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’28 targets for GDP, debt-GDP not likely met By Justine Xyrah Garcia

HE tepid economic growth will make it more difficult for the Marcos administration to hit its debt-togross domestic product (GDP) target by 2028, data from the Philippine Statistics Authority (PSA) showed. The PSA’s 2025 Statistical Indicators on Philippine Development (StatDev), released Wednesday, showed that both GDP growth and the national government’s debt-to-GDP ratio are less likely to meet their end-of-plan (EOP) targets under the Philippine Development Plan (PDP) 2023-2028. The agency said GDP expanded by 4.4 percent in 2025, well below the government’s 6- to 7-percent target, while the debt-to-GDP

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ratio climbed to 63.2 percent from 60.7 percent a year earlier, moving farther from the 58- to 61-percent goal. Ateneo de Manila University economist Leonardo A. Lanzona explained that the slower economic growth has made it more difficult for the government to bring down the country’s debt-to-GDP ratio, as the economy has not been expanding fast enough to keep pace with the increase in public debt. Economic growth has in fact been slowing over the past three quarters. GDP growth eased to 3.9 percent in the third quarter of 2025, after the corruption scandal broke out, before slowing further to 3 percent in the fourth quarter. The economy then plunged to 2.8 percent pace in the first quarter of 2026, the weakest

quarterly expansion since the country’s recovery from the pandemic. Lanzona said the country’s rising debt-toGDP ratio is largely a consequence of weak economic growth, arguing that reviving the economy should take priority over focusing solely on reducing debt. “Debt-to-GDP is the symptom that will keep flashing red for as long as the growth engine underperforms; fix growth and the debt trajectory improves almost mechanically, whereas fiscal consolidation alone, without growth, risks becoming self-defeating,” he told the BusinessMirror. Former Socioeconomic Planning Secretary Dante B. Canlas echoed this view, saying the country’s debt stock has continued to grow because the national government has been

running budget deficits since the pandemic, forcing it to borrow to finance government spending. He added that slower economic growth also weakens tax collections, making it more difficult for the government to reduce its fiscal deficit and stabilize the country’s debt burden. “These two targets are looking impossible to achieve by 2028, given the resumption of the US-Iran war. Getting back on a high-growth path hinges on the hoped-for growth of investments in the Luzon Economic Growth Corridor anchored on industries with increasing returns in IT and AI,” Canlas told the BusinessMirror. Lanzona also said meeting the government’s 2028 GDP growth and debt targets See “GDP,” A2

BusinessMirror A broader look at today’s business

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OFW REMITTANCES KEEP FLOWING AMID WAR WOES www.businessmirror.com.ph

Thursday, July 16, 2026 Vol. 21 No. 275

RAISING QUESTIONS The country’s justice institutions took center stage on Wednesday,

July 15, 2026, as two separate high-profile legal proceedings unfolded. (Left) House prosecutor and Akbayan Rep. Chel Diokno urged the Senate impeachment court to issue subpoenas for Vice President Sara Duterte’s bank records, tax documents, and records from the Anti-Money Laundering Council (AMLC), arguing that the documents are material to the impeachment proceedings. (Right) Former congressman Mike Defensor raises his handcuffed arms upon arriving at the Sandiganbayan for his arraignment on plunder charges stemming from the alleged P75 million in undeclared campaign donations involving Sen. Rodante Marcoleta, a political ally of Vice President Sara Duterte whose arrest came just hours before the opening of her Senate impeachment trial. ROY DOMINGO-SPPA POOL AND NONOY LACZA

By Andrea E. San Juan

ILIPINOS working abroad have poured larger-than-usual amounts of money into the household coffers of their families back home despite grappling with war-triggered inflation for the third straight month. Local economists pointed this out after the latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances amounted to $2.713 billion in May 2026, up 2 percent from the $2.66 billion in May 2025. This brought cash remittances in the January to May 2026 period to $14.11 billion, 2.5 percent higher than the $13.766 billion in the fivemonth period in 2025. Historical data showed the 2-percent growth rate year-on-year in May 2026 was the slowest pace of cash remittances in four years. Moreover, when looking at the month-on-month data, the $2.713-billion cash inflows in May was the lowest amount sent home by OFWs in 12 months. However, economists pointed out the bigger picture: the $14.11 bil-

lion sent home by OFWs to their families back home which is also the highest on record in terms of the five-month period data. Despite the slow pace in cash remittances, economists concurred that the bigger picture points to the “remarkable resilience” of Filipinos working abroad. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co. said: “The latest remittance data tell us that while growth has slowed, the bigger picture remains one of resilience. A 2-percent increase in May may be the slowest in four years, but remittances are still growing and, more importantly, the January-May total reached a record-high $14.1 billion.” “That suggests Filipino workers abroad continue to support their See “Remittances,” A2

MSMES TOLD: FIX OPERATIONS FIRST BEFORE ADOPTING A.I. By Bless Aubrey Ogerio

EBU CITY—Philippine micro, small and medium enterprises (MSMEs) should begin their digital transformation by identifying operational problems rather than rushing to adopt artificial intelligence or other emerging technologies, according to industry and banking executives. During a panel discussion at the Department of Science and Technology’s (DOST) Regional Science, Technology and Innovation Week (RSTW) in Central Visayas on Monday, speakers said technology investments are more likely to succeed when businesses first understand where they are losing time, materials, productivity or revenue. Andrei Paolo Lim, managing director of Summit Consultancy, said many MSMEs still make decisions without reliable operational data, making it difficult to determine where technology can deliver the greatest value. He said businesses often fail to monitor basic performance indicators such as production yield, waste levels, product quality and order fulfillment rates, even though these are critical to improving operations. “A lot of business owners don’t even know their rate of waste

reduction, their yield in operations, even the rate of quality that has improved already, and even the order fulfillment rate of their services or products served to customers,” Lim said. According to Lim, digitalization begins with management deciding to collect and regularly analyze business data before selecting the appropriate technologies. “It all starts with a management decision,” he said. For his part, Ryan Tan Yu, cofounder and chief operating officer of Mata Technologies Inc., echoed the view, saying many businesses mistakenly make AI the objective instead of treating it as a tool for solving existing problems. “If I make using AI the goal, then I’ll already have started at the wrong place,” Tan Yu said. He illustrated this through the example of a farmer seeking to improve irrigation. Rather than looking for AI applications immediately, he said the farmer should first address the operational issue, with AI serving only as a tool to determine the appropriate equipment or design. “So I should find my problems and make the use of AI...the effect,” he said. Tan Yu added that Filipino See “MSMEs,” A2

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Draft JAO seen finally licking port congestion By Reine Juvierre S. Alberto

ECURRING congestion at the country’s major ports could soon be addressed under a draft order that designates the Bureau of Customs (BOC) as the lead agency to oversee third-service providers, standardize destination and local charges and enforce optimal yard utilization rates. Customs Commissioner Ariel F. Nepomuceno told reporters on the sidelines of the Philippine Exporters Confederation Inc.’s meeting on Tuesday that port congestion stems from infrastructure constraints, lack of container yard capacity and practices of shipping lines and importers. “There’s a lack of discipline among shipping lines and importers,” Nepomuceno said. “There are importers who would rather leave their containers inside the ports because the lease there is cheaper than the lease in the container yards outside the ports.” Congestion in ports is still concerning, Nepomuceno said. “As long as the trackers and other stakeholders are complaining, that’s a sign that the problem is still persisting.” “But there are solutions,” he added, noting that lease rates could be increased to make it more expensive to stay in ports than in container yards. Most important, a joint administrative order (JAO) has been drafted and is awaiting signatures of the secretaries of Finance, Transporta-

tion, Trade and Industry, as well as the chairman of the Philippine Competition Commission. The draft JAO proposes to appoint the BOC as the lead agency to manage the entire port congestion issue, Nepomuceno said. Among the measures being considered is giving the BOC authority to standardize the destination and local charges imposed on importers, including the price caps when warranted, he said. Shipping lines cannot increase rates or impose new changes without the BOC’s approval and must submit monthly average freight rates to the BOC and the Department of Trade and Industry for transparency. The proposed order would also assign the BOC, as well as the Philippine Ports Authority and terminal operations of the Port of Manila and Manila International Container Port, to continuously monitor and enforce a container yard utilization rate of not more than 75 percent. If yard utilization increases by 5 percent over two consecutive weeks, the BOC could implement the transfer of laden containers to off-dock facilities to maintain port efficiency. The BOC would also be empowered to impose penalties on shipping lines, importers, or truck operators who fail to comply with designated return schedules or locations, and to dispose of seized or abandoned containers immediately. See “Port,” A9

PESO EXCHANGE RATES n US 61.6920 n JAPAN 0.3804 n UK 82.6118 n HK 7.8711 n CHINA 9.1085 n SINGAPORE 47.7899 n AUSTRALIA 43.0178 n EU 70.4523 n KOREA 0.0415 n SAUDI ARABIA 16.4254 Source: BSP (July 15, 2026)

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A2 Thursday, July 16, 2026

MSMEs… Continued from A1

entrepreneurs are generally receptive to new technologies but tend to hesitate when presented with solutions that require upfront spending. “We like to buy, but we don’t like being sold to,” he said. He said government agencies and industry groups could encourage wider adoption by clearly demonstrating the measurable business benefits of digital technologies. Meanwhile, Land Bank of the Philippines said financing support is available for MSMEs seeking to modernize their operations through its LIFTING MSMEs Lending Program. Ruezza Decierdo, account officer of Landbank’s Cebu South Lending Center, said the program serves businesses at different stages, from startups operating for at least six months to more established enterprises. She said loan applications are evaluated using the bank’s “four Cs” framework: character, capacity, condition and capital. Apart from assessing repayment capacity, the bank also determines whether a proposed investment, including technology adoption, is appropriate for the applicant’s business operations. The panel formed part of discussions on Industry 4.0 adoption during the DOST-led RSTW, where government, financial institutions and technology providers discussed ways to help MSMEs improve productivity and competitiveness through digital transformation.

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Marcos, Wong agree on new PHL-Singapore bilateral pacts By Samuel P. Medenilla

The chief executive also met with health and communications firms, which are expected to bring in more investments in the country. Marcos paid a courtesy call on Wong at the Istana as part of his ongoing working visit in Singapore from July 14 to 16. “The two leaders discussed expand-

ing trade, harnessing opportunities in artificial intelligence, attracting more investments, and strengthening collaboration in health and social development,” the Presidential Communications Office (PCO) said in a statement. Wong welcomed the discussions to strengthen ties between Manila and Sin-

gapore. “Singapore remains one of the Philippines’ largest foreign investors, and there is potential to deepen our cooperation in areas like artificial intelligence, as well as the green and digital economies,” Wong said in a social media post. Both officials also affirmed their shared commitment to keep the Association of Southeast Asian Nations (Asean) “as a peaceful, stable, and prosperous region.” Malacañang earlier said the trip is in preparation for Manila’s turning over the Asean chairmanship to Singapore later this year. “It’s Singapore’s turn to chair next year. So we will work closely together to ensure a smooth transition and continue strengthening Asean’s unity and resilience in this more uncer-

GDP…

“Neither is mathematically impossible, but both require a distinct break from the current path rather than incremental improvement,” he added. The PSA said only three of the 11 headline indicators under the PDP were assessed as having a low likelihood of meeting their end-of-plan targets. Aside from GDP growth and the debt-to-GDP ratio, the share of wage and salaried workers in private establishments was also deemed unlikely to reach its target by 2028.

Meanwhile, the indicators for food inflation, headline inflation, unemployment, underemployment, poverty incidence, the Global Innovation Index ranking and the national government deficit-to-GDP ratio were assessed as having a high likelihood of meeting their respective targets. Gross national income per capita, meanwhile, was rated as having a medium likelihood of achieving its target.

RESIDENT Ferdinand Marcos Jr. and Singapore Prime Minister Lawrence Wong on Wednesday agreed to pursue new bilateral agreements that will strengthen cooperation between Manila and Singapore on priority sectors.

Continued from A1

would require a significant break from the country’s current trajectory, including stronger revenue collection, more efficient public spending, and policies that translate investments into jobs and faster economic growth.

Revised outlook

DESPITE the dim outlook for the PDP’s original growth target, De La Salle University (DLSU) economist Marites M. Tiongco said the government’s revised macroeconomic assumptions may remain within reach. Earlier this month, the Development Budget Coordination Committee (DBCC) lowered its GDP growth target for 2026 to 3.5 to 4.5 percent from 5 to 6 percent previously. It also adopted a 5- to 6-percent growth target for 2027 to 2030. “I think it is more likely that the Philippines will fall short of the PDP’s 6-7 percent growth target but still has a reasonable chance of achieving the DBCC’s revised projection of 5-6 percent, provided there are no major domestic

DOTr…

Continued from A11

elevated railway line with 14 stations from San Jose Del Monte, Bulacan to MRT 3 North Avenue in Quezon City and a 22-kilometer asphalt road from Bocaue Interchange of the NLEX to the intermodal terminal in Tala, Caloocan City. Pursuant to Section 5 of Republic Act No. 10752, also known as “The Right-of-WayAct,” DOTr offered to purchase the subject property based on its current market value as determined by an appraiser in the amount of P767.5 million. However, such offer was rejected by the 1,411 awardees. The complaint was initially raffled to RTC Branch 92, Quezon City which issued an order on November 20, 2019 directing the DOTr to deposit the full value of the land, based on current BIR zonal valuations, with the OCC of RTC Quezon City, prior to the issuance of a writ of possession. On December 6, 2019, a motion for intervention was filed by Century, claiming that it has interest over the property based on an existing Joint Venture Agreement (JVA) with the 1,411 Awardees for the property’s development. The trial court granted Century’s motion for intervention in an order issued on August 27, 2020. The 1,411 Awardees, replying to the expropriation complaint, denied that the subject property is classified as “residential.” Instead, they argued that it is classified as “commercial” under Quezon City Ordinance No. SP-2855, S-2019,18 placing the property within the Special Urban Development Zone (SUDZ) pursuant to the Comprehensive Zoning Ordinance of 2016. Because of its current classification, defendant-appellees insisted that the market value of the subject property should be at least P49,000 per square meter, thus, the just compensation should be fixed at P5.37 billion. Consequently, they argued that the deposit based on the BIR zonal valuation of P7,000 per square meter is insufficient, as

tain world,” Wong said. Marcos also participated in the discussions of ABC Impact, the Ayala Group, and representatives from the Temasek Trust ecosystem to discuss initiatives that will provide Filipinos more access to quality healthcare. ABC Impact, which owns a 16-percent minority stake in Ayala Healthcare Holdings, Inc., affirmed its commitment to support the expansion plan of the firm. The plan will include accelerating the expansion of hospitals as well as building multispecialty clinics, retail pharmacies, and other healthcare services across the country. He also met with officials of Singapore Telecommunications (Singtel) Group to discuss its investments in the Philippines’ digital infrastructure.

or external shocks,” Tiongco said. She said achieving the higher PDP growth target would require a much stronger acceleration in investments, productivity, and exports than what the country is currently experiencing. Tiongco added that improving infrastructure, strengthening the investment climate, modernizing agriculture, raising workforce productivity, and ensuring that borrowed funds are directed toward projects that generate long-term economic returns would help place both economic growth and the country’s debt position on a more sustainable path. Another DLSU economist, Maria Ella C. Oplas, said attracting more investments will be crucial if the government hopes to achieve even its revised growth targets. She said investors are closely monitoring developments in the country, including governance issues, and uncertainty could discourage businesses from committing capital. “I believe that the biggest challenge of the country right now is political economy. Investors do not want uncertainty and chaos like what’s happening right now,” Oplas told the BusinessMirror.

the P767.5 million deposited by DOTr represents only 14.2 percent of the 100 percent deposit required under RA No. 10752. Thus, the defendants-appellees asked the trial court to withdraw the writ of possession it earlier issued until DOTr has paid the full just compensation. Century, on the other hand, argued that DOTr has no right to expropriate because the compensation being offered is grossly inadequate compared to the actual market value of the subject property and the amount of provisional deposit was not in accordance with RA 10752. In its order dated April 25, 2022, RTC Branch 216, Quezon City, directed the appointment of three commissioners to determine the just compensation for the subject property. In their appraisal report, two of the courtappointed commissioners appraised the property at P48,000 per square meter while the other one recommended a much lower amount of P6,155.59 per square meter. In its June 29, 2022 order, the trial court fixed the just compensation for the property at P48,000 per square meter or for a total of P5.26 billion as just compensation. Thus, it directed the government to pay the 1,411 Awardees and Century the amount of P4,495,568,000 representing the unpaid portion of just compensation. The DOTr filed a motion for reconsideration, insisting that the property should be appraised at P6,155.55 per square meter totaling to P647,948,132.32. In an order issued on September 16, 2022, the trial court affirmed a P48,000 per square meter appraisal value of the subject property, prompting the DOTr to elevate the case before the CA. Considering that the trial court’s assessment of just compensation relied on an incomplete data, the CA held that it “erred in granting execution pending appeal.” “If the judgment is executed and, on appeal, the same is reversed, although there are provisions for restitution, oftentimes damages may arise which cannot be fully compensated,” the CA pointed out. The CA also noted that there is no provision under RA 10752, that explicitly allows execution pending appeal.

Remittances… Continued from A1

families despite global uncertainties, elevated inflation, and geopolitical tensions in the Middle East,” Ravelas said in a Viber message on Wednesday. For his part, John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS) said despite the slower growth pace, cash remittances continue to serve as an “important buffer” for household consumption and the country’s external position. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC) explained that remittances remained “relatively resilient” even at low single-digit growth levels but pointed out that at least it did not decline year-on-year. As he likened the Middle East conflict to the Covid-19 pandemic period, Ricafort pointed out that OFWs may need to send more to their families “to better cope with higher prices/inflation and slower demand and slower economic/business conditions.” “The continued single-digit yearon-year growth in OFW remittances nevertheless is still a good signal/ bright spot for the overall economy as an important growth driver, especially in terms of consumer spending, which accounts for at least 70 percent of the Philippine economy, thereby could support faster economic/GDP growth for the coming months/quarters,” added the RCBC’s chief economist.

Softer growth pace

EXPLAINING the slower growth pace, meanwhile, Ravelas said this was “likely driven by a combination of factors including higher living costs in host countries, slower global economic activity, and currency movements.” “With the peso relatively weaker against the dollar compared with a year ago, many OFWs can send fewer dollars while still delivering the same, or even higher, peso value to their families. In short, the purchasing power of every dollar remitted has improved, reducing the need to send larger dollar amounts,” added Ravelas. Rivera, for his part, said the “higher living costs abroad” could be the culprit behind the slower pace in cash remittances “which can limit the amount they are able to send home.”

Bigger picture: The 5-month data

STILL, Ravelas said: “What is particularly encouraging is that remittances continue to rise despite the Middle East conflict.” This, he explained, reflects the “diversification” of Filipino workers across different regions and the “strong culture of family support” among OFWs. This was echoed by Rivera: “Despite the Middle East conflict, employment demand in many host countries has remained relatively stable, while many OFWs tend to increase or sustain remittances during periods of uncertainty to support their families.” Historically, Ravelas said periods of uncertainty often lead overseas Filipinos to prioritize household financial security back home.

Key pillar of PHL economy

LOOKING ahead, Rivera and Ravelas believe that remittances will remain resilient and continue to support the Philippine economy. “Remittances may remain broadly resilient for the rest of the year, although growth may stay moderate given global uncertainties,” Rivera said. Ravelas said: “Unless we see a major disruption in overseas labor markets, remittance inflows should continue to support consumer spending, help stabilize the peso, and provide an important buﬀer against external economic shocks.” He said the message from the latest data is clear: “Remittances are no longer growing as rapidly as before, but they remain remarkably resilient and dependable.”

Key risks ahead

DESPITE staying resilient, cash remittances are also facing risks, according to Rivera and Asuncion. See “Remittances,” A9

www.businessmirror.com.ph

Thursday, July 16, 2026

Defense lawyers resist opening of Duterte’s bank, tax records

HE lawyers of Vice President Sara Duterte on Wednesday vehemently opposed the move of the House of Representatives prosecution panel to subpoena and open the bank and tax records of Vice President Sara Duterte during resumption of the impeachment trial. Defense counsel Michael Poa told the Senate Impeachment Court that the move to open the bank documents violates “due process” and “legal standards” for subpoenae. Poa said that a subpoena must meet strict requirements of “definiteness” and “relevance.” “Your Honors, when a subpoena becomes oppressive, when it is unreasonable, and when it is merely issued for the purpose that there is a hope that somewhere, somehow, something incriminating will come out, it ceases to be an instrument of justice. It becomes a weapon of a fishing expedition,” Poa said. Poa argued that while the complaints filed by Fr. Joel Saballa and lawyer Nathaniel Cabrera, accusing the Vice President of amassing unexplained wealth and include voluminous attachments, failed to provide a single document—such as a financial transaction record— to support these accusations. Saballa and Cabrera refer to two critical impeachment complaints filed against in early 2026. Poa claimed that it was only after these complaints were filed and Duterte had submitted her answer that the committee began searching for evidence through subpoenas, which the defense characterizes as a “fishing expedition.” “We objected then and we are still objecting now, because with all due respect, the position of the

defense is, that is the very definition of a fishing expedition,” he pointed out. He argued that under the principle of due process, evidence must be present to support each and every accusation made against the Vice President. He asserted that in the legal system, it is not permitted “to accuse someone first and then look for proof later.” He also challenged the prosecution’s request for financial documents dating back to 2007, noting that the Vice President was a vice mayor at that time—an office that is not subject to impeachment. The defense also cited the Supreme Court ruling in Duterte vs. House of Representatives to assert that an impeachable offense must occur while the official is occupying an impeachable position. “That is controlling and that is the law of the land. Yet here, Your Honors, today the prosecution is requesting for documents spanning almost two decades, almost 20 years,” Poa said, adding that Duterte was then holding the position of vice mayor—not an impeachable office. “If the impeachment court were to extend its utmost liberality, which the prosecution have asked for their memorandum, we would like to point out, Your Honors, that Congress itself—the Senate and the House of Representatives enacted laws and specifically prohibit the disclosure of this information that the prosecution is asking for now,” Poa said, citing even if the court were to grant the prosecution’s requests, specific laws enacted by Congress such as Republic Act 9160 and RA 11521, prohibit the disclosure of the requested information. Claudeth Mocon-Ciriaco

Marcoleta now in regular jail

By Joel R. San Juan @jrsanjuan1573 & Jonathan L. Mayuga @jonlmayuga

EN. Rodante Marcoleta, who is facing plunder and other charges, has been transferred to the Quezon City Male Dormitory in Payatas following the Sandiganbayan Third Division’s order on Wednesday. The anti-graft court ordered the transfer after an independent medical examination conducted on Marcoleta showed no basis for his continued confinement at the National Police General Hospital (PNPGH) in Camp Rafael T. Crame, Quezon City. T he Sa nd iga nbay a n T h i rd Division chaired by Associate Justice Karl Miranda issued the commitment order based on the report submitted by the University of the Philippines-Philippine General Hospital (UP-PGH) director, Dr. Gerardo Legaspi, whose team evaluated Marcoleta’s health condition. During Wednesday’s hearing, Legaspi told the anti-graft court that his medical team found no signs that Marcoleta is still suffering from pneumonia or other medical conditions that would warrant his hospitalization. Marcoleta, according to Legaspi,

HE House prosecution panel is set to conclude its presentation on the alleged threat charge under Article IV, naming National Bureau of Investigation (NBI) Director Melvin Matibag as its final witness after withdrawing several others deemed redundant or unnecessary. The House or Representatives lead prosecutor, Batangas Rep. Gerville Luistro, informed the Senate Impeachment Court that Matibag’s testimony will complete the prosecution’s evidence on the charge, after which the panel will proceed to Article I, which concerns Vice President Sara Duterte’s use of confidential funds.

