corporations received lower subsidies from the government as of the end of May this year compared to a year ago, according to the Bureau of the Treasury (BTr).
By Jonathan L. Mayuga
THE retail price of Sardinella Tawilis—locally known as the very popular tawilis-dropped to P100 per kilogram, from the usual P250 per kilogram, amid reports that bodies of the missing sabungeros were dumped in Taal Lake, a fisherfolk advocacy group has reported. In a statement, Pamalakaya said this “all-time low” price of tawilis has already reached several areas in Cavite. Tawilis, the only freshwater sardinella species, is found ex-
clusively in Taal Lake.
“We received reports of the price of tawilis going down to as low as P100 in several towns in Cavite. If the price is low in the market, the farmgate price is even lower,” said Pamalakaya chairperson Fernando Hicap. Since the report broke of missing sabungero’s remains having been dumped in Taal Lake, fishers who depend on Taal Lake have complained of the “fear” of contamination it has created among the buying public. While the Bureau of Fisheries and Aquatic Resources (BFAR)
See “Popular,” A2
JUANHAND the leading fintech lending platform in the Philippines, has been awarded the Green Flag status by the Filipino Fair Loans Advocacy Group (FILFLAG), one of the largest borrower associations in the country.
The Green Flag distinction is given only to online lending platforms (OLPs) that meet FILFLAG’s strict standards for transparency, fairness, and responsible lending. JuanHand was recognized for its reasonable interest rates, clear and transparent repayment terms, ethical collection practices and full compliance with regulatory guidelines.
“We are honored and grateful to receive this recognition from FILFLAG,” said Francisco Roberto “Coco” D.C. Mauricio, President and Chief Executive Officer of WeFund Lending Corp. (JuanHand). “It helps validate what we have been advocating and practicing from the
onset: providing financial services in a dignified, compliant and courteous manner, enabled by cutting edge AI. We deeply value this recognition from FILFLAG as it’s a testament that Filipinos can choose a trusted, credible and proven online lending brand for their basic financial needs. We will strive to work closely with consumer advocacy groups such as FILFLAG to promote responsible lending and ensure borrowers do not fall prey to numerous predatory and illegal lenders out there.”, he stated. The financial services platform is celebrating its 6th anniversary and is continuously growing rapidly by offering accessible credit solutions to underserved yet creditworthy Filipinos. As of 2025, JuanHand has disbursed more than P55 billion in nano-loans to over 2.5
TBy Joel R. San Juan @jrsanjuan1573
HE Department of Justice (DOJ) has declared that the President may grant tax benefits, power rate discounts and other incentives to qualified investors in the interest of national economic development. In a seven-page legal opinion dated July 8, 2025, DOJ Secretary Jesus Crispin Remulla stressed such support being extended to preferred private entities does not violate the equal protection clause as guaranteed under the Constitution. “Jurisprudence teaches that while the equal protection clause of the
Constitution is against undue favor and individual or class privilege, it does not demand absolute equality, it merely requires that in conferring privileges and enforcing liabilities, all persons under like circumstances and conditions be treated alike,” Remulla explained.
“It does not prohibit legislation that grant only privileges or incentives to persons falling within a specified class, if the law applies alike to all persons within such class, and reasonable grounds exist for making a distinction between those who fall within such class and those who do not,”
The DOJ issued the legal opinion upon the request of Finance Secretary Ralph Recto,
PCCI: End payment defaults in electricity spot market
By Ada Pelonia @adapelonia
THE Philippine Chamber of Commerce and Industry (PCCI) has urged the Independent Electricity Market Operator of the Philippines (IEMOP) to resolve the problem of some Wholesale Electricity Spot Market (WESM) members defaulting on payments for their spot market transactions.
In a statement, PCCI stressed that IEMOP should act decisively against WESM members who default on their financial obligations since “non-payment of market dues undermines the integrity of the spot market and unfairly burdens compliant participants.”
“These defaults distort market signals and expose law-abiding market players to significant financial risk. Imposing the burden on compliant WESM members effectively penalizes those who fulfil their financial obligations while relieving delinquent members of their responsibility,” PCCI said.
“Ultimately, the costs resulting from
defaults are passed on to consumers through higher electricity prices or market fees,” it added. For its part, IEMOP acknowledged the challenges posed by defaults of some WESM participants, which impact the full settlement of receivables of compliant WESM members. PCCI then called on the IEMOP to fully exercise its authority under WESM Rules to protect market integrity and prevent the undue subsidization of non-compliant members by those in good standing.
The group stressed that the WESM Rules provide IEMOP with the author-
ity to suspend and deregister defaulting members, citing specific provisions that empower IEMOP to issue default and suspension notices and pursue deregistration if financial obligations remain unfulfilled.
“IEMOP should implement a policy framework that ensures defaulters are held accountable and that compliant members are protected from bearing the cost of others’ failures,” PCCI said.
Transparency MEANWHILE, the largest business organization in the country also urged the Energy Regulatory Commission (ERC) to push for “greater transparency” in the billing systems of Retail Electricity Suppliers (RES), particu-
Code of 1997 or the Tax Code to grant budgetary support in favor of private entities with highly desirable projects.
Section 301 specifically provides that the President may “modify the mix, period or manner of availment of incentives provided under this Code or craft the appropriate fiscal and non-fiscal support package for a highly-desirable project or a specific industrial activity based on defined development strategies,” either “in the interest of national economic development, or upon the recommendation of the FIRB.”
In his letter-request dated February 24, 2025 and May 7, 2025, Recto disclosed that a private entity has applied for registration with the Philippine Economic Zone Authority (Peza) and tax incentives for an investment project worth more than P50 billion.
larly on WESM-related charges for contestable customers.
PCCI proposed that electricity bills issued by RES providers itemize WESM charges, including energy transactions, line rentals, FeedIn Tariff components, and Net Settlement Surplus allocations.
This, it said, would provide contestable customers, which currently encompass a wider base under the expanded Retail Competition and Open Access (RCOA), with a better understanding of how charges are computed.
“Contestable customers deserve clarity and fairness in their electricity billing. Transparent WESM-related charges will allow them to make informed decisions and promote greater competition in the energy sector,” PCCI said.
With the continuously evolving energy market, PCCI stressed that fair enforcement of rules and transparent billing practices are crucial to building a more accountable and efficient power sector that benefits both suppliers and consumers.
The firm additionally asked for non-fiscal support such as discounts on power expenses and transmission charges; water diversification; and installation and construction of a substation.
Due to the “novel and unprecedented” nature of the project, Recto told the DOJ that FIRB has endorsed it for the grant of fiscal and non-fiscal incentives by the President, subject to the DOJ’s legal opinion.
Recto told the DOJ that his department’s position is that the President has authority to grant incentives to valuable projects without the need of a recommendation from the FIRB.
In upholding the position of the finance secretary, Remulla stressed that while prior recommendation of the FIRB is not required, the decision of the President in giving incentives under Section 301 of the Tax Code must be guided by the FIRB’s determination as to what projects are considered high-desirable , the maximum incentive levels and the performance targets to be imposed on the grantee.
Likewise, the DOJ agreed with Recto that the President may grant power discounts as non-fiscal incentives covering preferred projects. The DOJ also suggested that the FIRB be guided by RA 10667 or the Philippine Competition Act, in order that these incentives would not unfairly impact competition and trade by favoring companies.
“The grant of incentives by the government to qualified investment constitutes a pact between the government and the company. On the part of the government, it is generally intended to enhance economic efficiency,” Remulla noted.
“Hence, agreements which contribute to promoting economic progress may not necessarily be considered anti-competitive,” he added.
ministration (NIA) secured the bulk of budgetary support for the period with P15.336 billion.
The figure, however, is down by 47.13 percent from the P29.012 billion the government extended to NIA a year ago.
Following the NIA was the Power Sector Assets and Liabilities Management Corporation (PSALM) with total subsidies amounting to P8 billion. The third-largest recipient was the National Food Authority (NFA) with P3.750 billion. The Philippine Crop Insurance Corporation (PCIC) received the fourthlargest subsidy at P2.250 billion.
Completing the top five staterun corporations with the highest subsidy levels for the fivemonth period was the Bases Conversion and Development Authority (BCDA) with P1.939 billion in subsidies.
Those that received more than P500 million in subsidies are the following: Philippine Fisheries Development Authority (PFDA) with P1.699 billion; National Housing Authority (P1.346 billion); National Electrification Administration (NEA) with P1.253 billion; Philippine Heart
was quick to issue a statement stating that the fish caught from Taal Lake, particularly tawilis, is safe for human consumption, the price of fish from Taal has started to go down.
“Fishers can’t afford this loss, considering they have been suffering from the effects of the Southwest Monsoon, which prevented them from catching fish in open
Center (PHC) with P1.121 billion; Philippine Rubber Research Institute (PRRI) with P932 million; Philippine Children’s Medical Center (PCMC) with P919 million; National Power Corporation (P856 million); National Kidney and Transplant Institute or NKTI (P812 million); Philippine National Railways (P592 million); International Broadcasting Corporation (P527 million); and Small Business Corporation (P502 million).
Meanwhile, those with the lowest subsidies are the Land Bank of the Philippines and the Tourism Infrastructure and Enterprise Zone Authority (Tieza), with P7 million each.
For the month of May alone, the government extended a total of P7.916 billion in subsidies, also lower by 18.72 percent from the P9.740 billion released in the same month last year.
Major non-financial government corporations still cornered the biggest chunk, or 71.13 percent of the subsidies for the month with P5.631 billion, trailed by other government corporations with P2.285 billion, or a 28.86-percent share.
The NIA led the list of government firms with the biggest amount of subsidies received for the month, with P3.540 billion. It was followed by the NEA with P1.253 billion, NFA (P750 million), PFDA (P724 million) and PHC (P385 million). Other state-run corporations
waters,” Hicap, a former Anakpawis Partylist Representative, said. According to Hicap, the Department of Agriculture, particularly BFAR, should intervene, suggesting that the government directly buy from local fishers their daily catch at a reasonable price to protect them from the “fish scare” brought about by the missing sabungero report. He also said the DA-BFAR should intensify the information campaign and encourage the public to continue buying fish caught from Taal.
that received more than P100 million in subsidies in May are the Sugar Regulatory Administration with P208 million, the Philippine Coconut Authority (P170 million), PRRI (P133 million), NKTI (P124 million) and PCMC (P120 million). State-run health insurer Philippine Health Insurance Corporation (PhilHealth) was stripped of government subsidy this year, as approved by the Bicameral Conference Committee.
This was, lawmakers had claimed, due to PhilHealth’s underutilization of its budget, which led to the scrutinized P89.9-billion fund transfer to the National Treasury, of which P60 billion has been remitted.
Last year, PhilHealth received P9.599 billion in subsidies from the government, according to BTr’s data. In 2024, state-run corporations were given reduced subsidies at P138.763 billion, the lowest in six years, or the P136.652 billion recorded in 2018.
This went down by 15.14 percent from P163.535 billion in 2023, as government firms needed less budgetary support and had better operating income.
This year, subsidies will even decline to P127.427 billion based on the state’s budget documents. This is lower by 32.30 percent from the P188.229 billion programmed in 2024.
must meet their duties and obligations, especially under Unclos, including compliance with rulings by its legitimate tribunals and bodies,” she declared. She warned that China’s continued defiance—and coercive actions at sea—threaten regional peace. “Being on the right side of the rules-based order makes it easier for others to join us and stand firm against illegal claims,” Lazaro said in a separate forum in Manila via video conference.
“It is a telling reminder to the world that all countries, regardless of size, might or capacity
“The tribunal acted beyond its authority, infringing on China’s right to choose its dispute resolution method. This undermines Unclos and the rule of law at sea,” the ministry spokesperson said. At the 32nd Asean Regional Forum, Philippine Foreign Affairs Secretary Ma. Theresa Lazaro defended the award’s legal standing. “The Award has become an unassailable part of international law,” she said. Lazaro noted that the ruling was cited last year by both the International Tribunal for the Law of the Sea (in its climate change advisory opinion) and the International Court of Justice (in the Gabon—Equatorial Guinea maritime dispute). She said the Award “not only sets reason and right” in the South China Sea. She stressed it is also a “guide on how maritime matters and concerns in the region ought to be addressed.”
(See related story: https://businessmirror.com.ph/2025/07/11/ph-scores-beijingover-sea-disputes-calls-arbitral-award-alegal-cornerstone/)
SC order may delay impeachment trial
By Butch Fernandez @butchfBM & Jovee Marie N. dela Cruz @joveemarie
ALAWMAKER on Sunday raised concerns that the Supreme Court’s directive to Congress regarding the impeachment proceedings against Vice President Sara Duterte could lead to delays in the Senate trial and potential interference with the constitutional process.
In a radio interview, Party-list Rep. Leila de Lima of Mamamayang Liberal pointed out that the Senate might use the Supreme Court’s order as a reason to suspend the impeachment trial.
“The Senate may invoke judicial courtesy to the Supreme Court and choose not to act on the impeachment case for now, to avoid rendering the petitions moot and academic,” De Lima said in Filipino.
Despite this possibility, de Lima emphasized that the impeachment trial should move forward,
Dela Rosa files 10 more bills
APART from his advocacy on peace and order, Sen. Ronald dela Rosa filed 10 more priority measures that focus on the need to address the concerns of professionals, government employees, barangay health workers and public transportation workers.
“My advocacy goes beyond public order. As a lawmaker who came from the province, I personally witnessed the plight of ordinary Filipinos. That’s why I am pushing for the passage of these bills to bring their woes to the walls of this august chamber,” dela Rosa said.
Among his top 20 bills is a measure that will repeal the Continuing Professional Development (CPD) Act of 2016 and scrap the mandatory completion of CPD units as a requirement for the renewal of professional licenses by the Professional Regulation Commission.
Dela Rosa also wants to address contractualization in the government by filing a bill that grants permanent and regular employment status to government workers who have rendered at least five years of continuous service in national agencies or a total of 10 years of continuous service for workers in local governments.
In line with this, he filed another bill that will professionalize and institutionalize support for Barangay Health Workers, as he acknowledged their importance in delivering primary health care in small villages across the country.
Dela Rosa, likewise, proposed a measure that will establish a support fund which will provide monthly cash assistance to indigent persons with disabilities.
Also included in his top 20 bills are the proposed Tricycle Operators and Drivers’ Association (Toda) Act that seeks to ensure the welfare of Toda members, especially the drivers, by providing social security and health benefits, simplifying the permit processes, and creating of one-stop shops for them.
Similarly, dela Rosa filed a bill that will recognize motorcycle taxis as a legitimate public utility vehicle, mandating the Land Transportation Franchising and Regulatory Board to regulate its operations and authorizing local governments to issue franchises for riders operating within their respective jurisdictions.
De la Rosa also file a measure that will require all senior high school and college students plant at least two trees before
especially since Vice President Duterte has already submitted her answer ad cautelam in response to the Senate’s directive—an indication that she is participating in the proceedings.
She also noted that the Supreme Court’s requests focused more on the House of Representatives than on the Senate. “Most of the information being asked is from the House, not the Senate. I am very concerned about that,” De Lima said.
De Lima also cautioned that
the Supreme Court may be overstepping its authority by interfering in the impeachment process, which is constitutionally assigned to Congress.
Twelve of the fifteen SC justices, including the Chief Justice are appointees of the Vice President’s father, former President Rodrigo Duterte.
De Lima maintained that the impeachment complaint against Duterte did not violate the constitutional one-year bar on filing multiple impeachment cases.
She explained that the first complaint was not formally transmitted to the Speaker nor referred to the justice committee, which would have triggered the oneyear rule.
Comply
THE House spokesperson Princess Abante confirmed that the House of Representatives will comply with the SC’s directive to submit additional sworn information related to the impeachment complaints filed against Vice President Duterte.
Abante, a lawyer, said the House had received the Supreme Court’s July 8 resolution covering two consolidated petitions (GRs. 278353 and 278359) filed by Duterte and her legal counsel,
Israelito Torreon, challenging the constitutionality and procedures of the impeachment process.
“The House of Representatives and Secretary-General Reginald S. Velasco, as respondents in the said petitions, have been required to submit the additional information enumerated in the resolution and will comply accordingly,” Abante said.
She added that the matter has been referred to the Office of the Solicitor General (OSG), which will handle the legal response.
“We have already referred the resolution to the Office of the Solicitor General, as our counsel, and shall coordinate closely with the OSG to ensure the submission of the required information within the non-extendible period of 10 days provided by the Supreme Court,” she said.
The Supreme Court directed both the House and the Senate to submit, under oath and with available supporting documents, a detailed account of the filing and processing of the impeachment complaints.
The directive was issued “without prejudice to the resolution of other issues” raised in the petitions, the SC noted.
The House impeached Vice President Duterte in February, cit -
House bill seeks end to ‘padrino system’ in govt appointments
ALAWMAKER has filed a landmark measure seeking to end political patronage and institutionalize meritocracy, transparency, and accountability in government appointments, promotions, and benefits distribution.
Party-list Rep. Robert Nazal of Bagong Henerasyon is pushing for the passage of the proposed “Gobyernong Walang Padrino Act,” which aims to dismantle the deeply rooted padrino system in the bureaucracy.
The bill proposes strict prohibitions on political endorsements in government processes, the creation of an Anti-Padrino Oversight Unit (Apou) under the Civil Service Commission (CSC), and the imposition of heavy penalties on violators, including dismissal, disqualification from public office, and imprisonment.
“Patronage politics is one of the oldest and most deeply embedded ills in Philippine governance. For decades, public office has too often been treated as a reward for loyalty rather than a trust for merit,” Nazal said in the bill’s explanatory note.
“This practice undermines efficiency, demoralizes career public servants, and erodes public confidence in our institutions,” he added.
Under the measure, all appointments and promotions in government agencies, government-owned and -controlled corporations (GOCCs), local governments (LGUs), state universities and colleges (SUCs), and government-funded programs must follow competitive, competencybased procedures. The bill mandates the publication of job vacancies, selection criteria, and final candidate rankings to ensure transparency in the hiring process.
The bill also introduces safeguards against undue influence, including whistleblower protections under the Whistleblower Protection Act, and provides for the investigation of complaints regarding politically motivated appointments.
Violators—particularly appointing authorities who act on non-meritorious or politically driven endorsements—could face penalties of up to P10 million in fines and 10 years of imprisonment.
“The so-called ‘padrino system,’
Bill seeks to make PHL leverage international halal market
ALAWMAKER has filed a bill that will create a Halal Industry Administration as part of efforts to boost the country’s economy.
Lanao del Sur Rep. Zia Adiong filed House Bill 1373, aimed at positioning the country as a key player in the global Halal market by promoting the production, certification, and export of Halal food, cosmetics, and related products.
“The Halal industry represents a significant economic opportunity for the Philippines,” Adiong said in a statement.
“With our strategic location near Muslimmajority nations and a growing global demand for Halal products, this bill will unlock our potential to drive economic growth, create jobs, and strengthen international trade.”
Under the bill, a comprehensive framework for Halal certification would be established.
This will ensure compliance with Islamic dietary laws while accommodating other religious communities with similar dietary preferences.
In addition, the proposed Halal Industry Administration will oversee the development of certification guidelines, promote research and innovation, regulate compliance, and foster international partnerships to bolster the competitiveness of Philippine Halal products.
Among the key objectives of the bill are streamlining Halal certification, promoting innovation, ensuring compliance, and expanding global reach.
“By tapping into the Halal market, we can cater to the needs of our Muslim population and provide high-quality products to a broader consumer base,” Adiong said.
“This inclusive approach will enhance our marketability and position the Philippines as a reliable supplier in the global Halal industry,” he added.
The bill stresses the country’s geographic advantage and cultural diversity as key strengths in capturing a share of the growing Halal market, the lawmaker said.
See “Halal,” A4
ing several grounds, including the alleged misuse of P125 million in confidential funds in just 11 days in December 2022. The complaint also questioned her use of P612.5 million in total confidential funds under both the Office of the Vice President and the Department of Education, which she headed at the time.
Seven articles of impeachment were adopted by the House, including accusations of betrayal of public trust, culpable violation of the Constitution, grave abuse of discretion, obstruction of legislative oversight, and repeated misuse of public funds.
The articles were endorsed by 215 lawmakers, exceeding the one-third threshold required by the Constitution.
While the Senate has convened as an impeachment court, the trial has yet to formally begin.
Lacson cautions fellow senator-judges
SENATOR-JUDGES should leave the filing of motions and pleadings related to the impeachment trial of Vice President Sara Duterte to the prosecution and defense teams. This was the advice made on Sunday by Sen. Panfilo M. Lacson to his fellow senator-judges, as he maintained that their job is
to make a ruling based on the arguments by the prosecution and defense.”
Lacson said: “We should leave the filing of all motions and pleadings to the prosecution and defense teams,” adding, “our job is to listen to their arguments and counter-arguments and make a ruling.”
Over the weekend, Senate impeachment court spokesperson Reginald Tongol was quoted as saying they expect fierce debates if Sen. Ronald dela Rosa pushes through with his motion to ask the 20th Congress if it is willing not to take up the impeachment case. Tongol said the debate may be one of the “threshold issues” on the floor, and may be about what the boundaries of a senator-judge are. Lacson earlier pointed out that the defense panel, and not a senator-judge, should be the one to move to dismiss the impeachment case against the Vice President. Also, Lacson maintained that senator-judges should behave and speak like judges—be impartial, speak only to clarify statements from the prosecution and defense, and not express personal opinions on the case—since the public will observe their demeanor during the trial.
‘Always be Filipino—in word, deed and duty’
wherein appointments, promotions, and contracts are secured through political connections rather than qualifications, has entrenched mediocrity, stifled innovation, and perpetuated a culture of dependency, corruption, and impunity,” Nazal explained.
“Talented Filipinos are left on the sidelines while the privileged few leapfrog through the bureaucracy simply because they know the right people,” he added.
The Apou envisioned in the bill will be tasked with conducting regular audits, investigating reports of padrinobased appointments, and recommending administrative or criminal charges against government officials or private individuals attempting to manipulate appointments for personal or political gain.
“This bill is about restoring faith in the government. It is a commitment to the Filipino people that public service is not a reward for loyalty but a responsibility entrusted to those who are most qualified. It is a bold step toward building a bureaucracy that is professional, impartial, and truly in service of the public, not of padrinos,” Nazal said. Jovee Marie N. dela Cruz
AS the Philippines commemorated the ninth anniversary of the historic 2016 Arbitral Court ruling on the South China Sea, a lawmaker on Sunday called on people to close ranks in defense of national sovereignty and to “always be Filipinos—in word, in deed and in duty.”
Leyte Rep. Ferdinand Martin G. Romualdez, who served as Speaker of the 19th Congress, described the ruling as a defining moment in the country’s assertion of its rights in the West Philippine Sea, calling it a victory not just for the Philippines, but for international law and the rules-based global order.
“The Arbitral Award reaffirms what we’ve always known in our hearts—the West Philippine Sea belongs to the Filipino people. Not because we are the strongest, but because it is rightfully ours under international law,” Romualdez, president of the Philippine Constitution Association (Philconsa), said.
“This was a victory of principle over power, of law over intimidation. And it reminds us of what we can achieve when we stand as one people, bound by patriotism and a deep love for country,” he added.
The July 12, 2016 ruling by the Permanent Court of Arbitration in The Hague invalidated China’s expansive nine-dash line claim and upheld the Philippines’ maritime rights under the United Nations Convention on the Law of the Sea (Unclos). It has since become a cornerstone in the global fight for a rulesbased maritime order.
Romualdez emphasized that the Arbitral Award is not merely a diplomatic achievement but a living legacy of Filipino resolve and rightful ownership.
“Nine years on, the ruling remains final and binding. It is now a cornerstone of our foreign policy, a source of strength for our people, and a moral compass for nations that seek justice through peaceful means,” he said. He commended the Marcos administration, along with the Department of Foreign Affairs and the Department of National Defense, for continuing to uphold the award and forging alliances with like-minded countries that respect international law. Romualdez also warned against attempts to dilute or discredit the award through
Group pushes ‘restorative justice’
CIVIL society organization Climate Conflict Action (CCA) on Thursday said it is high time to pursue restorative justice (RJ) to replace the punitive justice platform to bring relevant reforms in the country’s penal system and help convicts or persons deprived of liberty (PDLs) to have a brighter future when they are released from prison.
In his keynote address on Wednesday during the Restorative Justice Training and Conference 2025 held in Quezon City, Senior Associate Supreme Court Justice Marvic Leonen urged the Bureau of Jail Management and Penology (BJMP) to reevaluate the country’s punitive approach to crime, admonishing that the justice system unevenly punishes the poor while failing to offer meaningful reforms.
However, the BJMP is not tasked with the detention and rehabilitation of convicted prisoners, its mission is to secure those still facing criminal charges and ensure their appearance in court during hearings. The only convicts in its custody are those sentenced to short prison terms.
“I think all of us know that people who
suffer [from systemic problems] are usually the people who are poor. All of us have an explanation of why that is so,” Leonen said in a keynote speech before officials of the BJMP. “A moral justification for this system is therefore necessary.”
On the last day of the workshop, the CCA together with 100 lawyers, jail administrators, civil-society advocates, and international practitioners were given an opportunity how justice is administered in the Philippines.
