AS one of the country’s largest and leading microfinancial services providers, Cebuana Lhuillier continues to strengthen its integrated financial ecosystem, serving as the link that connects over one million MSMEs and SMEs and tens of thousands of institutions across banking, lending, utilities, manufacturing, logistics, retail, government, and many other industries through long-standing partnerships that enable the seamless movement of money locally and across the borders.
Serving as an extension of its partners' operations, Cebuana Lhuillier empowers organizations to scale with confidence, streamline operations, and accelerate growth through one of the Philippines' largest financial services networks. Backed by more than 3,600 branches, 25,000+ partner agent locations, 30,000+ local access points, and over 3 mil-
lion global touchpoints, the company powers secure collections, disbursements, payouts, payment acceptance, and cross-border remittances at nationwide and international scale.
"Every milestone Cebuana Lhuillier has achieved is rooted in the strength of our partnerships. Our journey through the years has been shaped by organizations that share our commitment to creating opportunities and empowering communities. As we continue to evolve and extend our impact, we remain grateful for the trust and collaboration of our allies who have been with us every step of the way," said Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier.
Those capabilities are made possible by trusted collaborators that have grown alongside Cebuana Lhuillier over the years, helping shape a financial ecosystem that continues to expand access, strengthen industries, and
create opportunities for millions of Filipinos. In recognition of these enduring relationships and shared achievements, the company recently gathered its partners for an evening of appreciation during its Partners Night, celebrating the organizations whose commitment, collaboration, and innovation continue to drive resilience, sustainable growth, and greater financial inclusion across the country.
As industries continue to evolve, Cebuana Lhuillier remains committed to creating greater value for its partners by continuously advancing the financial infrastructure that supports their growth. Through its comprehensive suite of cash management and money movement solutions, the company simplifies transactions across entire value chains, enabling organizations of every size to improve efficiency, accelerate growth, and deliver better experiences for their customers.
"Partnerships are critical to how we innovate, scale, and deliver solutions that respond to the changing needs of Filipinos and businesses. As financial ecosystems become increasingly interconnected, we look forward to working even more closely with our partners to develop new capabilities, expand access, and create greater value for the communities and industries we collectively serve," said Philippe Andre Lhuillier, Senior Executive Vice President of Cebuana Lhuillier. As the Philippine economy continues to
By Reine Juvierre S. Alberto @reine_alberto
THE Development Budget Coordination Committee (DBCC) scaled back the revenue collection target of the Bureau of Internal Revenue (BIR) this year, while assigning a bigger goal for the Bureau of Customs (BOC) and non-tax revenues.
See “DBCC,” A2
PEZA REMITS P1.44B TO GOVT, TOUTS INVESTOR CONFIDENCE
By Ada Pelonia @adapelonia
THE Philippine Economic Zone Authority (Peza) remitted P1.44 billion to the national government for the fiscal year 2025.
This marked Peza’s third straight year as one of the leading Government-Owned and-Controlled Corporations (GOCCs) in dividend contributions.
Peza Director General Tereso Panga attributed the agency’s
sustained performance to investor confidence, resilience of Peza-registered enterprises, and the collective efforts of its board, management, and employees.
“This milestone reflects the confidence of our investors, the resilience of our ecozones, and the dedication of every member of the Peza family to deliver results that directly benefit the Filipino people despite the various headwinds we are facing,” Panga said.
“Our three-peat in dividend
See “Peza,” A2
FOREGONE revenues from the three-month suspension of excise taxes on kerosene and liquefied petroleum gas (LPG) amounted to P2.5 billion, according to the Department of Finance (DOF).
Finance Secretary Frederick D. Go told reporters on the sidelines of a forum on Thursday that the government incurred P2.5 billion in revenue losses from the tax relief.
The government suspended the excise taxes on the two petroleum products last April, in its bid to shield consumers from high oil prices as a result of the war between the United States and Iran.
Levies on kerosene and LPG were reinstated last Wednesday, July 8, after the one-month average Dubai crude price hovered at $79.45 per barrel from June 1 to 30. (See: https://businessmirror.com.ph/2026/07/08/ bir-re-imposes-taxes-on-lpg-kerosene-as-crude-prices-dip/).
This means kerosene will again be subject to an excise tax of P3 per liter, while LPG will be taxed at P1 per kilogram.
“The [Department of Energy] issued a certification that the price of Dubai crude oil was already below $80 [per barrel],” Go said. “Based on the rules, the action to be taken by the Bureau of Customs and the Bureau of Internal Revenue is automatic by law.”
The Finance chief was referring to Executive Order (EO) No. 114, which President Ferdinand R. Marcos Jr. issued to temporarily suspend excise taxes on selected petroleum products for three months. The tax suspension resulted in a reduction of LPG prices by P3.36 per kilo and P5.60 per liter of kerosene. According to the EO, the tax rates will revert to previous rates one week after the one-month average Dubai crude oil price, based on the Mean of Platts Singapore (MOPS), falls below $80 per barrel.
This must be certified by the DOE or upon the expiration of the threemonth suspension period.
Should oil prices shoot up again, Go said the economic team, which he leads, could recommend to the President that the excise taxes on kerosene and LGP be reduced or suspended, subject to the President’s approval.
“If it exceeds $80 a barrel, we may recommend to the President,” he said.
Lhuillier (center-right),
than the dependent population, creating favorable conditions for faster economic growth.
Official data showed that 63.9 percent of Filipinos, or about 69.4 million people, belonged to the working-age population in 2020, while the dependency ratio fell to 57 dependents for every 100 workingage Filipinos.
Oplas said maximizing this opportunity starts with strengthening basic education, where children develop foundational reading, writing, and communication skills.
Albert said the demographic window is real but closing faster than many expect as fertility rates continue to decline.
He said the country’s large working-age population will generate economic gains only if workers are healthy, educated, and employed in productive jobs, noting that building human capital takes decades.
“Government must steer well, through sustained investments in education, health and nutrition, and progressive universal social protection that responds quickly when shocks hit,” he said.
Perez likewise warned that the Philippines is entering an aging society, increasing pressure on the health system while narrowing the country’s demographic advantage.
“It is crucial for the country to develop a program for human development at all levels, particularly in local governments and communities and avoid intergenerational poverty before we enter the later stages of an aging society,” he said.
DA seeks ₧1-B fuel subsidy scheme for farmers, fishers
By Ada Pelonia @adapelonia
THEDepartment of Agriculture (DA)
is seeking a P1-billion budget for its fuel subsidy program for farmers and fishers affected by hefty input costs wrought by the global oil crisis.
Agriculture Secretary Arnel de Mesa said the additional funding for fuel subsidy forms part of the agency’s P6-billion request earlier presented to Congress to support the farm sector grappling with the effects of the Middle East war.
“Of the DA’s total P6-billion request, P1 billion is for fuel [subsidy program],” de Mesa told reporters in a press briefing, adding that they already requested this from the Department of Budget and Management (DBM).
Meanwhile, de Mesa said the agency continues to disburse the P150 million earmarked for fuel assistance to the farm sector, which was included in its 2025 budget.
The DA divided the allotted budget
in half; P75 million would be distributed to farmers, while the remaining balance would be allotted to fisherfolk. They would receive P5,000 and P3,000 each, respectively.
Of the allocated funding, de Mesa said 66 percent of the P75 million for fisherfolk has been disbursed by the DA as of writing, while 89 percent of the funding has been given to farmers. Under the rules, farmers should be registered in the Registry System for Basic Sectors in Agriculture (RSBSA) and own or rent machinery to be considered eligible for the fuel assistance.
Fishers should also be registered in the RSBSA, own a boat with a size of three gross tons (3GT) or less, and
use gears that abide by fishery laws.
The beneficiaries will receive the fuel assistance in their Interventions Monitoring Card (IMC), which they can withdraw in certain fuel stations.
For those in far-flung areas, however, the DA will issue vouchers containing the fuel subsidy.
Aside from this, the DA also provided a P10-billion cash assis -
pegged by the DBCC. Non-tax revenue target also increased by 4.34 percent, or P15.2 billion, to P365.1 billion from the prior target of P349.9 billion.
This development came after the DBCC, in its 193rd meeting last June, adjusted the mediumterm macroeconomic assumptions, growth targets and the fiscal program for 2026 to 2030.
Economic growth is now expected to slow down to 3.5 percent to 4.5 percent this year, before rebounding to 5 to 6 percent in 2027 to 2030.
Slower growth typically dampens collections from income, value-added and other businessrelated taxes, which account for the bulk of the BIR’s revenues.
As for the BOC, Finance Undersecretary for Revenue Operations Group Rolando U. Ligon said that their goal was raised to factor in a higher peso-US dollar exchange rate, which boosts the peso value of import duties and taxes.
“It’s also because of their collection effort. They really exerted efforts to reach the target,” Ligon told reporters.
The BOC has collected P491.748 billion in the first half of the year,
tance program, funded through the Presidential Assistance for Farmers and Fisherfolk Program (PAFFP) under its 2026 General Appropriations Act (GAA).
With this, the DA distributed P2,325 each to over 4.17 million beneficiaries registered on the RSBSA and the National Program for Municipal Fishing Vessels and Gears Registration (BoatR) systems nationwide.
preparedness do not always move together,” it read.
ILO’s study noted that countries with similar levels of AI exposure often have very different capacities to manage technological change through digital infrastructure, workforce skills, governance frameworks and institutional support. Technology-intensive occupations, including software development and education, recorded the highest levels of AI use, while office and administrative support jobs—among those considered most exposed—have yet to experience comparable levels of adoption.
The ILO also highlighted a gender gap in AI exposure, with women more than twice as likely as men to work in occupations with high GenAI exposure because of their concentration in clerical, administrative and professional roles.
Younger workers may likewise face increasing pressure as AI adoption expands, with employment outcomes in highly exposed occupations weakening in some economies, including the Philippines and Thailand.
The findings, however, stop short of pointing to broad labor market disruption.
“School-to-work transitions and entry-level employment opportunities warrant continued monitoring as AI adoption expands across Asean economies,” the study further discussed.
exceeding its target by P11.478 billion.
“If you take into account [the suspension of excise tax on petroleum products], the BOC’s collection should go down. And yet, they were still able to attain the target,” Ligon said.
From January to May, the government generated a total of P2.073 trillion, of which P1.420 trillion came from the BIR. Nontax revenues also amounted to P231.383 billion.
The DBCC lowered this year’s revenue target to P4.807 trillion, down from the previous target of P4.824 trillion.
The government’s revenue collection will breach the P5-trillion mark in 2027, pegged at P5.205 trillion, and will continuously increase to P6.519 trillion by 2030.
This will be supported by the full implementation of tax policy reforms, including the ValueAdded Tax on Digital Services Act, CREATE More law, Capital Markets Efficiency Promotion Act and the new Mining Fiscal Regime, coupled with continued improvements in tax administration, digitalization and enforcement, the DBCC said.
Beyond exposure, the ILO found that Asean economies differ significantly in their capacity to respond to AI-driven changes, creating what it described as a growing “preparedness gap” across the region. Singapore emerged as the only economy combining both high AI exposure and high preparedness, while the Philippines ranked second in exposure but only fourth in preparedness among the economies assessed. ILO economist and lead author Christian Viegelahn said harnessing the benefits of GenAI requires more than simply expanding access to the technology.
remittances demonstrates that investment promotion and sound public financial management go hand-in-hand. As we continue to attract high-value investments, we are likewise ensuring that the gains from economic growth are shared with the National Government and ultimately with the Filipino people,” he added.
Under Republic Act (RA) 7656, or the Dividend Law, GOCCs should remit at least 50 percent of their annual net earnings to the NG.
Peza said it maintained investor confidence by pursuing strategic reforms, bolstering the ease of doing business, expediting digital transformation, and promoting the Philippines as a competitive investment destination.
This is notable with its continued upward performance for the first half of the year, the agency added.
From January to June, Peza noted that it registered over 150 new and expansion projects worth P140.689 billion, 94 percent higher than the same period in 2025. This accounted for roughly 47 percent of its P300 billion target for 2026.
“Peza’s sustained financial performance reflects not only our commitment to sound governance and fiscal responsibility but also the strength of our investment promotion efforts,” Panga said.
“As a self-sustaining and resource-generating agency, we will continue to be a reliable partner of the National Government by attracting high-quality investments, generating employment and export opportunities, and advancing the Marcos administration’s vision of a more competitive, innovative, and inclusive Philippine economy,” he added.
“Productivity gains depend on investments in human capital and social protection,”Viegelahn said. According to the ILO, future labor market outcomes will depend not only on where workers are exposed to AI but also on how governments, employers and workers invest in digital readiness, workforce skills, governance frameworks and institutions that can help economies adapt to technological change while supporting innovation and productivity growth.
Mary Jade Jadormio
hydro, coal, and natural gas, while planned outages across various technologies have the highest daily cumulative outage of 758.30 MW.
In Visayas, forced outages from various technologies have the highest daily cumulative outage of 2,295.23 MW, mostly from coal and geothermal, with 490.1 MW of planned outages from geothermal. This means that Visayas relied heavily on imports from Luzon and Mindanao to meet its local demand. In Mindanao, forced outages have the highest daily cumulative outage of 1,186.70 MW, and 237.50 MW for planned outages from Hydro technology.
“Grid alerts are more commonly associated with the summer months, when electricity demand is typically higher. This year, however, continued generating-unit outages and tighter regional supply conditions extended beyond the summer period, particularly in the Visayas and Mindanao. At the same time, new generating capacities are progressively entering the market, which should help support the country’s growing electricity requirements,” said IEMOP Vice President for Trading Operations Isidro, Cacho Jr.
Sara lawyers ‘inadvertently’ strengthened prosecution case in impeach trial–expert
By Jovee Marie Dela Cruz @joveemarie
ALAW expert on Thursday said the defense may have inadvertently strengthened the prosecution’s case against Vice President Sara Duterte by using the same video evidence during crossexamination.
Former Far Eastern University Institute of Law Dean Mel Sta. Maria said the prosecution appeared to have outmaneuvered the defense on the handling of digital evidence.
“But what is significant there? I think this is where the prosecution outsmarted the defense,” Sta. Maria said in a television interview.
Sta. Maria explained that when challenging digital evidence, the proper approach is to attack the integrity, authenticity, and handling of the device or file itself.
“Because if you are to present a digital device, then you must attack that digital device. You must destroy its integrity,” Sta. Maria explained.
Instead, he noted that the defense presented portions of the same video during cross-examination to provide context to Duterte’s remarks.
The Senate impeachment court this week began taking up the Article of Impeachment involving VP Duterte’s alleged threats against President Marcos, First Lady Liza Araneta-Marcos and former Speaker Ferdinand Martin G. Romualdez, with prosecutors presenting video evidence and National Bureau of Investigation (NBI) testimony on the authentication of the recording.
That raises the question: is there still an issue with the authenticity or integrity of that USB file, when they themselves used it?” Sta. Maria said.
He added that the defense’s reliance on the material undermines its ability to later question its authenticity.
“Showed it, and made use of it as their evidence. So how can you say that that is not authentic when you yourself used it?” Sta. Maria stressed.
Sta. Maria described this as one instance where the prosecution gained an advantage during the proceedings.
He also said the prosecution’s decision not to conduct a redirect examination was reasonable, as the defense’s crossexamination may have already reinforced the prosecution’s evidence.
“That is why the prosecution said it had no redirect. This shows the importance of carefully listening to the offer of evidence,” he said.
Sta. Maria recalled that the prosecution presented the video in support of Article IV of the impeachment complaint and introduced a witness to authenticate it.
According to him, the defense had the
opportunity to weaken the evidence during cross-examination but instead ended up relying on it.
“It should have been destroyed during cross-examination because that was the proof of the statement. But instead, they used it,” he said.
He added that challenging the video’s integrity would now be difficult, especially since the NBI established a hash value—a digital signature used to verify whether a file has been altered.
“It will be very hard. Because they generated already what you call a hash value calculator,” Sta. Maria explained.
He also observed that the defense did not directly challenge the scientific basis of the authentication process.
“The cross-examination did not even touch on the science and technology involved. What they focused on were motives, politics, and the affidavit,” he said.
Sta. Maria further noted that the defense appeared to acknowledge the existence of the statement, while arguing that it was protected speech or did not constitute an impeachable offense.
‘A threat is a threat’
THE House prosecution panel on Thursday said the law does not recognize a “conditional threat,” insisting that a threat remains a threat regardless of any qualifying language.
San Juan City Rep. Ysabel Maria Zamora, one of the prosecutors, said the alleged statement of Duterte, central to Article IV of the impeachment complaint, cannot be justified by conditions.
“A threat is a threat once it is made,” Zamora said.
The article stemmed from Duterte’s November 23, 2024, briefing, where she said she had contracted an assassin to kill the President, the First Lady, and the Speaker at the time.
NBI Senior Agent John Mark Calilung, the prosecution’s first witness, authenticated the video. While the defense described the remark as “conditional,” Calilung later said the threat was “absolute.”
Prosecutor Benjamin “Jay” Tolosa Jr. said calling the threat conditional does not reduce its gravity.
“No amount of condition or context can make that statement acceptable,”Tolosa said.
He added that the prosecution’s case is anchored on Duterte’s own statements, which they view as an admission. Zamora also clarified that the impeachment trial is not a criminal case for grave threats but a proceeding to determine whether Duterte committed impeachable offenses such as betrayal of public trust.
“Contract or no contract, our position remains that her statements constitute impeachable offenses,” she said.
Lacson: Proper handling, forensic tools vital to authenticating digital evidence
By Butch Fernandez @butchfBM
PROPER handling and use of forensic tools are crucial to authenticating digital evidence in court, particularly amid growing concerns over artificial intelligence (AI)-generated and manipulated content, Sen. Panfilo Lacson stressed on Wednesday. During his interpellation of National Bureau of Investigation (NBI) agent John Mark Calilung in the impeachment trial of Vice President Sara Duterte, Lacson said this should also apply to the recording of the Vice President’s online news conference that he authenticated.
“I’m not here to question the authenticity, I just want to be assured dahil sabi ko nga kanina pagka sa AI, napakahirap talaga ” almost impossible to distinguish it from the original video or source [I’m not here to question the authenticity. I just want to be assured because with AI, it’s almost impossible to distinguish a tampered video from the original video or source],” Lacson said.
Palace calls for retooling of natl security playbook
MARITIME harassment, cyberattacks, disinformation, and foreign interference have reshaped the country’s security landscape, prompting Executive Secretary Ralph Recto to call for a more agile and future-ready national security strategy.
Addressing the anniversary celebration of the National Security Council (NSC) and the National Intelligence Coordinating Agency (Nica) on Tuesday, Recto said defending the nation today requires more than military preparedness, as threats increasingly emerge in cyberspace, the information domain, and the country’s maritime frontiers.
Recto called on intelligence agencies to intensify their efforts in monitoring and safeguarding cyberspace against attempts to take down crucial online systems and spread disinformation by unscrupulous groups, which threaten national security.
“In cyberspace, security means understanding that a single breach can now do what an army once did: paralyze services, steal secrets, weaken trust, and endanger lives,” Recto said.
That risk, he said, has been exacerbated with the mainstreaming
of Artificial Intelligence (AI), which can be used to generate fake online content.
“In the age of AI, security also means building intelligence systems that can match the challenges before us.” Recto said.
“In the information space, security means protecting the Filipino mind from manipulation,” he added.
No compromise LEFT unchecked, false information can undermine trust in institutions and democracy itself, he said. Recto, however, stressed that such enhanced online security should be done within the bounds of the law.
“Our duty is not to choose between a safe nation and a free nation. Our duty is to build a nation strong enough to be both,” he said.
Maritime borders INTELLIGENCE agencies should
also continue to keep tabs on emerging risks in the country’s maritime borders, which are continuously encroached by China, Recto said.
China continues to claim most parts of the South China Sea, including those parts within the Exclusive Economic Zone of the Philippines, which is the West Philippine Sea, even after it was invalidated by the 2016 Arbitral Ruling.
“In the West Philippine Sea, security means defending every inch of our sovereign rights without surrendering our commitment to peace,” Recto said.
“For our seas are not abstract lines on a map. They are the workplace of our fishermen, the pantry of our people, the inheritance of our children,” he added.
Rector urged the NSC and Nica to continue keeping the country safe from the said threats discreetly.
“You are asked to see what others do not yet see. To hear the faint signals beneath the noise. To connect scattered facts before they become a crisis. To warn before harm is done,” Recto said.
“That is the burden of your service: the better you do your job, the less the public will know what you have done,” he added.
Lessons
LOOKING back on the enactment of the National Defense Act of 1935 and the lessons of World War II, Recto said the country’s history
Kanlaon eruption disrupts classes, flights
By Jonathan Mayuga @jonlmayuga & Carmel Pedroza
VOLCANIC ash from the moderately explosive eruption of Mt. Kanlaon on Thursday morning reached Cebu, prompting flight disruptions, class suspensions in several localities, and heightened monitoring of air quality by authorities.
According to the Philippine Institute of Volcanology and Seismology (Phivolcs), Kanlaon erupted at 7:33 a.m., producing a dark gray ash plume that rose two to three kilometers above the crater before drifting east.
Calilung testified before the Senate acting as an Impeachment Court that the video recording of the Vice President’s news conference, during which she supposedly made threats against President Marcos, was not AI-generated. Under questioning by Lacson, Calilung said he used an open source app to create a screen recording of the Facebook video. Calilung said he authenticated the recording by comparing it with the Facebook source and confirming the contents were identical.
While Lacson cited Calilung’s training and experience, having served with the NBI since 2021 and since then having appeared in multiple court hearings, he said his questions aimed to make sure the evidence can stand in court.
“ Kaya ko tinanong iyan, para additional na magamit sa korte likewise sa impeachment court [I asked these clarificatory questions to ensure that the evidence can stand before the impeachment court],” Lacson said.
The three-minute eruption happened while the volcano was on Alert Level 2, or moderate unrest.
In an online briefing with Cebu media, Phivolcs Volcano Monitoring and Eruption Prediction Division chief Mariton Antonia Bornas said the southwest monsoon (habagat), enhanced by a weather disturbance within the Philippine Area of Responsibility, carried the volcanic ash toward Central Visayas.
Strong winds of about 50 kilometers per hour transported the ash, allowing it to reach
Cebu roughly two hours after the eruption.
She added that the dense atmosphere caused by the prevailing weather conditions allowed ash particles to remain suspended longer, enabling them to travel farther.
Residents in several parts of Cebu also reported traces of ashfall and the smell of sulfur dioxide.
The Environmental Management Bureau in Central Visayas (EMB-7) warned that volcanic haze and ashfall could affect air quality and advised the public to wear face masks, stay informed through official advisories, and avoid spreading unverified information.
As of 8 a.m., EMB monitoring showed “fair” PM2.5 air quality in Talisay City, while monitoring stations in another part of Metro Cebu recorded “good” air quality.
The ash fall also affected operations at Mactan-Cebu International Airport.
Several domestic flights were cancelled, while airport authorities continued runway clearing operations after volcanic ash was detected within the airport vicinity, including the runway.
Airport officials said flight operations continue with pre -
cautionary measures in place but advised passengers to check with their airlines before proceeding to the airport due to possible schedule changes.
As of 3 p.m., classes had been suspended in at least 20 localities, including Mandaue, Lapu-Lapu, Talisay, Toledo, Carcar and Naga cities, as well as the towns of Consolacion, Liloan, Balamban, Aloguinsan, Asturias, Tuburan, Pinamungajan, Barili, Dumanjug, San Fernando, Argao, Sibonga and Dalaguete.
The Cebu Provincial Disaster Risk Reduction and Management Office (PDRRMO) said it continues to monitor air quality as ash fall affected several areas of the province.
Assessment teams have been deployed to affected localities, while food supplies and 500 N95 face masks have already been distributed.
Another 6,000 masks are being prepared for areas experiencing heavier ashfall.
Cebu Gov. Pamela Baricuatro directed the PDRRMO to coordinate with local governments and national agencies to ensure a timely response to communities affected by the eruption.
demonstrates the resilience of the Filipino people in defending their freedom.
“From that dark chapter, we learned two enduring truths. First, that the love of freedom runs deep in the Filipino soul. Kahit kailan, hindi tayo pasisiil [We will never allow ourselves to be oppressed]. And second, that threats to freedom are never as distant as we imagine,” he said.
Recto said today’s security challenges have expanded beyond traditional military conflict, citing maritime harassment, disinformation, cyberattacks, violent extremism, and foreign interference carried out through local actors.