“This withdrawal, Your Honor, renders Attorney Melvin Matibag, the NBI director, as our last witness for threat, who will be testifying this coming Tuesday, Your Honor,” Luistro manifested. The prosecution earlier opted to drop the testimonies of Duterte’s former chief of staff, Zuleika Lopez, and Capt. Belinda Bello following the completion of testimony by NBI Regional Director Jeremy Lotoc. The move allowed prosecutors to streamline their witness list by removing those whose testimonies would merely repeat already established facts. See “Matibag,” A4

is already fit to travel and attend court proceedings. “The findings of the PNP General Hospital [show Marcoleta’s ailments] have improved already. His pneumonia has cleared up based on the X-ray. His hypertension is already controlled. He doesn’t need further confinement in the hospital. Senator Marcoleta is fit to attend court proceedings,” Legaspi told reporters in an interview. Legaspi, however, recommended that Marcoleta be placed in isolation for one week at the Quezon City Jail for him to be able to fully recover from the effects of pneumonia. The Department of the Interior and Local Government DILG) through the Bureau of Jail Management and Penology said it has immediately complied with the commitment order and brought Marcoleta to the Quezon City Jail immediately on Wednesday. Marcoleta was arrested along

with his co-accused former congressman Michael Defensor, and businessmen Joseph Varias Espiritu and Aristotle Baluyut Viray on July 8 in connection with the for plunder charges and violation of Presidential Decree 46, which prohibits public officials from receiving gifts, filed by the Office of the Ombudsman. Following his arrest, Marcoleta was confined at the PNPGH after complaining of chest pains and being diagnosed with hypertension and, subsequently, mild pneumonia. The plunder and violation of PD 46 charges stemmed from the senator’s admission that he received campaign contributions from Defensor, Espiritu and Viray in the amounts of P30 million, P25 million and P20 million, respectively, on various dates in January 2025. However, the Ombudsman noted that Marcoleta failed to declare the amount in his statement of Contributions and Expenditures (Soce) submitted to the Commission on Election or in his Statement of Assets, Liabilities and Networth (SALN), which is tantamount to “unjust enrichment.” M a rcolet a h a s den ied t he acc usat ions aga inst h im. Meanwhile, Defensor, Espiritu and Viray pleaded not guilty in the plunder case during Wednesday’s arraignment before the Third Division. The court also set the pretrial for the plunder charge on August 10.

On the other hand, the arraignment for the violation of PD 46 charge is scheduled on July 22. Marcoleta’s arraignment on the plunder charge has been deferred pending the resolution of his motion to quash the information by the anti-graft court. Marcoleta was committed to the Male Dormitory of the New Quezon City Jail in Payatas, at 10:49 a.m. on July 15. “The DILG assures the public that the BJMP will continue to uphold its mandate with professionalism, impartiality, and strict adherence to established rules and procedures. No person deprived of liberty under the Bureau’s custody shall be accorded special treatment,” the DILG said in a statement. Due to criticisms that Marcoleta is receiving special treatment, the Sandiganbayan Third Division ordered an independent evaluation by the UP-PGH. The DILG and Bureau of Jail M a n a g e m e nt a n d Pe n o l o g y spokesperson, J/Supt. Jay rex Bustinera assured the public that the bureau will maintain absolute impartiality, stating that no Very Important Person or special treatment will be accorded to the senator or any other person deprived of liberty (PDL). Marcoleta’s co-accused: Defensor, Viray and Espir it u— a re a l re ady det a i ned i n t he same Payatas facility and have pleaded not guilty during their arraignment.

Impeachment court welcomes dropping of two witnesses By Jovee Marie N. dela Cruz @joveemarie

Matibag final witness in ‘threat’ article

HE Senate Impeachment Ccourt on Tuesday welcomed the House of Representatives prosecution team’s decision to streamline its presentation of evidence on Impeachment Article 4 against Vice President Sara Duterte, citing the need to speed up proceedings. The prosecutors dropped two planned witnesses—Office of the Vice President chief of staff Zuleika Lopez and House Legislative Security Bureau official Belinda Bello—saying their testimonies would only corroborate evidence already presented. Sen ate P resident Sher w i n Gatchalian noted that based on pre-trial submissions, the court could hear as many as 102 witnesses, warning that at the current pace

of two witnesses per day, the trial could stretch to about 17 months. “At the rate we are going—two witnesses per day—we will finish in 17 months. That’s a year and a half or a year and five months to be exact,” he said. “So any chance of shortening the proceedings will be highly appreciated,” he said. Impeachment Court Presiding Officer Francis Escudero echoed the sentiment, thanking the prosecution for dispensing with additional witnesses. Article 4 charges the Vice President with grave threats and inciting sedition in relation to the assassination threats she made against President Marcos, First Lady Liza Araneta Marcos and former Speaker Ferdinand Martin G. Romualdez. The prosecution informed the Impeachment Court of its decision

on the fourth day of the trial, when the defense ended its two-day crossexamination of NBI Regional Director Jeremy Lotoc. Lotoc and NBI Agent John Mark Calilung are witnesses on Article of Impeachment 4, on which the impeachment court has given the prosecution 11 trial days to present its evidence against the Vice President. Private prosecutor Lorna Kapunan told the Impeachment Court that the statements of Lopez and Bello that would potentially corroborate the testimonies of Lotoc and Calilung have already been covered by declarations and evidence presented by the two NBI officers during the first four days of trial. She said, in the interest of time, the prosecution was therefore no longer calling Lopez and Bello to the witness stand.

She urged the defense to make a similar gesture. Calilung authenticated the video recording of the Nov. 23, 2024 online press conference of the Vice President, during which she threatened to have President Marcos, his wife and then Speaker Romualdez assassinated if she herself were killed. She claimed she had talked to a person to carry out her threats and that the unidentified individual said yes. Lotoc, who headed a team that investigated the threats, told senator-judges they were “serious, real and actual” and that the Vice President was capable of carrying them out. The prosecution intends to strengthen its evidence on Impeachment Article 4 with the testimony on Monday of NBI Director Melvin Matibag.

Diokno: Constitutional power supersedes ordinary laws A HOUSE of Representatives prosecutor on Wednesday told the Senate Impeachment Court that the confidentiality provisions of the Anti-Money Laundering Act (Amla) should not prevent the court from obtaining Anti-Money Laundering Council (AMLC) records that may be relevant to the impeachment case against Vice President Sara Duterte. Dur ing ora l arg uments on the prosecution’s motion to issue subpoenae, House prosecutor Jose Manuel Diokno argued that AMLA’s confidentiality rules were intended to protect ongoing money laundering investigations and not to restrict a constitutionally mandated Impeachment Court from performing its duty. “While the law does contain a confidentiality clause, it was designed to prevent AMLC officials from leaking information to persons who are the subject of CTRs

[Covered Transaction Reports] and STRs [Suspicious Transaction Reports] and preserve the integrity of investigations,” he said. According to Diokno, these constitutional powers cannot be limited by an interpretation of an ordinary law that would defeat the purpose of impeachment proceedings “Because this power comes directly from the Constitution, no one—no person, no law, and no administrative rule—can limit or supersede it,” he said. The prosecutor added the request for AMLC records is part of the panel’s effort to allow the court to decide the case based on a complete set of facts. “The prosecution’s request is to uncover the entire truth so that this Honorable Court may decide the case based on the truth, the whole truth, and nothing but the truth,” he said.

He added that impeachment is ultimately about ensuring accountability to the Filipino people, which he said outweighs the personal interests of any public official facing charges. Diokno said the AMLC reports, along with other documents being sought through subpoenas, would help the court fulfill its constitutional responsibility to decide the case based on all relevant evidence. He told the court that financial records covering Duterte’s tenure as Davao City vice mayor and mayor are relevant to the allegations under Article II of the Articles of Impeachment. Diokno cited figures from an AMLC report submitted to the House Committee on Justice, which he said showed a significant increase in Duterte’s financial activity beginning in 2007. “According to the report of the Anti-Money Laundering Council

submitted to the House Committee on Justice, the financial activity of Vice President Sara Z. Duterte increased significantly starting in 2007, when transaction values surged to P208.15 million,” Diokno said. He added that the AMLC report showed continued growth in financial transactions in succeeding years, with activity between 2009 and 2013 consistently exceeding P400 million. The report, he said, recorded notable peaks in 2009 at P704.93 million, 2010 at P648.58 million, and 2011 at P597.15 million. Diokno pointed out that the period covered by the AMLC figures coincided with Duterte’s service as a local government official in Davao City. “Vice President Sara served as Davao City vice mayor from 2007 to 2010 and as mayor from 2010 to 2013. From 2007 to 2013, accord-

ing to AMLC records, her financial activity exceeded P3 billion, totaling P3,020,460,347.20,” he said. The prosecutor said the figures underscore the need for the court to obtain financial records from the period before Duterte became Vice President. He said the records are relevant to Article II, which alleges that Duterte betrayed public trust and culpably violated the Constitution by allegedly accumulating unexplained wealth disproportionate to her lawful income. He answered that the prosecution believes the connection is clear. Diokno stressed that the prosecution was not asking the impeachment court to reach conclusions based solely on AMLC figures. Instead, he said the panel is seeking access to the underlying bank records, AMLC reports, and tax documents so that the court

can independently determine the facts before deciding the case.

Fishing expedition?

DIOKNO also cited a Supreme Court ruling that rejected the argument that seeking bank records in an unexplained wealth case constitutes a “fishing expedition.” Diokno invoked the 2022 Supreme Court decision in Republic v Rabusa to counter the defense’s objections to the release of bank records, ta x documents, and AMLC reports involving the Vice President and her husband, lawyer Manases Carpio. “They have repeatedly claimed that what the prosecution is doing is a ‘fishing expedition.’ Actually, the Supreme Court has already issued a decision that squarely addresses this point,” Diokno stressed. See “Diokno,” A9

Thursday, July 16, 2026

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Labor groups split over Recto’s PhilHealth benefit proposal By Mary Jade Jadormio

ABOR groups are divided over Executive Secretary Ralph Recto’s proposal to expand PhilHealth benefits for direct contributors, with public sector unions opposing the plan while another labor federation backed it with conditions. The Public Services Labor Independent Confederation (PSLINK) and the National Public Workers Congress (Publik) rejected the proposal, saying it would create an unequal benefit system that runs counter to the principles of universal health care. The groups said they oppose the plan even though many of their members are government employees who regularly pay PhilHealth premiums. “Health is a right—not a privilege determined by one’s capacity

to pay,” PSLINK and Publik said in a joint statement. They warned that a tiered benefit system would weaken risksharing and collective responsibility by giving paying members better access to health services than indirect contributors. PSLINK and Publik also called the proposal a “false and dangerous solution” that shifts attention away from deeper problems confronting the country’s health financing system. They reiterated their opposi-

tion to the transfer of PhilHealth funds to the National Treasury, noting that the Supreme Court had declared the move unconstitutional. Instead, they urged the government to restore and protect PhilHealth funds, fully subsidize indirect contributors and invest in a stronger public health-care system. The groups also called for better pay, social protection and job security for Barangay Health Workers. However, Federation of Free Workers (FFW) welcomed Recto’s proposal, saying it is consistent with Republic Act 11223, or the Universal Health Care Act. FFW President Jose Sonny G. Matula said the law allows PhilHealth to provide additional benefits to direct contributors. “Workers who diligently contribute to PhilHealth deserve better and more responsive benefits. That is not a privilege – it is a recognition expressly provided by law,” Matula said. Still, the federation stressed that improving benefits for con-

tributors should not weaken universal health coverage. “The poor, senior citizens, persons with disabilities, unemployed Filipinos, and other indirect contributors are not outsiders to the system,” FFW’s statement read. “Improving benefits for contributors must strengthen—not weaken – the universal character of our national health insurance program.” FFW also renewed its call to preserve PhilHealth funds exclusively for health services, saying contributors’ money should not be diverted to other purposes. The labor federation, likewise, urged Congress to review the implementation of the Universal Health Care Act and strengthen workers’ representation in PhilHealth’s governing board. Recto earlier proposed expanding PhilHealth benefits for direct contributors, saying workers who regularly pay premiums should receive better value from the national health insurance program while retaining coverage for indirect contributors.

NE gov seeks DENR probe of septage waste disposal By Ashley J. Manabat

ITY OF SAN FERNANDO –Nueva Ecija Gov. Aurelio Umali has called on the Department of Environment and Natural Resources (DENR) to investigate if local governments and private septage operators are properly disposing of septic waste. Speaking to the local cable television channel here after a recent meeting of the Regional Development Council (RDC) in Central Luzon, Umali urged the DENR to strengthen implementation of Republic Act 9275, or the Philippine Clean Water Act of 2004. The governor warned that weak enforcement of environmental laws could threaten water quality and public health. Umali, chairman of the RDC III Infrastructure Development Committee, said the agency should examine the compliance of LGUs, water districts and private service providers with regulations governing the treatment and disposal of septage from households and businesses. “What is alarming is we do not know where and how septic wastes are disposed of,” Umali said. “Kasi

nga ang nakakatakot saan itatapon ito? Ang basura nga we have yet to perfect the system. Water is more important. How do we dispose itong mga water waste…We need to address this kasi nga saan itinatapon? He said concer ns sur faced during discussions on a proposal involving the disposal of untreated wastewater from septage facilities. The Clean Water Act designates the DENR as the lead agency for water quality management and regulates wastewater discharges to protect rivers, lakes, groundwater and other water bodies. Umali also cited reports that septage collection has stopped in Angeles City and Apalit, Pampanga, following the suspension of septage or environmental fee collection by the two local governments. He said the situation raises questions about how septic waste is being managed in the affected areas. The DENR, the local governments of Angeles City and Apalit, and the concerned water districts and service providers had not responded to Umali’s statements as of this writing.

Operation of new LPG plant boosts Iloilo energy security Major CL ecozones remit ₧4.14-billion dividends By Lenie Lectura @llectura

NERGY Secretary Sharon Garin on Wednesday inaugurated Isla LPG Corporation’s new plant in Leganes, Iloilo, saying this will boost LPG (liquefied petroleum gas) supply security and regional infrastructure in Panay Island and Western Visayas. Built on a 5.4-hectare coastal site, the Isla Leganes LPG plant

has a storage capacity of 1,400 metric tons and is equipped with a truck filling gantry, an LPG cylinder refilling carousel, a truck weighbridge, and advanced firefighting and safety systems that comply with industry and regulatory standards. The facility was designed to safely receive, store, and distribute LPG to meet the growing energy requirements of the region, enabling faster and more reliable deliveries

to households, small businesses, and eateries on Panay Island and neighboring areas. Garin served as keynote speaker during the inauguration ceremony, with Isla LPG Corp. Chief Executive Officer Tomoaki Asai, Iloilo Gov. Arthur Defensor, Rep. Kathryn Gorriceta of Iloilo, Leganes Mayor Junjun Jaen, and other national and local government officials. Garin said the facility comes at

Cebu City govt, PCG launch CPR training By Carmel Pedroza

EBU CITY—The Cebu City Government and the Philippine Coast Guard (PCG) on Tuesday, July 14, launched the Sagip CPR (cardio-pulmonary resuscitation) Nautical Highway, underscoring a shared commitment to transform the country’s major maritime transport routes into channels for life-saving emergency response training. Cebu City Mayor Nestor Archival said the initiative demonstrates the strength of collaboration across public and private sectors in making communities safer and more resilient. “The launch demonstrates how local government, national agencies and the private sector can work together to build safer, more resilient communities,” Archival said during the rollout. Rear Adm. Agapito Bibat, commander of the Coast Guard Dis-

trict Central Visayas, emphasized the strategic role of the country’s transport corridors in expanding public access to CPR training. “The Sagip CPR Nautical Highway elevates transport corridors into channels for spreading lifesaving knowledge, enabling more trained Filipinos as first responders,” Bibat said. The initiative, organized by Bell-Kenz Pharma, Inc. with the support of the Department of Health (DOH), was launched two days ahead of National CardioPulmonary Resuscitation (CPR) Day on July 17. It seeks to build CPR-ready communities along the Philippines’ busiest sea routes, extending the reach of the company’s growing Sagip CPR movement. The Cebu City rollout will train more than 1,000 participants, including barangay health workers, local government personnel and Coast Guard personnel, through comprehensive instruction on

heart health, Hands-Only CPR and the proper use of Automated External Defibrillators (AEDs). Sagip CPR was launched in 2025 with the goal of equipping one million Filipinos with CPR skills as Bell-Kenz Pharma’s contribution to reducing sudden cardiac deaths, which currently claim an average of 335 lives daily. According to Patrick Larraga, Bell-Kenz Pharma’s Corporate Branding and Public Affairs Head, the advocacy aims to empower ordinary citizens to act during the crucial minutes before medical responders arrive. “Sagip CPR aims to enable a critical mass with the competence and confidence of responding to cardiac emergencies,” Larraga said. He added that while Republic Act 10871 mandates age-appropriate CPR training in public and private high schools through the annual observance of National CPR Day, the Sagip CPR program expands the advocacy beyond educational institutions. The initiative brings life-saving training “to all of our everyday locations, conditions and situations, where heart attacks can and do happen,” Larraga said. Organizers said Cebu serves as a strategic launch site because of its central location, its status as one of the country’s busiest maritime gateways, and its longstanding record of public-private collaboration in public health. The Sagip CPR Nautical Highway also marks another milestone for Bell-Kenz Pharma as the Filipino-owned healthcare company celebrates its 20th anniversary this month.

a time when global energy markets continue to face uncertainty due to geopolitical tensions, particularly in the Middle East. “This facility is one answer— bringing more storage, cylinder filling, and distribution capacity closer to home for Panay and Western Visayas. It means households, karinderyas, and businesses across the region can count on their LPG being available when they need it,” she said.

Matibag. . . Continued from A3

“First of all, we would like to acknowledge the positive response of the Honorable Impeachment Court to our previous manifestation. Accordingly, we would like to reiterate that the prosecution will no longer be presenting Attorney Zuleika Lopez, as well as Captain Belinda Bello, reiterating, however, the same concern on redundancy, surplusage and lack of necessity,” Luistro explained. Additional witnesses withdrawn include a representative from the Philippine National Police Firearms and Explosives Office, journalists Mikhail Flores and Bonz Magsambol, Sheriff Abe Andres, a relative of one of the alleged victims, and a psychiatrist. The prosecution said these testimonies were no longer essential in light of evidence already on record. “The witness intended to testify that the respondent owns firearms, including high-powered ones, which demonstrate the capacity and capability to execute a threat. On the other hand, Your Honor, it has already been shown that the government took the threat seriously, and, as a matter of fact, it prompted the full-scale investigation, including the recommendation to file a criminal complaint,” she noted of the proposed police witness. Luistro noted that the proposed police witness would have testified on Duterte’s possession of firearms to demonstrate capability to carry out threats, but this had been rendered unnecessary by evidence showing that authorities See “Matibag,” A9

By Henry Empeño

UBIC BAY FR EEPORT— Government corporations operating in three major special economic zones in Central Luzon remitted a total of P4.14 billion dividends this year, contributing 2.81 percent of the P147.15-billion non-tax revenue plowed back to the National Treasury by 50 government-owned or - cont rol led cor porat ions (GOCCs) for 2025. Data from separate statements by top GOCCs in the region showed that Clark Development Corporation (CDC) declared dividends of P2.597 billion, or 62.73 percent of the total remittances from Region III. The Subic Bay Metropolitan Authority (SBMA), which operates the Subic Special Economic and Freeport Zone (SSEFZ) under a separate charter, remitted P820 million, or 19.8 percent; while Clark International Airport Corporation (CIAC) contributed P585 million (14.13 percent). The Authority of the Freeport Area of Bataan (Afab), on the other hand, declared dividends of P138.12 million (3.34 percent). President Marcos recognized the GOCC contributions during the 2026 GOCC Day held at Malacañan Palace on July 8 and stressed that the foremost mandate of every GOCC is public service, not profit. For 2026, total dividends amounted to P147.15 billion from 50 GOCCs, with actual dividend collection of P140 billion as of July 8, Malacañan announced. The balance will be remitted by December 2026, it added. Under Republic Act 7656 enacted in November 1993, all GOCCs are required to declare and remit at least 50 percent of their annual earnings as cash, stock or property dividends to the national government. The law, however, exempts from the requirement GOCCs that administer real or personal properties or funds held in trust for the use and the benefit of its members.

