, Inc., ID8 has built a reputation for crafting campaigns that blend creativity, culture, and purpose. With this latest achievement, the agency solidifies its standing asacreativeforce,pushingboundariesbothlocallyandregionally. 8List.ph, ID8’s flagship pop culture and commentary platform, struck gold as the sole winner in the Innovation in Viral Videos Category with “Bak8 Nga Ba?”, a witty and culturally attuned video series that went viral for its sharp humor and relatable insights into Filipino behavior. What began as an entertaining series quickly evolved into a larger conversation, demonstrating how content rooted in everyday Filipino life can drive both entertainment and social awareness.
“These recognitions affirm our belief that storytelling can be both joyful and purposeful,” says Donna Nievera-Conda, Co-CEO of ID8. “Whether through humor, heritage, or heart, we want to create work that moves people to think, feel, and act.” BiteSized.ph, ID8’s culinary storytelling platform, was also the sole winner in the Most Innovative Facebook Page category, earning its gold award for turning food content into a deeper cultural conversation. Through short-form videos, nostalgic
visuals, and sentimental narratives, BiteSized reintroduced audiences to the flavors and stories of Filipino heritage—proving that a food page can also be a movement for national pride.
“Visual storytelling is always at the heart of what we do,” adds Oliver Conda, Co-CEO of ID8. “It’s not just about aesthetics—it’s about evoking memory, identity, and emotion. That’s what drives platforms like BiteSized, and we’re honored to see that approach recognized.” The Asia-Pacific Stevie® Awards are a benchmark for excellence in business and communications innovation, attracting thousands of entries from across the region. For ID8, the back-to-back recognition—from the Anvil’s top honor to these international accolades—signals more than just momentum; it points to a shift in how purpose-driven content is shaping modern communications. From championing cultural pride to sparking critical conversations, ID8’s campaigns are rooted in advocacy, creativity, and impact. At just over a decade old, the agency is redefining what it means to be a Filipino content creator—one that tells stories not just to entertain, but to transform. As it continues to scale new heights, ID8 is proving that the future of storytelling is bold, distinctly local, and globally resonant.
PLDT HOME Launches Home Fiber Prepaid
PLDT Home introduces a game-changing way for more Filipinos to enjoy fast, unlimited fiber internet, now available in a flexible prepaid option.
Filipinos are
Belmont Hotel Boracay launches pet-friendly services with Pua
Alot of love.
Meet our newest team member: an adopted dog who has found not only a forever home in the hotel but also a meaningful role bringing smiles to associates and guests from near and far. At the heart of this initiative is Pua, the hotel’s resident dog from Boracay Animal Adoption Rescue Center. More than just a mascot, Pua symbolizes the hotel’s commitment to fostering a positive work culture. Studies have shown that having pets in workplaces can reduce stress, improve communication, and create camaraderie among employees. Pua’s adoption last November 2024 aims to lower workplace absenteeism and promote teamwork while providing guests with a warm and welcoming presence.
“Pua has already become a beloved member of our team, and our associates enjoyed their special time with her,” says Maia Israel, Area General Manager for Boracay Newcoast hotels including Belmont Hotel Boracay and Savoy Hotel Boracay.
“At Belmont Hotel Boracay, we believe that vacations are best enjoyed with every member of the family—including our beloved pets. We’re excited to offer an island home for travelers along with their furry babies,” she adds.
The adoption of Pua aligns with research highlighting the benefits of pet-friendly environments. Pets have been found to alleviate tension, improve mental health, and even enhance productivity in workplaces. For Belmont Hotel Boracay, these advantages extend beyond its associates to its guests, creating a unique and memorable stay for travelers.
The demand for pet-friendly accommodations has surged in recent years, with travelers increasingly viewing their pets as family members. Recognizing this shift, Belmont Hotel Boracay has tailored its services to meet the needs of pet owners who want their four-legged friends to be part of their tropical adventures. From dedicated pet areas in Boracay Newcoast to pet-friendly dining options, the hotel ensures that both pets and their owners feel right at home on the island.
