DESPITE the double-digit increase in debt payments in May 2025, data from the Bureau of the Treasury (BTr) showed that the country’s debt service declined in the first five months of the year.
BTr data indicated that the country’s debt payments rose by 16.04 percent to P80.047 billion in May 2025 from the P68.98 billion in May 2024.
In January to May, debt service payments contracted 42.22 percent to P375.4 billion in 2025 from the P1.22 trillion recorded in the same period last year.
Debt service payments are composed of interest payments and
amortization for both domestic and external borrowings.
Interest payments in May grew 14.5 percent to P69.954 billion in 2025 from P61.097 billion in 2024.
In the May to June period, interest payments went up by 11.37 percent to P357.4 billion from last year’s P321.585 billion. In terms of amortization, payments made in May grew 28.035 percent to P10.093 billion in 2025 from the P7.883 billion recorded a year ago.
The amortization payments, however, declined 61.39 percent to P345.567 billion in January to May 2025 from P895.126 billion in the same period last year.
Meanwhile, domestic interest payments inched up by 13.54 percent to P52.311 billion in May 2025 from P46.071
The bulk of the interest payments in 2025 made by the
By Cai U. Ordinario @caiordinario
INFLATION rate may have eased to below 2 percent in the past four months, but this does not automatically translate to faster economic growth, according to Citi Philippines.
Citi noted that growth indicators in April and May “remained soft” and that despite the talks between the United States and the Philippines, the country’s exports did not benefit from any frontloading.
Based on the Purchasing Managers’ Index (PMI), the S&P Global Market Intelligence noted that the May data showed a “stagnation” (See: https://businessmirror.com.ph/2025/06/02/ may-factory-activity-indicates-stagnation/) and the June data showed that factory ouput was being pulled down by “stalled exports” (See: https://businessmirror.com.ph/2025/07/02/
INVESTMENTS approved under the Strategic Investment Priority Plan (SIPP) will lead to the creation of 132,000 jobs, according to the Department of Trade and Industry (DTI) and the Board of Investments (BOI).
DTI said a total of P3.38 trillion of investments were approved under SIPP from June 2022 to December 2024. It said a “substantial” portion of the projected employment will be in administrative and support services, power, and manufacturing sectors.
Trade and Industry Secretary and Board of Investments (BOI) Chairman Cristina A. Roque said these investments translate into “tangible benefits” for Filipinos by providing livelihoods and strengthening the country’s economic resilience.
“These investments mean thousands of livelihoods for Filipinos and stronger foundations for our economy. As we work to attract strategic projects, our focus remains on translating these into real opportunities for our people,” she said.
By Andrea E. San Juan @andreasanjuan
OCAL trade groups and relevant government agencies are targeting to finish the review of logistics cost and other trade fees in the Philippines by the end of the year to mitigate the impact of the tariffs imposed by Washington.
“We’re not able to see yet the actual impact of this. But then again, right now, we’re reviewing the cost of logistics, reviewing the port charges, reviewing the imposed taxes. We have to find ways and means on how to mitigate the impact of this tariff,” PCCI President Enunina Mangio told reporters in an interview on Friday.
Mangio said the Philippines still has the highest logistics cost compared to its neighboring countries. This review, she said, could
pave the way for the reduction in logistics costs.
A study conducted by the World Bank in 2017 showed that the country’s logistic cost is around 27 percent of the total cost of goods.
Last April, Procurement and Supply Institute of Asia (PASIA) President Charlie Villaseñor raised the same concern during a forum on logistics.
“Logistics cost ranges from 28 to 35 percent, depending on the commodity. And where are we compared to our Asean neighbors in terms of logistics? It’s sad to say. If you will refer to the Logistics Performance Index, you will see that the Philippines is not very well-positioned,” he said.
“Looking at the logistics cost of other countries, tayo ang pinakamataas. That’s why it’s being addressed right now. This includes,
ROTARY CLUB OF MANILA MARKS 106TH
and Induction of Officers ceremony at Solaire Hotel in Parañaque City. The event featured vibrant performances by cultural dancers and the presentation of a token of appreciation. Outgoing RCM President Eduardo “Jujut” Enriquez III handed over the President’s pin to Incoming President Raoul Creencia. RCM Past President Alberto “Bert” Romulo served as the keynote speaker and officiated the induction of the new set of officers for Rotary Year 20252026. ROY DOMINGO
Groups, govt racing to cut logistics cost…
Continued from A1
Authority (PPA) have started to look into the increasing logistics cost in the country after several trade groups raised this concern.
“Actually ‘yung sabi ko na by the end of the year, that’s very long. We’re expecting within 30 to 60, days but I don’t want to be too optimistic about that. Because that’s an initiative of Philexport [Philippine Exporters Confederation Inc.]. So, Philexport is working with PPA, and they are raising a lot of issues about that. That’s why that review was initiated,” Mangio added.
The PCCI chief said the review also includes the shipping fees.
Mangio said PCCI, Philexport, and the Employers’ Confederation of the Philippines signed a letter expressing their concern about the logistics cost in the country even before Washington imposed the reciprocal tariffs last April.
The PCCI has yet to provide the media with a copy of the letter.
High cost, vague rules seen preventing adoption of WTE
By Lenie Lectura @llectura
AMID
the growing interest in wasteto-energy (WTE) projects in the Philippnes, the Makati Business Club (MBC) raised concerns over the technology’s viability and cited key issues that could slow down the WTE momentum.
In a recent roundtable organized by the business group, key government agencies and private stakeholders warned that high project costs, regulatory uncertainty, and supply challenges, among others, continue to cast doubt on the viability of WTE.
Cost remains the biggest barrier, according to the MBC policy note. WTE is “significantly more expen-
sive” than landfill disposal, which is still the preferred method of most local government units (LGU) due to its lower upfront cost.
“For many LGUs, sending waste to a landfill is still the cheaper option. One reason is that the fees paid to dump waste often do not reflect the full cost over time.
These fees usually cover only the
immediate expense and not the added costs of hauling waste long distances, managing landfill sites, or dealing with environmental effects later on,” it said. Regulatory clarity was also cited as a major concern. The policy note underscored the need for well-defined rules and improved coordination between national agencies and local government units.
“WTE will require more than just technology or pricing solutions. Strong leadership, clear institutional roles, and better alignment across agencies and LGUs will be important. A system-wide view of procurement, infrastructure, and governance can help reduce risks and improve project outcomes,” it said.
Another key challenge for WTE is the supply of waste or feed-
stock as most LGUs do not generate enough waste on their own to sustain a WTE facility. The group is suggesting that LGUs must be encouraged to cluster or coordinate to pool waste supply and improve project scale. MBC noted that stronger regional cooperation will be essential to support larger-scale WTE projects.
The MBC’s policy note comes ahead of the Department of Energy’s (DOE) plan to include WTE and biomass in its next renewable energy auction by the fourth quarter of 2025.
The roundtable included representatives from the DOE, Department of Environment and Natural Resources, Department of the Interior and Local Government, along with WtE developers, utilities, and waste service providers.
SIPP investments to create thousands of jobs, says…
Continued from A1
Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo said beyond the numbers, the SIPP is “shaping the Philippines’s future as a hub for innovation and green growth.”
“We are committed to ensuring that these investments drive not only economic gains but inclusive development,” added Rodolfo.
The SIPP, led by the DTI-BOI, is a three-year “rolling plan” that identifies priority investment activities for fiscal and non-fiscal incentives aligned with the CREATE Act, as amended by Republic Act No. 12066.
Moving forward, the DTI said it is working closely with investment promotion agencies, the Fiscal Incentives Review Board (FIRB), other relevant government agencies, and private sector
stakeholders to ensure that the next SIPP (i.e., 2025-2027 SIPP)
“reflects evolving national priorities and global economic trends.”
The BOI said it had approved P3.38 trillion worth of investments under the SIPP.
Top-performing sectors include renewable energy, which accounted for P2.58 trillion; digital infrastructure, P295.14 billion; and logistics and supply chain-related investments, P168.24 billion.
In a recent interview with reporters, Rodolfo said the 20252027 SIPP is already up “for presentation and approval of the FIRB.”
“In the meantime, tuloy-tuloy lang [it just continues]. No one is prejudiced because we still continue with the [current] SIPP,” Rodolfo told reporters.
Andrea E. San Juan
Debt payments rise in May…
which reached P16.872 billion in May 2025 and P60.077 billion in the first five months of the year.
Meanwhile, the external debt service of the national government amounted to P17.643 billion in May 2025, 17.416 percent higher than the P15.026 billion recorded in May 2024.
In January to May, external debt payments grew 6.43 percent to P96.058 billion in 2025 from the P90.209 billion posted in 2024.
Meanwhile, BTr data showed that the country’s domestic debt amortization payments for May was zero. Last year, domestic amortization payments was recorded at P85 million.
This placed the country’s domestic debt amortization payments at P170.403 billion in January to May. The figure is 77.43 percent lower than the P754.855 billion recorded in the January to May period in 2024. Meanwhile, external amortization payments jumped 29.43 percent to P10.093 billion in May 2025 from last year’s P7.798 billion.
stalled-exports-pull-down-manufacturing/)
“The BSP [Bangko Sentral ng Pilipinas] in a statement said that 2025 inflation would remain below target and 2026-2027 inflation will settle within target, but emerging risks to inflation need to be monitored, alongside the impact of prior policy adjustments,” Citi said in a statement.
“Growth indicators remained soft into April-May. Despite optimism after the conclusion of trade talks with the US, Philippine electronics exports continued to lag Asean peers and have not benefited from any frontloading,” it added.
With this, Citi said it maintained its 2025 inflation forecast at 1.7 percent but adjusted its 2026 projection to 2.8 percent. This assumes that headline inflation will slow to 1 percent in July.
This also assumes that inflation will average 1.3 percent in the third quarter, 1.7 percent in the fourth quarter, and 1.8 percent in the first quarter next year.
Citi said its forecast reflected cheaper food prices, particularly for rice. This mirrored base effects in food prices which began in the second quarter of this year.
“We also expect steady or slightly higher inflation in services, such as recreation and education. This, however, could be offset by increased disinflation from utilities and fuel prices, especially after the recent pull back in oil prices,” Citi said.
“Risks may be tilted to the downside, especially if food inflation continues to fall sequentially. Pipeline disinflation pressures may be starting to build again, as PPI [Producer’s Price Index] and wholesale prices have both seen disinflation recently, indicating fading margin squeeze,” it added.
Factory output
PHILIPPINE Institute for Development Studies (PIDS) Senior Research Fellow John Paolo Rivera told BusinessMirror that the recent uptick in PMI still showed that manufacturing firms were “cautiously optimistic.” In the near-term, Rivera expects the sector’s growth to remain modest on the back of “higher input costs, soft global demand, and domestic policy adjustments such as wage hikes.”
There is still a possibility that the country’s PMI score will dip below the 50 threshold if trade tensions or supply chain disruptions worsen or if local consumption weakens.
“However, if inflation stays manageable and public and private investments hold up, we could see PMI remain in expansionary territory for most of the year,” Rivera told this newspaper. Meanwhile, University of the Philippines economist Anthony G. Sabarillo told BusinessMirror that the country’s PMI score will largely depend on geopolitical risks. Sabarillo said these risks include a further deterioration in US-China relations and consequences of the recent Israel-Iran conflict, among others.
In the January to May period, BTr data showed this reached P175.164 billion, or 24.88 percent higher than the P140.271 billion posted in 2024.
Earlier, the House of Representatives’ Congressional Policy and Budget Research Department (CPBRD) said the national government is unlikely to achieve its tax revenue target this year due to rising debt servicing costs.
The CPBRD said these costs threaten to erode fiscal space further. The House think tank also said weaker growth prospects and a standing moratorium on new taxes could hinder the government’s efforts to hit its tax revenue growth targets.
The government aims to collect P4.332 trillion in tax revenues in 2025, while the Cabinet-level Development Budget and Coordination Committee (DBCC) has set the total revenue target at P4.644 trillion this year (See: https://businessmirror.com. ph/2025/05/21/rising-phldebt-service-to-erode-fiscalspace/) Cai U. Ordinario
“[It will depend on] how these risks relate to our manufacturing sectors’ positions in GVCs [global value chains], and how badly key market players perceive such risks,” Sabarillo told this newspaper.
The S&P Global Market Intelligence report said the country’s manufacturing PMI rose to 50.7 in June from 50.1 in May 2025. This, S&P Global Market Intelligence said, indicated a “modest improvement” in the sector’s growth.
This also reflected a subdued performance by the local manufacturing sector in the first six months of the year, according to Maryam Baluch, Economist at S&P Global Market Intelligence.
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.” At this point, Manzano said 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.
All eyes on Bacolod as the city's tallest building rises
By Rence David
Known as one of the most livable cities in the Philippines, Bacolod City remains as an attractive location for investors, particularly because of the rapid urban development that the city has been undergoing over the past few years. This activity continues to drive up property values, open up new business opportunities, and attract high-quality young professionals that fuel stronger demand for services and investments.
Among the things that excite people and investors about Bacolod is the emergence of the city’s modern central business district, the 34-hectare The Upper East township. A proud development of property giant Megaworld, the township is home to a variety of themed residential condominium developments, office properties, and commercial components, including the country’s most beautiful McDonald’s, the Philippines’ biggest Landers Superstore. Soon, Megaworld’s tallest residential condominium in the entire Visayas will also dot The Upper East’s skyline: the 26-story Kensington Sky Garden.
Rising as the company’s fifth residential condominium in The Upper East, Kensington Sky Garden offers 643 ‘smart home’ units and is located at the corner of Upper East Avenue and Bentley Street, just across the Landers. This new Megaworld residential property is envisioned to be another iconic landmark that will redefine Bacolod’s growing skyline as both towers will be highlighted by illuminated crowns that dazzle at night.
Units at Kensington Sky Garden range from Studio and Executive Studio (up to 40 square meters), One Bedroom (up to 56 square meters), Two Bedroom (up to 90 square meters), and Three Bedroom (up to 110 square meters). All unit sizes have either a balcony or a lanai. Each unit will be equipped with a wireless smart home system and devices with WiFi routers that can be accessed remotely using a dedicated phone app. This allows residents to control several
unit features, such as lighting fixtures and other smart appliances in the living, kitchen, and dining areas as well as the bedroom.
The second level will serve as the central amenity area for both towers, which will feature adult and kiddie pools, pool bar, landscaped areas, outdoor fitness area and children’s play area, gazebo, and reading nooks, fitness center, daycare center, as well as game and entertainment room. There will also be a private dining hall that has its own bar and kitchen for intimate dining events and gatherings, and a function room that can accommodate up to 126 persons in a banquet setting.
There will also be sky decks at the 14th and 26th levels of each tower, and a shared outdoor sitting lounge at the fifth level. The ground level exterior will also feature several retail spaces, and two basement levels will be allocated for parking.
Another unique feature of this residential property will be its own electric vehicle (EV)-charging facility in its basement parking area, the first of its kind in Bacolod City, in preparation for the influx of electric and hybrid cars in the near future.
Other green and sustainability features include low flow rate fixtures to promote water conservation, occupancy sensors in hallways and parking floors that help conserve energy, LED lights for units and common areas, rainwater harvesting system, and its own materials recovery facility.
Kensington Sky Garden is scheduled for completion in 2029.
Kensington Sky Garden’s iconic illuminated crowns highlight the beauty of its façade, rising as the newest addition to the skyline of Megaworld’s Bacolod township.
Future residents and guests will be welcomed to a spacious lobby that evokes a combination of English Victorian elegance and charm.
Residents of Kensington Sky Garden will enjoy panoramic views of the city, the mountains, the sea, and the nearby islands from the glass-clad sky lounges on the topmost floor of the tower.
Surrounding the pool area at Kensington Sky Garden will be lush landscaped gardens, gazebos, and covered walkways.
More legislators eye stricter rules on online gambling
By Jovee Marie N. dela Cruz @joveemarie
IN an effort to curb gambling addiction and address the rising social impact of digital betting, more lawmakers are calling for stricter regulation of online gambling—with one legislator even seeking to revoke all existing permits and licenses issued to online gambling operators.
Among the proposed measures is a prohibition on the use of electronic payment systems and e-wallets as tools or conduits for online gambling transactions.
Manila Rep. Rolando Valeriano announced his intention to file a bill on Monday that mandates the revocation of all existing permits and licenses granted to operators of online gambling businesses as well as e-sabong.
“I commend the Bangko Sentral [BSP] for drafting a new circular addressing online gam -
bling,” Valeriano said, referring his call for the BSP to ban electronic payment systems from enabling gambling. “However, the BSP is limited by the current legal framework.”
Valeriano noted that the central bank may raise the legal gambling age, impose higher minimum and maximum bet limits, and tighten “know your customer” (KYC) rules. He also urged the BSP to require e-wallets to be used exclusively at physical gambling venues and prevent them from being linked
to unlicensed foreign operators.
Root cause
“MY bill aims to address the root cause of the problem—online gambling operators themselves—so that e-wallets and payment platforms will no longer have legal gambling companies to process payments for,” he emphasized.
“I have a bill, which I am about to file, that seeks to revoke all permits and licenses issued to businesses with e-sabong and online gambling operations,” Valeriano said. “In other words, my bill directly addresses the main problem, not the e-wallets and e-payments.”
Akbayan party-list group also announced it would file a separate measure that imposes strict regulations on e-gambling, including age restrictions, mandatory age-verification, and a ban on the use of digital wallets for gambling transactions.
The move comes in response to the Catholic Bishops’ Conference of the Philippines’ call for urgent government action to curb gambling addiction, especially among the youth.
“It’s not just money or chips that are at stake in gambling—it’s people’s dreams,” said Akbayan Rep.
PHL seas stayed hot into rainy season–UP study
By Bless Aubrey Ogerio
DChel Diokno. “Every cash-in to an e-gambling app destroys families and robs our youth of their future.”
Diokno and fellow Akbayan Rep. Perci Cendaña also criticized the normalization of gambling in public spaces through large-scale e-gambling advertisements along major thoroughfares like Epifanio delos Santos Avenue (Edsa).
“It’s alarming that gambling now dominates billboard spaces instead of essentials like food and clothing,” Cendaña said. “No wonder workers end up spending their salaries on gambling rather than basic needs.”
The Akbayan proposal includes penalties for operators that fail to implement age restrictions and advertising limits, particularly those that target minors.
Symptom of deeper issues
CENDAÑA emphasized that the gambling crisis is symptomatic of deeper systemic issues.
“When people are deprived of decent jobs, living wages, and affordable public services, desperation drives them to gamble,” he said.
Akbayan lawmakers are working with policy experts, economists, and civil society organizations to refine the proposed bill and ensure it provides long-term safeguards for Filipino families and the youth.
Bukidnon Rep. Jonathan Keith T. Flores has filed House Bill 721, the Anti-Online Gambling Promotions in E-Wallets Act, alongside fellow Bukidnon Reps. Jose Manuel Alba, Audrey Zubiri, Laarni Lavin Roque, and Arlyn P. Ayon.
The bill outlines several prohibitions for e-wallet operators, including redirecting users to gambling platforms via links, QR codes, or similar means; distributing information about placing or receiving bets through online gambling platforms; displaying or hosting gambling advertisements in their applications; and promoting gambling activities online to the general public.
Pagcor’s response IN response to the wave of proposed legislation, the Philippine Amusement and Gaming Corporation (Pagcor) issued a statement acknowledging Congress’ legislative authority.
“It is the prerogative of our lawmakers to propose laws which they think will be beneficial to the public,” the agency stated. “Pagcor is duty-bound to follow any and all relevant regulations once they are passed by Congress and signed into law by the President.”
The agency assured the public of its continued efforts to curb illegal online gambling in coordination with other government bodies and stakeholders.
ESPITE the onset of rains, waters in the country stayed unusually warm after El Niño officially ended in May 2024, a University of the Philippines (UP) study said.
Researchers from the UP Marine Science Institute (MSI) found that sea temperatures hit record highs during the 2023-2024 El Niño season, peaking at 30.45°C in June 2024.
The heat continued through the rainy season, especially from June to August 2024, making it one of the hottest periods ever recorded
IN a bid to further digitalize election processes, the Commission on Elections (Comelec) last week launched an online platform for the submission of Statements of Contributions and Expenditures (Soce) by candidates and political parties.
The new system, dubbed Project Siyasatin, Unawain, Resolbahin, at Ipanagot (Suri), aims to modernize financial reporting in elections and enhance public transparency through digital access.
While still in its beta phase, the platform may already be used by candidates in the coming Bangsamoro parliamentary elections in October.
Comelec Chairman George Erwin M. Garcia said the digitalization of Soce filing is a significant step toward streamlining processes and strengthening accountability—not just for candidates, but for the general public as well.
“This is highly beneficial to all—members of the media, civil society groups, and citizens who want access to election
in Philippine waters during an El Niño.
“Although cooler waters are normally expected from the cold winds brought by the northeast monsoon [amihan], these were not enough to overcome the heat of El Niño period,” the team explained.
“As El Niño was ending, warm winds brought by the southwest monsoon [habagat] intensified the heat,” they added. The study used satellite data to track sea temperatures across the country from March 2023 to August 2024.
spending data. It has data analytics. If you want to know, for instance, which donors supported which candidates, the system can filter that data and show you directly,” Garcia said, mostly in Filipino.
Previously, Soces had to be filed manually—national candidates and party-list groups submitted theirs at the Comelec main office, while local bets filed at their respective local Comelec offices. Garcia expressed hope that Project Suri would make filing easier for candidates and, more importantly, ensure public visibility of campaign finance reports. He added that voters will also be able to access the platform to check for potential inconsistencies in the submitted Soces.
“It’s not enough that we legally require candidates to file Soces. Making these documents accessible means the public also shares the responsibility to review and
US carrier strike group commander
THE commander of the US Navy carrier task group that is in town for a port call on Friday called on the Navy (PN) flag officer in command.
In a statement issued on Sunday, the PN said Rear Admiral Eric Anduze, commander of the US Navy’s Carrier Strike Group 5-Task Force 70 paid a visit to Vice Admiral Jose Ma. Ambrosio Ezpeleta, PN flag officer in command on July 4 at the Navy headquarters on Roxas Boulevard, Manila.
“The visit coincided with the US Independence Day and the Philippine-American Friendship Day, underscoring the strong ties between the two nations. Both sides reaffirmed their commitment to deepening cooperation and strengthening maritime security in the Indo-Pacific Region,” the PN said in the statement.
Discussions focused on ongoing and future joint activities, including naval exercises, ship visits, and opportunities for closer coordination on operations, training, and modernization.
Anduze also expressed his gratitude for the warm welcome and highlighted the important role of Filipino sailors in the US Navy. The visit reflects the strong and enduring alliance between the Philippine and US navies, built on shared values and a common goal of maintaining peace and stability in the region.
Blanco assumes top Marines post THE Navy meanwhile welcomed Maj. Gen. Vicente MAP Blanco III as the 37th commandant of the Marine Corps (PMC) during a pinning of rank insignia and assumption of command ceremony last July 4 held at Marine Barracks Rudiardo Brown, Naval Station Jose Francisco, Taguig City.
CamSur, CDO lawmakers 19th Congress topnotchers
LAWMAKERS from Camarines Sur and Cagayan de Oro were on top of the list of legislators who had principally authored the most number of bills, ranging from over 400 to almost a thousand measures during the 19th Congress, according to the official records of the House of Representatives.
Former Camarines Sur Rep. Luis
Raymund Villafuerte, president of the National Unity Party (NUP) and former majority leader of the Commission on Appointments, emerged as the second most productive lawmaker in terms of bill authorship, with 812 measures filed. The data is based on the official tally posted on the House website.
Fellow CamSur lawmakers Tsuyoshi Anthony Horibata and Miguel Luis Villafuerte also made it to the top 20, ranking ninth and 18th with 523 and 432 bills filed, respectively. Cagayan de Oro Rep. Rufus Rodriguez topped the list with 978 measures authored.
As the 20th Congress opens on July 28—with President Marcos set to deliver his fourth State of the Nation Address (Sona)—focus turns to legislative accomplishments from the previous term under the leadership of Speaker Ferdinand Martin G. Romualdez. The House successfully passed 63 out of the 64 priority measures under the Common Legislative Agenda (CLA) endorsed by the Legislative-Executive
PRESIDENT Marcos assured on Sunday that the government’s P20 per kilo rice program is not a temporary measure and will soon be available in more public markets nationwide.
In his latest vlog released Sunday, Marcos said the program, being rolled out through Kadiwa ng Pangulo outlets for vulnerable sectors, is part of the administration’s efforts to provide affordable food and strengthen the agriculture sector through sustained collaboration between the national and local governments.