Following the GOCC recognition, CDC President and Chief Executive Officer Agnes VST Devanadera attributed the agency’s strong financial performance to fiscal discipline and sound governance practices. The consistent growth in dividends, Devanadera said, “reflects higher revenues, net income, jobs, locator activity, and investments during the period.” CDC, which operates as a subsidiary of the Bases Conversion and Development Authority (BCDA) and operates both the Clark Freeport Zone (CFZ) and Clark Special Economic Zone (CSEZ), remitted P1.207 billion in 2022, P1.800 billion in 2023 and P2.488 billion in 2024. Meanwhile, the SBMA noted that its dividend payout this year “registered a substantial decrease” owing to the implementation of the Cor porate Recovery and Tax Incentives for Enterprises (CREATE) law. This mandated a 25 percent income tax rate on SBMA’s taxable income, in contrast to the 5 percent rate applied prior to 2024, the SBMA said. “The higher tax rate led to a substantial increase in income tax expense, with SBMA paying P489 million in income tax for 2025, up from P130 million in 2023,” the Subic GOCC said. “The implementation of the CREATE Law also reclassified many SBMA expenses as allowable deductions, resulting in a decrease in taxable income and consequently [lower] dividend remittance,” it added. The SBMA turned over P1.465 billion in dividends last year, which consisted of P798.27 million from its net earnings in 2024 and P667.21 million as final installment for its 2022 dividend obligations. Nevertheless, SBMA Chairman and Administrator Eduardo Jose L. Aliño expressed confidence that “with continued reforms and strategic initiatives, the authority will sustain its robust financial health while supporting government objectives.”

Thursday, July 16, 2026

Outgoing AFP chief feted by Philippine Army troops By Rex Anthony Naval

UTGOING Armed Forces of the Philippines (AFP) chief Gen. Romeo Brawner Jr. received a testimonial parade and review from the Philippine Army (PA) during a ceremony held last July 14 at Fort Bonifacio, Taguig City, in recognition of his exemplary leadership and distinguished military service. The military honors were accorded by PA commander Lt. Gen. Antonio Nafarrete in recognition of Brawner’s remarkable contributions to the Army and the AFP throughout his decades of service. Before assuming the highest post in the AFP, Brawner served as the 65th commanding general of the PA, where he championed modernization, operational excellence, and mission readiness. “During the ceremony, Gen. Brawner also received a special recognition in appreciation of his steadfast leadership, unwavering dedication, and lasting contributions to the PA. The testimonial parade highlighted the respect and gratitude of Army personnel for a leader whose service has strengthened the institution and advanced its mission of defending the nation,” the AFP said.

Former Dasmariñas vice mayor files COC for special elections By Mary Jade Jadormio

ORMER Dasmariñas City vice mayor Rex Mangubat is the first aspirant to file his certificate of candidacy (COC) for the special election in the Fourth District of Cavite. Mangubat personally submitted his COC on the opening day of the three-day filing period set by the Commission on Elections (Comelec). Before serving as vice mayor, he was a member of the Dasmariñas City Council and the Cavite Provincial Board. COCs will be accepted until July 17 from aspirants seeking to represent Dasmariñas City in the House of Representatives. This is to fill the vacancy left by former Rep. Francisco “Kiko” Barzaga after he was expelled from the House of Representatives. Earlier, Comelec Chairman George Erwin M. Garcia said Barzaga may still run for the post. The campaign period was scheduled by the poll body from Jul 30 until Aug. 27, ahead of the polls on Aug. 29. Polling precincts will be open from 7 a.m. to 3 p.m. on election day. More aspirants are expected to file their COCs before the filing period closes on Friday. They may file their COCs at the Office of the Election Officer of Dasmariñas from 8 a.m. until 5 p.m.

NCRPO says around 20,000 cops to secure this year’s SONA

HE National Capital Region Police Office(NCRPO) on Wednesday announced that around 20,000 police officers will be deployed to ensure that President Ferdinand R. Marcos Jr.’s fifth State of Nation Address (SONA) at the Batasang Pambansa Complex in Quezon City this coming July 27 will be peaceful and orderly. These numbers are only the initial figure, NCRPO spokesperson Major Hazel Asilo said. She added that the 20,000 includes personnel that the NCRPO is going to borrow from other regions. Asilo said these police officers will be performing anti-criminality and other duties. She added that the NCRPO is in the process of crafting security measures for the SONA, adding they are identifying the areas where groups might hold protests. Likewise, the NCRPO spokesperson said that they will be deploying Civil Disturbance Management personnel to these areas in case there will be rallies. She added that this deployment is not only for the vicinity of Batasang Pambansa Complex but for the entire Metro Manila. Asilo said NCRPO has yet to monitor groups planning to secure permits to hold rallies during the president’s fifth SONA. Rex Anthony Naval

No more medical grounds: BI orders Joseph Sy back to detention facility By Joel R. San Juan @jrsanjuan1573

HE Bureau of Immigration (BI) on Wednesday announced that Global Ferronickel Holdings Inc. chairman Joseph Sy is set to be returned to his detention facility within the week after being confined at a hospital for a month for medical procedures.

Sy has remained under the BI custody despite the ruling issued by the Court of Appeals (CA) last February that his continued detention was “illegal.” The BI said the CA ruling is currently being reviewed by the government to determine its possible legal remedies available under the

law while deportation proceedings are still ongoing against him. BI Commissioner Joel Viado said Sy’s confinement in the hospital was authorized solely on humanitarian and medical grounds while he was receiving treatment under government custody. “Mr. Sy’s temporary hospital

confinement was approved because of medical necessity. With his attending physicians having certified that he is already fit for discharge, the medical basis for his continued hospital confinement no longer exists,” Viado said. The BI commissioner emphasized that Sy remains under the lawful custody of the bureau pending the final resolution of the case. “The planned return of Mr. Sy to the BI detention facility is a custodial and administrative measure and should not be construed as affecting the ongoing judicial proceedings,” Viado said. “The Bureau respects the judicial process and continues to study and pursue the appropriate legal remedies available under the law. Until the case is finally resolved, the Bureau will continue to perform its mandate in accordance with existing laws and established legal processes,” he added. Viado, likewise, assured that the Bureau remains committed to

DFA studying impact of US anti-ICC campaign on drug war victims’ justice By Samuel P. Medenilla @sam_medenilla

ALACAÑANG said the Department of Foreign Affairs (DFA) is now studying the possible impact of the ongoing campaign of the United States (US) to dismantle the International Criminal Court (ICC) in giving justice to the victims of the drug war of the Duterte administration. The President’s sister, Senator Imelda “Imee” R. Marcos, on Wednesday slammed the Palace for appearing to have shrugged off the possible implications of the said development. The lawmaker said the country’s continuous cooperation with the ICC may expose it to “heightened scrutiny and possible diplomatic, visa, or economic consequences.” This, after Palace Press Officer Claire Castro said that the government respects the policy of the US on the matter. When asked about the said reaction of Senator Marcos, Castro said DFA is now looking into the implication of the policy pronouncement of the US on the ICC.

“I spoke directly with [DFA] Secretary Tess Lazaro, and she may have a message regarding this, but she will first consult the President on what our actual stance should be,” Castro said in Filipino in a press briefing last Wednesday. The Presidential Communications Office undersecretary assured that the government position on the new US policy will not deter the victims in the drug war of the Duterte administration from achieving justice. “Given that justice is being pursued [by the government] for our fellow citizens who were allegedly victims of heinous murders, our government will certainly not neglect this matter,” she said. Despite the country’s withdrawal from the Rome Statute taking effect in 2019, the Marcos administration still cooperated with the International Criminal Police Organization (Interpol) in serving the arrest warrant issued by the ICC against Former President Rodrigo R. Duterte. Duterte is currently detained in the Hague, where he is facing crimes against humanity before the ICC for the bloody war

against illegal drugs, which killed at least 6,000 suspects. The Marcos administration justified surrendering Duterte to the Interpol as part of the implementation of Republic Act No. 9851 or the Philippine Act on Crimes Against International Humanitarian Law, Genocide, and Other Crimes Against Humanity. It noted that allowing Duterte to face the charges against him before the ICC will give him the opportunity to defend himself and also justice for the drug war victims. “Whatever the outcome of the ICC case may be, the President believes it will bring justice—not only to the alleged victims but also to those who can be considered the respondents, defendants, or the accused,” Castro said. Last Monday, the US Secretary of State Marco Rubio urged other countries to withdraw from the ICC to prevent it allegedly from targeting American servicemen and officials. He also called for the imposition of visa revocations and travel bans for ICC personnel and sanctions against ICC and its affiliated organization.

Defense objects to prosecution’s ‘conclusion-laden’ manifestations in VP Sara impeachment trial By Claudeth Mocon-Ciriaco @claudethmc3

EAD defense counsel Atty. Sheila Sison objected to the prosecution’s “manifestations laden with conclusions” during the sixth day of the impeachment trial of Vice President Sara Duterte. Sison argued that such extensive and narrative-driven manifestations presented before the Senate and media unfairly shape public perception and bias the proceedings. “Those manifestations are almost always accompanied with lengthy discourse containing

conclusions of law and facts that in reality only this impeachment court can really determine,” Sison said. She explained why such is a concern for the defense. “Because this affects the fairness and balance of this impeachment court and the way it would perceive whatever manifestations or expressions of sentiments or discourses that the counsel for the both parties will deliver before this court and before the public,” she stated. The prosecution said that they will no longer present six more witnesses. The witnesses are representatives from the Philippine

National Police Firearms and Explosives Office, journalists Bonz Magsambol and Mikhail Flores who were present in the November 23, 2024 press conference of Vice President Sara Duterte, Abe Andres, the sheriff whom Duterte punched during a demolition operation in Davao City on 2011, a psychiatrist, and a family member of victim of threats. “If the only intent really is to withdraw witnesses, perhaps it would better serve the purpose of aiding the speed disposition of this case if that fact alone will be the only thing mentioned without factual assertions or conclusions of facts,” she added.

protecting the welfare of all persons under its custody. “Should Mr. Sy require further medical attention at any time, the Bureau will ensure that he receives appropriate medical care consistent with humanitarian standards and applicable regulations,” he said Sy was arrested by the BI last August 21, 2025 on suspicion that he was a Chinese national using fake Philippine documents, The BI has maintained that Sy and Cheng Zhong Zhen are one and the same person. Sy’s real identity, according to the agency, was established through the assistance of government intelligence sources which prompted the BI to dig deeper into his immigration records. The BI pointed out that photos, as well as the biometric information and data of Sy and Chen matched, thus confirming them to be one and the same person. The agency added that the fin-

gerprints of Sy appearing on his passport and the fingerprints of Chen appearing on the Alien Certificate of Registration Identity Card Records (ACR I-Card) belong to the same person. Thus, the BI said Sy should be deported for violating the country’s immigration laws and the limitations and conditions of his stay. In its February 2026 ruling, the CA affirmed the decision issued by the Regional Trial Court of Taguig City which held that Sy’s birth certificate constitutes prima facie evidence of his citizenship, which the BI has the burden of proving otherwise. The CA added that Sy’s birth certificate should have been accorded more weight by the BI over the ACR I-Card of Chen The appellate court held that the bureau cannot proceed with the deportation proceedings of Sy, considering that he is a Filipino national based on his birth certificate.

FDA overhaul a must to better protect consumers–Sen. Chiz By Butch Fernandez @butchfBM

ITING the need to overhaul the country’s product regulatory system, Senator Francis “Chiz” Escudero has filed a measure proposing to transfer several functions of the Food and Drug Administration (FDA) to other government agencies better aligned with the nature and risks of the products they oversee. In filing Senate Bill No. 2310 bill, Escudero said his proposed reform aims to streamline government regulation, reduce bureaucratic bottlenecks, and strengthen public health and consumer protection through a sciencebased, riskinformed framework across agencies. He also said the measure addresses longstanding overlaps and delays that affect both consumers and businesses. “Product regulation efficiency is critical for promoting public health and safety, and for protecting consumers from trade malpractices and from substandard or hazardous products,” Escudero said in the bill’s explanatory note. “Through the establishment and enforcement of product standards and other regulatory measures, the government addresses matters that cannot reasonably be expected of individual consumers, such as verifying product quality, [and] ensuring compliance with technical and manufacturing standards,” he stressed. Under the proposed “Product Regulatory System Reform Act,” the regulation of raw

and unprocessed food products shall be transferred to the Department of Agriculture (DA), while processed food, cosmetics, and other consumer goods shall fall under the Department of Trade and Industry (DTI). Other products could likewise be reassigned to specialized agencies depending on their risk profile and statutory mandates. Escudero emphasized that the realignment seeks to ensure that regulatory functions are exercised by agencies with the appropriate technical expertise and institutional capacity. The measure also mandates interagency coordination to avoid duplication and improve public service delivery. He underscored the urgency of updating the countr y’s regulator y framework, citing “rapid technological advancements, increasing complexity of products, evolution of local and global markets, and the emergence of public health risks” as reasons for adopting a more responsive system. To ensure continuity of service, the bill provides transitory provisions allowing existing permits, registrations, and authorizations to remain valid until expiration. Pending applications and enforcement actions will be completed by the agency to which the relevant function is transferred. The Bicolano senator said the proposed reforms aim to build “a coherent, adaptive, and efficient regulatory system that protects public health and safety and consumer welfare” while encouraging innovation and investment.

AgriWISE: DAR strengthens climate resilient rice farming in Romblon By Jonathan L. Mayuga @jonlmayuga

HE Department of Agrarian Reform (DAR) provided skills training to Agrarian Reform Beneficiaries (ARBs) in San Fernando, Romblon, to strengthen climate-resilient rice farming in the island-province. In a statement, the DAR said through AgriWISE or Advancing Skills for Sustainable and Resilient Rice Production in San Fernando, Romblon, it is equipping ARBs with modern technologies and climateresilient farming practices to enhance farm productivity and sustainability, reinforcing the government’s commitment to building resilient farming communities. Conducted in partnership with the Municipal Agriculture Office of the Local Government Unit of San Fernando, the activity brought together 50 members of the San Fernando Agrarian Reform Com-

munity Cooperative. The activity is part of the Climate Resilient Farm Productivity Support Program, which seeks to improve farmers’ productivity by providing hands-on learning on improved rice production technologies, climate adaptation strategies, and sustainable farming approaches. Provincial Agrarian Reform Program Officer II Engr. Rogelio D. Madarcos emphasized the importance of equipping farmers with the necessary knowledge and skills to address emerging challenges in agriculture. “Through programs like AgriWISE, we are not only providing training but also strengthening the capacity of our agrarian reform beneficiaries to become more resilient and productive farmers. By adopting sustainable and climate-smart farming practices, they can better respond to challenges while improving their livelihood and the future of their families,” he said.

TheWorld

Thursday, July 16, 2026

Editor: Angel R. Calso

Tehran threatens to halt all Middle East energy exports after US reimposes blockade on Iran By Jon Gambrell

The Associated Press

UBAI, United Arab Emirates— The US military reimposed a naval blockade on Iran and intensified its airstrike campaign early Wednesday, hitting an Iranian army barracks and killing at least seven troops while wounding 260 people across the country, Iranian officials said. Days of retaliator y strikes across the Middle East by Iran and the US, and both nations’ attempts to assert control over the Strait of Hormuz, threaten to push the region back to all-out war. More than 30 people have been killed over “recent days,” Iranian government spokesperson Fatemeh Mohajerani said, without elaborating. Seven of the dead

came from the attack on the barracks in Iran’s southeastern Sistan and Baluchestan province. The US first imposed the blockade in mid-April and then lifted it in mid-June, a day after signing the interim deal that set a 60-day period for negotiations over issues like Iran’s nuclear program, but talks have stalled as fighting over the strait, through which a

fifth of the world’s oil and natural gas trade passes during peacetime, has intensified. Iran’s paramilitary Revolutionary Guard threatened Wednesday to halt all energy exports from the Middle East over the blockade. “The export of oil and gas from the region will be either for everyone or for no one,” it said. W hen US President Donald Trump announced the return of the blockade Monday, he also said he would impose a 20% fee on ships passing through the strait. But he dropped the plan to collect fees hours before resuming the blockade, citing requests from allies in the Persian Gulf.

Both US and Iran launched attacks as blockade reimposed

THE US carried out another wave of strikes as it reimposed the blockade, striking dozens of targets over seven hours, the US military’s Central Command said Wednesday. Hossein Kermanpour, a spokesperson for the Health Ministry, gave Wednesday’s casualty figure of over 260 people wounded, with-

A WOMAN holds a poster depicting US President Donald Trump in the crosshairs of a rifle scope with the English words “There Will Be Blood,” while another woman holds a portrait of the late Supreme Leader Ali Khamenei and his son, current Supreme Leader Mojtaba Khamenei, as mourners gather to commemorate the late leader at the Imam Khomeini Mosalla Grand Mosque in Tehran, Iran, Tuesday, July 14, 2026. AP/VAHID SALEMI

out specifying how many people had been killed. Kermanpour’s figures reported far more people injured than in any other round of recent violence between Iran and the US. One strike targeted a barracks for Iran’s 388th Mechanized Infantry Brigade in Bampour in Sistan

and Baluchestan province, Iranian state television reported. The report said the Americans fired at least 13 missiles in the attack and that the dead included conscripts and career soldiers. A number of other troops were wounded. The army said it would make “a decisive response to this aggressive

action by the American enemy,” state TV added. The 388th operates battle tanks and armored vehicles. Missile alert warnings went out in Bahrain and Kuwait early Wednesday morning as they faced incoming Iranian fire, something that’s been a daily occurrence, further straining a ceasefire in the war. Jordan also said it shot down three incoming Iranian missiles. Iran claimed attacks on the three nations. US Navy Adm. Brad Cooper, who leads Central Command, said in a statement that Iran had launched dozens of missiles and drones at neighboring Gulf Arab countries. “US forces are holding Iran accountable for unwarranted aggression that continues to endanger innocent lives,” Cooper said. When the US and Israel launched the war on Iran on Feb. 28, Tehran effectively shut the Strait of Hormuz by attacking and threatening ships. That sent the price of oil, fertilizer and other goods soaring. See “Tehran,” A8

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Yemen risks being dragged back into war as Saudis and Houthis exchange airstrikes By Fatma Khaled & Samy Magdy

The Associated Press

AIRO—A truce that ended nearly a decade of war in Yemen has mostly held since 2022. It is being severely tested four years later, as tensions tied to the war in Iran risk spilling over.

The civil war in Yemen that began in 2014 eventually pitted Iran-backed Houthi rebels against a Saudi-led coalition supporting the country’s government. While the Iran war that began on Feb. 28 reignited all sorts of regional rivalries, the peace between the Houthis and Saudis had mostly prevailed—until Monday. That’s when Houthis launched missiles and drones at Saudi Arabia’s Abha International Airport in response to airstrikes on Sanaa International Airport earlier in the day that they blamed on Saudi Arabia. No casualties were reported, but it was the most significant confrontation between these enemies in years, raising fears that they could be moving closer to another war.

Tehran. . . Continued from A6

Iran has more recently attacked ships moving through the strait on a route near Oman overseen by the US military that is outside Tehran’s control, setting off the recent violence. The US has threatened to reopen the strait by force—but experts say that would require a much bigger armada if not tens of thousands of ground troops. Iran’s ambassador to the United

Yemen, one of the world’s poorest countries, is still recovering from the civil war that plunged parts of the nation into famine. Here’s a closer look at the renewed tensions:

A flight from Iran triggered the fighting

YEMEN’S civil war began in 2014 when the Houthis seized the capital, Sanaa, and much of northern Yemen and forced the government into exile. A Saudi-led coalition intervened the following year to try to restore the government to power. The country is now divided between the Houthi-controlled north and a southern region mostly ruled by the internationally recognized government. Nations, Amir Saeid Iravani, criticized America’s ongoing attacks targeting his country. “The US is the aggressor, not the victim,” he wrote to the world body’s leader, according to the state-run IRNA news agency.

Trump says he’s seeking Gulf investments instead of fees

TRUMP said Tuesday that he was called by the region’s “kings and emirs,” who suggested an alternate arrangement to charging ships fees to pass through the strait like the

Tensions began to flare earlier this month when the Houthis accused Saudi Arabia of trying to prevent an Iranian plane from carrying a Houthi delegation to Tehran for the funeral of Iran’s Supreme Leader Ayatollah Ali Khamenei. When the plane returned to Yemen on Monday, Saudi Arabia attacked the Sanaa airport to prevent it from landing, the Houthis said. The plane was diverted and landed safely at another airport. Saudi Arabian officials did not respond to a request for comment about the airstrikes in Yemen. Rashad al-Alimi, who leads Yemen’s internationally recognized government, said it had rejected a request from Iran to return the Houthi delegation. He accused the rebel group of receiving the Iranian flight “outside the legal and sovereign frameworks governing civil aviation.” On Tuesday, Houthi military spokesman Brig. Gen. Yahya Saree said the Houthis are prepared to confront any violation of Yemen’s airspace; he said on Telegram that the group downed a Saudi reconnaissance aircraft at dawn in Al Bayda province in central Yemen.

Arabia to the south, to be under threat.

Could the exchange signal further regional instability?

HOUTHI supporters walk in front of posters of some top Iranian scientists who have been killed in Israeli strikes, in Sanaa, Yemen, Monday, July 13, 2026. AP/OSAMAH ABDULRAHMAN

AHMED NAGI, a senior Yemen analyst at the International Crisis Group, said Monday’s exchange of

fire was about more than a single Iranian flight. Saudi Arabia and Yemen’s internationally recognized government viewed the flight as an attempt to weaken their control over Yemen’s airspace. The Saudi-led coalition imposed an air and sea blockade on Yemen in 2015 to put pressure on the Houthis. By allowing a direct international flight to land without the approval of the Saudi-led coalition, the Houthis were seeking to establish a new reality in which they could independently make decisions over Yemen’s airspace and

end what they view as a blockade of the international airport. “The Houthis were testing a new red line. If they succeeded, they could become more emboldened, raise their demands, and seek to cross additional red lines,” Nagi said. Farea al-Muslimi, a research fellow at the Chatham House think tank in London, said Saudi Arabia has so far shown restraint in the broader US-Israeli war against Iran. But it is far less likely to stay on the sidelines when it perceives its inf luence in Yemen, which borders Saudi

president proposed a day earlier. “They said we’d love to do it a different way. We’d love to invest in the United States with billions and billions of dollars,” Trump told reporters Tuesday in the Oval Office. Trump said he preferred that arrangement to charging tolls “because I don’t think anybody should be able to charge a fee for the strait.” It was unclear if the investment deals would be new commitments relative to what Trump announced after a visit last year to the Middle East.