Embracing the joy and comfort pets bring, Belmont Hotel Boracay proudly launches its first-ever pet-friendly services, “PAWsome Adventures” highlighting pet-friendly stays and dining, to create a more inclusive and stress-free retreat for families and travelers.
PCCI President Enunina V. Mangio
The Linden Suites Introduces ‘Living in Linden’ for Extended Stays in
The
Suites pool
Pua, Belmont Hotel Boracay resident dog
Editor: Tet Andolong
BusinessMirror
ISOC Land forms partnership with HDMF to boost sustainable and affording housing program
By Rizal Raoul S. Reyes @brownindio
BOUTIQUE
developer ISOC
Land (I-Land) recently formed a partnership Home Development Mutual Fund (HDMF), also known as Pag-IBIG, to accelerate its goal of providing prospective Filipino buyers with sustainably-focused, affordable and flexible ownership options.
PAG-IBIG stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno. As a government-owned and controlled corporation, PAG-IBIG serves as the national savings program and affordable housing finance provider for Filipino workers. It is tasked to provide its members with access to savings programs and housing loans.
“Pag-IBIG remains top of mind for Filipinos in terms of attaining their dream home at the most reasonable terms,” says I-Land president May Lopez. “We welcome this partnership as an important part of
making this dream come true for more individuals and families, especially those desiring a unique, future-proof home in a modern condo development such as I-Land Residences Sucat.”
According to Pag-IBIG Senior Vice President of Sales and Business Development Sector Fermin Sta. Teresa Jr., I-Land’s accreditation is part of the HDMF’s ongoing efforts to support the Expanded Pambansang Pabahay para sa Pilipino (4PH) Program, by increasing the number of accredited developers capable of delivering affordable housing nationwide. “ISOC Land joins the growing roster of developers accredited by Pag-IBIG Fund following its Future Partner Developers Forum held earlier this year—an initiative designed to accelerate housing production and expand homeownership opportunities for its members,” he explained.
Central Luzon and Central Visayas: At the center of bustling property initiatives
COLLIERS is witnessing massive developments in the countryside. While challenges in Metro Manila persist, key regions outside the capital region continue to perform well, capitalizing on growing economies, skilled manpower, growing disposable incomes of households, and improving infrastructure connectivity.
As Colliers Philippines previously stressed, the infrastructure projects implemented by previous administrations have dictated developer strategies. The implementation of key infrastructure projects nationwide has provided access to properties that could be redeveloped into mixed commercial, residential, hotel/leisure and industrial estates. These projects also helped the government bring economic opportunities in areas outside the country’s capital. Due to road projects, for instance, business opportunities have spilled over to nearby areas such as Pampanga and Bulacan.
Pampanga’s resplendent property hub
COLLIERS believes that Pampanga is ripe for more luxury projects especially for the affluent market based in Angeles City and San Fernando. The development of more townships and infrastructure projects will likely further raise the attractiveness of luxury developments in Pampanga. The completion of big-ticket infrastructure projects in the next 12 to 36 months such as the NLEX-SLEX connector, Central Luzon Link Expressway (CLLEX), and Manila Clark Railway should also partly lift land values and property prices in the province.
We see Pampanga retaining its stature as one of the most competitive and attractive property development sites in central Luzon. National developers have expansive projects in the province. Colliers sees more aggressive development outside of key areas such as Angeles, San Fernando, Ma -
balacat, and Porac. The province also continues to attract foreign firms planning to develop horizontal residential projects catering to a growing end-user market. Some of these foreign companies have expressed interest to firm up joint ventures with local players in Pampanga.
At present, among the developers with massive horizontal footprint in Pampanga include Hauslands, Pueblo de Oro, Vista Land, 8990 Holdings, AboitizLand, Ayala Land, among others.
Bulacan’s ascending real estate landscape COLLIERS believes that Bulacan will remain a viable residential investment option given its proximity to Metro Manila. In our view, the completion of the Metro Rail Transit-7 (MRT-7) and New Manila International Airport should strengthen Bulacan’s stature as a major residential hub outside the capital region and in Central Luzon. The MRT-7 is expected to be operational by 2028. The railway project seeks to reduce travel time from San Jose del Monte, Bulacan to North Avenue, Quezon City from three hours to 35 minutes and can accommodate up to 800,000 commuters daily. Meanwhile, the New Manila International Airport should help decongest the Ninoy Aquino International Airport (NAIA).