“P20 rice is here to stay. It is achievable, it is sustainable. Kaya abangan ninyo [So, watch out for it] in your nearest public markets,” Marcos said.
The initiative called “Benteng Bigas Meron na! [BBM]” was one of Marcos’ campaign promises, aimed at alleviating the burden of rising food prices.
The P20/kg rice is currently available to senior citizens, solo parents, persons with disabilities, indigent families, and minimum wage earners, with one million targeted beneficiaries by yearend.
As newly appointed national and local officials assumed office June 30, Marcos encouraged them to work together for service delivery.
“Tapos na po ang bahagi ng politika, serbisyo publiko na ang haharapin niyo ngayon [The political phase is over, your focus will now be public service],” he said.
Marami-rami tayong pagtutulungan sa lokal at national government at malaking bahagi ang [local governments unit ng paghahatid natin ng serbisyo sa taumbayan [We have a lot to work on together between local and national government, and LGUs play a big role in delivering services to the people].”
Palay prices protected
ADDRESSING concerns that the
low rice prices may hurt farmers, Marcos reiterated that safeguards are in place to prevent the depression of palay (unhusked rice) prices.
He said the National Food Authority (NFA) is mandated to purchase wet palay at P18 per kilo and dry palay at P19 to P23 per kilo.
“Kahit ano pa ang maging presyo ng bigas, hindi po bababa dito ang pagbili ng NFA s a palay mula sa ating mga magsasaka [No matter the price of rice in the market, the NFA will not buy palay from our farmers below these rates],” he assured.
Marcos also cited the continued rollout of rice processing facilities and dryers across the country to empower farmers to store and process their harvest, instead of being forced to sell to traders at low prices.
Food security
MARCOS, likewise, reaffirmed his administration’s focus on building a resilient agricultural system to ensure food security, from farm production to processing, transport and retail.
On Wednesday, the President led the launch of the program at Zapote Public Market in Bacoor, Cavite.
It marked a major expansion of the P20 rice initiative, originally intended for pilot testing in the Visayas in May.
The Department of Agriculture’s Agribusiness and Marketing Assistance Service earlier said the program has already reached over 105,000 families in Luzon and the Visayas, distributing more than 804,000 kilos of rice between May 13 and June 30.
To date, 94 outlet sites have been established all over the country. PNA
prohibited,” Garcia said.
“That kind of detail could go unnoticed... We have to demand and we have to account,” he added.
House to focus on measures aimed at making PHL attain Umic status
By Jovee Marie N. dela Cruz @joveemarie
ALEADER of the House of Representatives said the 20th Congress will focus on passing key economic measures that support the Philippines’ bid to attain upper-middle-income country (Umic) status by late 2025 or 2026, emphasizing the need for laws that promote inclusive growth, improve public services, and boost investments in infrastructure, digitalization, and human capital development.
Reelected Leyte Rep. Ferdinand Martin G. Romualdez, who served as Speaker of the recently concluded 19th Congress, echoed Finance Secretary Ralph Recto’s optimism that the country is on track to reach UMIC status either by the end of 2025 or 2026—based on strong economic performance and updated World Bank data.
“I will espouse legislative priorities that would help sustain this momentum,” said Romualdez. “Our goal is to create a policy en -
vironment that supports job creation, raises incomes, and ensures that economic gains are felt across all sectors of society.”
He stressed that the 20th Congress, set to open later this month, must focus on passing laws that promote inclusive growth, expand public services, and support investment in infrastructure, digital transformation, and human capital development.
Romualdez also underscored the need for measures that enhance food security, improve access to affordable healthcare and quality education, and accelerate infrastructure development under the administration’s Build Better More (BBM) program.
“In support of President Marcos’s vision for a Bagong Pilipinas, I and our allies in the House would work to ensure every law we pass brings us closer to an economy that works for all Filipinos,” said Romualdez, president of LakasCMD—the biggest political bloc in the House, comprising about a third of the chamber.
Based on the World Bank’s latest classification, the Philippines remains a lower-middle-income country with a gross national income (GNI) per capita of US$ 4,470 in 2024—just $26 below the Umic threshold of US$ 4,496. The figure, however, already exceeds the low end of the government’s 2023–2028 GNI target, signaling significant economic progress.
The Marcos administration, through its 2024 Philippine Development Report, has projected that the country could move up to Umic status within the next two years, driven by strong economic growth and sound fiscal policies.
Work closely ROMUALDEZ said the House will work closely with the Department of Budget and Management (DBM) to ensure that the proposed P6.793 trillion national budget for 2026 serves as a critical tool in advancing the administration’s mediumterm development goals.
“We want the national budget to reflect our shared goals of lift -
ing more Filipinos out of poverty, closing inequality gaps, and making government services more efficient and accessible,” he said. He added that strategic public spending can stimulate domestic demand and protect the purchasing power of low-income and rural communities.
“Sound budgeting and responsible legislation go hand in hand. The House is committed to supporting the executive’s fiscal roadmap and ensuring that resources are directed toward inclusive and sustainable development,” Romualdez said.
He expressed confidence that the House would continue working with the administration to pass measures supporting these objectives while being mindful of inflation risks and fiscal sustainability.
“Achieving upper-middle income status is a meaningful milestone, but more important is ensuring that growth leads to tangible improvements in the lives of our people,” he said.
PPA assures continuous flow of goods in Eastern Visayas
By Lorenz S. Marasigan @lorenzmarasigan
THE Philippine Ports Authority (PPA) has committed to ensuring the uninterrupted movement of goods between islands of Samar and Leyte, particularly perishable commodities, as restrictions continue to affect traffic along the San Juanico Bridge. PPA General Manager Jay Santiago said the agency has activated contingency measures to maintain
scrutinize them,” he said.
Garcia pointed out that the Comelec’s political and finance affairs department, which validates SOCEs from both national and local candidates, has only 48 employees handling the task.
He noted that even if discrepancies are found—such as over- or under-reporting of expenses—tracking down whether the listed contributions and expenditures are accurate, or if certain items were omitted, remains a challenge.
“The candidate used a helicopter— why wasn’t that accounted for? Another one handed out food—why isn’t that in the report? And distributing food is even
PN. . .
Continued from A4
The event was presided over by Ezpeleta.
The Navy flag officer in command expressed full confidence in Blanco’s leadership, citing his ability to lead with humility and integrity.
He underscored his trust in the newly installed PMC chief to empower the Marines, officers, enlisted personnel, and civilian human resources under his command.
“From this moment forward, you are in charge of leading the PMC in a dynamic global security environment. As you take the helm, sustain its transformation under
CDO. . .
Continued from A4
Development Advisory Council (Ledac) and identified by Marcos. Of these, 44 were either authored or co-authored by Villafuerte.
So far, 33 of the 63 CLA measures have been signed into law, including 24 that Villafuerte helped author. These landmark laws in -
Under Section 14 of Republic Act 7166, all candidates and party-list treasurers are required to file a “full, true, and itemized” Soce within 30 days after election day. Failure to do so is an administrative offense punishable by a fine. Candidates and parties who fail to settle the fine within 30 days of receiving notice may face a writ of execution against their assets.
Moreover, no elected official is allowed to assume office unless their Soce has been filed. The same rule applies to political parties that nominated them. Repeat violations may lead to perpetual disqualification from holding public office.
Justine Xyrah Garcia
the Active Archipelagic Defense Strategy and sharpen the Corps into a force that is not only the most ready, but also the most relevant—whether on land, at sea, or in the littorals,” Ezpeleta added. Blanco is a distinguished member of the Philippine Military Academy Class of 1991, graduating 12th out of 218 cadets.
A brilliant and combat-hardened Marine officer, he has led the PMC in some of the most challenging operational environments, from his early deployments in Sulu, Palawan, Tawi-Tawi, and Quezon province, to his command of the 4th Marine Brigade, and most recently, his service as deputy commandant of the PMC. Rex Anthony Naval
clude the SIM Card Registration Act, New Agrarian Emancipation Act, Maharlika Investment Fund, Trabaho Para sa Bayan Act, Public-Private Partnership Code of the Philippines, Tatak Pinoy Act, Philippine Salt Industry Development Act, Real Property Valuation and Assessment Reform Act, Magna Carta of Filipino Seafarers, and Philippine Archipelagic Sea Lanes Act.
the flow of essential supplies and sustain food security in Eastern Visayas following President Marcos’s directive to preserve regional connectivity and access to basic goods.
“As far as the PPA is concerned, ang papel natin is to ensure the free flow of cargo—na hindi madisrupt ang logistics chain natin,” he said.
Santiago said all port terminals under PPA jurisdiction in the region have been instructed to prioritize perishable items, especially those transported under
the care of the Department of Agriculture (DA), Department of Social Welfare and Development (DSWD), and the Office of Civil Defense (OCD).
“Iyan po ay priority. So pinauuna natin na ang mga products na iyan ang palaging uunahin,” he pointed out.
To help ease transport bottlenecks, Santiago said the expanded Amandayehan Port in Basey, Samar, and the Tacloban Port will now operate round the clock to accommodate both passenger travel and
cargo movement, including trucks.
“Hopefully, habang nag-nonormalize na ang situation, medyo makakahinga-hinga na ang mga kababayan natin diyan sa Leyte at Samar at mag-stabilize na ang mga pangunahing pangangailangan gaya ng krudo, gasolina at pagkain,” he said.
The San Juanico Bridge, which connects the islands of Leyte and Samar, has been partially restricted to large vehicles owing to ongoing assessments of its structural integrity.
Contract verification system for OFWs in Dubai, Northern Emirates set–DMW
By Justine Xyrah Garia
A30-DAY pilot run of an online contract verification system for land-based overseas Filipino workers (OFWs) in Dubai and the Northern Emirates will be rolled out next week, the Department of Migrant Workers (DMW) said.
In an advisory, the Migrant Workers Office (MWO) in Dubai said the system will be available starting July 7 to OFWs holding visas or Emirates IDs issued in Dubai, Ajman, Sharjah, Fujairah, Ras Al Khaimah, and Umm Al Quwain.
Describing the new process as a “fast, secure, and hassle-free system,” the DMW said the goal is to allow workers to verify contracts “wherever they are and have their employment contract verified faster and without having to travel to MWO-Dubai.”
The department also emphasized that the online verification is optional, not mandatory.
“Those with confirmed flights would still have the opportunity to have their employment documents verified manually at MWO-Dubai one working day before their flight should they choose to do so,”
the advisory said.
The system’s pilot phase will initially accept 200 applications per day from Mondays to Fridays, starting at 8:00 a.m. and closing either once the cap is reached or by 11:59 p.m., whichever comes first.
The DMW noted that the daily application cap could gradually be raised based on evaluator availability and how well the system can handle the volume.
The department also assured applicants that the standard processing time for verified contracts is three working days, provided all documents are complete and
the verification fee is paid immediately after receiving the notice.
“If correct and complete documents are submitted and the verification fee is paid right after receipt of notice of payment, then the applicant will be able to download his/ her verified contract in the system,” it added. Interested applicants may access the online system through https://dmw. dataflowgroup.com.
Once verified, they can also view their Overseas Employment Certificate (OEC) through the DMW portal at portal.dmw. gov.ph
10 groups of CARP beneficiaries in Negros receive help from DAR
THE Department of Agrarian Reform (DAR) said it has turned over P5.6 million worth of farm machinery and equipment to 10 agrarian reform beneficiaries organizations (Arbos) on Negros Island to boost farm productivity and farmers’ income in the region.
Aside from farm machinery and equipment, the DAR also provided training to members of the ARB Organizations (Arbos) in the area.
The Negros Island Region (NIR) is a newly established administrative region composed of the provinces of Negros
Villafuerte also played a role in authoring or co-authoring the New Government Procurement Act, Anti-Financial Accounts Scamming Act, CREATE MORE Act, amendments to the Rice Tariffication and Universal Health Care Acts, and the Military and Uniformed Personnel (MUP) Pension System Act. In addition, he was instrumental in six of the seven bicameral
Occidental, Negros Oriental, and Siquijor.
Created on June 11, 2024 by Republic Act 12000, NIR includes the city of Bacolod, which is currently part of Negros Occidental. The creation of the NIR aims to streamline government services and promote development on the islands of Negros and Siquijor.
Agrarian Reform Secretary Conrado Estrella III personally led the distribution of P5.6 million worth of support services to 10 Arbos during a ceremony at the Manuel Y. Torres Memorial Coliseum and Cultural Center in Bago City recently.
conference committee-approved bills ratified by the 19th Congress and sent to the President for signing. These include the Government Optimization Act, E-Governance Act, Konektadong Pinoy Act, Virology Institute of the Philippines (VIP) Act, Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, and Liberalization of Land Lease for Foreign Investors Act. Jovee Marie N. dela Cruz
Among the recipients is the Bungahin Irrigators Association, Inc. from Moises Padilla, which received two rice reapers, one rice transplanter with seedling trays, and two water pumps with complete accessories. These tools will improve the farming operations of their 80 members, tilling a total of 105 hectares of farmland.
Marianito Perolino, President of the Bungahin Irrigators Association, Inc., expressed his deep gratitude to DAR for its continued assistance in improving the productivity and income of their members.
Continued from A4
Researchers found two major periods of unusual ocean heat, known as marine heatwaves: The first happened from November 2023 to January 2024, mostly in the northwestern Philippines, while the second and stronger wave appeared from April to August
“DAR’s support goes beyond land distribution. With the FMEs and training we received, we can now increase our production and even help nearby Arbos and other small farmers in our community,” Perolino said.
DAR also provided capacity-building training to help farmers improve their skills and productivity.
This initiative supports the directive of President Ferdinand R. Marcos Jr. and Secretary Estrella to uplift farmers and strengthen rural development across the country. Jonathan L. Mayuga
2024, affecting waters in both the northwest and northeast.
In both cases, the warm waters started in the north and slowly moved southward, they said. The study, titled “Evolution of Marine Heatwave in the Philippines During and After the 2023/24 El Niño,” was published in the journal IOP Conference Series: Earth and Environmental Science.
Monday, July 7, 2025
Conflict escalates: Ukraine strikes Russian air base as Russia launches drone barrage
By Elise Morton The Associated Press
LONDON—Ukraine said it struck a Russian air base on Saturday, while Russia continued to pound Ukraine with hundreds of drones overnight as part of a stepped-up bombing campaign that has dashed hopes for a breakthrough in efforts to end the more than 3-year-old war.
Ukraine’s military General Staff said that Ukrainian forces had struck the Borisoglebsk air base in Russia’s Voronezh region, describing it as the home base of Russia’s Su-34, Su-35S and Su-30SM f ighter jets. Writing on Facebook, the General Staff said it hit a depot containing glide bombs, a training aircraft a nd “possibly other aircraft.” Russian officials did not immediately comment on the attack. Such attacks on Russian air bases aim to dent Russia’s military capability and demonstrate Ukraine’s c apability to hit high-value targets in Russia. Last month, Ukraine said it destroyed more than 40 Russian planes stationed at several airfields deep in Russia’s territory in a surprise drone attack.
R ussia fired 322 drones and decoys into Ukraine overnight into S aturday, Ukraine’s air force said.
Of these, 157 were shot down and 135 were lost, likely having been electronically jammed. According to the air force, Ukraine’s western Khmelnytskyi region was the main target of the attack. Regional Gov. Serhii Tyurin said Saturday that no damage, injuries or deaths had been reported. R ussia has been stepping up its long-range attacks on Ukraine. Waves of drones and missiles targeted Kyiv overnight into Friday in t he largest aerial assault since Russia’s invasion of Ukraine began. On S aturday, Kyiv Mayor Vitali Klitschko said the number of people killed i n the assault had increased to two.
A further 31 people were wounded. The fresh wave of attacks came after Ukrainian President Volodymyr Zelenskyy said Friday that he h ad a “very important and productive” phone call with US President D onald Trump.
The two leaders discussed how Ukrainian air defenses might be strengthened, possible joint weapons production between the US and U kraine, and broader US-led efforts to end the war with Russia, according to a statement by Zelenskyy.
A sked Friday night by reporters about the call, Trump said, “We had a very good call, I think.”
When asked about finding a way to end the fighting, Trump said: “I don’t know. I can’t tell you whether or not that’s going to happen.”
The US has paused some shipments of military aid to Ukraine, i ncluding crucial air defense missiles. Ukraine’s main European b ackers are considering how they can help pick up the slack. Zelen -
skyy says plans are afoot to build up U kraine’s domestic arms industry, but scaling up will take time. Russia’s Defense Ministry said it shot down 94 Ukrainian drones overnight into Saturday, along with 45 further drones Saturday morning and early afternoon. No casualties were reported, but local officials in the Saratov region said 25 apartments were damaged by Ukrainian drones in the city of Engels. Four Ukrainian drones were shot down while approaching Moscow on Saturday, according to Moscow Mayor Sergei Sobyanin. Air traffic was briefly halted as a precaution at one of Moscow’s airports, Sheremetyevo, Russia’s aviation authority R osaviatsiya said.
IN
France accuses China of undermining Rafale jet’s reputation after India-Pakistan air combat
By John Leicester The Associated Press
PARIS—China deployed its embassies to spread doubts about the performance of Frenchmade Rafale jets after they saw combat in India and Pakistan’s clashes in May, French military and intelligence officials have concluded, implicating Beijing in an effort to hammer the reputation and sales of France’s flagship fighter.
Findings from a French intelligence service seen by The Associated Press say defense attaches in China’s foreign embassies led a charge to undermine Rafale sales, seeking to persuade countries that have already ordered the French-made fighter—notably Indonesia—not to buy more and to encourage other potential buyers to choose Chinese-made planes. The findings were shared with AP by a French military official on condition that the official and the intelligence service not be named.
Four days of India-Pakistan clashes in May were the most serious confrontation in years between the two nuclear-armed neighbors, and included air combat that involved dozens of aircraft from both sides. Military officials and researchers have since been digging for details of how Pakistan’s Chinese-made military hardware — particularly warplanes and air-combat missiles — fared against weaponry that India used in airstrikes on Pakistani targets, notably Frenchmade Rafale fighters.
Sales of Rafales and other armaments are big business for France’s defense industry and help efforts by the government in Paris to strengthen ties with other nations, including in Asia where China is becoming the dominant regional power.
France is fighting what it calls a disinformation campaign against the Rafale PAKISTAN claimed its air force downed five Indian planes during the fighting, including three Rafales. French officials say that prompted questions about their performance from countries that have bought the fighter from French manufacturer Dassault Aviation.
India acknowledged aircraft losses but didn’t say how many. French air force chief Gen. Jérôme Bellanger said that he’s seen evidence pointing to just 3 Indian losses — a Rafale, a Russianmade Sukhoi and a Mirage 2000, which is an earlier generation French-made jet. It was the first known combat loss of a Rafale, which France has sold to eight countries.
“Of course, all those, the nations that bought Rafales, asked themselves questions,” Bellanger said.
French officials have been battling to protect the plane from reputational damage, pushing back against what they allege was a concerted campaign of Rafale-bashing and disinformation online from Pakistan and its ally China.
They say the campaign included viral posts on social media, manipu -
lated imagery showing supposed Rafale debris, AI-generated content and video-game depictions to simulate supposed combat. More than 1,000 social media accounts newly created as the India-Pakistan clashes erupted also spread a narrative of Chinese technological superiority, according to French researchers who specialize in online disinformation.
French military officials say they haven’t been able to link the online Rafale-bashing directly to the Chinese government.
Intelligence assessment says Chinese officials lobbied potential clients to ditch French planes BUT the French intelligence service said Chinese embassy defense attaches echoed the same narrative in meetings they held with security and defense officials from other countries, arguing that Indian Air Force Rafales performed poorly and promoting Chinese-made weaponry.
The defense attaches focused their lobbying on countries that have ordered Rafales and other potential customer-nations that are considering purchases, the intelligence service said. It said French officials learned of the meetings from nations that were approached.
Asked by AP to comment on the alleged effort to dent the Rafale’s appeal, the Ministry of National Defense in Beijing said: “The relevant claims are pure groundless rumors and slander. China has consistently maintained a prudent and responsible approach to
Israel, Hamas inch closer to ceasefire deal amid ongoing violence in Gaza
By Wafaa Shurafa & Samya Kullab The Associated Press
DEIR AL-BALAH, Gaza Strip— US-led ceasefire efforts in Gaza appeared to gain momentum Saturday after nearly 21 months of war, as Prime Minister Benjamin Netanyahu ‘s office said Israel on Sunday will send a negotiating team to talks in Qatar.
military exports, playing a constructive role in regional and global peace and stability.” In recent years, China has stepped up disinformation campaigns on global social media platforms like X, Instagram or Facebook, using networks of state-sponsored influencers, sites that pose as news organizations, and fake social media accounts to spread narratives from Beijing.
France’s Defense Ministry said the Rafale was targeted by “a vast campaign of disinformation” that “sought to promote the superiority of alternative equipment, notably of Chinese design.”
France considers the jet a ‘strategic French offering’
“THE Rafale was not randomly targeted. It is a highly capable fighter jet, exported abroad and deployed in a high-visibility theater,” the Defense Ministry wrote on its website.
“The Rafale was also targeted because it represents a strategic French offering. By attacking the aircraft, certain actors sought to undermine the credibility of France and its defense industrial and technological base. The disinformation campaign therefore did not merely target an aircraft, but more broadly a national image of strategic autonomy, industrial reliability, a nd solid partnerships.”
Dassault Aviation has sold 533 Rafales, including 323 for export to Egypt, India, Qatar, Greece, Croatia, the United Arab Emirates, Serbia and Indonesia. Indonesia has ordered 42 planes and is considering buying more.
China may be hoping to weaken the security relationships that France is building with Asian nations by spreading worries about the equipment it supplies, said Justin Bronk, an airpower specialist at the Royal United Services Institute, a defense and security think tank in London.
“From a point of view of limiting Western countries’ influence in the Indo-Pacific, it would make sense for China to be using the performance of Pakistani weapon systems—or at least purported performance—in downing at least one Rafale as a tool to undermine its attractiveness as an export,” he said.
“They certainly saw an opportunity to damage French sales prospects in the region.”
The statement also asserted that Hamas was seeking “unacceptable” changes to the proposal. US President Donald Trump has pushed for an agreement and will host Netanyahu at the White House on Monday to discuss a deal. Inside Gaza, Israeli airstrikes killed 14 Palestinians and another 10 were killed while seeking food aid, hospital officials in the embattled enclave told The Associated Press. And two American aid workers with the Israel-backed Gaza Humanitarian Foundation were injured in an attack at a food distribution site, which the organization blamed on Hamas, without providing evidence.
Weary Palestinians expressed cautious hope after Hamas gave a “positive” response late Friday to the latest US proposal for a 60-day truce but said further talks were needed on implementation.
“We are tired. Enough starvation, enough closure of crossing points. We want to sleep in calm where we don’t hear warplanes or drones or shelling,” said Jamalat Wadi, one of Gaza’s hundreds of thousands of displaced people, speaking in Deir al-Balah. She squinted in the sun during a summer heat wave of over 30 degrees Celsius (86 degrees Fahrenheit).
Hamas has sought guarantees that the initial truce would lead to a total end to the war and withdrawal of Israeli troops from Gaza. Previous negotiations have stalled over Hamas demands of guarantees that further negotiations would lead to the war’s end, while Netanyahu has insisted Israel would resume fighting to ensure the militant group’s destruction.
“Send a delegation with a full mandate to bring a comprehensive agreement to end the war and bring everyone back. No one must be left behind,” Einav Zangauker, mother of hostage Matan Zangauker, told the weekly rally by relatives and supporters in Tel Aviv.
Palestinian doctor and his 3 children killed ISRAELI airstrikes struck tents in the crowded Muwasi area on Gaza’s Mediterranean coast, killing seven people including a Palestinian doctor and his three children, according to Nasser Hospital in the southern city of Khan Younis.
Four others were killed in the town of Bani Suheila in southern Gaza.
Three people were killed in three strikes in Khan Younis. Israel’s army did not immediately comment.
Separately, eight Palestinians were killed near a GHF aid distribution site in the southern city of Rafah, the hospital said. One Palestinian was killed near another GHF point in Rafah. It was not clear how far the Palestinians were from the sites. GHF denied the killings happened
near their sites. The organization has said no one has been shot at its sites, which are guarded by private contractors and can be accessed only by passing Israeli military positions hundreds of meters (yards) away. The army had no immediate comment but has said it fires warning shots as a crowd-control measure and only aims at people when its troops are threatened.
Another Palestinian was killed waiting in crowds for aid trucks in eastern Khan Younis, officials at Nasser Hospital said. The United Nations and other international organizations have been bringing in their own supplies of aid since the war began. The incident did not appear to be connected to GHF operations.