Trump’s plan to charge fees would have been a change to longstanding American policy and a departure from US promises that the strait would remain open to all without tolls. Trump told Fox News Channel on Tuesday night that more US strikes against Iran were coming over the next two days and that bridges and power plants could be targets by next week unless negotiations resume. Already, the US has struck at least one bridge. “You better make a deal, or

you’re not going to have anything left,” Trump warned.

There are deeper issues at play

The interim peace deal is in peril

UNDER the interim deal, Iran agreed that passage through the strait would remain free of charge for 60 days—but the agreement left open what would happen after. Iran asserts it has the right to manage traffic and potentially charge fees. The US has disputed that. The price for a barrel of Brent crude oil, the international standard, briefly topped $87 early

IT is too early to say whether Monday’s confrontation will lead to further escalation or was just an isolated incident. But Abdel-Bari Taher, a political analyst in Yemen, said the country’s fragile security and economic landscape provides fertile ground for renewed conflict and regional power competition. “The region now is in a state of an all-out confrontation,” he said. “Yemen provides a conflict-prone environment because it’s divided with militias fighting each other and lacks full control over its maritime and airspace.” Ye me n a l so r i sk s get t i ng dragged into the broader conflict. The Iran-backed Houthis have carried out numerous missile attacks against Israel throughout the war—and the rebel group has a history of attacking ships in the Red Sea, disrupting international trade. Taher said Iran might try to use its Houthi allies as a way to gain negotiating leverage against the US. An interim ceasefire is on life support as the US and Iran fight for control over the Strait of Hormuz, and the risks are rising of a return to all-out war. Tuesday, still well below the nearly $120 reached at the height of the war. The price dipped to $78 in the aftermath of Trump’s announcement that he had changed course, then went back up to $85 a barrel on Wednesday. Regional mediators meanwhile are still trying to get the United States and Iran back to the negotiating table. The A ssociated Press writer Nasser Karimi in Tehran, Iran, contributed to this report.

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DILG to LGUs: adopt, implement revised child protection protocol

HE Department of the Interior and Local Government (DILG) has directed all local governments (LGU) to reinforce their local child protection systems and ensure faster, coordinated, and child-sensitive responses to cases involving children by adopting and fully implementing the revised Protocol for the Case Management of Child Victims of Abuse, Neglect, Exploitation, and Discrimination (CANE+D). Developed by the Committee on the Special Protection of Children (CSPC), the revised protocol updates the 2013 guidelines to reflect developments in child protection laws, address emerging issues affecting children, and align local case management practices with current international standards and evidence-based approaches. Under DILG Memorandum Circular 2026-036, LGUs are directed to institutionalize updated child protection policies and mechanisms, ensure the availability and delivery of appropriate CANE+D services and interventions, and establish coordinated referral and case management systems within their respective jurisdictions. In a statement, the DILG said the revised protocol provides LGUs with a comprehensive framework for managing CANE+D cases while strengthening coordination among social workers, law enforcement agencies, health

Port. . . Continued from A1

Moreover, the BOC would be responsible for the development or accreditation of automated monitoring systems to track the movement of containers in ports. Nepomuceno said the government is targeting the signing of the JAO this August in anticipation of the cyclical occurrence of port congestion that typically begins in October. “The JAO will just start the solution. It’s not the solution, but it will empower the agency to manage the problem,” he said. There is currently no specific agency of-

Remittances. . . Continued from A2

Ruben Carlo O. Asuncion, chief economist at the Union Bank of the Philippines (UBP) pointed out: “The May remittance data suggest that growth remains positive but may be losing some momentum.” Asuncion warned: “More importantly, the renewed risk of a US-Iran escalation raises the possibility that the impact on OFW employment and deployment in the Middle East could become more visible in the months ahead,” Asuncion said. While remittances remain resilient for now, he said: “We believe downside risks

Diokno. . . Continued from A3

The case involved a government forfeiture proceeding seeking the recovery of assets allegedly acquired by former military comptroller George Rabusa beyond his lawful income. The Supreme Court ruled that evidence obtained from the examination of bank accounts could be considered in proceedings involving unexplained wealth. “Just like here, the prosecution in that case requested subpoenas for the production of bank records. Just like here, the argument was raised that this is a mere fishing expedition,”

professionals, educators, prosecutors, and other frontline service providers. The DILG said the updated framework also addresses operational gaps identified over the past decade by strengthening mechanisms for prevention, reporting, rescue, recovery, rehabilitation, reintegration, and monitoring of child victims. To ensure effective implementation, the DILG directed LGUs to further strengthen the capacities of their Child Protection Committees, Local Councils for the Protection of Children (LCPCs), Local Social Welfare and Development Offices (LSWDOs), and other implementing offices through regular training, stronger inter-agency coordination, and sustained resource support. The DILG also encouraged LGUs to strengthen partnerships with civil society organizations (CSOs), non-government organizations (NGOs), faith-based groups, and other stakeholders to expand communitybased child protection programs and improve service delivery. The Department reaffirmed that stronger local child protection systems are essential to building safer, more resilient, and child-friendly communities where every Filipino child is protected from violence, abuse, exploitation, neglect, and discrimination.

ficially in charge of addressing port congestion, Nepomuceno said, as government efforts have been fragmented. Under the proposed order, the Departments of Finance, Transportation, Trade and Industry, as well as the Bureau of Internal Revenue, the Maritime Industry Authority, the Philippine Competition Commission and the Philippine Ports Authority and other Port Authorities, shall provide mutual aid and support to each other to ensure efficient port utilization. The funding for the implementation of the JAO will be sourced from the concerned agencies’ respective budgets, alternate funding sources or corporate funds, with the option to request supplemental budget. have increased and may not yet be fully reflected in the latest data.” For his part, Rivera said: “Key risks include a prolonged geopolitical conflict, slower global growth, and persistent inflation in host economies.” The central bank said in its statement that the United States remained the top source of inflows, followed by Singapore and Saudi Arabia, based on reported remittance transactions by origin. “Cash and personal remittances also grew in the period of January-May 2026. This highlights the sustained role of [Overseas Filipinos] OFs in supporting household income, spending, and overall domestic demand,” the BSP also noted. Diokno pointed out. Citing the ruling, Diokno explained that while lower courts initially viewed the request to examine bank accounts as an improper search for evidence, the Supreme Court held that unexplained wealth proceedings fall under exceptions to bank secrecy laws. He quoted the court’s finding that proceedings involving unexplained wealth are covered by the exceptions under Republic Act 1405, allowing court orders that enable the examination of bank accounts in appropriate cases. Diokno also rejected the defense’s argument that issuing subpoenas would violate VP Duterte’s right to due process, stressing that the prosecution is only seeking the production

Senate least approved, trusted government institution–survey

By Claudeth Mocon-Ciriaco

HE Senate ranked as the least approved and least trusted government institution for this quarter, the Pahayag independent, non-commissioned nationwide survey indicate. The Senate earned 21 percent approval and 12 percent trust rating in the survey conducted from June 28-30, 2026, of 1,509 respondents who are registered Filipino voters. T he Depar tment of Public Works and Highways followed with 22 percent approval, 14 percent trust, the Department of Budget and Management with 25 percent approval, 15 percent trust, and the

House of Representatives with 26 percent approval, 15 percent trust. In contrast, the Technical Education and Skills Development Authority (Tesda) remained the most approved and trusted government agency, with 63 percent approval and 45 percent trust ratings, followed by the Department of Science and Technology (53 percent approval, 37 percent trust) and the

Commission on Higher Education (48 percent approval, 35 percent trust), while the Bangko Sentral continued to register relatively strong trust at 35 percent. Sen ate P resident Sher w i n Gatchalian registered relatively strong ratings, with 32 percent approval and 21 percent trust while Speaker Faustino Dy III continued to have weak public support, with approval at 13 percent from 11 percent and trust at 8 percent (from 6 percent), reflecting limited public visibility. Chief Justice Alexander Gesmundo shows the same trend, with approval inching up to 17 percent from 16 percent while trust remains unchanged at 10 percent. “This suggests that while sentiment toward the judiciary has slightly improved, baseline confidence remains modest,” the survey said.

On the other hand, opposition figures dominate favorable rankings with Sen. Paolo Benigno Aquino leading with a net favorable rating of 57 percent, including 29 percent who rate him as “very favorable.” Sen. Francis Pangilinan followed at 46 percent and Sen. Risa Hontiveros at 47 percent, both registering strong favorability with high “very favorable” intensities (22 percent and 21 percent, respectively). On the other end, several figures register strongly negative sentiment. Sen. Jose Pimenel Ejercito alias Jinggoy Estrada posted the highest net unfavorable rating at 58 percent, with 39 percent describing him as “very unfavorable,” followed by Ronald dela Rosa at 56 percent, including 44 percent who view him as “very unfavorable.”

Irishman faces deportation for attack on traffic enforcers

HE Bureau of Immigration (BI) yesterday announced the arrest and possible deportation of a 64-year-old Irish national who went viral on social media after he was caught on video attacking traffic enforcers during an operation involving his illegally parked vehicle. The foreigner was identified as Michael Patrick O’Reilly, who was arrested on July

Matibag. . . Continued from A4

had already treated the matter seriously and conducted a full investigation, including recommending criminal charges. Similarly, the two journalists were no longer needed to confirm Duterte’s statements during the November 23, 2024 video conference after an NBI agent authenticated the recordings and the defense acknowledged their authenticity. Article IV accuses Duterte of culpable violation of the Constitution and betrayal of public trust over her recorded statements concerning President Marcos, First Lady of documents that may later be presented as evidence.

Early access

FOR his part, prosecution legal spokesman lawyer Jay Tolosa said the prosecution is seeking early access to Duterte’s tax returns and bank records to prevent possible delays when it begins presenting evidence on the allegation of unexplained wealth. Tolosa said the panel requested subpoenas for the documents at this stage of the impeachment trial even though Article of Impeachment No. 2 is scheduled to be presented last among the four charges. Tolosa added prosecutors anticipated that

13 at Camp Tomas B. Karingal in Quezon City by BI intelligence operatives. Immigration Commissioner Joel Anthony Viado said O’Reilly was found to have violated the conditions of his stay in the Philippines and is considered to be an undesirable alien after he struck a government-contracted tow truck and members of the Metropolitan Manila De-

velopment Authority (MMDA) during the clearing operation. Following his arrest, O’Reilly underwent booking procedures before being transferred to the BI Warden Facility in Muntinlupa City, where he remains in the Bureau’s custody pending deportation proceedings. Viado reminded foreign nationals staying in the country to obey Philippine laws

and conduct themselves responsibly. “The privilege of staying in the Philippines comes with the responsibility of respecting our laws and our people. Foreign nationals who engage in violent, abusive, or disruptive behavior should not expect to remain in the country. We will not allow undesirable aliens to undermine public order or disregard the rule of law,” Viado said. Joel R. San Juan

Liza Araneta-Marcos and former Speaker Ferdinand Martin G. Romualdez, which prompted an NBI investigation and a recommendation to file criminal complaints for grave threats and inciting to sedition. With Matibag expected to complete the prosecution’s case on the threat charge, the panel is preparing to begin presenting evidence under Article I on July 22. Luistro said the prosecution will seek subpoenas for its initial witnesses on confidential funds, including Marivic Pareja of the House Legislative Archives and Museum Management Service, as well as two former Land Bank of the Philippines branch managers—Violeta Constantino of the Shaw Boulevard branch and Nenita

Camposano of the Department of Education branch. “We are requesting that we be allowed to request the issuance of subpoenas for our first three witnesses for confidential funds, including Marivic Pareja of the Legislative Archives and Museum Management Service of the House of Representatives, and two LandBank employees, Violeta Constantino,

former branch manager of the LandBank Shaw Boulevard branch, and Nenita Camposano, former branch manager of the LandBank DepEd branch,” Luistro added. The prosecution is also requesting authority to secure subpoenas for these witnesses as it transitions to the next phase of the impeachment trial.

the defense would challenge the release of the documents, prompting them to secure the subpoenas ahead of time. “Because we have already anticipated it…they will probably try to block it,” he said, adding that the move would allow the prosecution to proceed with its evidence presentation without interruption once the trial reaches the unexplained wealth charge. Prosecution spokesman Lanao del Sur Rep. Zia Alonto Adiong said obtaining the records early would also give senator-judges sufficient time to review the documents, which he described as both technical and voluminous. Jovee Marie N. dela Cruz

Jovee Marie N. dela Cruz

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A10 Thursday, July 16, 2026

‘Triple whammy’ worries local corn producers

By Ada Pelonia

@adapelonia

HE local corn sector faces a triple whammy of surging fertilizer and fuel costs along with potential water scarcity due to El Niño which could dent output, according to the Philippine Maize Federation Inc. (PhilMaize). PhilMaize President Romualdo Elvira Jr. told the BusinessMirror that hefty input costs and the potential impact of a dry spell on corn plantations could slash yield and affect this year’s production. Citing data from the Philippine Statistics Authority (PSA), he said 559,000 hectares of the 772,000 hectares have been planted with

corn as of May 1. “We estimate that corn production output might decrease due to the high cost of fertilizer and other inputs, high fuel cost, and water scarcity from El Niño,” Elvira told this newspaper on Wednesday. Elvira, however, did not provide estimates as “it’s too early to tell.” “We’ll have an outlook when

BUSINESSMIRROR file photo

planting season ends. We don’t have data for that yet, but the October to February planting is crucial. If the basis is per region, it could be lower.” The Department of Agriculture (DA) announced its bid to

increase corn shipments entering the country at lower tariffs amid a potential supply crunch owing to rising input costs and weatherrelated shocks. Agriculture Secretary Francisco Tiu Laurel Jr. said the agency is

seeking to expand the minimum access volume (MAV) for corn to 500,000 metric tons (MT). This proposal has already been presented to the MAV Management Committee. “We have endorsed the proposed increase in the corn MAV to anticipate possible supply tightness arising from weather-related risks and escalating production costs, particularly fertilizer and logistics expenses that remain vulnerable to disruptions from the lingering conflict in the Middle East.” Under the proposal, the MAV would be more than double the current MAV of 216,940 MT for corn. Imports within the quota are levied a tariff rate of 5 percent, wh i le sh ipments beyond t he allocation would be slapped a 15-percent duty. The DA also noted the continuing volatility in energy markets and shipping routes around the

Strait of Hormuz, which jacked up freight and fertilizer prices. The agency’s downbeat outlook on the global oil crisis’s effects on corn production tallies with the United States Department of Agriculture–Foreign Agricultural Service’s (USDA-FAS) projection. The USDA-FAS Manila recently lowered its forecast for the country’s corn output in marketing year 2026/2027 to 8.10 million metric tons (MMT). “R ising f uel and fer ti lizer costs reduce farmer profitability and limit the incentive to expand planted area, consistent with trends observed in the rice sector,” it said. “Deteriorating irrigation supply, driven by significantly reduced water levels in key dam reservoirs as of June 2026, poses an additional risk to corn production in lowland areas in major corn-producing areas, such as Cagayan Valley.”

‘Results of ASF vaccine trials still under close scrutiny’ NFA opens postharvest facility in Iloilo By Carmel Pedroza & Ada Pelonia

EBU City—The Department of Agriculture (DA) said the rollout of a vaccine against African swine fever (ASF) remains under a controlled government program as authorities are still evaluating trial results before allowing its wider use. Speaking during a Kapihan sa PIA-7 media briefing last July 15, DA Region 7 Livestock and ASF Focal Person Voltaire Amper said that while an anti-ASF vaccine exists, it has not yet been licensed for commercial distribution and remains under the supervision of the Bureau of Animal Industry (BAI). Amper noted that before any anti-ASF vaccine can be sold commercially through agricultural veterinary outlets or other distributors, it must first secure approval from the Food and Drug Administration (FDA), which requires sufficient trial data proving the vaccine’s safety and efficacy. He said findings from ongoing trials showed that antibodies developed by vaccinated pigs decline after about five months, prompting regulators to continue

gathering more evidence before expanding its use. Amper also cited concerns over viral shedding observed during the trials. According to him, fragments of the virus were detected in the urinary and intestinal tracts of vaccinated pigs, raising the risk of environmental contamination if strict biosecurity measures are not observed. Because of these findings, he said the vaccine is not yet recommended for widespread commercial use, particularly among backyard and smallholder farms where daily monitoring and biosecurity protocols are more difficult to enforce. “The vaccine is under a controlled rollout by the Bureau of Animal Industry,” Amper said, stressing that there is currently no commercially available antiASF vaccine in the country. He warned livestock raisers aga inst purc hasing A SF vaccines being advertised online or sold through unauthorized channels, saying these products are illegal because they have not been licensed for commercial distribution.

Despite the concerns identified during the trials, Amper said the DA has not abandoned plans for the vaccine’s rollout. Instead, its implementation will continue under strict national guidelines, with selected areas and participants subject to government monitoring and required clearances. He added that additional trial results and scientific data will still be needed before authorities decide whether the vaccine can be released for broader use.

Pangasinan poultry

MEANWHILE, BAI recently confirmed the detection of bird flu in poultry farms in Pangasinan. In a statement, the agency attached to the Department of Agriculture said the highly pathogenic avian inf luenza (HPA I) subtype H5N1 has been detected in backyard poultry farms rearing native chicken and ducks in Pangasinan. The agency said the initial case was confirmed on May 22 through its Animal Disease Diagnosis and Reference Laborator y (ADDRL). This triggered fol low-up monitor ing , and

test ing ident if ied add it iona l cases in nearby backyard poultr y farms. BAI said the concerned regional field office (RFO) and affected local government units (LGUs) implemented d isease control measures following confirmation of the transboundary disease in the area. This includes safe culling and disposal of affected poultry, cleaning and disinfection of affected areas, movement control, and intensified monitoring. “These measures, along with other necessary interventions, will continue to be implemented to prevent the disease from spreading further,” BAI said. The agency then assured the public that it is closely monitoring the situation, adding that properly handled and thoroughly cooked poultry meat and eggs are safe to consume. Meanwhile, it urged poultry raisers to immediately report any unusual illness or sudden deaths among birds to their respective provincial, city, or municipal veterinary or agriculture office. “This is so that appropriate action can be taken promptly.”

HE National Food Authority (NFA) launched a P355.4-million postharvest facility in Iloilo as part of government efforts to bolster the country’s rice buffer stock. Agriculture Secretary Francisco Tiu Laurel Jr., who also chairs the NFA Council, said the facility serves as an investment in food security and local farmers. “Modern post-harvest facilities allow the NFA to procure more palay, cut post-harvest losses, improve grain quality, and build stronger buffer stocks,” he said. “Every bag we save and every bag we procure strengthens the country’s ability to keep rice affordable and available, especially during supply disruptions.” For his part, NFA Administrator Larry Lacson said the facility in Dumangas, Iloilo, represents a major upgrade in the grains agency’s procurement operations in Western Visayas. Dumangas is one of Western Visayas’ largest rice-producing municipalities, serving as a strategic procurement hub for the grains agency. “This isn’t just a new warehouse—it is a productivity and food security investment. Modern equipment allows us to buy more palay, reduce waste, and move grain into our buffer stocks faster,” Lacson said. “Farmers gain a dependable buyer, while consumers benefit from a stronger and more reliable rice supply.” The grains facility features a modern ware-

house equipped with a 10 metric ton-per-hour rice mill and a 240 MT-per-day mechanical grain dryer, expanding its capacity to buy, dry, mill, and store palay. Once operational, the facility will benefit over 1,000 additional farmers on top of the 804 rice farmers and 41 farmers’ organizations already being served by the Dumangas Grains Center. The complex is expected to support riceproducing areas in Anilao, Banate, Barotac Nuevo, Dingle, Dueñas, Dumangas, Passi City, and San Enrique, which collectively produce about 4.85 million bags of palay annually. The NFA said the facility would also boost its buying capacity. From an average annual procurement of 281,728 bags in Dumangas over the past five years, the NFA aims to purchase an additional 3,600 bags of palay daily, or about 324,000 bags over two cropping seasons. If realized, this would lift the grains agency’s palay absorption rate in the covered production areas to between 10 percent and 12 percent. “Beyond expanding storage capacity, the Dumangas project reflects a broader shift in food security policy,” the NFA said. “Rather than relying primarily on imports to stabilize supplies, the government is investing in post-harvest infrastructure that minimizes losses, improves procurement efficiency, and strengthens domestic rice reserves, making the food system more resilient before the next supply shock arrives.” Ada Pelonia

Smart agri Cebu’s weapon against food inflation—DOST Taco Bell pulls some items as parasite By Bless Aubrey Ogerio