Moving forward, Colliers sees more aggressive landbanking initiatives in Bulacan as developers take advantage of the locale’s major public projects due to be completed over the next two to four years. This should set the stage for greater acquisition of parcels of developable land in the province and the eventual launch and development of more masterplanned communities.
Tarlac as Central Luzon’s new gateway IN our opinion, the development of New Clark City (NCC) in Capas will likely spur business opportunities in Tarlac. The NCC is being primed as one of the major business districts north of Metro Manila. Tarlac will remain a major option for firms that are aggressively landbanking and developing integrated communities north of Metro Manila.
Tarlac’s property landscape should also benefit from the completion of the Central Luzon Link Expressway (CLLEX). The 35.7-kilometre (22.2-mi) road project will connect Tarlac City to San Jose, Nueva Ecija. The first phase of the project is now 98% complete. To be continued.
The partnership has bolstered I-Land’s reputation for distinctive, high-quality properties that are within reach, as evidenced by numerous accolades it has received for its maiden development ILand Residences Sucat. These include Best Affordable Condo Development and Best Eco-Friendly Condo Development from the PropertyGuru Philippines Property Awards, and Best Affordable Condo Development from the DOT Property PH Awards as well as Lamudi’s The Outlook 2024: Philippine Real Estate Awards.
I-Land Residences Sucat is a pioneering vertical community rising south of Metro Manila that makes sustainability an everyday way of life for today’s generation of urbanites who prioritize holistic wellbeing. Its key feature is a nature-centric design across its six-tower master plan,
with 60 percent of its two-hectare area devoted to open spaces, along with a variety of amenities for both active and relaxing pursuits. Notwithstanding the oversupply prevailing particularly in the affordable condominium segment, Lopez remains optimistic. “The market these days may be characterized by a supply glut, but we see this as an opportunity for developers to truly rise to the challenge of providing quality construction, thoughtful design and value for money for Filipino home seekers,” explains Lopez.
“We are confident in developments such as ours at I-Land Residences Sucat that provide a compelling proposition not
only for a new, sustainable way of urban living—a #HomeOfTheFuture—but even for investment or a great store of value,” she adds.
At present, I-Land Residences Sucat is a community on the verge of thriving— making true on the developer’s promise of a new, sustainable way of city living. The development’s first tower, Lime, currently has more than 100 families calling it home, as the completion of its second tower, Olive, is targeted by yearend. Ready-for-occupancy units are now also available at special payment schemes for buyers wanting to immediately get into the urban sustainability lifestyle at I-Land Residences Sucat.
Navigating the risks of buying property abroad
By James Puddle, Head of International Residential, Southeast Asia, JLL
INVESTING in overseas residential real estate offers compelling prospects.
From access to education in Australia to opportunities in Japan and lifestyle retreats in Thailand, crossing borders also means navigating unfamiliar laws, tax regimes, currency fluctuations, and regulatory nuances. For prospective buyers, understanding these pitfalls is essential to ensure a smooth buying process and protect one’s capital.
Each market has its own ownership rules. In Japan, freehold ownership of land and buildings is permitted. Yet, buyers must engage local counsel to examine the title deeds and ensure compliance with clear zoning regulations. In Thailand, foreigners may hold up to 49 percent of condominium floor space. They cannot own land outright, necessitating leasehold arrangements or Thai‐entity structures. The United Kingdom offers both freehold and leasehold options (typically 99 to 125 years) and imposes stamp duty land tax, which varies by purchase price and the buyer’s residence status (UK Stamp Duty). Failing to grasp these distinctions can result in unexpected costs or even prevent one from registering their interest.