“In the very halls where the custodial system has been defined by confinement and control, we explored a fundamentally different vision: one in which jails become incubators of reconciliation where accountability is paired with healing and where the dignity of every person deprived of liberty is strengthened— not softened—by robust, community driven processes,” said the CCA in a press briefing on Thursday in Quezon City.
In the news conference, Jail Senior Supt. Michael Angelo Caceres, chief legal officer of the bureau, admitted there are apprehensions in the organization “because we were trained in the punitive system.”
“Right now, we don’t know how to blend
restorative justice with the punitive system. That’s why we always want to impose penalties,” he added. Caceres said there is a need for the BJMP to include and incorporate in their framework restorative justice. Further, he said the BJMP has to discuss among lawyers on how to implement it properly and effectively to ensure there will be no relapse and recidivism that will decongest the jails.
Jail Supt, Jayrex Joseph Bustinera, chief of the bureau’s Community Relations Service and BJMP spokesperson, said the decongestion of jails cannot be addressed if the PDLs are not given adequate support after their release. Right now, Bustinera said there is no proper intervention even in the BJMP. “For us, it’s only a referral system. It’s not a comprehensive reintegration system so that the PDL can return back to society after the repair or the harm has been repaired,” he explained. Prof. Francisco Lara,executive director of the CCA, said the call of the BJMP to support anti-discrimination on employment
Manufacturers, traders defy ban on lead-tainted paints
SBy Jonathan L. Mayuga @jonlmayuga
OME paint manufacturers and traders are defying the ban on excessive in the product, a group said.
Lead paint or paints containing lead that exceed health and environmental regulations’ limits are still being imported into the country illegally, a group advocating for a toxic-free Philippines said.
Lead in paint must not exceed the strict limit of 90 parts per million (ppm), toxics watchdog EcoWaste Coalition said, as it deplored the unchecked entry of imported paints sold locally with “outrageous levels” of lead, a potent neurotoxin and an endocrinedisrupting chemical (EDC).
In its latest exposé, the group announced that 13 more paints, aerosol paints in particular, have been analyzed to contain lead way above the 90 ppm limit in violation of the Chemical Control Order (CCO) banning lead in paint manufacturing.
Six of these paints are made in China and three from Thailand (the other four provided no information about their country of origin).
Based on laboratory tests commissioned by the group, nine of the 13 paints contained
they graduate.
This, as he stressed the need to instill environmental responsibility of ordinary Filipinos amid the effects of climate change in the country.
Meanwhile, Dela Rosa refiled the bill that seeks to establish the Philippine National Police Forensic DNA Database to boost the police capability to solve and prevent crimes.
This bill was already approved on third and final reading in the Senate during the 19th Congress, but it remained pending in the House of Representatives until the sine die adjournment.
Another bill that Dela Rosa has refiled in the 20th Congress is the Law Enforcement Body-worn Camera Act, which mandates law enforcers to use body cameras to strengthen the credibility and the transparency of their operations.
During the 19th Congress, Dela Rosa, who chaired the Senate Committee on Public Order and Dangerous Drugs, sponsored the said bill but it did not go beyond second reading.
Wrapping up his top 20 priority bills is the Revised Philippine Coast Guard Bill which seeks to reform and reorganize the PCG to boost its capacity amid the continuing aggression against Philippine forces in the West Philippine Sea.
Last week, Dela Rosa filed his first 10 measures for the 20th Congress, namely the Death Penalty for Large-scale Illegal Drug Trafficking Act, Reserve Officers’ Training Corps Act, Amendment to the Party-list System Act, and Elcac Act.
He also filed the Jail Integration Act, Rank Classification of BFP and BJMP Act, Anti Drug Abuse Council Act, Amendments to Marawi Siege Compensation Act of 2022, Filipino Farmer Financial Assistance Program Act, and OFW Financial Literacy Act. Butch Fernandez
lead above 10,000 ppm with five products containing 114,000 ppm, 94,900 ppm, 88,100 ppm, 71,900 ppm and 70,600 ppm of lead.
The products were purchased from home improvement and construction supplies stores in Manila, Pasay and Quezon Cities, and from an online seller.
“We deplore the continuing importation, distribution and sale of lead-containing paints in the market, including in online shopping platforms, in blatant violation of the CCO,” said Manny Calonzo, Campaigner, EcoWaste Coalition. “Stricter global rules are needed to prevent the entry of these non-compliant paints into our ports, and protect the country’s lead paint ban from being disrespected and defied.”
“We see the continued trade of lead paints in countries with legally-binding lead paint regulations as an enforcement gap, which can be mitigated if there are stricter international policies that will end cross-border movement of lead paints and lead chromates—a common pigment used in paint manufacturing,” said Jeiel Guarino, Global Lead Paint Elimination Campaigner, International Pollutants Elimination Network (Ipen). “We urge countries that have adopted lead paint laws
like the Philippines to submit lead chromate notifications to the Rotterdam Convention, which will subject lead chromates and lead paints under the treaty’s Prior Informed Consent [PIC] Procedure.”
Tests performed by SGS on dried paint samples prepared and submitted by the EcoWaste Coalition for confirmatory analyses, the following products are lead paints, or paints with lead above the legal limit of 90 ppm:
1.Yatibay Spray Paint: lemon yellow (114,000 ppm), army green (88,100 ppm), refrigerator green (67,200 ppm) and Isuzu desert yellow (29,200 ppm)
2. Aeropak Spray Paint: medium yellow (94,900 ppm), yellow (71,900 ppm), leaf green (42,500 ppm) and gem green (2,580 ppm)
3. Nikko Spray Paint: leaf green (9,860 ppm), orange red (4,800 ppm) and dark green (1,040 ppm)
4. Collrfia Spray Paint: art yellow (70,600 ppm) and light green (13,100 ppm)
These bring to 218 the number of laboratory-confirmed imported leadcontaining spray paints discovered by the EcoWaste Coalition since 2020 as a result of
its advocacy to promote stringent compliance to the country’s globally recognized lead paint elimination policy.
None of these leaded paints were produced, imported, or distributed by companies belonging to the Philippine Paint & Coatings Association, Inc., an industry leader in the elimination of lead-based paints.
To halt this ongoing violation of the CCO’s ban on lead in paints, Ipen, EcoWaste, and other public interest groups are campaigning to have lead chromates listed under the Rotterdam Convention, a multilateral treaty that promotes shared responsibilities among countries regarding the importation of hazardous chemicals.
“Under the PIC rules, companies that export lead chromates or paints that contain them may not ship these commodities to a country that has not consented to receive them. Further, countries can use the PIC Procedure to restrict or prevent the importation of lead chromates and paints that contain them,” Guarino explained. “Doing so will make it easier for them to enforce their national lead paint laws and this, in turn, will encourage more countries to adopt lead paint controls.”
Water projects corner largest slice of climate change budget
By Bless Aubrey Ogerio
WATER sufficiency projects received the biggest slice of the Philippines’ climate change budget in 2024, accounting for more than 80 percent of total government climate-related spending, the Philippine Statistics Authority (PSA) reported.
Citing data from the Department of Budget and Management (DBM), the PSA said that national climate change expenditures totaled P457.41 billion in 2024.
This reflects a 19.6 percent decrease from the previous year’s P568.94 billion allocation.
Despite the lower overall funding, the bulk of the 2024 budget, which amounts to 96.6 percent, was channeled toward adaptation projects—programs that help communities adjust to the effects of climate change, such as floods, droughts and rising temperatures.
The remaining 3.4 percent was earmarked for mitigation initiatives, which focus on reducing greenhouse gas emissions.
Among the thematic areas of the National Climate Change Action Plan (NCCAP), water sufficiency emerged as the government’s top priority. It received P373.45 billion, or 81.6 percent of the total budget for climate action.
Firms told: Fix wage distortions
THE Department of Labor and Employment (Dole) on Sunday called on employers in the National Capital Region (NCR) to immediately correct wage distortions in their companies, particularly those affecting workers earning slightly above the minimum wage.
Wage distortion occurs when a government-mandated minimum wage increase compresses the pay gap between lower- and higher-tier employees— disrupting established wage structures based on skills, responsibilities, or tenure.
Labor Secretary Bienvenido E. Laguesma urged companies to act swiftly and voluntarily adjust affected wage levels.
“It will be to the benefit of the company if [management] voluntarily corrects distortion. This will preserve harmonious labor-[management] relations. Thus, I urge [management] to ensure wage distortions are immediately and properly addressed,” Laguesma told reporters in a text message.
His appeal comes after the National Wages and Productivity Commission (NWPC) approved a P50 daily wage increase in Metro Manila earlier this month. According to the NWPC, around 1.2 million minimum wage earners in Metro Manila will directly benefit from the increase.
Another 1.7 million workers earning just above the new minimum may also require
adjustments through enterprise-level corrections to address potential distortions. Under Republic Act 6727 or the Wage Rationalization Act, companies are required to address wage distortions that result from any legally mandated wage increase. Employers and unions must negotiate adjustments to restore fair wage differentials. If disputes arise, they must be resolved through the grievance mechanism in the collective bargaining agreement (CBA).
Those workplaces without CBA or recognized union are still required to address the distortion, Dole said.
Laguesma warned that failure to address wage distortions could lead to dissatisfaction among employees whose wages have been overtaken by newly adjusted minimum pay rates.
“Some workers might leave or lose motivation if they see their salaries overtaken—or even surpassed—by those who just entered the company at the new minimum rate,” Laguesma said in Filipino.
“With the P50 wage increase in Metro Manila, it’s very possible that some employees with seniority or skills are now subject to distortion,” he added. As wage adjustments begin in the NCR, Dole said public consultations on possible wage increases are also scheduled in Regions I, II, III, IV-A, and VII until next month.
Justine Xyrah Garcia
Bulacan seen as hub for food projects
ASENATOR assured over the weekend that the province of Bulacan is already geared up to become a strategic economic hub with its diverse economy, skilled workforce, and faster access to the free ports in Subic and Bataan.
“Bulacan is a natural extension of Metro Manila going to the north,” said Sen. Joel Villanueva, as he reminded: “The rails are coming, the airport is being constructed, more roads are being built.”
Authority (PSA) showed that in 2023, Bulacan has the fourth largest economy outside Metro Manila in terms of share to the national gross domestic product, contributing P631.64 billion.
The Central Luzon (CL) Region is the largest producer of rice and livestock in the country. Palay production of Bulacan alone reached 387,699 metric tons in 2021, fourth in the CL Region, based on the 2022 CL Regional Social and Economic Trend. Meanwhile, Bulacan’s hog production is also third in the region in 2021 at 21,597 heads.
THE La Mesa Ecopark marked its first year under the stewardship of Manila Water Foundation, the corporate social responsibility arm of Manila Water Company. Manila Water, the private water concessionaire of the Metropolitan Waterworks and Sewerage System (MWSS) for the East Zone, said the first anniversary of La Mesa Ecopark marked a year of environmental progress and a celebration of growing public commitment to sustainability. The celebration highlighted the park’s transformation since its reopening in June 2024, following the end of ABS-CBN Foundation-Bantay Kalikasan’s management.
Other major allocations included food security at P36.59 billion (8 percent); sustainable energy at P18.19 billion (4 percent); and knowledge and capacity development at P13.14 billion (2.9 percent).
“Depicting development has nowhere to go but Bulacan,” Villanueva said, noting that the province is hosting some of the food security projects approved by the Board of Investments as of end-June this year.
Other priorities amounted to P16.04 billion or 3.5 percent.
These figures are part of the Compendium of Philippine Environment Statistics, a comprehensive dataset compiled by the PSA using inputs from government agencies and official sources.
Under Component 6, which focuses on Environmental Protection, Management and Engagement, the PSA also tracks spending on environmental governance, regulation and disaster preparedness.
La Mesa Ecopark celebrates first year under Manila Water
Under MWF’s guidance, La Mesa Ecopark has embraced a new vision centered on four key pillars: watershed conservation, forest protection, biodiversity preservation, and climate action.
The event featured a presentation of La Mesa Ecopark’s accomplishments over the past year, followed by the ribbon-cutting of two new attractions: a butterfly garden and a pickleball court. A ceremonial tree planting of the Philippine native tree, Mangkono, underscored the park’s commitment to biodiversity. To further engage the public, MWF offered free entrance to the park for the entire weekend of June 28–29, inviting more visitors to experience the revitalized green space.
The anniversary event held at La Mesa Ecopark recently was attended by notable figures including Manila Water President and Chief Executive Officer Jocot de Dios, MWF Executive Director Reginald Andal, and representatives from the Metropolitan Waterworks and Sewerage System (MWSS), the Quezon City Tourism Department, Knights of Columbus, United East Fairview Homeowners Association and East Fairview Homeowners Association.
“The first year has been about reintroducing the park to the public, not just as a recreational space, but as a vital environmental hub. For the years to come, we remain committed to transforming La Mesa Ecopark into a model for urban ecological
harmony,” said de Dios.
Celebrating a year of impact and growth, from June 2024 to May 2025, LME welcomed over 120,000 visitors, planted 4,340 endemic forest tree species, and mobilized 1,461 volunteers contributing 5,844 hours of service. The park’s biodiversity profile includes over 220 species, with flora making up 61.4 percent, avifauna 24.1 percent, and herpetofauna and mammals comprising the rest.
La Mesa Ecopark offers a unique blend of conservation and recreation, featuring activities such as tree nurturing, soil bagging, seed potting, and guided bird watching. These environmental efforts are thoughtfully balanced with engaging outdoor experiences like paintball, archery tag, rappelling, obstacle courses, running and biking trails, bike rentals, and a variety of food concessions, ensuring that every visit is both meaningful and memorable.
Manila Water acknowledges the ongoing challenge of reshaping public perception. The foundation aims to gradually introduce more eco-friendly programs and attractions, ensuring that all developments align with the park’s ecological mission and minimize disruption to local wildlife.
Looking ahead, MWF plans to expand its offerings through further studies and community consultations, reinforcing La Mesa Ecopark’s role as Metro Manila’s last green frontier. Jonathan L. Mayuga
The 31 projects, granted Green Lane certifications, are worth around P18.7 billion and are estimated to create 7,000 jobs.
The Green Lane was established through an executive order to streamline, expedite, and automate government approval and registration processes for strategic investments.
Villanueva also cited the projects include modern breeder farms, a coconut processing facility, and a cold storage facility.
Data released by the Philippine Statistics
from A3
disinformation, urging vigilance and clarity from all sectors.
The province can benefit from more cold storage facilities for aquaculture products for domestic consumption and export of prawn, crabs and milkfish. Bulacan is also known for processing gold into jewelry. Villanueva said the Bulacan local government should continue to prepare for the upsurge of investments by upskilling workers and priming businesses for a more competitive landscape.
“All hands should be on deck, from the local government, to the academe, the business sector, and other stakeholders. We want to show we are ready for every opportunity,” Villanueva said. Butch Fernandez
“This is not just about maritime boundaries. It’s about our dignity, our future, and our duty to the next generation. The rule of law is our shield, but unity is our sword,” he said. Calling on Filipinos in both government and private sector, Romualdez urged the nation to keep the spirit of the ruling alive by remaining principled and unwavering in its pursuit of justice and sovereignty.
for passive imprisonment should be pushed forward. For example, if our employers will not discriminate because our PDLs need a second chance.
“The second part of our legislative agenda is the tax incentive for those employers who will hire employees. So these are the legislative agendas that we are pushing in the Congress,” Lara added.
At the same time, Lara said one of the things that the CCA is pushing is the Magta Carta for indigenous and traditional justice systems that would then give more space for culturally grounded practices that would remove incarceration as well.
“For example, mediation within a traditional system or exile or blood money, for instance,” Lara explained.
The CCA urged the government to amend key statutes and regulations to embed restorative justice entry points from pre-trial intake through post-release within existing jail and penal frameworks.
“The West Philippine Sea is ours. And as long as we stand as one—brave, just, and proudly Filipino—we will always stand on the side of what is right,” Rep. Romualdez said. “Let us live our nationhood—not just today, but every day—in word, in deed, and in duty.” Jovee Marie N. dela Cruz
It also urged the government to establish a permanent Restorative Justice Peer Network across BJMP, local government units, and relevant agencies, supported by regular learning exchanges and data-driven dashboards to track impact, measure outcomes, and support policy innovation across regions. Furthemore, Lara said there is a need to mobilize national government commitment and funding to underwrite RJ training, mediator development, and certification programs-ensuring that restorative practices become not a discretionary add-on, but a core function and philosophy of the Philippine justice system. Restorative justice is an approach to justice that focuses on repairing the harm caused by crime or conflict, rather than solely on punishment. It views crime as a violation of people and relationships, not just a breach of law. In essence, restorative justice shifts the focus from “what law was broken and who did it?” to “who was harmed, what are their needs, and whose obligation is it to meet those needs?” It’s about repairing broken relationships and promoting a sense of shared responsibility for resolving conflict and crime. Rizal Raoul Reyes
PSA report: Rice harvest area widened in Q2
MT from 3.38 MT.
TBy Ada Pelonia @adapelonia
HE country’s palay production likely rose by double digits in the second quarter due to the improvement in yield and the expansion in harvest area, based on the results of the Philippine Statistics Authority’s (PSA) standing crops survey.
The state statistics agency said palay harvest may have gone up by 13.2 percent to 4.35 million metric tons (MMT) in April to
June from 3.85 MMT last year, when El Niño ravaged the country’s farmlands.
“Based on standing crop for the period April to June 2025, the yield per hectare of palay may improve to 4.47 metric tons or by 3.5 percent from the previous year’s same period yield per hectare of 4.32 metric tons.”
The latest production forecast is also 0.4 percent higher than the agency’s initial estimate of 4.34 MMT.
PSA said total palay harvest area in the second quarter likely
NFRDI to develop technology for breeding tamban in captivity
THE National Fisheries Research and Development Institute (NFRDI) launched a hatchery program for Bali sardinella, locally known as tamban, considered a first in the country’s fisheries research and development.
NFRDI said tamban aquaculture remains “unexplored” despite consistently leading small pelagic fish production from 2018 to 2022.
Tamban output peaked at over 339,000 metric tons (MT) in 2020 and maintained “high production levels,” reaching 280,508.70 MT in 2022.
“A documented breeding technology specific to tamban has never been attempted before. Historically, the focus has been on managing wild stocks to ensure sustainable capture fisheries,”
DA-NFRDI Officer-in-Charge and project leader Maria Theresa Mutia said in a statement.
“But with increasing pressure on wild populations and the threat of supply instability, we must now explore alternative solutions through research and innovation.”
The tamban hatchery program, a research initiative that will run for seven years, aims to develop tamban breeding and culture technologies for aquaculture.
The program is designed to establish protocols for live capture, transport, domestication, and grow-out, laying the groundwork for tamban production outside natural fisheries.
“This is a challenge for us in the R&D sector, but if successful, this initiative could transform tamban production and contribute significantly to the sustainability of the fishing industry,” Mutia added.
Carried out in partnership with the Southeast Asian Fisheries Development Center–Aquaculture Department (SEAFDEC-AQD) and DA-BFAR Region 9, the program
TBy Jonathan L. Mayuga @jonlmayuga
HE Department of Agrarian Reform (DAR) turned over P5.7 million worth of farm assistance to 224 Agrarian Reform Beneficiaries (ARBs) in Sibunag, Guimaras, under the Sustainable and Resilient Agrarian Reform Communities (SURE ARCs) Project.
The turnover ceremony, held at the Sibunag Municipal Covered Gym over the weekend, aims to boost agricultural productivity and strengthen food security in the region. The assistance package includes farm machinery and equipment worth P4.8 million, including a unit of 1 HP Combine Harvester, a 1-unit 4WD Tractor, 3 units Hand Tractors with 8 HP engines, and 2 units Rice Threshers with engines. A second component of the assistance package includes organic fertilizers valued at P952,000, consisting of 1,120 packs.
expanded by 9.2 percent to 972,750 hectares (ha) from the 890,600 has recorded in the same period last year.
As of June 1, PSA said about 864,410 hectares or almost 90 percent of the 972,750 hectares updated area of standing crop have been harvested. This translates to a palay output of 3.89 MMT.
“Of the total area of 522.53 thousand hectares of standing palay as of 01 June 2025, 51.0 percent were at the vegetative stage, 29.4 percent were at the reproductive stage, and 19.6 percent were
at the maturing stage.”
Industry sources and agriculture officials expect palay output to rebound this year due to the absence of extreme weather events, such as El Niño. The Department of Agriculture (DA) is aiming to harvest 20.46 MMT of unmilled rice this year.
The country’s paddy rice output stood at 19.09 MMT last year, 4.85 percent lower than the record harvest of 20.06 MMT in 2023.
Corn outlook
MEANWHILE , the state statistics
agency said corn output in the second quarter likely jumped by 26.7 percent to 1.487 MMT from the actual production of 1.17 MMT in the previous year.
The latest forecast is 0.1 percent lower than the agency’s April estimate of 1.489 MMT.
The harvest area during the reference period may have rebounded by 16.1 percent to 402,730 ha from the 346,880 ha recorded last year.
Furthermore, the PSA said yield per hectare may have inched up by 9.2 percent to 3.69
“As of 01 June 2025, about 330.68 thousand hectares or 82.1 percent of the 402.73 thousand hectares updated harvest area of standing corn have been harvested, translating to 1.29 million metric tons of corn output.”
“Of the total area of 407.65 thousand hectares of standing corn as of 01 June 2025, 53.7 percent were at the vegetative stage, 29.6 percent were at the reproductive stage, and 16.6 percent were at the maturing stage.”
Govt halts imports of 3 fish species over irregularities
Thas been divided into three phases.
The first phase (2024–2025) focuses on biological studies, transport trials, and domestication; phase two (2026–2028) will concentrate on broodstock development and breeding trials; while phase three will focus on grow-out culture.
Early results NFRDI said the initial efforts under phase 1 have already yielded positive results, having developed live transport and domestication protocols, thus proving that tamban can survive and adapt to captivity.
A benchmark survival of 378 days has been recorded so far, it added.
Currently, 232 live tamban are being maintained at NFRDI’s Freshwater Fisheries Research and Development Center (FFRDC) in Taal, Batangas, and at the Tamban Hatchery Facility of SEAFDEC/ AQD in Tigbauan, Iloilo.
“Establishing tamban’s biological parameters and domestication protocols is essential,” Dr. Mutia said. “The data will serve as the foundation for the next phases of the program, especially for broodstock development and culture system design.”
She said the program’s phased and science-based approach is designed to ensure long-term success.
“As we move forward, we at NFRDI envision a more reliable and sustainable supply of sardines. This initiative not only benefits the fishing industry but also contributes to national food security.”
With this pioneering research, NFRDI said it will continue to lead the way in fisheries innovation, opening new possibilities for tamban production and sustainable aquatic food systems in the country. Ada Pelonia
receive aid from DAR
DAR-Western Visayas Regional Director Leomides R. Villareal, who led the ceremonial turnover, emphasized the vital role of farmers in ensuring food security.
“Farmers are key to our nation’s food supply. Through this assistance, DAR aims to empower you to produce more and prosper,” he said in a statement. According to Villareal, 6 ARB organizations (ARBOs) in Sibunag will directly benefit from the project.
The activity is part of DAR’s Program Beneficiaries Development Division (PBDD), reflecting the agency’s strong commitment to building resilient and food-secure agrarian communities.
Present at the event were OIC-Provincial Agrarian Reform Program Officer II Lourdes F. Novilla, Chief Agrarian Reform Program Officer Engr. Lea L. Ubierna of DAR Guimaras, OIC-CARPO Annabelle P. Ganzon of the DAR Regional Office VI, Sibunag Mayor Annabelle V. Samaniego, and representatives from the local government and DAR.
HE Department of Agriculture (DA) has suspended the importation of three fish species over reports of misdeclaration and diversion.
Agriculture Secretary Francisco Tiu Laurel Jr. signed Memorandum Order (MO) 37, which ordered the suspension of the horse mackerel, mackerel, and torpedo scad importation.
Earlier this year, the DA approved the importation of 25,000 metric tons (MT) of various fish and seafood that are not locally available.
The deadline for the importation program has been extended until the end of July, which marks the second time the program has been extended from the initial deadline of end-May and the previous extension until the end of June.
The DA chief had extended the importation program amid the trickle of arrivals caused by tight timelines and sourcing constraints.
In a previous statement, the agency noted that only a quarter of the approved importation volume has arrived in the country.
“It’s more of a systemic issue than low demand,” the DA chief said. “The timeframes we set were too short, and many of the approved products were out of season
in their countries of origin. It was also challenging for some importers to meet requirements tied to larger volume allocations.”
Fisheries Administrative Order (FAO) 195 covers the importation of fresh, chilled, or frozen fish and aquatic products, while FAO 259 applies specifically to imports for wet markets during the closed season.
‘National security threat’
MEANWHILE , President Marcos noted that the recent surge in agricultural commodity smuggling is a “national security threat,”
prompting him to direct law enforcement and intelligence agencies to assist the DA in addressing the illicit trade.
For his part, the DA chief said he had already met with several key government officials to devise strategies for targeting smuggling syndicates.
