BusinessMirror July 08 2025

By Andrea E. San Juan

Aexport receipts, according to the top official of the Department of Trade and Industry’s (DTI) export marketing arm.

“Of course, a weaker peso boosts export competitiveness in a sense that exporters earn

TBy Ada Pelonia @adapelonia

HE Philippines paid more for nearly the same volume of butter it imported in the first quarter, based on data from the Philippine Statistics Authority (PSA).

The PSA figures showed the Philippines imported 1,670 metric tons (MT) of butter in the reference period, worth $10.96 million.

The latest figure was around 37 percent higher than the $7.99 million recorded in the same period last year for 1,653 MT.

This means that the Philippines paid about $6.56 per kilo of butter in the first quarter of 2025, nearly $2 more than the $4.83 per kilo purchased in the same period of the previous year. New Zealand was the top supplier of the Philippines’s butter shipments in the reference period at $7.43 million, while China trailed at $1.38 million, based on PSA data.

The Food and Agriculture Organization of the United Nations (FAO) said its Dairy Price Index inched up by 0.5 percent

By Samuel P. Medenilla @sam_medenilla

MID mounting calls from lawmakers and a prelate to limit access to online gambling, President Ferdinand Marcos is open to studying the feasibility of imposing tax and user restrictions for such activities, according to Malacañang. In a press briefing on Monday, Palace Press Office Claire Castro said the chief executive is now looking into the Department of Finance (DOF) pronouncement to determine if it will benefit Filipinos and the economy. “The President is aware of what can happen to gambling addicts and he will not object as long as

there is sufficient study about the tax that will be imposed,” Castro said in Filipino. Several lawmakers have proposed bills to either impose tax or

totally ban online gambling to stop its growing social costs.

Anakbayan party-list filed House Bill (HB) No. 1351 or Kontra E-Sugal Bill, which will slap a 10-percent tax on online gambling operators to fund gambling treatment and recovery programs. Five other congressmen also filed HB 721or the Anti-Online Gambling Promotions in E-Wallets Act.

In the Senate, senators Pia and Alan Cayetano have filed a bill to ban online gambling.

Caloocan Bishop Pablo Virgilio Cardinal David also called on the government to impose stricter regulations for online gambling.

Last week, DOF said it will consider imposing an online gambling tax rather than an outright ban for online gambling.

DOF backed the ban on Philippine Offshore Gaming Operators (Pogo) or online gambling, which caters to foreigners, citing the social harm it caused outweighs its economic and social benefits.

Aside from the new tax, Castro said the President also wants an intensified campaign against illegitimate or improper or unregistered online gaming sites to further limit the number of people exposed to the said activity.

“Again, as we said, we want to limit this type of gambling and reduce the number of gambling addicts, and this is for the people, and all possible suggestions and laws to curb this, our President will not oppose,” Castro said.

Pinoys paid more for same volume of…

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in June, with butter prices reaching a new record high.

It attributed this uptrend to persistent supply tightness in Oceania and the European Union, coupled with strong import demand from Asia.

“New Zealand entered its seasonal production slowdown, while in the European Union, herd contractions triggered by environmental regulations curbed milk production expansion, with some western regions further impacted by lingering impacts of the bluetongue virus outbreaks in late 2024,” the FAO said.

New Zealand and Europe account for over half of the butter exported worldwide.

Meanwhile, Bloomberg recently reported that global quotations of butter are “lingering near record highs, with little end in sight to the surge.”

“The end result is more cost pressure on consumers’ favorite foods,” it said. Bloomberg noted that the supply 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.

ERC clears NGCP recovery of ₧28.3B from consumers

By Lenie Lectura @llectura

THEEnergy Regulatory Commission (ERC) released on Monday the complete decision on the National Grid Corp. of the Philippines’ (NGCP) fourth regulatory period (4th RP) rate reset, allowing the grid operator to recover P28.3 billion from consumers.

In its 155-page decision, the ERC directed NGCP to collect the total under recovery amounting to P28.296 billion, with an equivalent rate of P0.0384 per kilowatt hour (kWh) to be implemented over a period of approximately 84 months or until such time that the amount shall be fully recovered.

The NGCP was also asked to submit a monthly report until such time that the amount of under recovery shall have been fully collected.

“The application filed by NGCP for the approval of its Maximum Allowable Revenue [MAR] for the Fourth Regulatory Period [2016 to 2022]

under the amended rules for setting transmission wheeling rates is hereby approved with modification, subject to the conditions as contained in the attached final determination,” the ERC ruled.

Three ERC commissioners—Alexis M. Lumbatan, Floresinda G. BaldoDigal, and Marko Romeo L. Fuentes—signed the decision while the two dissenting commissioners are chairperson Monalisa Dimalanta and commissioner Catherine Maceda.

Dimalanta said the increase in transmission charges in the consumers’ electricity bills may “likely” be reflected in August because the NGCP

will still have to “compute and input in their system.”

“Actually, it was only in April. I think we posted that in our notice of commissioning actions. In April, the Commission was done. But, understandably, something as thorough as a rate reset takes time to write, so it took some time to write down the decision, the actual final determination, but the majority had already completed. For myself, and the dissenting commissioners, we’ve also completed our opinion. So, I think within the day, we can release it,” said Dimalanta earlier in the day. The complete decision was re -

57% of…

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payments which accounted for 21.2 percent or $28.8 billion and supplier payments at 21 percent or $28.6 billion in 2024.

BSP attributed this to the increase in the use of QR Ph P2M, Instapay and Pesonet. Instapay, the report stated, saw a 67.8-percent increase in transaction volume and 46.3-percent growth in value between 2023 and 2024.

“The growing adoption of these contributors is evident through the increasing use of QR Ph P2M, InstaPay, and PESONet. More BSP-supervised institutions are joining QR Ph P2M, making it easier for Filipinos to pay by simply scanning or uploading QR codes at merchants nationwide,” the report said.

“The expansion of PESONet transactions, supported by the addition of a third daily settlement cycle in July 2024, has further boosted digital supplier

Private…

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“From day one, students in the public schools have a distinct disadvantage,” Salazar explained.

Nonetheless, Salazar said grade 10 students can opt out of the SHS program and pursue a vocational technology course at the Technical Education and Skills Development Authority (Tesda).

On K-12’s failure to provide employment to graduates, Salazar argued that the country does not have a big number of factories to absorb the graduates. This is the big difference with Indonesia, which has been able to provide employment to graduates. Indonesia also has a 12-year secondary education program.

The signatories said the private sector recognizes the necessity of a qualified, competent, and competitive workforce for the continued development, growth and competitiveness of the Philippine economy. In turn, it said the country requires a strong basic education system to provide the fundamentals for a skilled workforce.

“Moreover, the weak learning outcomes of our basic education manifest long before our students reach Grades 11 and 12. The World Bank study shows that more than 90 percent of our students at age 10, Grade 4, cannot read a simple sentence,” said the signatories.

“Therefore, Senior High School is not the source of our weak outcomes.

As a matter of fact, it is

leased late Monday afternoon.

During its 1125th Regular Commission Meeting held last March 26, the commission resolved to adopt the MAR of P335,788.65 billion for NGCP for 2016 to 2022, using the “as spent” approach and adopting a Weighted Average Cost of Capital (WACC) of 11.33 percent. Following this decision, pursuant to a resolution adopted by the majority during the 3rd Special commission meeting held last April, the NGCP was entitled to recover an additional P28.29 billion in under-recoveries, leading to an increase in transmission charges by the NGCP.

payments, enhancing the efficiency of business transactions,” it added.

The BSP said its strategic approach remains focused on enhancing the payments ecosystem, particularly through interoperable systems, public-private partnerships, and the development of use cases that benefit all sectors of society.

The expansion of the digital finance ecosystem, the central bank pointed out, makes transactions more accessible, affordable and inclusive. It also helps microenterprises and underserved sectors thrive in the formal financial system.

As digitalization advances, the BSP said it recognizes the importance of striking a balance between fostering innovation and upholding consumer safety and trust.

The BSP said it remains committed to promoting a safe, efficient, and inclusive payments system— one that supports innovation, strengthens financial resilience, and empowers every Filipino to participate more meaningfully in the digital economy.

even more needed to remediate our students and better prepare them for work or further studies,” it added.

It emphasized that the success of K to 12—and the future employability of the students—relies on shared responsibility. It added that Filipinos must collectively commit to making K to 12 work: by closing learning gaps, aligning skills training with industry standards, and supporting every learner’s pathway to gainful employment and lifelong productivity.

Among the signatories are PBED chairman Ramon del Rosario Jr. Makati Business Club and De La Salle Philippines chairman Edgar Chua, Management Association of the Philippines president Alfredo Panlilio, Philippine Chamber of Commerce and Industry (PCCI) president Enunina Mangio, Employers Confederation of the Philippines (Ecop) president Sergio OrtisLuis Jr, former finance secretary Cesar Purisima, Archbishop of Lingayen-Dagupan Archbishop Socrates Villegas, former budget secretary Florencio Abad, former tourism secretary Narzalina Lim, Philippine Association of Private Schools, Colleges, and Universities (Papscu) Dr. Royce Torres, Philippine Accrediting Association of Schools, Colleges and Universities (Paascu) president Brother Bernardo Oca, FSC, Ateneo de Manila president Father Roberto Yap, SJ, United Laboratories Foundation executive director Jose Maria Ochave and ASA Philippines Foundation chairman Ambassador Jose L. Cuisia, Jr.

‘With trade gap, weak peso hurts exporters’

Pearl R. Sykimte said in a recent televised interview.

Sykimte explained, however, that in a volatile environment, “It’s harder for our exporters to price their contracts and plan ahead in terms of import costs.” Illustrating the trade pie of the country, the head of DTI’s export marketing arm said: “Just to contextualize in terms of our import portfolio, it’s only 20 percent that are consumer goods; the rest are actually capital goods, raw materials, intermediate products, mineral and fuels that actually affect the production cost.”

With this, Sykimte pointed out that “It kind of offsets the gains from a weaker peso from the point of view of import cost.”

Meanwhile, Filipino economists agreed that in general, a weaker peso tends to make Philippine exports more competitive, since the dollar price of these exports becomes lower. However, they explained that certain factors could diminish the competitiveness of the country’s outbound shipments, which they noted rest on the content of the inputs of the country’s exports as well as the volatile environment.

Former Tariff Commissioner George N. Manzano told the BusinessMirror in a Viber message that, “The extent of this competitiveness gain depends on the export’s composition.”

Manzano explained further that if the product has a “high imported content, the benefit is reduced compared to exports with a high proportion of locally sourced value.”

As to the effect of a weaker peso on the country’s imported goods, the former Tariff Commissioner explained that a weaker peso makes imports more expensive in peso terms.

“This typically dampens demand for imports and encourages greater use of local substitutes— provided they exist,” Manzano told this paper. He explained further that the impact “varies” by type of import. For instance, Manzano noted that for goods like petroleum, where local alternatives are limited or nonexistent, the decline in demand is likely to be smaller.

For Ateneo De Manila University (ADMU) economist Leonardo Lanzona, if exports produced from domestic inputs are rising, the weakening of the peso will result in greater export earnings as volumes of exports rise.

“However, if we remain dependent on imports for both consumption and inputs for our exports, then a weakened peso leads to inflation and lower economic growth,” Lanzona pointed out. Former Socioeconomic Planning Secretary Dante B. Canlas said that while Filipino exporters may benefit from a weaker peso, “gains may be offset by a volatile environment.”

“The latter is conducive to a growth slowdown,” Canlas underscored.

Data from the Philippine Statistics Authority (PSA) showed the country’s export earnings from January to May 2025 amounted to $34.20 billion. This is 10.8 percent up from the $30.87 billion in the five-month period in 2024. In contrast, the country’s import bill amounted to $53.87 billion, up 4.4 percent from the $51.59 billion in the same period a year ago. With this, the country’s trade deficit is valued at $19.68 billion, meaning the country’s import bill exceeded its export receipts by this amount.

Lacson seeks purge of unauthorized holders of Natl IDs

By Butch Fernandez @butchfBM

EN. Panfilo M. Lacson

Shas filed a bill seeking to amend Republic Act 11055, or the Philippine Identification System (National ID) Act, to address potential concerns on data privacy.

Lacson said such an amendment may also serve as an opportunity for the Philippine Statistics Authority (PSA) and other concerned agencies to purge the Philippine ID system of unauthorized registrants.

Citing information he received, Lacson notes that “many, if not most, of the unauthorized registrants are foreign Philippine Offshore Gaming Operations (Pogo) personnel who may have managed to register through fraudulent means.

Lacson said such a purging would “restore the integrity of the National ID System, whose law he had authored and sponsored.”

“This proposed measure seeks to amend the PhilSys Act to eliminate any visible or printed representation of the PSN [PhilSys number] on the card, including microprinted forms.” Instead, Lacson notes that

WITH less than 100 days to go before the firstever Bangsamoro parliamentary elections, the Commission on Elections (Comelec) remains confident that no area in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) is currently facing serious armed threats warranting classification under the red category.

Comelec Commissioner Aimee P. Ferolino said on Monday that the situation in BARMM remains under control.

“As of now, there’s no need to place any area under the red category because we’re able to secure the region. This election only covers BARMM, and both the police and the AFP [Armed Forces] are capable of handling the situation. Only a few positions are at stake, so it’s not as heated compared to the May 2025 elections,” Ferolino, commissioner-in-charge for the BARMM parliament elections, explained.

To recall, 30 out of the 36 areas previously classified as red zones during the midterm elections were in Bangsamoro and two towns—Datu Odin Sinsuat and Buluan—were placed under full Comelec control.

Ferolino acknowledged that there are still ongoing threats from local terrorists and private army groups.

However, with the Coast Guard (PCG) now among the poll body’s deputized security forces, she said “there is no reason” why the region’s security cannot be maintained. When asked about the Moro National Liberation Front (MNLF)’s position on the vacant parliament seats, Ferolino said the Comelec is doing its part in managing expectations.

“We’re making it clear to them that the Comelec’s authority is limited because there is still no law or bill allowing redistribution of seats. That’s where we’re

the PSN will be “securely encoded along with biometric information within the card’s QR code, as adopted,” Lacson said of his bill.

“In doing this, access to the PSN will be strictly limited to authorized parties, who must follow regulated authentication procedures in compliance with current privacy laws and data protection standards,” he added.

In filing the bill, Lacson noted that the PSN is currently contained in the face of the PhilD along with other information including full name, sex, blood type, date and place of birth, and a photograph.

But he also notes “the PSN’s visibility on the card carries the risk of potential misuse including identity theft, fraudulent activities or unwarranted monitoring or profiling, among others.”

“An instance in 2024 illustrated this risk, as the Philippine Statistics Authority issued a warning to the public to be vigilant against unauthorized individuals approaching cardholders and taking photographs of their national ID in exchange for cash, as this is crucial in preventing identity theft and fraud,” he recalled.

First phase of natl internet backbone benefits 17 million, 600 govt offices

By Samuel P. Medenilla @sam_medenilla & Ada Pelonia @adapelonia

SOME 17 million Filipinos and 600 government offices have already benefited from the first phase of the National Fiber Backbone (NFB) project, according to President Ferdinand Marcos.

In his speech during the launch of the Phase 2 and 3 of the NFB in Palo, Leyte on Monday, Marcos said he expects more people will benefit from the initiative once all of its phases are completed through “digital bayanihan” or the coordination between the government and the private sector to enhance the country’s digital accessibility.

“So it [NFB] should be accelerated even further. It should be expanded even further. Technology should be made more accessible to every single Filipino,” Marcos said.

He said private telecommunications companies and internet providers can also access the NFB lead -

ing to cheaper internet services.

“And once the National Fiber Backbone is complete, costs for telcos and internet providers can be reduced because we now have our own infrastructure. More affordable internet means more Filipinos are connected,” Marcos said in Filipino.

The 1,245-kilometer first phase of the NFB was rolled out last year and covered Laoag, Ilocos Norte to Roces Avenue, Quezon City.

The second and third phases of the national fiber backbone will cover 1,781 kilometers of fiber optic cables in Cagayan Valley, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Bicol, Eastern Visayas, and Mindanao.

The US$288 million-project is expected to be completed by 2027 and benefit 70 million people nationwide.

Marcos stressed the importance of ensuring Filipinos, including those in geographically isolated and disadvantaged areas (Gida), to have access to the internet so they continue to become globally competitive.

Legislator lauds NFB expansion

A LAWMAKER on Monday lauded the government’s move to expand the country’s internet backbone, describing it as a crucial step toward providing Filipino households access to “fast and reliable” internet.

Reelected Leyte Rep. Ferdinand Martin Romualdez, who served as Speaker of the recently concluded 19th Congress, welcomed the rollout of Phases 2 and 3 of the National Fiber Backbone (NFB) Project in Palo, Leyte.

“President Ferdinand R. Marcos Jr. is making sure internet service becomes a basic right, not a privilege,” Romualdez said in a statement.

“This launch shows we are serious about bringing dependable connections to people who have waited far too long,” he added.

With the new phases, the NFB project will expand its coverage in Luzon, reach across the Visayas—including Eastern Visayas, and begin rollout in parts of Mindanao.

The project aims to connect nearly 1,000 government offices, 20 provinces, and improve access for around 1.39 million users.

“Walang pamilya ang dapat maiwan. Ang koneksyon sa internet ay hindi na dapat ituring na pribilehiyo—isa na po itong karapatang kailangang maabot ng bawat tahanan,” Romualdez said.

Romualdez said he would ensure that the proposed 2026 national budget provides sufficient support for digital infrastructure projects.

These include those under the Department of Information and Communications Technology (DICT), such as the Middle Mile Network, GovNet, and the Free Public Internet Access Program.

“We have a duty to make sure these projects are funded well and implemented right,” he said. “Connectivity should not depend on where you live. Every barangay, from the center of the city to the farthest island, deserves access to reliable internet.”

Navy eyes acquisition of Japanese warships

THE (PN) has confirmed the “possible transfer” of six Japan Maritime Self-Defense Force (JMSDF)’s Abukuma-class destroyer escorts.

The Navy, it was learned, is now undertaking preparatory steps for a Joint Visual Inspection (JVI) of the ships following the official invitation from Japan’s Ministry of Defense.

restricted. Our timelines are also very tight,” she said. In an earlier interview, Comelec Chairman George Erwin M. Garcia revealed that the Bangsamoro Transition Authority has yet to decide on what to do with the seven vacant parliament seats supposedly allocated to Sulu.

He said the MNLF has been asserting that the seats should go to their group and not to the remaining BARMM provinces.

Garcia added that the MNLF’s concern is valid, but Comelec is running out of time to make any major adjustments to its preparations.

“If changes are made, they might not make it in time for the elections. Redistributing or reapportioning seats isn’t that simple—the honorable parliament knows this well—because we also need extensive voter information campaigns,” he said. Garcia added that the local source code review of the parliament elections’ system is expected to be completed by next week.

This will be followed by the “trusted build,” where the reviewed source code is converted into the final machine-executable code that will run on the automated counting machines. The official list of voters is also expected to be released by this weekend.

For the October 13 parliamentary elections, Comelec will deploy 7,000 automated counting machines across BARMM, and all precincts will be connected via Starlink internet.

“No matter what happens, and at all cost—if the law mandates an election, then an election will take place. Our meetings with election personnel and stakeholders, especially our security forces, are more than enough to ensure that,” Garcia said. Justine Xyrah Garcia

“This planned inspection forms part of exploratory discussions on the possible transfer of these naval assets to the Philippines.

Designed for anti-submarine and anti-ship warfare, the Abukumaclass destroyer escorts are known

TBy Justine Xyrah Garcia

HE Commission on Elections

(Comelec) ordered on Monday

the immediate proclamation of Bienvenido Abante as the duly elected representative of Manila’s Sixth District in the 2025 congressional race.

The Comelec en banc released a certificate of finality and entry of judgment in favor of Abante, effectively unseating Luis “Joey” Chua Uy, who was previously declared as winner.

“The Board of Canvassers of the City of Manila is hereby directed to RECONVENE and PROCLAIM Petitioner

for their reliability and versatility, which align with the PN’s operational requirements in protecting the country’s maritime domains,” the PN said in a statement.

The Abukuma-class destroyer escorts have a displacement of 2,000 gross tons empty and 2,550 tons loaded, are 109 meters long, a beam or width of 44 meters.

It has a top speed of 27 knots and is armed with various antiship missiles, anti-submarine rockets and torpedoes along with a 76mm main gun and 20mm close-in weapon system (CIWS) as protection from including missiles and attacking aircraft.

BIENVENIDO “BENNY” MIRANDO

ABANTE, JR., the only qualified candidate, as the duly elected Member of the House of Representatives for the Sixth [6th] District of the City of Manila,” the poll body en banc ordered.

The poll body noted that the Supreme Court did not issue a temporary restraining order (TRO) to halt its decision.

Comelec had earlier ruled that Uy falsely declared in his certificate of candidacy (COC) that he was a natural-born Filipino.

Because of this, his COC was declared void ab initio (invalid from the start) and all votes

Abukumas are manned by 120 officers and ratings.

The Abukuma class ships are the first Japanese warships to have some stealth technology. While their superstructure has traditional vertical surfaces, their hulls are angled to reduce their radar cross section.

The JMSDF operated six Abukuma-class destroyer escorts, which were constructed from 1988 to 1991.

A delegation of naval experts from the PN will be sent to conduct an in-depth assessment of the ships.

“The outcome of this inspection will guide further deliberations on the potential acquisition and its alignment with the PN’s modernization efforts,” it added. The PN said this initiative reflects the deepening strategic partnership between the Philippines and Japan, and reinforces the shared commitment to maritime security, interoperability and regional peace and stability. Once transferred to the Philippines, the Abukumas will complement the two South Korean-built frigates that the Armed Forces acquired brand-new from Hyundai Heavy Industries. Rex Anthony Naval with PNA

cast in his favor were considered stray.

In a petition filed by Abante and granted by the Comelec, Uy was found to have only acquired Filipino citizenship through naturalization—a legal process for foreign nationals to become citizens— and not by birth.

Uy was born on March 15, 1962 to a Chinese father who was naturalized only in August 1967, and a Filipino mother who married the Chinese national in January 1944.

At the time of Uy’s birth, both of his parents were considered non-Filipino citizens. In an interview, Comelec Chairman

George Erwin M. Garcia said it is now up to the Manila City Board of Canvassers to decide how to proceed with Abante’s proclamation.

Although June 30—the date when elected officials are supposed to assume office—has already passed, Garcia said the board remains an independent body that can still act on the matter.

“As far as the Comelec is concerned, if we do not receive a TRO, our decision becomes executory five days after promulgation,” he added.

Uy received 64,746 votes in the May 12 elections, narrowly defeating Abante who garnered 63,358 votes.

Groups ask govt to regulate toxic metals in water faucets

By Jonathan L. Mayuga @jonlmayuga

AN environmental watchdog is calling on the government to regulate toxic metals in water facilities after laboratory tests showed alarming levels of lead and cadmium in several tested products.

An urgent request initiated by the EcoWaste Coalition was endorsed by 26 civil society organizations.

The group said in separate responses received on July 2, the Department of Trade and Industry through the Bureau of Philippine Standards (BPS) and the Department of Environment and Natural Resources through the Environmental Management Bureau (EMB) welcomed the initiative. Both agencies thanked the EcoWaste Coalition “for [its] continued advocacy in

promoting public health and safety” and “for its continued vigilance and support,” assuring the group that their recommendations will be looked into.

EcoWaste Coalition requested the DTI, through the BPS, to: a) develop mandatory standards limiting lead and cadmium content in faucets and other plumbing fixtures; and b) include faucets on the list of products covered under mandatory certification, along with the appropriate labeling and/or marking requirements.

“Please be assured that your concerns and recommendations are being carefully considered. The BPS will evaluate the matter in coordination with relevant government agencies and stakeholders, in line with its mandate to ensure product quality and consumer safety,” the BPS said in response. Meanwhile, the DENR-EMB informed EcoWaste Coalition that, “based on [our]

records, there are no existing registrants of lead and cadmium manufacturers, specifically for water faucets and other fixtures.”

“We will be coordinating with the Department of Health [DOH] for the possible issuance of a public advisory concerning old lead pipes, fixtures with heavy metals content, on the health effects on the general public in relation to World Health Organization [WHO] standards. Further, we have taken note of your policy recommendations, and we will further review and coordinate this with other stakeholders,” the EMB said. In line with the group’s advocacy to protect human health and the environment from hazardous chemicals, EcoWaste Coalition purchased 27 assorted faucets from 10 general merchandise and hardware stores in the City of Manila and five online stores and had them analyzed for chemicals of concern. The samples were obtained from

May 18 to 22 for P81 to P320 each. The products had inadequate to zero labeling information.

The group screened the faucets for heavy metals using an Olympus Vanta M Series X-Ray Fluorescence (XRF), a handheld analytical device that can identify materials and elements without destroying the sample. Based on the XRF screening results, 19 of the 27 faucets screened positive for lead or cadmium or both at levels exceeding the limits under the Restriction of Hazardous Substances or RoHS of the European Union, which are 1,000 and 100 parts per million (ppm) for lead and cadmium, respectively. Also, the levels of lead found on the 19 faucets exceeded the 0.25 percent (equivalent to 2,500 ppm) limit for lead in faucets under the US Reduction of Lead in Drinking Water Act.

Raw sugar output rise continues

TThe Turning Point in Life

By Henry J. Schumacher

By Ada Pelonia @adapelonia

HE country’s raw sugar output continues to climb, reaching 2.063 million metric tons (MMT) as of June 22, based on the latest data from the Sugar Regulatory Administration (SRA).