Taxation and fiscal pitfalls
TAX regimes differ sharply. In Spain, buyers can face purchase taxes up to 11 per cent, plus annual property levies; in Australia, foreign purchasers pay additional surcharges of up to 8 percent in some states. Capital gains tax on resale also varies. UK rates, for instance, range from 18 percent to 28 percent for foreign individuals. Double-taxation treaties can mitigate exposure, but only if investors obtain proper tax advice both locally and at home. Overlooking these nuances has trapped many first-time buyers in unexpected liabilities.
Currency and financing risks
EXCHANGE - RATE volatility directly affects purchase costs and mortgage repayments. A substantial yen depreciation, for example, recently made Tokyo properties 6 percent more affordable in yen terms year-on-year. Still, rapid swings can just as easily erode value. One thing buyers can do is explore multi-currency accounts or forward-contract hedges to lock in rates. Financing abroad often requires larger down payments (typically 30 to 50 percent for non-residents) and some familiarity with local lending practices. Pre-approval from international banks or specialist mortgage brokers can streamline the process and avert last-minute funding shortfalls.
Regulatory and market timing
CONDOMINIUM oversupply in core urban markets (for example, Bangkok, Ho Chi Minh City and Metro Manila) has led to prolonged sales cycles and price corrections (Business Times, May 2025). While buyers in these cities have stronger negotiating power, they must verify the developer’s track record and occupancy rates. By contrast, hybrid-work destinations like Phuket and Penang offer better enduser alignment but may lack established resale markets. Timing your purchase to coincide with project completion—and attending events like the Global Prop -
erty Expo|Singapore 2025—can provide clarity on delivery schedules and realtime market sentiment.
Organised by JLL, talks at the Expo will equip buyers and investors with expert guidance. For example, Jeffrey Lee of Charles Russell Speechlys leads a spotlight session on “Cross-Border Property Law and Ownership Structures,” which will unpack the tax implications of investing in the UK. Another session, “Residential Investment 101: A Beginner’s Guide,” which will be moderated by Jennifer Chia, Partner at TSMP Law Corp, will cover matters for new buyers, like legal implications, new financing avenues for non-residents, and the importance of factoring upfront costs (including stamp duties), and consideration of planned exit strategies. Furthermore, a fireside chat with a seasoned buyer and panel discussions featuring expert advisors will highlight “what I wish I knew”—from hidden taxes to title deed surprises—offering real-world lessons to novices.
Legal advisors and financial institutions will be on hand throughout the three-day event. For example, sponsors HSBC and UOB, and a mortgage specialist for the USA, Global Mortgage Group, will be present to discuss bespoke tax planning, mortgage structuring, and regulatory compliance. Knowledge can prevent costly oversights and provide a roadmap for every stage of the buying process, from contract negotiation to property handover. Overseas property investment need not be a leap into the unknown. By arming themselves with local legal counsel, tax advisory services, currency hedging tools, and market intelligence—and leveraging the targeted sessions and expert advisers at the Global Property Expo—investors can confidently navigate the complexities of international real estate. The proper preparation transforms potential risks into manageable steps, ensuring that owning a home abroad does not become a costly lesson.
ISOC President May Lopez (second from right) and PAG-IBIG Senior Vice President Fermin A. Sta. Teresa (second from left) seal the partnership with a handshake.
I-LAND Residences
JAMES PUDDLE
Expect big changes –PSC chair Gregorio
By Josef Ramos
THE 1st of July marked John Patrick “Patò” Gregorio’s first day as the new chairman of the Philippine Sports Commission (PSC) and my, his hands are already that full. Gregorio, 57 and a former head/ secretary-general/top executive/among others in, you name it, sports and the corporate world, formally took over the helm at the PSC in simple yet official turning over of the sports agency’s flag from his predecessor, Richard “Dickie” Bachmann at the Chairman’s Office of the PSC Administration Building in Manila.
“Expects big changes, not a few but huge for our athletes and sports,” Gregorio told more than a dozen sports scribes who flocked to get first words from the new head of the agency tasked not only to sustain, and develop, the country’s grassroots, but also to fund and enhance the elite program.
Gregorio came in as the 13th chairman of the PSC since its establishment in 1990 and he’ll have two years and six months—exactly the same period as Bachmann’s administration— to shepherd the agency.