Much of Gaza’s population of over 2 million now relies on international aid after the war has largely devastated agriculture and other food sources and left many people near famine. Crowds of Palestinians often wait for trucks and unload or loot their contents before they reach their destinations. The trucks must pass through areas under Israeli military control. Israel’s military did not immediately comment. American aid workers injured The GHF said the two American aid workers were injured on Saturday morning when assailants threw grenades at a distribution site in Khan Younis. The foundation said the injuries were not life-threatening. Israel’s military said it evacuated the workers for medical treatment. The GHF—a US- and Israeli-backed initiative meant to bypass the UN — distributes aid from four sites that are surrounded by Israeli troops. Three sites are in Gaza’s far south. The UN and other humanitarian groups have rejected the GHF system, saying it allows Israel to use food as a weapon, violates humanitarian principles and is not effective. Israel says Hamas has siphoned off aid delivered by the UN, a claim the UN denies. Hamas has urged Palestinians not to cooperate with the GHF.
GHF, registered in Delaware, began distributing food in May to Palestinians, who say Israeli troops open fire almost every day toward crowds on roads heading to the distribution points.
Several hundred people have been killed and hundreds more wounded, according to Gaza’s Health Ministry and witnesses. The U.N. human rights office says it has recorded 613 Palestinians killed within a month in Gaza while trying to obtain aid, most of them while trying to reach GHF sites. The war began when Hamas attacked Israel on October 7, 2023, killing some 1,200 people and taking 251 others hostage.
Israel responded with an offensive that has killed over 57,000 Palestinians, more than half of them women and children. according to Gaza’s Health Ministry, which is led by medical professionals employed by the Hamas government. It does not differentiate between civilians and combatants, but the UN and other international organizations see its figures as the most reliable statistics on war casualties.
Kullab reported from Jerusalem.
Angel R. Calso
PEOPLE take part in a protest demanding the end of the war and immediate release of hostages held by Hamas in the Gaza Strip, and against Prime Minister Benjamin Netanyahu’s government in Tel Aviv, Israel, Saturday, July 5, 2025. AP PHOTO/OHAD ZWIGENBERG
Trump’s tariff date arrives after 90-day rollercoaster
By Brendan Murray & Craig Stirling
THE world economy, beset with uncertainty for three months over Donald Trump’s on-againoff-again tariffs, is about to get more clarity as the US president’s deadline for trade deals arrives on Wednesday.
That’s when the 90-day reprieve from Trump’s so-called “reciprocal” levies ends, clearing the way for the protectionism he thinks will narrow US trade deficits and spark a manufacturing revival. The wielding of unilateral tariffs is upending a system that for decades encouraged lower barriers to commerce under rules enforced by the World Trade Organization.
The US president isn’t just ripping up the old playbook for trade alliances. Trump’s tariffs will also help fill Treasury coffers at a time when investors are worried about the sustainability of the nation’s debt—particularly after Congress sealed much of the president’s economic agenda in a $3.4 trillion tax cut and spending package.
“The money will start to come into the United States on Aug. 1,” Trump said, referring to the date he’s declared for the start of some new tariffs.
Heading into the final days before the July 9 deadline, negotiators are scrambling to come up with trade pacts.
Treasury Secretary Scott Bessent has called trade one of three pillars of Trump’s agenda, which along with tax cuts and deregulation is aimed at unleashing investment, job growth and innovation.
So far, the US economy is holding up, hiring is healthy, and inflation has remained tame. But the Federal Reserve is wary about tariffs despite pressure from Trump to lower rates, and wants to see how they feed through to output in the next few months.
Trump’s second-term rush to overhaul US trade policy has also fueled uncertainty for markets and corporate supply-chain managers trying to game out the effects on production, inventories, hiring, inflation and consumer demand. That sort of routine planning is hard enough without factors like tariffs that are moving forward one day, and potentially gone the next.
“It’s likely Trump will seek to escalate his threats against trade partners over the coming days to increase lever -
age in talks, as he did with Japan,” said Bloomberg economists Adam Farrar and Maeva Cousin.
Trump is famous for saying that “tariffs” is his favorite word. Yet the economic fallout may blindside a president who incorrectly asserts that trading partners directly pay the customs duties he imposes. In fact, the burden most often falls on American importers, who must contend with tighter profit margins and weigh up whether to raise prices on consumers, seek discounts from their foreign suppliers, or a combination of both.
Bloomberg Economics estimates that if reciprocal tariffs are raised to their threatened levels on July 9, the average duties on all US imports could climb to about 20% from near 3% before Trump’s inauguration in January. That would add to multiple risks to the US outlook.
Elsewhere in the coming week, the Fed’s latest minutes, a possible rate cut in Australia, and economic growth numbers from China to the UK will be among the highlights. A summit of BRICS leaders also takes place from Sunday.
US and Canada
THE US calendar lightens up considerably following the June jobs report that appeared to take pressure off the Fed to lower rates when it meets late this month. Job growth exceeded forecasts on an unusual surge in public education employment, while the jobless rate declined.
Economists on Wednesday will parse minutes of the Fed’s June policy meeting for indications on whether officials are closer to lowering rates.
Regional presidents Alberto Musalem and Mary Daly are among the officials slated to speak about the economy a day later.
Weekly jobless claims data on Thursday are expected to show employers are still reticent to cut staffing levels. At the same time, an elevated number of continuing claims suggests
the unemployed are having a tougher time finding another job.
In Canada, figures for June are likely to show a further weakening of the labor market after the unemployment rate ticked up to 7% the previous month. Tariffs are curbing businesses’ appetite to hire, especially in manufacturing and other trade-exposed sectors. A report on return arrivals to the country in June is expected to reveal a continued decline in crossborder tourism.
Asia
THE week is packed with central bank decisions and key macro indicators that will help define the region’s second-half trajectory. Monetary policy takes center stage in Australia, New Zealand, South Korea and Malaysia, where officials are expected to weigh recent inflation trends against slowing growth momentum.
Meanwhile, China’s inflation will offer fresh clues on the region’s manufacturing pulse and domestic demand conditions, after Vietnam on Saturday reported a surprise surge in growth.
The Reserve Bank of Australia is expected to lower its cash rate to 3.6% on Tuesday, marking a third consecutive cut as inflation eases. The decision will be preceded by the NAB business confidence survey and ANZ job ads, both of which will help assess how sentiment and hiring intentions are tracking.
On Wednesday, RBA Deputy Governor Andrew Hauser gives a speech in Sydney on “Australian Macroeconomic Thought.”
The same day, the Reserve Bank of New Zealand is expected to keep its policy rate unchanged at 3.25 percent, while Malaysia’s Bank Negara is anticipated to hold its overnight policy rate
steady on Wednesday. A day later, the Bank of Korea is seen holding the base rate at 2.50 percent as it weighs the case for buffering the economy from the impact of Trump’s tariffs against a desire to avoid fueling soaring housing prices in the capital.
China releases inflation data on Wednesday, with price pressures likely to remain subdued, while loans and money supply indicators will be closely watched during the week.
Japan publishes labor cash earnings on Monday as policymakers look for indications that rising pay is feeding into demand-led price gains. Bank lending, current account figures and the Eco Watchers Survey are also due.
Elsewhere, the Philippines publishes its employment report for May, Taiwan releases June CPI and trade data, and Indonesia updates on foreign reserves and consumer confidence.
Europe, Middle East, Africa
AMONG this week’s highlights, UK GDP for May will be released on Friday, with a small increase predicted by economists after a drop in April that was the biggest drop since 2023.
The Bank of England publishes its latest financial stability report on Wednesday, with a press conference presented by Governor Andrew Bailey.
Manufacturing-related data from around the euro zone showing the impact of Trump’s tariff policies will draw attention following Friday’s release showing a much-bigger-thananticipated drop in German factory orders in May.
That country’s industrial production numbers are due on Monday, followed on Tuesday by exports both there and in France. Output in Italy will be revealed on Wednesday. Fewer European Cen-
tral Bank appearances are scheduled, but Bundesbank President Joachim Nagel and Executive Board member Piero Cipollone will be among them.
Eurozone finance ministers will meet at the start of the week, with the agenda to include the exchange rate at which Bulgaria is supposed switch to the euro. Officials are also set to seal legislative acts to finalize that country’s new membership of the single currency starting in January.
Turning to the Nordics, Swedish inflation is due on Monday, followed by house price numbers on Tuesday and the monthly GDP indicator on Wednesday. That’s also when Norway and Denmark publish consumer-price data.
Russian policymakers will watch for evidence that inflation is continuing to ease when June numbers are published on Wednesday. The Bank of Russia cited slowing price growth in its decision to cut borrowing costs last month for the first time in nearly three years.
Deputy Governor Alexey Zabotkin said inflation data will influence whether officials consider a larger than one percentage-point cut in the key rate at its July meeting.
A few monetary meetings are scheduled throughout the wider region:
Israel’s central bank is set to hold rates for a 12th consecutive time, with policymakers waiting to see if inflation returns to the target range after the shekel rally that followed a ceasefire with Iran.
Romania’s decision on Tuesday and is expected to see borrowing costs on hold, with officials concerned that recent fiscal changes may trigger a new spike in inflation and dampen economic growth.
Serbian policymakers will reveal their decision on Thursday after keeping the rate unchanged at 5.75 percent since September.
The same day, Egypt’s central bank decision is due following two cuts in as many months, aimed at boosting economic growth. Inflation accelerated for a third month in May, potentially giving the officials pause before lowering the deposit rate from its current 24 percent.
Latin
America
IT’S inflation week in Latin America, with four of the region’s five major economies set to publish price data for June. Colombia kicks off proceedings on Monday, with expectations that annual inflation slowed below 5 percent for the month. That would mark the lowest reading since October 2021, although price increases remain above the central bank’s target range.
Chile’s data on Tuesday is expected to show little change or perhaps a slight uptick in annual inflation from May, when consumer prices rose 4.4 percent. While that too remains above the central bank’s target, policymakers signaled last month that they may soon resume monetary easing if global economic uncertainty remains limited.
Mexico will release inflation data on Wednesday, a day before policymakers publish the minutes of their decision to cut rates by a half-point for the fourth consecutive time in late June. Analysts expect consumerprice increases to cool slightly, to 4.3 percent, from May.
The minutes will offer clues into how they view headwinds facing an economy that narrowly missed tipping into recession early this year, and provide more hints on the likely pace of future easing. Brazil, the region’s largest economy, publishes its data on Thursday, with Bloomberg Economics forecasting that it will mark the first breach of the country’s new continuous inflation target. The central bank hiked rates again last month in an attempt to tamp down inflation that ran above 5 percent in May. Peru’s policymakers will hold their latest rate decision Wednesday, with Bloomberg Economics expecting a quarter-point cut, to 4.25 percent, after they held steady at their last meeting.
With assistance from Swati Pandey, Derek Decloet, Vince Golle, Monique Vanek, Travis Waldron, Mark Evans and Piotr Skolimowski / Bloomberg
Pope Leo XIV embarks on summer vacation, reviving papal tradition
VBy Nicole Winfield
The Associated Press
ATICAN CITY—In his very first sermon as pontiff, Pope Leo XIV told the cardinals who elected him that anyone who exercises authority in the Catholic Church must “make oneself small,” so that only Christ remains. In word and deed since, Leo has seemed intent on almost disappearing into the role. The shy 69-year-old Augustinian missionary has eschewed the headline-grabbing protagonism of past pontiffs in favor of a quieter, less showy and more reserved way of being pope.
Leo will disappear further this weekend when he begins a six-week vacation in his first break since his historic election May 8. Leo is resuming the papal tradition of escaping the Roman heat for the relatively cooler climes of Castel Gandolfo, the papal summer retreat on Lake Alban, south of Rome.
People who know and work with Leo expect he will use these weeks away from the public eye and the daily grind of Vatican audiences to get his head around the most pressing problems facing the church. He’s a methodical, hard-working and wellprepared manager, they say, who wants to read entire reports, not just the executive summaries, before making decisions.
Here is a look at Leo’s summer homework, the outstanding dossiers he may be studying from now until Aug. 17 in between dips in the pool, walks in the gar-
dens and occasional Masses, prayers and visits in town.
Big nominations
AFTER his election, Leo reappointed all Vatican prefects until further notice, so the Holy See machinery is still working with the old guard in place. But a few major appointments await, most importantly to fill Leo’s old job as prefect of the office that vets bishop nominations. Leo also has to decide who will be his No. 2. The Vatican secretary of state, the equivalent of a prime minister, is still Cardinal Pietro Parolin, Pope Francis’ pick who was himself an unsuccessful contender in the conclave that elected Leo pope. Even before he gets his people in place, Leo has to get a handle on one of the most pressing problems facing the Holy See: Its troubled finances. The Vatican is running a structural deficit of around 50 million to 60 million euros ($59-$71 million) and has a 1 billion euro ($1.18 billion) shortfall in its pension fund.
The Rupnik problem THERE are plenty of high-profile clergy sex cases that festered during Francis’ pontificate that are now are on Leo’s desk. History’s first American pope will be watched closely to see how he handles them, since he cannot claim ignorance about abuse or its dynamics, given the devastation the scandals have wrought in the United States. On the eve of his vacation, he made an
important appointment, naming French Bishop Thibault Verny head of the Vatican’s child protection advisory board, replacing the retiring American Cardinal Sean O’Malley.
Leo has already said it’s “urgent” to create a culture of prevention in the church that shows no tolerance for any form of abuse, be it abuse of authority or spiritual or sexual abuse.
On that score, there is no case more pressing than that of the Rev. Marko Rupnik, a famous mosaic artist who was belatedly thrown out of the Jesuits after its superiors determined he sexually, psychologically and spiritually abused two dozen adult women and nuns. Even though the case didn’t involve minors, it became a toxic problem for Francis because of suggestions Rupnik received favorable treatment at the Vatican under the Jesuit pope.
Nearly two years after Francis caved into pressure to reopen the Rupnik file, the Vatican has finally found external canon lawyers to hear the case, the head of the Vatican’s doctrine office, Cardinal Victor Manuel Fernández, told reporters last week. As recently as March, Fernandez had said he was having trouble finding any willing candidates. Now that Francis is dead, the case may be less politically delicate, even as the priest’s supporters maintain his innocence.
Leo has already sent a signal, with Vatican News removing Rupnik’s artwork from its website.
The Becciu case
ANOTHER legal headache facing Leo is what to do about Cardinal Angelo Becciu and the Vatican’s “trial of the century,” which is heading into the appeals phase in September. The city-state’s criminal tribunal in 2023 convicted Becciu and eight other people of a variety of financial crimes stemming from the Holy See’s bungled 350 million euro ($412 million) investment in a London property.
But the trial was itself problematic, with defense claims that basic defense rights weren’t respected since Francis intervened on several occasions in favor of prosecutors. In the months since the verdicts were handed down, there have been new revelations that Vatican gendarmes and prosecutors were apparently in regular touch with a woman who was coaching the star witness into testifying against Becciu. The once-powerful cardinal has denounced the contacts as evidence that his conviction was orchestrated from the start, from the top.
Leo, a canon lawyer, may want to steer clear of the whole thing to try to give the tribunal the impression of being independent. But Leo will ultimately have to decide what to do with Becciu, who recused himself from the conclave but remains a cardinal with a very unclear status.
The Latin Mass issue
LEO has said his priority as pope is unity and reconciliation in the church. Many
conservatives and traditionalists hope that means he will work to heal the liturgical divisions that spread during Francis’ 12-year papacy, especially in the US, over the old Latin Mass. Francis in 2021 restricted access for ordinary Catholics to the ancient liturgy, arguing that its spread was creating divisions in the church. In doing so, Francis reversed his predecessor, Pope Benedict XVI, who in 2007 had relaxed restrictions on its celebration.
Cardinal Raymond Burke, a figurehead of the conservative and traditionalist camp, told a recent conference on the Latin Mass that he had spoken to Leo about the need to “put an end to the present persecution of the faithful” who want to worship according to the old rite.
“It is my hope that he will as soon as it is possible take up the study of this question and try to restore the situation as it was” under Benedict’s reform, Burke said.
AI and travel priorities
LEO has also identified artificial intelligence as a pressing issue facing humanity, suggesting a document of some sort might be in the works.
Also under study is when he will start traveling, and where.
Leo has a standing invitation to undertake Francis’ last, unfulfilled foreign commitment: Marking the 1,700th anniversary of the Council of Nicea, Christianity’s first ecumenical council, with a visit to Turkey.
Leo has already said a visit is in the works, possibly in late November. Beyond that, Leo has received plenty of invitations: Vice President JD Vance extended a Trump invitation to visit the U.S., but Leo demurred and offered a noncommittal “at some point.” Ukrainian President Volodymyr Zelenskyy invited him to visit Kyiv, but the Vatican under Francis had refused a papal visit there unless one could also be arranged to Moscow. Leo’s old diocese of Chiclayo, Peru, meanwhile, is waiting for their bishop to come home, and then there’s Argentina, which never got a papal visit from the firstever Argentine pope.
A town awaits THE residents of Castel Gandolfo, meanwhile, are aching for a pope to return. Francis had decided not to use the retreat and instead spent his 12 papal summers at home, in the Vatican. The town has recovered from the economic hit of pope-free summers, after Francis instead opened the papal palace and gardens to the public as a museum year-round. But townsfolks cannot wait for Leo to take
SHIPPING containers at the Bayport Container Terminal at the port of Houston in Seabrook, Texas. PHOTOGRAPHER: CALLAGHAN O’HARE/BLOOMBERG
51 killed in Texas flash floods, search continues for 27 girls
KBy Jim Vertuno, Julio Cortez & John Seewer
The Associated Press
ERRVILLE, Texas—Rescuers
scoured a devastated central Texas landscape of mangled trees, overturned cars and muck-filled debris Saturday in an increasingly bleak mission to locate survivors, including 27 girls who have not been seen since their camp was slammed with a wall of water in a historic flash flood.
The flooding in Kerr County killed at least 43 people, including 15 children, and at least eight people died in nearby counties.
Authorities still have not said how many people were missing beyond the children from Camp Mystic, a Christian summer camp along a river in Kerr County where most of the dead were recovered.
The destructive, fast-moving waters rose 26 feet (8 meters) on the Guadalupe River in just 45 minutes before daybreak Friday, washing away homes and vehicles. The danger was not over as rains continued pounding communities outside San Antonio on Saturday and flash flood warnings and watches remained in effect.
Searchers used helicopters, boats and drones to look for victims and to rescue people stranded in trees and from camps isolated by washed-out roads.
Gov. Greg Abbott vowed that authorities will work around the clock and said new areas were being searched as the water receded. He declared Sunday a day of prayer for the state.
“I urge every Texan to join me in prayer this Sunday—for the lives lost, for those still missing, for the recovery of our communities, and for the safety of those on the front lines,” he said in a statement.
Authorities were coming under scrutiny over whether the camps and residents in places long vulnerable to flooding received proper warning and whether enough preparations were made.
The hills along the Guadalupe River in central Texas are dotted with century-old youth camps and campgrounds where generations of families have come to swim and enjoy the outdoors. The area is especially pop -
ular around the July Fourth holiday, making it more difficult to know how many are missing.
“We don’t even want to begin to estimate at this time,” Kerrville City Manager Dalton Rice said earlier.
Raging storm hit camp in middle of the night
THE camp was completely destroyed,” said Elinor Lester, 13, one of hundreds of campers. “A helicopter landed and started taking people away. It was really scary.”
The raging storm, fueled by incredible amounts of moisture, woke up her cabin just after midnight Friday. When rescuers arrived, they tied a rope for the girls to hold as they walked across a bridge with water whipping around their legs, she said.
Frantic parents and families posted photos of missing loved ones and pleas for information.
Among those confirmed dead were an 8-year-old girl from Mountain Brook, Alabama, who was at Camp Mystic, and the director of another camp just up the road.
The flooding in the middle of the night caught many residents, campers and officials by surprise.
AccuWeather said the private forecasting company and the National Weather Service sent warnings about potential flash flooding hours beforehand.
“These warnings should have provided officials with ample time to evacuate camps such as Camp Mystic and get people to safety,” AccuWeather said in a statement. It called the Hill Country one of the most flash-floodprone areas of the US because of its
terrain and many water crossings. At the Mo-Ranch Camp in the community of Hunt, officials had been monitoring the weather and opted to move several hundred campers and attendees at a church youth conference to higher ground. At nearby Camps Rio Vista and Sierra Vista, organizers also had mentioned on social media that they were watching the weather the day before wrapping up their second summer session Thursday.
Authorities and elected officials have said they did not expect such an intense downpour, the equivalent of months’ worth of rain for the area.
US Rep. Chip Roy, whose district includes the ravaged area, called it a once-in-a-century flood and acknowledged that there would be secondguessing and finger-pointing as people look for someone to blame.
Helicopters and drones used in frantic search SEARCH crews were facing harsh conditions while “looking in every possible location,” Rice said.
Officials said more than 850 people had been rescued in the last 36 hours and there were heroic efforts at the camps to save children.
Homeland Security Secretary Kristi Noem arrived and pledged that the Trump administration would use all available resources. Coast Guard helicopters and planes were assisting to ensure operations can continue even in darkness.
One reunification center at an elementary school was mostly quiet after taking in hundreds of evacuees the day before.
“We still have people coming here
looking for their loved ones. We’ve had a little success, but not much,” said Bobby Templeton, superintendent of Ingram Independent School District.
People clung to trees and fled to attics
In Ingram, Erin Burgess woke to thunder and rain in the middle of the night. Just 20 minutes later, water was pouring into her home, she said. She described an agonizing hour clinging to a tree with her teen son.
“My son and I floated to a tree where we hung onto it, and my boyfriend and my dog floated away. He was lost for a while, but we found them,” she said. Barry Adelman said water pushed everyone in his three-story house into the attic, including his 94-yearold grandmother and 9-year-old grandson.
“I was having to look at my grandson in the face and tell him everything was going to be OK, but inside I was scared to death,” he said.
Locals know the place as “ flash flood alley.”
“When it rains, water doesn’t soak into the soil,” said Austin Dickson, CEO of the Community Foundation of the Texas Hill Country, which was
collecting donations. “It rushes down the hill.”
‘Nobody saw this coming’ THE weekend forecast had called for rain, with a flood watch upgraded to a warning overnight Friday for at least 30,000 people.
“We know we get rains. We know the river rises. But nobody saw this coming,” said Kerr County Judge Rob Kelly, the county’s chief elected official. The county had considered a flood warning system on the river similar to a tornado warning siren about six or seven years ago, but Kelly said the idea never got off the ground and the cost would have been an issue. Kelly said he was heartbroken seeing body bags at the funeral home and the devastation on the ground during a helicopter tour.
“The rescue has gone as well as can be expected. It’s getting time now for the recovery,” he said. “And that’s going to be a long, toilsome task for us.”
Cortez reported from Hunt, Texas, and Seewer from Toledo, Ohio. Associated Press writers Susan Haigh in Hartford, Connecticut, and Susan Montoya Bryan in Albuquerque, New Mexico, contributed.
Brazil hosts BRICS summit, eager to avoid provoking Trump’s ire
By Mauricio Savarese & Eléonore Hughes
RThe
Associated Press
IO DE JANEIRO—Brazil will play host to a summit of the BRICS bloc of developing economies Sunday and Monday during which pressing topics like Israel’s attack on Iran, the humanitarian crisis in Gaza and trade tariffs imposed by US President Donald Trump are expected to be handled with caution.
Analysts and diplomats said the lack of cohesion in an enlarged BRICS, which doubled in size last year, may affect its ability to become another pole in world affairs. They also see the summit’s moderate agenda as an attempt by member countries to stay off Trump’s radar.
Brazilian President Luiz Inácio Lula da Silva will have some of his priorities, such as debates on artificial intelligence and climate change, front and center for the talks with key leaders not in attendance. China’s President Xi Jinping won’t
attend a BRICS summit for the first time since he became his country’s leader in 2012. Russian President Vladimir Putin, who will make an appearance via videoconference, continues to mostly avoid traveling abroad due to an international arrest warrant issued after Russia invaded Ukraine.
Debate over language on hot-button topics
THE restraint expected in Rio de Janeiro marks a departure from last year’s summit hosted by Russia in Kazan, when the Kremlin sought to develop alternatives to US-dominated payment systems which would allow it to dodge Western sanctions imposed after Russia’s full-scale invasion of Ukraine in February 2022.
A source involved in the negotiations told journalists Friday that some members of the group want more aggressive language on the situation in Gaza and Israel’s attack on Iran. The source spoke under the condition of anonymity because they were not authorized to speak about the matter publicly.