Latest figures from the SRA have surpassed the 1.92 MMT sugar production posted in the previous crop year.

It also exceeded the agency’s initial and revised forecast of 1.7 MMT and 1.84 MMT, respectively, for the current crop year, which will end on August 31. Historical data from the PSA showed that the latest raw sugar output is the highest since the

2.14 MMT recorded in crop year 2020-2021.

Department of Agriculture (DA) officials said the government’s decision to amend the start of the cropping calendar to October from August had helped increase sugar production.

Agriculture Secretary Francisco Tiu Laurel Jr. said the shift was more apt to the country’s climatic conditions and cane maturity and led to

an improvement in soil productivity.

To sustain the growth in production in the next crop year, Laurel called on the sugar agency to quickly contain the spread of redstriped soft scale insects (RSSI).

Task force

SRA data showed that around 2,332 hectares in Visayas have been affected by the RSSI as of July 2, significantly larger than the 87 hectares recorded on May 22 when it was initially declared an infestation.

It has also affected 1,326 farmers since its detection in Negros, which makes up for over half of the country’s sugar output.

Meanwhile, the SRA said it will conduct a specialized training for local agriculturists, representatives from affected local governments, DA, and Bureau of Plant Industry (BPI), and stakeholders as part of efforts to curb the spread of RSSI. The session will take place

in Bacolod City on July 14.

The training aims to equip participants with the knowledge and skills for early detection, prevention, and monitoring of RSSI infestations, which would support efforts to eradicate the pest.

SRA Administrator Pablo Luis Azcona said the RSSI is still spreading, but last week’s monitoring showed “only a slight increase compared to previous weeks,” which could be due to high awareness of RSSI and planters having started their own intervention.

However, Azcona added that SRA’s data is based on validated ocular inspections and the figure could still be higher since there are sugar farmers who are not reporting the presence of RSSI in their farms.

RSSI has been reported to cause significant damage to sugarcanes, which could potentially slash sugar content of infested canes by up to 50 percent, based on studies.

Zambales eyes modern ‘payao’ harvester

By Henry Empeño

IBA, Zambales—Aiming to kickstart the modernization of the local fishing industry and sustain local fish production amid Chinese bullying in the West Philippine Sea (WPS), the Zambales provincial government will acquire modern fishing boats and train fishermen on automated vessel operation this year.

The project is part of a livelihood assistance program initiated by the Zambales Maritime Development Council (ZMDC) that was formed last year to address fishermen’s concerns at the WPS and promote sustainable fish production.

Zambales Gov. Hermogenes

Ebdane Jr. said on Monday that funding is now in place for a steelhulled, 96-feet long harvester vessel and three reinforced fiberglass ancillary boats for use in payao fishing by the Zambales Provincial Fishery Association (ZPFA),

a federation of fishermen groups. The ships will be built by Stoneworks Specialist International Corp. in General Trias, Cavite, the biggest fiberglass boat maker in the country, which also builds tugboats, barges, and other customized vessels.

Meanwhile, members of the beneficiary fishermen’s federation have started training on modern vessel operations under the guidance of Philippine Merchant Marine Academy (PMMA) in San Narciso town as part of the program.

Ebdane stressed that training is as important as procuring new vessels. “Learning new technology and developing new skills is necessary for our fishermen to be competitive. They need to adapt in order to survive and thrive,” he said.

At least two fishermen’s clusters have already completed training at the PMMA and more groups are expected to follow suit.

Leonardo Cuaresma, president of the ZPFA-affiliated New Masinloc Fishermen’s Association, said small payao fishers are excited over the prospects of using a commercial fishing boat, as it is expected to increase their productivity while decreasing the cost of harvests.

“Puwedeng ang pederasyon na mismo ang magsimbada, at hindi na kailangang magbayad pa kami sa may mga lantsa [The fishermen’s federation would be able to harvest the payaos by themselves, and we don’t have to pay commercial bot owners],” Cuaresma said.

He added that local fishermen are also looking forward to training on automated vessel operation.

Ebdane said the procurement of a modern harvester boat and ancillary vessels “is the logical next step in pursuit of a longterm solution to the WPS problem by giving local fishermen a significant fighting chance.”

The Zambales governor has long advocated boosting the competitiveness of local fishermen as a strategic solution to the problem in the WPS, where local fishers cannot access traditional fishing grounds on account of bullying by Chinese militia vessels.

Ebdane pointed out that while the WPS situation has socioeconomic, political, and security implications, the welfare of local fishermen should be a primary concern.

Last year, Ebdane shepherded the formation of the ZMDC to oversee, supervise, and manage fishermen’s cooperatives, as well as the distribution to fishermen of P5-million worth fish aggregating devices or payaos to 26 groups belonging to the federation.

“Another P5.6 million worth of payaos will be distributed this year under the provincial government’s payao livelihood program under ZMDC,” Ebdane said.

Tie-up brings kidney care closer to masses

HEMODIALYSIS is a life saving treatment for people with kidney failure. There is good news, though—a corporation specializing in medical supplies and equipment and its partner are installing at least 300 dialysis machines nationwide “to fill the gap in healthcare services for impoverished patients struggling with renal issues.”

Nipro Medical Philippines Corp. and the GC Hemodynamix Inc. recently forged a collaboration to carry out their “self-imposed mission.”

“My mission is to provide every Filipino living with chronic kidney disease access to high-quality hemodialysis care, regardless of

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location,” said Dr. Gjay Ordinal, GC Dynamix president and chief executive officer, noting that dialysis patients are “at the core of GC Hemodynamix’s mission and vision.” Ordinal and Nipro managing director Dennis Flores are the signatories to the collaboration. GC Hemodynamix is reputedly a leading hemodialysis providerw with more than 24 dialysis centers nationwide. The company continues to expand its reach to make treatment more accessible for CKD patients in indigenous communities.

The partners set in motion the installation of the new dialysis machines last March in

The group then chose five samples with high lead content for confirmatory analysis by an independent private laboratory. According

strategic locations across the country, including existing facilities to cope with increasing demands while at the same time improving operational efficiency.

“By enhancing logistics with my partnership and collaboration with Nipro Medical Philippines, along with local healthcare professionals, and local government units, we aim to close the gap between urban centers and remote areas” Ordinal said, stressing that together, they strive to transform healthcare in the Philippines through “innovative, accessible, and sustainable solutions that empower communities and improve patient outcomes.”

to the laboratory tests, the five samples contained lead in the range of 60,400 ppm to 76,100 ppm, making them non-compliant to the EU and US limits.

The investigation conducted by the EcoWaste Coalition was triggered by the product recall order issued by the US Consumer Product Safety Commission (CPSC) last May 15 against nine brands of China-made faucets, “which were tested and found to contain lead that can leach into water at levels that can be particularly harmful to infants, young children and women.”

The CPSC warned “lead ingestion can cause harmful neurological effects on infants, young children, and pregnant women, including attention-related behavioral problems, decreased cognitive performance and lower IQ.” It further advised the public “to stop using and dispose of these faucets immediately.”

Lead and cadmium are highly toxic substances belonging to the DENR’s Priority Chemicals List (PCL) with corresponding

SOME experiences divide life and career into a BEFORE and an AFTER. I was amazed to learn how some people have survived their fateful destiny and would like to share with you, how they successfully conquered the fateful moments.

Let me share one example: The person is involved in a massive road accident. Two days after the accident, he wakes up—and looks into the horrified eyes of this wife. He had lost his right leg and right arm. Doctors gave him a 30 percent chance of survival. And even if he were to survive, the medical prognosis was that he would remain dependent on care for the rest of his life.

If you meet him today (many years after the accident), he offers his left hand in greeting; the sleeve of his blazer hangs loosely over the right shoulder. Only a slight limp, as he walks, is a hint of the prosthetic leg. The accident not only radically changed his life but also his perspective on his work. He is still active as an entrepreneur; he has founded two charitable foundations, one of which supports people with disabilities. He says:

“My second life is the better one; the accident had to happen to show me what really matters.”

A life-threatening accident, a serious illness, or the death of someone close—these are kinds of blows of fate that can turn one’s personal and professional life upside down overnight. And they can fundamentally reshape a person. A crisis or traumatic event affects men and women not only as fathers and mothers but also as colleagues, supervisors, or entrepreneurs.

“Unpredictable and uncontrollable events trigger stress in all of us,” says Prof. Thomas Rigotti, who heads a research group on resilience. “We respond to such strokes of fate with grief, anger, frustration, or disappointment. But some people find meaning in life afterwards,” he explained.

When dealing with a crisis, once the initial shock passes, everyone reacts differently. Some withdraw, resign themselves, or obsess over the question: “Why me?”

For his part, Flores said their tie-up was “built on shared purpose and empathy.”

“Together, we can create momentous transformations when we align our efforts towards improving healthcare and patient outcomes,” he added.

Flores viewed the tie-up as the beginning of many impactful initiatives.

“With Nipro’s high-quality products and innovative solutions, along with GC Hemodynamix’s strong patient-focused care, the partnership is poised to significantly enhance the quality of life for CKD patients,” he added. Claudeth Mocon-Ciriaco

Chemical Control Orders (CCOs). These substances are also among the “10 chemicals of major public health concern” as per the WHO. The implementation of the recommended policy actions, the EcoWaste Coalition said, will contribute to the advancement of the Sustainable Development Goals (i.e., SDG #3 on good health and well-being, SDG #6 on clean water and sanitation and SDG #12 on sustainable consumption and production), as well as the Global Framework on Chemicals—For a Planet Free of Harm from Chemicals and Waste (i.e., strategic objective D on safer alternatives and innovative and sustainable solutions). It will further advance the realization of the resolution recently adopted by the World Health Assembly urging member states “to commit to a shared vision for a world free of lead exposure and prioritize efforts to address this pressing global health challenge,” among other aspirations, the group emphasized.

But how can someone accept a life that suddenly turns 180 degrees—and make the best of the new reality? How can doubts and fears be overcome, and a stroke of fate be transformed into something positive?

People often shy away from embracing crises and major upheavals. The fear of the unknown is too great, the desire for security too strong. But how can people move from fear to trust?

These people need friends or colleagues to assist them. Here are views how people can help: How to Help People in Crisis

1. Listen Without Judging Emotional support is crucial during moments of crisis. It’s not about interpreting or downplaying the other person’s experience, but about being there for them.

2. No Pity

People affected by crisis need empathy and understanding— not pity. Otherwise, there’s a risk of pushing them further into a victim role and damaging their self-worth. People in crisis need to feel that others see their strengths and believe in them.

3. Look for Solutions Together

IF you want to support someone in crisis, hold back on giving advice or offering ready-made solutions. Instead, help them search for solutions. Questions can help explore new options together: What do you need? How can I help you specifically? What has helped you move forward in similar situations?

4. Point to External Help SOCIAL organizations, psychological support services, and peer networks can provide assistance during a crisis as well as information about additional financial or government support.

Others, however, can take the deepest lows as a challenge and opportunity. The personal system reorders itself. People can learn from crisis, draw energy, and emerge as stronger individuals.

In conclusion, be one of the friends or colleagues of people who have been badly hit by crises.

I would be interested to receive your views on The Turning Point of Life; contact me at hjschumacher59@gmail.com.

‘DOH has enough funds for unpaid hospital claims’

By Samuel P. Medenilla  @sam_medenilla

MALACAÑANG said the Department of Health (DOH) has sufficient funds to settle all the unpaid claims from hospitals.

Palace Press Officer Claire Castro made the assurance when asked for a reaction to the statement of the Private Hospitals Association of the Philippines, Inc. (PHAPI) that it will not accept guarantee letters (GL) issued by government officials through its Medical Assistance for Indigent and Financially Incapacitated Patients (MAIFIP) program to avoid further pileup of P500 million in unsettled claims.

Citing data from the DOH, she said only 39 hospitals from Batangas have unpaid claims from the government due to pending completion of submitted documentary requirements.

“But tha t doesn’t mean that other hospitals are having problems [with DOH] when it comes to payment,” Castro said in Filipino.

“S o, to the hospitals that will be collecting, just complete your documents because the DOH tells us that they have sufficient funds,” she added. She also noted that people are not required to submit GLs if they avail of services from DOH hospitals, which includes the Philippine Medical Center, Lung Center of the Philippines, National Kidney and Transparent Institute, Philippine Heart Center, East Avenue Medical Center, and the Amang Rodriguez Memorial Medical Center. However, the Presidential Communications Office (PCO) undersecretary said the President will still speak with officials of DOH to address the concerns raised by PHAPI. “ The DOH has a MOA (Memorandum of Agreement) with the private hospitals and, as we said, the government is not having any problems with paying the bills of our countrymen who are covered by guarantee letters,” Castro said.

NCAP gets digital: MMDA to notify traffic violators via SMS and e-mail

By claudeth mocon-ciriaco @claudethmc3

THE Metropolitan Manila Development Authority (MMDA) on Monday announced that traffic violators for the No Contact Apprehension Policy (NCAP) will now be notified realtime via short message service and email notifications.

However, MMDA Chairman Romando Artes advised the public to be cautious of any suspicious messages containing links and check

the sender’s information to avoid potential scams. Artes said the latest enhancement is pursuant to the directive of President Ferdinand Marcos Jr who expressed support for the NCAP in promoting road safety and combating corruption, to further improve its implementation.

“A key feature of this initiative is that vehicle owners will receive notification via SMS even without an internet connection so that immediate action may be taken as soon as they are notified and for their conve -

Angara: National emergency declaration not needed to solve public education crisis

EDUCATION Secretary Juan Edgardo

“Sonny” Angara has expressed belief that the declaration of national emergency would not speed up the solution to the problems plaguing the country’s public education sector.

“Di naman siguro [need to declare a national emergency]. think the President [Ferdinand Marcos Jr.] has really taken the bull by the horns so to speak, but you have seen him exert his leadership in the education field,” Angara said in an interview with ABS-CBN News Channel.

Among the learning crisis are the perennial problem shortage in facilities, including classrooms, inability to learn at the right grade level.

Angara assured that the government is doing everything to address the problems.

“In fact, he has this convergence

strategy where he is asking even noneducational agencies to help fight the learning crisis,” he said, adding that the President even asked the Department of Agriculture and the Department of Health to improve the feeding program.

“Find food sources, and help us in our Gulayan sa Paaralan program,” he added.

Likewise, Angara said Malacanang also asked the Department of Transportation to look for ways to offer more fare discounts to students and the Department of Social Welfare and Development to improve early childhood education and day care centers.

Angara said that the President is really looking at the problem holistically.

“It’s a multidimensional program and to solve it you have to attack it on all fronts,” Angara explained. Claudeth Mocon-Ciriaco

DAR turns over 3 road projects worth ₧50M to Isabela town LGU

THE Department of Agrarian Reform (DAR), through its Agrarian Reform Fund (ARF) Project, has turned over three newly completed Farm-to-Market Roads (FMRs) worth a total of P50 million to the Municipality of Delfin Albano, Isabela Province.

The road projects aim to provide access to markets for local farmers and are expected to enhance agricultural productivity in the area.

DAR-Central Visayas Regional Director (RD) Primo C. Lara, joined by Assistant Regional Director for Operations Jess Beth G. Quidasol, led the turnover ceremony on Saturday.

The three vital FMR projects now benefiting Delfin Albano’s farming communities include: Andarayan-Concepcion FMR—spanning 0.737 kilometers, costing P15 million. Implemented by the Department of Public Works and Highways (DPWH), it directly benefits 341 Agrarian Reform Beneficiaries (ARBs) under the Andarayan Cluster Agrarian Reform Community (ARC). San Nicolas-Villa Pereda FMR— stretching 1.249 kilometers, also costing P15 million and implemented by the DPWH. It benefits 481 ARBs in the CASAMACO ARC. San Macario FMR—covering 1.466 kilometers with a project cost of P20

million. Implemented by the Provincial Local Government Unit (PLGU) of Isabela, it serves 275 ARBs.

In a statement, Lara underscored the transformative impact of these projects.

“These FMRs symbolize not only physical infrastructure but also the government’s strong commitment to improving farmers’ access to markets, reducing transportation costs, and enhancing the overall productivity and income of agrarian communities.”

“The turnover of these FMRs stands as a testament to the government’s continuing commitment to uplifting the lives of farmers and strengthening the agriculture sector through improved rural infrastructure,” Lara added.

Local officials and residents welcomed the turnover with optimism, seeing the roads as key to economic growth and development in the area.

Present during the event were representatives from the PLGU of Isabela, led by Engr. Jose P. Maltu, Jr., DPWH Isabela 1st District Engineering Office District Engineer Engr. Deoferio P. Vehemente, Jr.; Delfin Albano, Vice Mayor and incoming Municipal Mayor Thomas “TJ” A. Pua, Jr.; barangay officials, ARBs, ARB Organizations (ARBOs) members, and other community stakeholders. Jonathan L. Mayuga

BI arrest 4 Koreans involved in large-scale online gambling

THE Bureau of Immigration (BI) on Monday announced the arrest of four South Korean nationals in separate operations in connection with their alleged involvement in large-scale illegal online gambling and fraud operations.

The four suspects were identified as Oh Kyoungchul, 42 years old; Yang Koo Youn, 39; Jung Hoesung, 40; and Han Jonghoon, 41. Oh was arrested at Clark Freeport Zone in Pampanga on June 25 by operatives of the BI’s Fugitive Search Unit (FSU) together with elements from Philippine National Police (PNP) Criminal Investigation and Detection Group (CIDG) Regional Office 3, Philippine Navy, and Clark Development Corporation Police. His arrest was conducted by virtue of an Interpol Red Notice and an arrest warrant issued by the Seoul Western District Court.

The BI said Oh is the alleged leader of a syndicate that operated an illegal gambling video production ring in Cebu from 2016 to 2018.

The group allegedly rented a house, installed computer and video equipment, and distributed content to unlawful gambling websites.

The operation was said to have earned the group approximately P3.5 billion in illicit profits.

Arrested along with Oh was Yang who was found to have been overstaying in the country. Later that day, a separate operation at the

nience,” said Artes during the launch held at the MMDA Communications and Command Center, MMDA Head Office in Pasig City. Other benefit of the NCAP’s new feature, in partnership with a telecommunications company and the Land Transportation Office (LTO), includes a cost-effective and faster way for MMDA to inform vehicle owners regarding traffic violations. Under the process, as soon as NCAP has verified and validated the traffic violation, motorists will receive real-time notifications via

both SMS and email. For SMS, the sender is “MMDA_ NCAP” and it does not use a cell phone number. For email, the official sender is “no-reply@mmda. gov.ph” The official MMDA text and email notifications do not include any payment links to prevent scams. Both the SMS and email notifications are sent from no-reply senders. The vehicle owners’ contact numbers and email addresses come from the records registered under the LTO’s Land Transportation Management System (LTMS).

Artes also urged the vehicle owners to update their records in the LTO LTMS to ensure they receive notifications.

Also, vehicle ownership should be up-to-date; transfer of ownership should also be processed immediately.

A result of “No Record Found” status does not necessarily indicate the absence of traffic violations, as the mayhulika.mmda. gov.ph website shows only traffic violations under NCAP.

Meanwhile, 1-Rider Party-list Rep.

Rodge Gutierrez, who attended the launch, said they had several concerns when the NCAP was reimplemented in May. The latest development is a testament to the proactive measures the MMDA have undertaken, which they appreciate, he said. In June, the MMDA launched “May Huli Ka 2.0”, a web-based platform that enables vehicle owners to conveniently check for traffic violations by entering their plate or conduction sticker numbers and their motor vehicle (MV) file numbers.

Newly proclaimed Mayor Nancy Binay seeks unity for Makati’s

prosperity

MAKATI City Mayor Maria Lourdes “Nancy” Binay on Monday called for unity by setting aside their political differences to ensure prosperity in the city.

Binay also pledged that her administration will continue to provide top-notch basic services to

Ninoy Aquino International Airport Terminal 3 in Pasay City led to the arrest of Jung, who was found to be overstaying and is wanted in Korea for operating 23 illegal online gambling platforms.

According to Korean authorities, his group earned over P4 trillion in profits. They lured victims into joining operations in the Philippines under false pretenses, then confiscated their passports and subjected them to threats and physical abuse. Jung has active entries in the BI’s blacklist and watchlist. Last July 4, FSU agents conducted an enforcement operation in San Juan City, resulting in the arrest of Han, who allegedly served as the finance team leader of a criminal organization that also operated 23 gambling websites.

His duties included managing accounts, supervising staff, and setting profit targets. Their operations, which offered sports betting and games like baccarat and Powerball, reportedly generated over P2 trillion in revenue. Han is the subject of an Interpol Red Notice and two active derogatory records in the BI database.

All three suspects are considered undesirable aliens and are now being detained at the Bureau of Immigration Warden Facility pending deportation proceedings. Joel R. San Juan

Makati residents.

“We may have different backgrounds, we may have different histories but what unite us is bigger than what divides us. We all love our city and we want Makati to prosper, Binay said during her first flag raising ceremony attended by other local officials, department

heads, and city hall employees at the City Hall grounds in Poblacion.

“Let’s all work together. Magtulungan po tayo,” she said. Binay reiterated that they will be stronger “when we stand together.”

“Araw-araw, pipiliin natin ang pagkakaisa kaysa pagkakawatak watak, ang pag unlad kaysa sa pulitika,” the former senator appealed. Binay was proclaimed as the new mayor of Makati City on May 13. She won against her brotherin-law and former Makati City 2nd District Rep. Luis Campos. Binay recorded a total of 112,703 votes while Campos received 83,721 votes. Claudeth Mocon-Ciriaco

San Juanico Bridge rehab cuts wait times from days to hours, Marcos says

MORE than a month since the start of the rehabilitation of the San Juanico Bridge, the waiting time for vehicles crossing from Leyte to Samar or vice versa has been significantly reduced from two to four days to just a few hours, according to President Marcos.

The Chief Executive made the remark as he ordered the Department of Public Works and Highways to fast-track the completion of the rehabilitation of the 53year old bridge connecting Leyte and Samar.

Citing a report from the Philippine Coast Guard, the waiting time for trucks carrying perishable food items now only takes one to two hours, and for those with non-perishable goods, with three to four hours.

“That’s why we’re really reducing it. And we really need to help because we all feel it all the way to Mindanao when it was closed, when the San Juanico Bridge was suddenly closed to commercial traffic,” Marcos said in Filipino in his speech during the grand launch the National Fiber Back -

bone Phase 2 and Three in Palo, Leyte last Monday.

Last May, DPWH reduced the weight cap to 3 tons and the volume of traffic passing through the San Juanico bridge after it discovered some of its parts were already at risk of buckling down due to heavy corrosion.

Marcos said he ordered DPWH to fast-track the rehabilitation of the bridge so its weight limit per passing vehicle will be raised to 12 tons before the end of the year.

DPWH has allocated P500 million for the rehabilitation of the bridge this year.

Marcos said the government is aiming to restore the weight limit per vehicle of the bridge to 33 tons by the end of its two-year rehabilitation.

“I have instructed the DPWH and DBM [Department of Budget and Management] to find a solution immediately [to reach this target],” he said. Samuel P. Medenilla

“So at 12 tons, buses are allowed [to pass through the bridge], vans are allowed. Maybe big trucks aren’t allowed yet. But everything else is allowed,” he said.

Group slams continued sale of banned underarm whitening cream from Thailand

By Jonathan Lmayuga @jonlmayuga

MERCURY - TAINTED underarm

Awhitening cream continues to be smuggled into the country, imported, distributed, and sold to Filipino consumers despite a public health warning issued by the Food and Drug Administration in 2021.

The toxics watchdog group EcoWaste Coalition slammed the rampant violation of such Food and Drug Administration (FDA) order.

To recall, on June 7, 2021, the FDA released Advisory No. 2021-1187 warning the public against the purchase and use of 88 Total White Underarm Cream, a Thailandmade product that claims to “reduce body odor while providing a whitening effect and smooth skin tone.” The cream is in an orange plastic container packaged in a white and orange box with images of assorted fruits.

Subsequent investigation carried out by the EcoWaste Coalition found the said under -

arm cream laden with 3,130 parts per million (ppm) of mercury, way beyond the 1 ppm limit set for mercury as a heavy metal contaminant under the ASEAN Cosmetic Directive.

“Despite the health advisory issued in 2021, this mercury-laced product for lightening the armpits is sold with impunity in some physical, as well as online stores,” said Aileen Lucero, National Coordinator, EcoWaste Coalition.

“We urge concerned regulatory and law enforcement agencies to take further action to rid the market of banned mercury-containing cosmetics and uphold the people’s rights to health and to a healthy environment.” Regulatory actions by product safety and health authorities in Sweden, Singapore and Hong Kong reinforced the findings and calls for regulatory and law enforcement activities by the toxics watchdog group.

In 2023, Safety Gate, the EU rapid alert system for dangerous non-food products, published a notification from the Swedish government against 88 Total White Underarm Cream as the product contains

Minimal fuel price roll back this week

IN separate advisories, oil companies announced on Monday that -they will reduce the price of gasoline by P0.70 per liter, diesel by P0.10, and kerosene by P0.80 per liter. The new pump prices will take effect on Tuesday, July 8.

Petron, Shell, Caltex, PTT, Phoenix, Total, Unioil, Cleanfuel, Petro Gazz, and Jetti made the announcements.

Last week, oil prices also went down by P1.40 per liter for gasoline, P1.80 per liter for diesel, and P2.20 per liter for kerosene. The July 1 price rollback resulted in a total net increase of P9.00 per liter for gasoline and P10.05 per liter for diesel. Kerosene has a total net increase of P1.85 per liter.