“Don’t expect anything less, you also need to know more about the needs of our athletes and their families so they can focus on their training and competitions,” he added.
There are many givens at the PSC for Gregorio to manage—the Batang Pinoy and Philippine National Games; participation in the Southeast Asian
Games, Asian Games and Olympics; the agency’s programs on fitness and Indigenous Peoples, and the 80-plus national sports associations and organizations that knock 24/7 at the agency for funding.
But one thing’s unique though for the hotelier par excellence who found himself embedded in sports under the Manuel V. Pangilinan Group in boxing, basketball, rowing and most recently, cycling, not to mention in Maynilad, Landco Pacific Corp., among others—it’s tourism.
“Sports and tourism are a beautiful combination so hopefully we can work closely together with the Department of Tourism in trying to organize more international events and bring them to the Philippines,” said Gregorio, who obliged himself to two interviews in a span of two hours by gracing the Philippine Sportswriters Association Forum also on Tuesday.
Gregorio made special mention of the FIVB Men’s Volleyball World Championship, FIG World Junior Artistic Gymnastics Championships and the FIFA Futsal Women’s World Cup which the country is hosting in the second semester of the year as proof of a strong case fo sports tourism.
He also underscored the success at the Tokyo and Paris Olympics and in other international fronts as tasks at hand which need to be improved on.
“There’s no dead end in dreaming, let’s dream for more gold medals and service to the more than 110 million Filipinos,” said Gregorio as he emphasized the importance of
RICHARD “DICKIE”
turns over the reins of the Philippine Sports Commission to John Patrick
working together with the Philippine Olympic Committee headed by Abraham “Bambol” Tolentino.
That’s automatic,” added Gregorio, referring to the expected harmonious relationship between the top two sports bodies which was absent in the past.
On his appointment as chairman which was first floated in October last year only to be delayed a few months?
“Am I excited? Yes. Am I happy? Yes. It’s very difficult to say no to the Republic of the Philippines,” he said as he thanked President Ferdinand R. Marcos Jr. for appointing him as head of the agency.
Guillermo leads Cagayan de Oro bets’ 1st-rd attack
AGAYAN DE ORO’S very own
CKen Guillermo turned in the most riveting performance of the day as homegrown talents turned the Pueblo de Oro Golf and Country Club into their personal stage at the start Tuesday of the International Container Terminal Services Inc. (ICTSI) Junior Philippine Golf Tour (JPGT) Pueblo de Oro Championships.
B8 Wednesday, July 2, 2025
mirror_sports@yahoo.com.ph
Editor: Jun Lomibao
LONDON—Carlos Alcaraz, locked in a five-set struggle at Centre Court, looked toward his coach Monday and shouted something about how Fabio Fognini—38 years old, retiring after this season, winless in 2025—looked as if he could keep playing until he’s 50.
“I don’t know why it’s his last Wimbledon,” Alcaraz said later, “because the level he has shown, he can still play three or four more years. Unbelievable.”
The two-time defending champion at the All England Club needed to go through more than four-and-ahalf hours of back-and-forth shifts against the much-older and much-lessaccomplished Fognini before emerging with a 7-5, 6-7 (5), 7-5, 2-6, 6-1 victory in the first round.
It wasn’t supposed to be that tough.
“D idn’t expect to play five sets against him,” Fognini said. “I had my chance.”
Consider, to begin with, that the No. 2-seeded Alcaraz is 22, already a fivetime Grand Slam champion, including his latest at the French Open three weeks ago, and is currently on a careerbest 19-match winning streak.
Consider, too, that Fognini has never been past the third round at the All England Club in 15 appearances and reached the quarterfinals at any major tournament just once—way back at the 2011 French Open. He entered Monday ranked 138th and 0-6 this year.
T here were times Monday when Alcaraz appeared to be something less than his best, far from the form he displayed during his epic five-set, 5 1/2-hour comeback victory over No. 1 Jannik Sinner for the championship at Roland-Garros.
Alcaraz double-faulted nine times.
He faced a hard-to-believe 21 break points. He made more unforced errors, 62, than winners, 52. He chalked some of that up to jitters.