“Brazil wants to keep the summit as technical as possible,” said Oliver Stuenkel, a professor at the Getulio Vargas Foundation think tank and university.
Consequently, observers expect a vague final declaration regarding Russia’s war in Ukraine and conflicts in the Middle East.
As well as suiting Brazil, a watereddown and non-controversial statement may be made easier by the absences of Putin and Xi, Stuenkel said. Those two countries have pushed for a stronger anti-Western stance, as opposed to Brazil and India that prefer non-alignment.
A Brazilian government official told The Associated Press Thursday that the group is expected to produce
three joint statements and a final declaration, “all of which less bounded by current geopolitical tensions.” The official spoke on condition of anonymity because they were not authorized to speak publicly about the summit’s preparations.
João Alfredo Nyegray, an international business and geopolitics professor at the Pontifical Catholic University in Parana, said the summit could have played a role in showing an alternative to an unstable world, but won’t do so.
“The withdrawal of Egypt’s President Abdel Fattah al-Sisi and the uncertainty about the level of representation for countries like Iran, Saudi Arabia and the UAE are confirming the difficulty for the BRICS to establish themselves as a cohesive pole of global
leadership,” Nyegray said. “This moment demands high level articulation, but we are actually seeing dispersion.”
Brazil skittish in light of Trump tariffs
BRAZIL, the country that chairs the bloc, has picked six strategic priorities for the summit: global cooperation in healthcare; trade, investment and finance; climate change; governance for artificial intelligence; peace-making and security; and institutional development.
It has decided to focus on less controversial issues, such as promoting trade relations between members and global health, after Trump returned to the White House, said Ana Garcia, a professor at the Rio de Janeiro Federal Rural University.
“Brazil wants the least amount of damage possible and to avoid drawing the attention of the Trump administration to prevent any type of risk to the Brazilian economy,” Garcia said.
While Brazil will continue to advocate for the reform of Western-led global institutions, a cornerstone policy of the group, the country wants to avoid becoming the target of tariffs — a predicament it has so far largely escaped.
Trump has threatened to impose 100% tariffs against the bloc if they take any moves to undermine the dollar.
Other leaders shun the summit
IRANIAN President Masoud Pezesh -
kian and Egypt’s Abdel-Fattah elSissi will also be absent. Those two countries joined the BRICS in 2024, alongside Ethiopia, Indonesia and the United Arab Emirates. Saudi Arabia has been invited and is participating in member discussions, but it has yet to send its confirmation letter. As well as new members, the bloc has 10 strategic partner countries, a category created at last year’s summit that includes Belarus, Cuba and Vietnam.
That rapid expansion led Brazil to put housekeeping issues — officially termed institutional development — on the agenda to better integrate new members and boost internal cohesion.
Despite notable absences, the summit is important for attendees, especially in the context of instability provoked by Trump’s tariff wars, said Bruce Scheidl, a researcher at the University of Sao Paulo’s BRICS study group.
“The summit offers the best opportunity for emerging countries to respond, in the sense of seeking alternatives and diversifying their economic partnerships,” Scheidl said. For Lula, the summit will be a welcome pause from a difficult domestic scenario, marked by a drop in popularity and conflict with Congress.
The meeting also represents an opportunity to advance climate negotiations and commitments on protecting the environment before November’s COP 30 climate talks in the Amazonian city of Belem.
BRAZILIAN President Luiz Inacio Lula da Silva, right, flashes a thumbs up as he and China’s Premier Li Qiang pose for photos during their bilateral meeting ahead of the upcoming 17th annual BRICS summit in Rio de Janeiro, Saturday, July 5, 2025. A P PHOTO/BRUNA PRADO
A TEXAS Department of Public Safety official, bottom left, combs through the banks of the Guadalupe River near Camp Mystic after a flash flood swept through the area Saturday, July 5, 2025, in Hunt, Texas. AP PHOTO/JULIO CORTEZ
Report: Imported coffee, fertilizer costlier in
QBy Ada Pelonia @adapelonia
UOTATIONS for commodities being traded by the Philippines continued to post increases in the first semester, based on the latest report from the World Bank.
World Bank data showed that the average price of coffee varieties, such as arabica and robusta, sustained their rally in the first semester.
The average price of arabica swelled by 73.37 percent to $8.53 per kilo during the period from $4.92 per kilo last year, while the average quotation for the robusta variety rose by 38.36 percent to $5.32 per kilo from $3.85 per kilo.
In the second quarter, arabica prices surged by 60.42 percent to $8.47 per kilo from $5.28 per kilo, while robusta variety increased by 17.37 percent to $5 per kilo from 4.26 per kilo.
MT, while urea climbed to $401.8 per MT from $326.3 per MT last year.
The average quotations for DAP and urea also grew in the second quarter to $673.2 per MT and $399.8 per MT, respectively.
As for the country’s top farm export, World Bank figures indicated that the average quotation for coconut oil skyrocketed by 83.49 percent to $2,390 per MT in the first semester from $1,303 per MT a year ago. This was higher than the average price of $1,519 per MT recorded in 2024.
Meanwhile, the average quotation for cocoa also jumped by 27.25 percent to $9.04 per kilo in the first semester from $7.1 per kilo in the same period last year. This was higher than the average price of $7.33 per kilo recorded in 2024. Despite this, the average quotation for cocoa dipped slightly to $8.51 per kilo in April to June from last year’s $8.52 per kilo.
The average price of corn also inched up by 8.38 percent to $209.6 per metric ton (MT) in January to June from $193.4 per MT a year ago, based on World Bank data.
Fertilizers like DAP and urea, which are imported by the Philippines, were more expensive in the first semester. The price of DAP went up by 12.13 percent to $636.85 per MT from $567.95 per
The international organization expects prices of arabica and robusta varieties to settle at $8.50 per kilo and $5.50 per kilo, respectively, this year. These figures are higher than the average prices of the two varieties in 2024 at $5.62 per kilo and $4.41 per kilo, respectively.
Butter’s global price surge hits croissants and kitchens alike
AT the Mamiche bakeries in the 9th and 10th arrondissements of Paris, their famous pains au chocolat and croissants depend on an essential but increasingly scarce ingredient—butter.
The bakery’s regular supplier can no longer provide a steady flow of French beurre de tourage, a type of flat butter used to make the pastries. Mamiche has gone searching elsewhere to ensure the steady flow of sweet treats from its ovens, but it’s coming with a cost.
Butter prices in most of the world are lingering near record highs, with little end in sight to the surge. It’s the result of a complex interplay of factors--challenges faced by dairy farmers from France to New Zealand, changes in Asian consumers’ appetites that’s spurring global demand, and commercial decisions by milk processors defending their bottom line.
The end result is more cost pressure on consumers’ favorite foods.
“When we have to change supplier, we can really see the difference” said Robin Orsoni, commercial operator for Mamiche. Other providers are charging prices 25 percent to 30 percent higher but Mamiche has to absorb the cost because “we want to make our customers happy, we need the butter.” Around 70 percent of the butter exported around the world comes from two places-Europe and New Zealand. Each began 2025 with historically low stockpiles, and this supply tightness has caused prices to spike to a record, according to the Food and Agriculture Organization.
The roots of the squeeze can be traced back to 2022, when the price of milk in Europe peaked as inflation and fuel costs hit farmers hard, pushing dairy processors to look at the best way to maximize profits.
Butter is made by removing cream from raw milk and churning it. Once the process is complete, you are left with butter and buttermilk, the latter of which “has some industrial uses, but those are relatively limited,” said Monika Tothova, an economist at the FAO. It’s used for some cooking, to make other dairy products, and for livestock feed.
In contrast, “if you make cheese, you process the entire volume of milk,” said Tothova. Even the by-product from cheesemaking, called whey, is in high demand from commercial food makers for flavoring and nutrition, or gym enthusiasts to bulk out the protein in their diets. European Union dairy processors have making more and more cheese. As a result, the bloc’s butter production has steadily
declined and is expected to hit an eight-year low this season, according to estimates from the US Department of Agriculture.
Milk production itself is also becoming more challenging. In Europe, farmers’ herd sizes are shrinking due to financial pressures, and they now face added risks to their cows from bluetongue virus, said Jose Saiz, a dairy market analyst at price reporting agency Expana. Lumpy skin disease, which can curb an infected cows’ milk yields, is also making its way into Italy and France. Just as butter has fallen out of favor with dairy processors, consumers are developing a stronger taste for it, particularly in Asia. Global consumption of butter is expected to grow 2.7 percent in 2025, outpacing production, according to the USDA. In China demand has already grown by 6 percent in just one year. Usage in Taiwan between 2024 and 2025 rose 4 percent, while in India, the world’s largest consumer, it is up 3 percent. Hong Kong’s French bakery chain, Bakehouse, has been tapping into Asian consumers changing tastes. Its annual butter use is currently about 180 tons, an increase of 96 tons from the prior year after they opened two new stores, in addition to another 180 tons of cream, according to co-founder Gregoire Michaud. The firm only buys from well established suppliers--New Zealand has a top-tier reputation but China isn’t good enough yet, he said. In New Zealand, which is a major dairy exporter and produces about 2.5 percent of global milk supply, butter production has yet to return to pre-pandemic levels, fluctuating around 500,000 tons a year since 2020.
As in Paris, supply scarcity and high butter prices have forced Hong Kong’s Bakehouse to cycle through three different providers in just a short period - from Australia, to New Zealand and then Belgium. Now they’re potentially looking for a fourth. Western consumers are also eating more butter, which for years was shunned for being unhealthy, as they look to cut ultra-processed foods out of their diets.
Purchases of pure block butter in the UK have grown, said Susie Stannard, lead dairy analyst at the UK Agriculture and Horticulture Development Board. “Consumers who can afford it will still buy butter,” she said, but they aren’t immune from price pressures.
At the newly opened Morchella restaurant in London’s Clerkenwell district, the brown butter and bread that was so popular at its sister eatery, Perilla in Newington Green, has been replaced with olive oil. Bloomberg News
The country’s leading export also leaped by 89.77 percent to $2,672 per MT in April to June, from last year’s $1,408 per MT.
Given the sustained increase in prices of the tropical oil, the World Bank expects the average quotation for coconut to settle at $1,800 per MT this year, higher than the average price of $1,519 per MT recorded last year.
Of the metal prices, only tin registered an increase in the first semester, growing by 9.77 percent to $32,097 per MT from last year’s $29,240 per MT, based on World Bank data. In the second quarter, the average price of tin also inched up to $32,363 per MT.
Meat prices
A REPORT published by the Food and Agriculture Organization of
the United Nations showed that international vegetable oil and meat prices rose in June due to strong demand.
FAO said its vegetable oil price index grew by 2.3 percent driven by palm, soy, and rapeseed oils. Global quotations for palm oil climbed by nearly 5 percent on strong global demand, while rapeseed oil prices went up amid tight global supply outlooks.
“Soy oil prices also rose in June, driven by expectations of higher biofuel demand in Brazil and the USA, as well as higher soybean prices in South America amid firm international demand.”
Of the vegetable oils, the FAO said sunflower oil prices eased on improved production prospects in
the Black Sea region.
The international organization also said its meat price index inched up by 2.1 percent last month, reaching a new all-time high.
“World prices of bovine, pig and ovine meats all rose, while poultry meat prices continued to fall.”
The FAO Dairy Price Index rose by 0.5 percent in the reference month, with butter prices hitting a new record-high due to tight supplies in Oceania and the European Union, coupled with continued strong demand from Asia.
It added that cheese prices increased for the third consecutive month, while the prices of skim and whole milk powders declined because of subdued global demand
and sufficient supplies.
Despite this, FAO said cereal and sugar prices registered declines. The FAO Cereal Price Index dipped by 1.5 percent in June, with corn prices dropping sharply for the second month amid abundant supplies from Argentina and Brazil.
“Wheat prices, by contrast, increased due to weather-related concerns in parts of the European Union (EU), the Russian Federation, and the United States of America.”
FAO said sorghum and barley quotations also fell, while global rice prices dipped slightly, primarily for Indica varieties, reflecting softer demand.
Its sugar price index was down 5.2 percent from May, which marked its fourth consecutive monthly decline and reached its lowest level since April 2021.
The international organization said this decline reflects improved production outlooks in Brazil, India, and Thailand, where favorable weather and expanded plantings should result in higher outputs.
Overall, the FAO Food Price Index averaged 128 points in June 2025, up 0.5 percent from May. It was also 5.8 percent higher compared to its level last year, but remained well below its peak in March 2022.
White corn consumption seen cutting local rice prices
THE government’s procurement of white corn and the promotion of its consumption could pull down the retail prices of rice, but the country’s limited output of the major food crop remains a concern, according to economists and an industry group.
Philippine Maize Federation Inc. (PhilMaize) President Romualdo Elvira Jr. said a rice-corn blend consisting of 50 percent white corn grits and 50 percent rice could ease the retail prices of the staple grain.
“There is a possibility that if your production of corn and rice is cheap, you can sell it at a lower price,” Elvira told the B usiness M irror
Agriculture officials said the National Food Authority (NFA) aims to procure
118,000 50-kilo bags or 5,900 metric tons (MT) of white and yellow corn in the country’s top corn-producing regions next year.
Agriculture Secretary Francisco Tiu Laurel Jr. did not disclose the government’s buying price for yellow and white corn, but he made an assurance that the rates would be “fair” and are “above production cost.”
Currently, the cost of producing corn ranges from P10 to P13 per kilo, according to the Department of Agriculture (DA).
In 2020, the buying price for yellow corn grains stood at P12.30 per kilo, while that of white corn grains settled at P13 per kilo, based on NFA data.
The PhilMaize chief said each farmer’s profit margin should not be less than P5 per kilo.
However, Elvira noted that the country’s corn output averages at 4 metric tons (MT) per hectare for yellow and less than 3 MT per hectare for white.
“If this is bought at a low price, (a farmer’s) margin will also be low,” Elvira said.
Currently, the farmgate price of white corn stands at P15 to P16 per kilo, while yellow corn—a key ingredient for animal feeds— ranges from P15 to P17 per kilo, he said.
For Roehlano Briones, senior research fellow at the Philippine Institute for Development Studies, corn procurement would not dent rice demand due to “cheaper” imports.
UBy Mariana Burgos
RBAN gardening,
a practice gaining significant traction worldwide, involves cultivating plants within urban environments. This can encompass a variety of settings, from individual balconies and rooftops to community plots and public spaces.
The essence of urban gardening lies in transforming otherwise underutilized areas into productive green spaces, thereby fostering a connection between people and nature within the confines of a city.
The concept of urban gardening is not a recent phenomenon; it has roots in the historical practice of growing food within cities. During times of scarcity, urban dwellers often relied on small-scale agriculture to supplement their diets. However, the modern iteration of urban gardening has evolved significantly, driven by a confluence of factors. As mentioned in the article “What is Urban Gardening and Why Should You Care” by digital publication Organic Authority, the practice has seen a resurgence due to increasing awareness of environmental sustainability, a desire for healthier food options, and a growing interest in community building.
Diverse forms
URBAN gardening come in many forms, each tailored to the specific context of the urban environment.
n Balcony and terrace gardens
For those with limited space, balcony and terrace gardens offer an accessible entry point into urban gardening. These spaces can be transformed into vibrant havens for herbs,
vegetables, and flowers using containers, hanging baskets, and vertical gardening techniques.
n Rooftop gardens
Rooftop gardens utilize the oftenoverlooked space atop buildings. These gardens can range from small-scale installations to extensive green roofs that provide insulation, reduce stormwater runoff, and offer habitats for wildlife.
n Community gardens
Community gardens are shared spaces where individuals can cultivate plots of land, often working together to manage the garden and share the harvest. These gardens foster a sense of community and provide opportunities for education and social interaction.
n Indoor gardening
Indoor gardening allows individuals to grow plants within their homes, regardless of the outdoor environment. This can involve using windowsills, grow lights, and hydroponic systems to cultivate a variety of plants, including herbs, vegetables, and ornamental species.
Benefits
The advantages of urban gardening extend far beyond the simple production of food. Urban gardening offers numerous health benefits. Gardening is a form of physical activity that can improve cardiovascular health, reduce stress, and enhance mental well-being. Furthermore, the consumption of fresh, homegrown produce provides access to nutritious food, free from pesticides and other harmful chemicals.
Gardens in cities and urban areas foster
“Plus, the bulk of local corn production is yellow for feed, not white for food.” Meanwhile, the University of Asia and Pacific Center for Food and Agribusiness (CFA) executive director Marie Annette Galvez-Dacul said the government’s bid to purchase white corn could “partly” reduce the demand for rice.
However, she noted that certain “limitations” like the country’s rice output and movements of international commodity prices are also factors that would affect prices.
“Demand for corn is limited. I don’t see how this will change rice demand, especially when (rice) imports are now cheaper,” Briones told this newspaper.
“If demand for rice drops even a little, it could ease pressure on prices. But rice retail prices will still largely depend on local production and global market trends,” Dacul told the B usiness M irror Ada Pelonia
PHL cities, urban areas should have more productive green spaces
social connections and build community cohesion. They provide opportunities for people to interact, share knowledge, and work together towards a common goal.
Community gardens, in particular, can serve as gathering places and promote a sense of belonging.
Aside from these benefits to individuals, urban gardens also contribute to environmental sustainability by reducing the need for transportation of food, decreasing carbon emissions, and promoting biodiversity. They can help mitigate the urban heat island effect by providing shade and cooling surfaces.
It boosts local economies by reducing household food costs, creating opportunities for small-scale food production, and supporting local businesses that supply gardening materials and services.
Considerations
SUCCESSFUL urban gardening requires careful planning and execution.
n Site selection
The choice of location is crucial. Factors to consider include sunlight exposure, access to water, soil quality, and the presence of any potential hazards.
n Soil preparation Healthy soil is essential for plant growth. Urban gardeners may need to amend existing soil with compost, organic matter, or other amendments to improve its fertility and drainage. In some cases, raised beds or containers may be necessary to create suitable growing conditions.
n Plant selection
n Pest and disease management Urban gardens can be susceptible to pests and diseases. Implement preventive measures, such as crop rotation, companion planting, and the use of organic pest control methods, to minimize these problems.
n Water management Efficient water management is essential, especially in urban environments where water resources may be limited. Use waterwise irrigation techniques, such as drip irrigation or soaker hoses, and consider collecting rainwater for irrigation purposes.
Urban gardening is poised to play an increasingly important role in creating sustainable and resilient cities. As mentioned in the article “Urban Gardening: The Practice of Growing Plants, Fruits, and Vegetables in Urban Areas” by Earthed, with continued innovation in technologies such as vertical farming and hydroponics, the potential for urban food production is vast. Governments, community organizations, and individuals are all contributing to the growth of urban gardening, creating a more sustainable and livable future for all. Urban gardening is more than just a hobby; it is a movement that is transforming the way we think about food, community, and the environment. By embracing urban gardening, we can create greener, healthier and more vibrant cities for generations to come.
The selection of plants should be based on the local climate, available space, and personal preferences. Consider choosing plants that are well-suited to the urban environment and that will thrive in the available sunlight and soil conditions.
THE recent decision by the Marcos administration to reduce its revenue target from P4.644 trillion to P4.520 trillion underscores a sobering reality: the Philippine economy is facing significant headwinds. As the Development Budget Coordination Committee (DBCC) has pointed out, the revised outlook for GDP growth—now projected between 5.5 percent and 6.5 percent—reflects the impact of global uncertainties that have escalated in recent months. (Read the BusinessMirror: “Revenue goal cut to P4.5T on slow growth,” June 28, 2025).
While the news of a revenue target adjustment may seem disheartening, it is essential to recognize the broader context. The global economic landscape is fraught with challenges, from geopolitical tensions to supply chain disruptions, which have dampened growth prospects across the board. In this light, the government’s cautious approach is not merely prudent; it is necessary for fiscal sustainability.
On one hand, the Bureau of Internal Revenue (BIR) has reported exceeding its collection targets in the early months of 2025. This early success is commendable, yet it must be tempered with the understanding that such gains are critical for meeting the national budget’s needs. With a 2026 budget of P6.793 trillion, the reliance on tax revenues is paramount, especially in an environment marked by lower economic growth expectations. (Read the BusinessMirror story: “Economic team clears 2026 national budget of P6.793T,” June 27, 2025).
However, the modest reduction of P13 billion in the BIR’s target raises questions about the feasibility of achieving even these adjusted goals. The macroeconomic indicators suggest that a more substantial downward adjustment may have been warranted. Policymakers must ensure that revenue assumptions align with economic realities to avoid exacerbating fiscal deficits or compromising public services.
The BIR’s ongoing efforts to modernize its operations and tighten enforcement are laudable. Initiatives like the Run After Fake Transactions (RAFT) and Run After Tax Evaders (RATE) programs demonstrate a commitment to combat tax evasion, which is estimated to cost the Philippines P500 billion annually. However, these efforts alone are insufficient to sustain the fiscal system without the cooperation of all taxpayers.
A fair tax system requires collective responsibility. As it stands, the burden often falls disproportionately on compliant taxpayers, while tax evaders continue to enjoy public services without contributing their fair share. For fiscal reform to be truly effective, the government must not only enhance enforcement but also foster a culture of voluntary compliance among all citizens.
The DBCC’s commitment to fiscal discipline while ensuring that the government can respond to emerging challenges is commendable. The planned increase in expenditures reflects a recognition that investments in infrastructure and public services are vital for long-term growth. However, this approach must be balanced with realistic revenue projections to prevent future budgetary shortfalls.
To address the fiscal challenges ahead, the Marcos administration needs to employ a combination of careful planning and flexible decision-making. By promoting an equitable tax system, involving taxpayers, and ensuring that revenue goals reflect economic conditions, the government can effectively tackle these obstacles. Looking forward, the success of these efforts will be crucial not just for the national budget’s stability but also for the overall economic prosperity of the Filipino people.
Designing the country’s AI policy
TRISING SUN
HE Philippine AI legislative landscape is rapidly evolving, with several comprehensive bills filed. Based on my knowledge, the following AI-related Senate and House bills have been filed in the country.
Senator Pia Cayetano’s Senate Bill is titled “An Act Regulating the Development and Use of Artificial Intelligence Systems in the Philippines, Promoting Ethical and Responsible Artificial Intelligence Innovation, and Integrating Sustainability and Futures Thinking in National Policy Making.” Inspired by the EU AI Act, the bill mandates transparency, human oversight, and accountability for high-risk systems. It prohibits the use of manipulative or rightsviolating AI and establishes a National AI Commission (NAIC) under the Department of Science and Technology (DOST). The bill also
includes significant penalties for non-compliance and misuse.
A key strength of this proposed legislation is its alignment with global best practices, especially the European Union’s AI Act. This ensures the bill incorporates internationally recognized standards for “transparency, human oversight, and accountability” in developing and deploying AI systems. The bill also seeks to establish a “National AI Commission” as a dedicated regulatory body for AI governance. Additionally, it sets out “clear penalties for misuse and non-compliance,” aiming to deter irresponsible conduct and protect
the public interest. However, the bill faces notable challenges. Its “definition of artificial intelligence is ambiguous,” which could create confusion in implementation and enforcement. The requirement for “mandatory registration of all AI systems” may unintentionally stifle innovation and deter businesses from investing in AI development in the country. Furthermore, the “heavy penalties proposed could be excessive,” particularly for earlystage developers and startups that may lack the resources to fully comply. Lastly, the bill’s “overly broad scope” risks hindering technological growth by imposing stringent requirements across a wide range of AI applications, regardless of their risk level.
House Bill No. 7913 by Rep. Keith Micah “Atty. Mike” D.L. Tan is titled the “Artificial Intelligence (AI) Regulation Act.” It establishes a regulatory framework for AI, creates the Philippine Council on Artificial Intelligence, defines and penalizes prohibited acts, and includes an AI Bill of Rights—covering protection from unsafe AI, the right against algorithmic discrimination, privacy,
Why the Philippines lags behind in FDI
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M. Lomibao Jr., Gerard S. Ramos
Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa
THERE’S a stubborn disconnect between the government’s investment messaging and the actual rules that shape our economic playing field. While we broadcast open arms to foreign investors, we often lace our policies with landmines—well-meaning on the surface, but lethal in execution. This contradiction keeps us shackled to subpar FDI inflows, while our Asean peers race ahead.