This includes Bureau of Customs (BOC) Commissioner Ariel Nepomuceno, National Security Adviser Secretary Eduardo Año, Philippine National Police (PNP) Chief Gen. Nicolas Torre, and representatives from the Criminal Investigation and
Detection Group (CIDG).
“The President has directed the DA to throw the book at the consignees and all those involved in smuggling these agricultural products,” he said in a statement.
“By the end of the year, we hope to see many of those responsible handcuffed, facing charges.”
Furthermore, the DA chief stressed that customs brokers would also face legal consequences as part of efforts to enforce the Anti-Agricultural Economic Sabotage (AGES) Law, the Food Safety Act, and the Customs Code.
He noted that Marcos is particularly concerned about the damage these “market-disruptive practices” cause to local farmers, fisherfolk, and legitimate businesses. “This not only harms the economy but fosters corruption at multiple levels.”
The government is treating the surge in smuggling as a critical national security issue, particularly since uninspected agricultural products pose significant biosecurity risks to the country’s plant and livestock industries. Imported goods, primarily from the Port of Xiamen, are now under heightened scrutiny as most of the smuggled goods are shipped out of the Chinese port, the DA added.
Ada Pelonia
India to sell more broken rice from state reserves to cut stocks
INDIA is considering a proposal to expand the sale of broken rice from state stockpiles into the open market, according to people familiar with the matter, a move that may boost supplies of the grain for exports and ethanol production.
The world’s top exporter launched a pilot program earlier this year to cut the proportion of broken grains in rice distributed through its food program to 10 percent from 25 percent, diverting the remainder for industrial use.
The plan is expected to help state-run Food Corporation of India trim its bulging reserves and free up some space for the upcoming harvest, as well as improve supplies of the raw material for ethanol makers, said the people who asked not to be named as the information isn’t public. Under the current system, the food agency purchases unmilled rice from farmers at guaranteed prices and gives it to private millers for processing. The rice it receives in return often contains up to a quarter of broken grains.
A food ministry spokesperson didn’t im -
mediately respond to a request for comment.
The initiative will help Indian households receive better-quality rice under the free food program, while the FCI can reduce its storage costs. At the same time, the ethanol sector stands to gain from cheaper raw material as extra supplies of broken rice flow into the market.
The move could also ease the pressure on sugar mills to ramp up production of the green fuel from cane juice. That, in turn, may boost sugar output and prompt the government to consider allowing more exports of the sweetener.
India’s rice stockpiles have surged to their highest for this time of year in at least two decades, raising concerns about storage shortages as another record harvest approaches. The overflowing reserves—now equal to more than a tenth of annual global production—are proving a challenge for the world’s second-largest producer, with authorities scrambling to create more storage space. Forecasts of above-average monsoon rains have further fueled expectations of yet another bumper crop, intensifying worries that excess grain could rot in open storage yards.
The government’s rice inventories totaled almost 38 million
Guimaras farmers
PHOTO shows mackerel from the North Atlantic. WWW.FAO.ORG
Trump announces 30% tariffs against EU, Mexico to begin Aug. 1, rattling major US trading partners
By Aamer Madhani The Associated Press
BRIDGEWATER, N.J.—President
Donald Trump on Saturday announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1, a move that could cause massive upheaval between the United States and two of its biggest trade partners.
Trump detailed the planned tariffs in letters posted to his social media account. They are part of an announcement blitz by Trump of new tariffs aimed at allies and foes alike, a bedrock of his 2024 campaign that he said would set the foundation for reviving a US economy that he claims has been ripped off by other nations for decades.
In his letter to Mexico’s leader, President Claudia Sheinbaum, Trump acknowledged that the country has been helpful in stemming the flow of undocumented migrants and fentanyl into the United States. But he said the country has not done enough to stop North America from turning into a “Narco-Trafficking Playground.”
“Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough,” Trump added. Trump in his letter to the European Union said the US trade deficit was a national security threat.
“We have had years to discuss our
Trading Relationship with The European Union, and we have concluded we must move away from these longterm, large, and persistent, Trade Deficits, engendered by your Tariff, and Non-Tariff, Policies, and Trade Barriers,” Trump wrote in the letter to the EU. “Our relationship has been, unfortunately, far from Reciprocal.” The letters come in the midst of an on-and-off Trump threat to impose tariffs on countries and right an imbalance in trade. Trump in April imposed tariffs on dozens of countries, before pausing them for 90 days to negotiate individual deals. As the three-month grace period ended this week, Trump began sending his tariff letters to leaders but again has pushed back the implementation day for what he says will be just a few more weeks. If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy.
EU members and Mexico respond EUROPEAN Union Commission President Ursula von der Leyen responded by noting the bloc’s “commitment to dialogue, stability, and a constructive transatlantic partnership.”
“At the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required,” von der Leyen said in a statement.
Von der Leyen added that the EU remains committed to continuing negotiations with the US and coming to an agreement before August1. Trade ministers from EU countries are scheduled to meet Monday to discuss trade relations with the US, as well as with China.
European leaders joined von der Leyen in urging Trump to give negotiations more time and warnings of possible new tariffs on Washington.
“With European unity, it is more than ever up to the Commission to assert the Union’s determination to resolutely defend European interests,” French President Emmanuel Macron said in a statement posted on X.
Italian Premier Giorgia Meloni’s office said “it would make no sense to trigger a trade war between the two sides of the Atlantic.”
Danish Foreign Minister Lars Løkke Rasmussen told broadcaster DR that Trump was taking a “pointless and a very shortsighted approach.” Swedish Prime Minister Ulf Kristersson warned in an interview with SVT that “everyone loses out from an escalated trade conflict, and it will be US consumers who pay the highest price.”
Trump, as he has in previous letters, warned that his administration would further raise tariffs if the EU attempts to hike its own tariffs on the United States.
The Mexican government said it was informed during high-level talks with US State Department officials Friday that the Trump letter was coming. The delegation told Trump officials at the meeting it disagreed with the decision and considered it “unfair treatment,” according to a Mexican government statement.
Sheinbaum, who has sought to avoid directly criticizing Trump in the early going of her presidency, expressed a measure of confidence during a public appearance on Saturday that the US and Mexico will reach “better terms.”
“I’ve always said that in these cases, you need a cool head to face any problem,” Sheinbaum said.
With the reciprocal tariffs, Trump is effectively blowing up the rules governing world trade. For decades, the United States and most other countries abided by tariff rates set through a series of complex negotiations known as the Uruguay round. Countries could set their own tariffs, but under the “most favored nation’’ approach, they couldn’t charge one country more than they charged another.
The Mexico tariff, if it goes into effect, could replace the 25 percent tariffs on Mexican goods that do not comply with the existing US-MexicoCanada free trade agreement.
Trump’s letter did not address if USMCA-compliant goods would still be exempt from the Mexico tariffs
after Aug. 1, as the White House said would be the case with Canada. Trump sent a letter to Canada earlier this week threatening a 35 percent tariff hike.
Higher tariffs had been suspended WITH Saturday’s letters, Trump has now issued tariff conditions on 24 countries and the 27-member European Union.
So far, the tally of trade deals struck by Trump stands at two— one with the United Kingdom and one with Vietnam. Trump has also announced the framework for a deal with China, the details of which remain fuzzy.
Treasury Secretary Scott Bessent on Saturday said the UK “smartly” acted early.
“Let this be a lesson to other countries - earnest, good faith negotiations can produce powerful results that benefit both sides of the table, while correcting the imbalances that plague global trade,” Bessent said in a posting on X. Douglas Holtz-Eakin, a former Congressional Budget Office director and president of the center-right American Action Forum, said the letters were evidence that serious trade talks were not taking place over the past three months. He stressed that nations were instead talking amongst themselves about how to minimize their own exposure to the US economy and Trump.
“They’re spending time talking to each other about what the future is going to look like, and we’re left out,” Holtz-Eakin said.
Potential impact is vast IF the tariffs do indeed take effect, the potential impact on Europe could be vast. The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. Europe’s biggest exports to the US were pharmaceuticals, cars, aircraft, chemicals, medical instruments and wine and spirits.
Lamberto Frescobaldi, president of the Union of Italian Wines trade association, said Trump’s move could lead to “a virtual embargo” of his country’s wine. “A single letter was enough to write the darkest chapter in relations between two historic Western allies,” Frescobaldi said. Trump has complained about the EU’s 198-billion-euro trade surplus in goods, which shows Americans buy more goods from European businesses than the other way around. However, American companies fill some of the gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. The US services surplus took the nation’s trade deficit with the EU down to 50 billion euros ($59 billion), which represents less than 3 percent of overall US-EU trade.
Associated Press writers Josh Boak in Washington, Angela Charlton in Paris, Regina Garcia Cano in Caracas, Venezuela, Kirsten Grieshaber in Berlin, Dave McHugh in Frankfurt, Germany, and Giada Zampano in Rome contributed to this report.
Trump patience on tariffs runs thin as nations jostle for deals
UBy Josh Wingrove
S trading partners trying to navigate the final weeks of negotiations before President Donald Trump’s so-called reciprocal tariffs hit are facing a leader who has made clear he’s lost patience with talks.
Even as negotiators from Brussels to New Delhi are racing to find a way out of the punishing levies he’s floated, Trump continued to send letters unilaterally setting rates—while still allowing for a little wiggle room.
Early Saturday, Trump posted letters sent to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, declaring a 30 percent rate for Mexico and the European Union beginning August 1.
He said Mexico had failed to do enough to stop the flow of fentanyl into the US and complained that the EU’s trade deficit with the US was unfair. He suggested both partners could take steps to
mitigate the rates—or he could increase them further if he didn’t like their responses.
Efforts by those countries and others to find an escape from the punishing levies are expected to intensify next week ahead of a new Aug. 1 deadline for many of the import taxes to kick in. US Treasury Secretary Scott Bessent is heading to Japan and EU negotiators are focusing their attention on cars and agricultural tariffs in hopes of securing at least a provisional agreement. The days ahead could also bring a fresh flurry of unilateral missives from the White House setting tariff levels on countries the president has determined no longer worthy of talks.
Summer of drama
A DRAMATIC stretch in Trump’s trade war has seen some of the biggest developments yet in his tariff campaign, underscoring the risks for trading partners and raising the stakes before what the presi -
dent insists is his final deadline.
His impatience erupted over recent days as he teed up a frenzied wave of tariffs for August 1, hitting longtime allies like Japan and South Korea, which had struggled with negotiations because of internal political pressures, raising some rates on neighboring Canada despite Prime Minister Mark Carney’s charm offensive, and slapping an eye-popping 50 percent rate on goods from Brazil over unrelated political disputes.
The message was clear: Trump intends to make good on his threat to abandon painstaking negotiations and just set unilateral rates—and that a fresh barrage of tariffs are coming, not unlike the April announcement that spurred a market selloff.
For nations dependent on US trade, the window is quickly closing to determine how best to negotiate the impossible choice presented by Trump’s maximalist stance: bend the knee or dig in for a fight. The president himself has repeatedly said he’d prefer unilateral rates and the
only thing stopping him was pleas from Bessent and other aides for patience.
“The real question is will Trump accept what they have on the table? Will they put a little more on the table? Where will it come out?” Wilbur Ross, Trump’s firstterm commerce secretary, told Bloomberg Television Thursday.
“But worse comes to worst, he is fully prepared to go through with the tariffs and have that be the end of the story.”
Trump opened the week by extending the July 9 tariff deadline to Aug. 1 and renewing his threat to Japan and South Korea, where talks have dragged. At a cabinet meeting, Bessent boasted about the flood of taxes being collected from importers.
The president has bristled at what’s been called the “TACO trade,” with markets betting that “Trump always chickens out” on tariff threats, and insisted this extension would be the last. He also announced his long-simmering copper tariff, setting it at 50 percent and saying it would be enacted August 1—a levy poised to capture a wide range of derivative products. He also threatened a 200 percent pharmaceutical levy.
“I assume that what we are seeing here is a negotiating tactic,” said Lars Suedek um, a personal economic adviser to German Finance Minister Lars Klingbeil. “We have seen this many times in recent weeks: customs announcements followed by suspensions and customs breaks. It’s been quite a back and forth. I see no reason why
it should be any different this time.”
Still, the extension set off another frenzied struggle with nations hopeful they could sway a president whose tariff agenda has moved in fits-and-starts and reversals.
India has been making progress on an interim trade deal that could reduce its proposed tariffs to below 20 percent, people familiar with the matter said, adding that New Delhi does not expect to receive a tariff demand letter. Even with Bessent headed to Japan, the prospect of a breakthrough is unclear and the US is awaiting a better offer from Tokyo, an American official said.
White House trade adviser Peter Navarro on Friday encouraged another country facing higher tariffs, Canada, to keep talking, underscoring that the door remains open to negotiations.
“I would urge the Canadian citizens to urge their leaders to negotiate fairly with us,” he told Bloomberg Television on Friday.
Widening clashes
TRUMP’S letters announcing tariffs to individual countries were initially boilerplate, distributed to partners he’d hit with elevated tariffs in his April 2 “Liberation Day” announcement, all of which run trade surpluses with the US.
But his targets have widened: He threatened a 50 percent rate on Brazil, pressuring that country to stop legal proceedings against his ally, Jair Bolsonaro, a major escalation demonstrating how
Trump has weaponized trade powers for unrelated disputes. The move also signaled that Trump would apply elevated rates even to countries, like Brazil, with which the US runs a goods trade surplus. He’s also been stepping up his threats against BRICS nations, vowing extra levies even if they reach some kind of accord with him. The 35 percent tariff on Canada hit one of the biggest American trading partners and a country that was not facing an imminent tariff hike, like other recipients of his letters. That increase, though, is not poised to apply to energy products, which will remain at a 10 percent rate, or goods compliant with the USMCA trade pact. Trump also signaled to NBC in an interview that he might simply raise blanket tariffs to 15 percent or 20 percent, up from 10 percent now for nearly all trading partners, though it’s not clear how widely that move would apply.
Uncertain deals
TRUMP’S White House once pledged 90 deals in 90 days, but has so far only reached agreements with the UK, Vietnam and a truce lowering tariffs with China — all with caveats.
The China deal allowed the two economies to de-escalate but left many issues unresolved, while the agreement with the UK faces uncertainty over metals tariffs.
While Trump touted a deal with Vietnam, that announcement surprised the country’s leadership with a higher rate than they expected, making it more akin to his unilateral letters than a mutually agreed pact.
“I worry that we could have a situation—and I don’t know that it’ll be on August 1 or the future—but we’d have a situation where he’s not bluffing, but everyone thinks he is bluffing,” said Michael Strain, director of economic policy at the American Enterprise Institute, a conservative think tank. “The more times that happens, the more worried I get that the next up will be a real deadline.”
With assistance from Kamil Kowalcze/Bloomberg News
Angel R. Calso
Economists see slight US inflation hike in June as tariffs impact prices
By Vince Golle & Craig Stirling
AFTER months of seeing very little inflation, US consumers probably experienced slightly faster price growth in June as companies started to pass along the higher cost of imported merchandise associated with tariffs.
Prices of goods and services, excluding volatile food and energy costs, rose 0.3 percent in June, the most in five months, according to a Bloomberg survey of economists. In May, the socalled core consumer price index edged up 0.1 percent.
The measure, regarded as a better indicator of underlying inflation, is seen accelerating on an annual basis for the first time since January. to 2.9 percent.
While Tuesday’s report is likely to show just a little more pass-through of higher US import duties, many economists expect inflation to gradually pick up as the year progresses. At the same time, many merchants are hesitant to ratchet up prices on American consumers exercising more spending discipline in the wake of a cooling job market. It’s a delicate balancing act. Retail sales figures on Thursday are expected to show only a modest increase in June after two months of declines. Details of the data, which primarily reflects spending on merchandise, will help economists firm up their estimates for second-quarter economic growth. While consumer demand has shifted into a lower gear along with the labor market, Federal Reserve officials have held off lowering interest rates on concerns higher tariffs will ultimately cause inflation to accelerate.
Policymakers next meet July 29-30.
“We think the composition of price increases will likely resemble May’s report, with only modest tariff passthrough in goods categories offset by continued softness in services. Scraped price data show a mixed picture, with firming in categories like appliances and furniture, but declines in airfares and used cars,” said Bloomberg economists Estelle Ou, Stuart Paul, Eliza Winger and Chris G. Collins.
In addition to the Wednesday release of the Fed’s Beige Book, a compilation of anecdotes about regional economies, investors will hear from a number of US central bankers in the coming week. They include Fed Governors Christopher Waller, Adriana Kugler and Lisa Cook.
Looking north, Statistics Canada will release the second of two inflation reports before the Bank of Canada’s rate decision on July 30. The central bank is closely watching core measures, which have accelerated in recent months but cooled slightly to 3 percent in May.
Elsewhere, the Group of 20 finance ministers meeting in South Africa, consumer-price data from Japan and the UK, and key speeches by British policymakers will be among the highlights.
Asia
A SLEW of data from Japan and China will be the focus, with key growth and trade indicators from Malaysia to India also in the spotlight. It begins Monday, when China releases trade figures which will give the latest read of the impacts of US tariffs and potential frontloading of shipments.
The next day, numbers for China’s June new home sales, retail sales and unemployment provide a snapshot of consumers, while second-quarter gross domestic product is forecast at a slower 5.3 percent, and industrial production figures are set to show the overall health of the economy and a key driver of it.
In Japan, core machine orders and final May industrial production figures are out Monday and are expected to underscore a slowdown in activity. Thursday’s trade data is expected to also be weak.
Inflation figures on Friday will highlight the challenge facing Japan’s central bank, with national consumer price data for June set to show the headline rate slipping to 3.3 percent.
Growth and trade will be key themes across the region. India reports exports for June on Tuesday, while inflation is seen cooling in data out Monday. Malaysia releases second quarter GDP figures and export data after a weak May.
Singapore likely notched a 0.8 percent pace of growth in the second quarter, while South Korea’s export and import trade price weakness may continue into June amid weaker demand.
Elsewhere, Indonesia’s central bank is expected to cut its key interest rate.
Europe, Middle East, Africa
THE week’s regional highlight will be the gathering of finance ministers and central bank governors from the Group of 20, the second such meeting since South Africa took over the rotating presidency from Brazil. The event will again be overshadowed by US tariff threats and the absence of Treasury Secretary Scott Bessent. The world’s largest econo -
my has expressed displeasure with the host’s theme of “Solidarity, Equality and Sustainability,” as well as some of its foreign policies. Meanwhile, the UK will remain in the focus for markets amid heightened concern about its public finances and after a poor growth number for May, released on Friday.
On Tuesday, Mansion House speeches by Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey will draw attention.
Inflation data for June is released the following day, with economists predicting an outcome stubbornly stuck above 3 percent for the headline measure, and the services gauge weakening only slightly, to 4.6 percent. Policymakers may take more reassurance from labormarket numbers on Thursday, which are set to show pay pressures weakening noticeably.
In the euro area, industrial production on Tuesday, along with Germany’s ZEW index of investor confidence, will be among the highlights. Export numbers from the region will be published the following day, with Switzerland’s data due on Thursday. Each may reveal disruption to trade from US President Donald Trump’s tariffs.
Aside from the G-20 meeting, few appearances by European Central Bank policymakers are on the schedule. The governors of Croatia and France will be among those speaking.
In Israel on Tuesday, data will proba -
bly show that inflation remained steady at 3.1 percent last month, according to a Bloomberg survey of economists. That’s still above the country’s official target of 1 percent to 3 percent, and may ensure the central bank remains cautious about easing.
In the Democratic Republic of Congo, the central bank may lower borrowing costs for the first time since 2022 as its inflation-adjusted interest rate—at 14.5 percent—is one of the highest in the world.
Angola on Friday will probably keep its benchmark at 19.5 percent for a seventh time in a row. Officials will want to assess the impact on inflation of an increase in public-transport fares by as much as 50 percent after the government raised diesel prices earlier in the month.
Latin America
BRAZIL on Monday reports May output data that’s likely to show further month-on-month slowing as interest rates near a two-decade high drag on Latin America’s No. 1 economy.
A 16th straight quarterly expansion looks to be well within reach, but if Trump makes good on his threatened 50 percent tariffs, a second-half recession isn’t out of the question.
Two of the region’s other big economies—Peru and Colombia—also post economic activity reports. Both were largely spared a direct hit from Trump’s most recent escalation of tariff tensions.
While Peru is a major exporter of copper, 50 percent levies on the metal at the US end may do little to dampen demand, since copper plays such a central role in industry and the production of consumer goods.
Rounding out June price readings for Latin America’s big economies, Argentina will all but certainly post a 14th straight month of slower annual inflation, quite likely sinking below 40 percent.
After monthly consumer price increases decelerated to 1.5 percent in May, most analysts expect an uptick in June. The median estimate of economists surveyed by the central bank peg the monthly print at 1.8percent.
59 Palestinians in Gaza killed by Israeli airstrikes or shot dead while seeking aid
By Wafaa Shurafa & Samya Kullab The Associated Press
DEIR AL-BALAH, Gaza Strip—At least 31 Palestinians were fatally shot on their way to an aid distribution site in the Gaza Strip on Saturday, while Israeli airstrikes killed at least 28 Palestinians including four children, Palestinian hospital officials and witnesses said.
There were no signs of a breakthrough in ceasefire talks following two days of meetings between US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu. Trump had said he was nearing an agreement between Israel and Hamas that would potentially wind down the war.
The 31 Palestinians shot dead were on their way to a distribution site run by the Israeli-backed American organization Gaza Humanitarian Foundation near Rafah in southern Gaza, hospital officials and witnesses said.
The Red Cross said its field hospital saw its largest influx of dead in more than a year of operation after the shootings, and that the overwhelming majority of the more than 100 people hurt had gunshot wounds.
Airstrikes in central Gaza’s Deir al-Balah killed 13 including the four children, officials at Al-Aqsa Martyrs Hospital said. Fifteen others were killed in Khan Younis in the south, according to Nasser Hospital. Israel’s military did not immediately respond to a request for comment.
Intense airstrikes continued Saturday evening in the area of Beit Hanoun in northern Gaza.
Israelis rallied yet again for a ceasefire deal. “Arrogance is what brought the disaster upon us,” former hostage Eli Sharabi said of Israeli leaders.
Teen’s first attempt to pick up food ends in death
THE 21-month war has left much of Gaza’s population of over 2 million reliant on outside aid while food security experts warn of famine. Israel blocked and then restricted aid entry after ending the latest ceasefire in March. “All responsive individuals reported they were attempting to access food distribution sites,” the Red Cross said after the shootings near Rafah, noting the “alarming frequency and scale” of such mass casualty incidents. Israel’s military said it fired warning shots toward people it said were behaving suspiciously to prevent them from approaching. It said it was not aware of any casualties. The GHF said no incident occurred near its sites.
Abdullah al-Haddad said he was 200 meters (655 feet) from the aid distribution site run by the GHF close to the Shakoush area when an Israeli tank started firing at crowds of Palestinians.
“We were together, and they shot us at once,” he said, writhing in pain from a leg wound at Nasser Hospital.
Mohammed Jamal al-Sahloo, another witness, said Israel’s military had ordered them to proceed to the site when the shooting started.
Sumaya al-Sha’er’s 17-year-old son, Nasir, was killed, hospital officials said.
“He said to me, ‘Mom, you don’t have flour and today I’ll go and bring you flour, even if I die, I’ll go and get it,’” she said. “But he never came back home.”
Until then, she said, she had prevented the teenager from going to GHF sites because she thought it was too dangerous.
Witnesses, health officials and UN
Russia warns US, South Korea and Japan against forming security alliance targeting North Korea
By Hyung-Jin Kim
The Associated Press
SEOUL, South Korea—Russia’s foreign minister warned the US, South Korea and Japan against forming a security partnership targeting North Korea as he visited his country’s ally for talks on further solidifying their booming military and other cooperation.
Russian Foreign Minister Sergey Lavrov spoke Saturday at North Korea’s eastern Wonsan city, where he met the country’s leader, Kim Jong Un, and conveyed greetings from President Vladimir Putin.
Kim during the meeting reaffirmed his government’s commitment to “unconditionally support and encourage all measures” taken by Russia in its conflict with Ukraine. He said Pyongyang and Moscow
share identical views on “all strategic issues in conformity with the level of alliance,” according to North Korea’s official Korean Central News Agency. Lavrov called for the two countries
to further strengthen their “strategic and tactical cooperation and intensify concerted action” in international affairs, KCNA reported. Relations between Russia and North Korea have been flourishing in recent years, with North Korea supplying troops and ammunition to support Russia’s war against Ukraine in return for military and economic assistance.
That has raised concerns among South Korea, the US and others that Russia might also transfer sensitive technologies to North Korea that can increase the danger of its nuclear and missile programs.
officials say hundreds have been killed by Israeli fire while heading toward GHF distribution points through military zones off limits to independent media. The military has acknowledged firing warning shots at Palestinians who it says approached its forces in a suspicious manner.
The GHF denies there has been violence in or around its sites. But two of its contractors told The Associated Press that their colleagues have fired live ammunition and stun grenades as Palestinians scramble for food, allegations the foundation denied.
In a separate effort, the UN and aid groups say they struggle to distribute humanitarian aid because of Israeli military restrictions and a breakdown
Speaking with reporters after a meeting with his North Korean counterpart Choe Son Hui, Lavrov accused the US, South Korea and Japan of what he called military buildups around North Korea.