“It may begin with a ship blocking a Filipino fisherman… with a false story designed to make Filipinos distrust one another…with a cyberattack on a government system, a power grid, a bank, a hospital, or a school,” he said.
Warning against the dangers of disinformation, Recto added: “A lie repeated a thousand times should not be allowed to defeat a truth spoken once.”
Recto also cited the Marcos administration’s increased investment in national security institutions, noting that the NSC’s budget has nearly tripled since the start of the administration while Nica’s allocation has almost doubled, reflecting the government’s commitment to strengthen the country’s security and preparedness.
Samuel P. Medenilla and PNA
Comelec: Dasmariñas LGU to give ₧50M to help fund special elections
By Mary Jade Jadormio
THE local government of Dasmariñas City has committed to provide some P50 million to help defray the expenses for the coming special election for congressman, the Commission on Elections (Comelec) said.
Comelec Chairman George Erwin M. Garcia said the poll body is still looking for the remaining funds needed to cover the estimated P198-million budget for the special polls.
Garcia said the financial assistance from the city government will help ensure that teachers serving as electoral board members are paid on time.
“The local government has committed to provide us with around P50 million, which we will use primarily to pay our teachers because they are our priority,” Garcia said. He said Comelec will source the remaining funding from its savings while realigning resources from other programs to bridge the budget gap.
“We will look for the remaining funds from our savings, and we are already
See “Comelec,” A4 See “Kanlaon,” A4
Gatchalian calls for heightened preparedness vs Inday
AS Typhoon Inday threatens to affect parts of the country, Senate President Sherwin Gatchalian urged heightened preparedness and vigilance among communities, while reiterating the need for the full implementation of the Ligtas Pinoy Act to ensure safer and more resilient evacuation systems. Gatchalian stressed the importance of early preparation
and called on local government units to activate contingency measures, preposition relief goods, and ensure the readiness of evacuation centers.
Mahalagang paigtingin natin ang ating paghahanda at tiyakin ang kaligtasan ng bawat pamilya. Dapat maging maagap ang ating pagkilos upang maiwasan ang mas malaking pinsala,” Gatchalian said.
He emphasized that beyond immediate response, the country must institutionalize long-term solutions through the Ligtas Pinoy Act, which mandates the establishment of dedicated evacuation centers in every city and town.
“ Sa tuwing may sakuna, paulitulit na suliranin ng mga apektadong pamilya ang paghahanap ng ligtas na matutuluyan dahil nasisira ang
kanilang mga tahanan ,” he added, noting thatP 3.745 billion has been allocated under the 2026 national budget for the construction of evacuation centers. Under the Ligtas Pinoy Act, which Gatchalian co-authored, evacuation centers must be built to withstand up to 300-kilometerper-hour typhoon winds. Butch Fernandez
Complaints vs electricity bills spike prompt Meralco to review system
By Lenie Lectura @llectura
Jonathan L. Mayuga @jonlmayuga
HE Manila Electric Com -
Tpany (Meralco) is actively reviewing customer complaints about recent electricity bill increases, which it attributes to hotter temperatures and the Middle East crisis.
“Meralco continues to address the concerns of all customers regarding their electricity bills, consumption, and meter readings through our official customer service channels.
“We have been diligently reviewing and resolving customer complaints and those that require further review and, where warranted, corrective action, are being dealt with appropriately.
“Rest assured that we investigate every concern brought to our attention and take immediate action whenever our findings show that corrections are necessary,” Meralco Vice President Joe R. Zaldarriaga, and head of Corporate Communications said.
Electric consumers and advocacy groups are demanding an investigation into Meralco regarding soaring, tripled electricity bills and opaque, complex billing structures in the Metro Manila area.
Various groups argue these rising costs, which disproportionately burden families, reflect industry inefficiencies that prioritize profit over public welfare.
“No family should have to choose between keeping the lights on and putting food on the table. The prices of food, transportation, and other necessities continue to rise, yet wages remain stagnant at a measly P85. Now they are expected to shoulder soaring electricity bills. Electricity is slowly becoming a luxury while families are being squeezed from every direction.”
Aaron Pedrosa, secretary general of Sanlakas said.
Another consumer group is calling for a transparent, independent audit of all billing components. “Workers cannot keep up with the relentless increase
in electricity rates because wages have failed to keep up with inflation. The electricity reflected on every Filipino’s Meralco bill has become almost hilarious and criminal considering wages barely moved. Every peso collected from consumers must be fully justified, clearly explained, and independently verifiable.” said Leody de Guzman, chairman emeritus of Bukluran ng Manggagawang Pilipino (BMP).
“We challenge President Marcos to make the issue of power affordability and corporate accountability front and center in his coming State of the Nation Address [Sona]. At a time when wages remain stagnant and woefully inadequate, and the cost of living continues to rise, imposing electricity bills that have nearly tripled pushes millions of Filipino households deeper into economic hardship,” added de Guzman.
Pangilinan-led Meralco strongly encouraged customers to use their customer service channels or historical bill charts to track usage.
“We continue to encourage customers with questions about their bills to reach out to us through our various touch points. Customers may also refer to the historical consumption chart included in their monthly bill to compare their current electricity usage with previous billing periods,” added Zaldarriaga.
Moving forward, Meralco plans to increase consumer education on billing components and consumption management while maintaining transparency. “We have consistently explained the primary drivers of recent bill increases...We will continue our information and consumer education efforts to help customers better understand their electricity usage, the components of their electricity bill, and ways to manage their consumption. We likewise remain committed to transparency, responsive customer service, and providing accurate and reliable information regarding electricity bills and service,” Zaldarriaga also said.
Peza adds Cavite logistics locator
THE Philippine Economic Zone Authority (Peza) has registered Apexford International Corp. as a new Ecozone Logistics Service Enterprise, expanding logistics support for export manufacturers operating in economic zones. The company is set to locate its operations at the First Cavite Industrial Estate-pecial Economic Zone (FCIE-SEZ) in Dasmariñas City, Cavite. Apexford will provide warehousing, storage, inventory management and material handling services to Peza-registered export manufacturing enterprises. Its services will cater to industries including electronics, semiconductors, automotive components, precision tooling, industrial packaging materials and industrial resins.
The agency said the company’s operations are expected to strengthen logistics support for export-oriented manufacturers by improving the movement, storage and handling of production inputs and finished goods within the ecozone.
Peza Director General Tereso Panga said logistics providers play an important role in supporting the operations of export enterprises.
“A resilient and efficient logistics network is essential to sustaining the growth of our export industries,” Panga said.
“The registration of Apexford International Corp. reinforces Peza’s commitment to developing globally competitive supply chains that enable our ecozone enterprises to operate more efficiently, attract greater investments, and generate quality employment opportunities for Filipinos,” he added.
Ecozone Logistics Service Enterprises provide specialized logistics and supply chain services to Peza-registered companies, supporting the movement of goods used in export manufacturing and related industries.
Peza has been encouraging the entry of logistics service providers as part of its efforts to strengthen supply chain support for export-oriented businesses operating in its economic zones. Bless Aubrey Ogerio
IPOPHL sees proof of innovation shift
By Bless Aubrey Ogerio
THE Philippines’ inclusion in the World Intangible Investment Highlights (WIIH) 2026 provides evidence that the country is making progress toward a more innovation-driven economy, according to the Intellectual Property Office of the Philippines (IPOPHL).
IPOPHL Director General Teodoro Pascua said the country’s inclusion in the publication reflects the growing role of knowledge, innovation, creativity and intellectual property in generating economic value.
“We are particularly honored that the Philippines is the first country in the Asian region to be featured in this important global publication,” Pascua said.
“At a time when global competitiveness is being shaped by ideas, brands, software, research, design and intellectual property, this inclusion provides valuable evidence that the Philippines is progressing in building a modern, innovation-driven economy,” he added.
According to Pascua, economies that sustain investments in knowledge, technology and intellectual property tend to achieve stronger productivity and longterm growth.
He said the country’s recent transition to upper middle-income status, together with gains in research and development, software and branding activities, underscores the need to strengthen innovation policies and intellectual property programs.
Kanlaon. . .
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The WIIH 2026 contains the first-ever estimates of Philippine intangible investment, placing the country alongside 28 other economies tracked in the global study.
The report estimated Philippine intangible investments at $49.1 billion (purchasing power parity) in 2022, placing the country just behind Portugal and among the world’s 12 largest investors in intangible assets.
It also ranked the country as the third fastest-growing economy in year-on-year real growth of intangible investment among the 15 largest economies covered by the study, with growth of 4.6 percent from 2021 to 2022, behind only India and Japan.
Over the past decade, intangible investment expanded at a compound annual growth rate of 3.9 percent, while tangible investment—which includes physical infrastructure—grew at 7.2 percent, reflecting continued capital spending typical of developing economies.
The report estimated intangible investment at 4.4 percent of gross domestic product (GDP) in 2022, up from 4 percent in 2010.
Pascua said the findings provide policymakers with better data on
Authorities advised residents to wear face masks, remain indoors as much as possible, avoid unnecessary travel due to reduced visibility, and safely remove accumulated ash from rooftops, especially after rainfall, as wet ash can become heavy enough to damage structures.
Phivolcs also reiterated that entry into Kanlaon’s four-kilometer Permanent Danger Zone remains strictly prohibited.
Phivolcs said poorly visible pyroclastic density currents or PDCs descended the southeastern slopes, possibly within a kilometer of the summit crater, which was captured by the Upper Pantao Observation Station in Canlaon City.
Kanlaon, which remains under Alert Level 2, is an old stratovolcano.
The volcano straddles the provinces of Negros Occidental and Negros Oriental.
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how knowledge-based assets contribute to economic growth.
“Beyond numbers, the significance of the report lies in its contribution to evidence-based policymaking,” the IPOPHL chief said.
“By providing a clearer picture of how these assets contribute to economic development, the report equips us with valuable insights for designing more targeted and effective programs,” he added.
For IPOPHL, Pascua said the report reinforces efforts to promote innovation and creativity while strengthening collaboration with government agencies, industry and academic institutions.
Among the components of Philippine intangible investment, organizational capital accounted for about 48 percent of the total—the highest share among the 29 economies surveyed—reflecting investments in operating models, platforms and supply chains.
Brands and marketing represented about 29 percent of total intangible investment, equivalent to $14.2 billion, while software and databases accounted for 9.4 percent and recorded the fastest growth globally in its asset class, expanding at a compound annual rate of 18.3 percent between 2012 and 2022.
Meanwhile, research and development (R&D) made up about 5.5 percent of total intangible investment but posted the fastest longterm expansion, growing by 20.1 percent annually over the same period and increasing more than sixfold in real terms.
The report also noted that the Philippines ranked 35th globally in intangible asset intensity under the Global Innovation Index, while brand investment reached levels comparable with several higher-income economies.
PCCI backs ERC reforms
THE Philippine Chamber of Commerce and Industry (PCCI) on Thursday backed the Energy Regulatory Commission’s (ERC) new reforms that boost consumer welfare, enhance competition, and bolster regulatory efficiency.
In a statement, the PCCI recognized key ERC milestones, such as the lowering of the Retail Competition and Open Access (Rcoa) threshold to 100 kilowatt-hours (kW) effective June 26.
This also includes streamlining net-metering requirements, expanding transmission infrastructure access through third-party participation, and suspending the Green Energy Auction Allowance (GEAAll) to provide direct bill relief to consumers.
DA focuses on post-harvest loss reduction
TBy Ada Pelonia @adapelonia
HE Department of Agriculture (DA) is set to expand the country’s drying facilities to reduce post-harvest losses, boost rice output, and raise farmers’ income.
Agriculture Secretary Francisco Tiu Laurel Jr. said the DA would complete 380 mechanical drying systems in time for the 2027 wet season harvest.
Of this, 230 units are being completed and could be operational by yearend, while another 150 are scheduled for implementation next year, with the entire network in place by September 2027.
“For the first time in the country’s history, we’ll be completing 380 drying systems for the 2027 wet season,” Tiu Laurel was quoted in the statement as saying. He described the initiative as among the administration’s “biggest investments” in postharvest infrastructure. Procurement for the initial 230 dryers were finalized, with installation hinging largely on the completion of the sheds that will house the equipment.
While two units are already operating in Nueva Ecija, the agency noted that a chunk of the systems could be commissioned before yearend, paving the way for the second phase of the rollout. The expanded network is projected to add roughly one million metric tons (MT) of palay drying capacity every cropping season.
The DA said this would help farmers shield fresh harvest from rain, moisture and spoilage, which have been the long-standing causes of postharvest losses and poor grain quality.
Meanwhile, DA Undersecretary Christopher Morales touted the project’s advantage in maximizing the value of every harvest.
Instead of relying solely on expanding production, Morales said the country can increase its rice output by reducing post-harvest losses, improving milling recovery, and enabling farmers to sell properly dried palay, which has a higher market price.
In particular, he said the additional drying capacity could generate around P3 billion in additional net income per cropping season, or about P6 billion annually. The figures are based on the volume of palay that can be mechanically dried and an average P3 per kilo price premium (net of cost of drying) for properly dried palay over wet palay.
realigning some of our priority programs just to complete the required budget,” he said.
The poll body earlier estimated that it would need about P198 million to conduct the special election, including expenses for election personnel, logistics and other operational requirements.
Despite the funding challenge, Garcia said preparations for the special polls remain on schedule.
He also announced that the filing of certificates of candidacy will be held from July 15 to 17 at the local Comelec office in Dasmariñas City.
“The filing of certificates of candidacy will take place from July 15 to 17 in Dasmariñas, Cavite, and we hope the public will witness who will formally file their candidacies,” Garcia said.
The filing period will formally open the race for the vacant congressional seat, with Comelec expecting aspiring candidates to submit their certificates of candidacy during the three-day window. Comelec. . .
Furthermore, the PCCI commended the ERC for adopting new rules on off-grid service charges to improve electricity access in underserved communities, approving transmission development rules for pointto-point limited projects to bolster energy security, publishing generation market share data to enhance transparency, and maintaining faster approval timelines that boost investor confidence.
For PCCI, ERC’s consistent audit excellence, earning unmodified opinions from the Commission on Audit (COA) for five consecutive years, was a testament to its transparency and accountability.
“The ERC’s recent reforms reflect a clear commitment to lowering electricity rates and ensuring a reliable, transparent, and competitive power market,” PCCI President Perry Ferrer said.
For his part, PCCI Director for Energy and Power David Chua said the measures benefit both consumers and industries.
“By expanding access, streamlining processes, and safeguarding competition, the ERC is laying the groundwork for a stronger and more sustainable energy future. We stand firmly behind the Commission’s vision and leadership,” Chua said.
PCCI then reaffirmed its shared vision with the ERC of an energy sector that is “efficient, pro-consumer, and responsive” to the needs of industries and communities across the country. Ada Pelonia
Morales said farmers who use the drying facilities stand to earn higher net income per harvest, with estimated additional gains of about P12,600 per hectare per cropping season or roughly P25,200 per year, based on an average yield of 4.2 metric tons (MT) per hectare. This would depend, however, on production levels and actual utilization of the facilities, he added.
“By reducing avoidable losses after harvest and delivering better-quality grain to millers, the expanded drying network could significantly increase domestic rice supply without planting a single additional hectare, bringing the country a step closer to its rice sufficiency and food security goals amid increasingly unpredictable weather,” the DA said.
Labor groups: Official employment figures mask precarious work, contractualization crisis
By Justine Xyrah Garcia & Mary Jade Jadormio
MORE Filipinos may be unemployed than official figures indicate, with an independent think tank arguing that millions of discouraged workers are excluded from the government’s unemployment count because of changes in the statistical methodology.
to immediately start working. Those who do not meet either condition are classified as outside the labor force instead.
According to Africa, the change has reduced the official unemployment count by an estimated 2 million to 3 million in every round of the Labor Force Survey.
IBON’s analysis of PSA microdata showed an average underestimate of 1.8 million unemployed Filipinos from 2008 to 2024, ranging from 776,000 in 2016 to as high as 3.7 million in 2020.
Africa said the decline in the labor force participation rate likely reflects discouraged workers who have stopped looking for jobs.
Separate PSA data obtained by the BusinessMirror showed the number of discouraged workers, or those who stopped looking for work because they believed no jobs were available but said they were willing to work if given the opportunity, rose to 185,000 in May from 136,000 a year earlier.
Asked how discouraged workers are classified, the PSA said individuals are categorized based on the reason they gave for not looking for work, including those who said they were “tired” or believed no jobs were available.
statistics should be read alongside indicators on job quality, wages and job security.
Secretary general of the Sentro ng mga Nagkakaisa at Progresibong Manggagawa (SENTRO) Josua Mata said the PSA’s methodology follows internationally accepted standards set by the International Labour Organization (ILO), but stressed that the framework measures labor market status rather than the quality of employment.
Data from the Philippine Statistics Authority (PSA) showed there were 2.5 million unemployed Filipinos in May, translating to an unemployment rate of 4.8 percent, higher than the 4.7 percent posted in April and the 3.9 percent recorded a year earlier. However, IBON Foundation Executive Director Jose Enrique Africa said the actual number of jobless Filipinos could be another 2 million to 3 million higher because of revisions made to the unemployment definition in 2005.
“Thus, the falling LFPR is likely just reflecting discouraged and unavailable jobless Filipinos who are unemployed but just not officially counted as such,” he said.
Under the revised methodology, Africa explained that a person without work is considered unemployed only if he or she actively looked for work in the past six months and is available
NEWLY appointed Cabinet Secretary Benjamin “Benhur” DC. Abalos, Jr. will be given a different mandate from his predecessors after President Ferdinand Marcos “redefined” the said position allowing the former Interior secretary to travel nationwide to monitor the implementation of government programs, according to Malacañang.
Palace Press Officer Claire Castro made the clarification when asked if the chief executive will come out with a new issuance to reestablish the Office of the Cabinet Secretary, which was abolished by Executive Order (EO) No. 1 issued in 2022.
Citing the Office of the Executive Secretary, she said Abalos will head a different office, but will retain the position of Cabinet Secretary with a different mandate.
“Instead of a CabSec (Cabinet Secretary) focused on managing the President’s Cabinet meetings, the instruction of the President to CabSec. Benhur will be to ensure the services of the government will be felt and benefit every Filipino,” Castro said in Filipino in a press briefing last Thursday. Abalos, Castro said, will help the President in ensuring government programs will be properly implemented.
“The President travels to every corner of the Philippines almost daily. With the assistance of Secretary Benhur Abalos, however, more areas can be reached [by the national government]—places the President might
not be able to visit personally—as [Cabinet] Secretary Abalos will visit these locations and represent the President,” Castro said. Abalos’ responsibilities as Cabinet Secretary will include providing the President with timely, relevant, and strategic advice on emerging national, local, and international issues affecting the political landscape.
He will also serve as liaison of the President with national government agencies, local government units, political organizations, groups or parties, civil society organizations, and sectoral groups and as head of Strategic Action and Response Office of the Office of the President (OP).
“All these tasks are embodied in CabSec Benhur’s terms of references attached to his appointment,” she added. Castro noted that Abalos’ mandate will be different from that of Special Assistant to the President Antonio “Anton” F. Lagdameo, Jr.
Abalos became the secretary of the Department of the Interior and Local Government (DILG) from 2022 to 2025, when he resigned to run for the Senate under the administration-backed Alyansa Para sa Bagong Pilipinas coalition. The former Mandaluyong mayor lost in his senatorial bid.
Last Wednesday, Abalos took his oath of Office before Marcos. In a social media post, the President cited Abalos’ experience in public administration and dedication to public service on why he wanted to bring back the former local official to his Cabinet.
DFA to resume Friday consular services
THE Department of Foreign Affairs (DFA) announced that consular services—including the receiving and releasing of passports and Apostille or “red ribbon” certification—will once again be available every Friday starting July 13, 2026, as its offices nationwide return to a five - day regular work week. The DFA Office of Consular Affairs (OCA) headquarters at the Aseana Business Park along Macapagal Blvd in Parañaque City, passport releasing office in DoubleDragon Plaza Complex, and all Consular Offices nationwide will operate from Monday to Friday, 8:00 a.m. to 5:00 p.m., except on holidays. Officials said the move restores normal service hours and expands public access to consular transactions. The return to the five - da y schedule ends the four - day compressed work week introduced in March 2026 under government energy - saving protocols. The resumption of Friday consular services will cover Apostille requests for documents such as NBI clearance, police clearance, notarized affidavits, Special Power of Attorney (SPA), and court documents. Applicants must file them personally at DFA or its other consular offices. For civil registry documents—including PSA birth, marriage, and death certificates, and Certificates of No Marriage Record (CENOMAR)—applicants may no longer need to visit DFA offices. These must now be processed as PSA eCertificates and filed online https://apostille.psahelpline.ph/.
Academic records issued by the Commission on Higher Education (CHED) are also eligible for electronic Apostille authentication. These include diplomas and transcripts processed through CHED’s Electronic Certification, Authentication, and Verification (eCAV) system. To start the application, visit https:// onetouch.ched.gov.ph/ Filipino seafarers may likewise authenticate their professional certificates electronically. Since last month, Maritime Industry Authority (MARINA) documents, such as marine licenses processed through the Maritime Education Certification, Authentication, and Verification (MeCAV) platform have been covered by the e -Apostille system. The DFA cautioned, however, that not all countries accept an e -Apostille and may still require the physical copy of the Apostille and the underlying public document. Most Apostille Convention member - states may accept an e -Apostille, but applicants are advised to confirm with the end user of the document first.
A full list of Apostille Convention member - states and their respective competent authorities is available at the Hague Conference website: hcch.net. Authentication services remain limited to major regional consular offices like DFA Aseana or Cebu.
Applicants may check the nearest consular office that accepts authentication services at apostille.gov.ph/contact-us. A full directory of DFA consular offices in Metro Manila and the regions is available at consular.dfa.gov. ph/directory-co. Malou Talosig‑Bartolome
He added that this is a reasonable interpretation given rising prices and falling employment, which would ordinarily push more Filipinos to seek work to cope with increasing living costs.
The PSA, however, did not say whether there is a minimum period that a person must have been out of work or stopped looking for work before being classified as a discouraged worker.
Labor groups push broader measures
LABOR groups agreed that headline employment and unemployment figures do not fully capture the country’s labor situation, saying official
“The PSA follows internationally recognized ILO statistical standards. However, those standards measure labor market status, not whether jobs are decent, secure, or provide adequate incomes,” Mata told BusinessMirror
Mata added that the methodology does not capture the extent of precarious work, noting that labor groups have long raised concerns over contractual employment and other forms of insecure work.
Trade Union Congress of the Philippines (TUCP) spokesperson Carlos Oñate likewise questioned the PSA’s practice of counting individuals who worked for at least one hour during the reference week as employed, saying it understates the country’s jobs problem.
“The TUCP has long criticized and expressed that it is ridiculous for the PSA to claim those working for even just one hour a week as ‘employed,’ hence camouflaging and disguising the actual extent of joblessness and the true dire labor situation in the country, that there are really no new, decent, and permanent jobs out there,”Oñate told this newspaper. Africa also said employment data should be accompanied by indicators on earnings, job quality and informality, arguing that headline employment figures alone cannot distinguish between workers in secure and adequately paid jobs and those in insecure, low-paying and unproductive work.
“We have been asking, why is PSA not capturing precariousness? How many of the jobs are contractual?” he said.
‘10 out of 10’: Prosecution confident after first week of VP’s impeachment trial
By Jovee Marie N. Dela Cruz @joveemarie
HOUSE prosecutors gave themselves a perfect “10 out of 10” after the first week of Vice President Sara Duterte’s impeachment trial, declaring that their opening witness had held firm under intense questioning and that they had successfully laid the groundwork for proving the grave threats charge.
In a press briefing, San Juan Rep. Ysabel Maria Zamora, 1-Rider Party-list Rep. Rodge Gutierrez, Deputy Speaker Paolo Ortega V, and trial spokesperson Atty. Benjamin “Jay” Tolosa Jr. said the prosecution’s first witness, National Bureau of Investigation (NBI) Senior Agent John Mark Calilung, remained consistent and unshaken throughout his testimony.
Zamora emphasized that the proceedings are still in their early stages, noting that the prosecution has yet to complete its presentation on Article IV, which concerns alleged grave threats.
She added that the prosecution will present another witness in the coming week, identifying NBI Regional Director Jeremy Lotoc as the next to take the stand on Monday.
Zamora also encouraged the public to continue monitoring the trial, saying it offers valuable insights into the impeachment process.