EBU City—The Department of Science and Technology (DOST) is urging Cebu to adopt smart agriculture technologies to raise food production, as food prices continue to account for the biggest share of inflation in Central Visayas. Food remained the region’s largest inflation driver in June, accounting for 5.47 percentage points of the overall 10-percent inflation rate, latest data from the Philippine Statistics Authority (PSA) showed. While headline inf lation in Central Visayas eased from 10.8 percent in May, it remained significantly higher than the 0.2 percent recorded in June last year. Food inflation likewise slowed to 15.1 percent from 16.2 percent a month earlier, with cereals and cereal products contributing the largest share. Science Secretary Renato Solidum Jr. said improv ing agricultural productiv it y through tec h nolog y cou ld he lp provinces such as Cebu strengthen food securit y despite limited farmland. During the press briefing of

the Regional Science, Technology and Innovation Week (RSTW) in Central Visayas, Solidum said local governments should first identif y pr ior it y agr icultura l commodities before determining whether they can be expanded through conventional farming or supported by technologies such as controlled-environment agriculture. For high-value crops, he said product ion ca n be increased t hrough g reenhouse systems using hydroponics, Internet of Things (IoT) devices and artificial intelligence to automate irrigation, fertilization and temperature control. He also cited DOST-developed technologies, including irradiated seaweed-based foliar fertilizer, which has increased rice yields by 15 percent to 30 percent in pilot projects conducted with the Department of Agriculture (DA) and the Bureau of Fisheries and Aquatic Resources. Instead of applying fertilizer directly to the soil, the technology delivers nutrients through plant leaves, allowing crops to absorb them more quickly. “There can be many approaches to really use a smart agriculture

pathway so that we can produce more.” He added that similar technologies can also be applied to fisheries through sensor-based a q u a c u lt u r e s y s t e m s , w h i l e sur plus ag r ic u lt ura l produce can be processed into highervalue products instead of being discarded. For his part, DOST Central Visayas Regional Director Tristan Abando said the agency is already working with the DA on a regional food map that will guide local governments on which crops are best suited for particular municipalities based on soil conditions and existing production. The first phase has identified crop volumes and production areas across Central Visayas, while the second phase will recommend crops that are most suitable for each locality. Abando said DOST is a lso promoting digital farming tools under its Smarter Approaches to Reinvigorate Agriculture as an Industry (SAR AI) program, including mobile applications that help farmers identify pests and monitor crop conditions. “We want to infuse more smart technologies that would really be

fit for the agricultural context of Central Visayas, especially that we need to address food security,” he said. On the sidelines of the event, Cebu Governor Pamela Baricuatro told BusinessMirror that agriculture will be one of the provincial government’s priorities next year alongside efforts to sustain investment inflows. “Really, we’re focusing on agriculture next year, [and], of course, foreign investment is also close to our heart,” she said in a chance interview. “Cebu has the highest foreign investment throughout the country, so of course we have to look after that. But we should not forget also our agricultural programs because the inflation here is high because of our agricultural industry.” The governor also said food security programs would remain a key focus of the provincial government, adding that technologies being introduced by DOST could help improve agricultural productivity in Cebu. T he prov i nce h a s a budget of P11. 9 bi l l ion for it s A nnu a l Invest ment P rog ra m for t h i s yea r.

outbreak spreads, hits US customers

ACO Bell said it removed some ingredients at select restaurants as a precaution amid an outbreak of a parasite that causes severe diarrhea and has sickened thousands across the United States. Public health officials haven’t confirmed a link to Taco Bell, to any specific ingredient or supplier, or to other businesses, the company said in a statement. The chain removed the items “voluntarily and temporarily” as authorities continue to review the causes of the cyclospora outbreak. It didn’t specify which ingredients were affected. “We will continue to closely monitor the situation and follow the guidance of public health authorities,” the company said. Taco Bell is a subsidiary of Yum! Brands Inc. It runs some restaurants and franchises others to independent operators. Franchisees in some Michigan stores stopped serving lettuce as a precaution, Bloomberg News previously reported. Michigan appears to be the epicenter of the outbreak, but so far more than 30 states have also reported infections in the last two weeks, the US Centers for Disease Control and Prevention said. Public health officials there said the outbreak may be tied to contaminated lettuce or salad greens. Yum shares fell 2.7 percent at 3:40

p.m. in New York trading on Tuesday. The stock has advanced about 4 percent so far this year. Shares of Sweetgreen Inc., which has a salad-focused menu, fell as much as 13 percent on Tuesday, the most intraday since February. “For Sweetgreen if they can’t get lettuce or if lettuce prices skyrocket, it’s a bigger problem,” Bloomberg Intelligence analyst Michael Halen said. “Salads are a massive percentage of what they sell.” Smaller restaurants in other states have also started taking precautionary measures. The Buzz cafe in Monrovia, Maryland, said that it’s removing some menu items due to the cyclospora outbreak. Aberrant Ales in Howell, Michigan, is taking lettuce off its menu. Niki Becker, the owner of a chain of vegan restaurants in Florida called the Green Table Restaurant, opted to take lettuce off the menu at all locations. She also advised against using raw scallions and fresh basil. Becker said she hasn’t received a recall notice from her suppliers, but opted to take action to ensure customer safety. “What has me bothered, is that nobody is really saying where it’s coming from,” she said. Bloomberg News

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ANCILLARY SERVICE PUSHES UP TRANSMISSION RATE: NGCP By Lenie Lectura

HE National Grid Corporation of the Philippines (NGCP) said on Wednesday overall average transmission rate reflected in the July electricity bills slightly went up to P1.4604 per kilowatt hour (kWh) from P1.4492/kWh. The grid operator said the slight increase was due to an increase in ancillary service (AS) rates. AS rates cover the pass-through costs of services sourced from the Reserve Market (RM) and from providers with bilateral contracts with NGCP to stabilize the grid during power supplydemand imbalances. This increased by 10.18 percent, from P0.7220/kWh to P0.7955/kWh. NGCP emphasized that it does not earn from AS and does not benefit from any change in AS prices, as these are remitted directly to generation companies with bilateral contracts with NGCP, and to the Independent Electricity Market Operator of the Philippines (IEMOP) for AS sourced from the RM. “The AS cost and the energy consumption for all the grids have increased. However, for Luzon and Mindanao, the increase on the AS cost is higher than the increase on the energy consumption. Hence, the rate movement is upward. For Visayas, on the other hand, the increase in the AS cost is lower than the increase in the energy consumption. Hence, the rate movement is downward,” said NGCP revenue management and business and regulatory development head Julius Ryan Datingaling said during a news conference.

NGCP’s transmission wheeling rate, meanwhile, decreased to PO.5058/ kWh from P0.5607/kWh. Transmission wheeling rates refer to what NGCP charges for its core service of delivering electricity. Also, the NGCP clarified its role in the frequent yellow alert hoisted over the Visayas power grid. NGCP spokesperson Atty. Cynthia Alabanza said the grid operator’s role is limited to its ability to resolve power outages because the situation is fundamentally driven by a shortage in power generation. The Visayas power grid has been placed on yellow alert for 58 times since the start of the year. Alabanza reiterated that power supply constraints stem directly from the generation sector rather than grid transmission issues. “It’s really generation-driven. Having said that, NGCP really can’t do anything. Much has been said about term reserves or ancillary services. But as you can see, we are also customers of the power plants that provide electricity. They are the same power plants that provide ancillary services. So when these power plants go out, there’s a very big likelihood that the suppliers of NGCP for ancillary services are also affected. From the NGCP’s perspective, since our reserves depend on the power plants currently undergoing unplanned maintenance shutdowns, we have no other source to draw from. So, that is the extent of what we can do: monitor the situation and provide appropriate information as needed,” said Alabanza.

IT-BPM cuts 2028 targets, but keeps ’26 growth intact

By Bless Aubrey Ogerio

HE Philippine information technology and business process management (IT-BPM) industry has scaled back its 2028 growth targets, replacing the more ambitious projections it announced four years ago with updated goals that reflect the industry’s evolving direction amid artificial intelligence (AI) adoption, changing global investment decisions and intensifying competition. The Information Technology and Business Process Association of the Philippines (Ibpap) now projects the industry will generate between $43.3 billion and $50.5 billion in revenues and employ 1.85 million to 2.14 million full-time workers by 2028. The revised outlook replaces the roadmap unveiled in 2022, which projected $58.9 billion in revenues and 2.5 million workers—equivalent to an additional 1.1 million jobs—by 2028. Ibpap President and Chief Executive Officer Jack Madrid said the earlier roadmap intentionally reflected the industry’s most aggressive growth scenario.

“I’ll admit it now—we focused on the most ambitious target because that represented 1.1 million jobs,” Madrid said during the group’s media briefing in Taguig City on Tuesday. “When we launched the roadmap, we decided that we would announce the most ambitious, aggressive target.” Three years later, however, Madrid said the association deemed it necessary to revisit those projections. “We need to review where we are and be honest about what we can achieve realistically,” he said. Madrid noted that while the industry remains on track with the baseline projections set in 2022, develop-

ments over the past three years have reshaped the outlook for long-term growth. “So many things have changed since 2022—not just in the Philippines but outside the Philippines. Many of the buying decisions to offshore are made by foreign investors,” Madrid said. At the same time, the industry has faced a more competitive global outsourcing landscape, with destinations such as South Africa, Egypt, Poland, Colombia, Costa Rica and Vietnam expanding their presence alongside traditional leaders India and the Philippines. Despite the revised 2028 outlook, Madrid said demand from existing clients remains strong, allowing the industry to stay on course for its near-term targets. Ibpap continues to project $42.3 billion in revenues and 1.96 million workers by the end of 2026. “We see the demand. We meet investors regularly. Even the existing players, the organizations already here, are still expanding,” Madrid said. “We talk to members every day. They’re still growing. They’re still hiring.” He added that the Philippines’s long-established reputation for customer experience continues to distinguish it from competing outsourcing destinations.

Banking on GCCs, AI

IBPAP said the industry’s next phase of growth will increasingly be driven by higher-value services, particu-

larly global capability centers (GCCs), healthcare, banking and financial services, and new international markets. Madrid said the Philippines remains the world’s second-largest GCC hub after India, with around 200 GCCs currently operating in the country. “We’re already a hub. We’re only second to India,” he said. Rather than attempting to match India’s scale, Madrid said the industry aims to attract more GCC investments each year while maintaining the country’s position as a preferred location for high-value operations. “We’re still growing by around 10 GCCs a year. We’d like to grow by 20 or 30,” he said. He said future investment promotion efforts will focus on sectors where the Philippines already has a competitive advantage, particularly banking and financial services and healthcare. Alongside GCC expansion, Ibpap said AI will reshape the industry’s workforce strategy by placing greater emphasis on worker capabilities rather than headcount alone. The industry aims to develop 2 million AI-enabled Digital Filipino Workers by 2028 through continued upskilling and adoption of AI tools. “The most important word there is AI-enabled. It is not so much the number. We are already at about 1.9 million workers. We’re not talking about just jobs or workers—we’re talking about AI-enabled workers,” Madrid said.

DHSUD, Pag-IBIG Fund inspect, turn over house-andlot units in Tarlac projects with over 8,000 homes under Marcos’ Expanded 4PH

Palace delinks MTerra from Leviste’s Solar Para sa Bayan By Samuel P. Medenilla

ALACAÑANG on Wednesday gave assurances that the Meralco Terra (MTerra) Solar Project, which was inaugurated by President Ferdinand Marcos Jr. last Tuesday, has no involvement in the Solar Para sa Bayan Corporation (SPBC) of Batangas 1st District Rep. Leandro L. Leviste. This as the Office of the Ombudsman looks into the possible violation of the franchise of SPBC. The P200-billion Solar Project is a joint venture between Meralco (Manila Electric Co.) PowerGen Corporation (MGen), which was formerly SP New Energy Corporation (SPNEC), and Actis. SPNEC is a subsidiary of Solar Philippines Power Project Holdings Inc. (SPPPHI), which was established by Leviste in 2013. “The former SPNEC has been renamed MGen Renewable Energy Holdings following the sale of the majority of its shares to MGen. MGen clarified that the shares it acquired are not connected to Solar Para sa Bayan Corporation, which was granted a franchise,” Palace Press Officer Claire Castro said in Filipino in a press briefing on Wednesday. “No congressional franchise was sold to MGen for this project,” he added. Leviste previously owned SPNEC before he sold the majority of its shares to Meralco, which resulted in the firm being renamed to MGen. The lawmaker also owns SPBC, which was granted a 25-year congressional franchise in 2019 under Republic Act 11357. He resigned as director of the Terra Solar Philippines and SPNEC earlier this year. The Office of the Ombudsman conducted an investigation to determine if the SPBC violated its franchise when SPPPHI sold shares to Meralco. MGen noted it did not violate any law since it was SPBC, which got the franchise from Congress and not SPPPHI, where it bought its shares. On Tuesday, Marcos attended the inauguration Phase 1 of the MTerra Solar, which was touted as the world’s largest integrated solar photovoltaic and battery energy storage system. MTerra Solar Phase 1 has energized 1,373 megawatts (MW) of solar PV capacity and 825 MW of battery energy storage.

Thursday, July 16, 2026 A11

FUNDING THE FUTURE Accessible digital lending is helping more Filipinos bridge financial gaps as they pursue education, careers, and

entrepreneurship, a theme highlighted during the GCash Stories: Kasama Mo Mangarap event in Taguig City on July 14, 2026. During the event, GCash showcased the story of Atty. Sheila Gomez of Iloilo, who used a P24,000 GLoan to finance her bar examination review classes and study materials while working in public service. GCash, the country’s largest finance app with over 100 million registered users, said its digital lending services aim to expand access to formal credit for Filipinos who have traditionally been underserved by conventional financial institutions. In photo (from left) are Lourdes Batac, GCash Head of Communications Strategy; Atty. Sheila Gomez, GLoan user; Neil Trinidad, GCash Chief Marketing Officer; Tony Isidro, President and Chief Executive Officer of Fuse Financing Inc.; and Baby Aquino, Chief Product Officer and Strategy Head of Fuse Financing Inc. NONOY LACZA

CA stops order for DOTr ₧4.5-B deposit for land in MRT-7 depot By Joel R. San Juan

HE Court of Appeals (CA) has stopped the implementation of the Regional Trial Court of Quezon City order directing the Department of Transportation (DOTr) to lodge with the court the amount of P4.49 billion representing just compensation for the expropriation of 109,468-squaremeter property in Novaliches, Quezon City for use as a storage and maintenance depot of train carriages for the Metro Rail Transit (MRT)-7 Project. In a 48-page decision penned by Associate Justice Mary Josephine Lazaro, the CA’s Twelfth Division set aside and deleted the portion of the June 7, 2023 order issued by the Quezon City RTC insofar as it granted the motion filed by intervenor Century Communities Corporation seeking the execution of its June 29, 2022, order and its resolution dated September 16, 2022 which modified order the June 29, 2022, order. The trial court’s September 2022 resolution directed the DOTr “to deposit or consign” with

the QC RTC’s Clerk of Court the total amount of P4,495,568,000 representing the difference between the amount of P767.5 million that the DOTr previously paid and the P5.26 billion just compensation as determined by the court. Likewise, the CA reversed and set aside the June 29, 2022 order and September 16, 2022 resolution of the trial court. Instead, the appellate court ordered the reconstitution of the Board of Commissions, composed of three members pursuant to Section 5, Rule 67 of the Rules of Court, to finally ascertain and report to the court the just compensation for the subject property. The CA held that the trial court’s assessment of just compensation relied on incomplete data as it failed to consider the property’s residential classification, its acquisition cost, the value declared by the owners in the tax declaration, and its undeveloped state at the time of taking as well as the value of neighboring properties, whether residential or commercial. “In our view, although the property’s zonal valuation may serve as one of the bases for such an assessment, a holistic determination

requires the consideration of other competent evidence, including the tax declaration, the owner’s declared value, and the acquisition cost—all of which the trial court disregarded,” the CA declared. Based on the records, a complaint for expropriation was filed by the government through DOTr seeking to expropriate the subject property belonging to defendants-appellees “1,411 Awardees” of the NWSA Employees Housing Project located at Quirino Highway, Baragay Greater Lagro, Novaliches Quezon City. The expropriation complaint was filed to pave the way for the construction of MRT-7 Project, a public-private partnership (PPP) project funded by the private concessionaire SMC Mass Rail Transit 7 Inc. The project aims to reduce traffic in the highly congested areas along Commonwealth Avenue, to minimize travel time and decongest traffic in Caloocan City and the Balagtas Interchange of North Luzon Expressway (NLEX). The MRT-7 Project involves the construction, operation, and maintenance of a 23-kilometer See “DOTr,” A2

HE Department of Human Settlements and Urban Development (DHSUD) and Pag-IBIG Fund inspected housing projects and turned over house-and-lot units in Tarlac on Wednesday, July 8, marking further progress under President Ferdinand R. Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino Program (Expanded 4PH) as it continues to help more Filipino families become homeowners. DHSUD Secretary Jose Ramon P. Aliling and Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, together with other officials, led the inspection of Kaia Homes and Brentwood Residences, both houseand-lot projects in Tarlac. “The Expanded 4PH Program is delivering on President Marcos’ directive to give every Filipino family a real opportunity to own a home. The completed housing units we saw today in Tarlac, including homes ready for occupancy, show that the program is not just a promise on paper. These are actual homes being built and turned over to Filipino families,” Aliling said. “Through stronger collaboration between the public and private sectors, we are moving more Filipinos from aspiration to actual homeownership, and Tarlac is the latest proof of that progress,” he added. At Brentwood Residences, officials also led a turnover activity for Pag-IBIG housing loan borrowers who purchased homes in the project. The activity follows a string of recent Expanded 4PH inspections and turnovers in Batangas, Pampanga, Nueva Ecija, Laguna, Bacolod and other areas, underscoring the steady nationwide rollout of the administration’s housing program. Brentwood Residences, developed by Apec Homes, is a 7.4-hectare residential project offering

1,022 townhouse units priced from P850,000 to P1.2 million, while Kaia Homes, developed by Citihomes Builder and Development Inc., is a 47.8-hectare development with 7,066 townhouse units priced from P999,000 to P1.16 million. Together, the two projects have a total of 8,088 housing units. Eligible socialized housing units in both developments qualify for Pag-IBIG Fund’s housing loan with a subsidized 3 percent rate under Expanded 4PH, helping keep monthly payments more affordable for qualified borrowers. Acosta said Pag-IBIG Fund’s financing programs work hand in hand with the government’s housing efforts to keep homeownership within reach of ordinary Filipino workers. “Secretary Aliling and DHSUD are making sure that more quality housing options reach Filipino families under the Expanded 4PH Program. Pag-IBIG Fund’s role is to help our qualified members afford these homes through low interest rates and manageable monthly payments that fit an ordinary worker’s budget,” Acosta said. “We also encourage our borrowers to keep their housing loan payments up to date. By paying their housing loans regularly and on time, our borrowers not only keep their accounts in good standing, but also help Pag-IBIG Fund sustain its housing programs and continue offering affordable financing to more Filipino workers and families who aspire to own a home,” she added. DHSUD and Pag-IBIG Fund said they will continue inspecting housing projects and leading turnover activities in other provinces as more Expanded 4PH developments move forward and more completed homes are made available to Filipino families under the Marcos administration.

A12 Thursday, July 16, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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The growth gap: Why PHL is falling behind Asean

HE International Monetary Fund’s latest downward revision of the Philippines’ growth forecast— from 4.1 percent to 3.9 percent for 2026—sends a sobering signal that demands more than bureaucratic assurances. When a country once hailed as one of Asia’s rising stars now finds itself projected to grow below the regional Asean average, the warning lights should be flashing red in Manila. (Read the BusinessMirror story: “IMF cuts 2026 growth forecast for PHL from 4.1% to 3.9%,” July 9, 2026).

The numbers tell a troubling story. While the 3.9 percent projection technically falls within the government’s 3.5 to 4.5 percent target range, it places the country decisively in the slow lane. Asean economies are collectively expected to expand at 4.1 percent, while emerging and developing Asia is projected to surge ahead at 5 percent. The gap isn’t merely statistical—it represents lost opportunities, delayed development, and a widening competitiveness chasm that will take years to close. The IMF cites two primary culprits: a dismal first-quarter showing of just 2.8 percent, and the cascading economic shockwaves from the Middle East conflict. Yet these explanations, while valid, should not serve as excuses. External shocks are a permanent feature of the global economy; what separates resilient nations from vulnerable ones is the capacity to absorb these blows without derailing growth trajectories. The Philippines’ heightened exposure to oil price volatility and its persistent infrastructure bottlenecks suggest structural weaknesses that no amount of optimistic rhetoric can mask. The inflation picture compounds the gloom. The Development Budget Coordination Committee’s dramatic revision—from an original 2 to 4 percent target to a sobering 6 to 7 percent reality—reveals the depth of policy misalignment. When inflation expectations become unanchored, as the IMF warns, the BSP faces an unenviable choice between supporting growth and crushing price pressures with higher interest rates. Either path extracts a toll on households already struggling with elevated costs of living. The DBCC’s response—that the Philippines remains “well-positioned to respond through sound fiscal discipline”—sounds increasingly hollow. Fiscal discipline is table stakes, not a growth strategy. What the country requires is aggressive, targeted intervention: accelerated infrastructure spending to unlock productivity, structural reforms to attract investment, and social safety nets to cushion the most vulnerable from inflation’s bite. “Evidence-based policymaking” is welcome, but evidence without decisive action is merely documentation of decline. The 2027 rebound to 5.5 percent, driven largely by “favorable base effects,” offers cold comfort. Base effects are mathematical artifacts, not policy achievements. True recovery requires restoring business and consumer confidence— both of which the government admits are under siege from “governance-related issues” and geopolitical tensions. These are code words for political uncertainty and policy unpredictability that investors have long complained about. The uncomfortable truth is that the Philippines is not merely facing temporary headwinds; it is confronting a competitiveness crisis. While neighbors streamline regulations, upgrade infrastructure, and court foreign investment, Manila appears stuck in a cycle of reactive policymaking, forever adjusting forecasts downward rather than engineering conditions for upward surprises. The path forward requires urgency, not patience. The government must move beyond target ranges and projections to deliver tangible results: completed infrastructure projects, simplified business regulations, and credible inflation management. Until then, the Philippines will continue to trail its neighbors—not because of external forces beyond its control, but because of choices made in Manila.