The two consecutive price rollbacks are still not enough to offset

the oil price incease implemented twice on June 24 and 26. During these days, gasoline prices went up by a total of P3.50 per liter, diesel by a total of P5.20 per liter, and P4.80 per liter for kerosene.

Oil companies adjust their pump prices every week to reflect movements in the world oil market. However, owing to steep prices brought about by the Israel-Iran war, the oil firms opted to split the upward adjustment into two.

This week’s price rollback, meanwhile, was brought about by easing tensions in the Middle East, Jetti Petroleum earlier said.

Last week, oil companies offering LPG (liquefied petroleum gas) announced a P1 per kilogram rollback in LPG prices. This reflected the international contract price of LPG for the month of July. Lenie Lectura

4,100 ppm of mercury, warning “mercury accumulates in the body and can damage the kidneys, brain and nervous system” and that “it may affect reproduction and the unborn child.”

In 2024, the government of Singapore also banned 88 Total White Underarm Cream for containing mercury and other banned ingredients such as betamethasone (a potent steroid) and salicylic acid (an anti-acne and exfoliating agent). After applying the said cream, a woman suffered from a severe skin reaction requiring hospitalization.

According to an alert published by Singapore’s Health Sciences Authority (HSA), the woman was “diagnosed with allergic contact dermatitis and drug reaction with eosinophilia and systemic symptoms [DRESS] due to mercury exposure.” As explained by HSA, “DRESS syndrome is a severe hypersensitivity reaction characterized by skin rash, blood abnormalities, and multi-organ involvement [e.g., injury to the liver and or kidneys], which can be life-threatening.”

In the same year, the government

of Hong Kong conducted an operation against the sale of 88 Total White Underarm Cream, which was found to contain betamethasone, an undeclared steroid substance for treating inflammation. Hong Kong’s Department of Health warned, “Inappropriate application of steroids could cause skin problems and systemic side effects such as moon face, high blood pressure, high blood sugar, skin atrophy, adrenal insufficiency, and osteoporosis.” Also in 2024, the EcoWaste Coalition reported to the FDA its discovery of mercury-containing Pumepime Total White Underarm Cream and Q-nic Care Whitening Underarm Cream, which both originated from Thailand. The latter was consequently banned through Advisory No. 2024-1717. To prevent mercury exposure, the EcoWaste Coalition repeated its call on the general public to accept our natural skin tone and refuse chemical whiteners, particularly those already flagged by the FDA for containing mercury and/or for lacking market authorization.

Malacañang affirms P17 trillion PHL debt sustainable; govt eyes lower ratio by 2028

MALACAÑANG is confident the government’s current debt levels remain at a sustainable level.

Citing the Department of Finance (DOF), Palace Press Office Claire Castro said the country’s P17 trillion debt puts the country’s debt-to-gross domestic (GDP) ratio at 62 percent.

“This, according to our Department of Finance, is sustainable, we are at a sustainable level because the international threshold for the debt-to-GDP ratio is 70 percent,” she said.

According to the World Bank, the accepted debt-to-GDP ratio is 70 percent. The Marcos administration is aiming to bring a lower debtto-GDP ratio to 60.4 percent

this year. By 2028, it is hoped to bring it down further to 56.3 percent.

Of the country’s existing debt, Castro said only P4 trillion was loaned during the Marcos administration, while the rest were from previous administrations.

She noted that amount was mostly used for growth enhancing investments such as infrastructure, education, agriculture, health and social services.

“We will see what the President and the government have done to help our farmers, our fishermen; including the increase in aid and assistance to our countrymen—you will see that,” Castro said in Filipino. Samuel P. Medenilla

Editor: Angel R. Calso

Airstrikes and missiles: Israel and Houthi rebels exchange blows in Yemen conflict

By Jon Gambrell The Associated Press

DUBAI, United Arab Emirates—

Israel’s military launched airstrikes early Monday targeting ports and facilities held by Yemen’s Houthi rebels, with the rebels responding with missile fire targeting Israel.

The airstrikes came after an attack Sunday targeting a Liberianflagged ship in the Red Sea that caught fire and took on water, later forcing its crew to abandon the vessel.

Suspicion for the attack on the Greek-owned bulk carrier Magic Seas immediately fell on the Houthis, particularly as a security firm said bomb-carrying drone boats appeared to hit the ship after it was targeted by small arms and rocket-propelled grenades. The rebels’ media reported on the attack but did not claim it. It can take them hours or even days before they acknowledge an assault.

A renewed Houthi campaign against shipping could again draw in US and Western forces to the area, particularly after President Donald Trump targeted the rebels in a major airstrike campaign.

The ship attack comes at a sensitive moment in the Middle East, as a possible ceasefire in the IsraelHamas war hangs in the balance and as Iran weighs whether to restart negotiations over its nuclear program following American airstrikes targeting its most-sensitive atomic sites during an Israeli war against the Islamic Republic. Israeli Prime Minister Benjamin Netanyahu also was traveling to Washington to meet with Trump.

Israeli strikes target Houthiheld ports

THE Israeli military said it struck Houthi-held ports at Hodeida, Ras Isa and Salif, as well as the Ras Kanatib power plant. It released footage showing an F-16 launching from Israel for the strike, which came after the Israeli military issued a warning for the area.

“These ports are used by the Houthi terrorist regime to transfer weapons from the Iranian regime, which are employed to carry out terrorist operations against the state of Israel and its allies,” the Israeli military said.

The Israeli military also said it struck the Galaxy Leader, a vehicle-carrying vessel that the Houthis seized back in November 2023 when they began their attacks in the Red Sea corridor over the Israel-Hamas war.

“Houthi forces installed a radar system on the ship and have been using it to track vessels in the international maritime arena to facilitate further terrorist activities,” the Israeli military said.

The Bahamas-flagged Galaxy Leader was affiliated with an Israeli billionaire. It said no Israelis were on board. The ship had been operated by a Japanese firm NYK Line.

The Houthis acknowledged

bulk carrier Magic Seas is seen in Ambelakia Bay, Salamis Island, Greece, August 9, 2022.

the strikes, but offered no damage assessment from the attack. Their military spokesman, Brig. Gen. Yahya Saree, claimed its air defense forces “effectively confronted” the Israelis without offering evidence.

Israel has repeatedly attacked Houthi areas in Yemen, including a naval strike in June. Both Israel and the United States have struck ports in the area in the past—including an American attack that killed 74 people in April—but Israel is now acting alone in attacking the rebels as they continue to fire missiles at Israel.

Israel’s Defense Minister Israel Katz threatened further strikes.

“What’s true for Iran is true for Yemen,” Katz said in a statement. “Anyone who raises a hand against Israel will have it cut off.

The Houthis will continue to pay a heavy price for their actions.”

The Houthis then responded with an apparent missile attack

AP

on Israel. The Israeli military said it attempted to intercept the two missiles launched by the Houthis, but they appeared to make impact, though no injuries have been reported. Sirens sounded in the West Bank and along the Dead Sea.

Ship attack forces crew to abandon vessel

THE attack on the Magic Seas, a bulk carrier heading north to Egypt’s Suez Canal, happened some 100 kilometers (60 miles) southwest of Hodeida, Yemen, which is held by the Houthis. The British military’s United Kingdom Maritime Trade Operations center first said that an armed security team on the vessel had returned fire against an initial attack of gunfire and rocket-propelled grenades, though the vessel later was struck by projectiles.

Ambrey, a private maritime security firm, issued an alert saying a merchant ship had been “attacked

by eight skiffs while transiting northbound in the Red Sea.”

Ambrey later said the ship also had been attacked by bomb-carrying drone boats, which could be a major escalation. It said two drone boats struck the ship, while another two had been destroyed by the armed guards on board.

The United Kingdom Maritime Trade Operations center said the ship was taking on water and its crew had abandoned the vessel. They were rescued by a passing ship, it added.

The US Navy’s Mideast-based 5th Fleet referred questions to the military’s Central Command, which said it was aware of the incident without elaborating.

“The attack also proves once again that the Houthis are merely a front for an Iranian scheme using Yemen as a platform to undermine regional and global stability, at a time when Tehran continues to arm the militia and provide it with military technology, including missiles, aircraft, drones, and sea mines,” al-Eryani wrote on the social platform X.

The Magic Seas’ owners did not respond to a request for comment.

Houthi attacks came over IsraelHamas war

THE Houthi rebels have been launching missile and drone attacks against commercial and military ships in the region in what the group’s leadership has described as an effort to end Israel’s offensive against Hamas in the Gaza Strip.

The group’s al-Masirah satellite news channel acknowledged the attack occurred, but offered no other comment on it as it aired a speech by its secretive leader, Abdul Malik al-Houthi. However, Ambrey said the Magic Seas met “the established Houthi target profile,” without elaborating. Between November 2023 and January 2025, the Houthis targeted more than 100 merchant vessels with missiles and drones, sinking two of them and killing four sailors. Their campaign has greatly reduced the flow of trade through the Red Sea corridor, which typically sees $1 trillion of goods move through it annually. Shipping through the Red Sea, while still lower than normal, has increased in recent weeks.

The Houthis paused attacks until the US launched a broad assault against the rebels in midMarch. That ended weeks later and the Houthis haven’t attacked a vessel, though they have continued occasional missile attacks targeting Israel.

Moammar al-Eryani, the information minister for Yemen’s exiled government opposing the Houthis, identified the vessel attacked as the Magic Seas and blamed the rebels. The ship had been broadcasting it had an armed security team on board in the vicinity the attack took place and had been heading north.

Russia and Ukraine intensify drone warfare as Kyiv signs deals to boost drone production

By The Associated Press

RUSSIA and Ukraine struck each other with hundreds of drones on Sunday, throwing Russian air travel in disarray, shortly after Ukrainian President Volodymyr Zelenskyy announced deals with Western partners that would allow Kyiv to scale up drone production.

Photos circulating on social media showed crowds huddling at Russian airports

including key international hubs in Moscow and St. Petersburg, as hundreds of flights were delayed or canceled due to Ukrainian drone strikes on Saturday and overnight, according to Russia’s Transport Ministry.

The flight disruptions hit Moscow’s Sheremetyevo and St. Petersburg’s main Pulkovo airports. Other airports in western and central Russia also faced disruptions. Russian air defenses shot down 120 Ukrainian drones during the nighttime

attacks, and 39 more before 2 p.m. Moscow time (1100 GMT) on Sunday, Russia’s Defense Ministry said. It did not clarify how many had hit targets, or how many had been launched in total.

Early on Sunday, Ukrainian drones injured two civilians in Russia’s Belgorod region near the border, its Gov. Vyacheslav Gladkov said.

Russia pounded Kyiv last week

THE Ukrainian attacks came just days after Russia pummeled Kyiv with waves of drones and missiles overnight into Friday, in what Ukrainian officials called the largest such strike since Moscow’s all-out invasion.

The seven-hour onslaught killed at least two civilians, wounded dozens more and caused widespread damage, Ukraine said, while Moscow ramped up its

and missiles across Ukraine

according to the country’s air force. The barrages have coincided with a concerted Russian effort to break through parts of the roughly 1,000-kilometer (620-mile)

A Russian attack involving Shahed

THE Liberian-flagged

Tuesday, July 8, 2025 A7

Death toll in Texas flash floods rises to 82 as 10 campers remain missing

By Jim Vertuno & John Seewer

The Associated Press

KERRVILLE, Texas—Families sifted through waterlogged debris Sunday and stepped inside empty cabins at Camp Mystic, an all-girls summer camp ripped apart by flash floods that washed homes off their foundations and killed at least 82 people in central Texas.

Rescuers maneuvering through challenging terrain, high waters and snakes including water moccasins continued their desperate search for the missing, including 10 girls and a counselor from the camp. For the first time since the storms began pounding Texas, Gov. Greg Abbott said there were 41 people confirmed to be unaccounted for across the state and more could be missing.

In Kerr County, home to Camp Mystic and other youth camps in the Texas Hill Country, searchers have found the bodies of 68 people, including 28 children, Sheriff Larry Leitha said in the afternoon.

He pledged to keep searching until “everybody is found” from Friday’s flash floods. Ten other deaths were reported in Travis, Burnet, Kendall, Tom Green and Williamson counties, according to local officials. The death toll is certain to rise over the next few days, said Col. Freeman Martin of the Texas Department of Public Safety.

The governor warned that additional rounds of heavy rains lasting into Tuesday could produce more lifethreatening flooding, especially in places already saturated.

As he spoke at a news conference in Austin, emergency alerts lit up mobile phones in Kerr County that warned of “High confidence of river flooding” and a loudspeaker near Camp Mystic urged people to leave. Minutes later, however, authorities on the scene said there was no risk.

Families were allowed to look around the camp beginning Sunday morning. One girl walked out of a building carrying a large bell. A man, who said his daughter was rescued from a cabin on the highest point in the camp, walked a riverbank, looking in clumps of trees and under big rocks.

A woman and a teenage girl, both wearing rubber waders, briefly went inside one of the cabins, which stood next to a pile of soaked mattresses, a storage trunk, and clothes. At one point, the pair doubled over, sobbing before they embraced.

One family left with a blue footlocker. A teenage girl had tears running down her face looking out the open window, gazing at the wreckage as they slowly drove away.

Searching the disaster zone

WHILE the families saw the devastation for the first time, nearby crews operating heavy equipment pulled tree trunks and tangled branches from the water as they searched the river.

With each passing hour, the outlook of finding more survivors became even more bleak. Volunteers and some families of the missing who drove to the disaster zone searched the riverbanks despite being asked not to do so.

Authorities faced growing questions about whether enough warnings were issued in an area long vulnerable to flooding and whether enough preparations were made.

President Donald Trump signed a major disaster declaration Sunday for Kerr County, activating the Federal Emergency Management Agency to Texas.

The president said he would likely visit Friday. “I would have done it today, but we’d just be in their way,” he told reporters before boarding Air Force One back to Washington after spending the weekend at his golf club in Bedminster, New Jersey. “It’s a horrible thing that took place, absolutely horrible.”

The destructive, fast-moving waters rose 26 feet (8 meters) on the river in only 45 minutes before daybreak Friday, washing away homes and vehicles. The danger was not over as flash flood watches remained in effect and more rain fell in central Texas on Sunday.

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. Officials said more than 850 people were rescued in the first 36 hours.

Prayers in Texas–and from the Vatican 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.

In Rome, Pope Leo XIV offered special prayers for those touched by the disaster. History’s first American pope spoke in English at the end of his Sunday noon blessing, “I would like to express sincere condolences to all the families who have lost loved ones, in particular their daughters who were in summer camp, in the disaster caused by the flooding of the Guadalupe River in Texas in the United States. We pray for them.”

US govt to send letters warning of higher tariffs to countries failing to meet trade deal deadline

By Ellen Knickmeyer & Michelle L. Price The Associated Press

WASHINGTON—The

Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in August 1.

That furthers the uncertainty for businesses, consumers and America’s trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more push off imposing the rates. Trump and his top trade advisers say he could extend the time for dealmaking but they insist the administration is

applying maximum pressure on other nations.

Kevin Hassett, director of the White House National Economic Council, told CBS’ “Face the Nation” on Sunday that Trump would decide when it was time to give up on negotiations.

“The United States is always willing to talk to everybody about everything,” Hassett said. “There are deadlines, and there are things

that are close, so maybe things will push back past the deadline or maybe they won’t. In the end the president is going to make that judgment.”

Stephen Miran, the chair of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could “sort of, get the date rolled.”

The steeper tariffs that Trump announced April 2 threatened to overhaul the global economy and lead to broader trade wars. A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect. The negotiating window until July 9 has led to announced deals only with the United Kingdom and Vietnam. Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the US, and a 10% baseline tax on imports from all countries in response to what he called an economic emergency. There are separate 50% tariffs on steel and aluminum and a 25% tariff on autos.

Since April, few foreign governments have set new trade terms

with Washington as the Republican president demanded.

Trump told reporters Friday that his administration might be sending out letters as early as Saturday to countries spelling out their tariff rates if they did not reach a deal, but that the US would not start collecting those taxes until August 1. On Sunday, he said he would send out letters starting Monday—“could be 12, could be 15”—to foreign governments reflecting planned tariffs for each.

“We’ve made deals also,” Trump told reporters before heading back to the White House from his home in New Jersey. “So we’ll get to have a combination of letters, and some deals have been made.”

He and his advisers have declined to say which countries would receive the letters.

Treasury Secretary Scott Bessent rejected the idea that August 1 was a new deadline and declined to say what might happen Wednesday.

“We’ll see,” Bessent said on CNN’s State of the Union. “I’m not going to give away the playbook.”

He said the US was “close to several deals,” and predicted sev -

eral big announcements over the next few days. He gave no details.

“I think we’re going to see a lot of deals very quickly,” Bessent said.

Later Sunday, Trump vowed to impose more tariffs against the BRICS bloc of developing nations, which had condemned tariffs increases at its summit in Brazil.

Trump said in a post on his social media platform that any country aligning itself with what he termed “the Anti-American policies of BRICS” would be levied an added 10% tariff.

Trump has announced a deal with Vietnam that would allow US goods to enter the country dutyfree, while Vietnamese exports to the US would face a 20% levy.

That was a decline from the 46% tax on Vietnamese imports he proposed in April—one of his so-called reciprocal tariffs targeting dozens of countries with which the US runs a trade deficit.

Asked if he expected to reach deals with the European Union or India, Trump said Friday that “letters are better for us” because there are so many countries involved.

“We have India coming up and with Vietnam, we did it, but much

easier to send a letter saying, ‘Listen, we know we have a certain deficit, or in some cases a surplus, but not too many. And this is what you’re going to have to pay if you want to do business in the United States.”

Canada, however, will not be one of the countries receiving letters, Trump’s ambassador, Pete Hoekstra, said Friday after trade talks between the two countries recently resumed.

“Canada is one of our biggest trading partners,” Hoekstra told CTV News in an interview in Ottawa. “We’re going to have a deal that’s articulated.”

Canadian Prime Minister Mark Carney has said he wants a new deal in place by July 21 or Canada will increase trade countermeasures.

Hoekstra would not commit to a date for a trade agreement and said even with a deal, Canada could still face some tariffs. But “we’re not going to send Canada just a letter,” he said.

Price reported from Bridgewater, New Jersey. AP Business Writer Matt O’Brien in Providence, Rhode Island, contributed to this report.

Nations chase US trade deals as Bessent hints at extension

By Brendan Murray

MAJOR US trading partners hurried over the weekend to secure trade deals or lobby for extra time, while Treasury Secretary Scott Bessent indicated that some countries lacking an agreement by the deadline Wednesday will have the option of a three-week extension to negotiate.

“We’re going to be very busy over the next 72 hours,” Bessent said Sunday on CNN’s State of the Union, referring to the time left before the administration’s July 9 deadline.

Trump said in a social media post late on Sunday night that tariff letters would start being delivered from midday on Monday, Washington time. He had said earlier that letters to between 12 and 15 trading partners would start going out on Monday,

while suggesting that some agreements are in the offing, too. “I think we’ll have most countries done by July 9—either a letter or a deal,” he said earlier.

In interviews with two programs Sunday, Bessent signaled that letters President Donald Trump is poised to send trading partners this week aren’t the final word on countries’ immediate tariff rates. The levies will kick in August 1, so there’s

still time for those that aren’t close to an agreement to bring offers to the table, he said.

“Tariffs go into effect August 1, but the president is setting the rates and the deals right now,” Commerce Secretary Howard Lutnick told reporters alongside Trump later Sunday while boarding the presidential plane back to Washington.

For weeks, the administration has

signaled that Trump’s reciprocal tariffs will revert on July 9 to their higher April 2 levels for countries that fail to secure an accord aimed at reducing US trade imbalances. Bessent acknowledged that the sheer number of ongoing discussions is complicating the final stages.

There’s a lot of congestion going into the home stretch,” the Treasury chief said on Fox News Sunday. “So by telling our trading partners that they could boomerang back to the April 2 date, think it’s really going to move things along the next couple of days and weeks.”

Trump told reporters over the Fourth of July weekend that he “signed some letters and they’ll go out on Monday—probably 12” initially. He declined to identify the

See “Nations,” A11

Immigration raids derail Los Angeles economy as workers go into hiding

By John Gittelsohn

LOS ANGELES was already struggling to revive its fragile economy after the most destructive wildfires in its history erupted six months ago. Now, immigration raids are driving workers crucial to the rebuilding into the shadows.

Framers and landscapers are abandoning job sites. Renovations of retail shops have stopped midway. Real estate developers say they’re struggling to find crews to keep projects on track in a sector that relies heavily on immigrant labor.

“We don’t have enough people to staff the work and we’re scrambling to figure it out,” said Arturo Sneider, chief executive officer of Primestor, a manager of $1.2 billion in shopping centers and 3,000 apartments under development in California and three other states.

“It’s triggering delays.”

President Donald Trump’s deportation campaign has roiled workplaces and communities from Florida to Illinois and New York. But few places are feeling the shock as acutely as LA, a longtime sanctuary city and home to one of the nation’s largest migrant labor forces.

Between June 6 and June 22, immigration agents arrested more than 1,600 people across the LA area—at car washes, construction sites and day-laborer hubs such as Home Depot parking lots. The scope of the crackdown has rattled neighborhoods. Businesses have shuttered, police overtime costs have surged and Fourth of July events in Latino

areas were canceled amid fears of apprehensions.

The wave of detentions sparked a week of protests in downtown LA and outlying suburbs, some turning violent. Trump deployed the National Guard and US Marines to protect federal property, dismissing the objections of Democratic Governor Gavin Newsom.

While the demonstrations have largely eased, the Trump administration escalated tensions last week by suing LA over its refusal to cooperate with federal agents. Homeland Security officials argued in the case that the city’s sanctuary policies—which limit local cooperation with federal immigration authorities—obstruct enforcement and create instability.

Mayor Karen Bass vowed to fight the lawsuit despite the cost to the city’s already stretched budget. The raids are doing “severe economic damage” and undercutting efforts to rebuild after the fires, she said.

“We know that Los Angeles is the test case, and we will stand strong,” Bass said. “We do so because the people snatched off city streets and chased through parking lots are our coworkers, our neighbors, our family members, and they are Angelenos.”

California reaches $321 billion budget deal boosting Hollywood A DHS official disputed the link between economic health and immigration enforcement.

“If there was any correlation between rampant illegal immigration and a good economy, Biden would have had a booming economy,” Department of Homeland Security Assistant Secretary Tricia McLaughlin said in an emailed statement.

Before the raids, the secondlargest US city was already facing economic strains unlike any in decades.

Imports through the Port of Los Angeles, a key gateway for global commerce, dropped 19% in April from a month earlier as Trump’s tariffs disrupted trade flows. Hollywood studios are losing ground to overseas markets, prompting California lawmakers to double film tax incentives to $750 million.

Housing permits, which had already plunged 57% in the city of LA during the first quarter, had just begun to rebound before migrant arrests surged in June, according to real estate consulting firm Hilgard Analytics.

“Papers or not, fear spreads quickly,” Hilgard Founding Principal Joshua Baum said. “When workers do not feel safe showing up to job sites, it slows down not only the pace of construction but also the willingness to propose new projects in the first place.”

The scale of the reconstruction effort is immense. The wildfires, which erupted January 7, torched more than 16,000 structures across the region, from Pacific Palisades to Altadena.

Rebuilding those areas could require an additional 70,000 workers by mid-2026, according to a report by the Urban Land Institute, University of California at

Los Angeles and the University of Southern California. Today’s construction workforce in LA County is about 145,000.

Some contractors are taking extraordinary measures to shield workers, said Clare De Briere, founder of LA-based C+C Ventures and a lead author of a post-fire rebuilding report. An example is moving portable toilets from the curbs to backyards so workers won’t be visible from the street, she said.

“We’re already labor challenged and you’re adding unpredictability through the raids, which is only going to increase costs and slow things down,” De Briere said. “Nothing good related to these projects is going to come from ICE raids.”

Reconstruction is barely getting going. In the Eaton Fire zone east of LA, only 66 building permits have been issued out of more than 900 applications. About 150 scorched lots are up for sale—a number that keeps growing as more owners discover they can’t afford to rebuild.

“Already people trying to rebuild

Climate of fear NEW social media videos, mostly shot on shaky cellphones, are circulating daily and spreading fear.

They’ve shown workers handcuffed at the Bubble Bath car wash. A team in military uniforms was recorded blowing open a home in pursuit of a suspect. A blue-vested Walmart employee was taken into custody after trying to protect a colleague. A landscape worker and father of three US Marines was punched repeatedly during a take down.

have huge gaps in financing, where every dollar counts,” Tim Kawahara, executive director of the Ziman Center for Real Estate at UCLA, said in an interview. “Increased labor costs will just add to that and potentially make it more challenging to rebuild.”

LA County had about 3.4 million immigrants—a third of its population—including almost 700,000 undocumented residents in 2019, according to a report by the Los Angeles Economic Development Corp., which is preparing a study of the deportation campaign’s economic impact. An estimated 14.5% of the construction workforce was undocumented, second only to 17.1% in hospitality, the report said.

The full impact of the immigration enforcement is hard to track because many workers toil in the underground economy.

One early indicator: Ridership on LA public transit fell as much as 15% in the two weeks after immigration raids began June 6, the first drop after 30 months of gains, according to LA Metro spokesman Patrick Chandler.

“The community feels hunted,” said Angelica Salas, executive director of the Coalition for Humane Immigrant Rights of Los Angeles. Her group joined a lawsuit last week accusing federal agencies of targeting people “on the basis of their skin color and occupation” in mass roundups. People are scared because the apprehensions are conducted in some cases by agents wearing masks, with little explanation or identification.