“We warn against exploiting these ties to build alliances directed against anyone, including North Korea and, of course, Russia,” he said, according to Russia’s state Tass news agency.
The US, South Korea and Japan have expanded or restored their trilateral military exercises in response to North Korea’s advancing nuclear program. The three countries held a joint air drill Friday involving US nuclear-capable bombers near the Korean Peninsula as their top military officers met in Seoul and urged North Korea to cease all unlawful activities threatening regional security.
North Korea views major US-led military drills as invasion rehearsals and has long argued it is forced to develop nuclear weapons to defend itself from US military threats.
Russia understands North Korea’s decision to seek nuclear weapons, Lavrov said.
“The technologies used by North Korea are the result of the work of its own scientists. We respect North Korea’s aspirations and understand the reasons why it is pursuing nuclear development,” Lavrov said, according to Tass.
Kim Tong-hyung in Seoul, South Korea, and Elise Morton in Athens, Greece, contributed to this report.
of law and order that has led to widespread looting.
The first fuel—150,000 liters—entered Gaza this week after 130 days, a joint statement by UN aid bodies said, calling it a small amount for the “the backbone of survival in Gaza.” Fuel runs hospitals, water systems, transport and more, the statement said.
Hamas-led militants killed some 1,200 people in their Oct. 7, 2023, attack on Israel that sparked the war and abducted 251. Hamas still holds some 50 hostages, with at least 20 believed to remain alive.
Israel’s retaliatory offensive has killed over 57,800 Palestinians, more than half of them women and children, according to Gaza’s Health Ministry.
The ministry, under Gaza’s Hamasrun government, doesn’t differentiate between civilians and combatants in its count. The UN and other international organizations see its figures as the most reliable statistics on war casualties.
A Palestinian-American killed in the West Bank FRIENDS and relatives paid their respects a day after Palestinian-American Seifeddin Musalat and local friend Mohammed al-Shalabi were killed in the Israeli-occupied West Bank, according to the Palestinian Health Ministry.
Musalat was beaten to death by Israeli settlers on his family’s land, his cousin Diana Halum told reporters. The settlers then blocked paramedics from reaching him, she said. Musalat, born in Florida, was visiting his family home. His family wants the US State Department to investi
his death and hold the
accountable. The State Department said it was aware of the reports of his death but had no comment out of respect for the family.
A witness, speaking on condition of anonymity to avoid Israeli retaliation, said the settlers descended on Palestinian lands and “started shooting at us, beating by sticks and throwing rocks.”
Israel’s military has said Palestinians hurled rocks at Israelis in the area earlier on Friday, lightly wounding two people and setting off a larger confrontation.
Palestinians and rights groups have long accused the military of ignoring settler violence, which has spiked—along with Palestinian attacks and Israeli military raids—since the war in Gaza began.
Iran says it would resume nuclear talks with US if guaranteed no further attacks
TEHRAN—Iran’s foreign minister said Saturday that his country would accept a resumption of nuclear talks with the US if there were assurances of no more attacks against it, state media reported.
Foreign Minister Abbas Araghchi said in a speech to Tehran-based foreign diplomats that Iran has always been ready and will be ready in the future for talks about its nuclear program, but, “assurance should be provided that in case of a resumption of talks, the trend will not lead to war.”
Referring to the 12-day Israeli bombardment of Iran’s nuclear and military sites, and the US strike on June 22, Araghchi said that if the US and others wish to resume talks with Iran, “first of all, there should be a firm guarantee that such actions will not be repeated. The attack on Iran’s nuclear facilities has made it more difficult and complicated to achieve a solution based on negotiations.”
Following the strikes, Iran suspended cooperation with the UN nuclear watchdog, which led to the departure of inspectors.
Araghchi said that under Iranian law, the country will answer the agency’s request for cooperation “case by case,” based on Iran’s interests. He also said any inspection by the agency should be done based on Iran’s “security” concerns as well as the safety of the inspectors. “The risk of proliferation of radioactive ingredients and an explosion of ammunition that remains from the war in the attacked nuclear sites is serious,” he said. He also reiterated Iran’s position on the need to continue enriching uranium on its soil. US President Donald Trump has insisted that cannot happen. Israel claims it acted because Tehran was within reach of a nuclear weapon. US intelligence agencies and the
IRAN’S Foreign Minister Abbas Araghchi attends the 17th annual BRICS summit in Rio de Janeiro, Brazil, Monday, July 7, 2025.
PHOTO/ERALDO
A PALESTINIAN man carries the body of his child, who was killed in an Israeli military airstrike on Gaza, at Shifa Hospital in Gaza City, Saturday, July 12, 2025. AP PHOTO/JEHAD ALSHRAFI
IN this photo released by Russian Foreign Ministry Press Service, Russian Foreign Minister Sergey Lavrov, right, and North Korea’s leader Kim Jong Un shake hands during their meeting in Wonsan, North Korea, on Saturday, July 12, 2025. RUSSIAN FOREIGN MINISTRY PRESS SERVICE VIA AP
The World
US aid cuts halt HIV vaccine research in South Africa, with global impact
By Mogomotsi Magome
The Associated Press
JOHANNESBURG—Just a week had remained before scientists in South Africa were to begin clinical trials of an HIV vaccine, and hopes were high for another step toward limiting one of history’s deadliest pandemics. Then the e-mail arrived.
Stop all work, it said. The United States under the Trump administration was withdrawing all its funding.
The news devastated the researchers, who live and work in a region where more people live with HIV than anywhere else in the world. Their research project, called BRILLIANT, was meant to be the latest to draw on the region’s genetic diversity and deep expertise in the hope of benefiting people everywhere.
But the $46 million from the US for the project was disappearing, part of the dismantling of foreign aid by the world’s biggest donor earlier this year as President Donald Trump announced a focus on priorities at home.
South Africa hit hard by aid cuts
SOUTH Africa has been hit especially hard because of Trump’s baseless claims about the targeting of the country’s white Afrikaner minority. The country had been receiving about $400 million a year via USAID and the HIV-focused PEPFAR.
Now that’s gone.
Glenda Grey, who heads the Brilliant program, said the African continent has been vital to the development of HIV medication, and the US cuts threaten its capability to do such work in the future.
Significant advances have included clinical trials for lenacapavir, the world’s only twice-a-year shot to prevent HIV, recently approved for use by the US Food and Drug Administration. One study to show its efficacy involved young South Africans.
“We do the trials better, faster and cheaper than anywhere else in the world, and so without South Africa as part of these programs, the world, in my opinion, is much poorer,” Gray said.
She noted that during the urgency of the Covid-19 pandemic, South Africa played a crucial role by testing the Johnson & Johnson and Novavax vaccines, and South African scientists’ genomic surveillance led to the identification of an important variant. Labs empty and thousands are laid off A TEAM of researchers at the University of the Witwatersrand has been part of the unit developing the HIV vaccines for the trials.
Inside the Wits laboratory, technician Nozipho Mlotshwa was among the young people in white gowns working on samples,
but she may soon be out of a job.
Her position is grant-funded. She uses her salary to support her family and fund her studies in a country where youth unemployment hovers around 46 percent.
“It’s very sad and devastating, honestly,” she said of the US cuts and overall uncertainty. “We’ll also miss out collaborating with other scientists across the continent.”
Professor Abdullah Ely leads the team of researchers. He said the work had promising results indicating that the vaccines were producing an immune response.
But now that momentum, he said, has “all kind of had to come to a halt.”
The BRILLIANT program is scrambling to find money to save the project. The purchase of key equipment has stopped. South Africa’s health department says about 100 researchers for that program and others related to HIV have been laid off. Funding for postdoctoral students involved in experiments for the projects is at risk.
South Africa’s government has estimated that universities and science councils could lose about $107 million in US research funding over the next five years due to the aid cuts, which affect not only work on HIV but also tuberculosis—another disease with a high number of cases in the country.
Less money, and less data on what’s affected
SOUTH Africa’s government has said it will be very difficult to find funding to replace the US support.
And now the number of HIV infections will grow. Medication is more difficult to obtain. At least 8,000 health workers in South Africa’s HIV program have already been laid off, the government has said. Also gone are the data collectors who tracked patients and their care, as well as HIV counselors who could reach vulnerable patients in rural communities.
For researchers, Universities South Africa, an umbrella body, has applied to the national treasury for over $110 million for projects at some of the largest schools.
During a visit to South Africa in June, UNAIDS executive director Winnie Byanyima was well aware of the stakes, and the lives at risk, as research and health care struggle in South Africa and across Africa at large.
Other countries that were highly dependent on US funding including Zambia, Nigeria, Burundi and Ivory Coast are already increasing their own resources, she said.
“But let’s be clear, what they are putting down will not be funding in the same way that the American resources were funding,” Byanyima said.
Associated Press writer Michelle Gumede in Johannesburg contributed to this report.
Sand and dust storms affect about 330 million people in over 150 countries, UN agency says
By Edith M. Lederer The Associated Press
UNITED NATIONS—Sand and dust storms affect about 330 million people in over 150 countries and are taking an increasing toll on health, economies and the environment, the UN World Meteorological Organization says.
“About 2 billion tons of dust are emitted yearly, equivalent to 300 Great Pyramids of Giza” in Egypt, the organization’s UN representative, Laura Paterson, told the General Assembly.
More than 80 percent of the world’s dust comes from the deserts in North Africa and the Middle East, she said, but it has a global impact because the particles can travel hundreds and even thousands of kilometers (miles) across continents and oceans.
The General Assembly was marking the International Day of Combating Sand and Dust Storms on Saturday and its designation of 2025 to 2034 as the UN decade on combating sand and dust storms.
Assembly President Philemon Yang said the storms “are fast becoming one of the most overlooked yet far-reaching global challenges of our time.”
“They are driven by climate change, land degradation and unsustainable practices,” he said.
Yang, in a speech Thursday that was read by an assembly vice president, said airborne particles from sand and dust storms contribute to 7 million premature deaths
every year. He said they trigger respiratory and cardiovascular disease, and reduce crop yields by up to 25 percent, causing hunger and migration.
Undersecretary-General Rola Dashti, head of the UN Economic and Social Commission for Western Asia, told the assembly the storms’ economic costs are “staggering.”
In the Middle East and North Africa, the annual cost of dealing with dust and sand storms is $150 billion, roughly 2.5% of GDP, she said.
“This spring alone, the Arab region experienced acute disruption,” Dashti said, citing severe storms in Iraq that overwhelmed hospitals with respiratory cases and storms in Kuwait and Iran that forced schools and offices to close.
Dust from the Sahara Desert in Africa has reached as far as the Caribbean and Florida, she said, Dashti, who also co-chairs the UN Coalition on Combating Sand and Dust Storms, said over 20 U.N. and international agencies are working to unite efforts on early warning systems for storms and to deal with other issues, including health and financing. She urged all countries to put sand and dust storms into global and national agendas.
“From land restoration and sustainable agriculture to integrated early warning systems, we have the tools to act,” Dashti said. “What we need now is collective determination and financing to bring these solutions to scale.”
Labour fails to boost UK living standards after one year on job
By Irina Anghel & Tom Rees
UK living standards are no higher than when Labour swept to power a year ago, highlighting the problems piling up for Prime Minister Keir Starmer as he struggles to contain the rise of Nigel Farage’s populist Reform UK party.
Discretionary incomes tumbled
4.2 percent in April after a wave of bill increases and tax hikes, and failed to improve in May—the worst two months for households since the spring of 2022 when Russia’s invasion of Ukraine sent energy prices rocketing, according to Retail Economics. In total, they have fallen 7.5 percent this year to levels seen just after Labour won a landslide victory in July last year, with the least well off hit hardest.
The bleak findings come as separate analysis shows the number of Britons with second jobs jumping to a record high and one in six workers struggling to pay their monthly bills.
The figures help to explain why political discontent is brewing in Britain—despite Starmer’s claim that wages growing faster than prices is a sign of things improving. Labour has been overtaken in opinion polls by Reform UK, which has surged in support as it promises tax cuts and handouts to lower-income Britons.
With pay growth running at around 5 percent, well above the 3.4 percent rate of inflation, Starmer and Chancellor of the Exchequer Rachel Reeves
say they are delivering on an election promise to make working people better off. But Retail Economics’ data covers changes in tax and some bills not captured by official data, suggesting that the real picture for households is much worse.
Disposable incomes recovered strongly from the spring of 2023 after being hit by soaring energy and food bills that pushed inflation to a peak of 11.1 percent. However, “awful April” this year delivered a fresh blow as food prices jumped and a raft of regulated costs, from local authority taxes and rail fares to energy and water bills, shot up. “These unavoidable outgoings hit lower-income households the hardest and offset recent earnings gains,” said Nicholas Found, head of commercial content at Retail Economics.
For the bottom 40 percent of households, incomes remain below
2019 levels despite a nearly 7 percent increase to the minimum wage that took effect in April.
It suggests workers could keep pushing for higher wages, maintaining pay growth above the Bank of England’s comfort levels despite a rapid deterioration in the labor market in recent months. While a fresh uptick in inflation in 2025 is being driven by one-off factors, policymakers are on guard against “second-round” effects and have signaled a “gradual” approach to cutting interest rates.
The deterioration in living standards also helps explain ongoing consumer caution even though wages are growing strongly. Lower-income households spend most of their earnings on essentials, leaving them less to spend in shops and restaurants, while the richest are saving more of their spare cash. Retail sales fell the most since 2023 in May, contributing to an -
other month of economic contraction.
A survey by Lancaster University’s Work Foundation found that one in six UK workers said they are struggling to pay their bills each month. Some four in 10 say they have little income left for savings or holidays, and less than half believe wage growth is keeping up with the cost of living.
It said that the squeeze is forcing many Britons to seek more work, particularly men. Its analysis of official data for the three months through April showed the number of people with second jobs jumping by 10 percent compared to a year ago to record highs.
“Financial pressures are pushing people to work extra hours or find additional sources of income, often through apps that make it easy to pick up extra work but this can lead to unhealthy workloads,” said Alice Martin, head of research at the think tank. “We are seeing similar trends in other countries such as the US.”
Frozen income-tax thresholds are also eroding living standards by dragging more workers into higher tax bands, and Starmer has refused to rule out extending the freeze as his government faces pressure to boost tax revenue after U-turns on billions of pounds of welfare cuts left Reeves with a growing budget hole to fill. The policy, introduced by the former Conservative government, is due to end 2028.
The Resolution Foundation estimates that fiscal drag would completely erase a 2.5 percent wage boost in real terms for those just above the tax thresholds over the next three years. Some could even see a drop in real incomes once bills for council tax, a property-based local authority levy, are added to the calculation, the think tank added. Bloomberg News
By Allegra Catelli, Jan-Henrik Förster & Noele Illien
ROMEO LACHER was full of ideas when he sold the payment services division of Switzerland’s stock exchange SIX Group AG to French firm Worldline SA in 2018.
The 2.75 billion Swiss franc ($3.5 billion) deal gave SIX a 27 percent stake in Worldline and would provide SIX with an “extreme” amount of firepower to participate in Europe’s consolidating market infrastructure sector, Lacher, then chairman of SIX, said at the time. He later held the same position at Swiss wealth manager Julius Baer Group Ltd., before exiting earlier this year.
Seven years later, SIX’s remaining Worldline stake has turned into a millstone around the bourse’s neck, trading more than 90 percent lower than at the time of the tie-up. The exchange is now likely facing a third writedown in as many years following the recent collapse in Worldline’s share price as a result of fraud allegations in various European publications last month.
Worldline has denied the allegations and its chief executive officer has decried the media reports, calling them outdated and part of an orchestrated media campaign against the firm.
The bourse’s current stake of roughly 10 percent in Worldline was valued in its accounts at just under €400 million ($467 million) at the end of 2024. That was already at a premium to its €250 million market value, which has fallen further this year to around €110 million.
SIX is now reviewing potential actions for the shareholding, according to people familiar with the matter, including carrying
out a test to determine if further impairment is required. The wait-and-see approach is not an option anymore, said one of the people, who all asked not to be identified discussing private information.
SIX already booked an impairment on its Worldline stake of around 860 million Swiss francs for the fourth quarter of 2023 linked to a cut to the company’s outlook and the scrapping of its revenue target. The exchange also adjusted its 2024 net profit to account for another 168 million Swiss francs impairment on the stake.
SIX’s largest shareholder is UBS Group AG, with a roughly 35 percent stake. Representatives for UBS, Worldline and SIX declined to comment. Lacher didn’t respond to a request for comment.
‘Strategic’ holding DANIEL SCHMUCKI, SIX’s chief financial officer and a former aviation industry executive, has sat on Worldline’s board for the past five years, a period in which the exchange has repeatedly described its holding in Worldline as “strategic.” Worldline shares dropped 38 percent on June 25 after media outlets published reports that the firm had ignored
Trump targets Fed Chair Powell over costly building renovation amid calls for rate cuts
By Amara Omeokwe
PRESIDENT Donald Trump and his allies have seized upon a new way to criticize the head of the US central bank: his handling of an expensive renovation of the Federal Reserve’s headquarters.
The construction project offers the clearest example yet of how Trump and those in his orbit are looking for every opportunity to scrutinize Jerome Powell’s leadership at the central bank, even beyond his economic stewardship.
Some administration officials also appear to be building a case that the renovation is the opportunity Trump needs to meet the high legal standard required to remove Powell from the Fed’s Board of Governors.
The heightened pressure coincides with relentless calls from Trump for the Fed to lower interest rates—which Powell and fellow policymakers have defied so far this year. Trump has lambasted the Fed chief in turn and made clear he’ll replace Powell when his term as chair expires in May 2026 with someone who wants lower rates.
In recent days, administration officials and some congressional Republicans have zeroed in on the renovation project, taking issue with its rising costs, what they consider extravagant design features and Powell’s recent testimony about the construction before Congress.
“Notions that they may be engaged in excessive and inappropriate spending on a building project could feed a negative stereotype that the Fed is too far removed from the realities that most people are facing,” said Kathryn Judge, a law professor at Columbia University who studies the Fed. That dynamic, she said, could “undermine its credibility with the broader public and potentially actually serve
President Trump’s claims that what we need is a Federal Reserve who is more accountable to the president and to the people that elected him.”
White House spokesman Kush Desai said in a statement that the president “can both call out the Fed for failing to do its job by its own stated objectives and ensure that taxpayer money is not wasted on things that do not benefit the American people.”
Deutsche Bank AG strategist George Saravelos said in a note to clients Saturday that Powell’s potential dismissal was a major and underpriced risk that could trigger a selloff in the US dollar and Treasuries.
Renovation backlash
THE Fed has said its renovations of two historic buildings at its Washington headquarters are designed to reduce costs over time by consolidating its operations.
But Powell’s critics have homed in on the growing costs, along with media reports that have characterized several of the renovation’s design features as lavish.
Fed budget documents show cost estimates for the project have risen to $2.5 billion this year, compared with $1.9 billion in 2023. The project’s “construction cost estimates have continued to increase, particularly within the mechanical, electrical and plumbing trades, due to competitive bid pricing,” the Fed’s 2025 budget says.
In a July 10 letter addressed to Powell, Russ Vought, director of the
White House Office of Management and Budget, criticized the project and demanded Powell provide more details.
“Instead of attempting to right the Fed’s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington DC headquarters,” Vought said in the letter posted to social media.
In the post, Vought also asserted that Powell had “grossly mismanaged the Fed.”
Bill Pulte, director of the Federal Housing Finance Administration and a fierce critic of Powell’s position on interest rates, has similarly targeted the Fed chief over the renovations.
Pulte has alleged—without providing details—that Powell lied about the specifics of the project during a June 25 Senate hearing. Pulte has asserted this would justify removing Powell “for cause” and called on Congress to investigate.
Powell’s hint
THIS specific line of criticism comes as Powell has declined to answer questions about whether he will depart the central bank when his term as chair ends in May 2026. His underlying term as a governor extends into 2028. With one exception, past Fed chairs
have exited when they surrender their leadership role.
Should Powell stay on, it could pose a roadblock to Trump’s ambition to exert more influence over monetary policy once he installs a new chair.
That will already prove difficult given that interest rates are set by a majority vote of the 12-member Federal Open Market Committee. If Powell remains, he’ll deny Trump the opportunity to fill another open governor seat. It would also introduce the possibility that Powell retains more influence over the committee than its new chair, who may lack credibility among Fed officials.
The drama developing around the Fed also follows a May ruling in which the Supreme Court signaled it would likely shield the Fed in any decision that allows Trump to oust top officials at two other independent federal agencies. Although legal challenges in that case continue, the decision signaled that the removal of any Fed governor would still require cause, which has been interpreted by the courts to mean inefficiency, neglect of duty or malfeasance in office.
Trump has continued to say he won’t fire Powell but said the Fed chief should
Wall Street braces for weakest earnings season since mid-2023 amidst optimism and trade war concerns
By Alexandra Semenova
Sagarika Jaisinghani
&
IN just three months, US stocks have swung from a dramatic April selloff to new heights. Now, traders are about to see if Corporate America’s report cards justify the optimism priced into equity markets. Expectations aren’t high: Wall Street is bracing for the weakest earnings season since mid-2023. Analysts see second-quarter profits on the S&P 500 Index rising 2.5 percent year-on-year, Bloomberg Intelligence data show. Six of 11 sectors are projected to post profit declines, while the full-year growth forecast for the benchmark index has dropped to 7.1 percent from 9.4 percent in early April. The S&P 500 is trading near a record high even as earnings forecasts wane and companies navigate President Donald Trump’s trade policies. However, lower estimates could be easier for companies to beat. Based on recent guidance, BI strategists Gina Martin Adams and Wendy Soong say companies could handily exceed those modest estimates.
“The bar is now so low,” said Kevin Gordon, senior investment strategist at Charles Schwab & Co. “That of course makes it easy for companies to beat, but I think the emphasis will be on gross margins, especially because that’s where we should see tariff pressure show up if it exists.”
Earnings season unofficially kicks off on Wednesday, led by financial giants JPMorgan Chase & Co., Citigroup Inc., and BlackRock Inc. Heavyweights like JB Hunt Transport Services Inc. and Netflix Inc. also report next week.
Here’s a look at five key themes to watch as the results roll in.
Trade war impact yet to show TARIFFS are poised to disrupt supply chains and raise costs, which market watchers see weighing on America’s profit engine. However, those impacts may not be pronounced in secondquarter earnings just yet.
There is scant evidence of material demand destruction related to tariffs at this point, but also no big rebound in macroeconomic conditions since many of the harshest levies were announced and then paused, according to a recent industry survey led by Bank of America Corp. analyst Andrew Obin. Earnings revision momentum— the difference between upward and downward adjustments to forecasts— turned positive for the second quarter after dropping in the last reporting cycle, according to BI data.
BI analysts expect S&P 500 net income margins to hit their lowest level
since the first quarter of 2024 after climbing for five consecutive quarters.
The decrease is likely to be fleeting, however, with margin calculations pointing to expansion next quarter and at least until the end of 2026, per BI.
The forecast may require cost-cutting by firms or AI implementation to pick up quickly in order to be realized.
Tech giants still spend on AI TRADE and broader macroeconomic uncertainty hasn’t stopped American technology giants from big spending, especially on developing artificial intelligence products.
Microsoft Corp., Meta Platforms Inc., Amazon.com Inc. and Alphabet Inc. are projected to put about $337 billion into capital expenditures in their fiscal 2026, up from $311 billion in the current year, according to the average of analyst estimates compiled by Bloomberg.
The lion’s share of S&P 500 earnings continue to come from the Big Tech
companies seen as major beneficiaries of advancements in AI. The so-called Magnificent Seven firms—Apple Inc., Microsoft, Alphabet, Amazon, Nvidia Corp., Meta and Tesla Inc.—are expected to post a 14 percent rise in profits in the second quarter. Excluding that group, S&P 500 profits are expected to slightly contract by 0.1 percent in the April-June period.
“AI is not just a buzz word, it’s the most enduring and dominant theme,” said Tony Kim, head of the Fundamental Equities Technology Group at BlackRock. “These stocks aren’t too expensive and the rally can go a heck of a lot further.”
AI hyperscalers such as Microsoft, Amazon, Alphabet and Meta spent more than $80 billion in the first quarter, and increased capex guidance to a collective $300 billion over 2025, according to BlackRock data.
Stock-picker’s market
STOCKS are projected to trade out of sync at a rate seen few times in recent history. A measure of expected onemonth correlation between S&P 500 companies is sitting at 0.12, data compiled by Bloomberg show. It was below that level just 3.2 percent of the time in the past 10 years. A reading of one means the securities are trading in sync.
“There’s good money to be made, but you gotta be a stock picker,” said Lisa Shalett, the chief investment officer of Morgan Stanley’s wealth management division. She recommended clients seek firms with potential to surpass earnings and cash-flow estimates, pointing to stocks in sectors such as energy,
resign if the allegations that he lied to lawmakers prove true.
“What they’re trying to manufacture is some ‘cause’ not related to monetary policy disagreements,” said Scott Alvarez, a former general counsel at the Fed.
Alvarez added that he doesn’t think the statements Powell has made about the Fed’s building project rise to the level of a legal firing for cause.