The truth is plain: investmentled growth is the more sustainable path, not consumer-fueled spurts in GDP. Foreign direct investments lead to economic growth and spur the economy to a humming motor. Investors, we must remember, bring in capital, create jobs, transfer technology, and build factories—planting deep roots that anchor long-term prosperity. Yet time and again, we sabotage ourselves with rules that drive capital away just as we claim to court it. Take the proposed Konektadong Pinoy Act, which purports to solve the digital divide by opening the door to new foreign telco entrants. But a closer reading reveals a reversal of the very principles that once governed telco regulation. Instead of leveling the playing field, the law fractures it—tilting advantage to newcomers while penalizing the
incumbents who’ve long borne the cost of national service obligations. This isn’t reform. It’s regression. And by the way it was crafted, it creates a two-tier policy that governs the new entrants and seemingly treats with disdain the old telcos. The incumbent telcos went through the rigmarole of going through the process, something that the Konektadong Pinoy exempts the new entrants from. This is not an invite, this disincentivizes foreign investors from coming.
And it comes at a time when we can least afford missteps. We already trail behind our neighbors in attracting FDIs. For the first quarter of this year, the Philippines drew in only $498 million, down 27.8 percent year-on-year. In contrast, Vietnam raked in $10.98 billion, up 34.7 percent, while Thailand surged to $12.9 billion, marking a massive 97 percent
increase.
We’re not just missing the train— we’re waving from the platform while others board with purpose.
The reason? We keep crafting rules that scare away capital. The Konektadong Pinoy Act is a case study in how not to legislate for investment.
By removing the legislative franchise requirement for new data transmission players, we eliminate essential vetting tools—filters that once gauged financial soundness, technical capacity, and cybersecurity readiness. We strip away the safeguards while pretending to widen access. Worse, new players are given freedom to cherry-pick profitable urban markets, with no obligation to serve the geographically isolated and disadvantaged areas (GIDAs) that incumbent telcos have long been mandated to reach. This is not innovation. This is inequity codified. It gets worse. While incumbents absorbed losses to bring connectivity to far-flung barangays, new entrants are now allowed to bypass these burdens altogether—creating a two-tier system that fragments our digital future. Urban centers may enjoy overlapping signals, but rural communities, already struggling, risk being abandoned anew.
And despite claiming to uphold technology neutrality, the bill removes registration requirements for satellite direct access services—essentially handing one segment of the
the right to know, and the right to remedy. House Bill 7913 offers several notable advantages. It establishes a “comprehensive regulatory framework” for AI, aiming to provide clear guidance and oversight for AI development and use in the Philippines. The bill proposes the creation of a “Philippine Council on AI.” Like Sen. Cayetano’s NAIC, this is a dedicated body to coordinate and regulate AI initiatives nationwide. Importantly, it introduces an “AI Bill of Rights” to safeguard individual rights in the context of AI technologies. The bill is also grounded in “human-centered, value-based principles,” emphasizing the ethical and responsible use of AI. Despite these strengths, the bill has several shortcomings. It “lacks a detailed risk-based classification” system, which would allow for differentiated regulation based on the potential risks posed by various AI applications. The mechanisms for “ongoing review and adaptation” of the regulatory framework are unclear, raising concerns about the bill’s ability to keep pace with rapid technological advancements. There
See “Rojas,” A11
industry a regulatory blank check. We say we want investors. But our laws say otherwise. That is what is egregiously wrong with us. We do not look into the far future for our economic deliverance. No wonder, the poor and disadvantaged numbers keep on growing.
If we are serious about competing with the likes of Vietnam and Thailand, we must stop shooting ourselves in the foot. Investment invites should not be laced with traps. They should offer clarity, predictability, and fairness. The Konektadong Pinoy Act, in its current form, offers none of these. The time has come for the Philippines to graduate from rhetorical invites to real incentives. Until we do, FDI will remain elusive, growth will remain uneven, and the promise of inclusion—digital or otherwise— will remain unfulfilled. We shoot ourselves in the foot not with a single bullet, but with a barrage of contradictions—inviting investors with one hand while tightening the noose of regulation with the other. We dazzle them with summits and slogans, then daze them with red tape and sudden shifts in rules. What foreign capital seeks is certainty, yet we offer a maze. What it needs is fairness, yet we script favoritism into law. We mistake performative reform for real progress, and wonder why capital keeps crossing borders without so much as a layover.
Ambassador Antonio L. Cabangon Chua
Atty. Jose Ferdinand M. Rojas II
LITO GAGNI
Groundbreaking directions for principlesbased tax planning
TJoel L. Tan-Torres
DEBIT CREDIT
Part five
HE July 1, 2025 date of implementation of the Principled Tax Planning and Compliance directive of the International Federation of Accountants (IFAC) has passed without the Philippines, through the Professional Regulatory Board of Accountancy, being able to issue the necessary Resolution to effect this. The Professional Regulatory Commission (PRC) and BOA, through Chairman Noe Quinanola, have to proceed as soon as possible to join the rest of the global accounting community in this groundbreaking worldwide initiative of principled tax planning. I have previously asked BOA Chairman Quinanola about this Resolution, and he mentioned that this has been endorsed to the PRC for its approval. I hope that this will be done by July 2025.
I have also been discussing these developments with some Bureau of Internal Revenue (BIR) officials. They also see these as important initiatives that can be supported by the BIR. There are a number of tax agencies in the world that have come up with their measures to curb aggressive tax planning and compliance among their taxpayers. As discussed in my previous articles, these include countries in Europe, the United States, Asia, and Australia.
If BIR similarly joins this principled tax bandwagon, it may have to prescribe certain issuances. These may include the issuance of Revenue Regulations or other guidelines to provide rules on how to proceed with ethical tax practices and norms. These rules can align with those that will be prescribed by the PRC and BOA. These rules issuances that can be issued by the BIR and the Department of Finance can get ideas and provisions from the measures issued by the International Ethics Standards Board for Accountants. These include the 29-page Guidelines and the 36-page Basis for Conclusions ( https://www.ethicsboard.org/ publications/final-pronouncement-revisions-code-addressing-tax-planningand-related-services).
However, the BIR should assess these IFAC guidelines and align these with local conditions and situations. The important provisions can consider the requirement for tax professionals to evaluate the “reputational, commercial, and economic consequences” of tax planning strategies and compliance with the same. Pertinent guidelines include the “credible basis” test to ensure that tax advice aligns with the spirit of the law, not just technical compliance, and the “stand back test” in audit and ethical guidelines, requiring tax advisors to assess arrangements from a skeptical third-party perspective.
The BIR could also include General Anti-Avoidance Rules (GAAR) concepts and principles to curb aggressive tax planning. Such provisions on penalizing tax arrangements and transactions that lack commercial substance, even if these are technically allowed in the tax law and BIR issuances. Supreme Court and Court of Tax Appeals decisions have supported as “substance over form,” “sham transaction,” and “economic substance” to govern what constitutes reasonable tax planning practices, contrasted to abusive schemes.
Other countries have GAAR laws governing aggressive and nonsubstance tax compliance. It is good if such a law is passed by Congress to abate the abusive practices and compliance of taxpayers. This will provide more authority for the BIR to proceed against sham transactions of taxpayers, resulting in tax revenue losses.
The rules that the BIR may issue should include the guidelines on what constitutes as “aggressive” or “abusive” tax planning and compliance. The IFAC guidelines discuss these and can be considered in the
RThe IFAC Guidelines provide a comprehensive narration of how tax planners should address the various threats of self-interest, self-review, advocacy, or intimidation that they encounter in rendering their services. These are good references that the BIR can consider.
BIR rules.
The IFAC guidelines also provide the steps that tax consultants should follow in discharging their functions and responsibilities. These can be considered in drafting the BIR issuance, where there should be a discussion of the responsibilities of tax consultants, auditors, or employees of companies in terms of the tax planning services and activities they perform for their clients, employers, or principals. There are special rules prescribed if there are disagreements between the tax professionals and their clients or employers.
The IFAC Guidelines provide a comprehensive narration of how tax planners should address the various threats of self-interest, self-review, advocacy, or intimidation that they encounter in rendering their services. These are good references that the BIR can consider. Notable among these are the disclosure requirements that the tax professional should follow when discovering tax strategies that are in the “grey zone.”
The rules to be issued by the BIR should address the controversial issues of data privacy, confidentiality of information, and privileged clientprofessional communications. I have written about the last issue in my previous article ( https://businessmirror. com.ph/2024/07/15/principles-basedtax-planning-4/). The provisions of the Data Privacy Law and pertinent Supreme Court resolutions provide further discourse on the other issues. My research on this matter is that there are no administrative or legal provisions that will hinder the BIR from promulgating rules on principled tax planning and compliance.
I am sure that with the able leadership of BIR Commissioner Romeo Lumagui Jr., who adheres to Integrity and Professionalism of the Institution as one of the four pillars that he has advocated for, the BIR will follow the lead set by the accountancy profession in this groundbreaking initiative of ethical tax planning and compliance.
To be continued
Joel L. Tan-Torres was a former Commissioner of the Bureau of Internal Revenue. He has also held various positions, including Dean of the University of the Philippines Virata School of Business, Chairman of the Professional Regulatory Board of Accountancy, Tax partner of Reyes Tacandong & Co., and the SyCip Gorres and Velayo & Co., and director of various corporate boards. He is a Certified Public Accountant who garnered
Siegfred Bueno Mison, Esq.
THE PATRIOT
ESPONSIBLE media outlets would always want to seek the truth. No fake news; just plain old truth. Others can spin stories, offer opinions, but in all cases, the reports should have a foundation of the real story. Information can be shared either by way of a press conference where the speaker controls the narrative and has ample time to prepare for possible questions or by way of an ambush interview, only if the speaker allows it. Of course, more credible if not more truthful answers would come from ambush interviews since the speaker/source would have little or no time to think and come up with any other answer except the truth, save for some quick thinkers. Sadly, there was one Malacañang Press Corps (MPC) reporter who, after he approached President Bongbong Marcos (PBBM) directly not once but twice for an ambush interview, was sought to be replaced by the Presidential Communications Office.
The PCO sent a letter to the media network where the reporter works, requesting a replacement due to alleged protocol breaches during the June 25 destruction of seized illegal drugs in Tarlac, which was witnessed by PBBM. In the United States, similar incidents have occurred during the tenure of President Donald Trump where some specific reporters and even entire media outlets have been banned (or publicly bashed) from covering the president or participating in White House briefings. Trump or some of his Cabinet members do not mince words when they attack media outlets supposedly for not reporting the truth or spinning stories from whatever information the outlets receive from various sources. More recently, US Defense Secretary Pete Hegseth lashed out at reporters when they presented a different view as to the supposed obliteration of three nuclear sites in Iran. Hegseth accused journalists, specifi-
cally one of his former colleagues in the network where he used to work, of downplaying the success of the bombing strikes following a leaked intelligence report from the Defense Intelligence Agency. It takes more than just one intelligence report or several press conferences to know which version is true.
Same thing goes with courtroom procedures. Of course, direct testimonial evidence are well-prepared, “canned speeches” reduced into one judicial affidavit in this day and age. While the witness and his lawyer control the narrative during direct examination, the power of cross examination by opposing counsel seems to be more powerful in determining which is true. Similar to ambush interviews, the not so prepared nor rehearsed witness/speaker will be more credible, subject to the discerning observation of the trial judge. Candid answers to any cross examination or ambush interviews
are generally, if not more, reliable, believable, and closer to the truth. Hence, any censure of any media reporter who can be considered as more zealous in seeking the truth, to the point of breaching protocols, is a suppression of freedom of the press. MPC, in response to the PCO letter requesting for a replacement reporter, said that the President’s safety and well-being, by way of media protocol “should never be at the expense of the freedom of the press to tell stories that go beyond photo opportunities, press releases and rehearsed sound bites.”
Truth is indeed elusive. Even trial court judges and the Supreme Court itself cannot conclusively proclaim the truth. After all, court judgments are based on available evidence, some of which can be considered as inadmissible due to technicalities or, worse, suppressed by some stroke of “magnificent” lawyering. This is one of the reasons why justice in the law of the Land can be difficult to achieve as there are built-in challenges that can thwart truth-seekers’ attempts to uncover the truth. At least one truth always remains in all cases or trials in life. As a believer, I was taught that biblical truths are undisputed, incontestable, and always constant. Some priests and pastors can interpret or “spin” some verses here and there in their homilies and sermons. But they all have the foundation of the truth —the Bible. As found in Psalms 119, the longest chapter in Bible, “All your words are true; all your righteous laws are eternal.” (Psalms 119:160). With 176 verses, biblical scholars say that Psalms 119 is unique since the psalmist practically uses eight different words to describe God’s word (law, word, judgments, testimonies, etc.). Simply stated, God’s words can be written or taken or spoken differently but in essence they mean one thing—the truth.
Unlocking growth: Lessons from Vietnam’s rise Truth-seeking techniques
By Henry Go Part one
VIETNAM has emerged as one of Southeast Asia’s fastestgrowing economies through deliberate and coherent policy reform, while the Philippines continues to underperform despite its demographic and geographic potential. This article compares key development pillars—manufacturing, education, infrastructure, tourism, investment, and foreign policy—and offers a strategic vision to steer the Philippines toward a more competitive and resilient future.
A missed harvest
MANY years ago, the Philippines was a leader in rice research. The International Rice Research Institute (IRRI) in Los Baños trained farming experts from all over Asia—including Vietnam. But while Vietnam used what they learned to grow their rice industry and become one of the world’s top exporters, the Philippines now buys rice from them. This role reversal is a powerful reminder: progress depends not just on good ideas—but on steady follow-through implementation and long-term planning.
I. Two different paths Over the past 20 years, Vietnam
Rojas.
. . Continued from A10
is also potential for “overlap with other regulatory bodies,” which could lead to confusion or bureaucratic inefficiencies. Lastly, the bill does not include “explicit provisions for regulatory sandboxes or innovation support,” which are important for fostering safe experimentation and encouraging growth in the AI sector.
House Bill No. 7396 by Rep. Robert Ace Barbers, titled the “Artificial Intelligence Development and Regulation Act of the Philippines,” promotes ethical and responsible AI development and establishes an Artificial Intelligence Development Authority (AIDA) to oversee AI research, development, and deployment.
has steadily moved ahead of the Philippines in many important areas of development. This didn’t happen by luck. As the World Bank’s Vietnam 2045 report explains, Vietnam’s progress came from clear plans, it’s been built through balanced industrial and education policies, stronger business governance, and practical diplomacy.
The Philippines, in contrast, continues to face challenges linked to poor coordination among government agencies, infrastructure bottlenecks, and uneven policy execution— factors identified in the Philippine Development Plan 2023–2028 (Neda) as key barriers to sustained growth.
This bill stands out for its balanced emphasis on both the “development and regulation” of artificial intelligence. It proposes the establishment of the “Artificial Intelligence Development Authority,” which would oversee the advancement and governance of AI technologies in the country. Additionally, the bill clearly “recognizes the economic and innovation benefits” that AI can bring, aiming to harness these opportunities for national growth. However, the bill also has notable weaknesses. It places “less emphasis on individual rights and ethical safeguards,” which are crucial for protecting citizens in the age of AI. The bill “lacks detailed penalties and enforcement mechanisms,” potentially weakening its effectiveness in ensuring compliance. Furthermore, it does not address important issues
As the “success” of several cases of late in being closer to the truth have been based on the availability of witnesses, some of which have been whistleblowers, while others have recanted their preliminary testimonies, we are all in search of that elusive truth for justice, transparency, and accountability to prevail in this country. May all those in search of the truth, especially prosecutors, magistrates, and lawyers who are in the business of the proper and orderly administration of justice, be imbued with God’s Word. Whoever they need to please and obey might be in the buildings in Padre Faura, Manila (DOJ, Supreme Court, etc.) but ultimately these truth-seeking persons work for One Master. May they be reminded what the Bible tells us in Colossians 3:23-24 —“Whatever you do, work at it with all your heart, as working for the Lord, not for human masters, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving.” Justice under the Law of the Lord will always prevail and reign supreme no matter what justice under the law of the land can provide. His truthseeking technique, in the quest for justice, never fails.
Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations such as the Philippine Army, Integrated Bar of the Philippines, Malcolm Law Offices, a US based software development company called Infogix Inc, University of the East, Bureau of Immigration, Philippine Airlines, SM Prime Holdings, Franklin Baker Company of the Philippines, and SONAK Corp. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. Siegfred is a former soldier and a lawyer by profession, an educator and inspirational speaker by passion, and a book author, writer, and radio broadcaster with a mission.
II. Manufacturing as a growth engine
Vietnam’s manufacturing strength continues in 2025—with industrial output up 11 percent in May compared to last year—and forecasted growth of around 10.7 percent through the second quarter. In January 2025 alone, Vietnam attracted $4.3 billion in FDI (TradingEconomics, 2025). Manufacturing made up 24 percent of its economy. Big firms like Samsung and Intel invested there due to well-planned industrial zones and support for exports.
The Philippines still relies heavily on overseas remittances and BPOs. While these help the economy, they don’t create strong, long-term industries that grow jobs and exports. This is one of the reasons why our manufacturing sector remains stuck at just 16 percent of the economy (WorldBank, April 2024), with little progress over the years.
III. Education: Human capital as strategy Vietnam’s strong education outcomes—reflected in its strong results in the 2022 OECD PISA assessments (released in 2023)—are the result of
such as “explainability, bias, or accountability” in AI systems, leaving significant gaps in the framework for responsible AI governance.
House Bill No. 7983, also by Rep. Keith Micah Tan, is titled “National Strategy for the Development of Artificial Intelligence.” This bill creates a National Center for Artificial Intelligence Research and provides funding for AI development.
This bill is notable for its strong focus on developing a “national AI strategy and advancing research” in the field. It includes provisions for “funding artificial intelligence research and development,” demonstrating a commitment to supporting innovation and technological progress. The bill’s overarching goal is to “boost local AI capabilities,” positioning the Philippines to better compete in the global digital economy.
On the other hand, the bill has
national reforms that include standardized curricula, teacher training, and learning assessments. Vietnam’s education system is purposefully aligned with its economic development goals and labor market demands. The Philippines is facing a serious education problem. The World Bank says that 9 out of 10 Grade 5 students struggle with reading comprehension (Learning Poverty Brief: Philippines, 2024). This problem continues as students move up—many do poorly in board exams, and even college graduates often don’t have the skills needed for real jobs. We need to fix the basics first and make sure students learn useful, job-ready skills. IV. Infrastructure: Building the base for growth It is from infrastructure strategy that Vietnam’s trajectory has been a true catalyst. Along this line, investment into logistics corridors, ports, highways, even into digital networks brought in FDI worth more than $25 billion in 2024—with manufacturing receiving most of it (The Investor Vietnam, 2024).
To be continued tomorrow
several limitations. It contains “limited regulatory provisions,” offering little in terms of oversight or control over AI deployment. The measure also “lacks mechanisms grounded in ethics, rights, or risk-based governance,” which are essential for ensuring responsible and fair use of AI technologies. As a result, the bill “may not adequately address immediate societal risks” that could arise from the rapid adoption of artificial intelligence.
Senator Jinggoy Estrada has also filed “An Act to Provide an Artificial Intelligence Training Program for the Government Workforce,” which focuses on AI capacity-building for government employees. I would like to continue this discussion next week to go into the gaps in these bills, as well as some recommendations, based on global best practices.
BusinessMirror
PCCI: ‘Konektadong Pinoy’ bill should have safeguards
By Andrea E. San Juan @andreasanjuan
THE Philippine Chamber of Commerce and Industry (PCCI), the largest business group in the country, said it supports the passage of Konektadong Pinoy Bill, but underscored the need to put in place safeguards to accompany the liberalization of the sector.
PCCI said that the entry of more ICT infrastructure players will benefit Filipino consumers by giving them “greater choices and betterquality service, addressing longstanding issues of slow and expansive internet in the country.”
However, the group also stressed the need for a “clear, comprehensive and well-enforced regulatory framework” for the liberalization of the sector.
While it welcomes the removal of legislative franchise require -
Brewed
ment for data transmission service providers, PCCI said there must be safeguards in place to ensure “only capable and responsible entities are allowed to operate.”
“Open access must not come at the cost of our national security or the integrity of our critical digital infrastructure,” PCCI said in a statement on Sunday.
“We urge that the Implementing Rules and Regulations [IRR] be crafted with transparency and foresight, and that the National
Telecommunications Commission [NTC] be fully empowered to enforce strong oversight, with clear criteria for approving and monitoring service providers,” it added.
PCCI President Enunina Mangio noted that the measure will streamline processes and eliminate “outdated barriers” that have long hindered the entry of new players into the internet service market.
By opening the sector to more qualified providers and “encouraging” healthy competition, Mangio said this law will bring “much-needed” investments in digital infrastructure and expand internet access, especially in underserved and remote communities.
Freshly Freshly Brewed
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.
In a joint statement, 35 signatories representing business groups, foreign chambers, tech alliances, public sector organizations, and civil society said the passage of the bill “will democratize internet access, which could potentially be this administration’s greatest legacy.”
ARCHBISHOP GILBERT GARCERA OF LIPA IS NEW CBCP PRESIDENT
By Justine Xyrah Garcia
LIPA Archbishop Gilbert Garcera has been elected as the new head of the country’s bishops, the Catholic Bishops’ Conference of the Philippines (CBCP) announced over the weekend.
According to CBCP News, the 66-year-old prelate was chosen on the first day of the CBCP’s 130th plenary assembly in Anda, Bohol.
Garcera, who is currently the regional representative for Southeast Luzon in the CBCP’s Permanent Council, will succeed Kalookan Bishop Pablo Virgilio Cardinal David.
Garcera was first ordained a priest for the Archdiocese of Caceres in 1983.
He held several key roles in the CBCP early in his ministry, including assistant secretary general, executive secretary of the Episcopal Commission on Mission, and national director of the Pontifical Mission Society. He was named bishop of Daet in 2007 and later appointed archbishop of Lipa in 2017.
As archbishop, Garcera leads a diocese that serves over 3.3 million Catholics.
Alongside Garcera, Zamboanga Archbishop Julius Tonel was elected CBCP vice president.
He will succeed Pasig Bishop Mylo
is completing his second and final term. Tonel, 68, was ordained a priest for the Archdiocese of Davao in 1980. He was appointed bishop of Ipil in 2007 and became archbishop of Zamboanga in 2023. Within CBCP, Tonel previously chaired the Commission on Liturgy and currently heads the Committee on Bishops’ Concerns. Both Garcera and Tonel will begin their new roles on December 1.
CSB president Jimi Araneta: The thrift bank industry is resilient and future-ready
By Francine Medina
ilipinos generally prefer the big commercial banks over thrift banks because of the wider products and services, number of branches, and the perceived stability. But Philippine thrift banks, many of which have been
for decades, have also been stepping up to address the ever-changing needs of consumers.
and director Jaime “Jimi” Valentin Araneta sat down with Andrea San Juan, the episode’s host and Trade and Industry reporter. From the latest updates on CSB, trends in the thrift banking industry, and what to expect at the upcoming Chamber of Thrift Banks (CTB) Convention this month, Araneta shared a wealth of meaningful information on the topic. A veteran in the banking industry, Araneta held top positions in various banks, including serving as President and Vice Chairman of Unity Bank, A Rural Bank, Inc.; Executive Vice President of China Savings Bank from 2011 to 2016; and Executive Vice President at Philippines Bank of Communications from 2016 to 2019.
Never a dull moment
Contrary to the notion of banking as a steady-paced work, Araneta said that the industry actually keeps a vibrant tempo. “Banking is a stable profession and it allows one to practice various skills,” he explained, “But there’s never a dull moment and it’s always customer-centric because of the rapid advances in technology, marketing disciplines, and the like. You really have to stay current and you meet a lot of colleagues. You grow along with them as with your customers so it becomes a very comfortable space, so to speak.”
“I’ve always had that penchant for writing and back in college, my grandfather actually wanted me to get into journalism and after college, he encouraged me to take up Law. So, became a Philosophy major, which was a pretty good basis for the practice. But Law wasn’t really for me so I only took up a year of it and I shifted to MBA but still in Ateneo,” the genial Araneta told San Juan in the interview. Araneta’s father, who was in the advertising industry, told him that he might want to join the industry. But Araneta had other plans. “I went into a banking management training program with the Commercial Bank of Manila or ComBank that is now known as Bank of Commerce.”
In fact, in 2018, when he retired from his previous banks, he was planning on relying on passive income. But the call of banking was just too strong that he reconnected with CSB vice chairman Benije Ramos.
“And the rest, as they say, is history,” replied Araneta who was appointed CSB president in 2020—the height of the pandemic.
Still, despite the health and financial shock that came with the pandemic, Araneta added, “I think there’s a little bit of destiny there, perhaps because even if I was connected with the previous bank, I actually was thinking what it means to be a part of CSB.”