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Halley never saw this coming John Mangun

OUTSIDE THE BOX

N 1693, Edmond Halley built the first mortality table from birth and death records in the city of Breslau. While better remembered for the comet he discovered than for the actuarial science he founded, Halley’s work now determines the price you pay for your life insurance. The premise was simple: disease and death follow patterns old enough and stable enough to write down. Three centuries later, one of those patterns has started moving faster than anyone building a table could keep up with, and it is moving through women who are supposed to be nowhere near this conversation yet. American women under 50 are now developing cancer at a rate 83 percent higher than men in the same age bracket, up from 51 percent two decades ago, according to the Washington Post reporting on American Cancer Society data. Breast and gastrointestinal tumors are driving the gap, in women in their 30s and 40s who by every prior assumption of modern medicine were decades away from this risk. A separate 150,000-person study, presented last year to the American Association for Cancer Research, found millennials, the demographic

cohort born between 1981 and 1996, aging biologically faster than earlier generations, measured through actual blood biomarkers, not selfreported habits. That acceleration is tied to up to a 42 percent higher risk for cancers of the lung, the gastrointestinal tract, and the uterus specifically. This is not a story about people who smoked for 30 years. It is a story about people trying to do everything right and getting sick anyway, at an age no screening guideline covers. It is not an American pattern alone, though the American data is the most complete single account of it. Separate peer-reviewed studies using Global Burden of Disease figures put China’s new early-onset cancer cases at 743,688 in 2022 alone, with thyroid, breast, and cervical cancer leading incidence among women specifically. A comparable analysis found South Korea’s under-50 colorectal

cancer rate nearly doubled between the late 1990s and the early 2010s, though some recent research suggests the increase may have leveled off since. The trend does not move at the same speed everywhere, or in the same direction, South Korea’s cervical cancer rate is actually falling while Japan’s rises. But in country after country, in women specifically, cancer has been arriving a decade or two earlier than the medical systems tracking it were built to expect. East Asia carries a related but distinct problem on top of this: separate research puts roughly 76 percent of the world’s early-onset lung cancer cases there, concentrated heavily in nonsmokers, a pattern researchers increasingly treat as its own mystery rather than the symptom of a lifestyle story. Researchers keep circling the same suspect for the broader trend without pinning it down: the exposome, the accumulated weight of ultra-processed food, disrupted sleep, chemical exposure, and stress across an entire lifetime, starting before birth. Nobody has isolated a single cause because there probably isn’t one. Breast cancer screening protocols in the Philippines still largely target women in their 40s and older. Colorectal screening guidance assumes an older onset curve. A woman in her early 30s walks into a Philippine hospital with symptoms that match early-onset breast or colorectal cancer. The system

China’s GDP growth unexpectedly dips below official target range

HINA’S economy slowed more than expected last quarter to the weakest in more than three years, raising pressure on policymakers to speed up public spending to ensure their annual growth goal is met.

Gross domestic product grew 4.3 percent from a year ago, according to data released by the National Bureau of Statistics on Wednesday, below the bottom of this year’s official target range of 4.5 percent to 5 percent. That compares with a 4.5 percent gain projected by economists polled by Bloomberg, following an increase of 5 percent in the first quarter. Taken together, growth in the first half of the year was 4.7 percent. GDP expanded 0.9 percent on a quarteron-quarter basis, the slowest in more than two years. The extent of the slowdown will likely dominate the agenda when the ruling Communist Party’s decision-making Politburo meets later this month. Officials may choose to accelerate spending and step up

investment in infrastructure projects after cutbacks to expenditure in recent months put the brakes on growth following a surprise pickup to start the year. “There is room to speed up fiscal spending under the approved budget to support infrastructure investment,” said Ding Shuang, chief economist for Greater China and North Asia for Standard Chartered Plc who was one of two forecasters in the survey to predict the annual GDP figure correctly. “We think the government will prioritize implementation of existing policies.” While first-half growth is comfortably within Beijing’s targeted corridor, Premier Li Qiang didn’t rule out the possibility of rolling out extra stimulus, calling for “preparing and studying additional policies” at a meeting

The extent of the slowdown will likely dominate the agenda when the ruling Communist Party’s decision-making Politburo meets later this month. Officials may choose to accelerate spending and step up investment in infrastructure projects after cutbacks to expenditure in recent months put the brakes on growth following a surprise pickup to start the year. earlier this week. The latest data also showed fixedasset investment was down 5.7 percent in the first half from a year ago, lower than estimated and worsening from the 4.1 percent decline recorded in the first five months. In a surprise to most economists who predicted a slight fall in retail sales, they grew 1 percent after a 0.6 percent drop in May. Industrial production beat forecasts and rose 5.3 percent. The surveyed urban jobless rate eased to 5 percent from 5.1

was not built to look for these at her age. The protocols are simply out of date. That gap matters most for the women actually running Philippine households and payrolls right now. A mother in her 30s has no reason to think this is her decade for disease, so she does not ask, and nobody offers advice. A woman working in Riyadh or Hong Kong gets screened when she can get home, not when the disease shows up. None of them are who the system had in mind. The pattern holds across three continents, different diseases, different speeds, the same direction. There is no version of this in which the Philippines is quietly spared. Halley built his table once, from one city’s parish records, and stopped, there was no system in 1693 to keep feeding him updated numbers. Modern medicine has that system. Cancer registries and national health data are already showing the shift in the cancer rates. What is still slow is turning that data into a revised screening age, because guideline bodies wait years for consistent numbers across countries before they move, weighing earlier detection against the cost of screening a much larger healthy population to catch it.The data is alarming. What should worry you more is that it took this long for anyone to look. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

percent in May. “The slowdown in second-quarter growth is mainly due to shortterm and external factors,” said Mao Shengyong, deputy head of NBS. While “temporary factors” affected some sectors like coal mining, he said “other industries were normal, and the economy’s fundamentals, which are stable and upgrading in structure, are unchanged.” Reaction in markets was muted after the data release. The offshore yuan held its morning gain of 0.1 percent and the yield on 10-year government bonds was steady at 1.73 percent. Retail sales of goods excluding cars rose 3 percent on year in June, while purchases of autos plummeted more than 16 percent. Declines in sales of goods such as home appliances narrowed during the annual “618” midyear online shopping festival, according to some onshore economists. The GDP deflator—a broad measure of price changes in the economy—turned positive for the first time See “China,” A13

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Diamond smuggling probe fallout rocks Vietnam’s top jeweler By Nguyen Kieu Giang

HU Nhuan Jewelry JSC, Vietnam’s largest listed jeweler, is facing a crisis of confidence after police detained the former head of its gem certification subsidiary over his alleged links to a transnational diamond-smuggling ring.

Shares in PNJ, as the company is known, have plummeted more than 30 percent since news of the investigation broke in early July. Police accuse Dang Ngoc Thao, the former director of wholly owned unit PNJ Laboratory Co. of involvement in a criminal network that allegedly smuggled diamonds from India to Vietnam via Hong Kong, according to a Ministry of Public Security statement. PNJ has said the allegations relate to Thao, not the company, adding that no smuggled diamonds entered its retail network and it is fully cooperating with authorities. Still, the incident has rattled investors. A group of funds managed by VinaCapital have reduced stakes in PNJ and are no longer major shareholders, according to an exchange filing. The stock was down 6.2 percent at the midday break on Wednesday. PNJ must “restore the confidence of both customers and investors in its corporate governance,” Chi Luong, an analyst at ACB Securities JSC, wrote in a note. “Should the company fail to rebuild trust, or if the ongoing investigation uncovers more serious issues directly involving the company, the situation could become significantly more difficult to manage.” Thao couldn’t be reached for comment. He was arrested in connection with a diamond bust in Thanh Hoa province in which investigators estimate smugglers imported more than 28,000 stones worth about 280 billion dong ($11 million) since 2024. Thao was accused of purchasing illicit gemstones and legitimizing them by removing their Gemological Institute of America (GIA) laser inscriptions, re-engraving them with P-Lab identification codes and issuing new certification documents before selling them for profit. Police also detained three prominent Ho Chi Minh City jewelry business owners and another PNJ-Lab Co. employee over alleged links to the smuggling ring on Tuesday, news website VnExpress reported. PNJ has not been accused of wrongdoing, but the company is acting to shore up market confidence. Chief Executive Officer Phan Quoc Cong registered on July 11 to buy one million PNJ shares, and the company also plans to buy back stock next month. PNJ maintains a “highly prudent and stable financial foundation,” according to Chairwoman Cao Thi Ngoc Dung. “Backed by solid financial reserves and the ongoing support of our financial partners, we have sufficient resources to navigate the current circumstances,” she said in a July 4 letter to shareholders, investors and analysts. Corporate governance has been a persistent concern for foreign investors in Vietnam. While the country’s rapid economic growth and expanding stock market have attracted in-

China. . .

continued from A12

since early 2023. But that’s largely a result of the higher cost for imported products such as oil, and the underlying deflationary pressure stemming from a glut of goods still lingers. Concerns over the health of the world’s second-largest economy have been intensifying since April as growth weakened and became more unbalanced. Though the energy shock unleashed by the war in Iran is helping drag China out of its yearslong deflation, consumer and business confidence is still sluggish. While exports are soaring to record highs and factory production is holding up well, thanks in large part to the global buildout of artificial

PNJ has said the allegations relate to Thao, not the company, adding that no smuggled diamonds entered its retail network and it is fully cooperating with authorities. Still, the incident has rattled investors. A group of funds managed by VinaCapital have reduced stakes in PNJ and are no longer major shareholders, according to an exchange filing. creasing international capital, investors continue to scrutinize corporate transparency, minority shareholder protections, related-party transactions and disclosure standards. Those issues are likely to become even more significant as Vietnam prepares to join FTSE Russell’s secondary emerging market index later this year, a move expected to draw billions of dollars in passive and active investment. The diamond sector now appears set to become the latest focus of Vietnam’s sweeping regulatory drive to restore confidence in key markets and improve governance. The campaign began in 2022 with a crackdown on misconduct in the corporate bond and real estate sectors, culminating in the prosecution of several high-profile executives, including real estate tycoon Truong My Lan. Since then, the government has tightened regulations on corporate bond sales to rein in speculation and reduce financial risks stemming from the property market. More recently, authorities have turned their attention to the gold market, rolling back the state’s monopoly on bullion production to boost supply, narrow the gap between domestic and global prices and increase competition. The reforms are reshaping Vietnam’s jewelry market by allowing major private firms to apply for production licenses, expanding their sourcing flexibility and improving access to gold inputs. For PNJ, the reputational risk is “significant and the company will need fast, effective crisis management to preserve customer confidence and defend long-term market share,” said Quynh Cao, head of institutional business at VNDirect Securities Corp. After an initial flurry of customers brought diamonds to stores for resale or reverification, business appeared back to normal in Hanoi on Tuesday. “When I first heard about the case, I was really worried and thought of selling,” said 45-year-old Thu Huong. But once she discovered that PNJ products are officially imported she no longer had any concerns. “I’m not planning to sell my diamond rings. I’ll just keep wearing them.” Bloomberg

intelligence infrastructure, tensions over trade fester abroad, threatening an economy that’s become reliant on sales overseas. The risk is that the gains of the boom remain concentrated in a few sectors such as electronics manufacturing and don’t trickle down to the broader economy. “China’s economy is starting to ease off the accelerator,” said Moody’s Analytics economist Sarah Tan. “Domestic demand remains the economy’s weakest link. The prolonged property downturn continues to weigh on household wealth and confidence, leaving consumers reluctant to spend and businesses hesitant to invest.” The historic plunge in FAI over the past year has raised alarms in China, calling into question the effectiveness of the main tool used by policymak-

Opinion BusinessMirror

Thursday, July 16, 2026 A13

Prabowo’s anti-graft drive tested as officials police their own By Chandra Asmara

NDONESIAN President Prabowo Subianto came to office pledging an uncompromising fight against corruption, repeatedly warning officials to “clean themselves up” before law-enforcement agencies did it for them. Less than two years later, that promise is facing one of its most sensitive tests. The corruption investigation into Febrie Adriansyah—until last week the nation’s deputy attorney general for special crimes and its most powerful anti-corruption prosecutor—has exposed a thorny question: how lawenforcement agencies investigate one of their own. For many legal experts, the most controversial aspect of the case is not the allegations themselves or Febrie’s continued freedom during the probe, but the police decision to transfer three related cases to the Attorney General’s Office, where he spent much of his career. A week after police seized $26 million in cash and gold bars from a house Febrie owns and named him a suspect in cases involving alleged money laundering, the former prosecutor remains free—even as another suspect in the case was arrested Friday. Police haven’t publicly explained why Febrie hasn’t been detained. Although police have transferred the three related cases to the Attorney General’s Office, saying the move was intended to strengthen coordination between the two institutions, officers remain involved in evidence verification and the staged handover of case materials. That includes testing the seized gold bars and seeking assistance from the FBI, the US Secret Service, and the US and Singapore embassies to authenticate foreign currency seized in the raids. But criticism of the transfer has mounted, adding to scrutiny of a case already complicated by Febrie’s long career at the Attorney General’s

Office. Former Constitutional Court Chief Justice Mahfud MD has questioned whether Indonesia’s criminal procedure code provides any legal basis for transferring an active police investigation to prosecutors, warning that the move could expose the case to a pretrial challenge. Lawmakers have also formed a working group to monitor the case, and some have called on the Attorney General’s Office to create an independent team to handle it. Zaenur Rohman, an anti-corruption scholar at Gadjah Mada University, described the transfer as “a political settlement aimed at easing tensions” between the police and the Attorney General’s Office. “But it is not a settlement grounded in the law.” Allowing prosecutors to investigate one of their former leaders creates an inherent conflict of interest, he said, adding that the country’s Corruption Eradication Commission, a state agency operating within the executive branch, would be better placed to handle the case. Police and prosecutors have rejected suggestions that the case reflects institutional conflict, saying coordination between the agencies remains intact. Yusril Ihza Mahendra, the coordinating minister for law, human rights, immigration and corrections, defended the transfer on Monday, saying in a statement that it could make the investigation more efficient. But he also acknowledged public concerns that it could amount to “oranges eating oranges”—an Indonesian expression roughly meaning one institution protecting its own.

Speaking separately to reporters, Yusril was quoted by news outlet Detik as saying Prabowo had met both the police chief and the attorney general to give them directions on handling the transfer. Still, the police and the Attorney General’s Office have long had overlapping roles in corruption investigations, creating periodic competition for influence, visibility and control over politically sensitive cases. The sensitivity of the case is heightened by Febrie’s stature. Few prosecutors wielded greater influence. As head of the Attorney General’s Office’s Special Crimes Division, he oversaw some of Indonesia’s biggest corruption investigations, including probes involving Pertamina, Timah, Garuda Indonesia, Prabowo’s signature free-meals program and former Education Minister Nadiem Makarim. As of Wednesday, Febrie’s whereabouts had not been publicly disclosed. Immigration authorities said he had been banned from leaving Indonesia for 20 days at the request of the police. In remarks before his resignation last week, Febrie acknowledged owning one of the houses raided by police but said the cash and gold bars found there did not belong to him. Public signs of tension have eased since last week, when armed soldiers were deployed around Febrie’s residence in South Jakarta during the police raids. Prabowo over the weekend called for “introspection” from all sides, and the National Police chief appeared publicly with the attorney general Monday to deny any rift. The Attorney General’s Office this week also ordered regional prosecutors to stop collecting data and information related to the country’s $15 billion free-meals program, saying the initial collection period had ended and cautioning against abuse of authority in the field. The move came after its investigation into the program earlier this month named

German industry output at risk as heat wave dries up Rhine River By Alexander Weber

The Rhine River’s water levels have dropped to an extent that vessels have to reduce their loads, driving up transport costs, said Fabian Spiess, deputy director of the BDB, the country’s main inland-shipping trade group. That’s a problem for manufacturers including Thyssenkrupp AG and BASF SE that rely on deliveries of goods like coal, crude oil and chemicals by barge. Thyssenkrupp said its Duisburg plant has been affected as the steelmaker had to suspend its own pusher-boat service and switch to external vessels that can navigate the current levels. BASF had to increase the number of ships in service

because they’re forced to operate at a reduced capacity. “Another prolonged period of low water would likely weigh on industrial output, adding to the challenges facing an already weak sector and posing downside risks to our forecast for a gradual recovery following the energy price shock,” Martin Ademmer of Bloomberg Economics said Wednesday in a note. Firms are probably better prepared now compared to similar episodes in the past, cushioning the potential blow, he added. The German government has been trying to engineer a recovery from years of stagnation with domes-

tic reforms as well as greater spending on infrastructure and defense. The effort to revive growth has been complicated by the conflict in the Middle East, which prompted Berlin in April to halve its 2026 growth forecast to 0.5 percent. In 2018, low Rhine water levels that lasted for months cost the German economy about 0.4 percent of output, according to the Kiel Institute for the World Economy. Another dry spell in 2022 caused disruptions shortly after Europe was hit by the fallout from Russia’s attack on Ukraine. This year, the problem is compounded by a lack of rail alternatives, as a key freight route along the right bank of the river is closed for works, according to Deutsche Bank AG economist Marc Schattenberg. After positive data for the second quarter, “transport-related supplychain delays—on top of the cur-

ers in the past to juice growth during downturns. While China’s heavy reliance on investment has led to overcapacity and waste, it’s also stabilized the economy during times of distress, such as the global financial crisis almost two decades ago. David Li Daokui, a prominent economist and government adviser, said in a speech Saturday that before the recent slump, the gauge only contracted in 1961 and 1967, and the magnitude of the current fall is unprecedented. Almost all types of capital spending shrank in June. Property investment fell 18 percent in the first half from a year ago, its steepest decline in data going back to 1992, even though the drop in home prices eased in June. “The disappointing performance

highlights an urgent need for a change in policy tempo in the second half of the year. At a minimum, policymakers are likely to fast-track the delivery of the fiscal stimulus pledged in March. The case is also strengthening for more monetary easing,” said Bloomberg economists Chang Shu and Eric Zhu. The picture of the economy painted by the latest data will likely raise questions again over the reliability of official statistics, specifically when it comes to the investment figures. The FAI gauge has seen a historic slump for much of the past year, in what should have been a huge blow to an economy that counts on investment for about 40 percent of output. Yet China’s overall GDP has grown steadily, and gross capital formation—another measure of invest-

ment activity—has been among the biggest contributors to growth. In a reply to Bloomberg News late last year, the NBS explained the discrepancy by pointing to the differences in the scope of the two data sets and how they’re calculated. Still, many economists thought the gap was too large to be justified that way, and some said the fall in FAI could be exaggerated. The investment contraction “is the culprit of the poor GDP in the second quarter,” said Raymond Yeung, chief economist for Greater China at Australia & New Zealand Banking Group Ltd. “China will still need to deliver growth-supportive policy in the second half, best before the end of the third quarter. July’s Politburo is now our closely watched event.” Another major challenge is a lack

ERMANY’S manufacturing sector is at risk of disruption as dry weather again hampers shipments on the country’s most important inland waterway, clouding the outlook for a revival of Europe’s biggest economy.

an active police brigadier general a suspect in the case. “The events don’t explicitly prove institutional conflict, but the sequence tells a story,” said Aditya Perdana, a political lecturer at the University of Indonesia. The raids came as Prabowo, a former army general, has intensified his anti-corruption campaign through a series of high-profile investigations involving state-owned companies, former ministers and his flagship meals program. Authorities have repeatedly showcased seized cash, gold bars and luxury assets during televised press conferences. The case has also drawn attention to shifting power balances among Indonesia’s law-enforcement institutions. The police, the Attorney General’s Office and the Corruption Eradication Commission have overlapping roles in corruption cases, while the military has taken on a more visible role around prosecutors following legal changes in 2025. “The powers of criminal investigation, particularly in corruption cases, are jealously fought over by law-enforcement agencies because they lie at the core of their political and economic power,” said Jacqui Baker, a senior lecturer in Southeast Asian politics at Murdoch University. Successive presidents have sought to balance the influence of the police, prosecutors and military, rather than allowing any one institution to dominate, she said. That balancing act has continued under Prabowo, albeit with several changes. A 2025 revision to Indonesia’s military law added the Attorney General’s Office to the list of civilian institutions where active-duty military officers can serve without first retiring or resigning from the armed forces. A separate change that year broadened the legal basis for the Attorney General’s Office to seek military protection for prosecutors, a function previously handled solely by police. Bloomberg

rent geopolitical backdrop—would be an unwelcome headwind for the stabilizing manufacturing industry,” Schattenberg said in a note. However, given the many factors currently at play, it’s “difficult to isolate a precise GDP effect unless disruptions become severe.” Another question is whether the situation will boost inflation just as the European Central Bank ponders whether to add to June’s interestrate hike to contain the price spike triggered by the Iran war. Executive Board member Isabel Schnabel cited the Rhine this month as one factor that could keep price growth elevated. Daniel Hartmann, an analyst at Bantleon AG, reckons that Rhine water levels alone won’t push up German inflation by more than 0.2 percentage points. But they could add to wider challenges with dry weather, including higher food prices, he said.

of more sustainable inflation, with the labor market coming under further strain from the spread of AI after years of deterioration. Li, the government adviser, estimates about 24 million people have left the workforce because they couldn’t find a job for a long time, with over half of those dropping out aged 16 to 24. Taking into account people who’ve involuntarily exited the labor market, a broader unemployment rate would be at 10.2 percent, he said in a recent speech. The employment and investment issues “must be paid serious attention,” Li said in the Saturday speech during an online event. “If we don’t address them, we’ll have trouble achieving various goals with the economy.”

Bloomberg

WithassistancefromJingLi,WenjinLv,FranWang and Andreo Calonzo/Bloomberg

Sports BusinessMirror

A14 Thursday, July 16, 2026

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

SUPER HUMAN: POGAČAR DEMORALIZES OPPONENTS L PHILIPPINE Sports Commission chairman Patrick Gregorio (left) with Philippine Amusement and Gaming Corp. chairman Al Tengco. PSC PHOTO

Pagcor’s Tengco full support on sports university

HE long-envisioned Sports University, once a distant ambition, is now moving closer to reality with the Philippine Amusement and Gaming Corporation (Pagcor) throwing its full weight behind the Philippine Sports Commission (PSC). For PSC Chairman Patrick Gregorio, this marks a defining moment. “Pagcor Chairman Al Tengco is more than a benefactor. Beyond what Pagcor mandates, he understands what is truly needed by Philippine sports to thrive,” Gregorio said. “That is unique and absolutely vital.” The Sports University project, eyed for New Clark City, represents a transformative leap for Philippine sports. Neighboring countries already boast similar institutions, and the Philippines—with its growing pool of athletes and vast training grounds—is poised to join their ranks. “It’s about time that our country creates a Sports University,” Tengco declared after the signing of a memorandum of agreement between the Philippine Military Academy (PMA), Bloomberry Cultural Foundation Inc. and Pagcor recently. “Chairman Pato and I discussed how we can help each other beyond Pagcor’s monthly support to the PSC,” Tengco said. “I fully support the idea of building a sports university.” Pagcor’s mandated 5 percent share of gross gaming revenue now delivers nearly P400 million monthly, amounting to about P5 billion annually. Yet the partnership goes deeper than figures—incentives for medalwinning athletes, support for coaches and grassroots programs are already in place, but the Sports University signals a new era of institutional development. Since the Supreme Court’s ruling took effect on January 1, 2026, granting the PSC Pagcor’s full 5 percent share of gross gaming revenue, that support has evolved into a true game changer for Philippine sports. “If you noticed, there are many Filipino athletes who have been winning lately. One reason is the funding from Pagcor—that’s our support to Philippine sports,” Tengco said. “But more than that, it’s the vision and governance of PSC Chairman Patrick Gregorio.” PMA Superintendent Vice Admiral Caesar Bernard N. Valencia PN and Bloomberry Cultural Foundation Inc. President Donato Almeda signed the MOA with Tengco for the construction of a modern warfare laboratory at Fort del Pilar. During the event, Gregorio and Valencia formalized their collaboration through another MOA, strengthening the national pool in combat sports such as judo, karate, and taekwondo, as well as fencing, shooting, and wall climbing. To reinforce this commitment, the PSC turned over new equipment for cadetathletes, ensuring they have the tools to train and compete at the highest level.