For his part, Tolosa said the prosecution was not aware of the details of a reported visit earlier in the day by Office of the Vice President Chief of Staff Atty. Zuleika Lopez to the Senate, which was said to involve administrative matters.
He stressed that the development has no bearing on the prosecution’s plans, noting that
they have already requested the impeachment court to issue a subpoena requiring Lopez to testify as one of their witnesses.
“We’re not privy to that meeting or what was discussed,” Tolosa said.
After visiting the Senate, Lopez urged the public to“prepare for Typhoon Inday”ahead of her scheduled testimony in the impeachment trial.
But Tolosa said the matter has no effect on the prosecution’s witness plans.
On the issue of the required number of votes for conviction, Tolosa said the prosecution remains focused on preparing its witnesses and presenting evidence, rather than counting votes.
Zamora echoed this, saying the prosecution’s current task is to present evidence supporting the Articles of Impeachment and comply with the court’s rulings.
Gutierrez added that the trial must move forward, with emphasis placed on evidence and records rather than procedural skirmishes.
‘10 out of 10’
LEAD prosecutor and Batangas Rep. Gerville “Jinky Bitrics” Luistro rated the prosecution’s performance in the first week a perfect “10 out of 10,”saying the panel achieved all its objectives.
“[From] one to 10, I would say that we are 10 over 10,” Luistro said in a television interview when asked to rate the prosecution’s performance.
She said the first three days were particularly challenging due to uncertainties in appearing before the Senate impeachment court for the first time.
Despite this, Luistro said the prosecution was able to accomplish its goals each day. On the
opening day, the panel aimed to communicate to the public the significance of the impeachment trial. On the second day, it successfully presented its documentary and digital evidence through Calilung.
She added that the defense’s objections did not prevent the prosecution from laying out its evidence.
The prosecution concluded its first week after presenting Calilung, who authenticated digital evidence and official government statements related to Article IV, which accuses Duterte of making grave threats against President Ferdinand Marcos Jr., First Lady Liza Araneta-Marcos, and former House Speaker Ferdinand Martin Romualdez.
Calilung also underwent cross-examination before the prosecution formally ended its presentation of its first witness.
Luistro said the prosecution remains confident in its case as the trial continues.
‘Good week for the prosecution’ DESPITE heated exchanges between the prosecution and defense over motions, objections, and testimony, prosecutors described the first week as productive.
Zamora said the outcome of the trial will ultimately depend on the strength of the evidence, not on which side prevails in courtroom exchanges.
She declined to say that the prosecution had gained momentum but maintained that it had been a “good week.”
Former Surigao del Norte Rep. Robert Ace Barbers, an adviser to the prosecution panel,
cautioned against drawing early conclusions, comparing the trial to the opening phase of a game. Gutierrez also noted that public perception has treated the proceedings as a scorecard of motions and objections but stressed that impeachment trials are not decided by tallying such actions.
Instead, he said, the focus should be on the quality of arguments, the relevance of questions, and whether the evidence presented can withstand scrutiny.
He added that it is ultimately up to the senator-judges to determine whether the prosecution has successfully established its case. The prosecutors also addressed public attention on the numerous objections raised during cross-examination after presiding officer Sen. Francis Escudero remarked that private prosecutor Amando Virgil Ligutan appeared frustrated. Zamora said objections are a normal part of trial proceedings and should not be interpreted as a sign of weakness or frustration. She noted that both the prosecution and defense have raised objections as part of their duty to represent their respective sides. The impeachment trial formally opened on July 6, with the court resolving pre-trial motions, electing a presiding officer, and hearing opening statements.
The first 11 trial dates have been allocated to Article IV, which centers on Duterte’s alleged public threats against key government officials. The prosecution is expected to present additional witnesses in the coming days, including Lotoc, Lopez, and Capt. Belinda Bello of the House Office of the Serjeant-at-Arms.
DILG mobilizes over 277K barangay tanods to make school zones safer
THE Department of the Interior and Local Government (DILG) has directed all local government units (LGUs) to establish Safer School Zones (SSZs) nationwide and mobilize 277,744 barangay tanods to help safeguard learners from crime, violence, traffic hazards, and other threats around schools.
The move came amid public concerns about the safety of schools following the fatal mass shooting in Tacloban City and a series of stabbing incidents across Cavite and Bacolod City.
“Schools must remain places of learning, not places of fear. Through Safer School Zones, local governments, barangays, schools, law enforcement agencies, parents, and communi-
ties will work together to better protect every learner,” the DILG said.
Under Memorandum Circular No. 2026037, the DILG institutionalizes Safer School Zones under the government’s Safer Cities and Safer Communities Initiative. Governors, city and municipal mayors, punong barangays, the Philippine National Police (PNP), and other stakeholders are directed to strengthen safety and security around public and private schools.
LGUs are directed to identify and address safety hazards and security risks within school zones, including unsafe roads and pedestrian facilities, speeding vehicles, fire and disaster risks, and other threats to learners. They are
likewise encouraged to enact or strengthen local ordinances on traffic management, pedestrian safety, crime prevention, violence prevention, and public order around schools.
Barangay tanods will serve as force multipliers by maintaining a visible presence, conducting roving patrols, assisting in traffic management, providing immediate assistance, and promptly reporting or referring incidents to the proper authorities.
The directive limits barangay tanod operations to areas outside school premises, except when authorized by school authorities or when immediate lawful assistance is necessary. It likewise reiterates that barangay tanods shall remain unarmed civilian community support
actors and must immediately refer incidents requiring police, fire, medical, social welfare, or other specialized response to the appropriate authorities.
Based on consolidated DILG data, 277,744 barangay tanods serving in 42,010 barangays nationwide stand ready to support the implementation of the initiative by helping maintain peace and order and enhancing public safety around school communities. The DILG said the Safer School Zones initiative reinforces the government’s commitment to keeping schools safe through coordinated public
DSWD readies 4.7M food packs, activates 4K responders for ‘Inday’
THE Department of Social Welfare and Development (DSWD) has stepped up its disaster response preparations, prepositioning relief supplies across the country to ensure immediate assistance to families who may be affected by Typhoon Inday and the enhanced southwest monsoon.
Disaster Response Management Bureau (DRMB) Director Maria Isabel Lanada assured the public that the agency is fully equipped to augment the resources of affected local government units (LGUs). Lanada said the DSWD has sufficient stockpiles of family food packs (FFPs) and nonfood items, expressing confidence that available supplies are adequate for emergency response. As of latest data, the agency maintains 4,728,481 FFPs nationwide, along with 360,911
ready-to-eat food packs and 265,154 non-food items. It also has standby funds totaling P644.232 million.
The preparations are in line with the directive of President Ferdinand R. Marcos Jr. to ensure seamless coordination with LGUs and safeguard vulnerable communities from the effects of severe weather disturbances, said Lanada.
A total of 14,442 members of the DSWD Quick Response Teams (QRTs) are on standby for immediate deployment to manage evacuation centers and deliver humanitarian services in affected areas.
Lanada said all QRT members have undergone comprehensive training, including specialized courses, to ensure they are fully deployable and capable of handling various responsibilities within evacuation centers, as directed by Social
Welfare Secretary Rex Gatchalian. Meanwhile, the DSWD continues large-scale relief and psychosocial operations in Mindanao following the magnitude 7.8 earthquake that struck several areas in the region.
The quake has affected 391,891 families, or 1,655,313 individuals, and resulted in 1,428 casualties, including 92 deaths, 1,316 injured, and 20 persons still missing. To date, the DSWD has distributed 922,408 FFPs, 16,496 ready-to-eat food packs, and 18,407 non-food items to affected families in Mindanao.
Editor: Angel R. Calso
US launches new airstrikes on Iran; Tehran fires back at Gulf Arab states
By Jon Gambrell The Associated Press
DUBAI, United Arab Emirates—The United States launched new airstrikes against Iran early Thursday, and Tehran responded by targeting Bahrain, Kuwait and Qatar in crossfire that again threatened an interim deal intended to help end the war in the Persian Gulf.
The strikes came hours after US President Donald Trump said recent Iranian attacks on ships in the Strait of Hormuz signaled the end of the fragile ceasefire. The US struck a variety of military sites and port facilities early Wednesday after Iran targeted several merchant vessels off the coast of Oman, sparking Iranian fire then as well.
But Thursday’s attacks appeared bigger all around, with sirens sounding at least twice in Bahrain, home to the US Navy’s 5th Fleet headquarters. There was no immediate word of damage in the three Gulf Arab countries. Kuwait’s military said it was actively intercepting incoming drones and missiles. Iran’s Revolutionary Guard claimed attacks on Bahrain and Kuwait.
The US military’s Central Command said it hit some 90 targets across Iran, releasing black-andwhite footage of what appeared to be strikes on an airport runway and missile launchers.
“US forces remain vigilant, lethal, and prepared to execute operations directed by the Commander in Chief,” it added.
The US says the strikes were intended to “further degrade” Iran’s ability “to threaten freedom of navigation” in the strait, through which a fifth of the world’s traded oil and natural gas passed before the war began with US and Israeli attacks on Feb. 28.
Iranian state media reported explosions in several locations, including Bushehr, home to Iran’s nuclear power plant complex, and the southern port cities of Chabahar, Konarak, Bandar Abbas and Sirik. In Iranshahr, authorities said a strike had killed a firefighter at an airport.
For the first time since April, it also appeared the US strikes targeted Iranian bridges. State media reported a strike on a railway bridge in Iran’s northeastern Golestan province, and the Revolutionary Guard
said two bridges had been attacked on the route to Mashhad, where officials plan to bury the late Ayatollah Ali Khamenei on Thursday. But it wasn’t clear if the Golestan attack was the same one mentioned by the Guard.
Trump warns that ‘it will get much worse’ if attacks on shipping happen again
AFTER leaving a NATO summit in Turkey, Trump posted several videos on his social media site of what he said were explosions in Iran and issued another warning to the Islamic Republic.
“This is in retribution for yesterday’s bombing of ships by Iran. If it happens again, it will get much worse!” Trump wrote.
Trump had said earlier in the day that the latest back-and-forth fighting would not result in “long-term” military action.
“Anything that happens is going to happen very fast,” Trump said, though he also suggested the US military might “just finish the job.”
Trump also renewed his past threats to hit Iran’s civilian infrastructure, including electric plants and desalinization plants, and to seize the oil-production hub of Kharg Island.
After three tankers were hit Tuesday, the US launched strikes on Iran, and Iranian forces retaliated by targeting American military sites in the Persian Gulf.
Iran has asserted that the interim ceasefire deal gives it the right to manage traffic through the strait.
Parliament Speaker Mohammad
Bagher Qalibaf, a key negotiator in talks seeking a permanent end to the war, was defiant in a post on X on Thursday morning: “America still hasn’t learned that bullying and breaking promises are no longer cost-free. Let me put it plainly: if you strike, you’ll get hit.”
Strikes raise fears that war could resume TRUMP fueled concerns that the war could restart by saying the interim agreement to pause fighting was “over,” although he added that he would allow negotiations to continue.
Attacks have repeatedly threatened the shaky ceasefire, but Trump’s comments added new uncertainty, and oil prices shot up after he spoke. A renewed conflict could engulf the wider Middle East and would likely again halt energy shipments through the strait.
“For me, I think it’s over,” Trump said when asked about the status of the ceasefire. He added that US representatives can continue negotiations, but he cast doubt on the outcome. “They can talk, but I think they’re wasting their time,” he said. Iranian Deputy Foreign Minister Kazem Gharibabadi, also a top negotiator, retorted on X that Trump’s remarks “are not a sign of power but an admission of the failure” of US policy toward Iran.
Trump has made other threats to seize Kharg Island, including last month, when he also questioned whether the US “has the stomach for it.” Some 90% of Iranian oil exports pass through the island.
NBy Stan Choe AP Business Writer
EW YORK—Oil prices rose, and stock markets dropped in shaky trading worldwide Wednesday after President Donald Trump raised doubts about the temporary truce in the war with Iran. The S&P 500 fell as much as 1.1% after Trump said the ceasefire agreement was “over,” but the index then trimmed its loss to 0.3% after Trump said recent fighting did not mean a return to full-scale war. They’re his latest mixed messages on what will happen with the war, which threatens to worsen inflation for the world.
The Dow Jones Industrial Average dropped 576 points, or 1.1%, while the Nasdaq composite rose 0.2% after erasing an early loss.
The action was stronger in the oil market, where the price for a barrel of Brent crude climbed 5.2% to $78.02 and briefly topped $80.
That’s still below its peak from earlier in the war, when the price for the most actively traded contract reached nearly $120. But the jump is unsettling because oil prices had just dropped back to where they were before the war.
The worry is that a continuation of the war will block the Strait of Hormuz and prevent the delivery of crude from the Persian Gulf to customers worldwide. That could worsen inflation, which economists expected would ease with oil prices,
and in turn force the Federal Reserve and other central banks to raise interest rates. Higher rates can keep a lid on inflation, but they also slow the economy and hurt prices for all kinds of investments. On Wall Street, stocks of companies in the housing industry helped lead the way lower. They were hurt by worries that rising Treasury yields in the bond market will mean higher rates for mortgages and chill the industry.
Builders FirstSource, which sells countertops, windows and other building supplies, fell 5.4%. Homebuilders PulteGroup fell 5.4%, and D.R. Horton sank 4.6%. Companies with big fuel bills also sank. American Airlines lost 4%, and cruise operator Carnival fell 3.9%. Helping to offset those losses was a steadying for some influential stocks in the artificial-intelligence industry. They’ve been under pressure in recent weeks on worries that their prices shot too high and that AI may not produce enough productivity and profits to make all the investments in chips and data centers worth it. Their swings carry a lot of weight on Wall Street because AI stocks have grown into some of the US market’s biggest, giving their movements more effect on the S&P 500 than other stocks. Nvidia rose 3.7%, for example, and was the strongest force pushing upward on the S&P 500 because it’s the largest stock on Wall Street. Close behind was Broadcom, which climbed 4.8% after Apple announced a multiyear commitment where Broadcom will design and produce custom components for its products. Apple said the agreement’s
THE coffin of the late Iranian Supreme Leader Ayatollah Ali Khamenei is carried through a crowd of mourners at the Imam Hussein Shrine in Karbala, Iraq, early Thursday, July 9, 2026. AP PHOTO/KHALIL HAMRA
Trump says US will give Ukraine license to produce Patriot air defense systems
By Lorne Cook, Seung Min Kim & Suzan Fraser The Associated Press
ANKARA, Turkey—US President
Donald Trump said at a NATO summit Wednesday in Turkey that the US will give Ukraine a license to make Patriot air defense systems to counter missile attacks from Russia in their more than four-year war, a huge coup for Kyiv which has long requested the technology.
Allowing foreign manufacture of Patriots, which the US had resisted, was a turnaround for Trump that mirrored his day at the NATO meeting: Upon arriving, he lashed out at European partners for resisting his efforts to take control of Greenland and for not supporting his war in Iran. But by day’s end, he described a gathering of unity and “tremendous love,” and praised member nations on their progress in increasing their defense spending.
NATO’s European members plus Canada have scrambled to meet the alliance’s increased defense spending targets, which Trump has demanded as the US draws down troops in Europe and insists the continent take more responsibility for its own security.
Trump had reopened old wounds among the 32 NATO leaders by insisting again ahead of the summit that the US should control Greenland, a semiautonomous Danish territory. That led Denmark’s Prime Minister Mette Frederiksen to say her country is “ready to defend every inch of NATO including our own territory.”
Trump also blasted some European countries for refusing to participate in the Iran campaign, singling out Spain as “a terrible partner in NATO” and renewing his threats to cut off trade.
Trump strikes a positive tone on Zelenskyy BUT the tone of Trump’s meeting with the Ukrainian President Volodymyr Zelenskyy was a break from earlier encounters which ended in acrimony, and Trump praised the Ukrainian leader’s willingness to reach a deal on ending the fighting in Ukraine.
“We’ve actually developed a good relationship. It’s hard to believe,” Trump said during
a news conference with Zelenskyy, adding that he believed a deal on ending the war was on the horizon and that the US would “work on some kind of security package” to provide to Ukraine.
Trump said the Ukrainian president has “done an amazing job” and “been very effective” in the war as he pledged to grant Ukraine a license to manufacture the Patriot defense systems.
“We’ll give them the right to make Patriots. We’ll show them how to do it,” Trump said. “I think they can produce them pretty quickly.”
Patriots are expensive, in high demand and take a long time to produce. Zelenskyy has for years been asking for more of them, and more recently for a license so that Ukraine can manufacture its own.
NATO chief backs latest US strikes on Iran
AHEAD of the summit, NATO SecretaryGeneral Mark Rutte praised Trump for the series of US strikes on Iran overnight, after Tehran struck three merchant ships in the Strait of Hormuz.
“I think what you did last night was absolutely necessary,” Rutte said to Trump. “It was a very strong response, and I’m with you on this.”
The US strikes, as well as the revoking of a license allowing Iran to sell its oil on global markets, underscored the fragility of an interim deal to end months of fighting.
Trump said of the interim agreement with Iran: “For me, I think it’s over”—but added he will allow talks to continue.
“It’s just a waste of time dealing with them,” he said.
NATO leaders sought to show Trump they were boosting defense RUTTE has dedicated a huge amount of energy to keeping Trump’s support for NATO and to holding the summit together. On Wednesday, he sought to tamp down the president’s ire by giving him credit for recent increases in defense spending from NATO allies.
“Grab the win. It’s there,” Rutte told Trump on Wednesday.
The NATO chief pointed to countries including Estonia, Latvia, Poland and Denmark that are investing more in defense, but noted that the Trump administration expects “the Europeans and Canadians will equalize their spending with the United States.”
Last month Rutte went to Washington to hail the “Trump Trillion”—the $1.2 trillion that European allies and Canada have added to defense spending since Trump came to power in 2017.
As leaders converged on Ankara, Rutte hosted a “big reveal” event to showcase the many deals planned for the increased spending — much of it to be spent on US companies, creating thousands of jobs for Americans.
At last year’s summit, the allies agreed to invest 5% of their gross domestic product on defense — 3.5% on their defense budgets and 1.5% on infrastructure so troops and equipment can move faster in times of conflict.
Yet figures released by NATO on Tuesday showed that Slovenia, Belgium, Spain and the Czech Republic have struggled to meet the alliance’s old spending target of 2% of GDP.
The Trump administration wants to see a leaner “NATO 3.0,” with Europe taking responsibility for its own security, including Ukraine, with conventional weapons while America would continue to provide its nuclear umbrella.
The Pentagon has launched a six-month review of US military presence in Europe, leaving allies to seek clarity on just how deeply Trump intends to cut US force numbers.
Zelenskyy pushes for NATO entry ZELENSKYY made a fresh appeal Tuesday for Ukraine to be allowed to join the alliance, saying Ukrainian armed forces are highly experienced and would only boost NATO’s defense capabilities. Russia is vehemently opposed to that.
Zelenskyy has highlighted Ukraine’s adaptability and its ability to strike deep inside Russia. He said Ukraine’s armed forces are “eliminating” on average 30,000 Russian troops every month.
In a declaration following Wednesday’s summit, NATO leaders pledged to provide Ukraine with $80 billion to help meet its defense needs this year and next, noting “the long-term threat Russia poses to EuroAtlantic security.”
Concern has been mounting among some countries with borders near Russia that Moscow might be preparing a hybrid attack—a combination of conventional warfare with tactics like cyberattacks—on the continent as Russian President Vladimir Putin struggles to secure victory in Ukraine.
Associated Press journalists Collin Binkley and Michelle L. Price in Washington and Farnoush Amiri at the United Nations contributed.
South Korea’s Supreme Court upholds prison sentence for Yoon in first martial law case
By Kim Tong-Hyung The Associated Press
SEOUL, South Korea—South Korea’s Supreme Court on
Thursday upheld a seven-year prison sentence for former President Yoon Suk Yeol in the first case to reach the country’s highest court from his several criminal trials related to his brief imposition of martial law in 2024.
The court upheld an April ruling by the Seoul High Court that found Yoon guilty of infringing on Cabinet members’ right to deliberate before he declared martial law, falsifying the official proclamation to cover up the lapse before later destroying the document, and deploying presidential security forces to illegally resist law enforcement efforts to arrest him weeks after his impeachment.
Martial law lasted only hours before lawmakers broke through a blockade of heavily armed soldiers and police at Seoul’s National Assembly and voted to repeal it, forcing Yoon’s Cabinet to lift the measure.
Yoon remains in detention and did not attend the ruling, which is final. He is still standing trial in other cases, and he has appealed the life sentence he received for the most serious conviction against him, on the charge of rebellion.
In a statement, Yoon’s legal team expressed “deep regret” over the Supreme Court’s ruling, saying the justices concluded a significant case without sufficient review.
The ruling aligned with the views of the Constitutional Court, which, in removing Yoon from office in April 2025, found that his martial law decree lacked legal grounds and failed to follow required procedures.
While Yoon called 11 Cabinet members to his office shortly before declaring martial law on late-night television on Dec. 3, 2024, several participants, including then- Prime Minister Han Duck-soo, have testified that Yoon unilaterally informed them of his decision rather than inviting deliberation. The Seoul High Court said Yoon also violated the rights of nine other Cabinet members by failing to call them to the meeting or notifying them too late.
Though brief, Yoon’s martial law declaration plunged South Korea into a political crisis, paralyzing politics and high-level diplomacy while rattling financial markets. The turmoil eased only after his liberal rival, Lee Jae Myung, won an early presidential election in June 2025.
In addition to appealing his life sentence for rebellion, Yoon is appealing a 30-year prison term in a case accusing him of ordering drone flights in 2024 to deliberately heighten tensions with North Korea and create justifiable conditions for martial law at home. Yoon’s lawyers said the drone flights were a response to North Korea flying thousands of trash-carrying balloons into the South.
IMF expects world economy to grow a sluggish 3% this year, weighed down by Iran war but helped by AI
By Paul Wiseman | AP Economics Writer
WASHINGTON—The International Monetary Fund on Wednesday modestly downgraded its outlook for the world economy this year, citing the energy shock caused by the Iran war. But the fallout from the conflict is being partially offset by booming investment in artificial intelligence and other technologies.
The IMF now expects the global economy to expand by a sluggish 3% in 2026, down from 3.5% last year and from the 3.1% it had forecast for this year back in April. The fund expects worldwide growth to rebound to 3.4% next year.
Iran responded to US and Israeli attacks Feb. 28 by shutting down the Strait of Hormuz, through which a fifth of the world’s crude oil and natural gas passes. Energy prices soared, squeezing businesses and consumers. The IMF now expects oil prices to be up nearly 32% this year and for global consumer prices overall to increase 4.7% in 2026. That would be up from 4.1% in 2025 and would mean that two years of progress against inflation has stalled.
The IMF forecasts assume that the Strait of Hormuz reopens later this
month—even though US strikes on Iran resumed and President Donald Trump declared Wednesday that a ceasefire with Iran was over. They also assume that commerce through the strait returns to normal by next March.
“The world economy has weathered the shock from the war better than feared,” Petya Koeva Brooks, deputy director of the IMF’s research department, told reporters Wednesday. The economic damage from the energy shock has been limited partly because countries could
(IMF)
draw on existing oil stockpiles and because oil-exporting countries outside the Persian Gulf stepped up production. Countries that produce and export their own energy and that benefit from AI investment are insulated from the war’s economic damage. Among them is the United States. The IMF expects the U.S. economy—the world’s largest— to grow a solid 2.3% this year, up from 2.1% in 2025 and unchanged
from the April forecast. President Donald Trump’s 2025 tax cuts, big gains in productivity and a strong stock market are also giving the American economy a lift.
The 21 European countries that share the euro currency, hit hard by higher energy prices, are collectively forecast to grow just 0.9% this year, down from 1.4% in 2025.
China, the world’s No. 2 economy, is expected to expand 4.6% this year, down from 5% in 2025 but a bit faster than the IMF had expected in April. Weighed down by higher energy prices and a property market collapse, the Chinese economy is getting offsetting help from public works spending, a surge in high-tech manufacturing and booming exports.
India is once again forecast to be the world’s fastest-growing major economy, advancing at a 6.4% clip (down from a sizzling 7.7% last year) on strong consumer spending.
The IMF is a 191-nation lending organization that works to promote economic growth and financial stability and to reduce global poverty.
Tenuous state of US-Iran ceasefire renews anxiety over high fuel prices
By Cathy Bussewitz & Mae Anderson AP Business Writers
NEW YORK—The potential unraveling of a fragile truce between Iran and the United States renewed anxiety Wednesday over whether fuel prices would go back up if sustained fighting kept oil tankers from traveling through the Persian Gulf.