Opening its doors in August 1997 at its very first branch along Chino Roces Avenue in Makati City, CSB began as a partnership between the Fortune Insurance Group led by its visionary founder, the late Ambassador Antonio Cabangon-Chua, and the Citystate Management Group Holdings Pte Ltd of Singapore, a prominent Singaporean holdings company. The founding entity is now known as the ALC Group. Today, CSB has 30 branches spread across Metro Manila and in provincial areas.
Strong machinery
Araneta believes that the edge of CSB is in its being part of a whole. “I knew for a fact that
Citystate was one cog in a very strong machine. An ecosystem at that, namely, the ALC group. I actually thought that Citystate could tap into or leverage synergies between the bank and the insurance sector, the media group, even the preneed, memorial, and of course, the automotive sectors. That’s how I first broached the subject of how I can contribute to the bank,” he explained. When Araneta stepped in as CSB head, among his first orders were “to instill a certain discipline. We organized the bank and set up different departments and divisions. We improved certain
and very importantly, we recruited seasoned bankers who were able to
wisdom and network of clients that they have from their past stints in the industry. All told, it’s been a long, drawn-out process and this time, we’re actually reaping the fruits of our collective efforts.”
In 2024, CSB announced that it had a significant turnaround and gained a total comprehensive income of P7.07 million—a substantial improvement from its reported P96.66 million deficit in the past year. According to a report by BusinessMirror, the P103.73 million turnaround can be attributed to the APDSTeacher’s Loan,
Hubert Vergara, who
ARCHBISHOP Gilbert Garcera (right) and Archbishop Julius Tonel of Zamboanga, the newly elected president and vice president, respectively, of the Catholic Bishops’ Conference of the Philippines, during the 130th CBCP plenary assembly in Anda, Bohol. PHOTO FROM
Jimi Araneta, President, Citystate Savings Bank and Chairman, Chamber of Thrift Banks Convention, talks about the resilience of thrift banks with Andrea San Juan, BusinessMirror's Trade and Industry reporter.
Editor: Jennifer A. Ng
Monday, July 7, 2025
COL Financial, Abacus cut yr-end price for PSE index
By VG Cabuag @villygc
ONLINE stockbrokerage firm
COL Financial Group Inc. has reduced its year-end target for the benchmark Philippine Stock Exchange index (PSEi) to 7,700 points from an earlier forecast of 8,100 points.
Abacus Securities Corp., meanwhile, is expecting the PSEi to close at 6,900 compared to the 8,500 it forecast in January.
Speaking at a mid-year market outlook briefing with clients last
SG’s Engtek expands deal with First Gen
By Lenie Lectura @llectura
stock market.
Tan said the expected investments that was expected from the passage of the CREATE MORE Law (RA12066) signed into law last year, but government figures instead showed that FDI in the first quarter contracted by 41 percent to $1.76 billion from $2.99 billion last year.
Saturday, COL Financial Head of Research April Lynn L. Tan said the reduction is primarily driven by the disappointing flow of foreign direct investments that could’ve driven appetite in the
Tan said the influx of foreign funds would have led to a rerating of the Philippine Stock Exchange as their entry into the economy could sustain the government’s target of a 6 percent to 7 percent economic growth in the next few years.
“Unfortunately, we did not see that. So I feel like we’ll see more of the same. So we’re cutting our target,” Tan said. “With this type
of earnings growth, yeah, earnings grew, but it’s not exciting. See, it’s just a 6.4 percent growth, which is single digit, not exciting, so it doesn’t excite investors to come back in.”
“And if you look at the various sectors, what stood out, or was kind of surprising for me, is that the telco (sector in the PSE) is actually down 5.8 percent and power, which is supposed to be resilient, down 28.3 percent,” she added.
Tan also said the potential negative impact of higher US tariff rates on businesses is leading to conservative expansion plans. She cited the Bangko Sentral ng Pilipinas’ (BSP) business sentiment index, which shows that the uncertainty is causing businesses to hold off on expansion and hiring.
US stock futures slide as tariff deadline draws near
US stock futures retreated last Friday as American trade partners pushed for concessions ahead of a July 9 deadline to finalize trade deals with the Trump administration. Meanwhile OPEC+ delegates meeting tomorrow will consider an increase of more than 411,000 barrels a day in August.
Contracts for the US benchmark fell 0.6 percent after the gauge ended the trading week at a fresh all-time high. US President Donald Trump dialed up trade tensions after Thursday’s close, warning partners he may start setting levies of as much as 70 percent unilaterally as soon as today.
With less than a week to go before the deadline, European Union carmakers and capitals were pushing for an agreement that would allow for tariff relief
in return for increasing US investments, Bloomberg News reported. Meanwhile, a draft US-Swiss trade accord contained assurances about tariffs on pharma exports, according to people familiar with the matter.
Europe’s Stoxx 600 closed 0.5 percent lower, recovering from a steeper intraday decline. Gold rose 0.3 percent as investors sought havens. The dollar dipped. US stock and Treasury markets were closed for the July 4 holiday.
Equity markets have rallied sharply since April’s tariff-driven volatility, partly fueled by the ongoing strength of the US economy. Still, some investor caution lingers as the trade war continues to cloud the outlook for inflation and corporate profitability.
“There’s a little bit of doubt creeping in, especially after the
bump up this week,” said Neil Wilson, investor strategist at Saxo UK. “Today’s a good day to take a little bit of risk off. But I don’t think there’s a fundamental shift, it’s all on the margins at the moment.”
The S&P 500’s surge has put it on the verge of triggering a sell signal, according to Michael Hartnett of Bank of America Corp.
The strategist advised that investors consider trimming their holdings once the index climbs beyond 6,300, a level just 0.3 percent above where it closed on Thursday. He also reiterated that bubble risks are mounting into the summer, especially following the House’s approval of a $3.4 trillion fiscal package featuring tax cuts.
“Overbought markets can stay overbought as greed is harder to conquer than fear,” Hartnett wrote in a note.
UK gilts resumed their slide after a selloff on Wednesday that was driven by fiscal concerns. The yield on 10-year UK government debt advanced two basis points to 4.56 percent, compared with 4.45 percent at the close on Tuesday. The pound was flat.
In signs of diplomatic and trade tensions escalating between China and the EU, Beijing said it intends to cancel part of a two-day summit with EU leaders planned for later this month. China also imposed anti-dumping duties on European brandy for five years, while exempting major cognac makers that meet a price commitment.
In commodities, oil dropped in the lead-up to an OPEC+ meeting that’s set to deliver another oversized production hike, threatening to swell a glut forecast for later this year. Bloomberg News
Friends accused of trading on data for Edgar face widening probe
THE FBI had to move fast when agents learned that two men who were the focus on an insider trading investigation were about to get on a flight to Hong Kong. Before they could board the early morning June 28 flight, federal agents arrested Justin Chen, 31, and Jun Zhen, 29. Prosecutors say they pocketed at least $1 million by taking information they learned from their job at a private company that formats materials before they are submitted to the Securities and Exchange Commission’s Edgar filing system. At a pair of court hearings, prosecutors said that they were aware of at least four companies where the two men allegedly made trades based on non-public information. But officials were investigating whether Chen and Zhen traded in at least six more companies when they were arrested, hours before getting on the Cathay Pacific flight to Hong Kong.
“We probably wouldn’t have arrested the defendants at this point as the investigation is ongoing,” Nicholas Axelrod, an assistant US attorney, said at one of the hearings. “If not for that travel.”
The arrests spotlight ongoing problems with how confidential information can be obtained by insiders before it’s publicly released on the Edgar database, the SEC’s online portal for more than 30 years. In 2021, the SEC brought enforcement cases against several people who they accused of hacking into third-party companies that dealt
with Edgar system.
Chen was an Edgar assistant manager and Zhen was a typeset assistant manager at New York-based EdgarAgents.com. Companies like EdgarAgents help prepare company filings before they are sent to the Edgar system and distributed to the public.
Between March and June 2025, prosecutors say the two obtained material, nonpublic information ahead of announcements like mergers “that resulted in significant increases in the share price of each company’s stock.”
Brazen scheme
“THIS was an incredibly brazen scheme,”Axelrod told a federal magistrate in Brooklyn, New York, on Monday. “They traded on the information and they traded aggressively.”
Lawyers for both men declined to comment on the charges. Neither man has entered a plea at this point in the proceedings.
Chen, who prosecutors say made $100,000 a year, had worked at the company since 2020 and had been working at firms that handled Edgar data since 2012, according to his LinkedIn profile. His sister also worked at the company. Prosecutors say that the two men had accessed proposed filings on at least four companies before the information was public; Ondas Holdings Inc., Purple Innovation Inc., Signing Day Sports Inc. and SigmaTron International Inc. In one example, prosecutors say
Chen and Zhen both bought tens of thousands of shares of Ondas Holdings just before the company released an SEC 8-K form disclosing that it had entered into a strategic partnership with Palantir, a multibillion-provider of artificial intelligence service. They made about $36,749 in the 24-hour period before and after the announcement.
EdgarAgents CEO Stephen Bonventre said the company was cooperating with the US investigation and that both men were no longer with the company.
“The alleged activities run completely counter to our company values and the integrity with which we’ve built our business,” he said in a statement.
The SEC declined to comment on the case, though Axelrod said in court that the agency told prosecutors they detected suspicious trading in other companies, which is now part of the government’s ongoing criminal investigation.
At the two court hearings following their arrests, Axelrod portrayed Chen and Zhen as two men on the brink of fleeing the country who shouldn’t be given bail while the case proceeds.
‘Get out quick’ HE pointed to a text Chen sent Zhen: “We gotta get out quick.”
During the hearing on Monday, however, Magistrate Judge Peggy Kuo was skeptical of Axelrod’s argument that Chen’s “we gotta get out quick” message meant the two men were going to flee.
Kuo said that Chen may have meant he needed to “get out” of his trading position rather than getting out of the US.
“I read that as in a flight context,” Axelrod said. “It’s the government’s concern the defendant could flee.”
He cited another text from Chen to Zhen as evidence they had been planning to escape.
“Give me 2 months to get as much as possible,” the text read, according to Axelrod.
Chen’s lawyer, Charles Millioen, s ought to have his client released, arguing that since his passport had been taken, he couldn’t leave the US anyway.
At an initial hearing last week, Zhen’s lawyer, Chris Wright, also said his client wasn’t a flight risk.
“He has every reason to stay in the United States,” Wright said. “His family is here. He’s not a citizen of China, he is an American citizen.”
Chen’s mother wept last Monday as her son sat stoically listening to the government’s allegations. She and Chen’s sister, who called in for the bail hearing, agreed to post $10,000 in cash to win his release.
Kuo said that Chen could be released on a $1 million bond, guaranteed by his mother and sister.
“Hopefully, that is enough to keep Mr. Chen in the district,” Kuo said.
Chen was released last Tuesday. Zhen, whose bail was set at $500,000, remains in custody as of Saturday morning, according to federal Bureau of Prisons records. Bloomberg News
SINGAPORE-based Engtek Group’s (Engtek) production facility in Laguna is now fully-powered by renewable energy (RE) from First Gen Corp.
Engtek, a leading developer of precision engineering components, has entered into a power supply agreement (PSA) with the Lopez-led power firm to energize its second production facility in the Philippines under whollyowned subsidiary Asaba Manufacturing Philippines Inc. (Asaba).
The Asaba manufacturing facility is located in the Light Industrial Science Park in Calamba, Laguna. Under the agreement, Asaba would transition from conventional, coal-based electricity to clean hydroelectric power drawn from the Pantabangan and Casecnan plants in Nueva Ecija.
“This shift allows us to significantly lower our environmental impact while improving operational cost efficiency,” said Engtek Precision Philippines Inc. President Motohiro Asaba. “By replacing coal-fired electricity with renewable hydro power, we expect a meaningful reduction in our carbon emissions. In 2024 alone, Asaba Manufacturing recorded 3.64 tCO₂e emissions. This partnership directly supports our long-term climate targets.”
Engtek is committed to reduce greenhouse gas (GHG) emissions
by 45 percent by 2030.
The supply agreement is made possible with the Retail Competition and Open Access provision under the Electric Power Industry Reform Act of 2001, which allows eligible electricity end-users, known as contestable customers, to choose their electricity supplier.
The partnership between Engtek and First Gen started in 2022 with the latter’s first facility in the Philippines, under Engtek Precision Philippines Inc., powered by geothermal energy, then last year, the addition of on-site solar power facilities.
As a formal recognition of this milestone, First Gen presented a ceremonial Renewable Energy Plaque to the Engtek Group on June 20, 2025. The plaque symbolizes the official transition to renewable power and highlights the shared commitment of both organizations to a more sustainable industrial future.
First Gen is among the most diversified RE producers with nearly 300 megawatts (MW) of hydroelectric capacity from three facilities. It also runs 25 other RE facilities spanning geothermal, solar, and wind sources, contributing 1,352 MW. While it also manages 2,017 MW of natural gas capacity that serves to keep the power grid stable and secure, First Gen remains committed to supporting industries in their shift away from coal and toward greener alternatives.
PHL lags behind peers in AI use-cases–firm
By Cai U. Ordinario @caiordinario
THE Philippines lags behind its Southeast Asian peers in terms of Artificial Intelligence (AI) use-cases, according to a Fitch Solutions Inc. company.
The country’s AI potential could grow if it can close the gap between the Philippines and its peers, most notably Malaysia, which is the leader in the Association of Southeast Asian Nations (Asean) region, the company noted.
“While the Philippines lags in terms of data centre fundamentals, perhaps the potential for this market involves closing the gap between itself and the leading markets in emerging Southeast Asia,” it said.
“Data centre facilities within this market capitalise on both enterprise and hyperscale opportunities with developers such as STT and ePLDT Vitro having a presence within this market,” it added, however.
Nonetheless, the firm said the plans of Alibaba Cloud to increase its presence in Southeast Asia, with data centres planned in Malaysia and the Philippines, is promising.
“Malaysia remains popular as a destination for digital infrastructure investment, as demand continues to shift away from Singapore,” it added. “While the Philippines lags behind in terms of capacity fundamentals, it continues to leverage its geographic location as a gateway from Pacific subsea cables or Pacific traffic to the rest of Southeast Asia.”
Addressing power issues is crucial in moving forward for the Philippines and other Asean countries. The Fitch Solutions company said power remains a top concern in Southeast Asia’s data centers.
It added that data center developers should procure power by signing renewable energy deals. This includes recent developments such as Digital Edge signing a hydroelectric energy deal with First Gen Corporation, to directly supply electricity to support its NARR1 data centre in Manila.
The company said they estimated that over 3.2GW of planned capacity came to market in Malaysia, the highest in their sample. This is followed by Indonesia, with 1.8GW and the Philippines significantly lags, with just under 180MW of planned capacity.
“Unless data centre platforms become actively involved with buying and sponsoring power projects to secure exclusivity, this becomes a problem,” it said.
“Therefore, in the cases where the projects are sponsored by a utilities company, the power source will be open to many bidders and sub-optimal for data centre platforms,” added the Fitch Solutions firm.
Last year, Leechiu Property Consultants Inc. said the Philippines will see a capacity increase of at least 1,364 megawatts (MW) in data centers by next year, with 161 MW expected to be completed between late 2024 and 2025.
In a report, Leechiu said this growth is driven by increasing demand for digital infrastructure, spurred by the rapid adoption of technologies such as 5G and AI, along with the growing Internet usage in the Philippines. As of 2024, the Philippines has a total power capacity of 182.2 MW dedicated to data centers, with a large portion of this capacity coming from ePLDT Inc., which accounts for 122 MW (See: https:// businessmirror.com.ph/2024/12/13/data-center-operators-plan-hike-in-powercapacity-on-tech-development/).
Banking&Finance
Solons want govt to shift to cash-based budgeting
By Jovee Marie N. dela Cruz @joveemarie
ABILL proposing a shift to a cash-based budgeting system has been filed at the 20th Congress.
House Bill 11, filed by Rep. Ferdinand Martin G. Romualdez, seeks to modernize the budgeting system ‘to ensure public funds are spent efficiently and deliver tangible results for the people.”
The measure aims to accelerate service delivery, eliminate underspending and inefficiencies, and enhance transparency and accountability in government transactions.
Co-authored by Party-list Reps.
Andrew Julian K. Romualdez and Jude A. Acidre of Tingog, the bill defines a cash-based budgeting system as one where government funds can only be obligated and disbursed for goods delivered and services completed, inspected, and accepted within the fiscal year. A three-month extension may be allowed for payments, but not for new obligations.
The proposed shift is expected to address persistent issues in public finance, including delayed infrastructure projects, stalled programs, and unspent aid caused by poor fund utilization. By requiring projects to be com-
pleted within the same year, the measure compels agencies to improve planning, execution, and accountability.
“If funds are allocated for school buildings, we expect classrooms to be built. If the budget is for roads, there should be completed infrastructure—not just blueprints,” read a statement.
The bill also tackles the problem of “parked” or idle funds and offbudget items by mandating stricter definitions of appropriations and limiting the use of lump-sum or special-purpose funds without clear deliverables and deadlines.
To improve transparency, HB 11 mandates the use of a digital public financial management system that enables real-time tracking of government spending. This system is expected to allow citizens to monitor public funds and help curb corruption.
A key innovation in the bill is the adoption of performance-based budgeting, where government agencies are evaluated not only on how much they spend but also on the measurable outcomes of their programs and projects.
HB 11 forms part of a broader legislative reform package expected to strengthen fiscal discipline, improve government service delivery, and institutionalize accountability.
DBM released total ₧3.59B funds for resilience projects
By Cai U. Ordinario @caiordinario
THE Department of Budget and Management (DBM) reported having released a total of P3.59-billion worth of funds for the National Disaster Risk Reduction and Management Program (NDRRMP) and the People’s Survival Fund (PSF).
The bulk of these funds were released to the Department of Social Welfare and Development (DSWD) with P1.9 billion and the Department of Public Works and Highways (DPWH) with P1.34 billion as of June 30, 2025.
Other agencies that received these releases were the Department of National Defense (DND) worth P303.196 million and the Department of Interior and Local Government (DILG) worth P50 million.
Of the total release, the DBM data showed P2.255 billion was allocated for Maintenance and Other Operating Expenses (MOOE) and the remaining P1.34 billion is for capital outlay (CO)
The data showed that the DPWH funds that were released were for
capital outlay while the rest were for MOOE requirements.
The DBM said the funds for the DPWH were meant to support the rehabilitation and/or reconstruction of infrastructure projects in the Municipality of Tingloy, Batangas damaged by Typhoon “Carina” in 2024.
The funds for the DSWD were released to cover funding requirements for the provision of emergency cash transfer (ECT) to 204,611 families in areas affected by disasters in 2024.
In particular, the DBM said, these funds were for the provinces of Bataan, Bulacan and Pampanga, as per Office of the President’s Approval dated May 21, 2025. It also included funds to cover the replenishment of Quick Response Funds.
PSF, NDRRMP THE DILG and DND funds were released to replenish the Fiscal Year 2025 quick response funds. The DILG funds were for the Philippine National Police (PNP) while the DND funds were for the Office of Civil Defense (OCD).
The data also showed P1 million of the CO funding that went to the DPWH was used to cover the funding requirements for the first replenishment of the FY 2025 Quick Response Fund.
By virtue of Republic Act (RA) 10174 of 2012, the PSF is established to provide long stream finance for adaptation projects of local government units and local and/or community organizations aimed at increasing resilience of communities and ecosystems to climate change, according to the Climate Change Commission (CCC).
The Commission added that there is an annual allocation of at least P1 billion, which can be augmented through donations, endowments, grants and contributions. The CCC board manages the PSF. Meanwhile, a DILG briefing paper read that the enactment of RA 10121 (Philippine Disaster Risk Reduction and Management Act of 2010) has laid the basis for a paradigm shift from just disaster preparedness and response to disaster risk reduction and manage -
ment (DRRM).
“The NDRRMP serves as the national guide on how sustainable development can be achieved through inclusive growth while building the adaptive capacities of communities; increasing the resilience of vulnerable sectors; and optimizing disaster mitigation opportunities with the end in view of promoting people’s welfare and security towards genderresponsive and rights-based sustainable development.”
NCAs
EARLIER, DBM data showed state 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.
Data 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 (See: https://businessmirror.com. ph/2025/07/01/use-of-funds-bygovernment-agencies-at-94-rateas-of-end-of-may/). 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 mid-term elections.
Security Bank, Euronet to launch co-branded ATMs
THE Security Bank Corp. and global electronic payment services provider Euronet Technology Services Inc. will be launching co-branded, white label automated-teller machines (ATMs) nationwide.
In a statement, Security Bank said these ATMs will be placed in workplaces and commercial centers to improve access to cash and banking services for both payroll and corporate clients.
Allianz PNB Life supports ‘zero hunger’
➔ THE Allianz PNB Life Insurance Inc. (AZPNBL) announced it is continuing its partnership with SOS Food Rescue Philippines as part of the insurer’s commitment to sustainability and social impact. A statement issued by the company quoted SOS’s Country General Manager Rachel Marie Q. Luna as underscoring the importance of its partnership with AZPNBL in helping the advocacy reach more Filipinos in need. “It is in these partnerships that our mission is able to reach farther, respond faster and serve more communities.” According to the insurer, since the launch of its partnership with SOS Philippines in 2023, it has conducted food drives and volunteer activities among its employees, along with the donation of a truck that is used for food rescue missions.
Chinabank completes HR-tech transition
➔ THE China Banking Corp. (Chinabank) announced on July 1 that it has officially completed its transition to Darwinbox, an AI-powered human capital management (HCM) platform. This milestone marks the bank’s full shift to a digital-first HR ecosystem that will optimize HR operations and enhance the employee experience for over 11,000 Chinabankers nationwide. After five and a half months since the partnership between Chinabank and India-headquartered Darwinbox Digital Solutions Pvt. Ltd. was formalized on December 6, 2024, the Philippines’s fourth-largest private universal bank completed the accelerated Phase-1 implementation of the platform. “We are building a great workplace anchored on a compelling employee value proposition and a transformative work culture to foster innovation, collaboration, and employee growth,” said Chinabank President and CEO Romeo D. Uyan Jr. was quoted in a statement as saying.
➔ US jobs data eases pressure on Fed Fresh US jobs figures took pressure off the Federal Reserve to consider an interestrate cut later this month, likely leaving the central bank on hold at least until the fall. While employers added more jobs in June than forecast and the unemployment rate ticked lower, growth in private payrolls weakened. Elsewhere, the manufacturing slowdown in Asia deepened. Survey data showed purchasing managers indexes for Taiwan, Indonesia and Vietnam firmly in contraction territory. US job growth exceeded expectations in June as an unusual surge in public education employment masked a slowdown in hiring across the rest of the economy. Private payrolls rose the least since October, largely reflecting hiring in health care. Bloomberg ➔ Euro not ready to challenge dollar’s role THE euro cannot quickly supplant the dollar as the anchor of the world’s financial system as countries using it still have far to go in their financial and economic integration, European Central Bank Governing
The lender added that through the partnership, it will leverage Euronet’s ATM network and “Ren” payments platform as well as expand its service reach to more Filipino businesses and their employees.
“Today, we take a bold step forward by partnering with Euronet to introduce white-label ATMs, expanding our reach and redefining convenience in bank-
ing,” said Security Bank Executive Vice-President and Chief Operating Officer Lucose T. Eralil.
“Through this initiative, we aim to better serve our payroll and corporate clients by offering on-site access to cash, right at their offices. It’s a practical, forward-thinking solution that simplifies everyday banking and brings financial services closer to where they’re needed most,” Eralil was quoted as saying in the statement
These white-label units will provide clients with on-site ATMs for easier salary access, expanded ATM coverage in underserved and high-traffic areas, and streamlined payroll processing with improved cash management. For employers, this translates to operational efficiency and reduced cash handling.
Myla R. Untalan, senior vice-
president and retail channels head at Security Bank also said the partnership will expand the bank’s payroll services allowing it to attract new corporate clients and deliver reliable access to cash.
“Our partnership with Security Bank, which began in 2018, has grown into a powerful collaboration,” Euronet Technology Managing Director Sriram Jayakumar was quoted in the statement as saying.
“The launch of our co-branded white label ATM network is a key milestone, reflecting our shared commitment to innovation and seamless banking services. We look forward to further strengthening our relationship and achieving even greater success together,” Jayakumar added.