“It doesn’t matter the winning streak that I have right now, that I’ve been playing great on grass, that I’ve been preparing really well,” said Alcaraz, who beat Novak Djokovic in the 2023 and 2024 finals. “Wimbledon is different. I could feel today that I was really nervous at the beginning.”
Next for Alcaraz will be a match Wednesday against Oliver Tarvet, a 21-year-old British qualifier who plays college tennis at the University of San Diego and is ranked 733rd. Still, Alcaraz said: “I have to improve in the next round.”
Valencia’s Marcus Dueñas faltered with a 77, slipping to second, while Bukidnon’s Blademher Estologa turned in a 78.
Davao’s Guio Pasquil and Bukidnon’s Mico Woo both shot 82s but fell too far
Guillermo overcame a shaky start of three bogeys in the first four holes at the challenging Robert Trent Jones IIdesigned layout but bounced back with five birdies, including a stunning run of three in his final four holes, to card a two-under 70 and a commanding sevenstroke lead in the boys’ 11-14 category.
Eala eagerly just circling the wagons
behind to pose any immediate threat to the red-hot Del Monte leg winner.
“I made three bogeys in the first four holes, which put me in a tough spot,” said Guillermo, who spiked his comeback with a chip-in on No. 15, a birdie-blast on the next, and a sevenfoot putt to close out his round.
NINE-YEAR-OLD Francesca Geroy gets some useful tips from her caddie in first-round action at Pueblo de Oro Golf and Country Club, her home course.
Oh, and then there’s this: Only twice has the reigning men’s champion at Wimbledon been beaten in the first round the following year, Lleyton Hewitt in 2003 and Manuel Santana in 1967.
Fognini—whose wife, 2015 US Open champion Flavia Pennetta, held one of their children in the stands—is a self-described hothead and is known for mid-match flareups, including at Wimbledon, where he was fined $3,000 in 2019 for saying during a match that he wished “a bomb would explode at the club” and a then-record $27,500 in 2014 for a series of outbursts. He was put on a two-year probation by the Grand Slam Board in 2017 after insulting a female chair umpire at the US Open and getting kicked out of that tournament. AP
It was in the third set’s marathon tiebreak on Saturday that the 20-year-old Eala repeatedly faltered, missing golden chances to put away the plucky 19-year-old Joint.
If
APUA University’s Clint Escamis and Ateneo’s
have done this without my teammates, it just fuels me to help Mapua win back-to-back championships,” said Escamis, who is returning for his final season with the Cardinals in the National Collegiate Athletic Association (NCAA) Season 101.
“I’m
Joint just showed enough spunk and sealed the win on her second championship point.
But to her credit, Joint is no stranger to piercing pressure, having won the Morocco Open just weeks back to announce her entry into big-time tennis—instantly earning the glorious tag as the next big star of Australian tennis.
Eala is not to be denied, though, since, despite losing to Joint, she’s been already touted, deservedly, as the undisputed queen of Philippine tennis.
Believe in Rafael Nadal, Eala’s mentor since she enrolled at the Nadal Tennis Academy in Mallorca, Spain, as a 12-year-old in 2017, when the 22-time Grand Slam champion tweeted: “It is one final of many finals.”
Indeed, for Eala, the door to glory is ajar.
THAT’S IT Will San Miguel Beer and Rain or Shine force a 2-2 tie against Barangay Ginebra and TNT G5, respectively, in Wednesday’s Games 5 of the Philippine Basketball Association Philippine Cup best-of-seven semifinals at the Mall of Asia
while fellow Bulldog Leo Aringo was the UAAP Men’s Volleyball Player of the Year honors. Saint Benilde’s Zam Nolasco and Arellano’s Carl Berdal were named NCAA Volleyball Players of the Year, while Mon Diansuy and Carmela
Lodi, Alyssa Bertolano and Rachel Anne Daquis—display fierceness from the bench as they put away the Farm Fresh Foxies, 25-18, 25-21, 2826, to kick off their Premiere Volleyball League On Tour campaign at the FilOil EcoOil Arena in San Juan City on Tuesday.