“You have a concern about being targeted, because of the way you look,” said Sneider, who said his projects in Arizona and Nevada have been disrupted as well. “So even people that have full citizenship or status are concerned to just go out.”

Agents detained about 30 people at a Home Depot parking lot in Hollywood on June 19, including a US citizen who recorded an agent smashing a truck window.  A week later, day laborers waited warily for work outside the store, many now keeping their documentation close-at-hand.

“I’ve got my Real ID here and my passport at home,” said Melvin Maldonado, a native of Guatemala who offered handyman services for $30 an hour. “We’re good people, trying to feed our families.” With assistance from Isabela Fleischmann, Laura Curtis and Brendan Case / Bloomberg

THE scope of the crackdown has rattled neighborhoods, and businesses have shuttered. BLOOMBERG

A10

UK business leaders ‘struggling to see what’s business-friendly’ about Labour

By Jamie Nimmo, Irina Anghel & Jennifer Creery

BEFORE taking office last July, UK Chancellor of the Exchequer Rachel Reeves met business leaders over a series of breakfasts that became known as the smoked salmon and scrambled eggs offensive. British bosses were clamoring for change after 14 years of rule by the opposition Conservative party, and her pitch went down well.

But a year on from the Labour Party’s landslide election win, that initial optimism has been replaced by discontent over tax increases, persistent red tape and a lack of dialogue with the government. A spike in borrowing costs and a lack of economic growth haven’t helped matters. Companies say they are being forced to cut jobs, delay investment—and in some cases, move their listings altogether.

“I’m struggling to see what’s business-friendly so far,” said Bernard Fairman, executive chairman of Foresight Group, an infrastructure investment firm.

The government is faced with a balancing act—appeasing companies as well as the unions that help support the party financially;

appealing to its traditional leftwing base while trying to win over Conservative supporters and voters who may be veering toward the populist Reform UK party. At the moment, it doesn’t appear to be satisfying any of them.

Last week’s market turmoil following an emotional appearance by Reeves in Parliament and Prime Minister Keir Starmer’s move to water down planned welfare reforms has fueled concerns that the party has lost the support of business, which it needs to help deliver jobs and economic growth. Talk that the head of Britain’s biggest company would like to move its listing to the US didn’t help.

“We thought we had a really strong relationship, but then those

sorts of surprises where we had significant business cost hikes were a kind of reset moment,” said Stephen Phipson, chief executive officer of manufacturing body Make UK.

The Department for Business and Trade declined to comment.

The British economy was already on shaky ground when Labour took office and has seen little improvement so far. A growth spurt at the start of the year was quickly followed by the sharpest monthly economic contraction since October 2023, driven by US President Donald Trump’s tariffs and the UK government’s own tax hikes.

That’s added to the extent of the economic repair job facing the government. In the run-up to the election, Labour had promised not to touch income tax, value-added tax or national insurance. But shortly after taking office, Reeves declared that a £22 billion ($30 billion) black hole in the country’s finances meant drastic measures would be necessary.

Business has borne the brunt, in the form of higher taxes. National insurance contributions (NICs) paid by employers rose in April, a move the government has said will raise £25 billion a year. At the same time, the minimum wage spiked, dealing a double blow to companies with big payrolls. Retailers such as J Sainsbury Plc and Tesco Plc have complained about the tax rise and announced job cuts.

A high tax burden is “dampening the contribution” retailers can make to the economy, Currys Plc CEO Alex Baldock told reporters on Thursday. “We want to be powering employment and growth, not employing fewer people,” he said.

The rise in NICs has already cost the economy jobs and pushed

up food prices as businesses pass on the increase to consumers, according to Bank of England Governor Andrew Bailey. But with policymakers still on guard against sticky price pressures, the central bank is expected to provide only limited borrowing-cost relief.

Last week’s U-turn on welfare reforms has left the government with an additional £5 billion to find. Cabinet minister Pat McFadden said Labour would stick to its election tax pledge, despite the need for more savings.

“The fact that they’ve boxed themselves in, not being able to put up taxes last time round, is going to cause greater pain when they finally put up taxes in this autumn statement,” said Julian Morse, CEO of investment bank Cavendish Plc.

The abolition of a two-centuryold tax break for non-domiciled residents—well-heeled residents from overseas referred to as “nondoms”—has also had an outsized impact on the business community.

A Bloomberg analysis last

He’s not the only person to feel blindsided. “It’s not just the NICs increase, but the inheritance tax increases, the national living wage, that whole package of things,” said Make UK’s Phipson. “Although it was hinted at, there was no real dialogue.”

month showed a spike in departing business leaders, with more than 4,400 disclosing an overseas move in the last year or so. If non-doms leave at the pace some advisers are predicting, recent studies indicate thousands of jobs may disappear along with as much as £12.2 billion over the coming four years.

“If you put taxes up, there are consequences in behavior,” said Foresight’s Fairman. “It doesn’t always mean you raise more money.”

Red tape continues to vex business leaders too. Pascal Soriot, CEO of AstraZeneca Plc, has expressed his frustration at the UK’s regulatory regime for medicines. In January, the drugmaker—Britain’s largest listed company—abandoned plans to invest £450 million in a UK vaccine manufacturing plant, following protracted wrangling with Labour over state funding.

Last week, the London-based Times reported that Soriot would like to move the drugmaker’s listing to the US. Other smaller companies such as Flutter Entertainment Plc and CRH Plc have already switched their primary listings to New York amid frustration with lower valuations in London.

And a visa clampdown announced in May, seen as an attempt to appeal to voters who might be attracted by Reform UK, will have a big impact on businesses that rely heavily on workers from abroad, in particular care-home operators. Overseas recruitment in the care sector will end within months, a move the charity Care England described as “a crushing blow to an already fragile sector.”

For some CEOs, the bigger concern is lack of interaction with the government. Since the smoked salmon and scrambled eggs offensive, there’s been little dialogue, according to one chief executive who has acted as an advisor to the government. Labour has been open to ideas, he said, but has used them to create policies without a sense-check from businesses. If he were to grade the government’s performance, he added, he would give it a “C.”

The government has announced some pro-business measures, such as capping corporation tax at 25%. But even the long-awaited Industrial Strategy—a welcome grand vision for growing the economy, launched last month—lacked depth and clarity, according to two prominent CEOs, who declined to be named discussing sensitive matters. That’s at a time when Britain’s ailing industries need all the help they can get. In March, Vauxhall’s Luton van plant became the latest in a series of vehicle factories to close its doors. Earlier this year, the government was forced to step in and take over operational control of British Steel, which owns the UK’s last remaining blast furnace. And the collapse last week of the Lindsey oil refinery in northeast England, one of only a handful left in the UK, further highlighted Britain’s industrial crisis. Andrew Griffith, the shadow business secretary, said companies were hoping for “some enterprisefriendly stability” under Labour. “In 12 short months, they have been firmly disabused of that,” he said. “Other than a few subsidy junkies, you’d be hard pressed to find a single business leader who backed them then, who still does today,” he said. Still, after a tough spring, there are signs of some economic green shoots. Britain’s private sector expanded at the fastest pace in nine months in June, according to S&P Global’s closely watched survey. A BOE poll of finance chiefs showed hiring intentions for the year ahead are at their strongest since October. Trump’s tariffs have done less damage than feared, and the UK’s trade agreements with the US, India and the European Union have further calmed anxieties. A plan to revive investment in new onshore wind farms in England was announced on Friday, almost a year after lifting a de facto ban. Still, whatever the positive signs, business is gearing up for a fight if the government wants to lift taxes again.

The government has laid “solid foundations” for growth, said Rain Newton-Smith, chief executive of the Confederation of British Industry. However, she added, the effects are being limited by the cost burden firms are facing. “Companies have responded by cutting back on investment, hiring and pay,” she added, “making it vital that we avoid further tax rises on business at the next budget.” Bloomberg News

Thailand offers US more trade concessions to avert 36% levy

By Patpicha Tanakasempipat

THAILAND is making a lastditch effort to avert a punitive 36% export levy threatened by the Trump administration with offers of greater market access for US farm and industrial goods, along with increased purchases of energy and Boeing jets.  Bangkok’s latest proposal aims to boost bilateral trade volume and reduce Thailand’s $46 billion trade surplus with the US by 70% within five years, reaching balance in seven to eight years, Finance Minister Pichai Chunhavajira told Bloomberg News in an interview late Sunday. That’s quicker than the pledge to wipe the gap in a decade under an earlier proposal submitted by Thailand.

The revised proposal was submitted Sunday night, just days before the end of the 90-day tariff pause announced by President Donald Trump. If accepted, Thailand can immediately waive import tariffs or non-tariff barriers for a majority of the products, while phasing out restrictions more gradually for a smaller set of goods, he said.

The revisions followed Pichai’s meeting Thursday with US Trade Representative Jamieson Greer and Deputy Secretary of Treasury Michael Faulkender in the first ministerial-level tariff talks. As many of the US products which will gain greater access into the Thai market are in short supply locally, they are unlikely to hurt local farmers or producers, Pichai said.

“What we’re offering them is a mutually beneficial proposal,” Pichai said. “The US can trade more with us and we get to the chance to clean up our process and cut red tapes.”

Thailand is one of several countries racing to finalize a deal with the US and avoid steep tariffs. Failure to secure a reduced tariff with its largest export market could result in a sharp decline in merchandise shipments and shave as much as one percentage point off Thailand’s projected economic growth.

The hills along the Guadalupe River 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 popular around the Independence Day holiday, making it more difficult to know how many are missing.

Harrowing escapes from floodwaters SURVIVORS shared terrifying stories of being swept away and clinging to trees as rampaging floodwaters carried trees and cars past them. Others fled to attics inside their homes, praying the water wouldn’t reach them.

At Camp Mystic, a cabin full of girls held onto a rope strung by rescuers as they walked across a bridge with water whipping around their legs. Among those confirmed dead were an 8-yearold girl from Mountain Brook, Alabama, who was

Neighboring Vietnam secured a deal last week, with Trump announcing a 20% tariff on its exports and a 40% rate on goods deemed to be transshipped. US Treasury Secretary Scott Bessent has indicated that some countries lacking an agreement by the July 9 deadline will be able to negotiate until the tariffs kick in on August 1.

Thailand is pushing for a bestcase rate of 10%, Pichai said, adding that even a range of between 10% to 20% would be acceptable. “The worst thing that can happen is we get the worst deal out of our regional neighbors.”

Thailand has also made more “aggressive” adjustments to plans for purchasing US energy—particularly liquefied natural gas— and Boeing aircraft, which are expected to significantly reduce the trade imbalance, Pichai said. Thai petrochemical companies including SCG Chemicals Pcl and PTT Global Chemical Pcl have pledged to import more US ethane. PTT Pcl has said it could buy two million tons of LNG from the Alaska gas project annually over a 20-year term, while statecontrolled companies are exploring interests in co-developing the project. National flag carrier Thai Airways has indicated it could buy as many as 80 Boeing jets in the coming years.

Securing a lower US tariff rate is seen as key to insulating Thailand’s trade-dependent economy from further downside. Growth is already under pressure from Southeast Asia’s highest household debt and sluggish domestic consumption. A favorable deal would also help ease investor concerns stoked by political turmoil following the court-ordered suspension of Prime Minister Paetongtarn Shinawatra over alleged ethical misconduct in handling a border dispute with Cambodia.

Thailand’s exports have surged about 15% in the first five months of the year, driven largely by frontloaded orders during the 90-day pause on proposed high tariffs. Bloomberg News

BRICS leaders condemn tariffs and Israel’s military actions without mentioning Trump

By Mauricio Savarese & Eléonore Hughes The Associated Press

RIO DE JANEIRO—The BRICS bloc of developing nations on Sunday condemned the increase of tariffs and attacks on Iran, but refrained from naming US President Donald Trump. The group’s declaration, which also took aim at Israel’s military actions in the Middle East, also spared its member Russia from criticism and mentioned war-torn Ukraine just once.

The two-day summit was marked by the absences of two of its most powerful members. China’s President Xi Jinping did not attend a BRICS summit for the first time since he became his country’s leader in 2012. Russian President Vladimir Putin, who spoke via videoconference, continues to mostly avoid traveling abroad due to an international arrest warrant issued after Russia invaded Ukraine.

In an indirect swipe at the US, the group’s declaration raised “serious concerns” about the rise of tariffs which it said were “inconsistent with WTO (World Trade Organization) rules.” The BRICS added that those restrictions “threaten to reduce global trade, disrupt global supply chains, and introduce uncertainty.”

Trump, in a post on his social media platform late Sunday, said any country that aligns itself with what he termed “the Anti-American policies of BRICS” would be levied an added 10% tariff.

Brazil’s President Luiz Inácio Lula da Silva, who hosted the summit, criticized NATO’s decision to hike military spending by 5% of GDP annually by 2035. That sentiment was later echoed in the group’s declaration.

“It is always easier to invest in war than in peace,” Lula said at the opening of the summit, which is scheduled to continue on Monday.

at Camp Mystic, and the director of another camp up the road.

Two school-age sisters from Dallas were missing after their cabin was swept away. Their parents were staying in a different cabin and were safe, but the girls’ grandparents were unaccounted for.

Locals know the Hill Country as “ flash flood alley” but the flooding in the middle of the night caught many campers and residents by surprise even though there were warnings.

Warnings came before the disaster

THE National Weather Service on Thursday advised of potential flooding and then sent out a series of flash flood warnings in the early hours of Friday before issuing flash flood emergencies—a rare alert notifying of imminent danger.

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

with China and Trump’s brief outline of a pact with Vietnam have been announced.

recipients, saying his directives involve “different amounts of money, different amounts of tariffs and somewhat different statements.”

Speaking to CNN, Bessent declined to characterize August 1 as the new deadline.

“If you want to speed things up, have at it,” he said about countries that receive a letter. “If you want to go back to the old rate, that’s your choice.” Bessent said the focus is on 18 major trading partners and several big agreements are close, even though “there’s a lot of foot-dragging on the other side.”

Trump officials have stated for weeks that multiple accords are imminent, but only a limited framework with the UK, a truce

Trump and Bessent’s latest remarks suggest talks remain fluid and deals are elusive three days before the original deadline. The Treasury secretary said Washington is applying maximum pressure on trading partners, and there’s been “very good progress” in its discussions with the European Union—a 27-nation bloc that accounts for almost one-fifth of total US goods trade.

The letters initially were supposed to go out on July 4 with a tariff imposition date of August 1, based on Trump’s earlier comments. Meanwhile, US officials have been busily negotiating through the holiday weekend, including with Japan, South Korea, the EU, India and Vietnam.

One of Trump’s signature moves in dealmaking is a unilateral threat when

Iran in attendance

IRANIAN President Masoud Pezeshkian, who was expected to attend the summit before the attacks on his country in June, sent his foreign minister Abbas Araghchi to the meeting in Rio.

The group’s declaration criticized the attacks on Iran without mentioning the US or Israel, the two nations that conducted them.

In his speech, Araghchi told leaders he had pushed for every member of the United Nations to condemn Israel strongly. He added Israel and the US should be accountable for rights violations. The Iranian foreign minister said the aftermath of the war “will not be limited” to one country.

“The entire region and beyond will be damaged,” Araghchi said.

BRICS leaders expressed “grave concern” for the humanitarian situation in Gaza, called for the release of all hostages, a return to the negotiating table and reaffirmed their commitment to the two-state solution.

Later, Iran’s Araghchi said in a separate statement on messaging app Telegram that his government had expressed its reservation regarding a two-state solution in a note, saying it will not work “just as it has not worked in the past.”

Also on Telegram, Russia’s foreign ministry in another statement named the US and Israel, and condemned the “unprovoked military strikes” against Iran.

Russia spared THE group’s 31-page declaration mentions Ukraine just once, while condemning “in the strongest terms” recent Ukrainian attacks on Russia.

“We recall our national positions concerning the conflict in Ukraine as expressed in the appropriate fora, including the UN Security Council and the UN General Assembly,” the group said.

they were watching the weather the day before ending 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.

Kerrville City Manager Dalton Rice said authorities are committed to a full review of the emergency response, including how the public was alerted to the storm threat.

Trump, asked whether he was still planning to phase out the Federal Emergency Management Agency, said that was something “we can talk about later, but right now we are busy working.” He has previously said he wants to overhaul if not completely eliminate FEMA and has been sharply critical of its performance.

Seewer reported from Toledo, Ohio. Contributing to this report were Associated Press writers Christopher Weber in Los Angeles; Adrian Sainz in Memphis, Tennessee; Cedar Attanasio in New York; Sophia Tareen in Chicago; Michelle Price in Morristown, N.J.; and Nicole Winfield in Rome.

negotiations reach critical stages, so it’s unclear whether the letters he describes are real, or merely meant to strike fear into trading partners still reluctant to offer last-minute concessions.

After Trump announced an agreement with Vietnam last week, the country’s Ministry of Foreign Affairs said negotiators were still coordinating with their US counterparts to finalize the details.

While an interim accord with India was also expected to be reached, officials in New Delhi have signaled a tougher stance in recent days, threatening levies on some US goods in retaliation to Washington’s higher tariffs on automobiles and their components.

Seeking an extension

ALSO concerned about auto tariffs is South Korea, which has discussed with US officials

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.”

Avoid Trump’s tariffs

WHILE Lula advocated on Sunday for the reform of Western-led global institutions, Brazil aimed to avoid becoming the target of higher tariffs.

Trump has threatened to impose 100% tariffs against the bloc if they take any moves to undermine the dollar. Last year, at the summit hosted by Russia in Kazan, the Kremlin sought to develop alternatives to US-dominated payment systems which would allow it to dodge Western sanctions imp osed after Russia’s invasion of Ukraine in February 2022

Brazil decided to focus on less controversial issues in the summit, 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.

‘Best opportunity for emerging countries’ BRICS was founded by Brazil,

Vitaliy Kim. He reported warehouses and the port’s power grid were damaged but there were no casualties.

Hours later, Russia launched a glide bomb and a drone at the front-line town of Kostyantynivka in eastern Ukraine, killing four civilians and injuring a fifth, the prosecutor’s office said. The drone struck a car in which a married couple were travelling, killing the 39-year-old woman and 40-year-old man on the spot, it said.

Ukraine seeks to ramp up drone production

ZELENSKYY said on Saturday that Ukraine had inked deals with European allies and a leading US defense company to step up drone production, ensuring Kyiv receives “hundreds of thousands” more this year.

Zelenskyy did not name the US business in his nightly video address to Ukrainians, but said Ukraine and Denmark have also agreed to co-produce drones and other weapons on Danish soil.

His remarks came days after the US paused some shipments of military aid to Ukraine, including crucial air defense missiles. Ukraine’s main European backers are

extending the deadline in a last-ditch bid to avert higher levies.

B asking in a major legislative win last week and with the US stock market at record levels, Trump’s newest trade barriers risk reigniting investors’ concerns about a broad and complex new web of customs duties to be paid by American importers.

T he initial rollout of Trump’s so-called reciprocal tariffs in early April sparked fears of a US recession and sent markets tumbling. That prompted the White House to backpedal with a 90-day freeze of those rates at 10% through July 9. On top of the additional costs that tariffs create for US companies that purchase goods from abroad, domestic exporters face the possibility of retaliation from economies, including the EU.

EU member states were briefed on the status of negotiations on Friday after a

Russia, India, China and South Africa, but the group last year expanded to include Indonesia, Iran, Egypt, Ethiopia, and the United Arab Emirates. 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.

Earlier on Sunday, a pro-Israel non-profit placed dozens of rainbow flags on Ipanema beach to protest Iran’s policies regarding LGBT+ people. On Saturday, human rights group Amnesty International protested Brazil’s plans for offshore oil drilling near the mouth of the Amazon River.

For Lula, the summit is a welcome pause from a difficult domestic scenario, marked by a drop in popularity and conflict with Congress.

The meeting was also 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.

AP journalist Nasser Karimi contributed to this report from Tehran.

considering how they can help pick up the slack. Zelenskyy said plans are afoot to build up Ukraine’s domestic arms industry, but scaling up will take time.

Ukraine has previously used homemade drones to hit highvalue military targets deep inside Russia, demonstrating its capabilities and denting Moscow’s confidence. Last month, Kyiv said it destroyed more than 40 Russian planes stationed at several airfields deep inside Russia in a surprise attack.

Outmanned and outgunned, Ukraine’s army has also turned to drones to compensate for its troop shortage and shore up its defenses. While Russia has ramped up offensives this summer on two fronts in Ukraine, analysts say the front isn’t about to collapse. On Friday, Zelenskyy said he had a “very important and productive” phone call that day with US President Donald Trump, discussing possible joint drone production alongside US-led efforts to end the war.

Speaking to reporters on Sunday, Trump described the call as “good”.

“He’s been hit very hard, as I said he would. He’s been hit very hard,” he said.

Michelle L. Price contributed to this report from Washington, DC.

round of talks in Washington last week and were told that a technical agreement in principle was close, Bloomberg News previously reported.

Japan’s stance JAPANESE Prime Minister Shigeru Ishiba said the country is prepared for all possible tariff scenarios. Speaking on Fuji TV’s “Sunday News The Prime” program, he said Japan—another major auto producer trying to avoid Trump’s tariffs—is ready to “stand firm” and defend its interests while anticipating every possible situation. Cambodia’s government said in a statement on Friday that it had agreed with the US on a framework agreement that will be released publicly soon, with a pledge to continue cooperating closely. At 49%, Cambodia’s threatened reciprocal tariff was among Trump’s

highest. The Southeast Asian nation is a sizable exporter of textiles and footwear to the US. Last week Indonesia signaled confidence it is close to securing a “bold” trade deal with the US that will span critical minerals, energy, defense cooperation and market access ahead of the looming tariff deadline, according to the nation’s chief negotiator. Thailand is making a last-ditch effort to avert a 36% US tariff on its exports with offers of greater market access for US farm and industrial goods, along with increased purchases of energy and Boeing jets. With assistance from Stephanie Lai, Aya

and James Mayger/Bloomberg

Kyiv.

₧50 wage increase: A step forward or a token gesture?

THE recent announcement by the Department of Labor and Employment of a P50 daily minimum wage increase for workers in the National Capital Region has ignited a familiar debate. While the DOLE describes it as a balanced approach considering economic factors and fairness to both workers and employers, labor groups have decried it as a mere pittance, insufficient to meet the needs of struggling families. (Read the BusinessMirror story: “DOLE orders P50 wage hike for NCR workers,” July 1, 2025).

On the surface, the increase appears significant, marking the largest wage adjustment ever approved by Metro Manila’s Regional Tripartite Wages and Productivity Board. Non-agricultural workers will now receive P695 daily, up from P645, while those in the agricultural sector, retail and service establishments with 15 or fewer workers, and manufacturing firms with fewer than 10 employees will see their minimum wage rise from P608 to P658. The increase is slated to take effect on July 18, a year after the previous adjustment.

The DOLE argues that the decision reflects a careful balancing act, considering the rights of workers, the profitability of businesses, and the overall economic development objectives. Secretary Bienvenido Laguesma assures the public that the board considered the latest economic data, including the GDP growth, inflation rate, and unemployment rate. The National Wages and Productivity Commission estimates that 1.2 million minimum wage earners will directly benefit, with another 1.7 million potentially seeing adjustments due to enterprise-level corrections.

However, labor groups are not convinced. They argue that the P50 increase is far from enough to cope with the continuously rising cost of living. With a daily living wage estimated to be far higher for a family of five, the increase barely makes a dent in the poverty faced by many workers. Labor leaders criticize the wage-setting system, claiming it is designed to keep wages low and institutionalize wage inequality across regions. Some view the increase as a desperate attempt to appease workers after Congress failed to pass a national wage hike law.

Even employers, while stating they will respect the decision, have reservations. The Employers Confederation of the Philippines acknowledges the burden the increase places on businesses, particularly micro industries, while also pointing out that the increase only benefits a minority of workers. They stress the importance of considering the welfare of micro industries when setting wages.

Economists also offer differing perspectives. One economist suggests that an increase of over P100 per day would be fairer to workers, considering productivity growth. Another economist believes that increasing minimum wage should not be the priority, advocating for a focus on raising productivity and incentivizing workers through bonuses and other performance-based payments.

The P50 minimum wage hike in Metro Manila is a complex issue with no easy answers. While it represents the largest increase in the region’s history, its impact on the lives of minimum wage earners remains questionable. It is crucial for the government to continue exploring ways to improve the lives of workers, not only through wage adjustments but also through programs that promote productivity, skills development, and job creation. Only then can we ensure a truly balanced approach that benefits both workers and the economy as a whole.

Opinion

Overthinking: Investing’s silent killer

SOUTSIDE THE BOX

MART money is brilliant—but brilliance does not guarantee survival. Hedge funds with Ivy League pedigrees, institutional traders armed with algorithms, and PhDs designing models so intricate they could make Einstein squint. These are the market’s supposed apex predators, stalking profits across global exchanges. Yet time and again, they stumble into the trap of their own sophistication.

This is not because their techniques are flawed. Quite the opposite. The strategies used by hedge funds and institutional investors are engineering marvels, fine-tuned for billion-dollar portfolios. But they were never built for the average investor. You are not managing vast pools of capital. You are not boxed in by compliance departments and committee politics. You are not a lion hunting gazelles across the savannah. You are a house cat chasing sparrows in the backyard. And if you insist on acting like a lion, you are far more likely to come home hungry than triumphant.

The temptation to imitate “smart money” is strong. If the brightest minds in finance rely on derivatives, quantitative models, and Monte Carlo simulations, surely that must be the way to win. But the market is not a tidy equation. It is a living, breathing organism—messy, irrational, and driven by fear, greed, and herd psychology. No algorithm can predict a wave of panic. No spreadsheet can anticipate sudden euphoria.