Fed pushback
POWELL and the Fed have sought to counter the criticisms leveled over the renovations. On Friday, the central bank added a “Frequently Asked Questions” page about the project to its website. It describes why costs have increased and disputes some of the design features that critics have targeted.
“The Federal Reserve takes seriously the responsibility to be a good steward of public resources,” the page says.
A Fed official said that Powell had been truthful during last month’s Senate Banking Committee hearing where he discussed the project.
Powell acknowledged cost overruns for the renovations in response to Republicans’ questions, but pushed back on the notion the project is overly extravagant.
“There’s no VIP dining room, there’s no new marble,” Powell said. “There are no special elevators—there’s just, there are old elevators that have been there—there are no new water features, there’s no beehives and there’s no roof terrace gardens.”
Powell added that the project’s plans have “continued to evolve” and that some earlier features “are no longer in the plans.” He also agreed that Fed staff would brief Senate Republicans’ staff about the project. That briefing is expected to happen later this month.
Planning Commission moves
THE OMB’s Vought, in his letter to
Powell, said the testimony raised “serious questions” about whether the project is in compliance with a law governing such construction.
“Although minor deviations from approved plans may be inevitable, your testimony appears to reveal that the project is out of compliance with the approved plan with regard to major design elements,” Vought wrote.
A 2021 document from the National Capital Planning Commission—the federal agency that reviews and approves projects like the Fed’s—is the most recent, publicly available review of the full scope of the renovation. The Fed official said an external architect and engineering firm had not advised that the planned changes needed to be resubmitted to the NCPC. Meanwhile, Trump recently appointed three White House officials to serve on the NCPC. One of them, James Blair, the White House deputy chief of staff, said recently on social media he would request a review of the project and a site visit immediately.
“At a time when the Fed is running an operating deficit, maintains high interest rates and is receiving significant public scrutiny, one has to wonder whether the so-called ‘Taj Mahal near the National Mall’ project is in the best interests of the board & the public it serves,” Blair wrote. Judge, the Columbia professor, said it is appropriate for the White House to scrutinize the Fed’s spending to ensure accountability. But in this case, the context is relevant, she said.
“It’s very hard to believe that that is what the administration is doing, given how hard the administration has fought to get Powell to lower rates and to lower rates more quickly, and to get Powell out of office more quickly,” Judge said. “It makes the concerns about the cost of renovation look like a pretense and that’s not a healthy way to ensure ongoing credibility.”
Bloomberg News
financials, and parts of health-care that could benefit from Trump’s signature budget bill.
“Now is a time to keep one’s feet firmly on the ground,” she said in a note to clients. “It’s a good market for some but not all.”
Downgrades in Europe
IN Europe, analysts have slashed estimates on fears that Trump’s trade war would hurt margins. A Citigroup Inc. index shows profit downgrades have consistently outnumbered upgrades since mid-March. The reductions have hit tariffexposed automakers and miners, as well as defense stocks, according to Goldman Sachs Group Inc. strategists. Their analysis shows margin compression was the biggest driver of the negative revisions.
“The drop in analysts’ estimates means the bar is quite low for companies to beat,” said Georges Debbas, head of European equity derivatives strategy at BNP Paribas Markets 360. “As long as we don’t have companies flagging a horrendous second half, the earnings season should bode well for stocks.” Focus will also be on the impact of a stronger euro, which tends to crimp
earnings at European firms that are major exporters. The common currency has strengthened 13 percent against the dollar this year, on track for the biggest relative gain since 2017. Bearish dollar
UNCERTAINTY over Trump’s trade policies and his push for Federal Reserve interest-rate cuts has put a dent in the dollar. That’s a welcome development for US exporters. Morgan Stanley strategist David Adams called the weaker dollar “a substantial, underappreciated tailwind” for US earnings, particularly large-cap companies, which have a greater portion of overseas earnings than smaller firms. The dollar is down 10 percent this year and posted its worst first-half since 1973, according to data from BlackRock, which sees more room for the currency to fall. Companies including Meta and Microsoft said last quarter that they expect foreign exchange to boost revenue by hundreds of millions of dollars.
With assistance from Jeran Wittenstein, Jan-Patrick Barnert and Anya Andrianova / Bloomberg
JEROME POWELL arrives for the Federal Reserve Board open meeting on June 25. BLOOMBERG PHOTO
THE JP Morgan Chase & Co. headquarters in New York. PHOTOGRAPHER: MICHAEL NAGLE/BLOOMBERG
Beyond US tariffs: A strategic rethink for Philippine export competitiveness
THE recent decision by the United States to impose a 20 percent tariff on Philippine exports is a wakeup call for the country’s industries and policymakers alike. This move, coming from the country’s largest trading partner, threatens to dismantle hard-won gains in manufacturing, especially in the garments and electronics sectors, and casts a long shadow over the nation’s economic stability. (Read the BusinessMirror story: “PHL industries burdened by long-standing export issues,” July 11, 2025).
Industry leaders, from Robert Young of the Foreign Buyers Association of the Philippines to heads of the garment and electronics sectors, have voiced grave concerns. The imposition of these tariffs risks factory closures, widespread job losses, and the possible extinction of entire industries. The garment sector, already struggling without preferential trade status, faces a bleak future reminiscent of the collapse of the footwear industry. Meanwhile, the electronics sector fears missing the critical moment of supply chain realignment, which could have lasting consequences for its global competitiveness.
This predicament is compounded by the geopolitical and economic dynamics shaping US trade policy. Unlike Vietnam, which secured tariff concessions by leveraging its significant trade volume and strategic positioning, the Philippines appears sidelined—a “negligible country” in the eyes of Washington. The absence of bargaining chips and the inability to offer more in geopolitical terms have resulted in harsher trade terms, leaving the country vulnerable.
The words of Philexport President Sergio Ortiz-Luis Jr. resonate with a painful truth: The Philippines “has nothing to offer but they (other countries) have everything to offer.” This paradox underscores the urgent need for a strategic rethink. The government must stop treating exports as an afterthought and instead adopt a whole-of-nation approach to invigorate and diversify the export sector.
History offers a blueprint. The Philippines once stood out with a remarkable 21 percent export growth in 1989 under President Fidel V. Ramos, driven by strong government support and investment in sectors like semiconductors. Today’s challenges require a similar, if not greater, commitment—a concerted effort to develop new markets, upgrade product offerings, and foster innovation.
Trade tensions and tariffs are not just abstract economic policies—they translate into real human costs: lost livelihoods, shuttered plants, and communities left behind. The Philippines cannot afford to be reactive; it must be proactive. This means intensifying diplomatic engagement, enhancing competitiveness, and building resilient industries that can withstand global shocks.
As the August 1 tariff implementation date looms, it is imperative that the government, industry stakeholders, and the business community come together to chart a sustainable path forward. The country’s economic future —and the welfare of millions of workers—depend on it.
In sum, the imposition of US tariffs is a critical juncture for the Philippines. It reveals vulnerabilities but also opens an opportunity for bold reforms and renewed focus on export-driven growth. Without decisive action, the country risks falling further behind in the global marketplace.
Designing the country’s AI policy
IRISING SUN
N my previous column, I gave a quick overview of some of the AI-related bills that have recently been filed by lawmakers in the Philippines. Today, I want to dig a little deeper into some of the gaps these bills present and share a few ideas on how they might be improved to serve both innovation and the public interest better. The latter (recommendations) will most likely be published next week due to space constraints.
To make sure our AI laws are effective and future-proof—while still encouraging innovation—the final version should include a few key elements. These include a riskbased approach, clear definitions that align with international standards, regular and inclusive engagement with stakeholders, strong requirements for explainability, the inclusion of regulatory sandboxes
to encourage innovation, and penalties that are fair and proportionate. These aren’t just technicalities; they are drawn from global best practices and directly address the shortcomings in the current drafts.
Looking at these bills more closely, one of the most noticeable issues is the lack of a clear, internationally aligned definition of artificial intelligence. Without this, it
becomes difficult to know exactly what falls under the law, which can lead to confusion and inconsistent implementation. Another common theme across the bills is the push for mandatory registration of all AI systems. While we understand that the intention is to promote oversight, this could end up creating unnecessary bureaucracy, especially for startups and small businesses that may not have the resources to meet such requirements. Additionally, most of the proposed laws don’t distinguish between different types of AI based on their risk level. Unlike frameworks such as the EU AI Act, which tailors rules according to how much harm a system could potentially cause, the local bills tend to treat all AI applications the same. This means we might end up overregulating harmless technologies while not giving enough attention to those that truly need monitoring. Some bills do mention the importance of explainability (necessary mainly for trust and accountability), bias mitigation, and accountability, but they often lack
concrete, actionable requirements. Without clear standards, it’s hard for organizations to know what’s expected of them, and it’s equally hard for regulators to enforce compliance. There’s also a noticeable absence of provisions for regulatory sandboxes—controlled environments where new AI technologies can be tested safely and responsibly. Without these, we lose valuable opportunities for learning and innovation.
Finally, most of the bills don’t require regular consultation with industry experts, academics, or civil society groups. This lack of ongoing engagement makes it less likely that the regulations will remain relevant and effective as AI technology continues to evolve rapidly. All these gaps highlight the need for a more thoughtful, balanced approach— one that draws from international best practices but is adapted to our local realities. By doing so, we can create AI legislation that protects the public interest while also supporting responsible innovation.
To be continued
Sobrepeña’s vanishing dreams: CAP, Camp John Hay, and the cost of unaccountability
WHAT happens to a dream deferred—when it is sold on glossy brochures and corporate promises, only to vanish into thin air?
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa
M. Manangan
(Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.businessmirror.com.ph Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South
Robert Sobrepeña, once hailed as a visionary, now stands as a symbol of broken dreams and unfulfilled futures. He was the man behind the College Assurance Plan (CAP), a pre-need scheme that peddled hope to thousands of Filipino families. Single mothers, minimum wage earners, and OFWs scraped together their savings, believing they had secured their children’s future. What they got instead was collapse: CAP crumbled, taking with it the college dreams of a generation.
And now, like a recurring corporate specter, Sobrepeña resurfaces in the saga of Camp John Hay Development Corp. (CJHDevCo)—a name now synonymous with questionable leases, regulatory evasion, and investor betrayal.
CJHDevCo sold the fantasy of mountain living in Baguio: cabins, condos, and club memberships under supposed 50-year leases. Investors, retirees, and balikbayans bought into the vision—only to later learn that CJHDevCo’s lease
with the Bases Conversion and Development Authority (BCDA) was good for just 25 years. Every lease sold beyond that was legally void, a contract built on illusion.
More damning, CJHDevCo operated without the necessary DHSUD License to Sell and SEC approval. In 2012, the SEC slapped them with a cease and desist order for peddling unregistered hotel units through misleading leaseback and joint venture arrangements. The company’s marketing was slick, but its legal footing was rotten.
The Supreme Court has since ruled with finality: CJHDevCo’s lease was rescinded. The government reclaimed Camp John Hay. Yet instead of facing jail time, Sobrepeña may walk away with a payout.
The ruling orders BCDA to refund P1.42 billion in lease payments made by CJHDevCo—funds that have languished in escrow since 2015. But here’s the kicker: that refund pales in comparison to the estimated P5.7 billion CJHDevCo
collected from sublessees who are now left with nothing but revoked contracts and vacant promises.
Sobrepeña built an empire not on solid business foundations, but on legal gray areas and regulatory blind spots. And when the reckoning came, CJHDevCo had the gall to deflect blame onto BCDA, painting themselves as victims of state incompetence. But the court records speak clearly: the lease expired, the subleases were invalid, and the promises were fiction.
The Department of Justice and the NBI are now investigating. This must not be another case lost to influence and inertia. If fraud is proven, the law must not falter.
Let this be a defining moment. No man—however well-connected—should be above accountability. Not when thousands have lost their futures. Not when justice hangs in the balance.
Robert Sobrepeña must not escape. Not this time.
He sold tuition plans like diplomas waiting in the wings—degrees prepaid not just in pesos but in parental sacrifice, in late-night overtime shifts, and in the quiet faith of mothers who believed a signed plan was a stepping stone to graduation caps and stage walks. But the College Assurance Plan was never a campus; it was a cul-de-sac. Dreams enrolled, only to be dropped by a vanishing act that left parents with no transcript, no refund, and no recourse.
Years later, the same sales -
man of hope turned his syllabus toward mountain living, offering retirees and OFWs a syllabus of serenity—log cabins under the pines, 50-year leases pitched like final chapters in a life wellearned. But again, the footnotes told another story. No tenure of title, no accreditation of contracts—just resort rights erased like chalk on a board once the court ruled the lease expired. What was promised as the valedictory life became a syllabus of loss. From the classroom to the clubhouse, Robert Sobrepeña authored fantasies with the polish of a valedictorian speech—but delivered none of its substance. His business was the packaging of futures that never arrived, the issuance of diplomas without schools, and retirements without rest. These were not investments; they were mirages. And now, the nation must decide: will this footnote of fraud be erased again, or finally underlined in the ink of justice?
Let this not be a reckoning wrapped in rage, but a reckoning nonetheless. For what was stolen was not just money—it was milestones, commencements, retirements, and dreams deferred into disappearance. We need not shout. The silence of the scammed is already deafening. What we need are lines that linger—etched not in vengeance, but in vigilance. Not with rage, but with truth whispered at dusk—firm, final, and unforgettable.
Part two
Atty. Jose Ferdinand M. Rojas II
LITO GAGNI
Groundbreaking directions for principlesbased tax planning
Twith love
Joel L. Tan-Torres
DEBIT CREDIT
Part six
ODAY, July 14, 2025, is the first day of the technical sessions of the Accountancy Week Celebration. The AWC is a longtime tradition of accountants in the Philippines that is celebrated annually during the first week of July. The Philippine Institute of Certified Public Accountants (PICPA) leads the celebration of this event that recognizes the vital role of CPAs in the country. It’s a time for CPAs to celebrate their profession, network, and engage in activities that promote professional development and public awareness, especially now that there is a waning interest among the youth to pursue the accountancy profession. The celebration also highlights the importance of ethical practices, transparency, accountability, and governance within the profession.
President Carlos P. Garcia declared the AWC on November 28, 1958 through Proclamation No. 547. This Proclamation provided that the first week of January of each year is Accountancy Week in the Philippines. Over the years, changes have been made to the months of celebration to what is now in July of each year. Incidentally, this Proclamation was signed exactly one year after my birthday. Being part of the accountancy profession must have been my destiny.
Today’s technical session will be the Regulators Forum. Speakers from the various government offices that engage with the accountancy profession will be speaking at the whole-day event. These include speakers from the Professional Regulatory Board of Accountancy (BOA) and the Bureau of Internal Revenue (BIR), among others.
I intend to ask the heads of these two agencies questions on the advocacy that I have been pursuing since 2019. I intend to ask both BOA Chairman Noe Quinanola and BIR Commissioner Romeo “Jun” Lumagui Jr. about the developments and plans of the two agencies regarding the forthcoming measure on Principled Tax Planning and Compliance. This initiative of the International Federation of Accountants and the International Ethics Standards Board (IESBA) prescribes actions for professional accountants to take on instituting principled tax planning and compliance. This initiative of the accountancy profession is a groundbreaking step towards curbing aggressive tax practices that deplete the tax coffers of countries worldwide. The IESBA released two important publications about this, which are recommended readings by taxpayers and tax professionals. ( https://www.ethicsboard.org/ publications/final-pronouncementrevisions-code-addressing-tax-planning-and-related-services).
I know that the heads of BIR and BOA will be supportive in these various developments and will spearhead activities for their speedy implementation. In my past columns, I have written about what can be done to fast-track this measure. These include the speedy release of the BOA resolution and the BIR issuing its directives on principled tax planning and compliance. My research indicates that there are no administrative or legal provisions that would hinder the BIR from promulgating such rules, including the issues on data privacy, confidentiality of business information, and privileged client-professional communications. There are Supreme Court decisions and pronouncements, and administrative regulatory rules that will allow the BIR and BOA to implement the practices on attaining principled tax planning and compliance.
Today’s technical session will be the Regulators Forum. Speakers from the various government offices that engage with the accountancy profession will be speaking at the whole-day event. These include speakers from the Professional Regulatory Board of Accountancy and the Bureau of Internal Revenue, among others.
With the release of such rules and regulations, both the BOA and BIR should conduct training and information sessions for taxpayers and tax professionals. They should develop training programs on the revised ethical standards for tax professionals, emphasizing compliance with anti-avoidance laws and the “public interest” principle. This information campaign can highlight the consequences of aggressive tax avoidance practices, such as reputational damage or litigation risks to taxpayers and tax professionals. These can be done in collaboration with professional bodies, like the PICPA, Integrated Bar of the Philippines, and Tax Management Association of the Philippines.
The BIR should also improve its transparency and reporting systems. These can include the requirement for detailed documentation of tax planning advice and practices, including risks and the consequences of such. These can mirror the IESBA’s emphasis on written communication.
The BIR can also establish a public registry or database for high-risk tax arrangements to deter unethical practices and enhance accountability. This can be made available to all tax enforcers in the BIR for use in their selection of taxpayers for audit and in verification if such are being done by taxpayers being audited. The BIR can also use this information to issue rules to mitigate these aggressive tax practices. This information can also be the basis for legislation that will deter aggressive tax practices and plug tax loopholes.
We have high hopes that BIR Commissioner Lumagui and BOA Chairman Quinanola will be advocating these measures to protect the integrity of the tax and accounting profession which can be recognized as global best practices.
To be continued
Joel L. Tan-Torres was a former Commissioner of the Bureau of Internal Revenue. He has also held various positions, including Dean of the University of the Philippines Virata School of Business, Chairman of the Professional Regulatory Board of Accountancy, Tax partner of Reyes Tacandong & Co., and the SyCip Gorres and Velayo & Co., and director of various corporate boards. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He has his own tax and consultancy practice in JL2T Consulting and can be contacted at joeltantorres@yahoo.com.
Siegfred Bueno Mison, Esq.
THE PATRIOT
IRECENTLY had a teaching opportunity at the Training Command of the Philippine Army where I shared my leadership experiences with Army captains who will be assuming staff positions after their 3-month training in Camp O’Donnell in Tarlac. With a growing number of female leaders in the largest branch of the uniformed service, I was extremely delighted to have a demographic mix of students across gender, hometown, and field of specialization.
W hat I found unique among the number of leadership seminars I have conducted was the fact that Lt. Col. Lemuel Baduya, the Commandant of the recently renamed Mission Command School (MSC), gave me some kind of orientation briefing first before meeting my students. For Lt. Col. Baduya, it would be ideal for me to first understand the vision of the Army, the goals of the School and the Staff Officer’s Course, the learning objectives of the module, and most importantly, the profile of the students—the beneficiaries of whatever learnings I can share with them. It was the first time I had that kind of alignment, which I thought was part of the innovation activities of Lt. Col. Baduya who was simply empowered by the Commanding General (CG) of TRACOM, Major General Benavides, to make decisions aligned with the Army Transformation Roadmap of 2040.
Hence, Lt. Col. Baduya has instituted and has kept proposing initiatives to make MSC more responsive to the needs of the Army as simple as making billeting facilities more habitable, and the course curriculum more adept to the leadership needs of his students.
The illusion of Philippine economic stability Galido eats last,
Ting the CG of TRACOM (General Benavides), had to fall in line to get the same share of food as any other soldier in the whole of Camp O’Donnell.
I remember the time when I visited General Galido in his quarters in Fort Bonifacio where he exemplified this servant leadership style, which requires humility among others, by personally serving me coffee instead of asking his orderlies.
I am particularly reminded of what best-selling author and leadership guru John Maxwell has often said in his many talks that “Everything rises and falls with leadership,” as General Roy Galido, the current commanding general of the Philippine Army, has lifted the morale of his soldiers by serving and leading at the same time. As a leadership philosophy, serving while leading can sound oxymoronic since the connotation of servants or slaves entails obedience while that of leaders or masters entails control or orders. One cannot command and follow at the same time, at least from the perspective of some people in the military hierarchy. But General Galido, by being conscious of the welfare of his men and women in green, truly serves first before leading them.
One of the simplest innovations that General Galido has undertaken is consolidating the mess hall of officers and non-commissioned officers (NCO) in TRACOM. It was a subtle way of showing that leadership in the Army should not be measured by ranks or titles, but by modesty and humility. All soldiers, regardless of rank, includ -
By Henry Go
HE Philippine economy appears stable on the surface. The currency stands at P56.33 per dollar. Foreign exchange reserves stood at a record high of $105.3 billion (BSP) in June 2025. The unemployment rate was 3.9 percent in May (PSA), factory output improved, and bank loans grew by 11.3 percent. The stock market also reflected optimism.
But beneath such numbers lurk problems. Growth is not supported by good governance or strong policy direction. On the contrary, erratic regulatory environments, public service inadequacies such as infrastructure rollout delays and poor digital platforms, and lack of investment in innovation ranging from nominal R&D spending to inadequate linkages with the tech industry are far short of being sustainable. Structural reform should be the bedrock of a ny real advancement.
1. G rowth lacks structural depth
a. Remittances: Cushion but Not a Strategy
In 2024, overseas Filipino workers remitted $38.34 billion, or 8.3% of GDP (BSP). Though these incomes prop up consumption at home, these cannot substitute for jobs creation or industrialization. A more secure employment policy has to be crafted at home.
b. IT-BPM: Competitive but Under Disruption
IT-BPM sector generated $35.9 billion in 2024 and had 1.7 million employees (IBPAP). Although it is a high-value performing service export earner, its long-term sustainability is threatened by automation and increasing global competition. To become competitive, the industry has to transition towards higher value-added services such as data science, fintech, and health informatics.
This transformation needs more than public-private capital. It also needs concentrated industry-university collaboration, an entrepreneurial and innovationfriendly regulatory regime, better digital infrastructure, and inter-regional connectivity to connect to new markets and technologies. These actions will cause the sector to continue growing and generate well-quality, future-capable jobs.
2. E xternal trade pressure: US tariff increase as a strategic warning
In July 2025, the US imposed a 20 percent tariff on some Philippine exports, which focused mainly on lowvalue manufactured products and agricultural products (BusinessMirror, 2025). The industries that have many low-income employees and microenterprises are particularly exposed. This points to the pressing necessity of diversifying markets, moving up the value chain, and lowering regulatory hurdles to maintain competitiveness. Although the overall effect to GDP can be contained with domestic consumption, impacted industries need to absorb higher costs and the possibility of order losses to other countries.
a. C redit Expansion and Monetary Easing: Inflation declined to 1.3 percent in May (PSA), and the BSP was forced to reduce policy rates. Bank lending was up 11.3 percent year-on-year (BSP), but the majority was directed at short-term financing. Companies are still hesitant to borrow for long-term investment because of complicated regulations, uncertain policies, and poor infrastructure.
b Jobs and Manufacturing: From Quantity to Quality Unemployment and underemployment fell in May (PSA), but a majority of new employment continues to be informal, low-paid, or part-time. To enhance l ivelihoods, the administration needs to collaborate with the private sector to generate more secure, higher-paid employment—particularly in manufacturing, technology, and agribusiness, which can fuel inclusive, sustained growth. This requires revised labor laws and tax breaks favoring more hiring. Meanwhile, as factory production rose in May (PSA MISSI), the focus of manufacturing is still on low-complexity, low-value products. For manufacturing to emerge as a genuine driver of job creation, the country requires improved infrastructure, skilled labor,
In history, some good examples of servant leaders should include Mahatma Gandhi and Abraham Lincoln who both selflessly served their countries by looking after the welfare of their respective constituents. This particular style of leadership is never about accumulating power but is about sharing it by empowering others to lead and serve.
Simon Sinek, another leadership author, once said that leaders earn authority by fostering the well-being of those around them. He further added that empathy and active listening are key ingredients to create an environment where subordinates feel valued and motivated.
Of course, for believers, Jesus Christ is the best role model when it comes to selfless leadership when he offered Himself as a living sacrifice for mankind. As Jesus said in the Bible, “whoever wants to become great among you must be your servant, and whoever wants to be first must be your slave—just as the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many. ( Matthew 20:26-28).
Leaders eat last if they understand what their followers need.
Baduya did. When he asked his students what the reason was why they were there, as leaders in the Army, all echoed “service.” And if I may add, the reason for leading is
and advanced technologies. Otherwise, it will never be able to compete with neighboring countries or increase its industrial base.
3. Energy: A chronic threat
The Philippines imports nearly all its oil (DOE, IEA 2024) and lacks government-held strategic inventories. E xisting laws require private operators to maintain inventory—30 days for refiners, 15 for distributors, 7 for LPG (EO No. 134, 2003)—which is not enough during energy crisis.
With the recent Israel-Iran crisis, local fuel prices increased, revealing vulnerability. With P16.2 trillion public debt and a P980 billion budget deficit estimated in 2026 (DBM), fiscal space is limited for relief. There must be a national energy resilience plan with diversification, renewables, and regional coordination on fuel stockpiles.
4. Asean 2026: A strategic platform
Vietnam and Indonesia are advancing individually in infrastructure, clean energy, and research and development through coordinated national strategies (World Bank 2024; ADB 2025). W hile the Philippines was stuck with politicized government processes, policies suffer from poor coordination in implementation.