Oil prices rose to their highest point in weeks after President Donald Trump declared the US ceasefire with Iran over, responding to Iranian attacks on commercial ships in the Strait of Hormuz and on American military sites in other Gulf nations. Costlier crude oil could lead to costlier gas station fill-ups as drivers in many countries were getting a break from elevated prices brought on by the war.
“Tanker traffic through the Strait of Hormuz has essentially stopped, which tells you more about risk perception right now than any statement from Washington or Tehran,” said Jorge Leon, head of geopolitical analysis at Rystad Energy, in an email. “Oil markets reacted quickly to the renewed geopolitical risk.” US gasoline prices increased slightly Wednesday to an average of $3.80 for a gallon of regular, up from $3.79 the day before, but still well below the month-ago average of $4.16, according to motor club federation AAA.
Crude oil makes up the bulk of the price of gasoline, so when oil prices rise, gasoline eventually follows. But it can take weeks for consumers to feel the full impacts. That’s because refiners make gasoline with oil purchased in advance. The finished product then has to travel through a system of pipelines and trucks to reach gas station pumps.
Gas station owners set prices at the pump, and to stay competitive, they sometimes absorb the impact of higher oil prices instead of immediately passing it along to customers.
To suppress high oil prices during the war, the US and other countries released oil from their emergency stockpiles starting in March. But those stockpiles won’t last forever.
The US Strategic Petroleum Reserve held 319.5 million barrels as of July 3. The last time the inventory was that low was in 1983, when the reserve was initially being filled up.
“Unfortunately, the drawdown of strategic stocks means that there is a lot less ammunition
in Trump’s holster,” said Michael Lynch, a distinguished fellow at Energy Policy Research Institute in Amherst, Massachusetts.
A barrel of US benchmark crude was selling for $75.80 on Wednesday, the highest price in more than two weeks. Brent crude, the international standard, climbed close to $79 per barrel, its highest level since June 19. The market reaction “highlights how sensitive prices remain to any escalation around the strait, given its role as a critical transit route for global oil flows,” Leon said.
Shipping uncertainty increases after fresh strikes
A DAY after the US accused Iran of striking three commercial vessels and revoked the country’s ability to openly sell crude oil on the world market, some advised the shipping industry to reconsider whether it was safe to send crewed ships through the Strait of Hormuz—and the wider Middle East.
International Maritime Organization Secretary-General Arsenio Dominguez condemned attacks on ships in the strait.
“As long as the safety and security of crews cannot be assured, I urge flag states, shipowners, operators and all relevant authorities to avoid exposing seafarers to unnecessary danger by transiting the strait,” Dominguez said Wednesday. “The situation in the region remains volatile.”
Some traffic traversed the strait on Tuesday, according to data and analytics company Kpler, which verified 41 crossings compared to 36 on Monday. It was unclear if the crossings happened before or after the strikes. Some vessels also are going “dark” to pass through the strait and not broadcasting their locations, further complicating a complete count.
With the central route through the strait uncrossable due to mines, ships have been using two other routes, the smaller northern route, which goes through Iranian waters, and the southern route, which goes through Omani waters. The three ships struck Tuesday appeared to be using the Omani route.
An economist at advisory firm Oxford Economics said the ceasefire probably would continue to be on-and-off and Washington and Tehran could still deescalate the latest tensions instead of returning to war.
“The question is whether the latest developments merely represent a bump in the road or if we’re emerging from the ‘eye of the storm,’” Ben May, the firm’s director of global macroeconomic
research, wrote in a research note. “While Trump said negotiations with Iran were a ‘waste of time’, he maintained an off-ramp by noting that US negotiators would continue talks with Iran, suggesting the truce hasn’t been irrevocably broken.”
The new doubts about the Strait of Hormuz came after two of the biggest shipping companies, Maersk and Hapag-Lloyd, announced Monday that their Gemini Corporation joint partnership would gradually resume service in the Suez Canal, which was paused due to attacks in the Red Sea by Yemen’s Houthis.
Recent stability in the Middle East created the conditions for the companies’ decision, but “the recent deterioration could put this resumption in jeopardy once again,” said Judah Levine, head of research at freight booking platform Freightos.
DELEGATES walk to the entrance of the International Monetary Fund
headquarters during the World Bank/IMF Spring Meetings at the IMF headquarters in Washington, April 15, 2026. AP PHOTO/JOSE LUIS MAGANA
SC dismisses transport groups petitions vs NCAP for being moot
THE Supreme Court (SC) has dismissed for being moot the consolidated petitions assailing the constitutionality of the no-contact apprehension program (NCAP) being implemented by local government units in Metro Manila.
In a 33-page decision penned by Associate Justice Rodil Zalameda, the Court en banc also lifted the temporary restraining order (TRO) it issued on August 30, 2022 enjoining the City of Manila, Quezon City, Valenzuela City, Paranaque City, Muntinlupa City, and the Land Transportation Office from implementing NCAP.
The TRO was issued in response to the plea the petitioners which include Kilusan sa Pagbabago ng Industriya ng Transportasyon Inc. (KAPIT), Pangka-
lahatang Sangguniang Manila and Suburbs Drivers Association Nationwide (Pasang-Masda), Alliance of Transport Operators and Drivers Association of the Philippines (ALTODAP), and Alliance of Concerned Transport Organization (ACTO) and lawyer Juman B. Paa.
In their petitioners, the transport questioned the legality of the implementation of NCAP, noting that it has no basis either in the Republic Act 7924 that serves as the enabling charter of the Metropolitan Manila Development Authority (MMDA) and RA 4136 which created the LTO.
They added that the ordinances of the LGUs allowing NCAP are invalid since there are no existing laws passed by Congress that allow the implementation of such regulation. RA 4136, according to the petition-
ers, allows only face-to-face apprehension of traffic violators and declares traffic violations as a liability of the erring drivers and not the registered owners.
The petitioners also assailed the unreasonable provisions of the NCAP that include non-renewal of the vehicle registration until such time that the fines are settled, and for including innocent third persons liable for traffic violations.
They further argued that the NCAP violates the constitutional right of motorists to due process; for being oppressive and confiscatory; and for violation of privacy rights under Republic Act 10173 or the Data.
However, the decision penned by Associate Justice Rodil Zalameda, the Court en banc held that the issues
raised by the petitioners have become moot due to the adoption of the “Joint Metro Manila Traffic Circular No. 01, Series of 2023” establishing the Metro Manila Traffic Code (MMTC) of 2023, which aims “to harmonize the existing national and local laws on traffic enforcement to estab1ish effective transport and traffic management” in the metropolis.
The SC said MMTC 2023 also provides a uniform traffic adjudication system, procedures before traffic adjudication boards, periods for settling notices of violation, guidelines for tagging violations in the Land Transportation Office’s (LTO) Land Transportation Management System, data privacy safeguards, uniform fines and penalties, recognized online payment platforms, and rules on the mandatory
authorization process.
The Metro Manila Development Authority (MMDA) subsequently issued Memorandum Circular No. 10, series of 2025, to implement MMTC 2023, which was adopted by Muntinlupa City, Parañaque City, Quezon City, and Valenzuela City through new ordinances.
The Manila City government also enacted an ordinance adopting the MMTC 2023, except the provision on the establishment of a Traffic Adjudication Board since its own Traffic Adjudication Board continues to perform its functions.
“These developments have effectively rendered the decentralized and fragmented enforcement of the NCAP a legal nullity,” the Court pointed out. Joel R. San Juan
Makati shines on world stage, bags coveted WWF Global Winner distinction
MAKATI City has been named a Global Winner in the 2026 World Wide Fund for Nature (WWF) One Planet City Challenge (OPCC)—the first Philippine city, and the first in Southeast Asia, to receive this distinction in the developing countries category.
“To be named a Global Winner is an honor we accept on behalf of every Makati resident who has supported our climate programs, from our barangays to our business community. This recognition affirms that Makati’s approach to climate action, grounded in data, policy, and genuine partnership with our residents, is working,” Mayor Maria Lourdes Nancy Binay said.
Makati was recognized at the OPCC global award ceremony held on June 30 at the Hamburg Sustainability Conference in Germany, where WWF honored the top-performing cities out of more than 380 participants from 51 countries in the 2025-2026 cycle.
Paris, France was named as global cowinner for the 2025-2026 cycle. This is a huge milestone since it’s the first time a Philippine city has won the global title.
“This award is not the finish line. It is a challenge to keep raising our standards, to keep listening to our communities, and to keep
building a Makati that is resilient for generations to come,” Binay underscored.
The city was previously named the Philippines’ National Winner in the OPCC 2024 cycle, and has since built on that momentum through its climate adaptation and mitigation initiatives, science-aligned greenhouse gas reduction targets, and continued disclosure of environmental data through the CDP-ICLEI Track platform, which also earned the city A-List recognition from CDP for three consecutive years.
Makati has likewise invested in green infrastructure and open space incentives integrated into its zoning policies, sustainable and low-carbon transport systems, improved solid waste management, and disaster preparedness programs designed to strengthen community resilience against climate-related hazards.
Under her administration, Makati became the very first local government in the Philippines to power all of its public buildings entirely with renewable energy.
Through a partnership with ACEN Corporation, all 154 city government facilities will soon run on solar, wind, and geothermal power, expected to prevent nearly 290,000 metric tons of carbon emissions over the life of the contract.
Cebu maintains vigilance vs ASF, says 45-day ban could be prolonged
C“I thank our constituents, whose everyday actions and support made this recognition possible. I also thank all our partner departments and offices for their tireless efforts in implementing our climate programs, and the WWF and the OPCC for recognizing Makati’s efforts on the global stage,” Mayor Binay said.
“The City Government of Makati will continue to strengthen its partnerships with WWF, ICLEI, and other environmental organizations as it pursues its long-term goal of carbon neutrality, while sustaining programs in green infrastructure, sustainable transport, and community-based climate resilience,” she added.
The One Planet City Challenge is the world’s largest and longest-running climate challenge for cities. Hosted by the World Wide Fund for Nature (WWF), it recognizes cities that are leading the way toward a safe, climate-resilient future. Claudeth Mocon-Ciriaco
EBU CITY—The Cebu Provincial Government clarified that the 45-day prohibition on the entry of live hogs, pork, and pork products from Negros Island and other areas affected by African swine fever (ASF) remains under continuous review and could be extended if the disease situation warrants. The restriction, implemented through Executive Order (EO) No. 39 signed by Governor Pamela Baricuatro on July 7, took effect immediately as a preventive measure to keep Cebu free from ASF and protect the province’s livestock industry. Provincial Veterinarian Dr. Mary Rose Vincoy explained that although the order specifies a 45day implementation period, this should not be interpreted as an automatic expiration of the ban. She pointed out that Section 1 of EO No. 39 expressly allows the provincial government to extend, modify, or lift the restriction depending on the latest outbreak developments and recommendations from the Department of Agriculture (DA) and the Bureau of Animal Industry (BAI). Provincial officials said they will continue coordinating with the DA and BAI while closely monitoring the ASF situation before making any decision on the future of the restrictions.
The order was issued following confirmed ASF outbreaks in Negros Island and several other parts of the Visayas.
Despite the spread of the disease in neighboring areas, Cebu has maintained its ASF-free status based on surveillance conducted by the DA and BAI. Under EO No. 39, the entry of live hogs, fresh pork, and processed pork products originating from ASF-affected areas is prohibited. The directive also requires hog raisers, transporters, traders, and other industry stakeholders to strengthen farm biosecurity measures, including restricting access to farms, disinfecting vehicles and equipment, and complying with animal movement regulations. Carmel Pedroza
INDAY WEAKER, BUT
‘HABAGAT’ IMPERILS BATANES, N. LUZON
By Jonathan L. Mayuga
TYPHOON Inday slightly weakened
as it moved northwestward over the Philippine Sea, but prevailing southwest monsoon threatens to bring moderate rainshowers over Southern, Central and Northern Luzon, the weather bureau reported.
In its 11 a.m. Tropical Cyclone Bulletin issued at 11 a.m. on Thursday, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said Inday is located 865 east of Northern Luzon, and was packing maximum sustained winds of 165 km/h near the center and gustiness of up to 205 km/h.
Now categorized as a typhoon, Inday is moving northwestward at 15 km/h.
Pagasa placed Batanes under Signal No. 2 while Signal No. 1 remains up in Cagayan including Babuyan Islands, Isabela, the northeastern portion of Quirino (Maddela), Apayao, the northern portion of Abra (Tineg, Lagayan, Danglas, San Juan, Lagangilang, Licuan-Baay,
PHL among Asean’s most AI-exposed workforces
THE Philippines ranked second in Southeast Asia in terms of workers exposed to generative artificial intelligence (GenAI), but the International Labour Organization (ILO) said there is still no sign of widespread job disruption linked to the technology.
An ILO study showed that 28.1 percent of Philippine employment is in occupations with more than minimal exposure to GenAI, trailing only Singapore’s 42.2 percent among Asean economies with available data.
Despite the country’s high level of exposure, the report found little evidence that AI has caused broadbased employment losses, with jobs in highly exposed occupations continuing to grow across the region.
“The potential for labor market transformation is significant, but widespread disruption is not yet visible,” the ILO said in its report.
The agency attributed the Philippines’s high ranking to its serviceoriented economy and its large information technology and business process management (IT-BPM) sector, where many tasks can potentially be augmented by GenAI.
Across Asean, around 80 million workers, or 22.9 percent of total employment, are in occupations with more than minimal exposure to GenAI.
However, only 11.7 million workers—or 3.3 percent of the region’s workforce—are employed in occupations classified under the highest exposure category, while about 67 percent remain in jobs with no identified exposure to the technology.
The report noted that GenAI adoption remains uneven across Asean and continues to be concentrated in a relatively narrow set of occupations and firms despite rapid advances in AI capabilities.
“Labor market exposure and AI
BusinessMirror
‘Invest in human capital, or UMIC advantage gets lost’
THEMalibcong, Lacub, Daguioman, Dolores, La Paz), Kalinga, the eastern portion of Mountain Province (Natonin, Paracelis), the eastern portion of Ifugao (Aguinaldo, Alfonso Lista), Ilocos Norte, the northern portion of Aurora (Dilasag, Casiguran), and the northern and central portions of Catanduanes (Pandan, Caramoran, Bagamanoc, Panganiban, Viga, Gigmoto, Baras, San Miguel). Heavy Rainfall Outlook for Inday and the Southwest Monsoon states. Batanes is threatened with localized flooding and landslides in highly susceptible areas. Meanwhile, around 100 to 200 mm of rain is expected in Occidental Mindoro, Antique, Zambales, and Bataan, while 50 to 100 mm of rain is expected Negros Occidental, Zamboanga del Sur, Lanao del Norte, and Lanao del Sur on Friday. Some provinces in Central Luzon, Southern Luzon, and Pangasinan are expected to experience rains, however, on Saturday. Under such conditions, numerous flooding events are likely, especially in urbanized, low-lying or near rivers areas, the weather bureau said.
WESM
By Justine Xyrah Garcia
Philippines’s recent elevation to upper-middle-income status could prove difficult to sustain if the country fails to invest in its youth, with economists warning that weak human capital development threatens long-term productivity and growth.
The warning came after the Commission on Population and Development (CPD) on Thursday called for greater investments in young Filipinos, saying the country’s economic progress would only be meaningful if it expands opportunities for the youth to live “healthy, productive and fulfilling lives.”
Former Socioeconomic Planning Secretary Dante B. Canlas said sustained increases in real per capita income depend on continued investments in human capital, particularly workers’ skills, alongside physical and technological capital.
“Transforming the economy into a modern industrial economy hinges no longer on low-wage, low-skill workers, but on creating a knowledge-based economy,” Canlas told the BusinessMirror
prices up 22.7% on thin supply amid outages, rising demand
By Lenie Lectura
ELECTRICITY prices in the Wholesale Electricity Spot Market (WESM) increased by 22.7 percent to P9.56 per kilowatt hour (kWh) for the May 26 to June 25 billing period from P7.79 per kWh due to tighter margin supply brought about by increasing demand and persistent power plant outages. The WESM operator, Independent Electricity Market Operator of the Philippines (IEMOP), reported Thursday that the system-w ide average supply decreased to 21,133 megawatts (MW), a 1.1-percent decline from May, while average demand decreased to 15,454 MW, or 1.9 percent lower than the previous billing month. Despite reduction in both supply and demand, the system-wide average supply margin increased to 3,691 MW, compared to 3,629 MW in May 2026. The supply-demand conditions varied across the three regions. Supply margin in Luzon increased by 278 MW, while Visayas and Mindanao declined by 83 MW and 132 MW, respectively, due to higher outage levels, supply constraints relative to demand, grid alert issuances, and variations in HVDC (high-voltage direct current) flows. Although the overall system supply margin improved, localized supply tightness and reserve deficiencies led to the manifestation of constraint violation costs (CVCs) in real-time market prices. Consequently, this led to the increase in system-wide average market price to P9.56/kWh, from P7.79/kWh last May, a 22.7 percent increase for June. Meanwhile, regional supply-demand conditions showed mixed outcomes.
In Luzon, average supply increased by 149 MW, while average demand decreased by 234 MW.
Nevertheless, the region’s average price had a 13.3-percent incline from P7.02/kWh to P7.95/kWh. Although supply improved, several large generating units experienced forced outages throughout the billing period contributing to tighter market conditions and elevated prices. The billing period also recorded the highest average regional price last May 29 at P17.86/kWh.
In the Visayas, average supply and demand declined by 178 MW and 12 MW, respectively, from the previous billing month. As the reduction in supply significantly exceeded the decline in demand, average prices increased by 41.7 percent, from P10.20/kWh to P14.46/kWh. Throughout the billing period, there were multiple issuances of yellow and red alerts, and market interventions due to generation deficiencies. The highest average regional price was recorded last June 22 at P21.68/kWh. In addition to tight energy supply conditions, recurring reserve deficiencies further contributed to higher market prices.
Mindanao exhibited a similar trend to Visayas, where average supply and demand decreased by 213 MW and 55 MW, respectively. Consequently, average prices increased by 37.5 percent from P9.28/kWh to P12.75/kWh. The highest average regional price was re corded last June 22 at P22.75/ kWh due to outages of several large generating units. Similar to Visayas, reserve deficiencies were observed in Mindanao and contributed to higher market prices.
Several generating units across all grids experienced outages throughout the month.
In Luzon, forced outages across various technologies have the highest daily cumulative outage of 3,060.5 MW, mostly from
“The latter will ensure moving from a UMIC to a high-income country.”
De La Salle University (DLSU) economist Maria Ella C. Oplas likewise said investments in health and education are essential to building a productive workforce, adding that developing human capital requires a collective effort among government, schools, and families.
“It is important to prioritize human capital development because people fuel an economy. Even technology and innovation need quality human resources,” she said.
The warning comes as the World Bank estimates that a Filipino child born today will reach only 52 percent of his or her potential productivity as an adult, reflecting gaps in health, education, and other human
capital investments.
Former CPD chief Juan A. Perez III said these investments have long taken a back seat to infrastructure and other economic priorities.
“National and local investments in human capital development have been overshadowed and underprioritized, as economic and infrastructure continue to take precedence,” Perez told the BusinessMirror
He said greater investments in health, education, nutrition and food security, particularly at the local level, are needed to improve children’s development and future productivity.
The urgency is reflected in the findings of the Longitudinal Cohort Study on the Filipino Child, which showed that while 91 percent of children were enrolled in school at age 10, only 76 percent remained on track by age 18.
The study found that about one in four Filipino children had fallen behind the expected grade level because of late school entry, grade repetition or missed school years, with poverty, disability, stunting, child labor and other disadvantages contributing to poor educational outcomes.
Lifetime cost
PHILIPPINE Institute for Development Studies (PIDS) Senior Research Fellow Jose Ramon G. Albert
said weak human capital development translates into economic losses that accumulate over a person’s lifetime.
A young person who leaves school because of financial hardship, early pregnancy, bullying or untreated mental health problems is likely to earn less, produce less and contribute less to the economy throughout his or her working life.
“Multiply that across hundreds of thousands of young people each year and you get a workforce that cannot deliver the productivity growth the country needs,” Albert told the BusinessMirror He warned that many countries have remained stuck at the middleincome level because they relied on cheap labor instead of improving workers’ productivity through better education, health, and nutrition.
“When we have challenges in human capital development, we should expect that our countrymen will have difficulty making the right choices, even in electing leaders who can steer the country toward higher prospects of new sources of wealth,” he added.
Narrowing window
THE CPD earlier said the Philippines has until around 2040 to maximize its demographic dividend, or the period when the working-age population is significantly larger
EYES ON INDAY Leandra
Feeding the future: When food reaches remote communities, development follows
THE hunger stats are harsh, but the response is finally catching up to the scale of the crisis. With the announcement of a P140 million investment in nutrition and the deployment of seven mobile kitchens, the Cebu provincial government has made a definitive statement: economic development is impossible on an empty stomach. (Read the BusinessMirror story: Cebu addresses malnutrition problem, July 6, 2026).
For too long, malnutrition in the Philippines has been treated as a secondary issue—a sad but inevitable byproduct of poverty rather than a primary barrier to national progress. Governor Pamela Baricuatro’s administration is challenging this outdated notion by placing nutrition at the very center of Cebu’s development agenda. Her vision of a “Cebu where every family has the opportunity to live a healthy and dignified life” is not merely a charitable aspiration; it is an economic imperative.
We commend the Cebu provincial government for recognizing that discussions on tourism, education, and job creation are hollow if the workforce of tomorrow is physically and cognitively stunted today. The allocation of P140 million is significant, but the true value of this initiative lies in its strategic approach.
The deployment of mobile kitchens is a masterstroke in logistics. In a province with geographically isolated and underserved barangays, static feeding programs often fail to reach the most vulnerable. These roving kitchens act as a lifeline, bringing hot, nutritious meals directly to communities that need them most. This is a tangible, visible commitment to bridging the gap between government resources and grassroots needs.
However, as Dr. Elisse Nicole Catalan rightly pointed out, malnutrition is a “governance concern.” It requires more than just food distribution; it demands a holistic ecosystem of care. The simultaneous distribution of 600,000 Vitamin A capsules and 300,000 iron supplements addresses the hidden hunger of micronutrient deficiencies, which are just as debilitating as the lack of calories. By coupling feeding with supplementation, the province is attacking malnutrition on multiple fronts.
Equally encouraging is the recognition of local government units (LGUs) that have excelled in this fight. The awarding of the municipality of Dalaguete for achieving the National Nutrition Green Banner Seal, along with the citations given to cities and municipalities for lowering stunting rates, proves that progress is possible. These LGUs serve as beacons, demonstrating that strong local leadership and community participation can turn the tide against child undernutrition.
Yet, while the P140 million is a welcome investment, it is just the beginning. The fight against malnutrition is a long-term war against systemic poverty, lack of access to clean water, and inadequate healthcare. Governor Baricuatro’s program must be sustained and scaled. It must also be integrated with support for farmers and fisherfolk, as Dr. Catalan emphasized, ensuring that the source of food is as secure as its distribution.
As Cebu observes Nutrition Month, let this be a turning point. Let the government’s commitment be matched by the private sector and local communities. The investment of P140 million is not just about feeding a child today; it is about securing the Cebuano who will build the province’s infrastructure, run its businesses, and care for its future generations.
BusinessMirror
Pricey credit markets fuel rise of funds that can buy anything
By Tasos Vossos & Teddy Stoddart
BOND investors are increasingly betting on flexible funds that can buy whatever they like as lofty credit market valuations leave little margin for error.
Unconstrained funds have enjoyed a revival after taking a beating during the inflation shock of 2022. In the US, nontraditional bond funds have grown about 6 percent in size this year, and 18 percent since the end of 2024, according to Morningstar data. In Europe, assets in global flexible bond funds have grown almost 10 percent this year.
One of the world’s largest managers is tapping the demand with a new so-called go-anywhere fund: Pacific Investment Management Co’s latest offering can invest in just about anything rather than being tied to an index. It is designed for the “more complex global backdrop,” Andrew Balls, one of Pimco’s portfolio managers, wrote last week when it was
launched to international investors.
The increasing size of this buyer base comes as tight valuations in the credit market—now almost fully recovered from the impact of the Iran war—leave investors more vulnerable to sudden selloffs. Money managers with the freedom to buy any bond, often with a focus on corporate debt, are becoming more alluring than those offering cheaper indextrackers, which may hold undesirable assets purely to mirror the market.