Consider Long-Term Capital Management, run by Nobel laureates and hailed as financial royalty in the 1990s. Their models worked beautifully—until 1998, when they

The temptation to imitate “smart money” is strong. If the brightest minds in finance rely on derivatives, quantitative models, and Monte Carlo simulations, surely that must be the way to win. But the market is not a tidy equation. It is a living, breathing organism—messy, irrational, and driven by fear, greed, and herd psychology. No algorithm can predict a wave of panic. No spreadsheet can anticipate sudden euphoria.

collapsed so spectacularly that the Federal Reserve had to step in to save the global financial system. Or Melvin Capital, humbled in 2021 by Reddit traders who turned Game-

Stop into a meme-stock juggernaut. Or Archegos Capital, whose “sophisticated” strategy ended in a leveraged inferno that vaporized billions. These were not reckless amateurs. They were the smartest players in the room, brought down not by ignorance but by overconfidence.

The mistake is always the same: mistaking theory for reality. Models assume markets are rational. Risk

systems assume the world behaves. But reality rarely follows the script. When Russia defaults as it did in 1998, when mortgage holders stop paying, when a stock triples overnight for no discernible reason, the numbers do not simply mislead— they betray those who trusted them too much. Meanwhile, small investors enjoy a distinct advantage: agility. A Filipino retail investor with P500,000 can slip in and out of trades unnoticed. A hedge fund managing P5 billion cannot move without leaving footprints the size of crater lakes. Worse, institutional managers face career risk. A fund manager who loses money on DigiPlus Interactive looks foolish. One who loses on a small, obscure stock looks reckless. So they play it safe, follow the herd, and deliver mediocrity at scale. The numbers confirm it. Over the past 20 years, the S&P 500 has averaged about 8 percent annually. In 2024, hedge funds returned an average of just 6.7 percent, according to Preqin—after charging two percent management fees and taking 20 percent of profits. These are the “masters of the universe,” underperforming an index fund you could buy See “Mangun,” A13

Unlocking growth: Lessons from Vietnam’s rise

TV. 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

Rolando M. Manangan

Inc., with

on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue

De La Rosa Street, Makati

Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.businessmirror.com.ph

By Henry Go Conclusion

HE Philippines, however, remains bogged down by poor connectivity, congested cities, corruption and slow public works delivery. A recent review by Neda flagged 45 active ODAfunded projects—totaling over P1.3 trillion—as “Problematic” due to delays in procurement, land acquisition, and other execution hurdles (BusinessWorld, 2024). The opportunity cost of inaction is high, not just in lost investor interest but in delayed national progress.

V. Tourism: An untapped asset

Reportedly, in 2024, the tourism sector in Vietnam was up again strongly with 17.5 million visitors and earnings of $33 billion (VietnamPlus, 2024). This has been buoyed by excellent travel policies such as online visas, visa-free entry, well-developed tourist spots, and strong international promotions. Compared to that, the Philippines had only a part of 5.4 million tourists, bringing into the country about P760.5 billion (~$13 billion) (Philippine Department of Tourism, 2024). Even if it has beautiful beaches or cultural sites, serious structural deficiencies should first be fixed and resolved, otherwise, tourism will never reach its full potential.

VI. Peace and order: Stability as a strategic asset Vietnam, ranked 61st in global

safety by the World Economic Forum (2023), is seen as one of the most secure and dependable countries in Southeast Asia. Its low crime rate, stable political environment, and consistent defense spending— about 1.6 percemt of GDP—help create the right conditions for local industries like electronics, shipbuilding, and defense manufacturing to grow. Thereby increases investor confidence and national security. (Source: 2024 SIPRI Military Expenditure Database)

Although the Philippines has made progress, it still lags behind the majority of its regional peers, as evidenced by its six-place rise to 105 out of 163 on the 2025 Global Peace Index (GPI). The majority of our growing defense budget is spent on imports. Uncertainty is brought on by the West Philippine Sea tensions, pres-

The Philippines’ youthful population, abundant natural resources, and advantageous location are just a few of its many advantages. However, we will lag even more if we continue to hesitate. There isn’t much time left to catch up.

ence of foreign military bases and our weak domestic defense sector. Growth cannot occur in the absence of genuine economic and physical security. (Source: SIPRI 2024)

VII. Investment: Why Vietnam attracts more Vietnam received $38 billion in foreign investment in 2023, with $25.35 billion actually used in 2024 (The Investor Vietnam). Good governance, clear policies, and a business-friendly system helped build investor trust.

The Philippines drew only $6.2 billion in foreign investment— mostly in real estate and services— held back by outdated rules like the 60/40 ownership cap (Lloyds Bank, 2024). At the same time, the national debt hit P16.92 trillion as of May 2025 (BTr July 2025), straining the budget and leaving less room for growth. This makes attracting foreign capital even more urgent.

To ease the debt burden and boost the economy, we need fairer rules, stronger tax collection, and reforms that make investors feel confident. VIII. Foreign policy: Clear vs. confused Vietnam’s steady rise is not just about its economy—it’s also about its clear and balanced foreign policy. In 2024, it joined BRICS, giving it more access to trade and development funding.

Vietnam knows how to work with super powers like the US and China with nationalistic policies. Because of this, it surpassed the Philippines in income per person in 2025— both a real and symbolic achievement (Reuters, 2025; Manila Bulletin, 2025). The Philippines, on the other hand, sends mixed signals. It strengthens military ties with the US through EDCA and joint military exercises and SCS patrol, while also trying to stay friendly with China. This confuses investors and weakens our position in the region (Wall Street Journal, 2024). However, former Senate President Juan Miguel Zubiri and Finance Secretary Ralph Recto have stated that the Philippines could attain upper-middle income status by 2025 or 2026, depending on consistent reforms and economic performance (PNA, July 2, 2025).

John Mangun

Ambassador Antonio L. Cabangon Chua Founder

After gasoline, China’s oil refiners face a jet fuel glut

CHINA’S oil refiners are grappling with an oversupply of jet fuel, in yet another blow to the bottom line of a sector already dealing with ebbing demand for gasoline and diesel.

In the post-pandemic period, as flights returned to the skies, jet fuel was a boon for domestic refiners struggling with a sputtering economic recovery, the electrification of the car fleet and trucks turning to alternatives like liquefied natural gas. Refiners piled into aviation, using up feedstock that in the past would have gone into road-transport fuels. Now, though, there may be too much of a good thing.

Supply this year is already running over 40 percent ahead of demand, according to data from analytics firm Kpler. In the long term, structural changes, like the build out of high-speed rail, stand to limit future growth.

“Jet was China‘s solution to demand destruction in gasoil and gasoline, but all it did was shift the problem elsewhere,” said Zameer Yusof, a middle distillates analyst at Kpler, who forecasts a surplus of 390,000 barrels per day in the country this year. “Chinese international travel looks weak, contributing to the glut we’re seeing.” Granted, consumption is set to keep climbing in 2025 as more aircraft take flight and a larger proportion of the population travels—but it’s still short of the growth that the refining system needs to absorb the extra production.

A pivot toward domestic travel in recent years, at the expense of international routes, hasn’t helped, slowing the growth trajectory further. Other headwinds include an uncertain outlook for consumer spending, plus newer, more fuel-efficient aircraft and better management by airlines eager to trim the consumption necessary for each flight.

With “limited options for relief,” Chinese refinery margins will re-

Mangun.

. .

Continued from A12

on your phone during lunch.

Warren Buffett put it perfectly:

“You do not need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with the 130 IQ.” Buffett’s genius does not come from advanced mathematics or artificial intelligence. It comes from understanding human behavior. He buys what he understands. He waits. And he avoids the traps that catch those who think they are smarter than the market. This is not an argument against intelligence. Complex strategies

Unlocking

. . .

Continued from A12

Supply this year is already running over 40 percent ahead of demand, according to data from analytics firm Kpler. In the long term, structural changes, like the build out of high-speed rail, stand to limit future growth.

main under pressure, Yusof said.

Export trouble

AS with much of China’s excess capacity, much of this may turn into a headache beyond its borders. Last month, Kpler forecast the nation’s June exports would reach a record 2.6 million tons, potentially displacing flows into the region from the Middle East and India.

China’s refineries have been struggling with paper-thin margins for years. China’s diesel demand likely peaked in 2019, while the nation’s electric-vehicle boom means gasoline consumption may have crested in 2023, the chairman of top refiner Sinopec Group said in March.

Beijing has urged a shift toward making more petrochemical products—including ethylene, a key building block for many plastics— but that has done little to ease the financial pain.

“There is already too much ethylene-producing capacity in China,” said Manish Sejwal, a natural gas liquids analyst at Rystad Energy. “This is all happening at a time when demand for ethylene remains clouded by a slowing global economy.”

The country plans to add 6 million tons of ethylene production capacity in 2025, and a further 20 million tons over the next three years, according to Rystad, taking total capacity to 70 million tons. With assistance from Ben Sharples/Bloomberg

have their place—in the hands of those who built them. But for retail investors, simplicity is often the sharpest edge. The so-called “dumb money”— people buying index funds on payday or trading obvious trends —sometimes outperform the brightest minds in finance. Not because they are brilliant, but because they are not paralyzed by overthinking. The next time you are tempted to copy a hedge fund’s strategy, remember: house cats are not lions. And in the wild world of markets, humility tends to outperform hubris.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

IX. Time to move with purpose Vietnam’s rise was the result of careful planning and doing what needed to be done, not chance. The Philippines’ youthful population, abundant natural resources, and advantageous location are just a few of its many advantages. However, we will lag even more if we continue to hesitate. There isn’t much time left to catch up. We must take action today, not tomorrow. Reforms need to be precise, targeted, and implemented. We need results, not just planning. Every delay makes the challenge harder. The future won’t wait.

Opinion

A tradition of tax expertise: Celebrating 16 years of BDB Law

TODAY, we mark BDB Law’s 16th anniversary. It’s hard to believe how far we’ve come. What started as a small team with a big commitment to professionalizing tax practice has grown into something none of us could have fully imagined back in 2009. More than anything, we are thankful for those who have supported us from the beginning, for those who have joined us at some point, and are with us up to this day.

Many people believe that tax law is intricate and dynamic. Over the years, we’ve worked to make it just a little more understandable for businesses, professionals, and ordinary taxpayers. By sharing knowledge rather than just advice, our team has continuously pushed to go beyond client work.

That commitment shows up in many ways. Over the past decade, we’ve published a series of tax reference books designed to make core principles and updated rulings easier to digest. These include the Philippine National Internal Revenue

Code (NIRC), Taxation of Banks and Non-Bank Financial Intermediaries, Taxation of Insurance Companies in the Philippines, and Taxation of Financial Institutions in the Philippines. These titles have reached a wide range of readers, students, accountants, lawyers, and business owners, each looking to understand the ground they stand on.

This year, we’re especially proud to be launching the fifth edition of the NIRC. It incorporates the latest tax laws, including the Ease of Paying Taxes Act (Republic Act 11976), Digital Services Tax Act (RA 12023),

CREATE MORE Act (RA 12066), Real Property Valuation and Assessment Reform Act (RA 12001), VAT Refund for Tourists Act (RA 12079), and the Capital Markets Efficiency Promotion Act (RA 12214). More than just a compilation, this edition includes our commentary and insights to help readers better understand how these changes are likely to affect both practice and compliance. As with all our publications, the goal remains the same: to make the law clearer and more usable for those who rely on it.

That same goal of making tax knowledge more accessible also influenced how we approached the pandemic.

During the pandemic, we adapted quickly, launching a free online webinar series that continues to this day. What started out as a means of providing guidance during a confusing time has grown into a regular platform where we discuss new tax regulations and clarify gray areas.

As in-person events resumed, we also brought back onsite seminars to continue engaging with professionals and entrepreneurs, something we’ve always valued. Through regular advisories, we’ve also made it a point to keep our community updated on BIR issuances, new tax laws, and significant court rulings that could have an impact on compliance. We approach each advisory as a public service because we understand how crucial timing

and clarity are in the tax industry. We’ve also continued to shed light on relevant developments, updates, and insights into tax law. Whether it’s landmark rulings, legislative changes, or compliance reminders, we strive to bring readers not just the headlines, but the context and implications behind as applied to the intricacies of their businesses.

Sixteen years seems to be a long time. But to us, this is only the beginning in many ways. As a team, we have experienced setbacks, breakthroughs, long nights, and victories that have sustained us and kept us stronger. To all of our clients, readers, partners, colleagues, mentors, and friends, thank you. Thank you for your trust, your questions, your feedback, and your continued belief in what we do.

On behalf of everyone at BDB Law, we’re honored to be part of this community.

Here’s to 16 years and to whatever comes next.

The author is the Founding Partner and CEO of Du-Baladad and Associates Law Offices (BDB Law). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail

Trump slams Musk plan for rival party as feud deepens

By María Paula Mijares Torres & Charlotte Yang

PRESIDENT Donald Trump blasted Elon Musk’s bid to start a new political party, as the intensifying feud between the former allies deepens concerns among investors over the implications for Tesla Inc. and other companies helmed by the world’s richest man.

“Third parties have never worked, so he can have fun with it, but I think it’s ridiculous,” Trump told reporters on Sunday. The US has “always been a two-party system,” he added.

Musk said on Saturday that a new “America Party” he has been threatening to launch “is formed,” a day after Trump signed a tax-cut and spending bill into law that Musk had denounced. He didn’t provide details of the political party and there’s no immediate indication that he has filed official paperwork.

The latest move by Musk signals a longer-term commitment to politics, a development set to further unnerve Tesla investors who have wanted the company’s chief executive officer to focus more on increasing profits for shareholders. The company’s stock, which has lost more than 20 percent this year, was set to take a further hit when trading resumed on Monday.

Shares of Tesla were nearly 5 percent lower in alternative trading system Blue Ocean in the Asia morning on Monday, according to Kok Hoong Wong, head of institutional equities sales trading at Maybank Securities.

Musk’s “major beef” with Trump shows no signs of slowing and his latest move will likely push the president to further isolate the Tesla co-founder from the Oval Office, ac-

cording to Wedbush analyst Daniel Ives, who noted that there’s some exhaustion related to the focus on politics for the company’s leader. He expects Tesla shares to come under pressure as investors fret over the impact of Musk’s move.

“Very simply Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors/shareholders want him to take during this crucial period for the Tesla story,” Ives wrote in a note dated July 6. The “political gamble” may draw Tesla’s board of directors to get involved depending on how far Musk takes it, he added.

The company’s core auto business is facing headwinds around the world, with Musk’s political actions increasingly casting a shadow over the brand. Global sales tumbled 13 percent in the second quarter, putting Tesla on course for a second consecutive annual decline.

In China, it’s facing aggressive competition from the likes of BYD Co. and Xiaomi Corp., which offer newer, more affordable, featureladen EVs. Shipments from Tesla’s Shanghai factory recently rose for the first time in eight months, but at an incremental 0.8 percent pace.

Tesla’s taken an even bigger hit

in Europe, which has emerged as its weakest market. In May, the company’s overall sales in the region slid for a fifth consecutive month, down almost 30 percent, as the broader EV market there expanded.

‘Off the rails’ MUSK in May exited the administration in a dramatic blowup with Trump that ended his role heading the Department of Government Efficiency drive to cut federal spending. After initially appearing to back off his feud with Trump, Musk last week renewed criticism of the president’s “insane” spending bill. He said it gave “handouts to industries of the past while severely damaging industries of the future,” and would raise the federal debt ceiling by $5 trillion.

Musk made the announcement of a new “America Party” on his X social network after posting the results of a poll on the platform that he said showed 65 percent of respondents in favor of doing so. He said one way to break the two-party system would be to focus on winning a small number of Senate and House seats in order to serve as the deciding vote on contentious laws.

Later on Sunday, Trump amplified his comments in reaction to the new party in a post on his Truth Social network, saying he was “saddened to watch Elon Musk go completely ‘off the rails’” over the past five weeks. Trump also touted his budget package that “unfortunately for Elon” eliminates the electric vehicle subsidy.

Treasury Secretary Scott Bessent suggested Sunday that Musk should

China’s retaliation to EU curbs complicates ties before summit

CHINA hit back at the European Union’s restrictions on its medical device makers while maintaining key exceptions, adding uncertainty to ties ahead of a highstakes summit later this month.

Beijing will exclude EU-based companies from Chinese government procurement for certain medical devices, according to a Sunday statement by the Ministry of Finance.

Crucially, the move doesn’t apply to products made in China, according to a separate statement from the Ministry of Commerce. This offers some relief for major European companies such as Siemens Healthineers AG and

Royal Philips NV, which have increasingly localized their production in the world’s second-largest economy.

“This looks more like a tit-for-tat move,” said Henry Gao, a professor at Singapore Management University’s Yong Pung How School of Law. He characterized the Chinese measure as a narrow response to the EU’s earlier curbs on Chinese medical devices in public procurement.  The trade moves come days ahead of a meeting between EU and Chinese leaders in Beijing that may touch on thorny issues, including the bloc’s tariffs on a surge in Chinese electric vehicles and Beijing’s support

for Moscow since it invaded Ukraine.

In response to the EU levies, China began an anti-dumping investigation into some European liquors.

On Friday, China imposed duties on European brandy for five years, although it exempted major cognac makers that committed to keeping their prices above minimum levels.

The carve-outs muddy whether the curbs are a symbolic warning shot or a meaningful escalation.

Zhou Mi, a senior researcher at the Chinese Academy for International Trade, was quoted in a Sunday article by the state-run Global Times calling the medical-device restriction

a “reciprocal response” that would “encourage the EU to foster a fair and reasonable environment” for Chinese companies.

China’s leader, Xi Jinping, has sought to repair ties with the EU as US President Donald Trump alienates the bloc over issues from tariffs to defense. But tensions have grown in recent months including over China’s tightening grip on rare earths that have caught European businesses in the crossfire.

In a sign of strain in relations, the Chinese government intended to shorten the two-day summit with EU leaders to just a day, Bloomberg

News reported last week.

Cui Hongjian, a former Chinese diplomat who teaches at Beijing Foreign Studies University, said China is adopting a defensive posture and aims to convey that it will cooperate if Europe de-escalates but is prepared to respond if tensions rise.

“China is ready for any kind of summit,” he said. “It’s different from past, when China always tried to pursue a fruitful summit.”

The EU has long complained that its companies don’t enjoy a level playing field in China and were regularly denied fair market access. It imposed steep tariffs on Chinese EV imports

stick to business rather than politics.

“I believe that the boards of directors at his various companies wanted him to come back and run those companies, which he is better at than anyone,” Bessent said in reply to a question on CNN’s State of the Union. “So I imagine that those board of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities,” Bessent said.

Third parties

WHILE independent candidates periodically win seats in the Senate and House of Representatives, third parties have traditionally struggled to gain traction in the US’s winnertake-all political system. Ross Perot’s presidential bid for the Reform Party in 1996 marked a high-water point for third-party candidates in presidential elections, when he captured about 8 percent of the popular vote but failed to win any states.

Not all investors opposed Musk’s move to create a party. Jason Hsu, CIO at Rayliant Global Advisors Ltd., called it a “genius move” that could potentially boost Musk’s political power and ultimately help protect his companies.

“We will see some initial volatility,” Hsu added. “Some investors would be concerned with Elon’s distraction and perhaps many don’t yet see this move as the best move to protect Tesla from the wrath of the current Trump administration.” With assistance from Chunying Zhang and Abhishek Vishnoi/Bloomberg

last year, alleging state subsidies gave the country’s vehicles an unfair advantage.

China’s Commerce Ministry said in early June that talks with the EU on setting minimum prices for Chinese-made electric vehicles have “entered final stages.” The technical part of the electric vehicle negotiations has been basically completed, Yuyuantantian, a social media account affiliated with state broadcaster China Central Television, said in a Friday post, without saying where it got the information. With assistance from Wenshan Luo, Tian Ying, Cecile Vannucci, Allen Wan and Shamim Adam/Bloomberg

Tuesday, July 8, 2025

57% of retail payments now made via digital means: BSP

By Cai U. Ordinario @caiordinario

DIGITAL

payments now account for more than half of total monthly retail payments, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).

The data showed 57.4 percent of total monthly retail transactions are now made via digital means. These transactions account for 59 percent of the value of retail payments in 2024.

In its report, the BSP said this exceeds the 2024 target under the Philippine Development Plan (PDP) 2023-2028. The target for 2024 is 52 to 54 percent total retail payment transactions in the country should be digital payments.

“The BSP continues to pursue its vision of harnessing technology and finance not only to connect markets but also to ensure that every Filipino becomes part of the formal financial system,” BSP Gov-

ernor Eli M. Remolona said.

“In this light, we aim to foster an environment that empowers our regulated entities and fintech partners to leverage innovation in designing financial products that are not only accessible but also more responsive to the needs of consumers,” he added.

The report said the share of digital payments steadily grew to 57.4 percent in 2024 from 1 percent in 2013; 10 percent in 2018; 14 percent in 2019; 20.1 percent in 2020; 30.3 percent in 2021; 42.1 percent in 2022; and 52.8 percent in 2023.

Based on the PDP, the baseline which is at 30.3 percent in 2021 should increase to 50 percent in

2023; 52 to 54 percent in 2024; 54 to 58 percent in 2025; 56 to 62 percent in 2026; 58 to 66 percent in 2027; and 60 to 70 percent in 2028.

“This [2024 data)] marks a significant year-on-year increase of 4.6 percentage points, highlighting the continued momentum in the country’s shift toward electronic payment channels,” the BSP report stated.

According to the BSP report, 97.2 percent of payments made by the government were conducted digitally in 2024. Government transactions were considered the “most cash-lite” compared to payments made by persons and those made by businesses.

Nonetheless, digital payments made by Fiipinos through digital channels have also increased to 72.2 percent. The BSP noted that this was accompanied by a decrease in non-digital payments, indicating that Filipinos may now prefer to pay digitally.

Meanwhile, in terms of value, digital payments nationwide reached $135.95 billion or 59 percent of the $230.489-billion retail payments made in 2024.

This is composed of $80.69 bil-

lion sent digitally by persons or individuals; some $46.92 billion sent by businesses; and $8.35 billion sent by the government.

“Payments made by persons [P2X] digitally have increased by 5.3 percent, now representing 80.4 percent of total transaction value,” the report stated.

“Payments made by businesses [B2X] digitally represent 38.6 percent of the overall transaction value, with B2B [Business to Business] supplier payments contributing significantly to this growth as more formal industries transition toward cash-lite ecosystems,” it added.

In terms of value, merchant payments accounted for 66.4 percent or 2.196 billion of total digital transactions were pegged at 3.08 billion transactions.

This was followed by person-toperson transactions at 20.6 percent or 680.5-million transactions and supplier payments, 6.2 percent or 205 million transactions.

In terms of value, person-to-person payments accounted for 35.1 percent or $47.8 billion of the total digital transactions.

This was followed by merchant

By Samuel P. Medenilla @sam_medenilla

MALACAÑANG said President Marcos support efforts to enhance transparency in the government, including removing the bank secrecy rights for public servants.

Palace Press Officer Claire

Castro made the remark when asked about the chief executive’s position on the bill filed by Senate President Francis “Chiz” G. Escudero, which will require government officials and employees to waive their rights under Republic Act No. 1405 and RA 6426.

“The President agrees [with the proposal] and we should just implement accountability and transparency in the government. So, we will not have a negative response from the President [on this proposal],” she said.

Last week, Escudero refiled a bill, which he has been pushing since 2013, which will lift the confidentiality for bank deposits for public servants to prevent the “plunder of public coffers.”

Only government personnel who serve in honorary capacity will be exempted from the proposed bill.

“We are the last country standing in preserving absolute secrecy. That distinction doesn’t protect democracy but rather, it undermines it,” the lawmaker had said.

“Verily, any person who has nothing to hide in secret would only welcome this proposal in the name of transparency and accountability,” the Senate chief wrote in the explanatory note, adding that government itself should lead the charge for reform and signal a systemic shift toward openness.

The veteran legislator emphasized that the secrecy of bank deposits, while historically enacted to encourage savings and economic development, now acts as a shield for illicit activity.

“The laws may have served their purpose in the past, but their rigidity has enabled corruption to thrive under the guise of confidentiality,” he said.

He noted RA 1405, or the Law on the Secrecy of Bank Deposits, and RA No. 6426, or the Foreign Currency Deposit Act, is being exploited by unscrupulous government official and personnel “to hide illegal wealth, launder money, evade taxes, and commit other financial crimes.”

By Rizal Raoul S. Reyes @brownindio

THE private sector, business community and civil society on Monday reiterated their support for the K to 12 basic education program by citing it as an essential tool for preparing young Filipinos for employment, lifelong learning, and active citizenship.

Amid proposals to remove the senior high school (SHS) program, they warned that doing so would be a step backward in collective efforts to improve the Filipino workforce.

“Instead of dismantling the program, we call on the government to focus on strengthening its implementation by addressing foundational core skills and aligning education outcomes with needs of the economy. At the same time, continue to build on current reforms including the pilot roll-out of the enhanced SHS curriculum, to work in partnership with private education, and to expanding the work immersion program to boost employability,” said the group. Its joint statement called “Support for K to 12: A Call for Unified Action to Strengthen Its Implementation for Every Learner” was read by Philippine Business for Education president Chito Salazar.