As Asean Chair in 2026, the Philippines can lead in green energy, digital trade, and innovation. The Department of Finance (DOF) has prominent attention towards advocating solar projects a nd global financial reforms, which benefit middle-income countries, at the meeting of Financing for Development Conference (FFD4) in Seville in July 2025 as preparations for influencing the regional agenda with credible and articulate leadership.
5. Reform priorities
a. Education Reform to Spur Innovation
Grade 10 only has 19 percent science and math proficiency (DepEd 2024). STEM, ethics, digital literacy, and critical thinking must be the focus of reform. Teachers must be trained, the curriculum must be revised, and the industry-school linkage must be developed.
b. Infrastructure and Connectivity to Compete T he Philippines has an English-
service, foremost with love among the other values we expect from public servants!
Galido has served with love just as much. I truly admire how he leads the Army by serving his men and women first. Success is never about him, but it is all up to him. Should the need be either more and better uniforms, or an organized mess hall, more vehicles and equipment for use by all and not just by a few, or any other simple but important need of Army personnel, Galido has listened to his followers in the spirit of a servant or, as I call it, selfless leadership with love. If our country will have more leaders who seek power to serve God, country, and people like in the mold of city mayors Benjamin Magalong (Baguio) and Vico Sotto (Pasig), Filipinos would be best served and led. As to how the Philippines can have “leaders who eat last” get elected or appointed is the biggest challenge we have as Filipinos. For now, just as Galido consistently does, we emulate Jesus’s servant leadership by actively seeking opportunities to serve others, putting their needs before their own. Leaders should get to eat last so that others can eat first and, more importantly, with love!
Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations such as the Philippine Army, Integrated Bar of the Philippines, Malcolm Law Offices, a US based software development company called Infogix Inc, University of the East, Bureau of Immigration, Philippine Airlines, SM Prime Holdings, Franklin Baker Company of the Philippines, and SONAK Corp. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. Siegfred is a former soldier and a lawyer by profession, an educator and inspirational speaker by passion, and a book author, writer, and radio broadcaster with a mission.
speaking, youthful population with a median age of 25.7—a digital economy advantage. But with slow and poorquality Internet connectivity (ranked 89th in the world) (Ookla, Q2 2025), there are capped opportunities for remote work, e-commerce, and technology services. There must be highquality broadband and effective logistics in order to effectively compete. T he government needs to promote public-private partnerships (PPPs), transition to performance-based funding for infrastructure, invite foreign technical partners and streamline the business application processes to expedite implementation.
c. Governance and Political Reform to Support Development Su stainable progress starts with good governance. If government offices fail to work well together, most of the time it is symptomatic of deeper issues—such as choosing leadership on political allegiance rather than ability. That can empower wrongdoing and water down how policies are put into action. To truly make progress, the Philippines needs to promote meritbased leadership, increase openness, and have every branch of government well-coordinated to implement laws and rules honestly and equally.
Conclusion: Turn fragile gains into lasting progress
Headline gains do not equate to lasting progress. External buffers like remittances and reserves provide temporary relief but cannot replace resilient institutions and strong domestic capacity. Structural inertia, weak energy security, and low-value industrial activity remain chronic challenges. Meanwhile, the region moves forward. The Philippines has the people, potential, and position to lead—if governance aligns with strategic vision and execution. To national leaders and economic stakeholders: Filipinos are adapting and innovating. It is time to back their efforts with courageous leadership, institutional reform, and economic strategy that turns potential into progress. Lead decisively. Reform urgently. Build resilience deliberately. Shape a future rooted in capability, not just survival.
Monday, July 14, 2025
2nd Front Page
BusinessMirror
BSP lists ways to curb Pinoys’ appetite for online gambling
By Cai U. Ordinario
THE Bangko Sentral ng Pili-
pinas (BSP) is proposing key
measures to regulate online payment services in the hopes of curbing the appetite of Filipinos with a penchant for online gambling.
In a draft circular, the BSP has proposed new guidelines in the operation and ownership of these Online Gambling Payment Services (OGPS) and Online Gambling Transaction Accounts (OGTA).
“The issuance of the following regulations on online gambling payment services aim to promote responsible use of digital financial services, strengthen financial consumer protection, uphold financial health, and mitigate the social and financial risks associated with online gambling,” BSP said.
Payment service providers (PSPs) must submit applications and secure BSP approval to facilitate OGPS. Among the requirements is having a minimum capitalization of P300 million.
These PSPs must also have a strong anti-money laundering and counter-terrorism financing (AML/ CTF) risk management, as comple -
mented by a robust fraud management system covering prevention and detection of fraudulent and suspicious transactions.
The possession of these PSPs and OPSs are also subject to the surveillance of the BSP and onsite examination, as applicable. Noncompliance will result in denial, suspension, or revocation of the authority to offer online gambling payment services.
“PSPs that offer or facilitate online gambling payment services shall not be allowed to provide links to online gambling websites or otherwise provide any functionality that will redirect a user to an OGO platform,” the BSP said.
The BSP has also provided payment service limitations in terms of account ownership such as being 21 years old and above; currently not in school; and not a government official or a member of the military and police.
The proposed regulations also prohibit beneficiaries of the 4Ps program from owning online gambling transaction accounts; and exclude, as well, a restricted person of the Philippine Gaming and Amusement Corporation (Pagcor);
or a holder of a gaming license from Pagcor; or one who is subject to other legal or contractual prohibitions.
The BSP also limited the transfer of funds to OGTA to not more than 20 percent of the average daily balance of the owner’s transaction account. Transfers that exceed the 20-percent threshold shall be rejected by the PSP.
The central bank also set a time limit of 6 hours per day, a transaction window within which these online gambling payment services can be offered.
In case of “heavy usage,” to be defined by the PSPs, these online gambling payment services will undergo a 24-hour cooling period when the next transfers can be made.
Further, the BSP said, the creation of an Online Gambling Transaction Account, will already disable all lending options in the same digital platform.
The draft circular also prohibits workers in payment service providers; and online payment services are tasked to prohibit their employees from engaging in online gambling.
“PSPs and OPSs not engaged in facilitating online gambling payment services are encouraged to adopt
a similar internal policy or code of conduct to reinforce commitment to maintaining integrity and propriety, which are essential in sustaining public trust in the banking and financial system,” the BSP said.
These OGPS providers must submit to the BSP, on a monthly or on request basis, the total online gambling-related transactions (volume and value); the number of users of OGTAs; the number of first-time and recurring/ active users; the list of partner online gaming operators and the volume and value of transactions as well as registered and active accounts.
The BSP will also require them to provide transactional data of the users in terms of volume and value transactions, age, economic class, total number and the amount of top-up, starting and ending balance of transaction accounts.
Violations of the provisions of the circular will not exceed P100,00 per calendar day or a maximum monetary penalty of P1 million for each transaction violation.
Payment Service providers will be given six months from the effectivity of the circular to secure authority from the BSP to comply with the regulations.
By Malou Talosig-Bartolome
CHINESE Foreign Minister Wang Yi warned that if the international community upholds the 2016 South China Sea arbitral ruling, then the United States and Japan must also surrender maritime claims around their remote atolls.
“There are many absurdities,” Wang told reporters after the Asean Foreign Ministers’ meetings in Kuala Lumpur. “This [arbitration] case ruled that Taiping Island, which spans 500,000 square meters, cannot claim maritime rights. All maritime law experts have raised objections.” Wang was referring to Taiping Island (Itu Aba), the largest feature in the Spratly Islands. The ad hoc tribunal under the UN Convention on the Law of the Sea (Unclos), with support from the Permanent Court of Arbitration, had ruled that Taiping Island was legally a “rock” under Article 121(3). That means it can only generate a 12-nautical-mile territorial sea—not a 200-mile exclusive economic zone (EEZ) or continental shelf.
Wang said he confronted US Japanese, and Asean officials: “The United States, with your small atolls, claims 200 nautical miles. Japan’s Okinotorishima, which is only as big as a table, does the same. If you continue to support this ruling, then give up your own claims. If you don’t, it’s a double standard—that’s political speculation.”
The United States claims EEZs around remote Pacific features like Palmyra Atoll and Baker Island, both largely uninhabited. Japan asserts similar rights over Okinotor-
ishima, a tiny coral reef barely visible at high tide. China says backing the South China Sea ruling while upholding these claims reflects selective use of maritime law. Beijing refused to join the arbitration proceedings and maintains the award is “illegal, null and void.” The ruling invalidated China’s sweeping maritime claims and upheld the Philippines’s rights within its EEZ. China’s Ministry of Foreign Affairs also issued a detailed statement rejecting the award. It argued that the two key principles of international law—pacta sunt servanda and the doctrine of estoppel—were violated.
Pacta sunt servanda means states are legally bound to honor their treaty obligations in good faith. Estoppel is a legal rule that prevents a country from contradicting its previous statements or actions, especially if another state relied on them and would be unfairly affected by a reversal. In the South China Sea case, these principles were used to argue that China had previously accepted Unclos mechanisms and should not reject them after receiving an unfavorable ruling. Now, Beijing is invoking those same doctrines to accuse the Philippines of violating prior agreements by initiating arbitration without consultation—contrary to their mutual commitment to settle disputes through peaceful dialogue. The ministry added that Unclos does not regulate land territorial issues, and China had excluded maritime delimitation from compulsory arbitration as early as 2006.
See “Wang Yi,” A2
Uncovering ‘Incognito’ director Lester Pimentel Ong
By Francine Medina
Incognito,” the action-drama series on Netflix didn’t escape viewers’ attention and even topped the platform’s Philippine charts.
Since its debut in January, the proudly all-Filipino production was able to sustain significant viewership on free TV and online via YouTube while it remains trending on X and YouTube.
Praised for its high production values and compelling storyline, “Incognito” is proving that a local production can be at par with its foreign counterparts on Netflix.
The fuel-packed action drama series didn’t hesitate to roll with the punches as it delivered an ensemble cast consisting of seasoned and rising actors who are all exceptionally good-looking and talented; intense well-choreographed fight sequences; heart-wrenching personal stories of each character; and an impressive list of locations spanning from El Nido, Palawan; Baguio and Benguet; Matera, a UNESCO World Heritage Site, and Bari, Apulia in Italy; Yamagata, Japan; Tacloban; and Marawi City.
“Incognito” is now on the last stretch of its 128 episodes this week as the team fulfills its
final mission in Marawi City. On social media, netizens are expressing that they’ll definitely miss these misfits turned hard-core special agents who have also bonded as friends along the way: Andres Malvar (Dennis Padilla); Jose “JB” Bonifacio (Richard Gutierrez); Miguel Tecson (Baron Geisler); Tomas Guerrero (Anthony Jennings); Max Alvero (Kaila Estrada), and Gabriela “Gab” Rivera (Maris Racal) who all work under the direction of The Contractor, Gregorio “Greg” Paterno (Ian Veneracion). The question now is, will its producers Star Creatives and Studio Three Sixty create a Season 2? In a special episode of BusinessMirror’s digital show, “Freshly Brewed,” SoundStrip Editor and Digital Content Manager Edwin Sallan catches up with the series’ visionary director, Lester Pimentel Ong, to learn more about the challenges of being an action director and life after “Incognito.” Before “Incognito,” Ong had been
involved with other action drama shows like “La Luna Sangre,” “Bagani,” and “Iron Heart.” Ong also owns Studio Three Sixty, which has produced “One Good Day” and “Love You Long Time.” But before becoming a major force in the industry, he was also a successful food and beverage entrepreneur and bemedaled Wushu Taolu athlete.
“It runs in the family because my father was also a martial arts practitioner. So, while growing up, it was sort of compulsory for us siblings to learn the sport. It’s a tradition that we all learned at the early age of eight,” Ong revealed.
The discipline, he said, led him to compete and win gold in both the 2005 SEA Games and the 2006 World Traditional Wushu Championships in Zhengzhou. The sport also influenced his move to enter the showbiz industry where he worked as a stuntman, fight choreographer, and eventually, as director and producer.
“Actually, before we started filming
‘Incognito,’ we—including the actors—had training for the Filipino martial arts called kali. That’s what we wanted to do in the series, to expose Filipino martial arts culture to the rest of the world through film,” he explained.
Enterprising spirit
During his early years as a stuntman, however, and especially when the Asian financial crisis struck and affected even the TV and film industries, Ong got lesser work. With his savings of P3,000, Ong set up Rice In A Box, which became successful and expanded. Today he owns several restaurants and dining concepts under the Binondo Food Group. These include brands like Wangfu Cafe, Kyu Kyu Ramen 99, Luna J Filipino Gastropub, and RBX Rice in a Box.
Ong stayed in the food business for five years until his enterprises became stable. “I entered the film industry again but this time, it was more for the passion,” he replied.
The logical thing to do was to focus on
the action genre, Ong said, “As an athlete, a martial artist, and stuntman, that’s where I got my learning. And I also realized that there are only a few action projects in the Philippines. So, saw an opportunity in the big market gap. But my production company also did a romantic film (‘Love You Long Time’) two years ago that became successful on Netflix as well.”
Birthing “Incognito”
“Incognito” was conceived during the pandemic. Ong had a lot of time on his hands due to the lockdown and started to conceptualize and visualize an action drama series with his creative partners via Zoom.
“We were very passionate about it and had enough time to think and work on the project,” he stated, “So after the pandemic, saw the opportunity and pitched the project to ABS-CBN through Cory Vidanes. Because it was an ensemble cast, we needed a lot of good actors, big actors, for this to work. ABS-CBN liked the idea and one by one, we pitched the
concept to all the potential actors.”
Not everyone, however, readily accepted the big project. “Some of the actors got excited while there were those who were not interested. But eventually, we were able to form a good cast and shot it immediately.” When Sallan asked how he was able to manage such a star-powered cast, Ong answered, “Although they are big stars, they are very professional. I run my team like a sports team or like a military troop. It’s very disciplined. We started working four months before we rolled the cameras.
“We set up a training camp and the actors were required to attend training camp every day, morning and afternoon. And in those sessions, they learned a lot of disciplines such as pekiti-tirsia kali that makes use of bladed weapons, MMA (mixed martial arts), gun skills, and military tactical drills. Those were four courses that were rotated. The actors were like attending a school and they became very fit.” The actors were very willing to go through the grueling training, Ong added, “And that discipline was carried on when we were grinding and rolling. That’s how we ran the team.”
Besides the physical demands of the job, Ong mentioned another important ingredient to the action drama series’ success, “You need to have the passion for a project like that.
Editor: Jennifer A. Ng
PSE hikes capital-raising target despite headwinds
By VG Cabuag @villygc
THE Philippine Stock Exchange Inc. (PSE) has again upgraded its capital-raising goal for the year to P186 billion as more firms filed applications to list on the bourse in the second half.
At the start of 2025, the PSE set its capital-raising target at P120 billion. This was hiked to P170 billion last May even without counting the much-anticipated initial public offering (IPO) of GCash.
“I’m glad to report, I think we’ll be hitting at least P180 billion in capital raising this year, and hopefully more, if there are more applications we receive in the third and fourth quarter,” PSE President Ramon S. Monzon said in a press briefing after its annual stockholders’ meeting last Saturday. Despite the headwinds, such as the Trump tariff issue and the Middle East conflict between Israel and Iran, Monzon noted that earnings of local listed firms were “very, very consistent and very exceptional.”
“We’re not operating in a vacuum; we react to global markets.”
DRILLING activities under the Malampaya Phase 4 (MP4) project being undertaken by the Razon-led SC38 consortium will be completed in November this year, well on-track to produce new gas by 2026.
“All drilling developments expected for completion by November this year, early August 2025 we will have an update already,” said Demujin Antiporda, assistant director at the Department of Energy-Energy Resource Development Bureau.
MP4 involves three new wells—Camago-3, Malampaya East-1 and Bagong Pag-asa-1.
“The MP4 project consists of the drilling of the Camago 3 and Malampaya East development wells. In addition to these two wells, we also drilled an additional exploration well, which is the Bagong Pag-asa-1 well. So, we have two development wells right now on going, and followed with one exploration,” added Antiporda.
This exploration well will determine the presence of oil and gas in a structure approximately 15 kilometers (km) from Malampaya.
PrimeEnergy Resources Development
B.V. (Prime Energy), a subsidiary of Razonled Prime Infrastructure Capital Inc., is the operator of SC 38 , or the Malampaya deep water gas-to-power project, supplying about 20 percent of Luzon’s electricity requirements. The members of the consortium are UC38 LLC, PNOC Exploration Corp., and Prime Oil and Gas Inc.
The group has earmarked around $600 million for MP4.
In the first half of the year, money raised from the PSE platform reached P62.6 billion, which came from one initial public offering, two follow on offerings and about six private placements.
“So far, based on applications we have received, as of July, our capital raising is about P185 billion already,” Monzon said.
“For the second half, based on the applications we’ve received to date, we expect an additional capital raising activity of about P123.7 billion. This is composed of two IPOs, two follow on offerings, one SRO [stock rights offering] and one listing of convertible warrants.”
Last year, listed companies raised a total of P82.4 billion.
The PSE is expecting an additional P122.8 1 billion from the IPO of Maynilad Water Services Inc. and
some P13 billion from the maiden offering of Hann Holdings Inc. as well as the SRO of ACEN Corp. and follow-on offerings of Ayala Corp., Steniel Manufacturing Corp. and Alliance Global Group Inc..
As for the fixed-income market, Monzon said there were some P73.2 billion in new bond listings registered with the Philippine Dealing and Exchange Corp., which is now controlled by the PSE.
These issuances came from Alsons Consolidated Resources Inc., SM Prime Holdings Inc., DoubleDragon Corp. Filinvest Development Corp. Bank of Commerce and the sustainability-linked bonds of Cebu Landmasters Inc.
Meanwhile, the PSE has retained all of its board of directors during its annual stockholders’ meeting on Saturday.
The 15-member PSE Board is comprised of one president, not more than five broker directors, at least five independent directors and at least four directors representing the interests of issuers, investors and other market participants.
Prime Energy President and CEO Donnabel Kuizon Cruz stressed the need to develop indigenous gas resources to meet rising energy demand and avoid deeper dependence on imported fuel, which exposes the country to volatile global markets.
“With these two new production wells, we hope to extend Malampaya life and sustain revenue remittances to the government as we continue to explore new gas sources.”
The DOE underscored the importance of timely implementation, citing the expected delivery of first gas by the fourth quarter of 2026 as a clear demonstration of urgency and efficiency needed in today’s energy operations.
“We’re very positive about this. I visited the drilling ship a few weeks ago. They’re on track and we’re very hopeful,” said Energy Secretary Sharon Garin.
Cruz said Prime Energy has partnered with Israel’s Ratio Petroleum to explore more oil and gas resources in the Philippines and abroad.
Ratio Petroleum was earlier awarded by the DOE a contract to explore for oil and gas in East Palawan Basin under SC 76.
Both firms will explore SC 76 and will pursue farm-in opportunities in oil and gas blocks both in the Philippines and abroad.
“Ultimately, we want to see more oil and gas hubs in the Philippines, operated by generation upon generation of Filipino experts. We want more Filipinos to lead better lives because they have energy security. We want to thrive beyond Malampaya,” said Cruz. Lenie Lectura
Jose T. Pardo and Monzon were re-elected as chairman, and president and CEO, respectively.
“The fresh mandate given to the PSE board will ensure continuity in the reforms and initiatives we have started pursuing to attract more listings and introduce new products and services that will enhance liquidity in the capital market,” Pardo said.
Independent directors were former Chief Justice Teresita LeonardoDe Castro, Peter B. Favila, Andrew Jerome T. Gan and Vicente L. Panlilio, while re-elected as broker directors were Diosdado M. Arroyo, Eddie T. Gobing, Anthony M. Te, Wilson L. Sy and Ma. Vivian Yuchengco.
Re-elected as sectoral directors were Marilyn Victorio-Aquino, representing issuers; Ferdinand K. Constantino and Jose Arnulfo A. Veloso, representing investors; and Edgardo G. Lacson, representing other market participants.
“The board will remain steadfast in providing guidance and oversight in establishing clear policies and direction for the Exchange, including the integration of the PSE and the Philippine Dealing System Holdings Corp., which offers significant opportunities for the development of the local capital market,” Pardo said.
The members of the board are elected for a one-year term.
CEBU City—Regional property developer Cebu Landmasters Inc. (CLI) said it will launch in Pasig its first foray into Luzon by next year.
CLI Executive Vice President and COO Jose Franco Soberano said the company acquired its first Metro Manila property, a 3.5-hectare real estate in Pasig, a few months ago.
Soberano said the company will “wait for the dust to settle” on the oversupply of condominium units for residential in Metro Manila.
“We looked at the urban center of Metro Manila, because we see long term opportunity. We just saw reports that news of oversupply (of middle-income condominiums) is down to 30 plus months now,” he said.
“I think once the dust settles, there’s still that prevalent backlog, and then we narrow it down into the specific districts that will need more of these homes. So, we’re really targeting the middle- to upper-middle segment for this first entry, because CLI is really very specialized in this economic to middle, upper-middle market, because we have proven our products here.”
Soberano said the Pasig property will be developed under CLI’s garden series or under the Casa Mira brand although the company is still in the planning stage since the property has just been acquired. The development may involve a total of 5,000 units, in about seven to nine towers, spread in about seven to 10 years of phased construction.
“We have one and a half years to come up with that edge. We will look for that differentiating factor
in terms of affordability level. At that market segment, that’s in the P3-million to P7-million-peso range that that we are really looking at,” Soberano said.
“Beyond the pricing, it’s the combination of value for money, speed, technology, servicing. We want to show how we’ve managed to really take care of buyers.”
He said the company wants to maintain its high sellout rate and “record-low” average delinquency rate of 2 percent across all CLI’s projects once they enter the Luzon market.
“I think the buyers do their best to keep our product, because we really take care of them when they communicate well.”
CLI Chairman and CEO Jose Soberano III said the company are in “serious negotiations” with landowners for the acquisition of more land in the Calabarzon area, which may be completed in the next few months. The properties are somewhere in Cavite, he said.
He said CLI is keen on Cavite not only because of the rise of more commercial areas but also because of its industrial development. This, he noted, has attracted a lot of residential developers because of the housing requirements of the workers.
“There’s a lot of infrastructure works going there, making it very accessible to the center of Metro Manila. So, that’s an easy pick.” VG Cabuag
‘Avoid playing politics, stay focused on PhilHealth fund’
By Reine Juvierre Alberto @reine_alberto
LAWMAKERS must ensure proper fund allocation to the Philippine Health Insurance Corp. (PhilHealth) instead of institutionalizing patronage politics in public healthcare, according to a group of petitioners.
The petitioners challenge the legality of the government’s P89.9billion transfer of PhilHealth funds to the National Treasury last year.
A statement they issued read that Congress must properly allocate funds to PhilHealth and fulfill its duty under the Universal Health Care law (Republic Act 11223).
This year, the state health insurer did not receive any subsidies from the government. At the same time, the Medical Assistance to Indigent and Financially Incapacitated Patients (Maifip) program of the Department of Health was allocated P41.160 billion.
“The central role of PhilHealth is to serve as the national purchaser of individual-based health services intended to provide the benefits entitled to every Filipino and prevent the fragmentation of funds. This prevents patients from relying on ‘pagmamakaawa’ (begging) for medical assistance,” the petitioners said.
This comes after private hospitals were reported to be hesitant in accepting guarantee letters issued by politicians to indigent patients, as payments of receivables from the Maifip Program are delayed, according to the Private Hospitals Association of the Philippines Inc.
A guarantee letter is a document issued by politicians and government agencies to indigent patients to settle the costs of hospitalization, medical procedures and medicines.
Financially incapable patients have two options in accessing government funds to pay for their health expenses: PhilHealth and medical assistance from various government agencies.
However, the Maifip program,
briefs
Banking&Finance Bank assets expanded faster than liabilities by end-May
apart from being “complex” and “adding a burden” to the patients and their families, is subject to political patronage.
The petitioners said adding more funds to the Maifip Program will “perpetuate” and “normalize” using public funds for patronage politics.
“Indigents may feel indebted to politicians for the GLs they receive. PhilHealth should be able to cover such costs and be accessed by patients in a dignified manner,” the petitioners stressed.
“Ensuring that PhilHealth receives the mandated allocations to cover vulnerable populations and expand benefits is critical to protecting patients from catastrophic, out-of-pocket health expenditures,” they added.
Moreover, the petitioners said encouraging patients to seek healthcare in public hospitals does not solve the deeper and systemic issues in the public health system, as public hospitals provide 35 percent of healthcare services in the country.
“Defunding PhilHealth and prioritizing funding for Maifip will drive patients to public facilities, leading to overcrowding in already understaffed hospitals that also lack adequate facilities and equipment,” the petitioners argued.
“There is an even greater need to strengthen the capacity of public health facilities, including ensuring sufficient funds to support and sustain health human resources,” they added.
The petitioners said they hope that the Supreme Court will render its decision on the PhilHealth fund transfer case as the budget legislation process nears.
The petitioners are former Finance Undersecretary Maria Cielo D. Magno, lawyer and professor Dante B. Gatmaytan, urban poor leader Ernesto Ofracio, former Rep. Ibarra M. Gutierrez III, Ophthalmologist; Ma. Dominga “Minguita” B. Padilla, the Philippine Medical Association, the Public Services Independent Labor Confederation and the Sentro ng mga Nagkakaisa at Progresibong Manggagawa.