In the first quarter of 2025, data from the Bangko Sentral
ng Pilipinas (BSP) showed there are a total of 23,615 ATMs of BSP Supervised/Regulated Banks. Of these ATMs, there are 21,046 machines for Universal and Commercial banks. Universal banks have a total of 20,616 ATMs while private domestic banks have 16,098 ATMs; government banks, 4,501 ATMs; and branches of foreign banks, 17 ATMs. ATMs for commercial banks reached 430 machines nationwide; private domestic banks, 266 ATMs; branches of foreign banks, 46 ATMs; and subsidiaries of foreign banks, 118 ATMs. The BSP data also showed there are 1,981 machines for thrift banks and 588 ATMs for rural and cooperative banks. There are 541 ATMs for rural banks and 47 for cooperative banks. Cai U. Ordinario
The securities that banks are backing away from
UBy Tasos Vossos Bloomberg
S banks, among the few companies that still sell preferred shares, are following JPMorgan Chase & Co.’s lead and retreating from the securities, even as investors are eager to buy them.
Capital One Financial Corp. redeemed a $500 million preferred share this week, resulting in the market shrinking on a net basis this year, according to data compiled by Bloomberg. If the trend continues, this will be the second year in a row that the market for US bank preferreds has shrunk, something that hasn’t happened since the lenders were replacing obsolete capital after the global financial crisis. At the same time, preferred managers have received more cash to invest this year, as investors pile into higher-yielding assets that can perform well when rates are cut. Assets under management in the 10 largest funds
in the space have risen by more than 10% on average year-todate, based on Bloomberg-compiled data.
Capital One’s redemption follows JPMorgan cutting its preferreds outstanding by more than a quarter last year. Banks are broadly paying off the securities because they don’t need as many of them anymore: capital regulations that made preferred shares attractive to issue, including the Basel III endgame rules, are being eased now in the US. The securities are expensive for banks, because they pay relatively high dividends.
But banks were among the few companies still selling preferred equities, a sort of equity with some debt-like characteristics, that helped finance the industrialization of America. For earlier generations of investors, the securities were an attractive source of income, offering more than a company’s notes would pay, but also coming with more risk. If the company fell on hard
times, preferreds were close to the back of the line to be repaid, for instance.
Non-financial companies have been backing away from preferreds, in favor of securities known as “hybrid bonds.” Hybrids are among the last bonds to be repaid if a company runs into trouble, but aren’t as far back in line as preferreds, which are equity. Issuance became viable for companies once Moody’s Ratings changed its methodology in early 2024 and the securities quickly became one of the hottest sources of capital-raising in the US.
With preferreds growing less popular, the managers of the largest preferred-focused funds are looking for alternatives.
They are banking on the relatively high leeway they have to invest in securities similar to preferreds, such as hybrid bonds.
“That’s the nice thing about our universe. When people talk about preferred securities, the definition is very grey,” said Douglas Baker, head of preferred
securities at Nuveen. “If things get tight in one area, we typically have plenty of places to pivot to,” he said.
It’s a view shared by Mark Lieb, founder and CEO of Spectrum Asset Management and a veteran of the preferred market, who expects the supply of hybrids from US utilities to expand in order to cover the growing demand for infrastructure investments supporting AI. That growth can outweigh any loss of issuance from US banks, as their regulatory needs keep decreasing.
“We will have to see what the final rules and regulations are but on the utility side it’s going to more than offset it,” Lieb said in an interview. “Capex is going to go up.” Non-financial corporates in the US
NEW LAW, BIG CHANGES:
Tax cuts, Medicaid work rules, and a $5T debt
By Kevin Freking & Lisa Mascaro
The Associated Press
PRESIDENT
Donald Trump on Friday signed the tax and spending cut bill Republicans muscled through Congress this week, turning it into law by his own self-imposed Fourth of July deadline.
At nearly 900 pages, the legislation is a sprawling collection of tax breaks, spending cuts and other Republican priorities, including new money for national defense and deportations.
Democrats united against the legislation, but were powerless to stop it as long as Republicans stayed united. The Senate passed the bill Tuesday, with Vice President JD Vance casting the tiebreaking vote. The House passed an earlier iteration of the bill in May with just one vote to spare. It passed the final version Thursday 218-214.
Here’s the latest on what’s in the bill and when some of its provisions go into effect.
GOP bill includes reductions for businesses and new tax breaks
REPUBLICANS say the bill is crucial because there would be a massive tax increase after December when tax breaks from Trump’s first term expire. The legislation contains about $4.5 trillion in tax cuts.
The existing tax rates and brackets would become permanent under the bill, solidifying the tax cuts approved in Trump’s first term.
It temporarily would add new tax deductions on tip, overtime and auto loans. There’s also a $6,000 deduction for older adults who earn no more than $75,000 a year, a nod to his pledge to end taxes on Social Security benefits.
It would boost the $2,000 child tax credit to $2,200. Millions of families at lower income levels would not get the full credit.
A cap on state and local deductions, called SALT, would quadruple to $40,000 for five years. It’s a provision important to New York and other high tax states, though the House wanted it to last for 10 years.
There are scores of businessrelated tax cuts, including allowing businesses to immediately write off 100 percent of the cost of equipment and research. Proponents say this will boost economic growth.
The wealthiest households would see a $12,000 increase from the legislation, and the bill would cost the poorest people
$1,600 a year, mainly due to re -
ceiling
ductions in Medicaid and food aid, according to the nonpartisan Congressional Budget Office analysis of the House’s version.
GOP bill funds the border wall, deportations and a missile shield
THE bill would provide some $350 billion for Trump’s border and national security agenda, including for the U.S.-Mexico border wall and for 100,000 migrant detention facility beds, as he aims to fulfill his promise of the largest mass deportation operation in US history.
Money would go for hiring 10,000 new Immigration and Customs Enforcement officers, with $10,000 signing bonuses and a surge of Border Patrol officers, as well. The goal is to deport some 1 million people per year.
To help pay for it, immigrants would face various new fees, including when seeking asylum protections.
For the Pentagon, the bill would provide billions for ship building, munitions systems, and quality of life measures for servicemen and women, as well as $25 billion for the development of the Golden Dome missile defense system. The Defense Department would have $1 billion for border security.
Medicaid, SNAP face deep cuts to fund bill’s tax breaks and spending TO help partly offset the lost tax revenue and new spending, Republicans aim to cut back on Medicaid and food assistance for people below the poverty line. Republicans argue they are trying to rightsize the safety net programs for the population
they were initially designed to serve, mainly pregnant women, the disabled and children, and root out what they describe as waste, fraud and abuse.
The package includes new 80-hour-a-month work requirements for many adults receiving Medicaid and food stamps, including older people up to age 65. Parents of children 14 and older would have to meet the program’s work requirements.
There’s also a proposed new $35 co-payment that can be charged to patients using Medicaid services.
More than 71 million people rely on Medicaid, which expanded under Obama’s Affordable Care Act, and 40 million use the Supplemental Nutrition Assistance Program. Most already work, according to analysts.
The Congressional Budget Office estimates that 11.8 million more Americans would become uninsured by 2034 if the bill became law and 3 million more would not qualify for food stamps, also known as SNAP benefits.
Republicans are looking to have states pick up some of the cost for SNAP benefits. Currently, the federal government funds all benefit costs. Under the bill, states beginning in 2028 will be required to contribute a set percentage of those costs if their payment error rate exceeds 6 percent. Payment errors include both underpayments and overpayments.
But the Senate bill temporarily delays the start date of that cost-sharing for states with the highest SNAP error rates. Alaska has the highest error rate in the nation at nearly 25 percent, ac -
cording to Department of Agriculture data. Sen. Lisa Murkowski, R-Alaska, had fought for the exception. She was a decisive vote in getting the bill through the Senate.
The ‘big beautiful’ bill slashes clean energy tax credits REPUBLICANS are proposing to dramatically roll back tax breaks designed to boost clean energy projects fueled by renewable sources such as energy and wind. The tax breaks were a central component of President Joe Biden’s 2022 landmark bill focused on addressing climate change and lowering health care costs.
Democratic Oregon Sen. Ron Wyden went so far as to call the GOP provisions a “death sentence for America’s wind and solar industries and an inevitable hike in utility bills.”
A tax break for people who buy new or used electric vehicles would expire on Sept. 30 of this year, instead of at the end of 2032 under current law.
Meanwhile, a tax credit for the production of critical materials will be expanded to include metallurgical coal used in steelmaking.
The bill creates ‘Trump Accounts’—and funds a national hero garden
A NUMBER of extra provisions reflect other GOP priorities.
The bill creates a new children’s savings program, called Trump Accounts, with a potential $1,000 deposit from the Treasury.
The Senate provided $40 million to establish Trump’s longsought “National Garden of
American Heroes.”
There’s a new excise tax on university endowments and a new tax on remittances, or transfers of money that people in the U.S. send abroad. The tax is equal to 1 percent of the transfer.
A $200 tax on gun silencers and short-barreled rifles and shotguns was eliminated.
One provision bars for one year Medicaid payments to family planning providers that provide abortions, namely Planned Parenthood.
Another section expands the Radiation Exposure Compensation Act, a hard-fought provision from GOP Sen. Josh Hawley of Missouri, for those impacted by nuclear development and testing.
Billions would go for the Artemis moon mission and for the exploration of Mars, while $88 million is earmarked for a pandemic response accountability committee.
Additionally, a provision would increase the nation’s debt limit, by $5 trillion, to allow continued borrowing to pay already accrued bills.
State AI regulations cut from bill after a GOP uproar THE Senate overwhelmingly revolted against a proposal meant to deter states from regulating artificial intelligence. Republican governors across the country asked for the moratorium to be removed and the Senate voted to do so with a resounding 99-1 vote.
A provision was thrown in at the final hours that will provide $10 billion annually to rural hospitals for five years, or $50 billion in total. The Senate bill had originally provided $25 bil -
lion for the program, but that number was upped to win over holdout GOP senators and a coalition of House Republicans warning that reduced Medicaid provider taxes would hurt rural hospitals. The amended bill also stripped out a new tax on wind and solar projects that use a certain percentage of components from China.
Final price tag: GOP bill could add $3.3 trillion to deficit ALTOGETHER, the Congressional Budget Office projects that the bill would increase federal deficits over the next 10 years by nearly $3.3 trillion from 2025 to 2034. Or not, depending on how one does the math.
Senate Republicans are proposing a unique strategy of not counting the existing tax breaks as a new cost because those breaks are already “current policy.” Republican senators say the Senate Budget Committee chairman has the authority to set the baseline for the preferred approach.
Under the alternative Senate GOP view, the bill would reduce deficits by almost half a trillion dollars over the coming decade, the CBO said.
Democrats say this is “magic math” that obscures the true costs of the tax breaks. Some nonpartisan groups worried about the country’s fiscal trajectory are siding with Democrats in that regard. The Committee for a Responsible Federal Budget says Senate Republicans were employing an “accounting gimmick that would make Enron executives blush.”
HOUSE Speaker Mike Johnson of La., points to President Donald Trump after he signed his signature bill of tax breaks and spending cuts at the White House, Friday, July 4, 2025, in Washington, surrounded by members of Congress. AP/EVAN VUCCI
Binibining Pilipinas 2025 Queens:
‘Are
they Filipina enough?’
WHAT was supposedly a normal manic Monday afternoon at the BusinessMirror office turned beautiful when the Binibining Pilipinas 2025 queens paid a courtesy call.
With their winning glow, winsome smiles and sharp minds, Binibining Pilipinas International 2025 Katrina Anne Johnson of Davao Province, Binibining Pilipinas Globe 2025 Annabelle Mae McDonnell of Iligan City, First Runner-up Dalia Varde Khattab of Las Piñas City and Second Runner-up Kathleen Enid Espenido of Siargao were ready to face a barrage of questions about their pageant journey.
While they breezed through the Q&A, one question that provoked them was about their mixed parentage. Katrina is half-American, Annabelle is half-British, Dalia is half-Egyptian and Kathleen is half-Australian.
Triggered, a little offended, they still delivered their unfiltered and impassioned replies to this question: What is your reaction to fans who say, “You are not Filipina enough?”
KATRINA ANNE JOHNSON, BINIBINING
PILIPINAS INTERNATIONAL 2025
“WELL, I mean, if we’re going to reduce how Filipino someone is to how white someone is, I don’t think that’s an accurate representation of who we are as Filipinos, and to reduce someone’s Filipino-ness to their external appearance I think is a disgrace.
“Of course, I do acknowledge that, yes, my dad has foreign blood, but that does not mean that I was not raised in a very Filipino household. The culture that I practice, my religion, my beliefs are all solely from the Philippines, because my mom made sure that that was something that she wanted in her family.
“She wanted to make sure that regardless of whoever she married, that her child was going to be Pinay, and that was that. So, my dad was really accepting of that, he loves the Filipino culture. And so, even though I was born in the US, I never felt like I was American.
“I didn’t understand my classmates and their friends and their family dynamics, because my family dynamic was very Pinoy through and through. I was never allowed to make pasyal this and that, or super lax. My mom was always very strict.
“Family was a priority. It was never friends. It was academics and family and faith. And after my first few years in the US, we ended up moving to Davao, and that was when I really was able to kind of see the juxtaposition between American culture and Filipino culture. And I was at an age where I could recognize that and choose for myself what I wanted to practice.
“And I 100 percent chose to stay here in the Philippines, to try and be, because again I had heard that before where I wasn’t quite Filipina enough. So, I tried so hard to delve deep into the culture, and I refused to acknowledge that I spoke English. In fact, when people told me, ‘Ah, ‘Englisera ka,’ I was like ‘Dili oi. Bisaya! Dili oi. Dili man ko kabalo mag-English.’
“I wouldn’t want people to know that I grew up in a
I
The
an updated approach to skincare, focusing on expert-led, customized treatments designed for long-term results. Ara’s real name is Arabella and I think that she looks just like Jackie Lou.
that I came from. But I would say I am 125,000 percent Filipina. Aside from my external appearance, I don’t think there’s a foreign bone in my body.
“I think we could have easily chosen if we wanted to. For example, if we wanted to focus on the UK, if we wanted to focus on Australia, if we wanted to focus on Egypt, if I wanted to focus on the US, we could have. But the fact is, our heart lies here.”
ANNABELLE MAE MCDONNELL, BINIBINING PILIPINAS GLOBE 2025
“I MEAN, back to you. My question is, aren’t you tired of asking the same question over and over again? I think based on citizenship, our blood already affirms our identity. Right of blood. We’re natural-born Filipino citizens. But more than citizenship, if I were to go back to the UK, I would be a perfect tourist because I never got to enjoy the cultural context of what it means to be British.
“Maybe a little bit of my humor, you know, my sarcastic humor sometimes. That’s probably the only thing British about me. I spent my entire life in Iligan City, basically. I was six months old when my uncle and my grandmother raised me in Iligan and through my Bisaya heritage, all the years of childhood, being a devout Catholic, being raised in a strict Filipino household that doesn’t let you go to sleepovers, I’ve enjoyed that, right?
“Really, it’s not just the circumstances of our birth.
It’s not just where I grew up, but it’s what I choose to do with my life. It’s the causes that I support that would really define for me that I always choose to be a Filipino, not just being born a Filipino. I actively choose to be a Filipino, to love this country, to love its children.
“And just to add to another layer, I think this question comes up because people tend to be distracted by our last names and they create assumptions around that. And there might be some
She is also trying her hand at acting.
Ara said her relationship with Facial Care Centre journey is built on trust, expert care, and genuine connection. “These are experts—I’ve experienced that firsthand. They know what they’re doing, and they’ve been doing it for years. I’ve seen the results not just on myself, but also from other people’s posts and stories. Other people will try different products, but it just feels surer and safer when you go to an expert first instead of experimenting,” she said.
Ara’s favorite treatments at Facial Care Centre include the Oxygen Cell Renewal Therapy, which infuses the skin with oxygen; and LaserLight, a safe and effective hair removal treatment.
1 MILLION WATSONS CLUB POINTS FOR MEMBERS ONLY
WATSONS has launched its new campaign “Shop Now for Extra-mazing Surprises,” which will give away amazing prizes, such as 1 million Watsons Club points, to lucky customers. The campaign was launched recently at Watsons in
of four winners are from Mindanao. So, we carry our own dimension of representation.
“And at the end of the day, all Filipino women are given the same opportunity, the same chance to represent their provinces in national pageants. And we all have an equal shot at winning the title. So, I don’t really understand this fixation.”
DALIA VARDE KHATTAB, FIRST RUNNER-UP
“I AGREE with everything Katrina said. The values alone should be enough to be considered Filipino. But technically, the blood that runs in my veins is what makes me Filipino because no one can deny that.
“I agree with what everyone is going to have to say because everyone’s opinion is really just the truth. That’s what it is. So, my reaction is just...I don’t really have a reaction.
“It is what it is. I was born this way. I’m going to sing the Lady Gaga song now: ‘I’m on the right track, baby. I was born this way.’
“We don’t have control over it. How are we going to react to that? All of our advocacies are dedicated to the betterment of the Philippines.”
KATHLEEN ENID ESPENIDO, SECOND RUNNER-UP
“WELL, I grew up with mostly women that are really Pinay na Pinay talaga. And I’m really lucky that I grew up in Siargao and really looked at everything that happened there. And really have the values and the principles that Filipinos have.
“I want to share something though. My dad is Australian. He courted my mom. And that courtship really [is a very Pinoy custom]...You can’t say that foreigners can’t be Pinoy, as well.
“It made a point that foreigners can be Pinoy also by heart. Can I question you? How did you become Pinoy, as well? What’s the point? What’s the point of asking us questions like that?”
Giorgio Armani, 90, will not attend runway shows during Milan
Fashion Week
MILAN—Giorgio Armani will not be present to take his bows as usual after the upcoming Emporio Armani and Giorgio Armani runway shows during Milan Fashion Week, his fashion house announced on Friday.
The designer is “currently recovering at home,” the fashion house said in a brief statement that offered no details about his condition. Armani, 90, is marking 50 years of his eponymous fashion house this year. He turns 91 on July 11.
“Although he cannot be there in person, he will closely follow every phase of the shows,’’ the statement said. His longtime collaborator and head of menswear design, Leo Dell’Orco, will give the closing bows.
The Spring-Summer 2026 Emporio Armani menswear collection will be previewed on Saturday during Milan Fashion Week. The Giorgio Armani menswear collection is scheduled to close the mostly menswear shows on Monday.
The statement said that Armani had worked “with his usual dedication” on the new collections.
Known for his strong work ethic, Armani even spent his 90th birthday at work. During his first live show after pandemic lockdowns, Armani in June 2021 showed off a long scar from surgery to his left arm due to a fall during a visit to the cinema soon after winter pandemic restrictions were lifted.
Nonetheless, he managed to help prepare for that menswear show as well as an Armani Prive couture collection. AP
SM Mall of Asia with shoppers treated to lots of prizes and surprises, including performances from P-pop acts 1st.One and Amiel Sol.
“Today’s event isn’t just about new promos or exciting performances—it’s a celebration of our continued commitment to creating experiences that go the extra mile for our customers. Our goal at Watsons has always been to go beyond just offering a wide range of products. We want to give our customers an experience that’s extra—from the way they shop, to the rewards they receive,” said Joweeh Liao, health business unit, finance, property, and store development director of Watsons.
Under the promo, Watsons Club members can have the chance to win
difference, and to feel valued every step of the way,” said Liao.
IN my youth, our “It girl,” a term which hadn’t been coined then, was Jackie Lou Blanco. She was, and still is, beautiful, smart and strong.
am so happy to see Jackie Lou’s daughter Ara Davao as one of the faces of Facial Care Centre’s new campaign, called “Skin You Deserve.”
campaign is
STI College Unveils New Batch of Distinguished Alumni Awardees
Twelve outstanding STI alumni and their stories of grit and determination were recognized at the 2025 STI Distinguished Alumni Awards. This annual event honors graduates from across STI College campuses nationwide who have exemplified excellence in their respective fields, reflecting their alma mater’s values and standard of excellence.
During the awarding ceremony held last May 30, 2025 at Okada Manila in Paranaque City, the awardees had the opportunity to share their achievements and how STI’s signature brand of holistic education helped them become the person they are today.
“I am a living proof that you can be more with STI,” said Marie Francesca “Sca” Miranda, a visual artist and the first Distinguished Alumna Awardee from STI College Ormoc. After losing both her parents in a span of two years, she decided to leave corporate life and pursue making art full-time. For her, it was a way to honor the life that her parents provided for her.
“Art became my way of healing and connecting with others. Looking back, I see how every experience at STI helped me shape my character. From sleepless thesis nights to joining the Ms. STI pageant, this school didn’t just teach me knowledge. It built in me resilience, drive, and a quiet kind of ambition, the courage to keep going,” she said.
Sca continues her growth as a visual artist by taking part in both local and international art exhibitions. Her acclaimed art pieces have been displayed at the Southeast Asian Art Festival in Kuala Lumpur, Malaysia and the Madrid Contemporary Art Fair in Madrid, Spain.
Being more despite life’s challenges is something that Geaneen Arquiza knows a lot about. A BS in Information Technology graduate from STI College Balayan, she found her true calling in shaping young minds and imparting the values of hard work and perseverance to her students as a teacher.
Throughout this journey, she didn’t let her disability limit her. Instead, it fueled her to become the best she could be, gaining recognition as the Most Outstanding Teacher in the TLE Department at Lucsuhin National High School for S.Y. 2023-2024.
“Isang malaking karangalan ito para sa akin lalo na bilang isang guro na may kapansanan. Hindi ko inakala na darating ang araw na kikilalanin ako hindi dahil sa aking kakulangan kung hindi sa aking kakayahan at kontribusyon,” said Geaneen.
“Sa STI College Balayan, nagsimula akong mangarap at magsumikap na makapagtapos. Dito ko natutunan ang kahalagahan ng tiyaga, disiplina, at pananalig sa sarili—mga aral na aking baon sa pagiging guro ngayon.”
Another Distinguished Alumni Awardee who has a heart for service is Kirk Hilario, a graduate of BS in Information Technology from STI College Kalibo and a proud son of a farmer. Being the lead developer of the SEAWAVeS Project, an optimized maritime vessel monitoring system that aims to contribute to marine transport disaster resiliency and safety, is among his proudest achievements. This project has been widely recognized by various government offices in Western Visayas.
Notably, before becoming a full-time software developer, Kirk was a college and senior high school instructor and the Head of the IT Program at STI College Kalibo.
“For me STI is more than just a school, it became a nurturing ground that equipped me with the knowledge, skills, and confidence I needed to face the world,” he said.
STI College Lucena graduate Katherine Menes also dedicated her time and expertise in molding aspiring culinarians in esteemed colleges in the country. Now, she has brought her talents to Kaleidoscope -Atlantis Palm in Dubai as a Commis III where she actively contributes to menu collaborations and oversees operations at Poseidon Cafe.
“STI became my path to achieve my dreams. Joining events like Tagisan ng Talino’s cooking competition made me showcase my best and be more confident, while lessons and hands-on activities helped build my leadership skills. All those qualities became my weapon, leading me to where I am today,” she said.
The awardees were celebrated with a ceremonial toast led by Sherwin Macalintal, STI Alumni Association (STIAA) Trustee, who regarded the awardees as shining examples of what it means to be a true STI graduate: service-oriented, trustworthy and innovative.
“As alumni, our journey doesn’t end with graduation. In fact, it continues as we help shape the future generation of STI graduates whether through mentorship, creating opportunities, or simply sharing your stories. Your influence has the power to open doors for others and ensure the legacy of excellence continues,” he added.
The outstanding alumni were recognized during the 2025 STI Distinguished Alumni Awards for exemplifying excellence as Tech Titans, Creative Catalysts, and Impact Makers, reflecting their alma mater’s values and standard of excellence.
Business owner celebrates another year with street dwellers
Anna Donita Tapay, chose once again to mark her birthday not with grandeur or indulgence, but with the very people who have become closest to her heart — the street dwellers and beneficiaries of the Kalinga Center. What made the celebration even more meaningful was that Anna chose to celebrate with her team and staff from her various businesses, including her real estate firm 7th Galaxy Axis Company, her events group JClick, her restaurant business Mad Café Don Antonio (D&F Foods LLC), and her manpower and recruitment firm Manpower Group Philippines Company,
all joining hands in the spirit of giving and shared humanity.
This year’s celebration carried deeper significance as it also marked Anna’s 10th year of selfless service and unwavering support to the mission of the Arnold Janssen Kalinga Center, where for the past decade, she has stood as a silent pillar, not seeking praise, but a living proof that when love is genuine, it moves mountains.
Beyond the celebration lies a message, a wake-up call to the nation, especially to those who sit in the halls of government, clothed in power yet empty in service. While the poor remain hungry, dirty, and hopeless in the streets, some officials continue to wear masks of concern, faking aid, showing up only for photo opportunities, and filling their pockets with what belongs to the people. These are not public servants, they are obstacles to the real progress our country desperately needs.
May this day, this act of sincere service, serve as an awakening to those who have forgotten what true leadership means. May they be reminded that their roles are not for privilege but for sacrifice, not for titles, but for transformation.