“The K to 12 program, besides strengthening core skills, is designed to bridge the school-towork gap and give students practical, preparatory and employable skills. When properly implemented, it equips learners with the competencies needed to succeed in postsecondary education, enter the workforce, or start their own enterprises. This is critical in an economy that continues to evolve and where demand for skilled workers is growing,” said Salazar. Still, the organization stressed that the program’s impact will be felt if there is strong and effective execution. It added the private sector continues to observe and monitor persistent learning gaps, inadequate immersion opportu-

nities, and misalignments between senior high school (SHS) offerings and industry needs. “These challenges must be addressed urgently—starting from the early grades and continuing through to senior high school—through reforms that improve teacher quality, curriculum relevance, student support systems, and meaningful private sector engagement,” it said.

The group commended President Ferdinand Marcos Jr.’s order for the Department of Education to improve the SHS program, and support the call for better outcomes.

“We urge the government to view these issues not as grounds for abandoning the reform, but as an opportunity to deepen its implementation and invest more substantially in public education,” it said.

Earlier, Senator Jose “Jinggoy” Ejercito Estrada called for the removal of the mandatory Senior High School (SHS) level under the K to 12 program, saying it did meet the objectives of the program.

“Ever since this education reform was put in place, it has been met with criticism and objections from various groups. It has been 12 years now since the enactment of the law, yet it still has not fully achieved its goal,” Estrada said, referring to Republic Act No. 10533, also known as the Enhanced Basic Education Act of 2013.

“We can’t keep letting students and their parents shoulder the extra time and cost of senior high school. Why should we allow the two additional years in high school to continue burdening people in terms of time and cost?” Estrada added in a press statement, speaking partly in Filipino.

On his part, Salazar said removing the K-12 is an anti-poor measure that will not level the playing field for the marginalized sector.

Students from private schools have a built-in advantage since they undergo preparatory, kindergarten 1 and 2, nursery school and grade 7.

Arta lead negotiator for parts of PHL-EU FTA

By Andrea E. San Juan @andreasanjuan

THE Anti-Red Tape Authority (Arta) will serve as the “lead negotiator” for the Transparency and Good Regulatory Practices (GRP) chapters of the upcoming Philippines-European Union Free Trade Agreement (PHEU FTA).

In a statement on Monday, Arta

Secretary Ernesto V. Perez said the country’s anti-red tape watchdog aims to “improve trade policy openness, streamline business operations, and promote fair competition through sound regulatory practices.”

The Arta chief added: “We be -

l ieve that these negotiations on Transparency and GRP will create a strong foundation for the overall PH-EU FTA and contribute positively to its successful ratification and implementation.”

In a Viber message sent to the BusinessMirror, Perez underscored the importance of this part of the FTA, saying this “builds trust between trading partners and improve investor confidence.”

“Arta sees this as a concrete step toward aligning Philippine regulations with international standards and improving the country’s overall trade environment,” he told this paper.

Perez explained that Arta’s main objective in negotiating the Transparency and Good Regulatory Practices (GRP)

chapters of the trade deal between the Philippines and the 27-member bloc European Union is to ensure that regulatory processes are “open, predictable, and accessible.”

This means, he added, agencies will be required to publish draft regulations, consult stakeholders before implementing new rules, and provide “clear” timelines and procedures.

According to Perez, Arta started negotiating the Chapter on GRPs in an FTA in 2023 “when we were onboarded by the Neda as a co-lead for the Indo-Pacific Economic Framework.” It added, however, that the IPEF is “still not finalized/pending resumption of negotiations.” This was followed by the Ase -

an-Canada FTA (Acafta) in 2024, where he said, Arta is currently representing the Philippines as lead negotiator for the Chapter on GRP. Perez said this is currently under “active negotiations.” As for the negotiations for the PH-EU FTA, he said they have been negotiating since last year as well.

“Now, we have also been onboarded as Lead Negotiator for Chapter on Transparency for the PH-Chile Comprehensive Economic Partnership Agreement that commenced just last month,” Perez also noted.

The third round of negotiations between the EU and Philippines for a free

Editor: Jennifer A. Ng

Primelectric, ACWA Power keen on RE projects in PHL

By Lenie Lectura @llectura

PRIMELECTRIC Holdings Inc. (PHI) of the Razon Group and ACWA Power Co. of Saudi Arabia have forged a pact to collaborate on renewable energy (RE) exploration in Palawan and the Visayas.

They signed last July 1 a joint study agreement to assess the most viable energy generation options for Negros, Panay, and Palawan, with the primary goal of optimizing power costs while maximizing the potential of RE and energy storage system (ESS). Roel Z. Castro, PHI president and Thomas Brostrom, chief investment and development officer of ACWA Power, signed the agreement.

“This partnership comes at a critical time as our regions require more resilient, reliable, and affordable power sources,” said Castro. “Through this collaboration, we aim to explore projects that will stabilize power supply and harness the abundant renewable resources of the Visayas and Palawan.”

PHI’s presence spans across the Visayas region through its distribution utilities--More Electric and Power Corp. (MORE Power) in

Iloilo, Negros Electric and Power Corp. in Central Negros, and Bohol Light Co. Inc. in Tagbilaran, Bohol. ACWA Power, a global leader in power generation and desalinated water solutions, operates over 100 assets across 14 countries. Its growing portfolio includes large-scale renewable and conventional power plants, strongly focusing on sustainable, low-cost energy projects. Under the agreement, PHI will provide technical data and insights on potential power generation projects in the identified areas. ACWA Power, for its part, will take the lead in the development, financing, and operation of feasible projects.

“We are pleased to work with ACWA Power, a globally respected energy player, to bring transformative and sustainable energy solutions to our communities,” added Castro. “Our joint effort is a testament to our commitment

to secure a clean, stable, and affordable power future for the islands we serve.”

Once viable projects are identified and agreed upon, both companies plan to proceed to the development and investment phases, potentially introducing large-scale RE installations and ESS into the region’s energy mix.

“By bringing together ACWA Power’s global expertise and Primelectric’s deep understanding of the local market, we are not only fast-tracking the rollout of clean energy projects in this part of the Philippines but also driving technology transfer, and contributing to long-term economic growth and community development,” said Brostrom.

“This partnership reflects our shared commitment to building a more sustainable and resilient future for the region.”

In another development, More Power signed a power supply agreement (PSA) with Urban Energy Development Corp. (UEDC), a MabuhayPower Holdings Corp. subsidiary, for the supply of 6.6 megawatts (MW) of clean energy.

UEDC will source from its planned 8 MW-peak solar power plant project in Anilao, Iloilo. The Anilao solar project is expected to break ground later this year and supply More Power with clean energy by mid-2026.

“We are steadily increasing the share of renewables in our power

mix. With this new project, we take another significant step in hitting our long-term clean energy targets, ensuring our customers benefit from affordable, reliable, and greener power,” said Castro.

More Power said the move to source RE is also part of its commitment to comply with the Renewable Portfolio Standard (RPS) requirement.

The RPS requires distribution utilities (DUs), electric cooperatives (ECs) and retail electricity suppliers to source 2.5 percent of their energy supply from eligible RE resources. Under existing rules, renewables should account for at least 11.4 percent of the total energy sales of mandated participants.

More Power said its RE footprint is at 33 percent.

“This is not just compliance,” Castro added. “This is commitment. We are driving the transition to a cleaner energy future— not just for Iloilo City, but as a model for utilities across the country.”

UEDC President Alfonso Javier Reyes said the company is committed to finish the solar power project in time. “We are proud to support MORE Power’s renewable energy goals with our first solar facility in Iloilo. This project contributes to the country’s clean energy aspirations and provides new investment and development opportunities in the region.”

Petron lists retail bonds on PDEx

By Lenie Lectura @llectura

ETRON Corp. raised P32

Pbillion from the sale of its fixed-rate retail bonds, which included an oversubscription of P7 billion, the oil firm said in disclosure to the stock exchange Monday. The bonds were listed on July 7 on the Philippine Dealing and Exchange Corp. (PDEx). The issuance marks the final tranche of the company’s P50-billion shelf registration approved by the Securities and Exchange Commission (SEC).

“The strong response underscores not only the success of another fundraising initiative but also the confidence investors have in our long-term vision. We are grateful for this trust and remain deeply committed to leading the charge when it comes to ensuring energy security and delivering quality petroleum products across the country,” said Petron President and CEO Ramon S. Ang. The 5-year bonds maturing in 2030 yield 6.5945 percent per annum, the 7-year bonds maturing in 2032 carry an interest rate of 6.9761

percent per annum, and the 10-year bonds maturing in 2035 yield 7.3896 percent per annum.

Petron remains the oil industry leader in the Philippines, operating the country’s only remaining refinery in Limay, Bataan. It also has the widest network of service stations and terminals, ensuring a reliable and continued supply of quality fuels across the nation.

The bonds were offered to the public from June 24 to 30. The proceeds will be used to redeem the company’s Series D and E bonds, and fund general corporate purposes,

among others.

The oil company partnered with PNB Capital and Investment Corp. as Sole Issue Manager, and together with Bank of Commerce, BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp., Land Bank of the Philippines, and Philippine Commercial Capital Inc., as joint lead underwriters and joint bookrunners for the offer. BPI Capital Corp., Development Bank of the Philippines, RCBC Capital Corp., and Security Bank Capital Investment Corp. acted as selling agents.

Nestle PHL names new chief exec AirAsia plans to set up new local hubs

NESTLÉ Philippines, Inc. has announced the appointment of Mauricio Alarcón as its chairman and chief executive officer (CEO) effective July 2025.

Alarcón took the place of Kais Marzouki who has been designated Head of Nestlé Greater China Region.

“As Mauricio takes the helm of Nestlé Philippines, he looks forward to building a new chapter in its success, and continue making a difference for its consumers, communities, and employees,” the food and beverage firm said in a statement on Monday.

Alarcón has over 25 years of experience in Nestlé business across multiple countries, leadership roles, and functions, the company noted.

The newly appointed chief of Nestlé Philippines said joining the company is “both an honor and responsibility”

“Together with our teams and our partners, my aspiration is to take our business to new levels, in doing good for Filipinos and the planet. In an increasingly complex and ever-changing environment, we can only achieve our goals by working together.”

According to company, the Philippines is one of the 10 biggest among over

180 Nestlé S.A. markets worldwide, with Nestlé Philippines being a top 10 corporation in the country and a leading corporate taxpayer, accounting for close to 1 percent of GDP. Born in Mexico, Alarcón earned his master’s degree in engineering at the University of Manchester. After which he began his career with an industrial group, then worked in banking before joining Nestlé Mexico in 1999. There, he held various positions in sales and marketing before his transfer to the Strategic Business Unit in Switzerland as Marketing Advisor.

Starting in 2004, the Nestlé Philippines chief held “senior positions” in the Nestlé ice cream business, including postings in Australia and Egypt covering North Africa.

From 2014, he was the Managing Director of Nestle Côte d’Ivoire. Subsequently, the countries of Sénégal, Guinea, Guinea Bissau, Gambia, Mauritania, and Cape Verde were added to his responsibilities.

From 2016 to 2020, Alarcón served as Managing Director and CEO of Nestlé Nigeria.

Prior to his Philippine appointment, in 2020 he was CEO of Nestlé Central and West Africa Region covering 25 countries. Andrea E. San Juan

BBy Lorenz S. Marasigan @lorenzmarasigan

UDGET carrier AirAsia Philippines has set its sights on new domestic hubs outside Metro Manila as part of its expansion strategy to capture rising travel demand and optimize operations amid growing passenger volumes.

Suresh Bangah, the company’s new president and general manager, said the airline is conducting route studies and cost analyses to determine the viability of establishing new operational bases in key provincial gateways.

“In terms of growth, we are looking at probably having bases out of Manila. We are currently doing the route study, the impact, and we should have within this next month or so our plan for extension of routes out of Manila to other bases,” Bangah said.

Among those that are being studied are “Bohol, Clark, Cebu, Tacloban.”

“We now have to calculate the route revenue and the costs.”

Bangah noted that concentrating operations in Manila remains ideal in terms of cost efficiency, but slot constraints at the capital’s airport require the airline to explore other opportunities.

“Obviously, if we get more slots in Manila, we would like to fly out of Manila because it’s better to concentrate the operations in one

area because its cheaper…but we’ll have to work with the airport authority.”

He said the airline will be pushing to increase its presence out of Manila toward the fourth quarter of 2025.

This comes as AirAsia flew three million passengers in the first half of the year and is targeting to fly 6 million to 7 million travelers by the end of the year, according to its new president.

Bangah said the low-cost carrier’s topperforming domestic destinations include Caticlan, Cebu, and Cagayan de Oro, with Caticlan leading in terms of load factor.

“Caticlan has the strongest load.”

Internationally, routes to Japan, South Korea, and Taipei have recorded load factors of 88 to 91 percent, indicating robust demand from outbound and inbound travelers alike.

Aside from expanding its hubs, AirAsia is also looking at increasing its fleet. Currently, the company operates 15 aircraft, with four more undergoing maintenance due to global supply chain issues. One additional aircraft is expected to arrive in September as a standby unit to support increased operations during the year-end travel surge.

By yearend, the airline expects to operate 19 aircraft. It is also expected to get additional jets—some from the latest $12.25-billion Airbus A321XLR order of its Malaysian parent-in the coming years.

By Andrea E. San Juan @andreasanjuan

NTERNATIONAL Workplace

IGroup (IWG), a provider of hybrid work solutions, said it is doubling its presence in the Philippines given its rapid economic growth, expanding population and its move towards “decentralization.”

“Today, probably the Philippines would be the highest in terms of the pace of expansion. Just to give you some comparisons, it took us 20 years to get to 20 centers with ups and downs; it took us three years to add another 20 centers,” Marc Descrozaille, CEO for Middle East, Africa, and Asia Pacific at IWG told the BusinessMirror in an interview last Thursday.

“So, we are doubling in size in three years, and it took us before 20 years to get there. So today we have 39 centers in operation. We’re going to have 50 by the end of the year, and we have already signed for 17.”

The IWG executive said some of the company’s considerations when expanding its footprint are the size of a country’s population as well as its GDP growth rate.

“The size of the population is a very important factor. GDP growth as well, which even though it is slightly lower now, is one of the best and one of the highest.”

He said the location of cities in the country is also one of the things that makes the Philippines an attractive site for IWG.

“The proportion of the capital city might not be as big as you will find it in all the places where it is more concentrated. So, this also creates a lot of opportunities for going into the provinces and the other cities.”

IWG announced that it is set to open the first Regus center in Bo -

hol in October 2025, in partnership with Uptown Tagbilaran Realty Corp. The company said this launch marks IWG’s debut in one of the Philippines’s fastest-growing regional economies.

Rowena Bravo-Natividad, country manager for IWG Philippines, told the BusinessMirror that the company is usually keen on central business districts, but because of increasing preference for work areas near homes, IWG is now expanding to tier 2 and tier 3 cities.

IWG said the new Regus center in Bohol will offer flexible workspaces for professionals, startups and businesses across sectors, including tourism and Information Technology and Business Process Management (IT-BPM).

Bravo-Natividad said the company decided to set up shop in Bohol because the province is “an interesting mix of leisure and work.”

“There’s a lot of establishments there and it’s just a 20-minute drive to one of the major islands there, Panglao. So, that gives you world-class resort. For people, especially the nomads wanting to have work-life balance, Bohol is the perfect place for them.”

Digital nomads

THE IWG officials noted the increasing presence of the so-called “digital nomads” in the country.

“There’s really a bunch of digital nomads especially down in Visayas. It’s not really a major factor but this is a good consideration. For our partner there, they advocate for startup companies. They hold special events for startup companies because they really want to help community incubate future businessmen for Bohol,” added Bravo-Natividad. However, Descrozaille said the digital nomads are “more of the icing on the cake than the strategy.”

Continued on B2

By VG Cabuag @villygc

GAMING firm DigiPlus Interactive Corp. on Monday said its board has approved a buyback program involving up to P6 billion worth of common shares.

The company said the move underscores the company’s strong balance sheet and commitment to maximizing long-term shareholder value.

The said share repurchase program is valid over a 12-month period and can be renewed, subject to approval of the board of directors.

“The share repurchase program demonstrates our firm confidence in DigiPlus’ long-term growth and solid fundamentals,” DigiPlus Chairman Eusebio Tanco said.

“By strategically deploying our capital through this buyback, we are sending a clear signal that DigiPlus is committed to delivering sustainable returns for shareholders while remaining well-positioned to pursue expansion and innovation.”

The share buyback will be funded through the company’s internally generated cash flows.

“DigiPlus remains well-capitalized, balancing disciplined capital management with its investments in growth, technology and

new markets.” The company had said it is on track to launch its Brazil operations this September, as the company forays into a gambling market twice the size of the Philippines. The company behind gaming brands BingoPlus, ArenaPlus and GameZone said it will deliver a fresh line-up of livestreamed games, slots, table games and exclusive self-developed digital entertainment content designed to local players in Brazil. The company technology infrastructure was recently migrated to Amazon Web Services (AWS).

“We are excited to bring world-class entertainment to new markets, bringing the strengths and expertise that we have established in the Philippines,” Tanco

Banking&Finance

LTFRB seeks state banks’ backing for PUVMP

By Lorenz S. Marasigan @lorenzmarasigan

THE Land Transportation Fran-

chising and Regulatory Board (LTFRB) is seeking a dialogue with state-run banks to explore possible financial relief for jeepney operators struggling to repay loans tied to the Public Utility Vehicle Modernization Program (PUVMP).

The real cost of backto-school: Financial lessons from home

THE start of a new school year always feels like a fresh chapter. For kids, it’s a chance to see friends again, crack open new notebooks and dream about the year ahead. For parents, though, this season often brings a different kind of anticipation. The kind that involves receipts, deadlines and long lines at school supply stores. For many Filipino families, back-toschool preparations aren’t just about buying pencils and bags. They’re about adjusting household budgets, managing tuition fees and juggling schedules. And while these tasks are part of our yearly routine, they still come with a unique mix of pressure and hope: pressure to stretch every peso and hope that this school year will be better for our children. But maybe this year, instead of rushing through the motions, we can take a more mindful approach. One that looks beyond just ticking things off a list instead asks: “How can we make this season smoother, not just financially, but emotionally too?”

A personal lesson from home LAST week, I enrolled my daughter in school. She’s now in Grade 6—how time flies. After enrollment, she asked me, “Mommy, when are we going to buy my school supplies?”

I smiled and told her, “Before we go out to buy anything, can you make a list of everything you already have that you can still use? Then make another list of what you actually need.”

That moment became more than just a practical step. It turned into a small but meaningful lesson—one of many I try to share with her. Every day can be a learning opportunity, especially at home. I don’t always get it perfectly right, but whenever there’s a chance to teach her something about money, I take it. It’s not just about whether we can afford to buy something new. It’s about valuing what we already have and learning to be wise and frugal when it matters. Her school shoes still fit and they’re still in great condition. They were an investment when we bought them, but one that’s proven worth it because of how well they’ve held up. Start with what you already have BEFORE heading to the mall, it helps to pause and take stock. Many families are surprised at how many supplies are still perfectly usable from the previous year.

A quick inventory of old notebooks, leftover pens, slightly used folders, or even hand-me-down uniforms can cut down spending more than we expect. This exercise can also be turned into a bonding moment. Organize a weekend clean-up with your kids, go through their things together and decide what stays, what gets donated and

LTFRB Chairperson Teofilo E. Guadiz III said on Monday that the agency will initiate discussions with the Development Bank of the Philippines (DBP), Land Bank of the Philippines, and other government financial institutions (GFIs) to push for more flexible lending terms for cooperatives and individual operators who acquired modern jeepneys.

“We acknowledge the financial challenges faced by many of our modernized PUV operators. We are seeking a dialogue with our partner GFIs to explore more flexible loan terms, grace periods, or possible re-

structuring packages,” Guadiz said. According to Guadiz, many operators have complained of shrinking ridership in certain routes, mounting maintenance costs, and fixed amortization schedules that do not reflect the daily volatility in income.

Modern jeepney units cost between P1.6 million and P2.4 million, typically financed through loans backed by the government.

Guadiz warned that without intervention, many cooperatives could default on their loans—risking not only their livelihood but also the continuity of the modernization program.

“We cannot afford to let our operators default. If that happens, public transport service will be disrupted, and the entire modernization initiative will be undermined,” Guadiz said. The LTFRB will coordinate with the Department of Transportation (DOTr) and relevant GFIs to discuss potential solutions such as moratoriums, recalibrated payment schemes, or even government-backed subsidies to ensure that transport cooperatives remain afloat.

Launched in 2017, the PUV Modernization Program aims to replace aging and unsafe jeepneys with

newer, safer, and more environmentfriendly vehicles. While the program has gained support from many operators, its high capital costs and rigid financing terms remain key barriers to full implementation, issues often cited by the transport groups. Lawmakers have also raised concerns about the burdens that the program has placed on operators, citing a flawed financing scheme and delays in supporting local manufacturers in comparison to foreign suppliers. (See: https://businessmirror.com. ph/2025/04/01/poe-seeks-cheaper-modern-jeepney-units/)

Solon vows to hold abusive online lenders accountable

Swhat needs to be replaced. It’s not only practical, it teaches values too.

Budgeting with real numbers, not just hopes IT’S easy to underestimate how much back-to-school season can cost, especially when expenses don’t all come at once. First it’s school supplies, then uniforms, then miscellaneous fees and projects. Some schools even request payment for materials and class activities weeks after classes have started.

One way to manage this is by creating a back-to-school fund that runs all year. Even a small monthly amount set aside early can make a big difference. If that’s not possible, sitting down with all the expected costs (even the small ones like ID holders or PTA dues) and assigning a budget for each can help prevent sudden money stress later on.

Build routines that support, not drain

BACK-to-school season isn’t just about money. It’s also about time and energy. Waking up early, preparing packed lunches (or baon), attending school events—all these can take a toll, especially when paired with work and household responsibilities. Simple routines, like preparing things the night before or planning weekly baon menus, can help reduce decision fatigue and stress. When the household runs more smoothly, the financial side tends to follow. Fewer last-minute purchases. Fewer fast food trips. More peace of mind. It’s okay to do things differently

WE sometimes feel pressure to buy new things because “everyone else is doing it.” But back-to-school success isn’t measured by new shoes or trendy lunch boxes. It’s measured by whether our kids feel supported, prepared and cared for. And support doesn’t always mean spending. Sometimes it means teaching them how to make thoughtful choices and showing them that it’s okay to reuse, to wait, or to say no.

A school year grounded in grace

THERE’S no one perfect way to prepare for the school year. Some years, we can give a bit more. Other years, we get by with the basics. What matters is that we show up—not just with full pencil cases, but with intention and care. Backto-school season can be overwhelming, but it can also be meaningful.

Janice Sabitsana is a Registered Financial Planner of RFP Philippines. To learn more about personal financial planning, attend the 112th RFP program this July 2025. E-mail info@rfp.ph or visit rfp.ph to learn more about the program. The views she expressed in this article do not necessarily reflect those of the BusinessMirror s

By Butch Fernandez @butchfBM

ENATOR Sherwin T. Gatchalian vowed to hold abusive online lending companies liable under the Fair Debt Collection Practices Act, one of his priority measures for the 20th Congress, which was filed today. “Hindi makatao ang paniningil nang

may pananakot at pang-aabuso, lalo na sa mga mahihirap nating kababayan na kapit sa patalim kaya nangungutang [Collecting on a debt with tactics that include coercion and abuse, is unjust, especially if involving a fellowman who was just forced by circumstance to borrow],” Gatchalian said. He cited the case of a constituent from Valenzuela City who took his own life due to constant harass-

Demand for T-bills up on policy rate-cut bet

Iment and threats directed at him and his family by an online lending app (OLA) operator.

“Isang click lang sa app, pwede ka nang magkapera [with just a click on the app, you can get money],” Gatchalian said adding that while debt collection is a right, it should never lead to abuse or, worse, loss of life.

The solon’s proposed Fair Debt Collection Practices Act prohibits debt collectors from engaging in any conduct that harasses, oppresses, or abuses debtors during collection. The bill specifically prohibits the use of threats of violence, obscene or profane language, and the public disclosure of borrowers’ names, among other practices. Under the measure, all violators will face administrative penalties, including fines of up to P60,000.

FPI seeks ‘illicit trade’ gab with new Customs chief

By Andrea San Juan

THE Federation of Philippine Industries, Inc. (FPI) is hoping to have an appointment with the newly-designated chief of the Bureau of Customs (BOC) to lay on the table the industry group’s concerns on illicit trade, including the “unscrupulous” importation of palm olein, among others.

This was expressed in a letter addressed to BOC Commissioner Ariel F. Nepomuceno by Jesus Lim Arranza, chairman of the FPI’s FightIllicit Trade and Anti-Smuggling Committee.

“As you already know our Federation represents the local producers and manufacturers in the Philippines and, as such, we are the most affected by illicit trade including all forms of smuggling,” Arranza said in his letter.

Arranza said the industry group will present “various issues” during the meeting where both parties could come up with a “strategic working relation.”

According to him, one of the issues they would raise during the meeting would be FPI’s “exposé of the unscrupulous importation of palm olein supposedly to be used for animal feeds to avoid paying the corresponding taxes and duties.”

“This anomaly is so brazen because it does not only involve the BOC, but, the Bureau of Animal Industry (BAI) and the Food and Drug Authority (FDA), as well,” Arranza said.

By Cai U. Ordinario @caiordinario

NVESTORS wanting to lock in their yields before the Bangko

Sentral ng Pilipinas (BSP) reduces rates anew may have led to higher total bids and demand for Treasury notes on Monday’s auction.

The Bureau of the Treasury (BTr) said the Auction Committee fully awarded bids for Treasury bills (Tbills) on Monday, raising a total of P28.4 billion, P3.4 billion more than the initial offer of P25 billion.