The risk was underscored Wednesday, when credit-default swap spreads widened after US President Donald Trump said the ceasefire with Iran was over. The cost of protecting against defaults rose from near post-financial crisis
One of the world’s largest managers is tapping the demand with a new so-called go-anywhere fund: Pacific Investment Management Co’s latest offering can invest in just about anything rather than being tied to an index. It is designed for the “more complex global backdrop,” Andrew Balls, one of Pimco’s portfolio managers, wrote last week when it was launched to international investors.
lows in Europe and the US.
Iain Stealey, who helps run an unconstrained bond fund for JPMorgan Chase & Co’s money management arm, said he was uncertain whether the latest flare-up in the Middle East was “just a skirmish” but the volatility bolstered his case for owning what he wants.
“We’re in a world where there is going to be the odd hiccup out there,” said Stealey, international chief investment officer for fixed income at JPMorgan Asset Management. “I would much prefer to be relying on our credit analysts to make
sure that we are in the right names rather than buying an index-based approach,” he added. There’s a long-standing debate about the value of paying a portfolio manager to choose bonds when an index-tracker can ride market gains at a fraction of the cost. Unconstrained funds are a subset of active strategies, affording bond-pickers freedom to buy everything from government debt to junk bonds, funky securities with skippable coupons and derivatives that protect against default. While they are not constrained by index rules, they may use them as a yardstick.
So far this year, the approach is paying off. US dollar-denominated flexible funds have returned 1.46 percent in 2026, according to a Bloomberg analysis. For comparison, the Bloomberg global bond benchmark has gained 0.7 percent on a US dollar-hedged basis.
For Balls, the portfolio manager at Pimco, removing the constraints reflects the state of the world, with “asynchronous monetary policy cycles, fiscal policy divergence, and geopolitical tensions” that can lead to discrepancies in performance See “Pricey,” A12
Argentina to repay $4 billion, defying critics who doubted tack
AGerard 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
M. Manangan
By David Feliba
RGENTINA is set to make a major payment on its dollar bonds this week, pulling off a feat few investors thought possible while the country refuses to tap global debt markets.
The Argentine government says it has already secured the funds needed to cover the $4.3 billion semi-annual obligation, split between principal and interest on its foreign-currency bonds. It has also identified further financing sources that eliminate the need to tap international debt markets for the rest of President Javier Milei’s term, which runs through the end of 2027.
Investors had urged Economy Minister Luis Caputo to seize a window of opportunity to raise capital before the war in the Middle East rattled markets. Instead, the government held off, arguing borrowing costs remained too high. On Monday, Caputo doubled down, unveiling a financing plan that excludes international debt issuance this year, relying instead on local dollar bonds, multilateral-backed loans and other lower-cost sources.
“Going to the market is just another option, not an objective,” Caputo told reporters. The government’s goal, he said, is to refinance debt as cheaply as possible.
Officials added that the Treasury already holds about $4 billion in dollar deposits for this week’s payment and expects proceeds from
multilateral-backed financing to arrive before the bonds come due on Thursday.
This will be Argentina’s second major debt repayment for 2026, after the South American nation paid a similar sum to bondholders at the start of the year. Since March, the Treasury has raised roughly $4 billion through sales of bonares, or locally issued dollar-denominated bonds. The notes mature in 2027 and 2028, at yields averaging 6.9 percent—well below the roughly 8.6 percent investors estimate Argentina would currently pay abroad.
On Monday, Caputo announced plans to raise another $2 billion through similar domestic placements by year-end, while also relying on multilateral-backed loans with interest rates of about 6 percent to 7 percent.
While the bedrock of Caputo’s current strategy is the domestic market, it marks a sharp shift from the spree of international bond sales during his time under former President Mauricio Macri.
In the months leading up to this week’s key deadline, many investors insisted Argentina would need to
sell global bonds to meet the bulk of its 2027 payments.
“Investors were very vocal at the beginning of the year about the need for Argentina to come to markets, much like Ecuador did,” said Gustavo Medeiros, head of research at Ashmore Group, pointing to widelyheld concerns about Argentina’s international reserve levels. However, the government has been very successful in accumulating dollars this year, he added.
Many investors still expect Milei’s sweeping economic reforms to ultimately pave the way for a longawaited return to Wall Street. That could come later this year if spreads keep tightening, Medeiros said. Joe Delvaux, portfolio manager at Amundi, says that while issuance in the second half of 2026 is a possibility, it’s more likely to get pushed toward the start of 2027.
At the moment, though, the Argentine Treasury says it can finance itself more cheaply at home while waiting for global bond spreads to tighten. The debt still trades wide of similarly rated peers, with benchmark dollar bond yields in the high 8 percent range—above what officials say is justified given the country’s stronger fiscal position and improving exports.
“It’s proven to be the right strategy so far,” said Graham Stock, senior emerging-markets strategist at RBC BlueBay Asset Management. “Demonstrating market access would be
positive, but they’re right to say it shouldn’t be at any cost.”
However, Argentina’s current funding mix leaves little wiggle room should any of its financing sources fail, market conditions deteriorate before next year’s presidential vote or should any electionrelated volatility push sovereign spreads wider.
“They are being very careful on not issuing at high rates, likely out of concern on the impact this can have on deficit metrics,” said Jimena Zuñiga, Argentina economist at Bloomberg Intelligence. “That’s a reasonable concern, but it carries significant risks because there could be shocks undermining those plans for 2027—and they could be missing a good issuance window now.”
Argentina has about $25 billion in dollar debt due in 2027, which it plans to pay with $5 billion of local bond sales next year, as well as dollar purchases from the central bank, International Monetary Fund disbursements, proceeds from privatizations, and carryover cash from this year’s financing surplus.
“From an investor’s perspective, we’d feel more comfortable if they were to get it done ahead of next year,” said Jared Lou, portfolio manager at William Blair. “You have no idea what kind of volatility you’ll have going into the election cycle.” Bloomberg
plans more flexibility for industry in carbon market review
By Ewa Krukowska
THE European Union aims to give its ailing industrial sector more flexibility in an upcoming reform of the bloc’s flagship carbon market, while ensuring companies boost investment in clean technologies.
The overhaul of the bloc’s Emissions Trading System will seek to strike a balance between helping heavy industry shift to clean energy sources and encouraging those that decarbonize faster to continue their transition, according to a EU official. The European Commission is due to unveil the review on July 17.
As part of efforts to allay concerns from energy-intensive industries over Europe’s declining competitiveness, the commission wants to start as soon as next year a carbonmarket fund based on 400 million allowances, said the official, speaking on condition of anonymity. The so-called ETS Investment Booster will last for three years and will grant allowances to eligible companies on a first-come, first-served basis.
Reforming the ETS has risen to the top of the political agenda. The spike in energy costs caused by the Middle East conflict has intensified concerns about Europe’s ability to compete with its trading partners.
The commission wants to better use revenues from the carbon market to stimulate investment when recalibrating the system to align with its more ambitious target of cutting emissions 90 percent by 2040 from 1990 levels.
The ETS Investment Booster will be the first stage of Europe’s planned Industrial Decarbonization Bank, with €100 billion in carbon marketbased funding. In the second phase, after 2030, the IDB will use another 400 million carbon allowances to support projects mainly through competitive bidding for long-term arrangements known as contracts for difference, which help companies reduce price volatility risks.
The EU will also continue its Modernization Fund, which supports poorer member states in the transition away from fossil fuels, and will focus its Innovation Fund on helping first-of-a-kind, clean-tech projects, with 200 million allowances.
The overhaul of the system will also include a slower emission-reduction trajectory to allow the issuance of permits after 2039, when the cap is set to drop to zero under current rules, the official said, confirming a Bloomberg News report last month.
While some member states have called for keeping the so-called Linear Reduction Factor unchanged at 4.4 percent per year, others have called for a cut to around 3 percent.
The European People’s Party, the biggest group in the European Parliament, has demanded the LRF be lowered by at least one percentage
between parts of the market.
Among Stealey’s favored bets are hybrid bonds sold by non-financial corporates and Additional Tier 1 bonds issued by banks, both of which offer juicier yields than the broader investment-grade market.
Picking winners
GLOBAL volatility hasn’t prevented the credit market from recouping nearly all the losses it suffered in the early weeks of the war in the Middle East. High-grade corporate bonds are up around 0.9 percent on a US dollar-hedged basis, based on Bloomberg indexes, and the risk premium over equivalent government bonds is within touching distance of postfinancial crisis lows.
At the same time, yields remain well above their long-term average, a factor that both draws investors to credit markets and makes them
What are the Colors
of Pain? EU
Along with the review of the carbon market, the EU will also propose a fast-track revision of its regulation on 2026-2030 carbon benchmarks, which determine the number of free permits that companies get. It will adjust the heat and fuel fallback benchmarks, key for many energyintensive companies, in a move that will result in additional free allowances worth €6 billion ($6.8 billion), the official said.
point, starting in 2031. The commission also confirmed plans to extend the allocation of free carbon permits to companies. A share of the additional allowances would be conditional on investments in decarbonization within the EU and increased domestic production of low-emission products. In sectors covered by the bloc’s Carbon Border Adjustment Mechanism, the phaseout of free permits will be slower, in line with a deal struck by policy makers under the European Climate law last year.
Along with the review of the carbon market, the EU will also propose a fast-track revision of its regulation on 2026-2030 carbon benchmarks, which determine the number of free permits that companies get. It will adjust the heat and fuel fallback benchmarks, key for many energyintensive companies, in a move that will result in additional free allowances worth €6 billion ($6.8 billion), the official said.
In another modification, the EU wants the ETS to incorporate permanent domestic carbon removals generated by extracting carbon dioxide from the atmosphere. It will also consider whether and how to allow international carbon credits into its cap-and-trade system from 2036, the official said, echoing earlier comments by the commission that any credits would be centrally purchased by the EU and companies won’t be able to use them directly for compliance.
The EU agreed in December to allow cheaper imported credits to account for 5 percent of its emissions reductions by 2040, as part of the headline 90 percent target to cut pollution from 1990 levels. If the commission decides to allow international credits in the ETS, their share in the program would be limited to 2 percent, according to the official. Bloomberg
wary of the risks ahead. “This is a more normalized world where you’ll have winners and losers,” said Tom Ross, head of high yield at Janus Henderson Investors. Unlike the era of ultra-low interest rates, which kept financing costs low across the board, the challenge now is about “security selection and fundamental analysis,” he added. To be sure, choosing winners is becoming harder as the gap between strong and weak names is historically tight. Even in AT1s, the riskiest type of bank debt, spread dispersion among new issues has tumbled to its lowest ever this year.
While everything may look and pay similar for now, this can change quickly, testing the skills of an active manager.
“None of us knows who those winners and losers are today,” said Stealey. “What we want to do is keep on top of that and as we start to get an understanding, make sure we are invested correctly.” Bloomberg
Tito Genova Valiente
ANNOTATIONS
“…I have burned up one hundred thousand human lives already, from the strength of my pain.” Antonin Artaud
WHEN one thinks of pain, one summons thoughts about one’s earliest encounters with the most common experiences that have accompanied any childhood-toothache. In that moment of discomfort when you were told by your grandmother, to not ever touch that jar of candies, there stood also behind her, a grandfather, stern, and with the clear features you would never have. He was explaining: there’s no pain coming from the tooth; they are in those nerves. In your young mind made older by the persistent pain, you imagined “nerves,” long, mangled, twisted, mindless, impertinent thin lines with openings exposed raw, by themselves mindless of the acute sensation.
The color of that malaise that had left you mindless was white. You had met the neutral color and neutrality in your apolitical mind was not painless. But as the aches intensified, the pain became silver, an alloy of sensations. “Why would my Guardian Angel give a glorious sheen to the pain that is punishing me now,” you asked. In that magical pause that occurred in boyhood pain, you answered it yourself: so that I will listen to my immortal grandmother, and to never touch that jar of the sweetest candies again.
And yet silver also loses its glimmer, and with all the memories of pains the glimmer of sterling. There follows forgetfulness and its color is bronze. It fades and the rust has the scent of grasses that have been cut, of barks, twigs and branches too vile for the most vivid scenarios. Conjure an object that has lost its use both for the sacred and the profane. Forgetting is another pain and its hue will never transcend the perfect color for vanishing—the bronze born out of soil-brown with no desire to shine like any metal.
If forgetting is a form of pain, can it be the opposite of remembering. That little boy now nearly the age of his grandparents may be the one with answers. In remembering is embedded another pain and its color is overpowering yellow. We of-
ten try to remember events, people that appeared to inhabit the farthest point of our mind, which has assumed the form of a long, tortuous mental colonnade. The problem is the Universe has gifted the act of remembering the painful colors radiating from warm to unforgiving noon sunlight. Look up and that already is the sun, a star with no memories because its power blocks dimension. It ignores aches. The mind squints and it only reaches events of these days. These occurrences have not yet developed the patina of importance or even of nostalgia. The little boy may not have realized yet that what he is looking farthest at is himself, now remembered with pain—tears and love —by other minds gathering their own memories. It was one of those days: the sun was out but pale, the wind was strong, bringing down the clouds. The parcel arrived, which surprised me because it was a book I gave her. True to her witchcraft desire, the book opened and scattered golden stars. The ef-
fect was not what she would have wanted but knowing she was in a room somewhere, in her last days and nights, the cutouts were more than gilded. After the stars came the note: “My dear friend, it’s time to return this to you.” The book was about deconstruction, then our new coping mechanism against our mind. The note, however, was devout. She said last night, the pain she was waiting for arrived. “I don’t know where it came from.”
When a torment does not have an origin, the pain it bears does not lose its color. It retains a purple velvet outside, within is agony, in a dark cave with surprises of soreness, lacerations and lesions the tint of ruined uterus and mangled breasts - burnt sienna, incarnadine, crimson and the innocent pink rearing its ribbons of smarting pains.
We lost her to all these colors of pain.
In our family, we found our eldest brother’s pain embedded in other col-
ors. It was from him that we learned the opposite value of an illness diagnosed to be terminal. Moved to
our parents’ room in his last days, he was surrounded by colorful swaths of curtains that were blown by the wind from the wide windows. In that room, I would go, massaging his feet gently. We would not talk much. My sister was there, conversing with him in near whisper. His three children were always there. Was he in pain? I cannot recall. What I remember were his seemingly interminable stories to the three children. They were without deadlines. If he were in pain then, those convulsions had taken the varied colors of his room —green, yellow, brown, blue, red. Being an artist he would have mixed all of them, and whatever the mixture was produced, he would have called it hope and love. For that was what the room was about: his final time with his loved ones. And his unfinished arts. His pain was not black; it was a crazy shifting of hues. An illusion of rainbows even when cold rains covered his sight. Pain is bodily, but literature and arts have a favored subject— love. That which creates bonds broken only and, sometimes, not even by decay. Lovers color the pain of love with the cliche of red; think or love again and find there the truest gray waiting for all kinds of love. There in love is the pain itself of love, matte in anticipation of the invention of luminosity from all kinds of love. The sordid pain known by those who loved and did not love because of it is that the potency of love is embedded in its power to leave. It has a cache of goodbyes and they are cozy in shades of blue. The complexion of stains disguises the truest color of love when it’s gone.
Pablo Neruda has it in one of the lines from his “100 Love Sonnets”: “So I wait for you like a lonely house/till you will see me again and live in me./Till then my windows ache.”Love vanished shows its true color—black with the shadow of the unknown giving it the slow strokes. In the darkness hides the utmost pains of love.
E-mail: titovaliente@yahoo.com
Anutin awaits Thai court ruling on $12 billion crisis funding
By Patpicha Tanakasempipat
THAI Prime Minister Anutin Charnvirakul is awaiting a crucial court ruling over whether roughly $12 billion of crisis borrowing is constitutional or not, a decision that could determine the fate of his flagship economic stimulus and energy transition agendas.
The Constitutional Court is set to meet at 9:00 a.m. local time in Bangkok to rule on a petition from opposition lawmakers questioning the government’s use of a so-called emergency loan decree to seek 400 billion baht ($11.95 billion) in spending earlier this year. Opposition lawmakers are challenging whether parts of the decree dealing with Thailand’s longer-term energy transition constitute a real emergency under the law.
The ruling could set an important precedent regarding the executive use of emergency decrees to bypass normal parliamentary
budget processes.
The court accepted the case for deliberation in May, but declined to suspend the decree at the time, allowing the government to proceed with its plans. Some 200 billion baht is to finance the flagship “Thais Help Thais Plus” cash handout program, aimed at alleviating the impact of global energy shocks triggered by the Middle East conflict.
Another 200 billion baht is earmarked for energy transition efforts, including investments in renewable infrastructure and electrifying transport.
The government has already se-
cured 100.8 billion baht via promissory notes and term loans for its handouts, with 26 million Thais to receive 2,000 baht a month for four months beginning June, according to the Public Debt Management Office.
An adverse ruling could force the government to adjust its borrowing plans, particularly with regard to long-term energy investments.
Anutin, who has previously said the borrowing was to help prevent the economy from entering stagflation, on Monday said he would accept and comply with the court verdict.
Finance Minister Ekniti Nitithanprapas defended the decree, saying that investing in the energy transition is necessary to increase Thailand’s long-term competitiveness, especially in light of the Middle East war.
“We really need this. I emphasize that this is about economic security,” Ekniti told reporters on Monday.
“The current account deficit is largely
due to soaring oil prices. The end of the war is still uncertain, but the world’s energy infrastructure has already been extensively damaged.”
Anutin’s conservative administration, which won national elections in February, enjoys a high degree of establishment support versus the country’s two past prime ministers, who both fell from power after the Constitutional Court disqualified them. Some opposition lawmakers, however, say the government still lacks concrete plans for energy transition projects and resorted to the emergency decree to evade parliamentary scrutiny.
Parit Wacharasindhu, deputy leader of the opposition People’s Party, said that if the court deems one or both parts of the decree unconstitutional, Anutin should resign or dissolve parliament.
“The prime minister has to take politically accountability in one way or another,” Parit said. Bloomberg
Trump says US not stopping Machado’s return to Venezuela
By Skylar Woodhouse
PRESIDENT Donald Trump denied preventing Venezuelan opposition leader María Corina Machado from returning to her country after the recent devastating earthquakes, a move that could pose a direct challenge to acting President Delcy Rodríguez.
“I did not tell her to not go back. I think she’s a good person,” Trump told reporters aboard Air Force
3,800 as of Wednesday, according to official figures, as authorities continued to recover bodies. A Machado return would force Rodríguez to choose between embracing her chief political rival in a show of national unity or accusations that her government is tightening control over the country during a national emergency.
LOOK WHO’RE BACK
AS PBA RESUMES
THE Philippine Basketball Association (PBA) resumes with the Governors’ Cup on Friday at the Ynares Center and look who’re back—Jimmy Alapag this time as coach and, yes, John Amores. Every basketball fan knows who Alapag and Amores are—their names ring bells in sort of contrasting manners. A lapag as a certified court general whose wizardry extended beyond the PBA and into the FIBA arena, while Amores was someone who’s always been associated with trouble.
A mores will be in a Titan Ultra uniform in the shoot-around for the Giant Risers’ game against the Terrafirma Dyip at 5:15 p.m. at the Antipolo City facility.
More than two hours later, Alapag will be at NLEX’s bench for his coaching debut for the Road Warriors against the Macau Giant Pandas at 7:30 p.m.
Grateful to God for the chance to play again in the PBA,” Amores, 27, told the BusinessMirror on Thursday, stressing he’ll give his best every game for the Risers.
A mores signed a one-conference contract through his agent Danny Espiritu and was welcomed by Titan Ultra team manager Jessica Arsolon.
A mores and his brother, Joh n R ed, were charged with attempted homicide following a shooting incident in Lumban, Laguna, in
YVON BISERA erased the stigma of a disappointing finish in Baguio City and a pesky hand injury as she overpowered her way to victory— seven shots over closest pursuer Chihiro Ikeda—in the International Container Terminal Services Inc. Pradera Verde Championship at the Arayat course in Lubao on Thursday. Unlike her victory at Lakewood last March where she survived a nervewracking three-way playoff, Bisera left nothing to chance this time. A rmed with a three-shot overnight lead, the ace Davaoeña methodically
by Japanese Takayuki Minowa—are alternately training at Gameville in Mandaluyong City and MPire Center in Quezon City before eventually moving camp to the Philippine Sports Commission facility PhilSports Arena in Pasig City. Trainings are from Monday to Friday from 12 noon to 3 p.m. Still to show up in training though Akari’s Fifi Sharma, NXLED’s Gel Cayuna, De La Salle starts A ngel Canino and Amie Provido and PLDT’s Alleiah Jan Malaluan, who’s recovering from a knee injury. In active duty are Creamline’s Jia De Guzman and Jennifer Nierva, PLDT’s Del Palomata, Zus Coffee’s Thea Gagate, Akari’s Marionne Alba and Justine Jazareno and Capital1’s Bella Belen, Vanie Gandler and Erika Santos.
A lso answering the call are ChocoMucho’s Dawn Catindig and Eya Laure, SGA’s Nina Ytang and Alyssa Solomon and National University’s
September 2024, prompting the PBA to suspend the elder Amores, who played for NorthPort at that time, for two years.
He amicably settled the issue last year.
I n his college days, the 6-foot-2 swingman was a hothead and figured in numerous on-court fist fights.
L ooking composed and matured, Ramores said: “I’m excited and I really worked hard to get back and revive my basketball career… for good.”
The Games and Amusements Board also revoked Amores’s professional license, but was reinstated last week after heeding the agency’s regulations on psychological seminars, community service, charity work and psychiatric consultations. Josef Ramos
Bisera leaves nothing to chance in Lubao
kept Harmie Constantino and the rest of the field at bay, closing with a 71 for a 54-hole total of 209 and pocketing the top purse of P101,250.
I keda carded a 72 to secure runnerup honors with a 216, overtaking erstwhile challenger Constantino, who struggled to recover after a front-nine 40 and limped home with a 76. Constantino ended up third at 217.
Daniella Uy closed with a 70 to claim fourth place at 218, while Gretchen Villacencio shot a 73 to finish fifth at 220.
Princess Superal put in a 74 to share sixth place at 225 with Chanelle Avaricio,
who stumbled with a 79. Tiffany Lee placed eighth at 226 after a 77, while Kayla Nocum and Martina Miñoza matched 76s to tie for ninth at 227.
I mpressive was Bisera in her victory. Still bothered by the hand injury she sustained during last week’s Pinewoods campaign, Bisera chose patience over aggression and relied on precision, smart course management and growing confidence on a layout that closely resembles her home course at South Pacific Golf Club in Davao.
“ I’m really happy to win again,” said Bisera in Filipino, who bounced back
TLim as chef de mission (CdM) to the Aichi-Nagoya 20th Asian Games following the resignation of Al Panlilio. POC president Abraham “Bambol” Tolentino made the appointment during the organization’s General Assembly at the East
allowed to compete,” he said. Legaspi said that teams must have two main players who have been connected with the same company or corporation for at least one year and must either be the owner, president, director or part of the company’s top-level management.
Business partners may participate provided they submit proof of their business relationship with the principal client or company, he said.
C urrent professional golfers, members of the national golf team and former professional golfers are not eligible to compete, according to Legaspi, unless they have officially regained their amateur status and are recognized as eligible to compete under the Rules of Amateur Status.
Each player must submit a valid and updated handicap index certification as of July 15 and failure to provide one will result in the player competing with a zero handicap, he said.
The national champions will earn an all-expenses-paid trip to represent the Philippines at the World Corporate Golf Challenge World Finals in Beijing.
from a shaky front-nine 37 by birdieing three straight holes starting at No. 10, effectively extinguishing any hopes of a comeback from Ikeda, Constantino and the rest of the field.
“ My hand started to hurt when it rained, but the good thing was the weather warmed up again, so it gradually felt better,” said Bisera, referring to the injury that ultimately did little to slow her down as she cruised to a commanding victory.
A fter opening the final round with a bogey, Bisera wasted little time regaining control with birdies on Nos. 2 and 4.
LLOYD GO weathered everything that the Lubao course c ould throw at him on Thursday and with a superb 67 stayed in c ommand going into the final round of the International Container Terminal Services Inc. Pradera Verde Championship in Pampanga. Go had a three-day eight-under 208 total but with seven players breathing down his neck.
C lyde Mondilla matched Go’s fiveunder card to move into solo second at 209, while veteran Randy Garalde and Rupert Zaragosa fired identical 68s to tie Tony Lascuña, who settled for a 71, at 210.