E LIORAN, France—Fourtime champion Tadej Pogačar dealt his rivals another crushing blow by winning the 10th stage of the Tour de France on Tuesday to extend his already commanding overall lead. “You never know how long it lasts,” said Pogačar, who is on course to equal the record for Tour wins. Only Belgian Eddy Merckx, Spaniard Miguel Indurain and Frenchmen Jacques Anquetil and Bernard Hinault have five Tour victories to their names. “We just need to be grateful for this moment to be riding in the biggest race of the world,” the 27-year-old Pogačar said. Pogačar, who had already sapped his rivals’ morale with victory on the iconic Col du Tourmalet on Thursday, again stamped his authority with a break

just over 900 meters from the summit of the Col de Pertus, the penultimate climb on Tuesday’s hilly stage. Pogačar’s main challenger Jonas Vingegaard couldn’t follow and Pogačar quickly made ground on Richard Carapaz before powering past him 200 meters before the summit. The Slovenian rider didn’t slow down. Pogačar was five seconds ahead of Carapaz at the summit, and 18 ahead of Vingegaard, Remco Evenepoel, Florian Lipowitz, Juan Ayuso and Paul Seixas. He then increased that lead. At the finish line, Pogačar was 32 seconds ahead of Evenepoel for his 24th stage victory altogether— his third on Bastille Day, France’s national holiday—and the third already at this Tour. Seixas, French fans’ greatest hope, was third, 34 seconds behind.

surging past on the Col de Pertus. “The team did a super good job. We targeted this stage a long time ago,” said Pogačar, who remembered being beaten by Vingegaard “fair and square” at Le Lioran two years earlier. That was the Dane’s last stage win over his rival. “Today I had similar legs in the finish, completely destroyed,” said Pogačar, who added he couldn’t hear anything over his radio because of the noise from fans. “I didn’t know I was going to win until the last kilometer.” Some fans booed, but Pogačar said he didn’t mind. “To all the guys that were booing, they give us more power,” he said. AP

Vingegaard could only finish 44 seconds behind Pogačar, leaving the yellow jersey holder with a lead of three minutes and 36 seconds after 10 stages. Pogačar already had the biggest lead he has ever had at this stage of the race.

Teamed to perfection

TADEJ POGAČAR’S UAE Emirates-XRG teammates controlled Tuesday’s stage even when Mathieu van der Poel, the winner of the previous stage, was among a group of 31 riders that pulled away before the first climb of the day on Côte de Pailherols. Javier Romo emerged to lead alone but he was never allowed to get too far ahead. Carapaz attacked after the Spanish rider was caught by the peloton and he in turn was powerless to prevent Pogačar

SLOWING down is not in Tadej Pogačar’s vocabulary—especially in the toughest climbs. AP

Nothing serious about injury– SMB’s Fajardo

Alas Men yield in tough 5-setter to Cambodia in Candon spikefest By Aldrin Quinto

ITY OF CANDON—A determined Cambodia came up with just enough juice to win a marathon match against a rejigged Philippine team still groping for form, 25-23, 28-30, 25-20, 22-25, 15-8, on Wednesday in the Southeast Asia Volleyball Cup First Leg on Wednesday. Winless in the zonal meet last season, Cambodia poured it all on opening day at the Candon City Arena and put the host Alas Pilipinas Men’s title bid in peril. Veasna Voeum had 33 points, 28 coming from attacks, as the world No. 117 Cambodians pulled off the huge stunner against the 90th-ranked Alas Pilipinas. The Philippines—featuring only four players from the squad that made waves in the FIVB Volleyball Men’s World Championship last year—

THAILAND’S Bhinijdee Napadet towers over Vietnam’s Nguyen Ngoc Thuan. NONIE REYES

came up with flashes of brilliance, with new guys Joshua Magalaman and Jude Garcia delivering solid plays. Josh Ybanez went gung-ho on defense as usual, but in the end the lack of cohesion cost the home squad. Alas Pilipinas faces a tough climb in the event, as it faces Asian Volleyball Confederation Men’s Cup champion Indonesia on Friday. Magalaman had 21 points and Garcia 20. Thailand, meanwhile, needed a little settling in before finding its groove, eking out a 33-31, 18-25, 25-19, 25-16 victory over Vietnam in opener earlier Wednesday. The Thais, No. 66 in the FIVB world rankings entering the tournament, needed 41 minutes to take the opening set before Vietnam, four spots above at 62nd, quickly leveled the match. Skipper Amornthep Khonhan said they simply kept on grinding, and Thailand went on to deliver an entertaining opener in the tournament presented by the Philippine Sports Commission, Philippine Olympic Committee and the City of Candon headed by Mayor Eric D. Singson. “We just had to push harder and play our volleyball,” Khonhan said through an interpreter. The 30-year-old opposite hitter added that they tried not to think about the pressure, and worked “point by point, not thinking about the result.” Chaiwat Thungkham led the Thais with 21 points on 17 attacks, two service aces and two blocks, while Bhinijdee Nadapet added 19 points on 18 attacks and a block.

Hard jolts THE basketball world is rocking with news of two sensational player movements from team to team and from league to league. One is the transfer of Gilas Pilipinas phenom Joaquin Tovera from the University of the Philippines (UP) Fighting Maroons to the De La Salle Green Archers. The other is the sudden takeoff of San Juan Knights star player Mike Phillips from the Maharlika Pilipinas Basketball League to the Japan B. League. Both have resulted in a hornets’ nest of basketball chatter and hullabaloo. First, the Tovera Turnaround. What makes this story so riveting is that the phenomenal guard had

Spain in World Cup final

Spain goalkeeper Unai Simon (23) clears the ball away from France’s Kylian Mbappe during their World Cup semifinal match won by the La Roja, 2-0, in Arlington, Texas. France advances to the World Cup final, 16 years after winning the title the only other time the team made it that far at the tournament. It was the record sixth shutout for Spain at this year’s expanded 48-team World Cup. AP

already famously committed to play for State U and had been welcomed with tons of social media exposure as UP’s future backcourt whiz in the post Rey Remogat era. He wore Maroon and logged more than ample minutes in the Filoil EcoOil Cup quarterfinals game against Mapua. Multiple post-game interviews had him praising UP and cherishing his teammates. But after just 24 hours, right after turning 18, even while social media posts and videos celebrating him in Maroon were still getting traction, new social media posts announced that he would no longer play for UP and would go west to Taft instead. He cited family as the big reason behind his decision because family friends and relatives were on the Green side. “Knowing I’ll be in an environment where I can be near them gives me a lot of peace and confidence,” he said. The reactions were expected. He was called insensitive, insincere, unethical. Issues were raised on the timing and nature of his transfer. He was accused of playing both sides—suiting up for one school in the pre-season while still entertaining offers from another. He was criticized for his character and maturity and the worth of his word. But then, he had just turned 18! As for Mike Phillips, he too said a mean bye-

JUNE MAR FAJARDO sits on the bench as the Beermen open with a 123-109 rout of the Macau Giant Pandas. PBA IMAGES

bye. Reported to have a seven figure monthly salary with the San Juan Knights with perks that include a “fully-furnished condo, a dedicated service vehicle and business-class travel”—plus the status of being perceived as the team’s Grand Knight—Phillips used his opt-out clause and left unceremoniously for greener pastures. “Sadly, he left us. What’s unfair is he didn’t even have the balls to talk to us. It was only his brother Ben who informed us of his sudden departure,” team manager Jun Usman said in a report. The ethics of athletes changing horses midstream is always being discussed, debated and disputed. More often than not, it is not really the “what”—that an athlete transferred teams unexpectedly midseason—but the “how.” Could the move have been made with more delicadeza? Could the athlete have softened the blow with a heart to heart talk or a sincere man-to-man? Could more time have been given? Could it have been possible to have no love lost between leave-er and leave-ee? As things stand, athletes’ right to choose is protected. Pro players have the right to free agency. Collegiate players are entitled to what they think would be best for their career advancement. All athletes have a right to decide what to them is their personal well-being versus their contractual

By Josef Ramos

UNE MAR FAJARDO sat out San Miguel Beer’s game against the Macau Giant Pandas on Tuesday night because of a hyper extended right elbow. But Fajardo, who’s close to clinching a 10th Most Valuable Player trophy, said it’s nothing serious. “There’s nothing so serious about this,” Fajardo said after he watched his San Miguel Beer teammates rout the Giant Pandas, 123-109, in their first game in the Philippine Basketball Association Governors’ Cup. The 6-foot-10 center injured his elbow during the national team’s game against New Zealand last July 6 in the FIBA 2027 World Cup Asia Qualifiers in Auckland. “I’m hoping to play in our next game,” said Fajardo, adding he could play amid the injury but prefers not to force himself. The Beermen play the Terrafirma Dyip on Saturday at the Ynares Sports Center in Antipolo City. In his absence, John Rodney Brondial stepped up huge in the Macau game and booked a career-high 25 rebounds on top of scoring 10 points and making four steals. Import George King Jr. was also impressive with 30 points, five rebounds and seven assists, while CJ Perez added 21 points, Jericho Cruz 20 points and newly-acquired Jerrick Ahanmisi poured in 16 points for the Beermen. Converge, meanwhile, survived a spirited rally by Terrafirma to score a 105-103 victory for a 2-0 start behind big man Justin Arana’s second career-high 31 points and 10 rebounds on Wednesday night at the Smart Araneta Coliseum. The FiberXers were comfortable ahead, 78-62, but almost lost it in the face of a gallant stand by the Dyip, who dropped to 1-2 won-lost. Juan Gomez de Liaño tallied 19 points and Justine Baltazar 16 points for Converge, while import Justin Strings made a game-high 40 points and 11 rebounds for Terrafirma.

obligations and loyalty to teammates. In pro sports, the contract is binding. Team management can trade players or terminate contracts based on what they consider is good for the franchise. At the same time players should also be free to seek better environments, bigger compensation and more promising opportunities. The sanctity of the team is another nut to crack though. Sports places a premium on loyalty, sacrifice and the collective goal. Leaving a team midstream is like jumping ship and being selfserving. Not just the organization suffers the blow. The fans’ trust and feelings are affected as well. But modern sports has evolved far more than just in rules and level of play. Sometimes the fouls are dealt outside of the playing field. Sometimes personal survival can trump team loyalty. The way to survive in sports in the modern era is to not be too emotional about these jolting occurrences that are increasingly becoming part of the territory. Team management must learn the art of moving on. “The King is dead. Long Live the King!” is the right attitude to have. The better both parties learn to suck it up and rise from the fall, the closer they will get to their Holy Grail. They must remember: that no matter how bad things are, they can be worse.

Editor: Jennifer A. Ng

Companies BusinessMirror

ICTSI FIRST LOCAL FIRM TO HIT MARKET CAPITALIZATION OF P2T

ORT operator International Container Terminal Services Inc. (ICTSI) closed at a record market capitalization of P2.01 trillion on July 14, making it the first domestic company to achieve this milestone on the Philippine Stock Exchange (PSE). ICTSI’s market cap rose to P2.02 trillion on Wednesday, after its share price closed at an all-time high of P999. Its shares also surged to a record intraday high of P1,020. “Doubling its market cap less than 10 months after breaching the P1-trillion market capitalization is nothing short of extraordinary. This performance speaks of confidence in the leadership of ICT Chairman and President, Enrique K. Razon, Jr., and in the strategic direction of the company as it continues to expand its global port and logistics operations,” PSE President and CEO Ramon S. Monzon said. Previously, ICTSI hit the P2-trillion market cap intraday on two occasions--on June 16, and July 13, when its share

price climbed to an intraday high of P995 and P1,000, respectively. It surpassed the P1-trillion market cap on September 17 last year. Last May, ICTSI reported that its recurring net income attributable to equity holders surged 29 percent to $308.27 million in the first quarter from last year’s $239.54 million, driven by double-digit growth in throughput, revenues, and earnings across its global terminal network. Reported net income attributable to equity holders reached $293.57 million, up 23 percent from $239.54 million a year earlier, stripping the one-time charge from the sale of Yantai International Container Terminal in Shandong Province, China. “ICTSI delivered a robust start to 2026, with double-digit growth in revenues… reflecting the strength of our diversified global portfolio of disciplined execution across our operations,” ICTSI Chairman Enrique K. Razon said. VG Cabuag

Thursday, July 16, 2026

Converge allots more funds for stock buyback program

By VG Cabuag

@villygc

IBER internet and technology provider Converge Information and Communications Technology Solutions Inc. on Wednesday said it expanded its share buyback program, adding P5 billion in funding to “further enhance shareholder value.” The company’s board of directors approved the additional funding to the share buyback program of the outstanding shares of Converge. Converge CFO Robert Leo Yu said the increased allocation will not affect the company’s operations and planned capital expenditures, in-

cluding network expansion in the Visayas and Mindanao. “This P5-billion expansion of our share buyback program is a testament to the board’s strong conviction in our fundamental value and our commitment to maximizing returns for our investors,” he said.

“Our healthy balance sheet allows us to opportunistically repurchase shares while continuing to invest heavily in our nationwide fiber infrastructure and future growth.” The timing and actual number of shares to be repurchased will depend on prevailing market conditions, trading volume, and other strategic factors, in accordance with applicable securities laws and regulations, according to the company. Converge shares closed at P9.25 apiece on Wednesday. Last May, the company said it is maintaining its full-year capital expenditure and revenue growth guidance for 2026, even as the ongoing Middle East crisis raises concerns over oil prices and operational costs. Yu said the company will still allot a capital expenditure (capex) budget of P18 billion to P23 billion for this year.

“From a Middle East fallout perspective, oil is the biggest issue—(however,) our utilities cost is 1 percent (of our expenditures). But we are going to support our partners in their own utilities costs to install new and repair old lines. So, there might be some bump up on expenses, but it’s not a big risk at this point in time.” Converge recorded flattish net income of P3 billion in the first three months of the year. Its consolidated revenues rose 3.7 percent to P11.2 billion from P10.8 billion driven by growth across both its residential and enterprise segments. Resident ia l revenues g rew 1 percent to P9.2 bil lion, as the company’s subscriber base crossed the three million mark— reaching 3,089,144—for the first time.

Cebu Pacific passengers up in H1 By Lorenz S. Marasigan @lorenzmarasigan

UDGET carrier Cebu Pacific carried nearly 14.5 million passengers in the first six months of 2026, a 4.3-percent increase from 13.9 million in the same period last year, as domestic demand offset softer international traffic. Domestic passengers rose 4.9 percent to 10.9 million from 10.4 million, while international passengers inched up 2.4 percent to 3.6 million from 3.5 million. The Gokongwei-led airline, however, filled fewer of its seats: its average seat load factor (SLF)—the proportion of available seats occupied by paying passengers—slipped to 81.2 percent from 85.4 percent a year earlier, as seat capacity grew faster than demand, expanding 9.7 percent to 17.9 million seats from 16.3 million. For June alone, the airline flew 2.3 million passengers, up 2.5 percent from 2.2 million a year earlier, marking a return to year-on-year growth even as the industry entered the traditionally lean travel season. Domestic traffic for the month climbed 6.2 percent as the carrier deployed 17.7 percent more seats, yielding a domestic load factor of 83.1 percent. International traffic, meanwhile, fell 8.6 percent on an 18.5-percent cut in seat capacity, a reduction that pushed in-

BRAINSHUTTLE THERAPY

Roche Holding AG unveiled plans for a pivotal trial of its Alzheimer’s disease antibody, seeking to show it staves off symptoms as the drugmaker races Eli Lilly & Co. and Eisai Co. to move beyond treatment and into prevention. The study, called PrevenTRON, will recruit 1,600 people with biological signs of Alzheimer’s without any cognitive impairment. It will use the company’s experimental trontinemab antibody, which incorporates the Brainshuttle technology that’s designed to get higher and more consistent levels of the drug into the brain. Photo shows the Roche headquarters in Basel, Switzerland. PHOTOGRAPHER: STEFAN WERMUTH/BLOOMBERG

SMC sells preferred shares to refinance debt

ONGLOMERATE San Miguel Corp. (SMC) on Wednesday has launched its P30-billion preferred share offering, proceeds of which are intended for the refinancing of debt and for its infrastructure ventures including its multi-billion-peso airport in Bulacan. In a disclosure, the company said regulator Securities and Exchange Commission has approved the offering on July 14. The offering will run through July 23. It will be listed on the Philippine Stock Exchange on August 3. The company is offering its Series 2 Preferred Shares consisting of a base offer of 266.67 million shares with an oversubscription option of up to 133.33 million shares, priced at P75 per share. San Miguel has set the initial dividend

rate for Series 2-V Preferred Shares at 8.0401 percent, Series 2-W at 8.3570 percent and Series 2-X at 8.6483 percent. The company earmarked up to P5 billion of the proceeds to inject into its infrastructure arm within 12 months of the issuance. The capital will primarily fund the New Manila International Airport and surrounding aerotropolis infrastructure projects in Bulakan, Bulacan. The bulk of the capital, however, will be deployed toward debt management. Assuming the oversubscription option is fully exercised, San Miguel will allocate P6.31 billion to pare down short-term loans with BDO Unibank Inc. totaling P6.62 billion. This includes a P5.17-billion facility drawn on May 25, and became due on June 29, alongside a P1.45-billion loan maturing

on June 3, which was originally used to redeem Series 2-I preferred shares. From the P20-billion base offer, San Miguel will use up to P6.02 billion to settle its 10-year, 5.7613 percent Series C bonds maturing in March 2027. Another P13.81 billion from the base portion, becoming P7.44 billion if the oversubscription option is tapped, is designated to retire its 5-year, 5.2704 percent Series J bonds, which also mature in March 2027. Bank of Commerce, BDO Capital and Investment Corp. and China Bank Capital Corp. were picked as joint issue managers, with Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners. VG Cabuag

ternational SLF up by 9.3 percentage points to 85.4 percent. Overall SLF for June stood at 83.6 percent, down from 87.5 percent in the same month last year. “June marked a return to year-on-year passenger growth, driven by the continued strength of our domestic network even as we entered the traditional lean travel season. While international volumes remained below last year, this largely reflected previous capacity adjustments,” Cebu Pacific President and Chief Commercial Officer Xander Lao said. He noted that the airline expects operating performance to recover further in the second half of the year. “With fuel prices having eased significantly and consumer sentiment improving, our market position continues to strengthen, and we expect a further recovery in operating performance through the second half of the year,” he said.