The BTr said the auction was 3.5 times oversubscribed, attracting P87.5 billion in total tenders. This prompted the Committee to double the accepted non-competitive bids for the 182-day T-bills to P6.8 billion.

“Higher total bids/demand could indicate that more investors would like to lock in still relatively higher T-bill yields before BSP cut its key local policy rates further in the coming months,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said.

According to the BTr, the auction committee raised P7 billion from the 91-day T-bills which fetched an average rate of 5.526 percent. A total of P30.547 billion offers were received and P23.547 billion bids were rejected by the committee.

The 182-day T-bills fetched P33.685 billion offers and P11.9 billion of these were accepted and the remaining P21.785 billion were rejected. The average rate for these notes reached 5.618 percent.

For the 364-day T-bills, these

fetched an average rate of 5.656 percent. There were a total of P23.254 billion tenders received, of which P9.5 billion were accepted and P13.754 billion were rejected.

“The Treasury bill average auction yields were mostly slightly higher, slightly up for the 3rd week in 4 weeks, except for the flat/steady 91day tenor,” Ricafort said.

“(This was) amid the net increase in global crude oil prices to among 3-month highs and the US dollarpeso exchange rate among 2-month highs since the 12-day Israel-Iran attacks started on June 13, but tempered by the tentative ceasefire announced by Trump since June 24,” he explained.

Last week, the BTr disclosed that the government’s total outstanding debt posted a double-digit growth in May 2025 on the back of higher domestic borrowings.

The data showed the National Government’s (NG) total outstanding debt reached P16.92 trillion as of end-May 2025. (See: https://businessmirror.com.ph/2025/07/04/ national-government-debt-up10-2-to-%e2%82%b116-92-trillion-as-of-end-may/).

This marked a 10.24-percent or P1.57-trillion increase from the P15.35 trillion posted in the same period last year and a 0.99-percent or P166.2-billion growth from the end-April level.

The BTr said the bulk of the national government’s debt was composed of domestic borrowings at 69.6 percent while external obligations accounted for 30.4 percent.

“Hence, being the government agency that is the first line of defense against smuggling, we are earnestly seeking an appointment with you at anytime convenient to you either at your office or at a venue where we will host a luncheon in your honor,” he added.

Citing the report of House Ways and Means Committee Chairman Joey Salceda, the FPI official noted that the “tax leakage” from the said importation amounted to P45 billion in the span of 15 years. The findings, he said, prompted President Ferdinand R. Marcos Jr. to order a probe, eventually leading for 70 percent of palm olein importation halted. (See: https://businessmirror.com.ph/2025/02/12/fightingillicit-trade-unravelling-whatsbeneath-the-tip-of-the-iceberg/)

➔ BSP names new General Counsel THE Bangko Sentral ng Pilipinas has appointed a former executive of HSBC Philippines as its new General Counsel. Lawyer Roberto L. Figueroa, former senior vice president and general counsel at HSBC Philippines, started his new role at the BSP last June 30. Figueroa will take over the position previously held by lawyer Elmore O. Capule, who is now BSP Deputy Governor for the Corporate Services Sector. As BSP’s Chief legal counsel, Figueroa will provide expert guidance on legal matters involving central banking operations as well as the exercise of the BSP’s supervisory and regulatory functions. He will also oversee the BSP’s legislative initiatives and represent the BSP in legal proceedings. Meanwhile, the Financial Stability Coordination Council welcomed new Securities and Exchange Commission Chairman Francis E. Lim, known for his expertise in capital markets and regulation. Cai U. Ordinario

➔ BIR files tax evasion cases

TWO tax evasion cases of illegal cigarette manufacturing have been filed at the Court of Tax Appeals (last week after the Department of Justice ruled in favor of the Bureau of Internal Revenue. Taken together, both cases amount to about P796.95 million of unpaid taxes. This includes a P596.23-billion case against a Chinese national believed to be operating an illegal cigarette manufacturing facility in Barangay Moranquillo, San Rafael, Bulacan. Another case includes a P200.72-million worth tax evasion case against a warehouse located in Barangay Ugong, Valenzuela City, for the unlawful possession of excisable goods. In the larger case, the BIR said it charged an individual for multiple violations of the Tax Code. According to the agency, the charges are based on the discovery of 7,844 master cases of illicit cigarettes and manufacturing paraphernalia in the facility. Cai U. Ordinario

➔ Insurer achieves IFRS 17 readiness THE Malayan Insurance Co. Inc. has become the first in the Philippines to achieve full IFRS 17 readiness and make its financial reports more transparent. In a statement it issued last Monday, the insurer said this achievement comes two years ahead of the national

PAGCOR BACKING This Friday, July 4, 2025, photo courtesy of the Philippine Amusement and Gaming Corp. shows Pagcor Senior Vice President for Security Raul P. Villanueva (right) after receiving a plaque of appreciation from Defense Secretary Gilberto C. Teodoro Jr. and Office of

Defense Assistant Secretary Bernardo Rafaelito R. Alejandro IV for Pagcor’s continued support

Art BusinessMirror

CCP’s theater apprenticeship program reaches Bacolod City

THE seventh edition of the Kaisa sa Sining (KSS) Apprenticeship Program lands in Bacolod City through the Cultural Exchange Department (CED) of the Cultural Center of the Philippines (CCP).

Running from July 15 to 24 at the University of St. La Salle (USLS), this year’s program welcomes 24 participants from 18 KSS organizations nationwide, with eight each coming from Luzon, Visayas and Mindanao. The program features mentorship sessions focused on specific areas of arts and theater, accompanied by lectures, interactive sessions, demonstrations, case studies, and practical applications.

“It has been my longtime dream to participate in any program of the Cultural Center of the Philippines,” said Ian Bello from Bicol University, Legaspi City, an apprentice from the KSS batch 2025. “With very limited resources and equipment,

‘Kawaii’-themed

FILIPINO comic artists, illustrators, and cosplayers celebrated diverse identities and all things kawaii—the Japanese term for cute—at the recently concluded DrawINK Convention 2025.

Spearheaded by DrawINK, the premier comic organization of the De La Salle-College of Saint Benilde (DLSCSB), the three-day event brought together like-minded individuals who specialize in various art forms to showcase their respective talents and skills.

Themed Komi’s Confectionery, the 2025 iteration turned the spotlight to DrawINK’s mascot, Komi. It drew inspiration from the Japanese kawaii culture mixed with a general appreciation for bakery sweets and desserts.

“Komi’s Confectionery is a celebration of community for artists and art enthusiasts alike, encouraging them to be confident in their own identity,” the organizers stated.

“The cutesy exterior represents the alternative or the unconventional—an invitation to embrace individualism regardless of any preconceived notions.”

The festival featured a series of talks and roundtable discussions,

it is challenging for us to even conduct or be part of this kind of training, so this is really a very good opportunity for regional practitioners.”

Ricardo Salanap Jr. from Colegio San Agustin, Bacolod City, another apprentice this year, said he hopes to enhance the creative and technical capacities of his school’s theater company, while inspiring future educators and artists in the Bachelor of Culture and the Arts Education program, where he currently teaches part-time drama classes. “This apprenticeship will play a vital role in elevating the standards and professionalism of technical theater locally and make a significant impact on regional theater practices by elevating the practice and pedagogy of stage management and technical theater.”

Meanwhile, for apprentice Charisse E. Sarol from Hulma Iligan Creatives Initiatives, Iligan City, the program is an opportunity for growth, both as an artist and as a leader in theater productions.

“It will help me build confidence and learn how to manage shows with more creativity. I’m eager to share what I will learn from this program with my group, the Integrated Performing Arts Guild (IPAG), and use my learnings to improve the way we present our cultural stories onstage in my community.”

The apprenticeship is one of the support programs that the CCP CED provides for its KSS network, which to date has 77 members nationwide composed of local government units, educational institutions, and community-based organizations. In the past six years, a total of 164 apprentices from 84 local

communities have completed the program and were trained-mentored on arts, production, stage and tour management, technical theater (lights and sounds), film and new media, visual arts, production design, venue operations, library and archives, video production, and cultural exchange.

The 2025 KSS apprenticeship program is being implemented in partnership with the University of St. La Salle Bacolod and the Negros Cultural Foundation.

THE CCP, Tanghalang Pilipino Foundation Inc. (TP) and the Writer’s Bloc Inc. also recently unveiled the lineup for next year’s VLF 21, featuring 12 new plays.

The 12 “virgin” plays are as follows: Balos by Neil Arkhe Azcuna, Footprint by Jerom Canlas, Elehiya by Dustin Celestino, She’s Electric by Ron Evangelista, Betamax by Faith Ferrer Lacanlale, Taksyapo! by John Lapus, Lualhati by Gab Mactal, Mga Tutubi, Mga GuniGuni by M. Manalastas, Buhaghag by Gerald Manuel, Human Rights Story of the Year by Elijah Felice Rosales, Patayin ang mga Surot by Floyd Scott Tiogangco, and Password123, Pilipinas321 by Anthony Kim Vergara.

Meanwhile, festival directors Tessa Jamias and Marco Viaña announced the revisited plays at the closing program of this year’s edition, namely, Presidential Suite No. 2 by Siege Malvar, The Late Mr. Real by Rolin Migyuel Obina, and Polar Coordinates by Ade Valenzona.

The annual festival will come back for another edition of untried, untested and unstaged plays in June 2026.

comic con gathers local artists, cosplayers, art enthusiasts

which delved into the vibrant and ever-evolving journeys of Filipina creators in the world of comics.

The panel was comprised of illustrator, author, art teacher, and freelance artist Patricia Ramos, who shared her experience and accomplishments in producing children’s books and comics. She tackled the struggles she faced in the industry, shared wisdom on how she overcame such challenges to keep creating, and later on imparted her accomplishments.

Included in the roster was illustrator and comic book artist Dione Kong, who walked the viewers through her works—pieces which resonate relaxation and peace with a touch of poignant sweetness. Animator and webcomic creator Nyoomian provided a sneak peek of their supernaturalmystery webtoon titled The Interpretation of Shadows. It bagged the 2024 New Community Comic of the Year from South Korean site Tapas.

to get things done your way. Timing is everything when dealing with money, medical issues and negotiations. ★★★

LEO (July 23-Aug. 22): Find events and activities that take your mind off your troubles but respect your budget. Distancing yourself from life aggravations will help you put a unique spin on how to resolve lingering issues. Digging into alternatives, talking to experts and redesigning the landscape of your desires will lead to gratification and victory. ★★★★★

VIRGO (Aug. 23-Sept. 22): Keep your money somewhere safe and unattainable until you have your emotions under control and your practicality back on track. It’s time to rethink your lifestyle, consider what’s essential and discard what’s taking up space mentally, physically and emotionally. ★★

LIBRA (Sept. 23-Oct. 22): Hands-on learning is the best; it will change your perspective, direction and dreams. A move will enlighten and encourage a better lifestyle and new connections that could make a difference moving forward. Refuse to let anyone pressure you into making a choice that is better for them than it is for you.

Among the highlights of the program was the cosplay competition.

This set the stage for participants and buffs alike to channel their imagination as they brought to life a selection of unique personas from

handcrafted and meticulously curated garbs and accessories.

Johan Digal emerged as the grand winner for her portrayal of Navia from the role-playing video game “Genshin Impact.” She, likewise, nabbed the Best Craftsmanship and Fan-Favorite Awards.

merchandise and physical copies of The Interpretation of Shadows at the Artist Alley—which, likewise, marked a first for the animator to participate as an exhibitor in an art convention.

More information about DrawINK can be found at www.facebook.com/ drawinkbenilde.

SCORPIO (Oct. 23-Nov. 21): Research and plan before you try to navigate your way forward. Preparation is everything when dealing with relationships, making deals and budgeting for what you want. Put your energy where it counts and manufacture opportunities that will pay off both physically and financially.

SAGITTARIUS (Nov. 22-Dec. 21): Apply your energy to something worthwhile. If you let tension build, you will waste your breath and time fighting a no-win situation. Instead, consider how you can physically enforce positive change that encourages those in your camp to support your efforts, giving you the momentum to reach

CAPRICORN (Dec. 22-Jan. 19): Problems with family, friends and neighbors will arise if you overstep your bounds or someone tries to pressure or limit you. Use your energy wisely, ponder the logistics of your actions and proceed with dignity and gain ground. It’s all in the way you handle others; diplomacy is everything. ★★★

AQUARIUS (Jan. 20-Feb. 18): Stick close to home. Look for innovative ways to grow your money and manifest a low-stress and gratifying world. Investing in your skills, homestead and ability to balance work and play is within reach. Romance is favored. ★★★★

PISCES (Feb. 19-March 20): Maintaining a calm state of mind and an easygoing outlook will help. Refuse to let what others do or say fuel the fire within. If you need to release tension, do something physical. A competitive sport or trying to beat your record will help offset anxiety and frustration. ★★

BIRTHDAY BABY: You are influential, challenging and ambitious. You are confident and caring.

STAGE PLAY TACKLES TOXIC FILIPINO MASCULINITY, TRAUMA OF MALE SEXUAL ASSAULT SURVIVORS

ANG Balyena, a play which dives into the experience of a male survivor trying to navigate life after sexual assault, will be staged at the De La Salle-College of Saint Benilde Design + Arts Theater beginning July 19, 2025. The two-hour production follows the journey of Jonah at the peak of his career—respected, accomplished, and seemingly in control. However, in the middle of a quiet celebration among loved ones, unresolved tensions and unspoken histories bubble to the surface.

The narrative shifts between past and present, tracing Jonah’s evolution from a young boy fueled by passion and talent to a man shaped by pressure and silence.

It is produced by Aninag Theatre, a student-led Theater Arts company from the De La Salle-College of Saint Benilde (DLS-CSB) School of Arts, Culture, and Performance (SACP).

“Jonah explores victimhood, all while taking the impact of toxic Filipino masculinity,” the organizers explained.

“It captures that trauma through the metaphor of an all-consuming and ever-pursuing whale, as well as the analogies of isolation and vastness that come with water,” they added.

The production promises design elements that are heavily rooted in the visuals of the deep—from color and lights, to sound and movement.

“It was also important to make the story culturally identifiable as Filipino—not just through setting and vocabulary, but also in social dynamics and familiar experiences throughout common Pinoy upbringings,” they expounded.

“We wanted to ensure that every aspect of the piece was as much of a reflection on current Filipino society as it was Jonah’s story,” they added.

The notable lack of coverage, media, and resources about Filipino male sexual assault survivors motivated the students to address the silence and stigma and highlight the different hurdles and factors of censorship within the piece itself.

“One of our objectives with this production—and by extension our research—is to add to the limited supply of media about the issue,” the group said.

Ang Balyena is directed by theater artist and cultural worker Joy Delos Santos. It is written by Don Carlos Palanca Memorial Awardee Jay Crisostomo VI.

Ang Balyena will premiere on July 19 at 1 pm. It will, likewise, be on view from Monday to Friday, July 21 to 25, with shows at 6 pm.

The stage is set on the 5th Floor Theater of the Benilde Design + Arts Campus, 950 Pablo Ocampo Street, Malate, Manila.

Tickets are priced at P400 for regulars. Special discounted tickets at P320 for Persons with Disabilities (PWDs) and senior citizens are available. Benildeans may avail tickets at P350.

The gala is slated for July 26 at 1 pm. Tickets are available at P500—inclusive of free merchandise from Aninag Theater.

Registration is available at tinyurl.com/AngBalyena.

David Ezra set to rock the musical theater stage

BEFORE the end of the year, David Ezra’s star will definitely shine brighter than ever.

Ezra has been tapped to play the lead character in the original rock musical Jeproks, inspired from the real life journey and songs of local rock icon Mike Hanopol. Award-winning composer and musical director Joed Balsamo will create the music from the libretto of revered literary prodigy Nicolas Pichay, and the highly-touted Frannie Zamora will be directing this exciting musical theater production from Tanghalang Una Obra, produced by Johnny Blue.

We are very happy that Zamora has been actively staging production after production, especially after the pandemic. He and his team were responsible for convincing A-list actor Piolo Pascual to say yes to playing the lead role in Ibarra, which swept most of the ALIW awards last year, including best lead actor in a musical and that year’s Entertainer of the Year.

For this new musical, Zamora will be weaving the narrative around 15 songs, and Ezra, who was born in 1987, has already started research into the history of these songs that were popularized a decade before he came to life.

“This project will also serve as a chance for me to dig deeper and get back to our roots on how rock culture evolved through the years. I recall that when I was growing up, the signature Hanopol song was ‘Laki sa Layaw,’ and the band I formed in college knew about that song,” Ezra shared.

He added, “I am happy that the musical theater community is stronger than ever. There was Huling El Bimbo featuring the songs of Eraserheads, then they produced the musical based on the songs of APO Hiking Society, and other concepts followed suit. And while movies are hit or miss, people are buying tickets to patronize theater productions, whether these are musicals or a straight plays. I think that’s how they coined ‘revenge theater.’”

Not many are aware that Ezra is one of the

THIS July, GMA Network’s Born to Be Wild refreshed format to bring more compelling stories, continuing its mission as a dynamic platform for wildlife conservation, environmental education, and advocacy. For the first time, the environment and wildlife show will explore the use of AI technology to bring audiences closer to extinct and rarelyseen species—many of which Born to be Wild documented over the past 17 years.

Born to Be Wild presents a month-long wildlife expedition across the cold mountains of Benguet and the untouched islands of southern Palawan.

In the July 6 episode, Doc Ferds Recio travels to Benguet, immersing himself in the intricate worlds of silkworms and native bees—creatures whose survival

By Lindsey Bahr T he Associated Press

DINOSAUR fatigue may be a theme in Jurassic World Rebirth, but moviegoing audiences don’t seem to have that reservation. The newest installment in the Jurassic World franchise ruled the Fourth of July holiday box office with a global, five-day launch of $318.3 million, according to studio estimates on Sunday.

The Universal Pictures release, directed by Gareth Edwards, opened on Wednesday and earned $147.3 million in its first five days in 4,308 North American theaters.

children of the iconic power singer Dulce. He trained as a classical singer but reminded us that he is a rock singer by heart. “When I was in the university, my hair was long, very long it reached my butt,” he teased. to veer away from singing. “You know the feeling that you are always introduced as Dulce’s son, and perhaps subconsciously I wanted to create my own persona, my own path, and not always be in the shadow of my mom, her popularity, her many successes.”

But as he matured, Ezra realized that he has the gift of voice, so he slowly accepted this reality and pursued it, recognizing that he can be happy doing so, nurturing this talent and making the most out of it.

“Being a musical artist has become my passion, my and a few months from now he will take on another landmark role in Jeproks, the musical.

For sure, David Ezra will rock the musical theater stage and this new role will open huge doors for him and give him theatrical acclaim, too.

‘Born to Be Wild’ brings new encounters, explores AI technology

‘Jurassic World Rebirth’ bites off $318 million at global tills

An estimated $91.5 million of that comes from the traditional “three day” weekend, which includes the Friday holiday, Saturday and projected Sunday ticket sales.

Internationally, it opened in 82 markets including China, adding $171 million to the opening total.

According to the studio, $41.5 million of that came from China alone, where it played on 65,000 screens, 760 of which were IMAX. It’s the country’s biggest MPA (Motion Picture Association) opening of the year.

“It’s just a tremendous result,” said Jim Orr, who oversees domestic distribution for Universal. “Jurassic World Rebirth is exactly what audiences crave during the summer: a very big, fun, extraordinarily welldone adventure.”

Jurassic World was missing from IMAX screens domestically (due to a commitment to continue showing F1), but it thrived on the premium large format screens where it played. One of those options was Dolby Cinema, where it made nearly $8 million from only 167 screens in five days.

Rebirth, starring Scarlett Johansson, Mahershala Ali and Jonathan Bailey, is the fourth movie in the Jurassic World series and the seventh since Steven Spielberg’s original Michael Crichton adaptation

stormed theaters in the summer of 1993. The new film received mixed reviews from critics, carrying a 51 percent on Rotten Tomatoes, and “B” CinemaScore from opening weekend audiences.

The studio was struck by the broad audience turnout, from ages eight to 80, and the fact that the film exceeded estimates at every step despite the reviews. “The word-of-mouth on it is stellar,” Orr said. “And it should point to a very long run throughout the summer, as well.”

Factors like the holiday weekend, inflation and post-Covid moviegoing realities make it difficult to fairly compare the Rebirth launch to the other films in the Jurassic World franchise, the first of which opened to $208 million domestically in 2015. The other two, Fallen Kingdom and Dominion opened to $148 million and $145 million respectively.

Jurassic World Rebirth introduced a new main cast to the series and brought back a familiar voice in Jurassic Park screenwriter David Koepp to guide the story about a dangerous hunt for dinosaur DNA (not for making dinosaurs this time, but for curing heart disease). It cost a reported $180 million net to produce, not including marketing and promotion costs.

The campaign was far reaching, including a global

is increasingly threatened by industrial practices and environmental decline.

In Palawan, Doc Nielsen Donato encounters rare and captivating wildlife. These are the gigantic saltwater crocodile in the wild named “Itim”, the elusive and hard-to-find peacock-pheasant with her chick, and the wild “baboy ramo” encroaching into local communities.

In the succeeding episodes, the show will also make use of AI technology, giving the experience of seeing the beauty and form of some of the rarely-seen and extinct species—with the hope that more people will be aware and protective of the environment’s hidden wild and native animals.

Born to Be Wild airs Sundays, 9 am, on GMA.

press tour, with stops everywhere from London to Seoul, integrated marketing across NBC Universal platforms and brand tie-ins with everything from Jeep and 7-11 to Johansson’s skincare line. No major new films dared go up against the dinosaurs, who left last week’s champion, the Brad Pitt racing movie F1, in the dust. F1 fell a modest 54 percent in its second weekend with $26.1 million, helping bring its domestic total to $109.5 million. It continues to play on IMAX screens with accounted for $7.6 million of the North American weekend ticket sales. Globally, it’s nearing $300 million with a running total of $293.6 million.

Third place went to Universal’s live-action How to Train Your Dragon, which earned $11 million in its fourth weekend, bringing its domestic total to $224 million. Disney and Pixar’s Elio landed in fourth place with $5.7 million. Globally, Elio has just crossed $96 million in three weekends. 28 Years Later rounded out the top five with $4.6 million.

A 41-year-old movie also made the domestic top 10: the re-release of Rob Reiner’s 1984 film This is Spinal Tap. Having the Fourth of July land on a Friday could have negatively impacted the overall box office, but the holiday didn’t blow up the weekend’s earnings. AP

Editor: Gerard S. Ramos

RICO DEL ROSARIO as Coach Raymund

Coins.ph 's PHPC Stablecoin Ready to Exit Regulatory Sandbox

Coins.ph, the Philippines’ leading cryptocurrency exchange with over 18 million users, recently announced that its Philippine Peso stablecoin (PHPC) is exiting the Bangko Sentral ng Pilipinas (BSP) Regulatory Sandbox Framework, with all remaining PHPC fully redeemable – unlocking greater minting capacity to power larger, seamless transactions in the coming months.

Following the successful sandbox pilot that began in 2024, PHPC has demonstrated its stability, security, and utility for Filipino users. Within two months of the sandbox, PHPC was able to meet and exceed the set KPIs, showing the demand and use cases available for the stablecoin. The completion of the regulatory sandbox marks a significant milestone in the Philippines’ digital currency ecosystem and positions PHPC for broader adoption across multiple use cases.

With sandbox restrictions lifted, Coins. ph is now preparing for the next phase of PHPC’s growth operations, following the necessary regulatory requirements. This is set to increase the supply of PHPC to meet growing market demand. This expanded minting capacity will support larger transaction volumes and enable new applications for the stablecoin across the Philippine financial ecosystem.

“Exiting the BSP regulatory sandbox represents a pivotal moment for PHPC and the broader adoption of digital currencies

in the Philippines,” said Wei Zhou, CEO of Coins.ph. “We can now unlock PHPC’s full potential, particularly in areas where Filipinos need it most – remittances and cross-border transactions.”

One of the most significant applications of PHPC’s expanded capacity lies in addressing the Philippines’ massive remittance market. As one of the world’s largest recipients of remittances, PHPC will revolutionize how these critical funds flow into the country. The stablecoin enables faster, cheaper, and more accessible transfers by eliminating traditional banking intermediaries, reducing processing times from days to minutes, and allowing recipients to access funds without requiring traditional bank accounts.

The successful completion of the BSP sandbox program positions the Philippines as a regional leader in stablecoin regulation and adoption. Coins.ph’s collaboration with the BSP has established important precedents for how

digital assets can be safely integrated into national financial systems.

“This achievement reflects the BSP’s positive approach to digital innovation and our commitment to building compliant, user-focused financial products,” added Zhou. “We look forward to working with regulators, partners, and the Filipino community to realize PHPC’s full potential in modernizing how money moves in and out of the Philippines.”

As part of the exit process, Coins.ph continues to maintain comprehensive BSP compliance requirements including public disclosure of PHPC holders, regular progress reporting to the BSP, and independent third-party audits covering proof of reserves, smart contract security, and system vulnerability assessments.

PHPC remains fully backed by cash and cash equivalents held in Philippine bank accounts, maintaining its 1:1 peg to the Philippine Peso. Users can continue to deposit and withdraw PHPC through both the Coins.ph platform.