JOHN AMORES: I’m grateful to God. PBA IMAGES
JIMMY ALAPAG brings his explosive act to the Road Warriors from the bench. NLEX FACEBOOK
YVON BISERA methodically keeps the field at bay
Editor: Jennifer A. Ng
‘Mindanao
Tpackaging hub aims to cut production costs’
By Ada Pelonia @adapelonia
HE Department of Trade and Industry (DTI) is set to launch a P150-million packaging hub on July 13 to help micro, small, and medium enterprises (MSMEs) gain a competitive edge in the local and international markets.
The Shared Service Facility on Packaging and Labeling is anticipated to be Caraga’s One-Stop
Printing Hub, providing MSMEs with modern packaging, labeling, and printing services to enhance product competitiveness.
The facility was established under the DTI Shared Service Facility (SSF) Program in partnership with Father Saturnino Urios University (FSUU).
The SSF has been officially named as FSUU MIRACLE (Modern Implementation for Revolutionizing Advanced Cutting-edge Layout and Excellent Printing So -
NEW ARENA ANOTHER REASON TO VISIT CEBU, SAYS SM PRIME
Slution) “The FSUU MIRACLE will provide the MSMEs of Caraga Region and Mindanao with affordable access to packaging design, label development, commercial printing, die-cutting, packaging fabrication, prototype production, and technical assistance on branding and packaging improvement,” the DTI said.
“These services will help enterprises improve product presentation, comply with labeling standards, reduce production
costs, and expand opportunities in supermarkets, institutional markets, trade fairs, e-commerce, and export markets.”
The agency said the launch of FSUU MIRACLE reflects its “continuing commitment to equip Filipino MSMEs with modern technologies and innovation-driven support services that will enable them to become more resilient, competitive, and future-ready.”
FSUU MIRACLE was conceptualized during a learning mis -
sion to ProPak Asia in Bangkok, Thailand last June 2024, wherein DTI Caraga was among the three regional offices that joined the mission.
During the visit, Trade Secretary Ma. Cristina Roque discussed her vision of establishing similar world-class packaging facilities in the Philippines to help Filipino MSMEs compete in both local and global markets.
With this, DTI Regional Director Gay Tidalgo led DTI Caraga in
pursuing the establishment of the FSUU MIRACLE, translating global best practices into a regional innovation hub that will benefit MSMEs across Caraga. The partnership with FSUU was formalized through a Memorandum of Agreement (MOA) signed last March 2025. Under the agreement, FSUU serves as the project’s cooperator, providing the infrastructure and technical support necessary for the facility’s operations.
By VG Cabuag @villygc
M Prime Holdings Inc.
launched on Thursday the SM Seaside Cebu Arena to trade, industry and corporate partners, marking the next phase in the development of its South Road Properties (SRP) estate.
“This arena is part of our long-term vision for Cebu. By creating a world-class platform for live entertainment and large-scale gatherings within SRP, we give local and foreign tourists another reason to visit and stay longer,” Jeffrey C. Lim, SM Prime president, said.
“More importantly, this investment will generate economic opportunities for local entrepreneurs and nearby communities.”
SM Seaside Cebu Arena has direct access to SM Seaside City Cebu and the upcoming SMX Convention Center Seaside Cebu, Park Inn by Radisson, and Radisson Hotel, creating a comprehensive lifestyle, tourism and business district in the Queen City of the South.
The trade launch drew 400 guests from the events, entertainment, tourism, hospitality and corporate sectors, offering an early look at the venue through an hour long flythrough that highlighted its scale, design and event capabilities.
Designed by award-winning global architecture firm Arquitectonica, the P7-billion arena spans more than 7 hectares of
gross floor area and can accommodate up to 25,000 guests.
At the center of SM Seaside Cebu Arena is Cebu’s largest and most advanced centerhung display, designed to deliver crystal-clear visuals, immersive sound and real-time data integration for sports, concerts, electronic dance music (EDM), family entertainment, corporate shows, circus productions and motorsports events.
Aside from being the largest facility of its kind in the Visayas, SM Seaside Cebu Arena offers the most premium live entertainment experience through its Premier Suites.
The venue has 30 luxury Premier Suites located just above the VIP sections. Each suite can accommodate up to 13 to 31 guests and includes upscale seating, private restrooms and unobstructed views of the event floor. Suite holders and their guests also have access to dedicated VIP lounges, a café and an exclusive entrance.
SM Seaside Cebu Arena will open its major events calendar with the BINI Signals World Tour on July 11. Other upcoming shows include IV of Spades, TJ Monterde and KZ Tandingan, Hillsong Worship and LANY.
“Cebu has long been one of the country’s most dynamic markets. With this arena, we can bring more Filipino and international acts to the Visayas and strengthen the region’s place in the live entertainment circuit,” Lim said.
Retired exec sues Yanson son, matriarch for perjury
ARETIRED executive of the Yanson Group of Bus Companies filed criminal complaints against Olivia Yanson and son, Leo Rey Yanson, for the alleged false sworn statements made in the documents they executed that aided the filing of the carnapping case against him, from which he was later acquitted. Antonio Zerna filed a complaint for perjury and falsification against Olivia before the Office of the City Prosecutor in Bacolod City on July 9. He is being represented by human rights lawyer Dino de Leon. Zerna also filed a complaint for falsification of a private document against Leo Rey before the Office of the City Prosecutor in Batangas City. The complaints seek to hold accountable those allegedly responsible for executing documents containing false statements that paved the way for the filing and prosecution of the carnapping case
against Zerna. Zerna was arrested for the first time in 2020 after the carnapping case was filed against him before the Office of the City Prosecutor-Tanjay City, Negros Oriental, which was eventually dismissed for lack of jurisdiction. In March 2022, a carnapping case was again filed against him in Office of the City ProsecutorBatangas City. In September 2023, his wife of 50 years died after suffering severe stress.
The complaint assails the certification dated February 8, 2021, in which Leo Rey certified that Zerna was not authorized to possess or use the vehicle, and that based on company records, Zerna is not authorized or sanctioned by the company’s board of directors to use a Toyota Fortuner. The car had been assigned to Zerna as a vehicle used in his service with the Yanson Group. Continued on B2
ERC wants to require prior review of TOR for auctions
By Lenie Lectura @llectura
THE Energy Regulatory Commission (ERC) has proposed a new regulatory framework that will mandate a prior review of terms of reference (TOR) for competitive selection processes (CSP).
The agency said Thursday this move is meant to curb anti-competitive practices and guarantee that power supply procurement is conducted at the least cost to consumers.
Under the proposed framework, distribution utilities (DUs) and system operators (SO) must secure a TOR certificate of compliance or deemed approval from the ERC before publishing bids. The ERC subjects the TOR to a five-part regulatory test--price, competition, design, deliverability, and consumer/grid-user--to ensure least-cost outcomes, with outcomes ranging from approval to disapproval.
ERC Chairman Francis Saturni -
no Juan said the initiative is part of the agency’s push to modernize regulation and adopt a more forward-looking and anticipatory approach to oversight in the power sector.
“We are setting the rules of the game earlier in the process to ensure that competition is genuine and not merely procedural. By reviewing the TOR upfront, we help prevent anti-competitive design and ensure that procurement outcomes truly reflect the least-cost for consumers,” said the ERC chief.
The proposed rules also require a sworn least-cost justification statement from the DU or SO, attesting that the TOR parameters do not, inadvertently or by design, exclude
or discourage legitimate competitors from participating in the CSP.
“The goal is to encourage more participation and help stretch the limited supply,” said Juan when sought for comment.
Likewise, the framework sets clear timelines, including 5 working days for completeness review and up to 20 days for substantive evaluation, which may be extended not exceeding 10 days. Upon the lapse of the prescribed review periods, the TOR is deemed approved.
The CSP is meant to secure longterm power supply agreements, aiming to find the lowest-cost power sources to meet its customers’ needs. It is designed to ensure transparency and fairness in the selection of power suppliers.
In 2023, the released the revised CSP guidelines governing power supply contracting of distribution utilities (DUs).
In a 135-page resolution, the ERC set the maximum term of PSAs for one year for emergency power supply agreements, 10 years for financial PSAs, 15 years for physical PSAs, and 20 years for PSAs involving renewable energy (RE) plants. All of these terms will be reckoned from commencement of supply.
fication (UC-ME) paid by consumers nationwide. The proposed Off-Grid Renewable Energy (RE) Distributed Energy Resources (DER) Rules set a framework that prioritizes the dispatch of RE sources over diesel deployment in missionary areas, reducing dependence on imported diesel fuel for power users.
ERC Chairman Francis Saturnino Juan said Thursday the initiative is aimed at improving affordability and sustainability in underserved communities. “At the heart of these reforms is a simple objective: to deliver more affordable, reliable, and sustainable power to our off-grid communities while easing the burden on all electricity consumers.” Under the draft rules, RE sources such as solar and wind will be prioritized for dispatch. Existing contracts, such as those for diesel power plants, may be placed on standby when the distributed RE supply is sufficient, allowing operators to recover fixed costs without incurring unnecessary fuel expenses. Lenie Lectura
HIGH-STAKES RACE After four years in exile, the prediction market platform Polymarket has begun a well-funded campaign to sell a new version of itself to the American public. In 2022, it was pushed offshore after settling federal charges that it operated an unregistered derivatives market. But Americans have regularly found
PHOTO/ERIN
Banking&Finance
DESPITE being optimistic about their household finances, Filipino consumers cite inflation as a dominant concern, which will likely persist over the next 12 months as the pass-through effects of the oil shock continue to unfold, according to a business management consultancy firm.
“While nearly three-quarters of consumers expected their household finances and income to improve over the next 12 months, inflation continued to be the primary financial concern,” Transunion Information Solutions Inc. said citing its “Second-Quarter Consumer Pulse Study.”
According to the company, the study showed that 74 percent of consumers reported being optimistic about their household finances over the next 12 months, down from 77 percent in the second quarter of last year. Meanwhile, household income trends “remained resilient but showed signs of moderation.” The poll reveals that 38 percent of consumers reported an increase in income over the past three months compared to 41 percent in the second quarter of 2025 while 43 percent reported no change and 19 percent experienced a decline.
Looking ahead, optimism around future earnings remained strong as 74 percent expect income growth over the next 12 months, slightly above the 73 percent recorded a year earlier, results of the quarterly survey showed.
However, the study also pointed out that affordability pressures persist, with 45 percent of consumers expecting they may be unable to pay any of their current bills and loans in full, up marginally from 44 percent in the second quarter of 2025.
Notwithstanding Filipino consumers’ optimistic view about their finances and earnings, the study pointed out that
Gains
By Reine Juvierre Alberto @reine_alberto
THE government’s overhaul of the real property valuation system will boost local government revenues, but the significant gains will likely only materialize by 2030.
Bureau of Local Government Finance (BLGF) Executive Director Consolacion Q. Agcaoili told reporters last Thursday that local government units (LGUs) will feel the revenue impact of the Real Property Valuation and Assessment Reform Act (RPVARA), or Republic Act 12001, starting in 2030.
“By 2030 onwards, you will already see the impact of the RPVARA when it comes to LGU revenues,” Agcaoili said, taking into account
THE Neuroncredit Financing Co. Inc. (DBA Atome Philippines) announced last Thursday of closing a P5-billion wholesale facility with the Asia United Bank (AUB), securing local currency capital to support its next phase of responsible growth in the Philippines. Proceeds will primarily support the continued expansion of the “Atome PayLater Anywhere” card, now issued to over 3 million Filipinos. Up to 80 percent are first-time cardholders and 65 percent are women, with the majority using the card for everyday essentials — groceries, food, household items, telco and utility bill payments. Adoption has grown well beyond Metro Manila to reach customers across Luzon, Visayas, and Mindanao, reflecting nationwide demand for accessible and flexible financial solutions.
Apart from the card, Atome’s product portfolio in the Philippines includes lending, savings, and insurance—broadening access to financial services for Filipinos underserved by traditional banking channels. The peso-denominated facility reflects AUB’s confidence in Atome’s credit profile and operating model, and adds a significant local
inflation continued to be the “dominant concern”—cited by 84 percent of consumers, up marginally from 83 percent a year earlier—and will likely persist as the pass-through effects of the oil shock continue to materialize.
Based on the second quarter consumer pulse study, households responded by reducing discretionary spending, postponing large purchases and becoming “more selective” about recurring expenses.
“More than half or 55 percent of consumers reported reducing discretionary spending, a notable increase from 47 percent a year ago,” the TransUnion survey noted.
Consumers also became more selective about recurring expenses, with subscription cancellations rising to 27 percent from 23 percent, while new subscription uptake dropping to 12 percent from 13 percent.
“These trends indicate households continue to prioritize essential spending and actively adjust budgets in response to ongoing cost pressures,” TransUnion emphasized.
At the same time, a growing proportion expected higher bills and loan obligations, suggesting affordability pressures remain elevated despite resilient income expectations and improving confidence in job security.
“Looking ahead, 51 percent expected bills and loan payments to increase, while larger proportions anticipated reducing discretionary spending, retail purchases and major household expenditures,” the consumer pulse study noted.
Overall, TransUnion said Philippine consumers remain optimistic about income prospects and employment conditions, but persistent inflation and rising living costs continue to shape more cautious spending, saving and borrowing behaviors.
San Juan
Andrea E.
the transition to Schedules of Market Values (SMVs), a standardized benchmark for property valuation reflecting current market values, from zonal valuation.
With the new valuation in place, the BLGF chief said this will translate to higher LGU revenue generation.
At a forum last Thursday, Finance Secretary Frederick D. Go told governors and mayors that transparent and standardized valuations increase investor confidence and strengthen LGUs’ attractiveness for growth and development.
“It eliminates the unpredictability of market values. The authority to determine assessment levels and tax rates remains exactly where it has been, which is with local governments,” Go said.
All inflation scenarios point to need to hike rates—BSP
By Andrea E. San Juan
ALL inflation scenarios studied by the central bank are pointing to the need to raise the key interest rates this year, the Monetary Policy Report of the Bangko Sentral ng Pilipinas (BSP) indicated.
Hence, the central bank emphasized that the inflation path has “shifted higher over the medium term.”
One of the scenarios reflects the potential implications of domestic oil supply shortages, a further escalation of the conflict in the Middle East, a de-anchoring of inflation expectations, and the impact of an El Niño episode.
Under this high-inflation scenario, inflation could remain above the 3 percent target for an “extended period,” the central bank said adding it is monitoring the domestic petroleum supply shortage.
“Export restrictions from major oil suppliers, such as South Korea and China, could reduce domestic oil supply by about 25 percent from the baseline,” the monetary policy report noted.
The report also noted that lower inventories would tighten fuel avail-
ability beginning in June 2026, with rationing lasting through year-end.
On the de-anchoring of inflation expectations, the BSP highlighted that persistent cost-push pressures could keep inflation expectations elevated and away from the inflation target through 2028.
“Headline inflation is then projected to stay above the tolerance ceiling for an extended period, driven by persistently elevated core inflation,” the central bank added.
El Niño, war
UNDER the elevated inflation view, the BSP also considers higher rice prices due to El Niño as this climate phenomenon is expected to raise both domestic and global rice prices.
Drier-than-normal conditions could lead to local supply disruptions, increasing domestic rice prices by 8.5 percent over the 12 months starting
’30
in Q3 2026. Higher international rice prices could also raise domestic prices by an additional 17.5 percent.
Another factor monitored by the central bank is the higher global oil prices from escalating geopolitical tensions. The BSP emphasized that a collapse of a peace deal between US and Iran could lead to further attacks and “cause greater damage” to energy infrastructure.
“This could push oil prices to $120 per barrel by fourth quarter of 2026 before easing to $100 per barrel by end-2027,” added the BSP.
“The high-inflation scenario pushes headline inflation further above the 3.0 -percent target over the medium term. This suggests the need for a tighter monetary policy stance to contain sustained costpush shocks,” the Monetary Policy report noted.
Oil prices ANOTHER scenario assumes that while inflation remains elevated in the near term, there would be easing price pressures by 2027.
Under this scenario, the BSP is taking into account the US-Iran conflict de-escalation and reopening of the Strait of Hormuz.
“Tensions in the Middle East could dissipate as the US-Iran peace deal takes effect,” BSP said. As such, it assumed that global oil prices would ease and average around $80 per barrel in 2026, $72 in 2027, and $70 in 2028.
“This oil price path is 5 percent below the oil futures prices seen before the recent announcement of the US-Iran memorandum of understanding,” the Monetary Policy report noted.
Under this inflation scenario, the BSP said slower investment growth through the second quarter of 2027 and softer consumption growth through the fourth quarter of 2026 are expected, reflecting a “more protracted” recovery in economic sentiment.
“The low-inflation scenario shows elevated headline inflation in 2026, followed by a gradual decline to within the inflation target tolerance ceiling in 2027,” BSP said. While weaker demand and lower oil prices help ease price pressures, the central bank emphasized that some policy tightening in 2026 remains necessary. However, the required tightening is less than that implied by the central bank’s projections, according to the BSP.
The Monetary Board raised the BSP’s target reverse repurchase rate by 25 basis points to 4.75 percent at its monetary policy meeting on June 18 2026.
Prior to this, the highest policymaking body of the central bank also hiked the key interest rates by 25 basis points at its April 23, 2026 policy meeting, its first time to raise interest rates in over two years or since October 26, 2023.
Marketing with a Capital ‘M’
currency line to Atome’s diversified funding base, read a statement issued by the company.
“The credit facility reflects AUB’s commitment to supporting responsible fintech platforms that strengthen the Philippine financial ecosystem,” AUB Executive Vice President Wilfredo E. Rodriguez Jr. was quoted in the statement as saying.
“This partnership advances financial inclusion while maintaining rigorous credit standards,” AUB Account Management Head Ernesto T. Uy added.
The closing of AUB’s facility validates Atome’s market position and delivers competitive, peso-denominated funding at meaningful scale, Atome Philippines President and Country Manager Christian Eugene S. Quiros was quoted in the statement as saying.
“Built on AUB’s deep understanding of our credit profile, this facility strengthens our ability to grow while diversifying our funding mix with competitive local capital. It supports the Philippine economy and our mission to responsibly serve millions of underbanked Filipinos seeking accessible financial tools,” Quiros added.
The Finance chief said LGUs have the fiscal autonomy to adjust the tax rates and assessment levels, or adjust both, depending on priorities, fiscal position and stakeholder needs.
Still, any increase in the real property tax is capped at 6 percent, even with the new SMVs, in its first year of implementation.
“This allows taxpayers to adjust gradually while giving LGUs enough time to implement the new valuation system responsibly,” Go said. “In succeeding years, local governments may continue to adopt appropriate measures through local ordinances consistent with the law to manage future increases.”
The government will also adapt the Real Property Information System, moving from fragmented
data to connected data, Go added.
“This is important because valuation improves when data improves. Data improves when systems are connected.”
“We will help you navigate the transition, address challenges, and build the capabilities needed to sustain this reform,” Go said.
“We want every LGU to have the confidence, capability, and support to make RPVARA work for your communities and for the growth of your municipalities.”
“We urge each of you today to see RPVARA as a strategic investment in the future of your localities. Lead this reform. Implement it with urgency,” he added.
RPVARA was signed into law by President Ferdinand R. Marcos Jr. in June 2024.
PHL bags $60M in grants from foreign aid agency
THE Philippines secured financial assistance from the Millennium Challenge Corp. (MCC) to support the government’s “Energy Development Governance Efficiency” (Edge) project, the Department of Finance (DOF) announced last Thursday.
A statement issued by the DOF read that the bilateral US foreign aid agency approved a $60-million “threshold program” for the Philippines to strengthen the country’s energy security.
Specifically, the funding is expected to be spent on the Edge project, which aims to improve governance and operational efficiency across the country’s electricity sector.
The initiative will focus on policy and regulatory reforms to streamline energy planning, programming, and permitting to accelerate the development of energy projects.
It will also finance targeted investments to support those reforms and enhance the efficiency of electricity sector operations.
“Together, these initiatives are expected to reduce delays in project implementation, improve the reliability of electricity sup -
ply, and encourage greater private investment in the energy sector,” the DOF said.
Finance Secretary Frederick D. Go said the grant comes at an “opportune time” and provides a “significant” boost to strengthen the country’s energy security.
“[The approval] affirms the Philippines’ commitment to good governance, transparency, and sound economic management. It reflects the confidence of our international partners in the reforms we are pursuing to strengthen institutions, improve the ease of doing business, and create more opportunities for Filipinos,” Go said.
The Philippines is one of a limited number of countries selected to receive financial aid under the MCC Threshold Program.
The program is designed to help governments address policy and institutional barriers to economic growth while preparing them for potential eligibility for larger MCC compact grants.
The MCC was created by the US Congress to provide time-limited grants to support reforms that promote economic growth, reduce poverty and strengthen public institutions. Reine Juvierre S. Alberto
BEFORE recording an episode of “Association Matters,” the podcast of the Philippine Council of Associations and Association Executives (PCAAE), I assumed the discussion on marketing would focus on communications, branding, social media, and promotional campaigns. Instead, our guest, Christine Saunders, CM, president and founder of Canada-based consulting firm Halmyre, challenged a common misconception that many associations continue to hold: marketing is not primarily about promotion; it is about understanding the market.
Her concept of “Marketing with a Capital M” offers an important lesson for association leaders everywhere. She said many associations operate within a “bubble.” They rely heavily on feedback from their most engaged members: board leaders, volunteers, and long-time supporters. While these voices are important, they represent only a portion of the broader market. The danger is that associations become so focused on serving those already involved that they lose sight of emerging opportunities, competitive threats, and the needs of those who remain outside the organization.
This is where “Capital ‘M’ Marketing” comes in. Rather than focusing solely on communications and promotion, it is a managerial discipline that helps organizations understand their environment, assess their strengths and weaknesses, identify opportunities, and respond to changing market conditions. In short, it is strategic rather than tactical.
One of Christine’s most powerful observations was her challenge to association leaders: do you know who is not a member of your organization, and why?
For many associations, the greatest insights may not come from their most vocal supporters but from silent members, lapsed members, and professionals who never joined. These individuals often reveal unmet needs, shifting priorities, and emerging trends traditional member feedback may overlook.
Christine shared the example of a healthcare-related professional association currently undergoing transformation. Historically focused on advocacy, the organization discovered through market listening that many members were equally concerned about everyday realities such as work-life balance, career economics, compensation, and
industry changes. While advocacy remained important, it was not always aligned with the immediate concerns occupying members’ daily lives. Listening more broadly helped the organization recognize opportunities to become more relevant and responsive. Another key takeaway from our conversation was the distinction between marketing and communications. Communications, Christine explained, is about saying what an organization wants to say in the best possible way. Marketing, on the other hand, is understanding what people want to hear and then speaking directly to those needs and aspirations. The difference may seem subtle, but it is profound. When asked about the single marketing practice associations should prioritize over the next 12 months, Christine’s answer was immediate: market research. Not just satisfaction surveys, but meaningful research that explores career challenges, learning preferences, sources of advice, emerging needs, and the perspectives of non-members. Combined with one-on-one conversations, these insights provide what she called “gold” for building resilient and futureready associations.
The lesson from our podcast interview is clear: associations that want to remain relevant cannot afford to market from within their bubble. They must lift their heads, listen to the broader marketplace, and understand not only who they serve today but also who they hope to serve tomorrow. That is the essence of “Marketing with a Capital ‘M’” and perhaps one of the most important leadership disciplines for associations in an increasingly competitive and rapidly changing world.
Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives, the “association
Octavio Peralta
A ssociation World
The many delicious reasons to keep returning to Cebu
always looked forward to visiting Cebu, mainly due to its food options ranging from the simple sutukil (Sugbo-Tuwa-Kilaw) and delicious lechon which doesn’t need any liver sauce, to the higher-end dishes offered by its five-star hotels and fine-dining restaurants.
On a recent invitation by Crimson Resort and Spa Mactan, I was sufficiently satiated by all these options, as served in its food and beverage outlets such as Saffron Cafe, Aka, Enye by Chele Gonzalez, and Azure Beach Club. At the time of my visit, the resort also hosted the opening of the Cebu Food and Wine Festival, which also treated my tummy to a host of sumptuous choices from other hotels and an amazing array of beverages from local suppliers.