As Michael Jackson once said in his song “Heal the World:” “There are people dying, if you care enough for the living, make a better place for you and for me.”
This celebration is a living echo of that truth — a reminder that healing the world starts with healing our communities, one act of genuine love at a time.
And perhaps, this is the greatest truth we must all embrace: If money is your main reason for pursuing business, you may build profits but never true success. But if your heart is set on serving humanity, on living out your company’s mission and vision, on carrying not just your own cross but helping lift the burdens of others, then you begin to grow - quietly, humbly, and steadily - until one day you realize you’re no longer just building a business, but walking the very path Christ walked — a life of purpose, compassion, and eternal value.
To Anna Donita Tapay - your life reminds us that greatness is not measured by power, but by compassion. Thank you for 10 years of relentless dedication and for proving that hope is still alive — not in politics, but in people.
RADENTA Technologies, one of the country’s premier solutions integrators, is hosting the first ever Vantiq AI Summit in the Philippines from July 8 to 9, 2025 at the EDSA Shangri-la Hotel. The Vantiq AI Summit is a must-see event to hear global leaders in AI and smart city innovation. Live demonstrations and real customer use cases will be featured. It is also an opportunity to connect with industry leaders, peers, policy makers, and AI pioneers. Admission is free to select industry representatives. Early registration is encouraged.
Vantiq is a leading-edge platform for rapidly creating realtime, event-driven enterprise applications. It revolutionizes software automation with Generative AI for public safety, defense, cybersecurity, healthcare, energy, smart spaces, and telecom. Vantiq has its headquarters in California, USA with offices in London, Tokyo, and Seoul.
On July 8, from 1 pm to 4:15 pm, Vantiq Chief Health Officer Dr. Ryan Vega will touch on AI Driven transformation in healthcare. Vega is the former Chief Innovation Officer for the US Veterans Health Administration. His work has spanned large-scale digital modernization efforts, design and deployment of innovative care and payment models, and early design and development of healthcare software focused on improving healthcare delivery and experience for patients and providers.
Vega also currently sits as the Physician in Residence for the Digital Medicine Society and holds academic appointments as an Adjunct Assistant Professor in the Department of Health Administration at Georgetown University as well as a Clinical Assistant Professor of Medicine at George Washington University.
Vantiq’s foray into healthcare aims to elevate efficiency, safety, and patient experience with its AI-powered platform that delivers real-time intelligence, automates workflows, and enhances predictive maintenance.
On July 9, 8 am to 11:15am, Vantiq Advisory Board Member Steve Cercone will talk about Public Safety. He is a former California Chief of Police and the founder and president of Safe Cities Global, a business development consulting firm serving public safety technology providers. He served as public safety and security executive for Accenture, Oracle, Amazon, and Ingram Micro. Cercone sits on the corporate council of the Citizens Crime Commission of New York City and serves as Global Public Safety Lead for the Smart Cities Council.
Cercone will discuss how Vantiq’s AI-powered platform delivers real-time intelligence, automates workflows, and enhances predictive maintenance, ensuring more efficient defense operations.
Sameer Bhandari, Vantiq Vice President, Business Development – APAC will speak on Smart Cities on July 9, 1 pm to 4:15pm.
Bhandari leads Vantiq’s business development efforts across Asia-Pacific, championing real-time AI solutions for smart, resilient urban infrastructures. As a key contributor to the Smart Cities Council APAC chapter, Sameer joined the 2024 Sydney Digital Twin Built Summit, where he outlined how event-driven platforms can transform asset management, disaster response, and public safety in growing cities
In a featured episode of the Smart Cities Council Podcast, he delved into Vantiq’s four-step real-time orchestration model: ingest, analyze, orchestrate, and auto-learn. He illustrated how the platform’s AI-driven workflows empower seamless coordination between sensors, systems, and people—enhancing everything from traffic control and health services to smart building operations.
Sameer continues to engage deeply with the SCC
Steve Cercone, Vantiq Advisory Board Member Steve
community—leading webinars on AI-enabled urban management and co-developing pilot programs in healthcare, defense, and infrastructure. His thought leadership emphasizes pragmatic deployment strategies that condition cities to integrate new intelligence layers without disrupting legacy systems. Through these initiatives, Sameer strengthens Vantiq’s role as a trusted innovation partner, helping APAC cities navigate digital transformation with agility, intelligence, and resilience.”
“Radenta is always guided by its mission of bringing the best and the latest in technology to the Philippines,” comments AI Nexus Director Ana Grace Marcial. AI is no longer just an app on your devices. It is transforming healthcare, city planning, public safety, among others. Join the Vantiq Summit and explore how AI is reshaping the future. To sign up and find out more, call 0961-596-7198 or email ai.nexus@radenta.com.
RAGÚ is here and it’s stirring up the flavor game in the PHL
THERE’S something unforgettable about a meal made with love. The kind passed down from generation to generation. Big flavor. Rich tradition. Endless possibilities. The legendary Italian sauce that’s nourished family tables for over 80 years has officially arrived in the Philippines. It’s ready to elevate the way Filipinos cook, share, and celebrate. Say hello to RAGÚ: the iconic sauce brand born from Italian roots, beloved across the U.S., and now available in kitchens across the Philippines. If food with soul is your thing, this is your new pantry staple. What makes RAGÚ special? It’s not just about the taste. It’s the tradition behind it.
Every jar of RAGÚ carries the legacy of Assunta and Giovanni Cantisano, who first crafted their sauces in 1937 using recipes from an Italian mother’s kitchen. Today, RAGÚ still honors those roots with sauces that are slowsimmered, made with vine-ripened tomatoes, real herbs and spices, and no shortcuts. Whether it’s a classic red, a creamy white, or a rich cheese sauce, every variant is made with care. It brings depth, comfort, and bold Italian flavor to your favorite meals.
From pasta dishes that rival restaurant plates to local favorites like kaldereta, baked casseroles, nacho dips, or cheesy
pan de sal melts shared at merienda with the family, RAGÚ turns everyday meals into something worth remembering. And that’s the magic: flavor you can rely on, whether you’re feeding two or 20. It’s not just about convenience. It’s about cooking with heart, feeding with purpose, and savoring every spoonful. After turning heads at mall cooking demos across Metro
STI College Unveils New Batch of Distinguished Alumni Awardees
Ryan Vega, Vantiq Chief Health Officer
Sameer Bhandari, Vantiq Vice President, Business Development – APAC
Cercone
WHAT MAKES A BRAND ICONIC AND MEMORABLE?
Part Two
IN last week’s column, we featured five of the 10 Top Brand Slogans of All Time, which Dictionary Scoop compiled. These included Apple’s Think Different, Coca Cola’s Open Happiness, Macdonald’s I’m Lovin’ It, Panasonic’s Ideas for Life, and L’Oreal’s Because You’re Worth It. These are taglines we have grown up with and continue to love. Here, we wrap up the top 10 brands with the additional five; and find out why they endure.
6. KitKat–Have a Break. Have a Kit Kat WOULD you believe this slogan has been around since the 1950s?
This mythical phrase was written by Donald Gilles of JWT London in 1957. And to this day, it is the signature of the famous chocolate bar we love and adore.
“This slogan, as simple as it is effective, conveys the feeling of being able to escape from chaos just by taking a bite of this delicious treat,” says Dictionary Scoop. At that time, the text referred to the 11AM recess characteristic of English factories. Over the time, the meaning of the phrase has expanded and today taking a break is immediately associated with KitKat.
7. Lay’s–Betcha can’t eat just one WITH that catch phrase, Lay’s was the first brand to claim that potato chips are truly addictive. And no wonder. The company, which was founded in Nashville in 1932, was a pioneer in advertising: it was the first snack manufacturer to advertise on television. The iconic Betcha can’t eat
n MOBILITY AWARDS CALLS FOR SAFER ROADS, INCLUSIVE STREET
INFRASTRUCTURE
MANILA, PHILIPPINES—Mobility Awards emphasized the urgent need for safer crossings and improved infrastructure for pedestrians and bicycle users during a webinar, following the rise of vehicular accidents and the removal of bike lanes.
With the planned elimination of protected bike lanes in some major cities, Maria Golda Hilario, Director for Urban Development at the Institute for Climate and Sustainable Cities (ICSC), highlights the importance of having inclusive mobility infrastructures.
“Many [bicycle users] ride out of necessity, hindi iyan by choice, dahil walang masakyan at mahal ang pama-
sahe. Ang tanong, saan sila dadaan na ligtas sila? Removing their only protection, the barriers, without offering a safe alternative, isn’t just poor planning. It puts lives at risk,” she stressed.
Chuck Baclagon, Regional Finance Campaigner of 350 Pilipinas, also expounded on how crashes and road deaths “reflect systemic neglect of people who rely on bicycles, walking, and public transport.”
Mahalaga siguro na makita ng mga local governments natin na they should step up, dahil nasa kanila ang kapangyarihan to make our streets safer through people-first design, stricter enforcement of speed limits, bike lane regulations, and more importantly, serious improvements on non-motorized transport infrastructure,” Baclagon urged.
To recognize the efforts and leadership of local governments, workplaces, and commercial establishments in promoting active mobility, especially cycling, and making public spaces inclusive and sustainable, the Mobility Awards opens its public nominations for 2025.
In its fourth year, the Mobility
just one slogan was introduced in American homes in the 1960s and is to this day Lay’s most important campaign. The company hired Bert Lahr to star in a series of spots that have remained in the memories of adults and children for generations.
8. MasterCard–There are some things money can’t buy
LAUNCHED in 1997 during the World Series, the commercial featured several things that were “priceless”, like time shared between father and son, and ended with the punchline There are some things money can’t buy. For everything else, there’s MasterCard. Replicated in countless TV, radio, and print ads, it is today one of the most recognizable brand slogans. What makes its message priceless? It managed to overcome the barrier of time a fashion trends, thanks to its freshness and underlying emotionality.
9. Nike–Just do it THE mythical sports brand Nike launched its famous motto Just do It in 1988, turning it into an emblem for several generations. Dic -
Awards announces the expansion of Bike-Friendly Awards to schools and universities, aiming to recognize institutions that support students who bike and foster a culture of active mobility.
“We’re also challenging schools, colleges, and universities,” said Aimee Oliveros, Interim Branch Manager of The Climate Reality Project Philippines. “Students, especially children and youth, are among the most vulnerable road users, and creating safer conditions for them isn’t just good policy, it’s a moral imperative,“ Oliveros added.
The Bike-Friendly Awards will be based on the quality of cycling infrastructure, the presence and implementation of supportive policies and programs, how inclusive these measures are for the diverse range of bike users, and the integration of creative solutions to promote active mobility.
Special categories were also highlighted—the newly added Pedestrian-Friendly City Award to recognize cities that are making bold efforts to create safe, walkable streets for their citizens, and the Padyak Power to the People! Award,
tionary Scoop says it is considered by many as one of the best slogans to the 20th century, partly due to its motivational impact.
It is interesting to note that publicist Dan Wieden was inspired to coin the phrase from a quote from the famous criminal Gary Mark Gilmore. According to reports, Gilmore said that after being sentenced to death in the 19702, “Let’s do it.”
Wieden gave it a twist, and the expression Just do it, has identified Nike with the spirit of effort and self- improvement of athletes.
10. Adidas–Impossible is Nothing EQUALLY inspirational is the catchphrase of Adidas to transcend the confines of advertising. The German company developed the iconic tagline Impossible is Nothing in 2004, inspired by boxing legend and one of the great flag bearers of Adidas, Muhammad Ali in a speech in the 1970s. Ali is also one of the 22 athletes featured in the launch slogan campaign. In this first spot, he is seen running alongside Zinedine Zidane, David Beckham, Ian Thorpe,
which continues to spotlight stories of individual cyclists who use their bikes as a means of livelihood.
Nominations are open to the public and can be cast at the Mobility Awards website until September 7, Sunday. The awardees will be announced in November 2025.
Additionally, Mobility Awards will also run the 2025 Bilang Siklista Bike Count in July. Bilang Siklista is a citizen-led bike count in major cities nationwide, aiming to collect evidence to justify public resource investment for safe, resilient, and inclusive low-carbon transport in the Philippines.
n GCASH VP AND HEAD OF NEW BUSINESSES WINSLEY BANGIT
ENCOURAGES ‘CUSTOMER-FIRST’ MINDSET AT PRODUCT SUMMIT MANILA, PHILIPPINES—Innovation must serve a purpose or risk becoming noise—and that purpose is your customer. This was the key message of GCash VP and head of new businesses Winsley Bangit during the 1st Mansmith Product Masters Summit held at the RCBC Plaza Carlos P. Romulo Auditorium in Makati City.
and Haile Gebrselassie. “Through this message, the brand manages to convey its philosophy of passion to achieve goals, even those that seem unattainable,” says Dictionary Scoop.
What we can learn from these iconic brands:
1.Make it Simple. Slogans that are short and catchy make it perfect for print and TV advertising. They are also very relatable.
2.Make it Inspirational. Nike’s Just do It encourages people to push beyond their limits and achieve goals; while Adidas’ Impossible is Nothing conveys the philosophy of passion to achieve goals, even those that seem unattainable.
3.Timing is Everything. MasterCard’s campaign was launched during the 1997 World Series; while Lay’s was the first snack brand to advertise on television.
4.Longevity Lives! When new hotshots join a company, they tend to make their mark by playing around with catch phrases that
A pioneering thought leadership event, the 1st Mansmith Product Masters Summit convenes business leaders to tackle the full spectrum of product development from ideation to execution. Designed to offer both strategic insights and actionable frameworks, the summit serves as a platform for cross-industry learning and innovation.
In his session, “Building a Robust Product Roadmap,” Bangit, who leads strategy and partnerships for the super app’s emerging growth areas like MadTech, insuretech, wealth management, and sustainability, challenged the race toward speed and merely for speed. During his talk he emphasized intentional innovation—the practice of designing products with real user problems in mind, guided by clarity and continuous validation.
“I’ve always believed that the best products are built when we listen closely to real customer needs—and when we learn from one another across industries,” said Bangit. “Products shouldn’t be built just because they can be, they should be built because someone genuinely needs
have been used for some time. But it doesn’t seem to work that way. KitKat’s slogan has been around since the 1950s; Nike’s since 1988; MasterCard’s since 1997; and Adidas since 2004.
5.Endorsers Enhance a Brand. Bert Lahr did a series of spots for Lay’s; while Nike had Colin Kaepernick, Serena Williams, Le Bron James, and Shaquem Griffin in their line-up. Not to be outdone, Adidas had Muhammad Ali, David Beckham, Zinedine Zidane, and Ian Thorpe.
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (IPRA), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair.
We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.
them.” Citing the journey of GCash from e-wallet to inclusive digital finance platform, Bangit emphasized that true differentiation lies not in tech alone, but in building ecosystems that uplift everyone in them.
“We started as a payments solution, but we did not stop there. We tried to identify where we can enhance things, enable users, and enable merchants and we evolved into an ecosystem with much more.” The event gathered a diverse group of product managers, entrepreneurs, designers, and marketers to equip the country’s sharpest builders with the mindset and tools to create products that resonate. Alongside Bangit, the event featured leaders from Nestlé, JS Unitrade, and Ipsos, offering crossindustry insights on innovation, research, and vision-driven product development.
The summit is organized by Mansmith and Fielders Inc., the Philippines’ leading marketing and entrepreneurship training and consulting firm, known for equipping professionals and enterprises with tools for breakthrough thinking.
Novak & Tara show at Wimbledon
LILLE, France—Jasper Philipsen won the opening stage of the Tour de France in a sprint to the line and defending champion Tadej Pogačar finished safely on Saturday.
Pogačar is looking to win the showcase race for a fourth time on the back of great form this season.
Stage 1 took riders on 185 kilometers in and around the northern city of Lille.
Philipsen’s Alpecin-Deceuninck teammate Mathieu van der Poel put him in a great position to pull clear in the last 100 meters and win by a clear margin for his 10th Tour stage win.
Philipsen gets to wear the cherished yellow jersey for the first time, for one day at least.
“I have dreamed of wearing the yellow jersey. I wore the green jersey [for best sprinter] two years ago and the yellow will feel incredible,” he said, praising the fans who came over from nearby Belgium. “In the last two kilometers there were a lot of spectators and that gave me goosebumps.”
PANGLAO Island comes alive again as the Sun Life 5150 Bohol returns for another showcase of speed, power and endurance with nearly a thousand athletes set to compete in various agegroups and the overall championship. Now on its fourth staging, the Olympic-distance race—1.5-km swim, 40-km bike and 10-km run— organized by the Ironman Group/ Sunrise Events Inc. fires off on Sunday.
Irienold Reig, Jr. and Erika Burgos are expected to headline the stellar field with Reig eyeing back-to-back titles in the men’s overall division and Burgos gunning for a historic third straight crown in the women’s side.
Age-group championships in the 15-19 to 65-69 brackets will also be contested in the event presented by Sun Life Philippines, with the Sunrise Sprint (S2), a shorter-distance event at 750-meter swim, 20-km bike and 5-km run for beginners and aspiring triathletes also in the program. Whether you’re chasing a personal record or crossing your very first finish line, Sun Life will be cheering for you every step of the way,” said Carla Gonzales-Chong, Sun Life Philippines Chief Client Experience and Marketing Officer.
Reflection
ARMAND COPOK eyes nothing less than the top of the podium as in the International Container Terminal Services Inc. (ICTSI) South Pacific Junior Philippine Golf Tour (JPGT) Championship in Davao.
After a scrambling third-place finish at Del Monte and a rousing runner-up effort at Pueblo de Oro, the talented bet from Cagayan de Oro is aware of the stern test posed by the South Pacific Golf and Residential Estates course in the event set to Wednesday. Copok, 16 and a standout from the British School Manila, enters the 54-hole tournament— the third leg of the four-stage Mindanao swing of the VisayasMindanao Series—in the boys’ 15-18 age category riding a wave of confidence. He showcased his newfound form with a blistering bogey-free three-under 69 in the final round at Pueblo—the lowest of the division that week. That late surge saw him climb from seventh to second behind the streaking
Eritrean cyclist Biniam Girmay was second and Norwegian Søren Wærenskjold third.
Pogačar and two-time Tour champion Jonas Vingegaard of Denmark were in the front group—finishing 18th and 20th, respectively—but did not contest the sprint. All finished in three hours and 53 minutes.
Double Olympic champion Remco Evenepoel, who was third overall last year, narrowly avoided a crash after about 50 kilometers which unseated Italian rider Filippo Ganna—he continued but later abandoned, as did Swiss rider Stefan Bissegger, caught in a separate crash.
There was another crash when Frenchmen Benjamin Thomas and Mattéo Vercher contested bonus points for the best climber’s jersey.
Thomas overtook Vercher at the line on the short cobblestoned ascent but lost control of his front wheel and swerved into him. They both fell but got up and continued. AP
LONDON—Novak
Djokovic became only the third player in Wimbledon history to reach 100 victories— after Martina Navratilova and Roger Federer—with his 6-3, 6-0, 6-4 win in the third round over Miomir Kecmanovic on Saturday.
Djokovic, who has won seven of his 24 Grand Slam titles at the All England Club, took control by winning nine consecutive games from 3-3 in the first set on Centre Court against his Serbian compatriot en route to his latest milestone.
“Any history that I make in my favorite tournament, I’m blessed,” Djokovic said in an on-court interview. The 38-year-old Djokovic, playing in his 20th Wimbledon tournament, will next face No. 11 Alex de Minaur for a spot in the quarterfinals.
Djokovic, who could potentially meet No. 1 Jannik Sinner in the semifinals, has lost the past two Wimbledon finals to Carlos Alcaraz.
Djokovic made just eight unforced errors through two sets and led 5-1 in the final set before Kecmanovic made him work for the victory.
“I have enjoyed myself very much except maybe the last couple of games. Things got a bit complicated,” said Djokovic, who finished with 60 winners and 19 unforced errors, along with 16 aces.
The highlight of the match came in the eighth game of the first set, with
Alexis Nailga, who completed a rare three-leg sweep.
But a formidable cast awaits, especially from Davao’s top bets Adrian Bisera, Matthew Reyes, Caleb Go, Stuarto Co, AJ Wacan, Felix Bula III and Angelo Curayag, alongside Cebu’s Eric Jeon and Cagayan de Oro’s Seth Santos.
R anking points are also at stake in the race to the ICTSI North vs South Elite Junior Finals.
AVISIT from the FIVB president last week, a celebration of the World Volleyball Day on Monday and the Fifth Southeast Asia Volleyball League (SEA V.League) starting this Wednesday in Candon City mark a whirlwind of activities ahead of the FIVB Volleyball Men’s World Championship Philippines 2025 that the country is hosting in September. This, plus ticket sales to the September 12 to 28 world championships featuring the top 32 volleyball nations displaying their elite brand of play at the Smart Araneta Coliseum and the SM Mall of Asia expected to go
Djokovic looking to break. His diving backhand volley winner at the net on the fourth deuce sailed past Kecmanovic, who slumped his shoulders as he watched the ball land in down the line.
On the ground, Djokovic smiled and soaked in the applause for a moment before going on to earn the key break.
“I tr y not to take anything for granted, particularly [at] this age, still going strong, still trying to compete with the young players and do some slides and some splits on the court, and push myself to the limit,” he said. Navratilova, a nine-time Wimbledon singles champion, amassed 120 singles victories. Eighttime champion Federer reached 105 singles wins.
Tara Djokovic, 7, steals show NOVAK DJOKOVIC won the match on Centre Court on Saturday, but it was his 7-year-old daughter who really wowed Wimbledon.
Tara Djokovic’s victory dance brought a smile to dad’s face. Everybody else’s, too. Djokovic had just clinched his 100th Wimbledon singles win and was asked during his on-court interview to shed light on the little dance he›s been doing recently. He said it’s done to a song called “Pump It Up.”
“There’s a song with my kids—look my daughter’s doing it right now,” a smiling Djokovic said as he looked into the crowd. “You want to show it darling?”
The TV camera then panned to Tara, who then showed everyone how it’s done: pump your fists down, then left, right and overhead. The crowd roared. “She’s the master. It’s a little tradition
brisk in the coming weeks.
We’re proud and privileged to be paid a visit by our FIVB president as the countdown to the world championship heats up,” said Ramon “Tats” Suzara, president of both the Asian Volleyball Confederation and worlds host and organizer Philippine National Volleyball Federation.
FIVB president Fabio Azevedo was in town Thursday and Friday last week with Volleyball World Chief Business Officer Guido Betti and they encouraged Filipino fans to watch the once-in-alifetime volleyball extravaganza.
T ickets to the world championship are already available online through the official website
sense? Truthfully, as this month of July arrived, I was feeling all sorts of trepidation. For lack of a better term, it was like returning to the scene of a personal tragedy. You see on the 10th of July last year, I lost my young dog—not even six years old to the incompetence of her veterinarian. Fifteen days later, I lost my father to complications arising from a variety of ailments. There were other health concerns in the
https://www.philippineswch2025.com/. We’re going to be even busier in the next few weeks as we approach the homestretch toward our solo hosting of the world championship,” said Suzara, also an executive vice president of the FIVB. A zevedo met with PNVF chairman emeritus Senator Alan Peter Cayetano and Senator Pia Cayetano, as well as with newly-appointed Philippine Sports Commission chairman Patrick “Pató” Gregorio before proceeding to the Nuvali Sand Courts, the FIVBstandard facility in Santa Rosa City which the PNVF applied for a Center for Excellence for Beach Volleyball with the world governing body.
family including me being retrenched about two months later. A series of a couple of deaths, a couple of grave illnesses in the family, and unexpectedly losing my job threw me into a four-month scary bout of depression. I barely crawled out of the wreckage. Today, I am well and fine. Just scarred; the type that I will never forget and carry with me until the end of my days.
However, I am at the age where the people I grew up watching and listening to as well as classmates, schoolmates, and work colleagues, are moving to the great beyond. Young lives? Like Jurgen said, I cannot comprehend. Jota, I had the good fortune of interviewing lengthily for a television station I worked for. Unlike a few who were miserable to be interviewed (not the Liverpool players), Jota was game and smiling all throughout.
I am grateful for that as I should be about everything. Maybe that is it—the message or learning from what happened. It is to live life every day to its fullest because you’ll never know if that summer of joy will be our last. RIP, Diogo and Andre.
NOVAK DJOKOVIC wins the match on Centre Court, but it’s his 7-year-old daughter, Tara, who really wows the crowd at Wimbledon. AP
JASPER PHILIPSEN—who wins a sprint finish in the 185-kilometer first stage—says wearing the yellow jersey will feel incredible. AP
ARMAND COPOK competes in the boys’ 1518 age category riding a wave of confidence.