Philippine Blockchain Week 2025 Wraps Up with Global Support

In the photo are, from left, Christopher Louis Tsu, CEO, Venom Foundation; Richelle Louise Singson-Michael, Member of the House of Representatives of the Philippines; Catz Jalandoni, President, CSJ Events Management; Noel Samson, Co-Founder/CEO, Impero Group; Emmy Delfin, Director, Department of Information and Communications Technology; Malik Melvin Castelino, Malaysian Ambassador; Jean Pachecho, Undersecretary, Department of Trade and Industry; Janelle Barretto, President, Philippine Blockchain Technologies Inc.; Dr. Donald Lim, President, Blockchain Council of the Philippines; Hon. Emi Calixto-Rubiano, Mayor of Pasay City; Chezka Gonzales, Vice-President, Blockchain Council of the Philippines; Congressman Brian Poe Llamanzares; Congressman Rurik Padiernos; Sasa Del Rosario, Undersecretary, Department of Budget and Management; Jack Madrid, President/CEO, IT and Business Process Association of the Philippines; Gail Macapagal, Founder, Women in Blockchain Philippines; and Eliezer Rabadon, CEO, DvCode Technologies Inc.)

PHILIPPINE Blockchain Week (PBW) 2025 concluded triumphantly, delivering its most powerful edition to date. Held from June 10 to 11, 2025 at the SMX Convention Center, the two-day conference brought together thousands of blockchain professionals, developers, creatives, investors, regulators, visionaries, and new audiences from across the globe for an unforgettable convergence of innovation and collaboration. Philippine Blockchain Week 2025 received enormous support from both the local and international blockchain community—reinforcing its role as a truly global platform. Through immersive exhibits, engaging discussions, and high-impact activations, PBW 2025 proved to the world that the Philippines is ready to become the blockchain hub of Southeast Asia. 4 Halls, One Vision: Collaboration for the future of Blockchain Hall 1: Nexus Academia – powered by Tier One Entertainment - This hall came alive with

interactive gaming zones, music, entertainment, and digital experiences. Attended by a big crowd, it allowed music, gaming, arts, and entertainment to be the access point of youths to the world of Web3 and Blockchain.

Hall 2: Chain Stars, Close Friends Only Meet-up and Bazaar, Indie Rising - Three events compressed in one hall where music and dance contenders, rising indie artists, content creators, and celebrities shared the stage with Blockchain 101 lessons.

Hall 3: Main Decoded Stage, Gaming, & Web3 Entertainment Arena - Home to the main conference stage, Hall 3 featured keynotes, panels, and fireside chats with world-renowned leaders, discussing policy, Web3 adoption, DeFi, AI integration, digital identity, and more.

Hall 4: Workshops, Developer Labs, & Breakouts - The hands-on tech hub of PBW. This hall became an extension of Hall 3 and housed Web3 and tech exhibitors during the day. But on the night of June 10, Hall 4 received a massive transformation turning a conference stage into a boxing ring for the Crypto Fight Night ONCHAIN®.

Crypto Fight Night and ONCHAIN® brought high-impact energy to Philippine Blockchain Week 2025, highlighting the bold and fearless spirit of the decentralized world. Held on June 10, the event featured eight electrifying matches between world-class fighters, blending physical grit in the ring with the entrepreneurial drive of the Web3 community in the crowd.

The three co-founders of Philippine Blockchain Week shared their insights on the event’s success and its wider mission. Donald Lim, President of Blockchain Council of the Philippines and Co-Founder of Philippine Blockchain Week said, “PBW 2025 was more than just an event, it was a declaration that the Philippines is ready to lead in the Web3 space. We’ve built a platform where ideas turn into action, and where innovation meets purpose.”

Janelle Barretto, President and Co-Founder of Philippine Blockchain Week added, “What stood out this year was the strength of both the global and local communities. From grassroots builders to international blockchain organizations, the collaboration we saw proves that the Philippines is ramping up to be the blockchain hub of Southeast Asia.”

Chezka Gonzales, Vice President of Blockchain Council of the Philippines and Co-Founder of Philippine Blockchain Week said, “We’re proud of the energy, creativity, and inclusion that shaped every hall of PBW 2025. From gaming to governance, this event showed how blockchain is touching real lives, and we’re just getting started.” PBW 2025 served as a catalyst for forging partnerships and cross-border collaborations, with multiple partners, sponsors, and supporters. The event laid the groundwork for long-term blockchain development and sustainable growth in the Philippines and the broader Southeast Asian region.

Wilcon Depot is Back in Baliuag

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BJ Mercantile expands portfolio with strategic partnership with THACO

J Mercantile Inc. (BJM), one of the country’s leading conglomerates, has significantly expanded its automotive portfolio through its partnership with Vietnamese automotive powerhouse THACO. Under the Memorandum of Understanding (MOU), BJM will become the official sales, service, and parts distributor of THACO trucks and buses in the Philippines.

From its modest beginnings in 1974

Over the years, it has built a reputation for excellent after-sales service, technical expertise, and strong relationships.

“We are honoured to partner with THACO and are excited to offer their high-quality trucks and buses to the Philippine market,” said Leilani Lim Tan, Vice President of BJM. “This collaboration aligns with our commitment to provide innovative, cost-effective, and reliable transport solutions to support the growth of Filipino businesses.” Founded in 1997, THACO is a dominant player in Vietnam’s automotive industry and one of Southeast Asia’s largest auto manufacturers. Its state-of-the-art Chu Lai Truong Hai Industrial Complex is among the most advanced automotive manufacturing hubs in the region, capable of producing a wide range of vehicles from lightduty trucks to full-sized buses and passenger cars. THACO’s lineup of trucks and buses, built using durable and efficient Chinese chassis platforms, are known for their practicality, fuel efficiency, and competitive pricing which is a perfect match for the Philippines’ growing logistics, construction, and transport sectors. With over two decades of automotive engineering and manufacturing experience, THACO’s vehicles are designed for tropical climates and heavy-duty use making them ideal for local roads. The THACO deal adds another strong brand to BJM’s growing automotive portfolio that includes Scania, AshokLeyland, Fuso and Hongqi.

Mega Prime Foods Inc. Celebrates 50 Years with P50 M Worth of Mega Milyonaryo Prizes

IN the recently concluded 50th year anniversary of Mega Prime Foods, Inc. (MPFI), Chief Growth and Development Officer Marvin Tiu Lim shared the company’s plans for international expansion through partnerships with foreign distributors, including Baqer Mohebi Enterprises in Dubai. He also highlighted MPFI’s continuous horizontal growth strategy, marked by the acquisition of Jimm’s Coffee Mix in 2024.

“This year, we’re setting our sights higher— with a bold yet attainable goal of capturing an additional five to ten percentage points in canned sardines market share, bringing us to at least 30 percent by the end of 2025,” said Lim.

The event was also graced by the presence of Mega Mackerel brand ambassador Dimples Romana, Mega Prime Quality ambassador Marian Rivera-Dantes, and the newly

announced ambassador for Jimm’s Coffee Mix, Coco Martin. Mega Milyonaryo, a special anniversary promo from MPFI that gives back to loyal customers, was also launched during the event. Leading the campaign is Megastar Sharon Cuneta, now the face of Mega Milyonaryo and Mega Sardines, who introduced a new song titled “Sariwa ang Pangako” inspired by her classic hit “Kahit Maputi na ang Buhok Ko.” With a total prize pool of P50 million, the promo is MPFI’s way of expressing gratitude to the millions of Filipinos who have supported their brands through the years. Prizes include cash rewards from GCash, five Toyota Raize units, and five P1 million winners. The official mechanics of the promo are as follows:

Purchase any especially marked products from Mega Sardines, Mega Mackerel, or Jimm’s Coffee Mix

Look for the alphanumeric code under the lid of the can or inside the sachet

Go to the Mega Sardines Facebook page, click “Get Started” and choose the “Join Promo” option

Enter your details and the alphanumeric code

Get a chance to win GCash vouchers or 1 million cash or a Toyota Raize at our promo draws

This promo is valid until December 31, 2025 with ASC Ref No.: M0076P051425M and DOH-FDA

Present at the opening were, from left, Limson Marketing Founding Chairman James Lim, President and CEO Carl Lim, Mariwasa VP for

Bosch-Ong, Bulacan, 2nd District Rep. Augustina “Tina” Pancho, PCCI Vice President for Regional affairs and Membership Maria Alegria “Bing” Sibal-Limjoco, Matimco President and CEO Charlie Liu,

In the photo are,

left, Marvy Sales,

Associate, BJ Mercantile Inc.; Don Ramos, Sales Manager, BJ Mercantile Inc.; Peachy Tamayo, Marketing Manager, BJ Mercantile Inc.; Leilani Lim Tan, Vice President, BJ Mercantile Inc.; Doan Dat Ninh, Vice President THACO Auto, Production

XIAOMI’S ELECTRIC DREAM: HOW THE CHINESE TECH GIANT SUCCEEDED WHERE APPLE FAILED

By Bloomberg News

LEI JUN, founder and chairman of Xiaomi Corp., the only tech company to have successfully diversified into car making, couldn’t resist. Speaking at a triumphant launch event in Beijing late last month for Xiaomi’s second electric vehicle, a long-anticipated SUV, Lei pointedly mentioned Apple Inc., which spent a decade and $10 billion trying to make a car before giving up last year.

“Since Apple stopped developing its car, we’ve given special care to Apple users,” he said, noting that owners of the American giant’s iPhones would be able to seamlessly sync their devices to Xiaomi’s vehicles.

The not-so-subtle dig was followed by a flex: Xiaomi then said it had received more than 289,000 orders for its new sport utility vehicle within an hour of its announcement, more than its first EV, a sedan launched in March 2024.

Xiaomi succeeding where Apple failed has burnished Lei’s reputation, made his company one of the most valuable in China and shaken up both the tech and automobile industries.

The collapse of Apple’s moonshot car program has only underscored the effectiveness of Xiaomi’s grounded approach, which took inspiration from proven designs from Tesla Inc. and Porsche Automobil Holding SE while staying true to the affordable ethos that’s made it a cult brand for Gen Z consumers.

Crucially, it also launched into the most fertile EV ecosystem in the world—China. With state subsidies, existing charging infrastructure and a ready-made supply chain, Xiaomi had a structural tailwind Apple lacked.

Xiaomi declined to comment for this story.

Lei and Xiaomi’s “charisma, brand recognition and ecosystem cannot be underestimated,” said Yale Zhang, the managing director of Shanghai-based consultancy Automotive Foresight. “It’s a big influence on young consumers who have filled their homes with Xiaomi products. When it comes time to buy an EV, they naturally think of Xiaomi.”

But building cars is a far more complex, capital intensive challenge than making phones or rice cookers. It requires mastering safety regulations, global logistics and production at scale, all while competing against legacy automakers with long histories and large model lineups. Any international expansion will also require navigating complex geopolitical landscapes. As one of the

first tech giants to actually manufacture a car, Xiaomi is in uncharted territory.

Apple’s failings APPLE’S car project, internally dubbed Project Titan, failed in large part because it wasn’t just an EV—it was at one point an attempt to leapfrog the auto industry with a fully autonomous, Level 5 self-driving machine. Its goals were lofty and the direction constantly shifting, the result being over a decade of effort with nothing to show.

Lei, 55, was comparatively stingy with time and resources and staked his personal reputation on the endeavor, claiming that making cars would be his “last entrepreneurial project.”

Xiaomi’s public narrative is that Lei and his team learned by visiting multiple Chinese automakers, including Zhejiang Geely Holding Group Co. and Great Wall Motor Co., and talked to more than 200 industry experts in some 80 meetings.

The reality is also that he used Xiaomi’s reputation as an innovative consumer behemoth to get close to China’s large carmakers and pick off their top talent. Geely and its billionaire founder Li Shufu welcomed Lei to the automaker’s research institute in Ningbo in the months leading up to Xiaomi’s announcement that it would enter the car business to discuss topics, including potential collaboration.

It’s Geely lore that Lei added the WeChat contacts of many staff at the institute, including then-director Hu Zhengnan. Hu later joined Shunwei Capital Partners, the investment firm co-founded by Lei.

Recruitment tactics

XIAOMI headhunters also courted Geely staff intensely, according to people familiar with the matter. While it’s common for talent to move between companies in the same industry, it was unusual to see this level of aggressiveness around recruitment, the people said, asking not to be identified discussing information that’s

private. Geely didn’t respond to a request for comment.

Hu, known for his love of the German luxury marque Porsche, was one of the team members credited as being instrumental to developing Xiaomi’s EV business, Lei said at the SU7 launch in 2024. Lei added that Hu left his previous employer after his contract ended.

Other executives who joined Xiaomi came from companies including BAIC Motor Corp., BMW AG, SAIC-GM-Wuling Automobile Co. — the General Motors Co. joint venture with SAIC Motor Corp. and Wuling Motors Holdings Ltd. — and auto supplier Magna Steyr LLC.

Besides assembling top Chinese automaking talent, Lei made a prescient bet on investing in a self-controlled supply chain — insulating Xiaomi’s operation from manufacturing vagaries. This came from painful lessons learned in Xiaomi’s early smartphone-producing days, when external suppliers would cut off components unpredictably.

In 2016, some members of Xiaomi’s supply chain team displeased Samsung Electronics Co. representatives and the South Korean firm threatened to halt supply of its industryleading AMOLED screens.

To mend the fractured relationship, Lei flew to Shenzhen to meet with Samsung’s China head at the

time. The pair drank five bottles of red wine during their dinner meeting, according to a Xiaomi company biography, and Lei also made multiple trips to Samsung’s headquarters in South Korea to apologize and negotiate the resumption of supply. Representatives from Samsung declined to comment.

After Xiaomi went into the car making business, it invested into almost all parts of the EV supply chain, from batteries and chips to air suspension and sensors. It pumped more than $1.6 billion via Shunwei or other Xiaomi-led funds into over 100 supply chain companies between 2021 and 2024, according to data compiled by Chinese analytics firm Zhangtongshe and Bloomberg.

The components from some of the companies that Xiaomi invested in have ended up in its cars, such as lidars from Hesai Technology Co. and onboard chargers and voltage converters from Zhejiang EV-Tech Co.

With the 10 billion yuan ($1.4 billion) it committed to the first phase of its EV venture, Xiaomi also built its own factory, rather than going down the contract manufacturing route that some Chinese makers, including Nio Inc. and Xpeng Inc., did when they started out.

“Among tech companies that now build electric vehicles, those who previously had hardware products seem to be more successful than those who

Apple’s car project, internally dubbed Project Titan, failed in large part because it wasn’t just an EV—it was at one point an attempt to leapfrog the auto industry with a fully autonomous, Level 5 self-driving machine. Its goals were lofty and the direction constantly shifting, the result being over a decade of effort with nothing to show.

only had software products or information services,” said Paul Gong, UBS Group AG’s head of China autos research.

Copycat allegations DESPITE its early success, there are many who argue Xiaomi’s one hit car is copied from elsewhere — and that a sole successful vehicle does not a successful auto producer make.

Lei’s aggressive approach has also raised hackles in China’s car industry.

Yu Jingmin, vice president of SAIC’s passenger car division, reportedly described Xiaomi’s approach as “shameless” in a critique of the SU7 resembling Porsche. The SU7 has been colloquially dubbed “Porsche Mi” by netizens. SAIC didn’t respond to questions about Yu’s remarks.

Xiaomi’s design team, led by former BMW designer Li Tianyuan, has defended the SU7’s aesthetics, emphasizing that the choices were driven by aerodynamic efficiency and performance benchmarks.

In late March, there was another setback after a fatal accident involving the SU7.

The car had its advanced driver assistance technology turned on before the crash, which afterward led to authorities reining in the promotion and deployment of the technology.

The usually vocal Lei kept a low profile on social media for more than a month post the March accident. He returned to more active engagement in May with a missive that said this period of time was the most difficult in his career.

Fortunately for Xiaomi, its consumer base is sticky. Known as “Mi Fans,” the loyal customers have played a pivotal role in the company’s rise. Xiaomi cultivated this fandom early on by prioritizing user feedback and the grassroots allegiance has helped it build strong brand equity, especially in China. The SU7 has remained a top selling model even after the accident in March.

Indeed, dealers have reported

that nearly 50% of customers plump for the SU7 without comparing it to other brands.

“A significant number of older consumers are buying the SU7 for their children, indicating that the model has built trust among more conservative buyers thanks to its safety and quality,” said Rosalie Chen, a senior analyst from investment research firm Third Bridge.

Small scale

XIAOMI has set a delivery target of 350,000 units in 2025, up from its previous goal of 300,000, buoyed by demand for the newly launched YU7 and a ramp up in production. The starting prices for the SU7 sedan, at 215,900 yuan ($30,100), and its SUV, at 253,500 yuan, make them competitive alternatives to models like Tesla’s Model 3 and Model Y. The EVs are also showing financial promise. Xiaomi posted record revenue for the first quarter this year, driven by car and smartphone sales. Its EV division is expected to turn profitable in the second half of 2025, Lei said in an investor meeting in June.

But even if the popularity of Xiaomi’s EVs can spring beyond the company’s devoted base, production is still on a much more boutique scale. China’s top car brand, BYD Co., sold around 4.3 million EVs and hybrids last year, many overseas, while Tesla moved about 1.78 million vehicles globally. Toyota Motor Corp., the world’s No. 1 automaker, sold some 10.8 million vehicles and boasts a lineup of approximately 70 different models.

Lei doesn’t seem to be prioritizing the mass market of below $20,000 yet, which drives significant volume and is where BYD dominates, Automotive Foresight’s Zhang said.  Without a lineup in that segment, Xiaomi cars will remain niche purchases for middle to higher-income consumers and Xiaomi may face the same risks as Tesla, which is seeing its sales slump exacerbated by a narrow consumer base and limited models.

Nonetheless, Lei seems buoyed by Xiaomi’s early wins and is now looking at global expansion. Xiaomi will consider selling cars outside China from 2027, he said last week. Success or otherwise, the European Union, the US and Turkey have all slapped tariffs on Chinese EVs, but Xiaomi wants to set up a R&D center in Munich and may test sales starting in European markets such as Germany, Spain and France when the time is right, Chinese media 36Kr reported in April.

“Xiaomi is a latecomer to the auto industry,” Lei admitted on Weibo in June. But, he said, in a market driven by technology and innovation and the rising global influence of China’s EV culture, “there are always opportunities for latecomers.” With assistance from Vlad Savov, Mark Gurman, Drake Bennett and Jessica Sui / Bloomberg

XIAOMI Corp. Founder and Chairman Lei Jun started deliveries of the first batch of its SU7 electric cars in April. BLOOMBERG

Miracle moment for old guard LA

By Josef Ramos

EWIS ALFRED “LA” TENORIO

Ladded another compelling bookmark in Philippine Basketball Association (PBA) history with a cold-blooded three-pointer that breathed life to Barangay Ginebra San Miguel’s Philippine Cup campaign.

B oy, it was undoubtedly one of many fables that make legions of Filipino fans go crazy about Ginebra—down 87-85 with the Gin Kings facing elimination against the mighty San Miguel Beermen, Scottie Thompson slid a pass to the 40-year-old Tenorio who, without hesitation, nailed a paralyzing three-pointer from quarter court to seal an 88-87 victory for a 3-3 tie in the semifinals series.

L ater in the evening at the Smart Araneta Coliseum, TNT Tropang 5G only needed to hold fort most of the way and watched Rain or Shine crumble by its own undoing in Game 6 of their series to march to the Finals, 97-89, with a potential grand slam in sight.

“L A’s presence just allowed us to make big plays down the stretch and make the big shots,” a relieved Ginebra coach Tim Cone said. “Miracles do happen as we’re grasping all day long. We were down and made a little bit of run.”

We turned to our veteran leader and he made the big plays down the stretch, something he hasn’t been able to do all series,” Cone added. “But LA’s presence out there does a lot to make big plays down the stretch.” Tenorio was 3 of 3 from the three-point zone for 11 points—a cancer survivor, he’ll turn 41 when the Gin Kings and Beermen clash in a no-tomorrow Game 7 at 7:30 p.m. Wednesday also at the Big Dome.

Reig eyes 2nd straight crown

IRIENOLD REIG JR. faces stiff competition as he goes for backto-back titles, while Bea Quiambao aims to regain her crown in the Sun Life 5150 Bohol Triathlon set this Sunday at the Bellevue Resort in Panglao Island. Reig, who dominated last year’s Olympic-distance race (1.5-km swim, 40km bike, 10-km run) en route to a 2:03:33 finish, heads to Bohol fresh off a podium finish at the Ironman 70.3 Subic.

The Quezon City standout will have his work cut out against a talented field featuring young guns Sean Bantol, Christian Jimenez, Michael Jayoma, Venecio Miculob Jr. and Arthur Barrera. Local favorite Jonathan Pagaura, runnerup in 2022’s inaugural event presented by Sun Life Philippines, and Cebu veteran Jorry Ycong also loom as top contenders.

In th e women’s side, Calamba’s Bea Quiambao arrives determined to recapture the title she last won three years ago. A multiple 5150 champion and recipient of the Bagong Bayani award at the Ironman 70.3 Subic, Quiambao must fend off challengers including Davao’s Jessica Palermo and Rara Torres, Cebu’s Casey Robyn Un, Bukidnon’s Sophia Belican, Ilocos Sur’s Frea Billedo, Las Piñas’ Katrina Bisuña, Parañaque’s Ma. Angela Salazar, Cadiz’s Nonelie Paclibar and seasoned campaigner Ines Santiago.

Van der Poel tops Stage 2 as Pogi misjudges attack

BOULOGNE-SUR-MER, France— Dutch cyclist Mathieu van der Poel won the hilly second stage of the Tour de France on Sunday after holding off defending champion Tadej Pogačar and two-time winner Jonas Vingegaard in a sprint to the line. Van der Poel took the race leader’s yellow jersey from his Alpecin–Deceuninck teammate  Jasper Philipsen  in a second career stage victory on the Tour. Neither rider is considered an overall contender.

“It was super difficult, the finale was harder than I thought. But I was really motivated,” Van der Poel said. “Finally,

Junior Tall Blacks

Coach Chot’s not thinking Grand Slam HEAD coach Chot Reyes and the TNT Tropang 5G are four victories away from making the Manuel V. Pangilinan as only the sixth team in 49 seasons of the PBA to secure a Grand Slam. But

four years after my first [stage] win, it was about time I took a second one. It’s also the second time I’m rewarded with the yellow jersey as well, so I guess it was worth the wait.”

He intends to wear yellow a little longer yet.

“I hope I can keep the jersey until the time trial [on Wednesday],” Van der Poel said “[After that] it will be very hard.”

Stage 2 was delayed by about 15 minutes after team buses arrived late to their parking spots because of heavy morning rain.

Fans lined the roads wearing raincoats and riders wore light jackets amid wet and blustery conditions on the

slightly hilly 209-kilometer trek from Lauwin-Planque to Boulogne-sur-Mer in northern France.

T he longest trek of this year’s race featured about 4 kilometers of climbing suited to allrounders like the  three-time Paris-Roubaix classic winner  Van der Poel and former Cyclocross star Wout van Aert. Greasy roads increased the risk of spills and a strong headwind greeted riders approaching the finish as they took on the day’s three consecutive climbs—short and sharp but very modest ones compared to the giant Alpine and Pyrenean ascents later in the three-week race. AP

LONDON—Carlos Alcaraz’s latest upand-down Wimbledon performance began with a dropped set and later Sunday, he was in danger of getting broken to fall further behind in the third.

A nd then, as he so often does, Alcaraz seized the moment, produced some magic and moved closer to a third consecutive title at the All England Club.

Alcaraz stretched his winning streak in the grass-court Grand Slam tournament to 18 matches—and his

current unbeaten run across all events to 22—by coming back to beat No. 14 seed Andrey Rublev, 6-7 (5), 6-3, 6-4, 6-4, at Centre Court to return to the quarterfinals.

In this fortnight’s first matchup between two men ranked in the top 20, No. 2 Alcaraz brought out his best while down 3-2 in the third set. First, he needed to fend off a break chance for Rublev, doing so with a forehand passing winner.

After eventually holding to

Alcaraz moves a step closer to Wimbledon treble

3-all, Alcaraz earned his own break opportunity and didn’t let Rublev escape. On an eight-stroke exchange, Alcaraz sprinted from one corner of the court to the other and, with a stomp of his right foot and a bit of a slide, he flicked a cross-court forehand winner. O h, did he relish that one. Alcaraz spread his arms wide, pointed to his right ear and basked in the crowd’s loud adulation, the noise bouncing off the underside of the stadium’s closed roof. AP

MVP Sports Foundation.

“They are already talking about bringing Mondo [world No. 1 Duplantis] here in Makati,” Asia’s top pole vaulter said.

“It is finally happening, and it is good. It has been a long time. I am excited to compete there,” said Obiena, silver medalist in the 2024 World Athletics Championships.

“I cannot provide details as of now, but it is going to be a great event,” Obiena added. “Very thankful to Ayala and Manny V. Pangilinan for this.” The competition offers ranking points and the podium placers will receive cash prizes.

O biena, the world No. 4 pole vaulter, is currently in Formia, Italy training for competitions including the Wanda Diamond League in Monaco on July 11.

“Ayala is proud to partner with EJ for an event that celebrates Filipino excellence and marks the successes of our sporting heroes. Through this pole vault challenge, we hope to bring Filipinos together in encouraging sporting participation, inspiring future athletes and making us proud as a nation,” Ayala Corporation Executive Director Jaime Alfonso Zobel de Ayala said in a statement. Josef Ramos

MATHIEU VAN DER POEL outsprints defending champion Tadej Pogačar (right) and two-time winner Jonas Vingegaard (background). AP

beat Russia’s Andrey Rublev Sunday.

OLD guard Lewis Alfred “LA” Tenorio does what he does best and Barangay Ginebra San Miguel extends the series to a Game 7.

EJ Obiena is excited to put on a show for the home crowd.