A special treat during the culinary weekend was also learning how to make chocolates! Courtesy of Boholana chocolatier Rose Hudson, I found out how cacao beans tasted when newly opened, learned how to cook/roast beans, and eventually make chocolate bars and liquer-filled bonbons. (Visit Rose in Bohol, where guesgts will also be treated to a tour of her family’s farm, which has produced Trinitario cacao beans from which she makes her chocolates.)
The heart of the Cebu Food and Wine Festival was Signature Flavors by Crimson, a grand tasting event that brought together more than 30 chefs from leading hotels, restaurants, and culinary establishments. It was a showcase of cuisines, innovative dishes, and signature creations that highlighted the creativity and talent of participating chefs.
There was even a whole spread of lamb dishes from different hotel restaurants as Meat and Livestock Australia participated in this year’s edition. I particularly enjoyed Chef Marco Anzani’s (Anzani) slow-roasted lamb served in crispy herb roasted potato cups, and finished with chimichurri salsa.
An innovative take was Chef Raven Aranda’s
(Mercure Cebu) he slow-cooked the lamb in a batwan-infused cansi broth, then shredded and folded the meat in crisp tortillas with melted cheese, served with the rich broth and fresh coriander. The dish provided a touch of whimsy among the array of traditonal lamb dishes, Complementing the culinary offerings was an exceptional selection of wines, whiskies, spirits, and craft beverages presented by festival partners and suppliers including AWC, Philippine Wine Merchants, Sommelier Selection, Bisaya Brew, and Engkanto Brewery.
Guests also enjoyed a variety of artisanal desserts and sweet creations from members of the Pastry Guild of Cebu, adding another dimension to the evening’s gastronomic experience.
In her address at the opening of the event, Crimson Mactan general manager Mia Singson-Leon said, The Cebu Food & Wine Festival has played a significant role in putting Cebu on the map as a serious culinary destination. It brings together chefs, winemakers, brewers, farmers, artisans, and food lovers from both the local and international community.”
She added: “For Cebu, it creates tourism opportunities, supports livelihoods, and fosters a sense of pride in what our region can offer. For our industry, it demonstrates the power of collaboration over competition. Most importantly, it proves that
experience world-class food and wine. It’s here in Cebu, and we’re proud to be part of showcasing that story.”
It was a bit overwhelming as I explored the different tasting stations in the main hall, so I slipped quietly to the Saffron Cafe. But of course, I couldn’t resist savoring the sumptuous Cebu Lechon, with its crispy skin and lemongrass-infused meat best dipped in local vinegar.
Separately, special mention must be made of Aka by Chef Naoki Eguchi, Crimson Mactan’s Japanese restaurant. It boasts of a refined Omakase service on Thursdays and Sundays at a price more affordable than degustacions in Metro Manila restaurants, despite the former’s use of imported ingredients.
With Chef Naoki out of the country, Japanese Executive Chef Masahiro Kinoshita tended to the job of feeding our picky media group, that we couldn’t help but return another evening for our last dinner before returning to Manila.
The fish used in the sashimi and sushi nigiri dishes were bright, sweet and exquisite in their freshness.
I particularly enjoyed the Lobster Makizushi, which was a lobster tempura, spicy mayo, crab roll—a delightfully creamy, sweet and spicy combination
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want to pursue in life. Whether it’s travel, educational pursuits or romance, getting out and participating in what attracts you most will fill your head with new possibilities. Be inquisitive and resourceful. ★★
VIRGO (Aug. 23-Sept. 22): Listen to your inner voice, not what someone else is prompting you to do. Don’t be a tagalong when you have dreams of your own to pursue. You don’t need to change to please others; you must associate with those who share your beliefs and life goals. Do your own thing and find your circle. ★★★★★
LIBRA (Sept. 23-Oct. 22): Focus on values, and set a course to embark on what moves you most. Take the path that allows you the freedom to breathe easy and satisfy your soul. A domestic adjustment will open your eyes to new possibilities. Turn something you enjoy doing into part of your daily routine. A change of opinion, not appearance, is favored. ★★★
SCORPIO (Oct. 23-Nov. 21): Trust your instincts when dealing with others. Be resourceful, research, ask questions and determine what’s most likely to support your long-term plans. An emotional situation will help mold your perspective to encompass the things that motivate and move you most. It’s in your best interest to satisfy your soul before pleasing others. Love yourself first. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Easy does it. You’ll be manipulated if you let your heart lead the way. Stay focused on what’s happening in your relationships and how you can ensure equality. Take a stance and be yourself, and you will attract like-minded people. Reveal your quirky personality traits, and be the owner of your destiny and emotional well-being. ★★★
CAPRICORN (Dec. 22-Jan. 19): Physical activity will help you blow off steam and recognize what you can do. Protect yourself against those trying to part you from your money or encourage you to take a risk with your physical or emotional well-being. Call the shots instead of trying to bend to demands that withhold benefits or create liabilities.
AQUARIUS (Jan. 20-Feb. 18): Pay attention to what’s happening at home or to those you love. Compensations are necessary when at a crossroads or embarking on a lifestyle change. Stop worrying about what went wrong, and focus on making things right. A positive attitude and common sense will help change your perspective regarding your prospects. Put differences aside, and personal growth will unfold. ★★★★★
PISCES (Feb. 19-March 20): Listen to your
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‘Worst Neighbor Ever’: How to love thy neighbor?
WHEN I began viewing the latest Netflix documentary Worst Neighbor Ever, my anticipation for the presentation was a bit skewed. I looked for a tonguein-cheek appraisal of American neighborliness, with a strong sarcasm thrown in for good measure, and, of course, sophisticated humor. What greeted me— unexpectedly—was American gothic swathed in the veneer of middle-class comfort and accommodation.
The first is a slow-burn narrative of an old friend, having been divorced, returning to the city of Sterling in Kentucky. She rekindles old kinship so deep that her relationship cuts across generations. There’s a reason for the return of this woman, and a sentimental factor makes her a welcomed addition to the village.
She is Frances and her strong friendship is with Shawna, who by this time has a partner in Dave, described later as “colored” when conflict begins to rear its racist form. Frances and Shawna become fast friends once more, shopping together, going to movies, and even having exciting hours in the local bar.
There is a “valid” reason for Frances to sort of seek refuge in Shawna’s cozy household: she has acquired a property fronting Shawna’s residence and the home has not been completed yet. But then something in the daily interaction in Shawna’s home with Frances assumes nuanced differences and, later, more obvious irritants. Frances does not hide her domineering stances, grabbing the remote control (quite trivial in a more congenial setting) from whoever is holding it.
The hostility and friction escalate to the point that Shawna gives her once-good old friend Frances the ultimatum to leave her home.
Thus begins the nightmare. Frances makes it her business to call 9-11, complaining about her neighbor Shawna. Every movement in her neighbor appears to annoy her. The visit of the cops brought about by the “legal” complaint of Frances becomes routinary—but for Shawna and Dave a source of anxiety. This gets to a point that Frances, who consistently paints hersel into the corner as the victim, has rendered the family of Shawna and Dave prisoners in their own treasured home.
Did the police indulge Frances in her hysteria and paranoia? In a highly litigious society like America, are the cops so helpless until there is a hardcore evidence before them? What happens in the end is so unbelievable that one wonders how safe the clean and lovely villages of America are.
Worst Neighbor Ever is the latest crime installment from Blumhouse and viewers have called it terrifying because it does hit close to home.
The suburban homes of Indianapolis are the target of the second episode of Worst Neighbor Ever. In a neighborhood where residents are highly sociable and welcoming, the arrival of an attractive couple is a polite news. The residents talk about them and one even mentions how he notices an accent in the gregarious woman. She is Moncy.
The women of the suburb admire her guts—she learns English, makes a quick career in the US, and easily befriends everyone and anyone. There is, however, something uneasy about her. And then one day, she is single. And the next day, a supposedly highearning boyfriend moves in with her.
Then the residents of Richmond Hill start to observe an unusual, if strange movement, in Moncy’s home—usually a long white van stops by and hauls
furniture and appliances. Who is leaving? Where are they taking those household objects?
One night, with everyone comfy in their own yard and rooms, a massive blast blazes across the neighborhood. Except for the huge flame shooting up and spreading wildly to the left and right, no one knows what just occurred. Were they bombed? A father recalls telling his daughter that with everyone out in the suburban park, he was going inside to watch TV. A mother in seconds finds herself pinned by the massive trusses of her own home. There is chaos all over. And destruction. And death. With many houses destroyed and leveled, even the first responders cannot make sense of the devastation. The many wounded and shocked attempt to look around in the hope that their familiarity with the territory will provide some clues. They also are hoping they can help their friends out there in distress. The night is straight out of a bad zombie film, with those bleeding and able to move aimlessly trying to go somewhere; those without wounds but are in a state of shock through sheer instinct of selfpreservation are trying to find refuge or safe places in the darkest of the night.
As the scene begins to clear, residents look at one house razed to the ground—Moncy’s. Those who know her, however, feel relieved that no one is home. Moncy’s daughter was being baby-sat miles away. Concerned, the residents are puzzled as to the
whereabouts of Moncy and Mark.
When the authorities and the residents find out where Moncy and Mark are when the blast occurred, concern turns to suspicion. The truth is, Moncy and Mark (and daughter) have been away for more than a day. Would they plan this carnage on a neighborhood that welcomed them warmly? If ever, are they terrorists? If not, what is their mission, greatly uncaring they are as to cause the deaths of two most loved members of the community?
What makes a good neighbor? This is the thread that runs twisted—and misbegotten—when we appraise the value of our own neighborhood or village. Neighbors in whatever form when they are clustered naturally turn into communities. Neighbors, for some reason, are organic protective fences. In most of the neighborhood used in the Worst Neighbor Ever, the fences are there to beautify, not to divide.
Compelling, the first episode about a friend who invites herself into a family only to develop an irrational desire to destroy it, is most unforgettable. This is the true terror—the evil person is never a stranger to us all. In all of the episodes but one, the cops are perceived sadly to have failed the residents. Detectives themselves are candid enough to admit that when at last the cops take action, it is too late.
Death—murder—has overtaken what could have
The many delicious reasons to keep returning to Cebu
of flavors. Another hit was the Butabara Miso, where the miso sauce complemented the smokey grilled pork belly, while the Smokey Beef Short Rib was served with sesame sauce, which lifted the tender beef. The Ebi Tempura was notable as well, because each shrimp is coated in a thinner batter that one gets more of the delicious shrimp flavor instead of being overwhelmed by the fried flour coat as is the case in many Japanese restaurants. A standout among Aka’s desserts were the shaved ice
desserts with strawberry (Ichigo Milk Kakigori) and mango fruits (Mango Milk Kakigori), which were simple uplifting endings to our flavorful meal. And, yes, the Kakigori is the direct inspiration of our halo-halo, because before World War II, Japanese traders lived in Manila and served their iced desserts over mongo and beans. Meanwhile, our daily breakfast buffets at Saffron were opportunities for us to savor an impressive array of local and international flavors.
Despite me not being a breakfast person in general, I made sure to indulge in my favorite Cebu delicacy,
the crispy danggit
Among the baked goodies, I enjoyed the Binangkal, a dense deep-fried donut coated in sesame seeds, which resembles the Cebu fruit called Bangkal. This, along with the Puto Maya and Churros, I enjoyed dipping into the local sikwate (hot chocolate), which is rich and intensely flavored, I would argue that the kitchen should make it thicker to be better enjoyed. As my Lola once told me, “Tsokolate Ah” is served to impress important guests.
As someone who has eaten my way through many destinations over the years, I can say Cebu continues to
hold its own as one of the country’s most exciting food capitals. It respects tradition but isn’t afraid to experiment, whether it’s elevating local ingredients or introducing new dining concepts that rival those in Manila.
Of course, I still came home with my usual stash of danggit, Chicharon Carcar, and Cebu Lechon. Some habits are impossible to break. But this trip also reminded me that Cebu’s culinary scene is constantly evolving, giving travelers plenty of reasons to return— and not just for the beaches and the infinity pools. Sometimes, the best itinerary is simply to arrive hungry.
been civilians trying their best to follow the law against one human disregarding the more civilized acts of negotiation, plea deals, and the basic sense of humanity.
The docuseries Worst Neighbor Ever is directed by Cynthia Childs, a significant choice in the light of an utterance from Jason Blum—that the only reason why no female director have been at the helm of Blumhouse is because there were very few women directors. From this small number, rarer were those who wanted to direct horror films, Blum explained. He later would call his remarks dumb. Blum is a multiawarded producer of horror films who is noted for films, like Insidious and The Visit.
Executive Producers of Worst Neighbor Ever are Jason Blum, Cynthia Childs, Jordana Hochman, and Gretchen Palek. The production companies are ITV America and Blumhouse Television.
Released in July 2926, Worst Neighbor Ever streams on Netflix.
MORE INTENSE ROUNDS FOR ‘THE CLASH TEENS’ TOP 12
THE competition heats up in The Clash Teens after announcing the Top 12 Teen Clashers, who must fight for their dream of becoming the first-ever Teen Grand Champion. Hosted by Clash Masters Julie Anne San Jose and Rayver Cruz, The Clash Teens continues to showcase the talents, stories, and determination of a new generation of Filipino performers under the guidance of the Clash Panel: Christian Bautista, BGYO JL, and Jillian Ward. The second round of the competition, “Kakampi o Kalaban”, is expected to be more thrilling for both the Clashers and The Clash fans. After their outstanding performances on the Clash Arena, the final 12 have been chosen. Representing the Next Gen Power are Bien Opeña, Beza Trestiza, Martin Miguel, Donnel Mendoza, and Kaye Gabunada. Meanwhile, the Blazing Gen Z group is composed of Iñigo Badillo, Vielle Santos, Hannah May, and Violette Sta. Cruz.
Raising the flag for Soundwave Squad, on the other hand, are Jeric Herradura, Clowy Tiglao, and Lois Bersalona. Being a group with only three members, how will this affect the balance of the Clashrooms?
On Sunday’s episode showcased powerful performances, surprising developments, and unforgettable moments, as the Top 12 Teen Clashers moved one step closer to the championship.
But even before clinching the most-coveted title, the Clashers have already entered their recording artist era. A digital album with unique songs for each Clasher is on
Huck O Hulyo marks 15th Year at Georgia, a prime Vista Estates development in Iloilo
Huck O Hulyo, the annual international ultimate Frisbee tournament in Iloilo, marked its 15th year with a spirited staging at the Savannah Football Field in Georgia by Vista Estates. The event, sanctioned by the Philippine Flying Disc Association, brought together 11 teams from the province, Manila, Aklan, Negros Occidental, and Davao for two days of competitive play and community celebration.
and stamina required by the sport, while welcoming athletes, supporters, and spectators into a cohesive environment for active lifestyles.
Celebrating years of athletic camaraderie, the Huck O. Hulyo championship games delivered highintensity finals backed by a passionate crowd. Following hard-fought rallies, Boracay defeated Fusion to claim the Pool A title, while Mixed Pips overcame Chuables to secure victory in Pool B.
Beyond the podium, Huck O Hulyo highlighted the undeniable relevance of ultimate Frisbee in the Heart of the Philippines. Known for athleticism, fairness, and the “spirit of the game,” the sport continues to gain ground among young athletes, campus communities, hobby clubs, and lifestyle groups.
With its strong turnout and successful execution, Huck O Hulyo reinforced Georgia’s reputation as a venue for recreation, relationship-building, and regional activity, reflecting the Vista Estates’ contribution to creating master planned developments where communities can commune, celebrate, and connect.
With a knack for spotting locations ideal for Filipinos to build their futures, Vista Land, sees Iloilo as the next big thing in the Visayas. Vista Estates, its stunning collection of microcities nationwide, brings this vision to life with Georgia, an integrated community spanning more than 500 hectares of prime land across Oton, Pavia, and San Miguel.
Inspired by the American state of the same name, Goergia is known for its contrasting yet complementary cityscapes. Mention Georgia and its iconic cities Atlanta, Savannah, and Augusta immediately come to mind. While Savannah and Augusta are known for lush gardens, stately mansions, and tranquil lakes, Atlanta boasts an urban and progressive atmosphere, with towering skyscrapers and a thriving business, arts, and culture scene. This synergy of suburban and enterprise is the blueprint for Georgia, destined to become Iloilo’s biggest lifestyle destination.
Know more about Vista Land residential developments nationwide. Visit www.vistaland.com.ph and follow @ VistaLandAndLifescapesOfficial.
TPEDF launches Mandarin Language Program through official signage unveiling ceremony
THE Taiwan-Philippines Educational Development Foundation (TPEDF) recently launched the official venue of their Mandarin Language Program. The opening ceremony brought together distinguished guests from the diplomatic, educational, business, and religious sectors to celebrate a shared vision: to have a facility that would equip Filipino scholars with Mandarin proficiency, enabling them to maximize their lessons and training in Taiwan.
Distinguished guests Ambassador Wallace Chow, Overseas Community Affairs Council (OCAC) Deputy Director Florian Chien, TPEDF Chairman Simon Su, Chief Executive Officer Allan Lin, Advisor Andy Cheng, Supervisor Wu Yuan Hsiang, Director Jiang Fu Long and Corporate Secretary Chia Hsiang Lu gathered at the facility’s entrance to unveil the Mandarin Language
Program signage. Instead of the usual ribbon cutting, TPEDF chose this route to introduce the program as a nod to Taiwan’s inauguration traditions.
During the unveiling, teachers, students, and guests expressed their enthusiasm and thankfulness for TPEDF’s mission of advancing education and fostering cross-cultural understanding. Having a Mandarin Language Program would ensure that Filipino scholars will arrive in Taiwan armed with confidence to thrive in their lessons and build friendships that would make their stay more welcoming.
The program began with an opening prayer from Pastor Judith Cagurangan Dela Rosa, followed by the introduction of distinguished guests by TPEDF Chief Executive Officer Allan Lin. In his welcome message, TPEDF Chairman Simon Su underscored
Cebu bakery giant Julie’s Bakeshop partners with COREnergy to power commissary operations
JULIE’S Bakeshop has tapped Vivant Energy Corporation’s retail arm, COREnergy, as its retail electricity supplier for its commissary operations, marking another step in the Cebu-born bakery chain’s move to manage energy more strategically.
Commissaries sit at the center of Julie’s daily operations, supporting the production, quality, and supply of breads and baked goods that have become part of everyday meals and merienda for Filipino families.
That shift comes at a time when food manufacturers continue to navigate volatile commodity prices, rising wages and higher logistics costs. While flour and fuel often dominate discussions on inflation, electricity remains one of the largest controllable expenses for many manufacturers.
With the Power Choice, this enables Julie’s Bakeshop to leverage energy consumption
Discover
and Head of Operations Marko Sarmiento. manage energy more strategically, freeing up resources that may support production upgrades, modern equipment, and future expansion– continuing its mission to feed Filipino communities amidst an evolving world.
Japan through its flavors and traditions With Hotel Okura Manila at Newport World Resorts
EVERY July, the Philippines-Japan Friendship Month is celebrated in recognition of the enduring ties between the two nations. This marks the Treaty of Amity signed on July 23, 1956 which paved the way for decades of cultural exchange, mutual understanding, and cooperation. For this occasion, authentic Japanese culinary and cultural experiences take place throughout July at the MICHELIN Guide-listed Hotel Okura Manila at Newport World Resorts, reflecting the spirit of omotenashi, the Japanese philosophy of wholehearted hospitality, through exclusive dining experiences and hands-on workshops.
As the premier Japanese hospitality destination within Newport World Resorts, Hotel Okura Manila continues to honor its heritage by creating meaningful experiences rooted in Japanese traditions. This year’s celebration highlights the country’s rich culinary craftsmanship through an exclusive tasting menu alongside hands-on workshops that introduce participants to time-honored techniques behind some of Japan’s most iconic delicacies.
Taking center stage is the Arita Wagyu Signature Tasting Menu, available from July 29 to 31, 2026, at Yawaragi, Hotel Okura Manila at Newport World Resorts’ Japanese-inspired all-day dining restaurant.
The seven-course dinner showcases Arita Wagyu, an award-winning premium Japanese wagyu from Miyazaki, Japan, recognized with a Gold Medal at the 2025 World Steak Challenge. Raised using pure
TPEDF’s commitment to expanding educational opportunities and preparing students to thrive in an increasingly interconnected world. He emphasized that language education goes beyond communication because it serves as a bridge that fosters mutual understanding, cultural appreciation, and stronger international partnerships.
Representing Taiwan, Ambassador Wallace Chow gave a message directly to the students, telling them to make the most out of the opportunity to learn Mandarin. Knowing how to speak and write Mandarin will help them get through their scholarships successfully and more importantly, it will help them enrich their lives even long after they graduate.
Special thanks were given to Andy Cheng of Sinpeen Enterprises for his generosity in providing the facilities for the Mandarin Language Program. Teaching and learning language may now be conducted online, but having faceto-face lessons is still the preferred way to achieve proficiency of a challenging language that is Mandarin.
The launch of the TPEDF Chinese Language Program marks another significant milestone in the Foundation’s continuing mission to empower learners through education, encourage cultural understanding, and build lasting partnerships between Taiwan and the Philippines. By equipping students with practical Chinese language skills and fostering cross-cultural appreciation, TPEDF seeks to prepare learners to thrive in an increasingly globalized world.
WHISKY does not always have to be serious, intimidating, or reserved for special occasions. With the grand launch of The Whisky Bar inside World Kitchens on Level 4 of Gateway Mall 2, Araneta City now has a new place where guests can enjoy whisky in a more refreshing, more social and more rewarding way. Created for whisky lovers,
groundwater from Mt. Osuzu, pesticide-free feed, and stress-free care, Arita Wagyu is renowned for its exceptional quality and refined flavor.
The exclusive dining experience brings together Tadashi Sawauchi, Grand Chef of Japanese Fine Dining of Hotel Okura Group, a globally respected master of kaiseki cuisine with nearly five decades of experience, and Keiichiro Fujino, Japanese Executive Chef of Hotel Okura Manila, whose expertise has established Yamazato as one of Manila’s leading destinations for authentic Japanese dining. Together, the chefs present a menu that reflects Japanese craftsmanship, seasonality, and precision through every course. The Arita Wagyu Signature Tasting Menu is priced at P10,000++ per person.
The celebration continues at Yawaragi with the Mochi Workshop, led by Senior Pastry Chef Vi Serrano on July 19. Discover the traditional process of transforming mochigome, Japan’s glutinous rice, into handcrafted mochi while learning the techniques behind one of Japan’s most beloved confections. The workshop runs from 3:30 pm to 5:30 pm and is available for P1,900++ per person, with limited slots available. To know more, reach out to 0917 842 9067 or email yawaragi.service@ hotelokura manila.com.
At Hotel Okura Manila’s MICHELIN-recognized Japanese fine dining restaurant, Yamazato, Specialty Chef Ikuma Sato leads the Sushi Workshop on July 10 and 24. Participants are introduced to the fundamentals of sushi-making, beginning with sushi-meshi, the seasoned rice that forms the foundation of every sushi creation. Held from 3 pm to 5 pm, the workshop offers a guided introduction to one of Japan’s most celebrated culinary traditions for P5,400++ per person, with limited slots available. For more information, contact 0917 818 9868 or yamazato.service@hotelokuramanila.com. These exclusive dining experiences and workshops offer an opportunity to appreciate the craftsmanship, traditions, and hospitality that have long defined Japanese culture. For inquiries and reservations, call 02 5318 2888, email info@hotelokuramanila.com, or visit www.hotelokuramanila.com. For more information on Newport World Resorts, visit www.newportworldresorts.com and follow @ newportworldresorts on Facebook, Instagram, and TikTok. Join Newport World Resorts Viber Community at https:// newportwr.com/nwrvibercommunity for exclusive updates. Every visit is made more rewarding with an Epic Rewards membership, download the Epic Rewards Mobile App for free at the Apple App Store and Google Play Store.
Georgia provided a fitting field for one of the most anticipated flying disc tournaments. The expansive football field supported the speed, strategy,
Georgia by Vista Estates in Iloilo welcomed athletes, spectators, and sponsors to two days of Ultimate Frisbee action, fierce competition, and unforgettable moments at its Savannah Football Field during Huck-O-Hulyo’s 15th-year run.
Julie’s Franchise Corporation Chief Operating Officer Gio Gandionco seals the partnership with a handshake with COREnergy Vice President
Motoring
Story & photos by Randy S. Peregrino
EARLIER this year, Honda Cars Philippines Inc. (HCPI) rolled out the New Honda CR-V in three fresh trims, headlined by two e:HEV full-hybrid options—the 2.0 VX e:HEV E-CVT and 2.0 RS e:HEV AWD E-CVT. To put them to the test, HCPI staged an experiential drive that revealed each model’s character. The VX delivered brisk acceleration in both Eco and Sport, while showcasing Honda Sensing’s precision in real-world traffic. Meanwhile, the RS AWD proved its worth off the tarmac, gripping dirt trails and descending slopes with composed assurance.