➔ BOC warns vs fake social media accounts
THE Bureau of Customs (BOC) issued a warning about the “increasing number” of fraudulent Facebook accounts using the BOC’s name, logo and branding to deceive the public. In a statement the BOC e-mailed last Sunday, the agency said it received reports that the fake accounts even impersonate legitimate BOC officials. The BOC said these false accounts have targeted victims by sending messages, replying to comments and copying content from the official page to appear credible. “The BOC urges everyone to exercise caution when interacting with accounts claiming to represent the agency,” the agency said. It also advised the public not to disclose personal information, send payments or engage with any unverified accounts. “The BOC maintains only one verified Facebook page as the official source of updates, announcements and services,” it added. Reine Juvierre S. Alberto
➔ PDIC trains Cebu media
THE Philippine Deposit Insurance Corp. (PDIC) announced it recently conducted the second regional run for 2025 of “PDIC 101: Understanding Deposit Insurance” in collaboration with the Philippine Information Agency (PIA) Central Visayas Regional Office. According to the PDIC, this event is “the state deposit insurer’s sustaining activity for local media to equip them with better understanding of the PDIC’s mandates to enable them to help spread this awareness through various media platforms.” The Cebu run followed the Luzon leg of the PDIC 101, which was conducted in Naga City last May, read the PDIC’s statement. Since 2024, the PDIC and PIA have been collaborating to enhance public access to financial information, particularly on the benefits of saving in banks and the protection provided by deposit insurance. Through its extensive nationwide network, the PIA helps the PDIC reach more audiences to help them make informed financial decisions.
➔ Market resilience challenged by Trump’s tariff salvo FINANCIAL markets, which have shown increasing insensitivity to tariff threats from the US, will face a test at the Monday open after President Donald Trump declared a 30 percent rate for the European Union and Mexico effective August 1. Trump has ratcheted up trade measures, promising that more tariffs are coming to everyone from Canada to Brazil to Algeria and inviting trading partners to negotiate further. Investors have so far behaved as if they’re counting on the US president to back down, having seen previous U-turns from his administration. Having set a record high in recent days, Bitcoin, which trades through the weekend, was little moved after the latest Trump missives. Currency markets will give another indication of the impact on global risk appetite when they resume trading at 5 a.m. Sydney time. Bloomberg
PBy Cai U. Ordinario @caiordinario
HILIPPINE bank assets increased in the period ending in May on the back of faster loan growth and acquired assets posting double-digit growths during the period.
Data released by the Bangko Sentral ng Pilipinas (BSP) showed bank assets grew 6.38 percent, faster than the growth of liabilities. The latter increased 5.7 percent in the period ending in May 2025.
BSP data showed that domestic banks’ total assets reached P27.26 trillion while liabilities reached
Total
₧1.54B
By Lenie Lectura @llectura
THE National Electrification Administration (NEA) has extended P1.54 billion in loans during the first half of the year to support the operations of 24 electric cooperatives (ECs) as the country races to ensure 100 percent household electrification by 2028.
P23.79 trillion in May 2025.
The growth of bank assets were driven by net total loan portfolio (TLP), which posted a 12.68-percent growth to P15.12 trillion in May 2025 from P13.42 trillion in May 2024.
The data also showed that net real and other properties ac-
in loans extended to electric co-ops in H1
The agency revealed last Sunday that 20 ECs utilized a total of P893.65 million to finance their capital expenditures (capex) projects. The remaining EC loaned P650 million for their working capital.
Of the total amount, P967 million was processed in the first quarter and P657 million in the second quarter.
According to the NEA-Accounts Management and Guarantee Department, P1.795 billion was set aside this year to support various lending programs for ECs.
In 2024, 36 ECs availed a total of P1.8 billion in loans. Of the amount, P1.19 billion was spent on capex projects of 30 ECs while P607 million financed the working capital of some ECs. The balance was utilized to finance the rehabilitation of a facility.
Republic Act 9136 or the Electric Power Industry Reform Act of 2001, tasks the NEA with overseeing missionary electrification and providing financial, institutional, and technical assistance to ECs.
Worst spate of downgrades since 2021 signals pain
By Rachel Graf & Caleb Mutua Bloomberg
CREDIT rating downgrades are becoming more frequent, the latest sign that companies are starting to perform worse and raising fresh questions about whether corporate debt valuations should be as high as they are.
In the second quarter, around $94 billion of high-grade US debt was downgraded, compared with just $78 billion of upgrades, according to JPMorgan Chase & Co. strategists. It was the first time since early 2021 that downgrades outpaced upgrades in dollar terms, and more companies are at risk of being demoted later this year as economic uncertainty rises, JPMorgan strategists including Eric Beinstein and Silvi Mantri wrote this week.
The economy faces unknowns now including whether trade wars will keep escalating. But corporate bond valuations are high, with US investment-grade spreads this week
hovering around 0.8 percentage point, well below the two-decade average of around 1.5 percentage point. For junk securities, spreads are closer to about 2.8 percentage points, far short of the 4.9 percentage point average going back 20 years. That makes picking the right bonds crucial.
“Credit picking is super important now. You have to get your calls right,” said Jon Curran, head of investment grade credit at Principal Asset Management, in an interview. “The vulnerability to downgrades is higher.”
There are other reasons to be worried about credit quality now. High-yield borrowers are delaying about 9 percent of interest payments globally, known as paying in kind, according to JPMorgan Asset Management’s Oksana Aronov, up from about 4 percent in 2020. And cash balances at high-grade US companies are showing signs of starting to fall. The second quarter earnings season begins in the US in the coming week, and will give more insight as to how
companies are faring.
Pacific Investment Management Co., overseeing $2 trillion, has been cautious in industries like retail that are facing long-term decline or those exposed to near-term risk of boosting borrowings, like metals and mining, homebuilders and autos, according to Sonali Pier, multi-sector credit portfolio manager at Pimco. She’s leaning into sectors likely to continue to benefiting from strong free cash flow and earnings growth trends, like banks and pipeline companies and more defensive sectors like healthcare, utilities and defense.
“We’ve maintained a light footprint in areas of the market where we foresee more downgrade and fallen angel risk,” said Pier.
Many investors are optimistic that company credit will generally remain strong. Overall US corporate yields remain high by the standards of the last decade. Portfolio managers in the US and Europe are selling default protection at an increasing pace, a signal they see little risk on the horizon. Their position on the main investment-grade US creditdefault swap index now amounts to over $105 billion, the most in at least three years, based on data compiled by Barclays Plc and Bloomberg. It’s a similar story in Europe. But by at least some measures, including not just ratings downgrades but also companies losing investment-grade status, the outlook is deteriorating. In the second quarter, there were about $34 billion of debt known as Fallen Angels, or bonds cut to junk, compared with just $3 billion of rising stars, JPMorgan strategists said. And on Friday, US President Donald Trump threatened a 35 percent tariff on some Canadian goods, ramping up his trade rhetoric.
“Businesses are vulnerable to tariffs but also living with uncertainty,” said Christina Padgett, head of leveraged finance and private credit research at Moody’s Ratings. “It’s not confirmed for a lot of businesses what their fate is.”
US inflation to pick up on more tariff pass-through
AFTER months of seeing very little inflation, US consumers probably experienced slightly faster price growth in June as companies started to pass along the higher cost of imported merchandise associated with tariffs.
Prices of goods and services, excluding volatile food and energy costs, rose 0.3 percent in June, the most in five months, according to a Bloomberg survey of economists. In May, the so-called core consumer price index edged up 0.1 percent.
The measure, regarded as a better indicator of underlying inflation, is seen accelerating on an annual basis for the first time since January. to 2.9 percent.
While Tuesday’s report is likely to show just a little more pass-through of higher US import duties, many economists expect inflation to gradually pick up as the year progresses. At the same time, many merchants are hesitant to ratchet up prices on American consumers exercising more spending discipline in the wake of a cooling job market. It’s a delicate balancing act. Retail sales figures on Thursday
are expected to show only a modest increase in June after two months of declines. Details of the data, which primarily reflects spending on merchandise, will help economists firm up their estimates for second-quarter economic growth.
While consumer demand has shifted into a lower gear along with the labor market, Federal Reserve officials have held off lowering interest rates on concerns higher tariffs will ultimately cause inflation to
accelerate. Policymakers next meet July 29-30.
In addition to the Wednesday release of the Fed’s Beige Book, a compilation of anecdotes about regional economies, investors will hear from a number of US central bankers in the coming week. They include Fed Governors Christopher Waller, Adriana Kugler and Lisa Cook. Looking north, Statistics Canada will release the second of two inflation reports before the Bank of Can-
ada’s rate decision on July 30. The central bank is closely watching core measures, which have accelerated in recent months but cooled slightly to 3 percent in May. Elsewhere, the Group of 20 finance ministers meeting in South Africa, consumer-price data from Japan and the UK, and key speeches by British policymakers will be among the highlights.
Asia A SLEW of data from Japan and China will be the focus, with key growth and trade indicators from Malaysia to India also in the spotlight. It begins Monday, when China releases trade figures which will give the latest read of the impacts of US tariffs and potential frontloading of shipments.
The next day, numbers for China’s June new home sales, retail sales and unemployment provide a snapshot of consumers, while second-quarter gross domestic product is forecast at a slower 5.3 percent, and industrial production figures are set to show the overall health of the economy and a key driver of it. Bloomberg
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PUNISHMENT BY TARIFF:
What Trump’s trade moves say about his foreign policy
By Paul Wiseman AP Economics Writer
WASHINGTON—In the past week, President Donald Trump has managed to make his erratic trade policies even more baffling to countries desperate to negotiate an escape from his wrath.
Doubling down on his trade wars, Trump is threatening to raise taxes on many goods from Canada, hike his universal tariff on imports from around the world and punish Brazil for prosecuting his friend, the country’s former president.
On Saturday, Trump announced more tariffs still, this time on two of the United States’ biggest trade partners: the European Union and Mexico, at 30% each. Former US trade negotiator Wendy Cutler said that Trump’s recent moves “underscore the growing unpredictability, incoherence and assertiveness’’ of his trade policies. It’s hard for trading partners to know where they stand with Trump on any given day and what more may be coming their way when least expected,’’ said Cutler, now vice president at the Asia Society Policy Institute. On Thursday, the president escalated a conflict he started with America’s second-biggest trading partner and longstanding ally, raising the tariff—effectively a tax— on many Canadian imports to 35% effective August 1. The sudden announcement,
revealed in a letter to Canadian Prime Minister Mark Carney, came despite Carney’s push to reach a trade deal with the United States by July 21. And it followed a big concession by Canada: On June 29, it had agreed to drop a digital services tax that Trump considered unfair to US tech giants.
Canada is far from the only target. In an interview Thursday with NBC News Trump suggested that he plans to raise his “baseline’’ tariff on most imports from an already-high 10% to as much as 20%.
Trump sees the baseline tariffs as a way to finance the budget-busting tax cuts in the “One Big Beautiful Bill’’ he signed into law July 4.
Those tariff threats came after his extraordinary decision Wednesday to impose a 50% import tax on Brazil mainly because he didn’t like the way it was treating former Brazilian president Jair Bolsonaro, who is facing trial for trying to overturn his electoral defeat in 2022.
In his letter to current Brazilian President Luiz Inácio Lula da Silva, Trump also incorrectly claimed that Brazilian trade barriers had caused “unsustainable
Trade Deficits against the United States.’’ In fact, US exports to Brazil have exceeded imports for 18 straight years, including a $29-billion surplus last year.
For some, Trump’s action against Brazil indicates he’s trying to exert influence over more than trade.
Trump seems to view tariffs as an instrument to influence not just other countries’ trade and economic policies but even their domestic legal and political matters,” said Eswar Prasad, professor of trade policy at Cornell University. Trump’s faith in the economic superpowers of tariffs is unshaken even though they so far have proven largely ineffective in bullying other countries to cut deals.
On April 2, Trump announced the 10% baseline tariffs and larger “reciprocal’’ tariffs—up to 50%— on dozens of countries with which the United States runs trade deficits. But responding to a rout in global financial markets, he quickly suspended the reciprocal tariffs for 90 days to give countries a chance to negotiate.
The administration promised “90 deals in 90 days’’ but got only
President Donald Trump’s latest wave of tariff threats— targeting allies like Canada, Mexico, and the European Union—has left global leaders scrambling to make sense of a trade policy that appears driven as much by personal grievances and political leverage as by economic logic. As experts warn of deepening uncertainty, some say Trump is now wielding tariffs not just as economic tools but as instruments of foreign policy pressure.
two—with the United Kingdom and Vietnam—before the deadline ran out Wednesday.
R ather than reinstituting the reciprocal tariffs, Trump sent letters to 23 countries saying he’ll impose levies ranging from 20% on the Philippines to the 50% on Brazil August 1 if they couldn’t reach an agreement.
C had Bown, senior fellow at the Peterson Institute for International Economics, was not surprised that Trump needed more time to press US trading partners to do more to open their markets to US exports—though another three weeks is unlikely to be enough time to reach substantive agreements.
For each of these countries, they have their own domestic challenges about what they can and can’t offer,’’ he said. “There’s a reason why that market access hasn’t been granted before ... they have domestic political constituencies that argue to keep protection in place. And those just aren’t problems that can easily be solved in a matter of weeks.’’ Malaysia, for instance, has “specific red lines’’ it will not cross, Trade Minister Zafrul Aziz said
Wednesday, including US demands involving government contracts, halal certification, medical standards and a digital tax.
But Malaysia has pledged to buy 30 Boeing planes and offered other concessions involving semiconductors and technology. “It has to be fair,” he said. “If the deal does not benefit Malaysia, we should not have a deal.’’
Still, the United States’ $30-trillion economy and freespending consumers give Trump considerable leverage, especially over countries that depend on trade. “These countries need the United States,’’ said Matthew Goodman, director of the Council on Foreign Relations’ Center for Geoeconomic Studies. “They need our market.’’ Th ailand, facing the threat of a 36% Trump tariff August 1, is continuing to push for a deal and has offered to open its market to more US farm, energy and industrial products.
Trump said Vietnam gave US companies duty-free access to its market while agreeing to a 20% US tariff on its exports—though details of the deal have not been
released. “The Vietnam deal was fantastic,’’ Stephen Miran, chair of Trump’s Council of Economic Advisers, crowed last Sunday on ABC News’ “This Week with George Stephanopoulos.’’ “It’s extremely one-sided.’’
Other countries “can’t afford to walk away,’’ said Goodman, former director for international economics on the National Security Council. “But they’re going to be increasingly unhappy and resistant to the most over-the-top requests.’’ Sometimes there’s a backlash against US bullying. Carney’s Liberal party, for example, won a come-from-behind election victory in April because he stood up to Trump’s pressure.
A nd countries are beginning to look for alternatives to economic reliance on the United States. Canada is negotiating a trade pact with Southeast Asian countries, some of which are also moving closer to China.
Foreign governments might also simply hope to outlast Trump, who has shown a willingness to declare victory after signing “framework’’ agreements such as one with China that leave the toughest issues for future negotiations.
“For Trump, the squeeze is more important than the juice,” said William Reinsch, a former US trade official now at the Center of Strategic and International Studies. “What’s important to him is winning—the public, visible appearance of winning. And what he wins is less important.
So the trick for these countries becomes: ‘How do we let him win in a way that allows us to make the least damaging concessions?’”
Makeup Maven Elmer Catungal: Living the American Dream
Even with the uncertain climate in the US at the moment, makeup maven Elmer Catungal is thriving. Despite a flourishing career in Manila followed by a successful stint in Bahrain, he relocated to California in search of the American Dream.
In early 2023, he shared with me his wishes as he embarked on his new creative adventure. He has since racked up credits in magazine covers and editorials, gained a loyal clientele and a medical-spa residency. Almost three years later, I caught up via email with my good friend as he pondered on how his creative pursuits have evolved.
“Having relocated to the US years ago, I have experienced significant life changes and gained new perspectives. Navigating a new country, often without established support networks, pushes me to become more independent and self-reliant. I developed problem-solving skills and learned how to handle various situations on my own. This can be both challenging and empowering,” Elmer shares.
As an immigrant seeking opportunities, Elmer faces daunting challenges such as adapting to a new culture, understanding legal and immigration processes, building new social networks, and potentially experiencing discrimination or financial difficulties.
“Being an immigrant and member of the LGBT community, I live more openly and authentically in accordance with my sexual orientation and gender identity. This contributes to my heightened self-esteem and a sense of liberation,” he says.
Here, Elmer excitedly shares his American journey:
EVOLUTION OF MAKEUP ARTISTRY
“My makeup artistry evolved from basic techniques to complex artistry. I first learned how to put makeup on my face. Then I tried putting on makeup on contestants for Miss Gay pageants in our barangay. Kahit nung nagmi-makeup na ako sa magazines and photoshoots, ang alam ko pa lang ay basic techniques like the sequence on what products to apply. I then learned more skills by observing senior makeup artists.
“In 2009, I worked at Sephora Bahrain and my makeup skills were further developed. I learned more techniques when I was sent to France on a one-year development grant.
“Currently, I love Dior Beauty and Guerlain, especially their foundations and concealers. I also love using the Temptu airbrush machine and its other products. Napaka-bongga ng skin pag-ginamit mo ito. Kabog!
MANILA, MIDDLE EAST, CALIFORNIA
“THERE are several similarities and differences in being a makeup artist in Manila, the Middle East, and California.
“The similarities are a passion for beauty (a love for makeup artistry and enhancing beauty is a shared foundation for artists in all three locations); skill and continuous learning (mastery of techniques and staying updated with trends are crucial for success everywhere); networking and building a portfolio (making connections and showcasing my work are vital for gaining clients and establishing a reputation regardless of location); and demand
for special occasions (bridal, graduation, and other event makeup are popular services sought by clients in all three regions).
“The rates, however, can be vastly different. In Manila, rates can vary widely based on factors such as experience, location, number of faces, and inclusions. For example, bridal makeup packages can range from a few thousand pesos to tens of thousands depending on the artist and services offered.
“In the Middle East, rates tend to be significantly higher than in Manila due to higher cost of living and a demand for luxury services and international artists.
The three regions, reflecting the cost of living and industry standards, particularly in areas like Los Angeles.”
ELLA V: THE MUSE
“ELLA V. is very professional as my boss. Working with her taught me a lot, such as to be more patient, be hardworking and never stop realizing my dreams.
She is so much fun to be with. But if it’s work, it’s work.
“I consider her a very good friend. We met more than 20 years ago when she was still with the popular Viva HotBabes, a sexy girl group.
“In the US, Ella is the CEO of Vglow Beauty Bar, a
top-tier medical spa ‘where beauty meets wellness.’ So, when I migrated, she hired me to work for her company as well as her personal makeup artist.
“She also has a business in the Philippines called Aura Wellness and Spa, which promises to deliver unparalleled services that nurture the mind, body and spirit, transforming self-care into a sanctuary of peace. Its grand opening will be on July 19, 2025, located at The Pinnacle Plaza, 69 Marikina-Infanta Highway, Cainta, Rizal.”
ELLA V: THE CHAMPION
HERE’S what Ella V had to say about her working dynamic with Elmer:
“He is someone who can effectively commu nicate my artistic vision while also listening to and incorporating feedback from the team. He is professional, adaptable and reliable. He is blessed with technical skills, creativity, experience and a good reputation with a diverse portfolio and strong references and reviews.
“In short, when considering a makeup artist, I evaluate their
ability to not only deliver stunning makeup looks but also seamlessly integrate into my existing team and workflow. Elmer has all the sterling qualities that are all crucial for a successful partnership.”
WISHES AND PRAYERS
MY primary wish for the US is for its citizens to be unified in their pursuit of common goals like peace, equality, prosperity and a well-functioning society, despite political differences.
“It’s also important to acknowledge that the US is a vast and diverse nation with a multitude of perspectives and challenges. My wish reflects an aspiration for all Americans, immigrants and non-immigrants to work together to build a more harmonious and prosperous future for everyone.” n
The return of the FENDI Spy Bag
ITALIAN luxury brand FENDI presents in its centenary Fall/Winter 2025-26 Collection the return of the FENDI Spy Bag on the catwalk, from flashback to fast forward, from 2005 to 2025. Born from the creative spirit of Silvia Venturini Fendi, the Spy Bag was originally launched in 2005 and quickly became a fashion favorite worldwide.
The name originates from the secretive attitude of the bag, with a hidden pocket concealed under the flap that can be opened through a disguised button. Surrounded by a golden metal curved bar, the pocket is a luxurious addition to the new FENDI Spy Bag
“I liked the idea of the secret compartment because a bag is a place where you keep your most intimate belongings. It’s an extension of yourself,” says Silvia Venturini Fendi. “If you open a bag and see what’s inside, you can read a person. I like that there might be something you’d want to keep just for you, that’s why I conceived the hidden pocket.”
Signatures from the past continue to define the FENDI Spy Bag, preserving its unique silhouette that marked the 2000s fashion. This distinctive attitude is further enhanced using sumptuous and supple materials, in line with the brand’s unparalleled leather craftsmanship, also shaping the elegantly twisted handles that are a nod to the former version.
Declined in two sizes—Regular and Small—the FENDI Spy Bag brings its soft structure to the fore. The Regular has a shoulder wearability and an added D-Ring to attach charms, while the Small is designed to be carried by hand, or crossbody and on the shoulder with the removable and adjustable strap.
he sleek aesthetic of the new FENDI is complemented by luxurious materials and a palette that combines neutral shades with sorbet hues.
The reloaded version of the FENDI Spy Bag celebrates the brand’s enduring legacy and creative spirit.
Launching together with the Women’s and Men’s Fall/Winter 2025-26 collection, it will be available in selected boutiques worldwide and on fendi.com starting from July 17, 2025.
Is the new MAC Studio Fix Powder Plus Foundation better than the old one?
they’d usually be sold out by end-December.
The MAC Studio Fix Powder Plus Foundation is a matte formula that doesn’t cake and while I know skin does not “absorb” products, it seems to become skin-like.
When MAC announced that it had formulated this iconic formula, there was understandably an online uproar but as a fan, I was willing to give it a chance.
MAC claims it has doubled the shine control in the new Studio Fix. Whereas the old formula offered 12 hours of blurred, oil-free coverage, the new one promises 24 hours. The new Studio Fix Powder Plus Foundation is also refillable and also uses 45 percent less packaging. The new shade range is also more inclusive, from 53 shades to 78. The reformulation removed the talc from the formula. Talc absorbs moisture and allows products to make skin feel smoother silkier and smoother but in its natural form, it can contain asbestos. The old formula is certainly more matte, a texture
that we all preferred back then. The MAC Studio Fix Powder Plus Foundation creates a new type of matte skin that’s soft-focus, smooth, and without any powdery residue. I use Studio Fix to set my makeup and it helps the base stay on for 4-6 hours in our weather, which is not bad at all. I love the powder’s blurring property, called Pro-Blur Technology, which makes makeup look softer. If I have one concern about the reformulation, it’s that the shades have changed. I used to be an NC35 in the old formula but I am an NC20 in the new one. The texture is very smooth and almost buttery so it’s best to use with a sponge instead of a brush, then apply with a patting instead of a sweeping motion on the skin. So the question I am frequently asked is whether I like the new one better than the old. I actually do. The texture is less powdery and it is less matte but somehow minimizes oiliness over time.
Food That Binds: A Culinary Homecoming in Tagaytay
Some places feed you. Others stay with you. Tagaytay, somehow, does both.
Cradled between lake and sky, Tagaytay has long been the getaway of choice for inthe-know diners, those who understand that food is as much about feeling as it is about flavor. Now, the city that turned weekend dining into ritual steps will be brought into the spotlight with the Tagaytay Food Festival 2025, happening July 18 to 20, 2025 with a finale event on August 3, 2025. With the theme “Food That Binds,” the festival promises more than just a weekend of indulgence. It’s a quiet but powerful gathering, a curated food journey that honors the full story of Filipino gastronomy: where it begins, who brings it to life, and how it continues to evolve. It’s set in Tagaytay, a dining destination that has long welcomed a spectrum of influences, where Filipino cuisine thrives alongside global tastes, and where even international chefs have found inspiration, adding their own stories to the city’s ever-growing, uniquely foodie fold.
This year’s edition is thoughtfully anchored at Taal Vista Hotel, the festival’s official home and a Tagaytay icon in its own right—bridging history, hospitality, and heritage in the highlands.
The experience begins on July 18, with the Festival Fair & Farmer’s Market at Taal Vista Hotel—a showcase of Cavite and Tagaytay’s finest ingredients, from heirloom produce to rare regional finds. This is where the story starts: in the soil.
The afternoon’s Drinks Fest offers a lowkey moment to sip, mingle, and preview what’s to come. Then, the evening unfolds with the Grand Tasting, a signature dinner featuring a curated lineup of chefs who each present a refined, deeply personal take on Filipino flavors. Expect dishes you won’t find on menus—and moments that won’t be repeated.