STYLE DISTINCTION
THE top-spec RS AWD carries a distinct flair for the modern outdoor lifestyle, underscored by exclusive Piano Black accents that sharpen its presence. Meanwhile, the mid variant VX adopts a sleeker hybrid aesthetic, borrowing expanded cues from the RS grade— among them a Piano Black tailgate spoiler garnish, door mirrors, alloy wheels, and newly added rear fog lights. Inside, both variants retain Black Leather seats, though the RS adds red stitching and RS branding. Across the lineup, drivers are
greeted by a three-spoke leather steering wheel, further refined in the RS with a Piano Black garnish—subtle touches that speak volumes of Honda’s intent to balance sophistication with character.
HYBRID POWER, REAL‑WORLD CONFIDENCE
HONDA’S e:HEV system anchors the latest CR-V lineup with a 2.0-liter Direct Injection Atkinson-cycle engine paired to a robust dual-motor setup. The gasoline unit alone produces 146 hp and 183 N-m of torque, while the electric motors add 181 hp and a commanding 335 N-m. Together, they deliver claimed efficiency ratings of 29.4 km/L for the VX variant and 21.3 km/L for the RS AWD edition, based on UNR-101 tests. The RS variant further distinguishes itself with Real-Time AWD capability, providing confident traction across varied terrain.
ELECTRIFIED PRECISION ON PAVEMENT
WHEN Honda first introduced the electrified CR-V, it was the RS variant that carried the torch. Today, that familiar spirit lives on in the VX variant, a model that continues to demonstrate how hybrid power can be both refined and responsive.
On paved roads, the vehicle showed
THE just-ended Road Trek 19 was another event worth remembering if only for its sheer creativity. But it was also a story of grit, guts and gratification not baked on wood-fire. Well, when Toyota Motor Philippines (TMP) cooks up something for the motoring media, it will never be equalled. And this time, TMP was joined by Lexus Philippines in the three-day bash. The Road Trek could not have lasted this long if not for TMP’s razor-sharp abilities to host and manage such a gargantuan project conceived no less by Ariel de Jesus (now the country manager of Wurth) and Elijah Marcial (TMP senior vice president for vehicle operations). Thus, the last outing was not just a simple escape from urban living; it was a carefully constructed chase for a flight away from the so-called drudgery of life only an asphalt jungle can dispatch with impunity.
NO JOKE
THE July 1-3 event was no joke as the 53-plus entourage, including more than 30 motoring journalists, vloggers, content creators and influencers, had to wake up at 3 am to catch the 6:30 am flight to Mactan-Cebu from NAIA Terminal
2. From Mactan airport, we took a tourist bus to the spanking Toyota-Danao dealership (Danao, as you know, is the gun capital of the Philippines), where we boarded different Toyota models after an exciting game of changing tires as part of the fun contests for 11 media teams of three members each.
(I suddenly remember the OGs [originals] Vince Socco, Santos Guerrero, Danny “Sir John” Isla, Rommel Gutierrez, Raymond T. Rodriguez, Butch “Elvis” Gamboa (+) and Dino Directo (+), who were all with us from the very first Road Trek in 2005. Missed you, guys.)
its electric strength in acceleration runs, delivering smooth yet assertive surges whether toggled to Eco or Sport mode.
The transition between the two was seamless, underscoring the duality of efficiency and performance that defines Honda’s hybrid philosophy. Steering feedback remained steady and reassuring, lending confidence through corners and long stretches alike, while ride quality balanced composure with comfort.
Beyond its mechanical poise, the VX variant also highlighted Honda Sensing’s real-time vigilance. Adaptive Cruise Control reacted with precision, maintaining safe gaps and adjusting speed naturally in flowing traffic.
Low Speed Follow proved invaluable in congested stretches, easing the burden of stop-and-go driving with measured restraint. Lane Keeping Assist, meanwhile, subtly corrected steering inputs to keep the vehicle centered, a quiet but constant reminder of the system’s attentiveness.
Each function worked in concert, not as intrusive interventions but as seamless companions to the driver’s own instincts.
Together, they painted a picture of a hybrid SUV that is not only capable but also consistently reassuring. In essence, the two-wheel-drive VX reaffirmed its place as the electrified CR-V that first set the tone—smooth, steady, and
My teammates this year, Vernon B. Sarne of Visor and Fort Manahan of Carmuddi, took the Land Cruiser FJ for our trek to Cebu’s famed Safari Camp in Carmen town, where animals mostly from Africa roamed in a delicately protected span of massive jungle swamped with towering trees, swaying palms and lush greenery.
CAPTIVATING SO captivating is the sight there that you wonder how the giraffes, lions, tigers, cheetahs, meerkats, exotic and colorful birds and many, many more could look so healthy and not even one animal never had any hint of emaciation.
Here’s to the LhuIllier family for maintaining this gem of a place, which we could not have discovered if not for Toyota’s latent talent of discovering the unknown all this time.
I really never thought such a place existed in Cebu.
From “Africa,” we boarded another Toyota model, the Toyota Conquest 4x4, this time with Vernon replacing Fort
confident on the road, with technology that responds faithfully to the realities of everyday driving.
CONFIDENT GRIP BEYOND PAVEMENT
THE RS e:HEV AWD variant was tasked to prove its mettle where the pavement gave way to dirt and mud, and it did so with composed assurance. This drive was less about electrified power and more about letting the all-wheel-drive drivetrain dictate the rhythm. On loose soil and slippery patches, the Real-Time AWD system distributed traction seamlessly, making the exercise feel as natural as driving on asphalt. Steering remained predictable, with feedback that reassured even as the terrain shifted beneath the tires.
What truly stood out was the demonstration of Hill Descent Control on several steep dive paths. The system reacted the instant it sensed the vehicle tilting downward, its response as instinctive and swift as a driver’s foot reaching for the brake. Instead of plunging headlong, the RS delivered a controlled crawl, steady and measured, allowing the driver to focus on steering rather than fighting gravity. Each descent underscored Honda’s intent: to provide confidence in situations where hesitation could mean compromise.
The RS AWD’s ability to get dirty
behind the wheel. We kissed FJ goodbye for its superb handling and we will see it again when it starts selling on July 27 at Toyota dealerships nationwide.
BORUSSIA
WE reached Borussia hitch-free, and we found the German restaurant in Catmon town enchanting, where lunch of huge German sausages were served to our heart’s content. The owner is a retired German footballer married to a Cebuana, and Borussia was the name of his football team back in Germany. From Borussia (with love?), we headed to our final destination: Kandaya Resort, a seaside getaway noted for its big, wide rooms, Olympic-sized pool, calm beach and, yes, delicious cuisine. Elijah Marcial was so graciously kind as to serve me steamed lapu-lapu, three bites of beef roast, broccoli, and a dash of linguini—topped by four scraps of black lobster. If it’s Toyota, whether ride, rest or replenishment, you can never go wrong, indeed! Thanks again, Elijah. Sherwin Chua Lim was just too happy watching you acting like my personal valet and butler.
SHERWIN & JING
AND speaking of Sherwin, he was made the inheritor of the crucial tasks handled for years by Jing Atienza, the amiable TMP executive vice president. On the night Pinky C. Colmenares was given a birthday cake upon her announcement as a retired top executive editor of Manila Bulletin, Jing made the stunning reveal that he was also “retiring” to face new challenges at Toyota’s ever-shifting platforms and policies.
whenever needed was not about brute force but about balance—composure in mud, assurance on slopes, and traction that never faltered. It carried itself with the same smooth demeanor familiar on paved roads, yet adapted effortlessly to the unpredictability of off-road conditions. In essence, the RS e:HEV AWD showed that Honda’s hybrid SUV is not confined to city streets. It is equally at home when the trail demands grit, proving that electrification and all-wheel confidence can coexist in a vehicle built to master both worlds.
ELECTRIFIED VARIANTS IN REAL‑WORLD CONTEXT
IN real-world settings, both VX e:HEV and RS e:HEV AWD variants demonstrated that electrification can seamlessly adapt to everyday driving demands in the Philippines. The VX proved its worth on paved roads, combining smooth acceleration with Honda Sensing’s attentive suite of functions, while the RS AWD showed grit in dirt and mud, its Hill Descent Control reacting as swiftly as instinct to keep descents composed. Together, they embody Honda’s balanced approach—efficiency, capability, and confidence—qualities that will serve them well in the face of growing competition in the country’s electrification era.
Needless to say, we drowned the night away with, yes, red, French wine. The next day was purely R & R, capped by the awards night (we placed fourth just a point behind the third placer).
INTENSE DANCING
INTENSE dancing followed suit, from hip-hop to ballroom to wild gyrations, with the trio of Jade Sison-Mendoza, Mixie Flavier and Kat Evangelista Velasquez emerging brilliantly as the runaway winners.
Aries P. Alconaba’s rendition of “Foolish Heart” that night brought the house down, earning warm applause from no less than Marnie Manicad and Pam Aguilera. One confession: JC Gaon and Mike Santos did something extraordinary, with big help from Paula Arriola’s sisterdoctor. It was a secret operation a la James Bond that only a company like Toyota/Lexus can execute with surgical precision. Ask Benjo Villavieja. Only at Road Trek can an impossible become possible. That’s why I missed just one Road Trek in its first 19 editions.
Chinese scholars: Batanes part of Taiwan, ergo part of China
By Malou Talosig-Bartolome
CHINESE scholars have claimed that Batanes is a “natural geographic extension of Taiwan” and therefore part of China’s sovereignty, dismissing the validity of Japan-Philippines maritime delimitation talks, a newspaper in Guangdong, China, reported.
China state-owned media outlet
Guangdong News, said scholars from Nanjing University, the Chinese Academy of Social Sciences and other institutions, called for the international community to “recognize China’s historical and legal basis for sovereignty
over the Batan Islands.”
The Chinese Embassy in Manila has yet to comment when asked by BusinessMirror if Beijing endorses the position by the Chinese scholars that the northernmost province of the Philippines belongs to China.
House resolution commemorates 10th anniversary of arbitral award
AHOUSE of Representatives resolution commemorating the 10th anniversary of the Philippines’ landmark arbitral victory in the South China Sea is expected to be adopted this month, highlighting renewed calls to uphold the ruling and strengthen the country’s commitment to international law.
House Resolution 1013, introduced by Malabon Rep. Antolin A. Oreta III, recognized the significance of the July 12, 2016, Arbitral Award as one of the most consequential legal victories in Philippine history. The ruling affirmed the country’s maritime entitlements under international law and reinforced the rules-based order governing the world’s oceans, particularly under the United Nations Convention on the Law of the Sea (Unclos).
“The arbitral tribunal affirmed that Unclos comprehensively allocates rights to maritime areas and concluded that there is no legal basis for claims of historic rights to resources within sea areas falling within the so-called ‘nine-dash,’ as such claims are incompatible with the convention,” said the resolution.
The resolution said the arbitral award clarified maritime entitlements in the South China Sea and upheld the Philippines’ sovereign rights in its exclusive economic zone, particularly with respect to the exploration and utilization of marine resources.
The measure has advanced in the legislative process after being adopted by the House Special Committee on the West Philippine Sea,
which Oreta chairs, on May 25. The panel has since approved and filed the corresponding committee report for plenary consideration.
The resolution is currently pending action in the House and is expected to be taken up when session resumes.
It calls on all sectors—including government agencies, academic institutions, civil society groups, youth organizations, and the broader public—to mark the anniversary through activities that promote awareness of the arbitral ruling, respect for international law, and appreciation of the country’s maritime heritage.
The commemoration comes as the Philippines marks a decade since the landmark decision, which invalidated expansive claims in the South China Sea and upheld the country’s rights within its exclusive economic zone.
Lawmakers said the anniversary serves as a reminder of the country’s commitment to diplomacy and the peaceful settlement of disputes, underscoring the continued relevance of the ruling in protecting national sovereignty.
The resolution also highlights the arbitral award as a symbol of how legal processes and principled leadership can advance justice and safeguard the interests of future generations.
“The Philippines affirmed the country’s respect for the award as a milestone contribution to ongoing efforts to address disputes in the South China Sea,” it said.
Jovee Marie N. dela Cruz
FRLD enters operationalization phase
THE Philippines is moving to fast-track the operationalization of the Global Fund for Responding to Loss and Damage (FRLD) as it hosts the fund’s ongoing board meeting that is focused on climate financing proposals for vulnerable developing countries.
Environment Secretary Juan Miguel Cuna called on the international community to ensure that the landmark climate fund delivers timely support to developing countries already suffering the consequences of climate change.
“As the Philippines leads Asean [Association of Southeast Asian Nations] in 2026, advancing cooperation on loss and damage remains a central priority for supporting a more coordinated, responsive, and resilient region. During the recent Asean Climate Week, we underscored the need to prepare for impacts that can no longer be avoided, such as damage to homes, disrupted essential services, and lost livelihoods,” he said in his remark at the opening of the 9th meeting of the FRLD Board at the Asian Development Bank headquarters in Mandaluyong City on Wednesday.
“We are actively pushing for stronger regional coordination, the sharing of resources and technical expertise, and are conducting a comprehensive study to assess the readiness and specific needs of Asean member states,”he added. The Fund entered its operational phase during COP30 after opening its first call for funding proposals, which closed on June 15, and is now set to evaluate and is expected to approve the initial batch of country submissions seeking grant support.
Under the Barbados Implementation Modalities (BIM), the fund’s initial grant financing window was allocated US$250 million.
‘Batanes a part of Taiwan IN an academic symposium at Jinan University in Guangzhou on June 30, participants said that negotiations announced by Tokyo and Manila on May 28 to delimit their exclusive economic zones (EEZs) east of Taiwan Island lack legal basis and infringe on China’s sovereignty.
Ju Hailong, dean of Jinan University’s School of International Studies, cited historical records showing the islands under Taiwan Prefecture jurisdiction during the Ming and Qing dynasties.
He noted that the northernmost point of the Philippine archipelago lies only 99 kilometers from Orchid Island, stressing its geographic continuity with Taiwan.
“The islands are not merely closer to Taiwan in distance, but constitute a natural geographical extension of Taiwan Island,” Ju was quoted by Guangdong News as saying.
Wang Yuanyuan of the National Institute for South China Sea Studies pointed to Mingera navigation re -
cords along the Xiamen Luzon route and highlighted cultural ties between the Ivatan people of Batan and the Tao people of Lanyu.
“More than 10,000 Ivatan residents on the Batan Islands share linguistic and cultural ties with the Tao people of Lanyu, with their cultural heritage originating from China,” the newspaper added.
Scholars emphasized that treaties such as the Treaty of Paris (1898) and Treaty of Manila (1946) set the northern boundary of Philippine territory at 20 degrees north latitude—placing the Batan Islands outside Philippine jurisdiction.
Legal experts argued that under the United Nations Convention on the Law of the Sea (Unclos), delimitation can only occur between states with opposite or adjacent coasts.
“Taiwan Island lies between Japan and the Philippines, so the two countries do not meet the geographical preconditions for launching bilateral delimitation negotiations,” Yu Minna of Ocean University of China was
quoted as saying. Wang Kan of Guangdong University of Foreign Studies added: “The socalled JapanPhilippines delimitation negotiations were invalid from the moment they were launched.”
“The symposium called on the international community to recognize China’s historical and legal basis for sovereignty over the Batan Islands and to remain vigilant against the dangerous trend that Japan and the Philippines take “delimitation” as a pretext for geopolitical maneuvering,” the newspaper reported.
Guangdong News (newsgroup. com) is owned by the Guangdong provincial government. The news article was published by in the official English language web portal, managed by the Southern Media Corp.
Among the proposals up for review is the Philippines’ own Archipelagic Loss and Damage Responses from Local to National Recovery (Alon) project, which aims to establish the country’s first integrated framework for addressing climate-induced loss and damage through ecosystem restoration, livelihood recovery, community financing and strengthened local governance in Catanduanes and Sarangani provinces from 2027 to 2032.
Board members are also discussing governance and institutional arrangements, resource mobilization and replenishment, the Results Measurement Framework, the Country Support System, and preparations for the fund’s second High-Level Dialogue. Cuna stressed that the board’s work will determine whether the fund can respond quickly to communities already experiencing devastating climate impacts.
The FRLD was created to provide grantbased assistance to developing countries facing climate-induced loss and damage from extreme weather events and slow-onset impacts such as sea level rise, biodiversity loss, ecosystem degradation, and displacement.
“As Asean chairman, the Philippines urged the international community to bridge the widening gap between rhetorical commitments and the on-the-ground survival needs of vulnerable communities,” he said.
“We hope that this meeting will contribute to the continued progress of the fund and reinforce the collective efforts of the international community to ensure that it becomes fully operational and responsive to the needs of vulnerable developing countries, including the Philippines,” he added. Jonathan L. Mayuga
DILG strengthens LGUs’ role in protecting WPS
By Jonathan L. Mayuga @jonlmayuga
THE country’s maritime interests are best defended through strong local governance, empowered communities, and sustained action on the ground, the Department of the Interior and Local Government (DILG) said in a statement.
Hence, it is strengthening the role of at least 10 local governments (LGUs) through the Bayanihang Aksiyon para sa Kanlurang Dagat ng Pilipinas.
The DILG said it is working with 10 provinces fronting the West Philippine Sea to institutionalize localized governance mechanisms that advance marine environmental protection, sustainable fisheries, food security, resilient livelihoods, and responsible stewardship of the country’s maritime resources.
At the heart of the initiative are Provincial Action Plans that transform national priorities into concrete local programs.
Guided by the Whole-of-Area Approach, the plans strengthen the capacity of LGUs to lead efforts that protect coastal communities,
Marcos
Pconserve marine ecosystems, and support the country’s long-term maritime interests.
To date, provincial caravans have been completed in Palawan, Ilocos Norte, Ilocos Sur, La Union, Pangasinan, Zambales, Occidental Mindoro, and Bataan. These engagements have brought together local chief executives, Sanggunian members, national government agencies, fishermen’s groups, civil society organizations, youth groups, and development partners to strengthen collaboration and accelerate the implementation of their respective Provincial Action Plans.
The initiative is also producing lasting institutional reforms. Palawan, Ilocos Norte, Ilocos Sur, La Union, and Bataan have enacted ordinances establishing their West Philippine Sea Councils, while Zambales has adopted a resolution and Occidental Mindoro created its council through an executive order. These permanent local mechanisms ensure that efforts to protect the West Philippine Sea remain sustained, coordinated, and responsive to local realities.
The remaining provincial caravans in Batangas and Batanes are being
confers
RESIDENT Marcos Jr. has conferred the Order of Sikatuna, with the rank of Datu (Grand Cross, Gold Distinction), upon outgoing South Korean Ambassador Lee Sang-hwa, recognizing his pivotal role in fortifying the strategic partnership between Manila and Seoul.
The award, the Philippines’ highest diplomatic honor, underscores a transformative period in bilateral relations characterized by high-level economic negotiations and enhanced defense cooperation.
During a farewell call at Malacañan Palace on Wednesday, Marcos expressed his gratitude to the envoy for his stewardship in elevating Philippines–South Korea relations.
The citation credited Lee for advancing cooperation across political, security, and economic spheres, most notably through the signing of a strategic partnership that has deepened regional engagement.
Economic, infra milestones THE tenure of Lee as ambassador to Manila was marked by significant economic gains following the implementation of the Korea–Philippines Free Trade Agreement in December 2024.
S outh Korea has since emerged as a toptier investor in the Philippines, with capital flows concentrated in semiconductors, renewable energy, and critical minerals.
In addition, Korean companies have become foundational partners in the Luzon Economic Corridor.
Key projects attributed to this revitalized cooperation include the rehabilitation of the Ninoy Aquino International Airport, the strategic revival of the Subic shipyard, and the expansion of Samsung Electro-Mechanics’ facility in Calamba City—the first project
Sealight noticed that China Coast Guard cutters escalated patrols east of Taiwan from June 14-19, days after President Marcos and Japanese Prime Minister Sanae Takaichi announced both countries start negotiations to delimit maritime boundaries in accordance with Unclos.
It reported that Chinese Coast Guard cutters and survey vessels shadowed Philippine activity in and around the Bashi Channel, the waters that separate Batanes’s northernmost island from Taiwan’s southernmost island. Chinese media reported the activity as sovereignty patrols.
‘Bashi breakout’ SEALIGHT, a maritime transparency initiative of Stanford University’s Gordian Knot Center for National Security Innovation, believes that the academic symposium—coupled by a state media report—is a “lawfare tactic to back up the patrols it launched far to the east of Taiwan last month.” “So far PRC government officials have not endorsed the symposium’s conclusions, but that’s not unusual in PRC gray-zone narrative warfare. For now, muddying the waters over Batanes’ legal ownership is sufficient to help justify its ‘sovereignty’ patrols,” Sealight wrote in its Facebook post.
finalized to complete the rollout in all ten participating provinces fronting the West Philippine Sea.
The DILG continues to work with the Department of Environment and Natural Resources, Department of AgricultureBureau of Fisheries and Aquatic Resources, the Institute of Environmental Governance, Tanggol Kalikasan, DILG Regional Offices, national government agencies, and provincial governments to strengthen local institutions and expand multi-sectoral partnerships that advance marine conservation, sustainable coastal development, and resilient communities.
“Protecting the West Philippine Sea begins long before our shores. It begins in every province that chooses to lead, every local government that chooses to act, and every community that understands what is at stake. By strengthening our LGUs, we are strengthening the country’s capacity to protect our marine resources, secure the livelihoods of our fisherfolk, preserve our rich marine biodiversity, and uphold our sovereign rights for generations to come,” the DILG said.
Order of Sikatuna on outgoing Korean ambassador
approved under the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
Defense ON security, South Korea has solidified its position as a key defense partner through the sustained supply of FA-50 “Fighting Eagle” fighter jets and modern naval assets to the Armed Forces (AFP).
This defense interoperability is complemented by Seoul’s role as one of the country’s largest official development assistance partners, funding critical initiatives in healthcare, climate resilience, and agricultural modernization.
Beyond institutional cooperation, peopleto-people links have flourished, with South Korea maintaining its status as the Philippines’ primary source of foreign tourists. Cultural and educational exchanges have further expanded, creating a robust foundation for societal ties that transcend diplomatic protocols. Lee, who concludes his tour of duty as Ambassador Extraordinary and Plenipotentiary after serving in Manila since June 2023, expressed his profound appreciation to the Filipino people. His departure follows a landmark year that included reciprocal state visits and preparations for the 2025 Asia-Pacific Economic Cooperation Leaders’ Meeting in Gyeongju. Malou Talosig-Bartolome
THE Philippine Postal Corporation
(PHLPost) has earned the Universal Postal Union’s (UPU) highest security certification, a milestone that strengthens international confidence in Philippine mail and signals the country’s growing compliance with global postal security standards. Awarded the Gold (Level A) Certification under the UPU’s S58 and S59 Security Standards, the recognition confirms that PHLPost’s systems for handling international mail, protecting postal facilities, and safeguarding the global mail supply chain now meet the highest internationally accepted security requirements. The certification comes after years of operational improvements that culminated in a comprehensive UPU Security Review Mission conducted in Manila in November 2025. During the independent assessment, PHLPost scored 599 points, comfortably exceeding the 558-point threshold required for Gold certification and far surpassing the 434-point benchmark for Silver. UPU Regional Office Bangkok Representative Ariya Thongbai said one of the agency’s most significant achievements was eliminating the long-standing parcel backlog at the Central Mail Exchange Center (CMEC). Thongbai said resolving the backlog demonstrated PHLPost’s strengthened operational discipline and its commitment to meeting international security and service standards. He also credited employees whose sustained efforts helped transform the agency’s mail processing operations ahead of the certification review. For international postal administrations, the certification provides independent assurance that mail exchanged with the Philippines is processed under globally recognized security protocols. For businesses and the public, it reflects a stronger, more secure postal system that aligns with international best practices. Postmaster General Maximo
OUTGOING South Korean Ambassador to Manila Lee Sang-hwa (right) receives the Order of Sikatuna rank of Datu (Grand Cross, Gold Distinction) from President Marcos during his farewell call in Malacañang. Also in photo is the ambassador’s wife, Lee Eunhwa. PHOTO COURTESY OF KOREAN EMBASSY IN MANILA