July 19 deepens the experience with Food Talks—a full-day series of conversations and demos featuring some of the country’s most respected voices in the industry. From sustainability and reinvention to heritage and hospitality, the day brings together thought leaders like
Cobe
Thirdy Dolarte, Chaele Dee, Ryan Cruz, Stephane Duhesme, and Tina Legarda for dialogues that challenge, inspire, and illuminate the future of Filipino food. The sessions will be powered by Pickup Coffee and Cold Storage, perfect for fueling ideas and sparking conversation. That morning also offers an off-site excursion for those eager to explore deeper roots. Cavite City Food Heritage Tour is an immersive journey through Cavite City’s glorious culinary and cultural history, guided by Ige Ramos. It’s a homage to tradition and flavor, showcasing how the past lives on in every dish.
The festival also offers a lunch experience that day at The Fatted Calf featuring One Michelin Star Restaurant Fiz Singapore. Made possible through the festival’s official banking partnership with RCBC, the lunch is exclusive to the bank’s clients.
Festival guests, however, can delight in the Veranda Heritage Lunch at Taal Vista’s al fresco area—offered both on Saturday and Sunday—for a relaxed, open-air dining experience that revisits Filipino heirloom recipes.
After the talks, enjoy a mindfully prepared Sunset Sessions at Taza Fresh Table at 4 pm. This hearty, produceforward offering that blurs the lines between merienda and early dinner,
lending a quiet moment to reflect, recharge, and indulge in the freshest of Tagaytay’s harvest.
As the evening sets in, Food That Binds at The Fatted Calf welcomes a crossborder exchange between Restaurant Fiz Singapore and Chefs Rhea and Jayjay SyCip, an elegant, ingredient-led dinner that weaves gourmet legacy and precision in one seamless service.
On July 20, the day begins with a leisurely brunch, New Menu Launch at Samira by Chele in Anya Resort Tagaytay, where quiet luxury unfolds with warmth. With sweeping views and a six-course set menu, it’s the kind of meal that nourishes the senses—and stays with you long after the last bite.
Later that day, Anzani Sunday Lunch: Mediterranean Flair brings together Chef Marco Anzani of Cebu and esteemed peers for a refined lunch experience. Offering a sun-drenched take on coastal gastronomy, this intimate eight-hands collaboration is a preview of Anzani’s upcoming restaurant at Ville Sommet in Alfonso, Cavite— indeed, a fête of vibrant flavors and rich epicurean storytelling.
The evening closes with Sinta: A Collaboration Dinner at 6 pm, featuring Chefs Ariel Manuel, Bettina Arguelles, and chefs from the PYC Foods Group for a soulful, layered experience, a true celebration of kitchen artistry and fellowship.
The festival concludes on August 3 with the Creative Bulalo Challenge at Skyranch Tagaytay, where this beloved highland staple is reimagined by some of the country’s most creative innovators in Filipino cuisine.
This year’s showcase features premium ingredients provided in partnership with Oleo-Fats Inc., Real California Milk, and with the support of the Department of Agriculture—bringing home the message that innovation begins with good ingredients and great partnerships.
For tickets, call +63 917 6119808 or +63 977 6437477. Tickets to the Grand Tasting are priced at PHP3,950.00 per person. Premium dining experiences have limited seating—early booking is encouraged. Follow the story at @ tagaytayfoodfestival and be part of the movement.
“Our goal is to make quality living accessible to Filipino families, without compromising style or practicality,” said Josephine Jeresano, Founder and CEO of Cobe Living Store. “We carefully select and design pieces that not only add beauty to a space but also serve a purpose in enhancing daily life.” Driven by the values of comfort, class, and commitment, Cobe Living is more than just a store, it’s a lifestyle. The brand’s online platform, www.cobeliving.store offers a seamless shopping experience, making it easier for customers nationwide to discover and purchase top-tier home products from the comfort of their own homes. In addition to retail, Cobe Living Store also supplies hotels, restaurants, and resorts, offering bulk orders and custom solutions that meet the high standards of the hospitality industry. As a proud Filipino brand, Cobe Living Store continues to inspire creativity and elegance in every Filipino home, proving that luxury can be practical and that great design is for everyone.
LG Electronics Philippines has teamed up with PBA icon LA Tenorio to power his laundry business with LG Commercial Laundry System. Tenorio hopes that through the partnership, those ini a similar stage in life can see starting a laundry business as a worthwhile investment for the future, too. LA’s hustle doesn’t stop when the game ends. As someone who thinks
and partner with trusted brands like LG. “If you’re thinking of starting your own business, especially in the laundry industry, LG is the way to go,” LA shared. “You can count on LG for top-tier performance and exceptional efficiency. The LG Commercial Laundry System gives you high-quality machines and expert business support to help you succeed. It cleans like a champ and delivers consistent results every time. It’s
BELMONT Hotel Manila proudly launched “Paghabi at Kape,” a heartfelt cultural initiative held at Café Belmont in partnership with Jeannie Laccay of Aruga Handwoven and SGD Coffee. The event highlighted Filipino artistry, tradition, and sustainability.
At the heart of the celebration were the Isinay weaves of Nueva Vizcaya, a cultural advocate representing the women of Aruga Handwoven. These textiles reflect the rich heritage of the Bugkalot hunters, showcasing traditional patterns and stories passed down through generation.
To further elevate the cultural experience, dancers from Mountain Province performed traditional tribal dances, offering guests a dynamic and soulful glimpse into Cordilleran heritage.
More than just a cultural showcase, “Paghabi at Kape” reflects Belmont Hotel Manila’s commitment to sustainable hospitality, cultural preservation, and community empowerment. The event also promotes the slow fashion movement, encouraging mindful consumption and appreciation for Filipino indigenous crafts.
Guests also enjoyed freshly brewed SGD Coffee from Sagada, known for its high-altitude Arabica beans cultivated through sustainable and ethical farming practices. SGD’s advocacy for local farmers perfectly aligned with the event’s mission of inclusive growth.
“This is more than a cultural activity,” said Sonny Alvaro, Cluster General Manager. “Paghabi at Kape is our way of honoring traditions while weaving together sustainability, identity, and community.”
Mayann Malapote, Director of Operations, added:
“We’re celebrating more than just beautiful woven pieces. We’re celebrating culture, collaboration, and meaningful conversations over two things that bring people together: fabric and coffee. At Belmont Hotel Manila, we believe in giving space to stories that matter and this event is one of those moments.”
In her remarks, Laccay shared: “The work we do is more than a livelihood it’s a responsibility. Our weaves carry the spirit of our ancestors. Every thread is a story, and every design is an echo of the past. Thank you, Belmont Hotel Manila, for giving our culture a platform and for letting our voices be heard through fabric.”
Rich Watanabe, the man behind Philippine specialty coffee community, also shared a heartfelt message: “We’re proud to share our traditions here. Our dances,
Crowne Plaza Manila Galleria Receives Prestigious International Nominations
CROWNE Plaza Manila Galleria is proud to announce its recent nominations in several of the most esteemed global awards in the hospitality industry, affirming its status as one of the country’s premier destinations for business, events, and exceptional dining experiences. The hotel is honored to be nominated for: Philippines’ Leading Conference Hotel at the World Travel Awards 2025 Best MICE Hotel 2025 (Meetings, Incentives,
while saving on energy, time, and effort. LG Commercial Washers are built to last, and that kind of reliability is important when you’re starting a business.” LG Commercial Washing Machines aren’t just your everyday washers, they’re the ultimate game-changers
our beautiful spaces or sophisticated amenities—they’re a celebration of the people behind the brand,” said Patria Puyat, Cluster General Manager of Crowne Plaza Manila Galleria and Holiday Inn & Suites Manila Galleria. “Our team’s passion, professionalism, and resilience have been the driving force behind our continued growth.
Crowne Plaza Manila Galleria Ballroom
Team of Belmont Hotel Manila with Ivanovich Agote - DOT-NCR Chief Tourism Operations Officer, Rich Watanabe - Executive Director of SGD Coffee, Jeannie Lacay – Aruga Handwoven
Living Store elevates Filipino homes with style, comfort, quality
Defying Gravity: Treks & Kicks
RFirst of two parts
OSAN and Joel. Two award-winning and seasoned communication and PR friends and colleagues, and fellow university alumni who today continue to defy gravity, figuratively, with their achievements as they continue to challenge themselves and sustain the stamina and grit that make PRs the best they can ever be.
Rosan Cruz and I together served in the Lopez Group of Companies, she with the holding company led by Oscar M. Lopez, while I was with Meralco led by Amb. Manolo M. Lopez. Her PR journey took her to diverse experiences in strategic communication, public relations, and multimedia publishing as a corporate executive and on international assignments as well.
Joel Lacsamana and I were classmates in the UP College of Media and Communication (then called the UP College of Mass Communication), and were batchmates when conferred the distinction of being Accredited in Public Relations or APR. Joel became a journalist, business editor, corporate communications chief, senior vice president, and director in various local and multinational companies.
Years passed and our paths continued to intersect as we kept in touch and joined industry and professional associations. Today, they continue to blaze trails that I proudly share in this column.
Rosan is now a passionate wellness entrepreneur who inspires healing and growth through Kundalini yoga, sound healing, ThetaHealing®, and life coaching. With kindness and wisdom, she guides others to awaken their true potential and live with balance and joy. She recently returned from Nepal, successfully trekking to the Basecamp of the world’s tallest mountain, Mt. Everest.
LINGGO NG MUSIKANG
PILIPINO MARKS 11TH YEAR
WITH A TRIBUTE TO THE SPIRIT OF OPM
MANILA, PHILIPPINES—
Linggo ng Musikang Pilipino (LMP) enters its 11th year with renewed energy and purpose. The 2025 edition, themed “LMP25: Ikaw. Ako. Tayo.,” goes beyond celebration and offers a powerful testament to the unifying force of music and the strength of community within the Filipino music industry.
Spearheaded by the Organisasyon ng mga Pilipinong
“as
Rosan
Joel today hosts Karambola sa DWIZ on DWIZ News TV. He recently returned from Taiwan as a bronze medalist in the 2025 Taekwondo Masters Competition in the Individual Over-60 Poomsae Masters Division, and successfully coached the Philippine team to win five medals on Day One alone.
IT’S THE CLIMB MT. Everest, located in between Nepal and Tibet, is the “highest peak on the Himalayas Mountains and the highest point on earth.” It takes preparation, stamina, guidance, and training before one can scale it, what with its high altitude, thin air and temperature that can plummet. Even a trek to Basecamp already challenges mentally and physically. Rosan took on that challenge.
Mang-aawit (OPM), this year’s LMP extends into a monthlong cultural initiative from July 1 to August 1, with performances, music talks, and grassroots events taking place across Metro Manila. With over 50 artists from OPM’s membership roster participating, LMP25 aims to foster both artistic expression and industry education, providing platforms for music veterans, rising stars and aspiring creators alike.
Organisasyon ng mga Pilipinong Mang-Aawit’s (OPM) Executive Director Gab Cabangon emphasizes that this edition aims to embrace the culture of community and collaboration while celebrating how integral music is to the lives of the Filipino people. “This is why we have a mix
of OPM Spotlight performances in different areas of Metro Manila that retained the ‘back-to-basics’ approach we had for LMP 2024 and the music talk series designed to inspire music artists to pursue artistic excellence and to create an accessible learning space for artists aspiring to become professionals in their field. It’s about bringing everyone in spaces to celebrate music together.”
He adds, “Apart from the learning opportunities that we included this year, this is also the first time that we have a lineup of artists who are all part of the membership of OPM. We have around 50 artists who will be performing for this year’s Linggo ng Musikang Pilipino.”
LMP25’s OPM Spotlight se -
What made you decide to trek up Mt. Everest?
ROSAN: “When I was young, being part of a mountaineering club planted a seed of adventure in my heart, a dream to one day stand on the world’s highest peak, Everest.
Over the years, I’ve been fortunate to climb mountains in the Philippines and trek abroad, from the Annapurna Circuit in Nepal to walking historic trails like Japan’s Nakasendo and 530 kilometers of the Camino de Santiago. Each journey has shaped me, teaching me patience, resilience, and the joy of discovering new parts of myself.
I’ve always been someone who’s drawn to adventure. Even though I had to stop doing triathlons and marathons because of a TMJ (temporomandibular joint) condition, that restless
ries delivers a diverse lineup of live performances across select venues in Metro Manila. Spanning indie to mainstream, acoustic to full-band productions, the series offers an immersive look into the evolving landscape of OPM. Each performance showcases original compositions and beloved Filipino classics, celebrating both heritage and innovation.
On July 26 at Greenhills Cinema, LMP25 launches its Music Talk Series, a half-day program dedicated to mentorship. Open to students, emerging artists and music professionals, the event brings together esteemed names in the industry including Paolo and Miguel Guico of Ben&Ben, producer Shadiel Chan, Flip Music’s Jeli Mateo, and music
spirit never left me. So when a friend invited me to celebrate her 60th birthday by trekking to the Everest Base Camp, it felt like the perfect moment to say yes.
“Why not?” I thought. It wasn’t just about reaching a destination, it was about honoring a dream that’s been with me for so long, embracing whatever challenges and growth came along the way. This trek became a deeply personal chapter in my life, one filled with courage, connection, and gratitude.”
What preparations did you have to do?
ROSAN: “I trained for two months, working out three times a week with my trainer Rogie Ocampo of Fitness First Greenhills, focusing on strengthening my legs and shoulders and build -
icon Jim Paredes. Topics will span songwriting, arrangement, music production, licensing, and the business of publishing.
From July 24 to 30, The Rockwell Series takes center stage at the Power Plant Mall in Makati, offering intimate lunchtime and early evening performances. Featuring acoustic and singer-songwriter sets, these daily showcases invite the public to experience the emotional core of OPM in an accessible, community-centric setting.
Established in 2014 through Proclamation No. 933 under the late President Benigno Aquino III, Linggo ng Musikang Pilipino began as a weeklong tribute to Filipino music. Over the last decade, OPM has helped elevate LMP into a be -
ing cardio endurance; and alternating twice a week on the stair master or treadmill wearing a 10-kg. weighted vest. On weekends, I’d hike up Mount Makiling to get used to the uneven trails. Looking back, I wish I had trained longer, especially on cardio. Our outfitter recommended 100 burpees a day. I managed doing only 30 before the trek and that showed on the steep climbs above 4,000 meters when my heart felt like exploding and I had difficulty breathing. Still, the preparation was a meaningful journey in itself, teaching me patience, resilience and listening to my body.”
To be continued
PR Matters is a roundtable column by members of IPRA Philippines, the local chapter of the United Kingdombased International Public Relations Association, the world’s premier association for senior communication professionals around the world. Ritzi Villarico-Ronquillo, APR, IABC Fellow is an Adjunct Faculty for Leadership and Human Capital Management at the Asian Institute of Management’s School of Executive Education and Lifelong Learning for its Communication and Public Relations Programs; Consultant, Professional Lecturer, Association Executive, Mentor, and Speaker, whose awards and 45 years of experience span diverse demographics and sectors including corporate, community, associations, advocacy, and academia.
We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.
loved cultural platform that not only celebrates but nurtures the artform.
“We believe the objectives and the goals of Linggo ng Musikang Pilipino (LMP) have always been the same, which is to champion and to celebrate Filipino music,” says OPM Board Member Ogie Alcasid. “As an organization, OPM has always made efforts to try to be as inclusive as possible with the shows and programs that we organize for LMP. This is why the lineup of artists that we have is a mix of independent artists, rising OPM acts, and respected legends in our industry. We believe our efforts to try and be more inclusive, especially of our members, have helped in the evolution of Linggo ng Musikang Pilipino.”
THE TREK (Upper left) PR now wellness entrepreneur Rosan Cruz. (Middle photo) The journey that started in Lukla, Nepal onward along the trail to the Everest Base Camp trek. (Right photo) Legs up, day pack and trekking poles resting during a lunch break before going to Thukla Memorial Pass, a remembrance to the courage of Mt. Everest climbers who lost their lives.
RISING TO THE HEIGHTS (Left photos) It’s a long trek on the route. (Middle photo) Day 8 in Dingboche: Second acclimatization hike to Nagarjun Hill (4,800 m), with the majestic Ama Dablam towering behind. (Right) Day 8: Reached 4,800 m at Nargarjun Hill on our second acclimatization climb.
says she took it slowly
my heart felt like exploding and every breath was a challenge.”
Unbelievable but real: Iga wins crown at love
bit tired or something,” said Anisimova, who skipped practice on Friday because of fatigue and felt pain in her right shoulder while warming up before the match.
“It was a bit tough to digest, obviously, especially during and right after,” Anisimova said. “I was a little bit in shock.”
With Kate, the Princess of Wales, sitting in the Royal Box and on hand to present the trophies, the whole thing took just 57 minutes. The previous 6-0, 6-0 Wimbledon women’s final was all the way back in 1911.
“Honestly, I didn’t even dream (of this), because for me, it was just, like, way too far, you know?” Swiatek said.
Maybe, Swiatek said, the lower expectations she and plenty of other people held for her at Wimbledon helped. For once, she wasn’t the top seed. Her name was not listed by many among the title contenders.
“I could really focus on getting better and developing as a player,” Swiatek said, “rather than everybody just asking me to
win, win, and nothing is good besides winning.”
She won 55 of Saturday’s 79 points despite needing to produce merely 10 winners. Anisimova was shaky from the start, put only 33 percent of her first serves in during the first set and finished with 28 unforced errors.
Certainly the pressure she was under from Swiatek’s near-perfect play was a factor. Swiatek delivered serves at up to 121 mph, got 78 percent of her first serves in, and used deep groundstrokes to grab 16 of the 20 points that lasted five shots or more.
“She definitely made it difficult for me,” Anisimova said.
Swiatek already owned four titles from the French Open’s red clay and one from the US Open’s hard courts, but this is first one of her professional career at any grass-court tournament.
And it ended a long-for-her drought: Swiatek last won a trophy at RolandGarros in June 2024.
She is the eighth consecutive firsttime women’s champion at Wimbledon, but this stands out because of just how stunningly dominant it was. Anisimova won her first-round match less than two weeks ago by a 6-0, 6-0 score and eliminated No. 1-ranked Aryna Sabalenka in the semifinals, but she never looked like the same player this time. Not at all.
When it was over, Anisimova sat on the sideline crying, while Swiatek climbed into the stands to celebrate with her team— and actress Courteney Cox, of “Friends” fame.
Swiatek was the Wimbledon junior champion as a teen in 2018 but never had been past the quarterfinals on the All England Club’s grass as a pro. Her only other final on the slick surface came when she was the runnerup at a tuneup event in Germany right before Wimbledon began.
Swiatek spent most of 2022, 2023 and 2024 at No. 1 in the Women’s Tennis Association rankings but was seeded No. 8 at Wimbledon. She served a one-month dop ing ban last year after fail ing an out-of-competition drug test; an investigation determined she was in advertently exposed to a contaminated medical product used for trouble sleeping and jet lag.
Anisimova was a semifinalist at age 17 at the 2019 French Open; her father died shortly after. On Saturday, Anisimova’s mother arrived in England for a rare chance to be at one of her daughter’s matches. AP
Marcial gets replacement foe in Vegas
By Josef Ramos
EUMIR FELIX MARCIAL will face a replacement opponent after original rival Alexis Gaytan of Mexico suffered an undisclosed injury, MP Promotions president Sean Gibbons said on Sunday.
“Eumir’s original opponent got hurt and we got a new opponent who is more dangerous than the previous one,” Gibbons said. “It’s going to be a solid foe, looks to give Eumir a tougher fight than the Mexican.”
The Tokyo Olympics bronze medalist Marcial will take on 35-year-old Bernard Joseph of the US in a non-title eight-round middleweight undercard of
the Manny Pacquiao-Mario Barrios main event on July 19 at the MGM Grand in Las Vegas, Nevada. Joseph, fighting out of Massachusetts, is sporting an 11-2-1 win-lossdraw record with five knockouts and is known as a durable fighter with great timing that could give the undefeated Marcial (5-0 record with three knockouts) a tough time, Gibbons said. But Gibbons said Marcial is looking good everyday ahead of fight night when active Hall of Famer Pacquiao goes after Mexican Barrios’s World Boxing Council welterweight belt.
“Eumir’s intensive training looks good everyday alongside Manny Pacquiao. He’s getting stronger and his stamina and
speed are improving,” Gibbons said. “He’s very inspired and well-motivated in his training with Manny Pacquiao.” Mark Magsayo, former world champion Jerwin Ancajas and super bantamweight prospect Carl Jammes Martin, like MArcial, have been training with Pacquiao at Griffith Park and Wild Card gym in Los Angeles since May.
“The daily training with Sir Manny [Pacquiao]
BARNED EYES 4TH JPGT TITLE
CAGAYAN DE ORO’S Jamie Barnes goes for a record fourth straight victory in the International Container Terminal Services Inc. (ICTSI) Junior Philippine Golf Tour (JPGT) series at the demanding Apo Golf and Country Club starting Monday.
The final leg of the Mindanao swing of the Visayas-Mindanao Series—the Apo Golf JPGT Championship—will see Barnes again carrying a bullseye on his back after commanding victories in the boys’ 7-10 division at Del Monte, Pueblo de Oro and most recently at South Pacific Golf and Residential Estates. What makes his winning streak even more remarkable is that this is his debut season in the series organized by Pilipinas Golf Tournaments Inc. and at nine years old, he has dazzled with exceptional form, showcasing talent and composure rarely seen in a first-time campaigner.
He admitted South Pacific posed the toughest challenge so far due to his unfamiliarity with the course, but a single day of practice made the difference for the Wellington-Thailand student.
“I think South Pacific is a lot harder because I’m not used to playing that course,” he said. “The greens are slow, but if it’s downhill, it’s really fast.”
THE firing of Red Bull’s Formula 1’s Christian Horner comes as a surprise more so since the British Grand Prix just finished. Unfortunately for Red Bull, defending driver of the year Max Verstappen finished fifth while teammate Yuki Tsunoda finished 15th. As it is, Verstappen is third in the driver’s championship; 68 points behind McLaren’s Oscar Piastri. Max has only two titles thus far this year. Red Bull is currently fourth in the constructor’s championship race. This season has spun away from Horner and Red Bull. They started the season with Kiwi Liam Lawson taking over from Sergio Perez who underperformed in 2024. Unfortunately, Lawson was dropped in favor of Tsunoda after only two races where he was underwhelming.
I thought that persistent rumors of Verstappen’s imminent departure for Mercedes (with Max refusing to talk about his future despite having a live contract with Red Bull)
A strong roster is out to challenge Barnes’ bid for a Mindanao sweep, including local talents Miguel Revilleza, Kaeden Samarro and Luke Habagat, Cebu’s Kvan Alburo, Koronadal’s Jhasyr and Jhob Bastes, and fellow Cagay-anons Shaqeeq Tanog, Zian Umpar and James Rolida. The girls’ youngest division also shapes up to be a nail-biter with Del Monte leg winner Soleil Molde, Pueblo de Oro cham pion Claren Quiño, Davao’s Zoey Mascariñas and Kassandra Morente all in contention. Eyes will also be on Bukidnon’s Alexis Nailga, who, like Barnes, has posted three straight wins—starting in Mactan—in the boys’ 15-18 division.
He skipped the South Pacific leg to pre pare for Apo, where he will face a deep field that includes South Pacific winner Adrian Bisera, AJ Wacan, Jevan Lachica, James Teves, Vince Naranjo and Enrico Vicente, as well as Cebu’s Eric Jeon and Bacolod’s Santi Asuncion.
Tight battles are also expected in the boys’ and girls’ 11-14 and girls’ 15-18 divi sions as participants go all-out for podium finishes and ranking points toward the ICTSI North vs. South Elite Junior Finals in October.
clinching the 25-29 title. Manayon was equally dominant as the product of the Batang Pinoy program and longtime age-group standout dished out a breakthrough 2:27:39 finish—a nearly two-minute lead after the swim (21:04), consistent on the bike (1:12:06) and holding firm with a 49:06 closing run. Her victory foiled 2022 champion Bea Quiambao (2:31:07), who was unable to recover from a slower 23:01 in the water, 1:13:29 on the bike and 49:16 on the run— she settled for the 25-29 division title. Ines Santiago, a former Ironman 70.3
didn’t help at all. When you think about how it all began disastrously for Red Bull during the 2014 season when there was a scandal surrounding alleged inappropriate behavior with a member of the team. While cleared and Red Bull refusing to openly address the issue, some thought that there might be a cover up for Horner who led Red Bull to eight driver’s and six constructors’ championship during his 20 years as team principal. While Verstappen won his fourth driver’s title, Red Bull finished behind McLaren in the constructor’s championship.
But why am I surprised?
Since the 2022 season, Toto Wolff has remained as Mercedes-AMG Petronas F1 team in spite of not winning the driver’s or constructor’s titles. The time they finished second in the constructor’s championship was 2023 where they were 451 points behind Red Bull. Then last year, 2024, Mercedes further dropped to fourth; 198 points by eventual champion, McLaren. I thought since Lewis Hamilton was robbed of an eighth consecutive driver’s championship, Mercedes hasn’t really competed.
To my thinking, Wolff should have gotten the sack ahead because he has not only not delivered a car that could compete, but they also lost the iconic Lewis Hamilton who
jumped over to Ferrari this season. This season with George Russell as lead driver has finished third thrice, in second place once, and the podium finish once (the Canadian Grand Prix). Only once has he not