Companies BusinessMirror

Thursday, July 16, 2026

PSE STOCK QUOTATIONS

July 15, 2026

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL DOMINION HLDG MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

50.05 124 10.3 103.2 56.7 11.82 66.25 7.08 14.78 58.2 52.25 23 62.75 24.55 0.51 1.32 7.15 0.091 2,450 0.96 204 4,704 0.79

50.1 124.4 10.5 103.5 56.8 11.88 66.55 7.1 14.8 58.4 53 23.45 63 24.85 0.55 1.35 7.16 0.1 2,500 0.98 208.6 4,900 0.82

50.2 123.6 10.76 103 56.5 11.96 66 7.08 14.78 58.4 53.45 23.5 62.65 24.65 0.54 1.36 7.14 0.086 2,450 0.97 205 4,706 0.82

51.85 125.6 11.1 103.8 56.95 11.98 66.75 7.08 14.8 58.85 53.45 23.5 64.45 24.85 0.54 1.36 7.29 0.1 2,450 0.97 205 4,706 0.82

50 123 10.3 102.9 56 11.82 66 7.08 14.78 58.2 52.2 23.15 62.6 24.25 0.54 1.31 6.9 0.086 2,450 0.94 204 4,704 0.79

50.05 124 10.5 103.5 56.7 11.88 66.55 7.08 14.8 58.2 53 23.15 62.75 24.55 0.54 1.36 7.16 0.1 2,450 0.97 204 4,706 0.8

25,890 2,706,230 149,200 2,077,060 242,960 93,300 1,208,190 4,500 4,600 92,230 950 5,200 191,660 58,100 6,000 141,000 583,800 50,000 120 285,000 11,560 410 220,000

1,302,773.50 335,423,823 1,559,494 214,650,974 13,785,226 1,109,606 80,239,072.50 31,860 68,040 5,383,059.50 50,017 120,450 12,043,444 1,425,140 3,240 190,460 4,190,602 4,620 294,000 273,170 2,367,930 1,929,450 175,940

968 -10,400,091 -10,620 43,311,352 4,487,315 -302,174 -7,806,493.50 14,160 -809,944 5,235 8,151,991 104,280 -3,240 1,797,048 -80.0001 24,500 4,700 38,950 1,929,450 25,600

INDUSTRIAL ACEN CORP 3 3.01 3.02 3.05 2.98 3 4,060,000 12,215,130 2,978,460 0.63 0.64 0.64 0.65 0.63 0.64 377,000 238,100 15,750 ALSONS CONS ALTERNERGY HLDG 0.8 0.8 0.78 0.8 0.78 0.78 227,000 178,000 138,840 40.55 40.75 40.85 41.25 40.55 40.55 214,300 8,738,685 1,447,560 ABOITIZ POWER RASLAG 1.09 1.03 1.05 1.09 1.05 1.05 19,000 20,030 0.11 0.113 0.11 0.113 4,920,000 546,840 0.113 0.113 BASIC ENERGY 4.32 4.5 4.38 4.55 4.33 4.5 416,000 1,817,330 -1,013,130 CITICORE RE FIRST GEN 19.8 19.84 19.34 22.3 18.3 19.8 21,603,900 449,380,147 27,355,903 87 87.5 84 88.9 84 87.5 393,810 34,214,043.50 833,432.50 FIRST PHIL HLDG MERALCO 576 568.5 572 576 565 576 166,960 95,570,445 34,246,700 34.65 35 34.85 35.2 34.6 34.65 1,501,700 52,185,720 -13,485,635.00 MANILA WATER 19.5 19.52 19.56 19.66 19.42 19.5 3,254,900 63,499,818 MAYNILAD -42,699,450.00 PETRON 2.42 2.39 2.49 2.5 2.36 2.42 1,136,000 2,734,110 231,570 3.44 3.48 3.49 3.49 3.46 3.46 3,000 10,430 -6,950 PETROENERGY PRYCE CORP 15 15.08 15.1 15.1 15.1 15.1 200 3,020 20.9 20.95 20.95 21.4 20.8 20.9 986,100 20,552,075 -2,802,260 SEMIRARA MINING SYNERGY GRID 26.1 26.2 26.8 27.2 25.85 26.1 1,618,700 42,690,420 6,263,315 SHELL PILIPINAS 8.43 8.48 8.5 8.5 8.4 8.43 54,900 463,608 75,979 10.24 10.28 10.2 10.32 10.1 10.24 206,100 2,102,934 SPC POWER SP NEW ENERGY 1.5 1.51 1.5 1.55 1.49 1.51 18,736,000 28,373,420 -5,317,750 1.66 1.67 1.67 1.69 1.65 1.67 677,000 1,126,690 -133,860 TOP LINE VIVANT 20.75 19.18 20.1 20.1 20.1 20.1 600 12,060 2.73 2.68 2.66 2.74 2.66 2.74 503,000 1,350,010 -51,870 AXELUM 0.315 0.32 0.31 0.32 0.31 0.32 90,000 28,650 -25,450 BALAI FRUITAS CNTRL AZUCARERA 9.26 9.89 9.26 9.94 9.26 9.26 300 2,846 858 31.5 31.8 31.5 32.35 31.35 31.5 618,600 19,508,815 12,110,745 CENTURY FOOD DEL MONTE 4.35 4.4 4.41 4.45 4.35 4.35 27,000 117,690 -4,430 DNL INDUS 3.5 3.5 3.47 3.5 3.45 3.47 2,970,000 10,350,050 -3,859,780 15.4 15.5 15.78 15.42 15.5 2,252,300 35,210,020 22,698,938 EMPERADOR 15.78 SMC FOODANDBEV 48.15 48.3 48.4 48.6 47.95 48.1 97,600 4,703,355 -4,200,230 0.56 0.57 0.55 0.56 188,000 105,510 23,100 FIGARO GROUP 0.57 0.57 ALLIANCE SELECT 0.3 0.33 0.335 0.335 0.3 0.3 30,000 9,700 -3,350 0.66 0.67 0.66 0.66 0.65 0.66 41,000 27,010 FRUITAS HLDG 255 253 256 253 255 1,890 481,966 66,308 GINEBRA 255.6 JOLLIBEE 148.3 146.4 146.5 146 144.1 146.5 954,330 140,184,259 -17,095,488 1.87 1.89 1.86 1.89 897,000 1,682,280 -331,300 KEEPERS HLDG 1.89 1.89 LIBERTY FLOUR 25.4 25.5 26 26 25.4 25.4 2,500 63,760 2.16 2.19 2.19 2.25 2.14 2.16 199,000 436,860 -54,560 MAXS GROUP 0.061 0.063 0.061 0.061 0.061 0.061 30,000 1,830 -610 MG HLDG MONDE NISSIN 6.9 6.94 6.97 7 6.85 6.9 3,227,100 22,342,018 -3,444,092 6.15 6 5.91 6.15 855,700 5,158,654 463,438 SHAKEYS PIZZA 6.16 6.16 RFM CORP 5.34 5.35 5.3 5.39 5.3 5.35 326,700 1,747,056 -1,352,441 60.6 60.7 60.25 61.1 60.25 60.7 347,860 21,092,483.50 -14,326,005.50 UNIV ROBINA VITARICH 0.5 0.5 0.49 0.495 0.495 0.5 160,000 79,550 53 53 51 53 53 53 5,700 302,100 CONCRETE A 0.95 0.96 0.97 0.99 0.95 0.96 375,000 359,170 -87,360 CONCREAT HLDG EEI CORP 2 2 1.92 2 2 2 24,000 48,000 4.16 4.17 4.15 4.19 4.13 4.17 1,106,000 4,609,110 104,110 MEGAWIDE CROWN ASIA 1.75 1.78 1.75 1.75 1.75 1.75 18,000 31,500 1.1 1.1 1.04 1.1 1.1 1.1 1,000 1,100 EUROMED 12.46 12.6 12.5 12.5 12.46 3,000 37,418 12.46 CONCEPCION GREENERGY 0.14 0.142 0.142 0.143 0.139 0.143 800,000 112,310 -5,700.00 5.29 5.3 5.25 5.39 5.25 5.3 684,500 3,652,023 996,646 INTEGRATED MICR IONICS 1.41 1.41 1.39 1.41 1.38 1.41 730,000 1,017,070 8.36 8.4 8.55 8.55 8.36 8.36 32,300 271,924 PANASONIC 0.99 1 1.02 1.04 0.98 1 2,797,000 2,822,260 396,160 CIRTEK HLDG STENIEL 1.85 1.8 1.8 1.8 1.8 1.8 2,061,000 3,709,800 -3,600

HOLDING & FRIMS

ABACORE CAPITAL 0.335 0.34 0.345 0.345 0.33 0.335 5,050,000 1,704,200 100,500 36.45 36.5 33 36.45 33 36.45 937,700 33,192,400 9,407,160 ASIABEST GROUP AYALA CORP 467 468 465.4 470 464.2 467 254,240 118,593,620 -37,822,900 32.5 32.8 32.1 32.9 32.1 32.8 1,751,600 57,105,345 10,328,990 ABOITIZ EQUITY ALLIANCE GLOBAL 8.15 8.18 8.19 8.19 8.1 8.15 223,400 1,819,901 -567,715.00 16.8 16.98 16.98 17.04 8,000 136,002 ANSCOR 17.04 17.04 0.9 0.91 0.95 0.95 0.9 0.91 451,000 408,930 ANGLO PHIL HLDG COSCO CAPITAL 8.45 8.49 8.48 8.5 8.3 8.49 967,200 8,170,124 396,359 7.19 7.2 7.15 7.28 7.13 7.2 5,366,400 38,610,277 17,009,123 DMCI HLDG FILINVEST DEV 4.27 4.62 4.35 4.35 4.3 4.3 29,000 125,550 17,300 0.275 0.31 0.315 0.315 0.315 0.315 20,000 6,300 FORUM PACIFIC 466 466.8 465 471.8 464 466 40,140 18,702,326 -2,328,870 GT CAPITAL HOUSE OF INV 4.5 4.94 4.44 5 4.4 5 1,058,000 4,659,060 -4,654,060 24.35 24.5 24.5 24.7 24.35 24.35 505,100 12,360,995 543,305 JG SUMMIT LODESTAR 0.31 0.31 0.3 0.3 0.3 0.31 170,000 51,800 4.07 4.2 4.12 4.28 4.06 4.07 1,371,000 5,705,130 -878,680 LOPEZ HLDG LT GROUP 14.58 14.58 14.5 14.4 14.4 14.5 664,700 9,639,976 -1,408,546 PACIFICA HLDG 0.73 0.77 0.74 0.74 0.74 0.74 1,000 740 740 0.73 0.81 0.73 0.73 0.73 0.73 5,000 3,650 PRIME MEDIA SOLID GROUP 1.24 1.28 1.3 1.3 1.24 1.28 298,000 375,140 18,750 588 588.5 593 593 586 588.5 177,970 104,753,535 10,264,375 SM INVESTMENTS SAN MIGUEL CORP 64.85 65.5 65 65.5 64.85 64.85 24,920 1,622,805 -5,240 TOP FRONTIER 53.6 55 53.6 53.6 53.6 53.6 40 2,144 0.051 0.053 0.051 0.051 200,000 10,220 -10,220 0.053 0.053 ZEUS HLDG PROPERTY ARTHALAND CORP 0.43 0.445 0.43 0.43 0.43 0.43 20,000 8,600 15.74 15.76 15.8 16.06 15.66 15.74 9,331,200 147,832,180 -47,014,606 AYALA LAND AYALA LAND LOG 1.1 1.12 1.12 1.15 1.1 1.1 1,295,000 1,432,740 760 9.98 9.99 9.98 9.98 9.98 9.98 200 1,996 ALTUS PROP AREIT RT 37.25 37.25 37.1 37.25 37 37.25 884,000 32,780,280 -4,690,055 0.67 0.7 0.7 0.7 5,000 3,500 A BROWN 0.7 0.7 0.57 0.58 0.59 0.59 0.57 0.57 59,000 34,230 CITYLAND DEVT CROWN EQUITIES 0.088 0.088 0.085 0.088 0.085 0.085 70,000 6,010 2.14 2.16 2.15 2.17 2.14 2.17 70,000 150,940 -21,700 CEB LANDMASTERS CENTURY PROP 0.7 0.7 0.69 0.7 0.68 0.7 841,000 581,350 69,900.00 3.46 3.47 3.48 3.49 3.45 3.47 1,235,000 4,286,320 CITICORE RT 11.2 11.26 11.2 11.26 11.08 11.24 464,800 5,225,756 965,902 DOUBLEDRAGON DDMP RT 1.04 1.05 1.04 1.04 1.02 1.04 10,428,000 10,794,820 4.94 5 4.88 4.98 4.7 4.9 233,000 1,114,312 623,635 DM WENCESLAO EVERWOODS 0.028 0.028 0.027 0.026 0.026 0.028 800,000 21,000 0.102 0.103 0.102 0.105 0.102 0.103 3,230,000 331,550 EMPIRE EAST FILINVEST RT 2.93 2.91 2.92 2.9 2.9 2.92 325,000 948,010 -14,600 FILINVEST LAND 0.71 0.71 0.7 0.7 0.7 0.7 434,000 304,350 -14,700 0.61 0.63 0.61 0.61 319,000 200,590 GLOBAL ESTATE 0.64 0.64 MEGAWORLD 2.14 2.12 2.13 2.12 2.12 2.12 5,715,000 12,167,660 236,370 0.81 0.81 0.8 0.83 45,426,000 37,147,280 4,957,680 MRC ALLIED 0.83 0.83 MREIT RT 13.88 13.9 13.9 13.94 13.86 13.9 336,500 4,675,170 -125,012 PRMIERE HORIZON 0.159 0.161 0.159 0.161 0.159 0.159 950,000 151,070 122,430 0.385 0.45 0.45 0.45 10,000 4,500 PHIL ESTATES 0.45 0.45 PREMIERE RT 1.09 1.09 1.08 1.08 1.07 1.08 121,000 130,730 0.96 0.99 0.97 0.97 0.96 0.96 78,000 74,980 PRIMEX CORP RL COMM RT 7.11 7.12 7.11 7.2 7.11 7.12 2,882,100 20,593,591 461,278 ROBINSONS LAND 16.72 16.78 16.84 16.84 16.5 16.72 227,200 3,810,934 -482,086 2.4 2.42 2.29 2.29 2.4 1,365,000 3,248,020 297,690 ROCKWELL 2.43 SHANG PROP 3.22 3.22 3.18 3.2 3.14 3.22 243,000 764,610 -697,080 1.97 2.07 2.08 2.08 2.08 2.08 2,000 4,160 STA LUCIA LAND SM PRIME HLDG 18.24 18.3 18 18.3 18 18.3 2,532,700 46,157,626 9,698,270 0.425 0.425 0.425 0.445 50,000 21,450 SUNTRUST RESORT 0.445 0.445 52.05 61.95 52 52 52 52 10 520 PTFC REDEV CORP SERVICES ABS CBN 3.48 3.72 3.76 3.85 3.45 3.72 801,000 2,987,990 4.51 4.52 4.45 4.5 149,000 670,170 GMA NETWORK 4.52 4.52 MANILA BULLETIN 0.206 0.206 0.174 0.206 0.206 0.206 10,000 2,060 5.11 5.92 5.11 5.11 5.11 5.11 200 1,022 MLA BRDCASTING DITO CME HLDG 0.79 0.8 0.77 0.81 0.77 0.8 14,745,000 11,772,100 880,040 1,803 1,804 1,810 1,820 1,800 1,804 45,760 82,717,905 -19,796,520 GLOBE TELECOM 1,192 1,190 1,192 1,183 1,192 82,805 98,507,995 -6,409,130 PLDT 1,193 APOLLO GLOBAL 0.0069 0.0069 0.0068 0.0069 0.0067 0.0069 219,000,000 1,498,300 130,600 9.25 9.3 9.4 9.5 9.25 9.25 11,097,000 22,639,464 CONVERGE 103,700,387 DFNN INC 0.63 0.66 0.63 0.67 0.63 0.63 340,000 214,650 -194,150 0.94 1 0.93 0.93 0.93 4,000 3,720 IMPERIAL 0.93 0.115 0.117 0.115 0.115 0.115 0.115 3,010,000 346,150 ISLAND INFO NOW CORP 0.53 0.54 0.53 0.55 0.52 0.54 379,000 203,060 74,540 0.113 0.114 0.114 0.117 0.114 0.114 1,240,000 141,610 TRANSPACIFIC BR CHELSEA 0.77 0.75 0.76 0.76 0.75 0.75 243,000 182,370 95,250 28.95 29.1 29 29 28.9 28.95 162,500 4,706,510 -2,665,415 CEBU AIR INTL CONTAINER 999 1,000 1,020 1,020 995 999 990,770 993,205,160 277,739,440 LBC EXPRESS 7.06 7.06 6.79 7.06 7.06 7.06 500 3,530 0.68 0.69 0.65 0.69 0.65 0.69 18,000 12,370 LORENZO SHIPPNG MACROASIA 3.84 3.81 3.8 3.88 3.79 3.84 40,000 153,760 53,900 0.7 0.87 0.87 0.87 8,000 6,960 METROALLIANCE B 0.87 0.87 PAL HLDG 2.44 2.45 2.48 2.48 2.38 2.44 380,000 919,800 -660,040 HARBOR STAR 1 1.01 1.02 1.03 0.99 1.01 942,000 942,030 39,570 0.037 0.038 0.037 0.037 5,700,000 211,700 BOULEVARD HLDG 0.038 0.038 DISCOVERY WORLD 0.93 0.93 0.86 0.93 0.93 0.93 2,000 1,860 0.42 0.45 0.46 0.45 0.45 60,000 27,300 0.46 WATERFRONT CENTRO ESCOLAR 14.7 14.7 14.6 14.5 14.5 14.7 6,500 94,330 800 805 800.5 800.5 800.5 800.5 40 32,020 FAR EASTERN U 6.91 6.95 6.95 6.95 6.86 6.95 19,100 131,787 56,600 IPEOPLE STI HLDG 1.21 1.21 1.2 1.21 1.16 1.21 1,923,000 2,312,240 1,121,040 1.2 1.21 1.2 1.23 1,483,000 1,782,000 BELLE CORP 1.23 1.23 BLOOMBERRY 40,047,880 2.32 2.33 2.26 2.38 2.23 2.33 17,202,000 -4,576,470 11.22 10.98 11.4 10.94 11.24 4,969,400 55,831,784 8,386,040 DIGIPLUS 11.24 13.5 13.68 13.98 14.04 13.4 13.68 1,656,000 22,661,576 -1,921,714 PHILWEB METRO RETAIL 1.09 1.09 1.08 1.09 1.09 1.09 1,000 1,090 39 39.1 39.1 38.65 39.1 673,300 26,222,400 -16,951,365 39.35 PUREGOLD PHIL SEVEN CORP 32.2 32.8 32.1 32.8 32.1 32.8 3,200 103,205 -9,645 2.2 2.23 2.14 2.19 2.14 2.19 263,000 575,800 562,710 SSI GROUP 0.68 0.69 0.69 0.69 0.68 0.69 27,000 18,610 UPSON INTL CORP WILCON DEPOT 5.65 5.7 5.73 5.75 5.62 5.65 665,100 3,784,785 -2,793,549 0.105 0.111 0.105 0.112 0.104 0.111 70,000 7,450 APC GROUP MEDILINES 0.217 0.217 0.215 0.217 0.217 0.217 20,000 4,340 1.94 2.17 2.01 1.99 1.99 100,000 199,790 -199,790.00 2.01 PAXYS SBS PHIL CORP 3.15 3.19 3.15 3.15 3.15 3.15 2,000 6,300 MINING & OIL ATOK 1.55 1.58 1.6 1.58 1.58 8,000 12,680 1.65 APEX MINING 12.22 12.3 12.66 12.66 12.2 12.22 2,028,100 25,047,486 -17,441,284 8.38 8.45 8.4 8.67 8.36 8.38 1,130,700 9,542,161 -450,603 ATLAS MINING BENGUET A 6 6.06 6 6.02 6 6.02 3,100 18,624 6 6.39 6.05 6.05 6 6 153,000 920,501 -908,501 BENGUET B 3.05 3.39 3.49 3.49 3.05 3.05 8,000 26,620 DIZON MINES EC VULCAN 0.26 0.26 0.255 0.255 0.255 0.26 100,000 25,750 -2,800 1.83 1.86 1.89 1.89 1.83 1.83 260,000 482,870 -7,460 FERRONICKEL GEOGRACE 0.076 0.076 0.071 0.076 0.076 0.076 50,000 3,800 0.17 0.173 0.174 0.175 0.17 0.173 71,910,000 12,264,050 LEPANTO A 0.169 0.172 0.174 0.177 0.172 0.172 3,700,000 642,650 63,640.00 LEPANTO B MARCVENTURES 0.64 0.64 0.63 0.62 0.62 0.64 209,000 131,610 600 0.46 0.5 0.48 0.46 0.46 20,000 9,400 NIHAO 0.48 NICKEL ASIA 3.6 3.6 3.59 3.6 3.53 3.59 1,307,000 4,653,140 -634,310 31.05 31.25 31.6 31.05 31.05 304,600 9,557,280 -4,483,115 OCEANAGOLD 31.35 ORNTL PENINSULA 0.425 0.445 0.44 0.44 0.425 0.425 130,000 55,850 7.17 7.25 7.05 7.3 7 7.17 4,320,100 30,742,361 2,511,893 PX MINING 0.0068 0.0072 0.0072 0.0073 4,000,000 28,900 UNITED PARAGON 0.0073 0.0073 ORNTL PETROL A 0.013 0.014 0.014 0.014 0.013 0.013 8,900,000 116,500 0.013 0.014 0.013 0.013 0.013 0.013 100,000 1,300 ORNTL PETROL B PHILODRILL 0.0084 0.0081 0.0083 0.0084 0.0081 0.0081 25,000,000 202,800 -8,100 PXP ENERGY 2.58 2.61 2.54 2.67 2.51 2.6 762,000 1,970,770 -261,820 PREFFERED ACEN PREF A 1,000 1,019 1,000 1,000 1,000 1,000 100 100,000 1,026 1,030 1,020 1,027 1,020 1,026 5,225 5,358,595 ACEN PREF B AC PREF B3R 1,961 1,965 1,965 1,965 1,965 1,965 150 294,750 484 495 495 495 480 484 2,500 1,211,676 ALCO PREF D BRN PREF A 99 99.5 99.45 99.45 98.6 99 1,600 158,730 101.3 101.5 101.2 101.5 101.2 101.5 230 23,306 BRN PREF B 105 106.4 105.2 105.2 105 105 7,490 786,454 BRN PREF C CEB PREF 31 31 30.35 30.35 30.35 31 2,000 61,350 1,002 1,020 1,020 1,020 1,020 1,020 10 10,200 CLI PREF A1 CLI PREF A2 1,005 1,024 1,012 1,023 1,005 1,023 225 227,005 93.1 93.65 93.8 93.8 93.05 93.65 19,680 1,838,652 -115,940 DD PREF 94.95 95.2 95 95.2 95 95.2 6,490 616,650 EEI PREF B GLO PREF ANV 1,980 2,000 1,980 1,980 1,980 1,980 15 29,700 1,990 2,000 1,967 2,000 1,967 1,990 160 316,945 GLO PREF BNV JFC PREF B 975 1,000 976 1,000 974 1,000 510 497,700 98.4 100 100 100 100 100 5,000 500,000 -500,000 MWIDE PREF 6A MWIDE PREF 6C 103 105 102.1 102.1 102.1 102.1 5,160 526,836 100 102.5 100 100 100 100 10 1,000 MWIDE PREF 7A 100.1 101 100.1 100.1 100.1 100.1 60 6,006 MWIDE PREF 7B PCOR PREF 4B 966 989 988.5 988.5 980 980 110 107,885 960 979.5 980 980 980 980 1,030 1,009,400 -137,200 PCOR PREF 4C PCOR PREF 4D 970 994.5 970 994.5 970 994.5 110 106,945 77 79.4 77.05 79.4 77 79.4 100,500 7,859,056 SMC PREF 2L 77.8 77.95 77.55 77.8 77.5 77.8 2,250 174,675.50 SMC PREF 2N SMC PREF 2O 77 77.5 76.7 77.8 76.65 77.4 11,990 922,613.50 105,079 71.05 75 71 75 71 75 2,120 151,000 SMC PREF 2Q SMC PREF 2R 73.05 76.5 74.5 74.5 74.5 74.5 100 7,450 72.75 73.5 73.5 73.5 73.5 73.5 10 735 SMC PREF 2S 74 75.9 75 75 75 75 20 1,500 SMC PREF 2T SMC PREF 2U 74 74.35 74 74.5 73.5 73.5 5,210 383,315 8.37 9 8.31 8.35 8.31 8.35 800 6,656 TECH PREF B2C TECH PREF B2D 6.81 7 7 7 7 7 1,400 9,800 99.95 100 100 100 99.95 99.95 1,460 145,999 TOP PREF A1 100 100.4 100.5 100.6 100.4 100.4 700 70,338 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.17 3.36 3.4 3.57 3.36 3.36 25,000 85,730 4.15 4.55 -

3,570 -

1.05

SM A L L, M ED I U M & EM E R G IN G CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP

0.36 1.27 0.64 1.34 0.024

1.08

1.05

43,000

45,150

-3,150

0.38 1.3 0.68 1.4 0.025

0.385 1.29 0.63 1.34 0.026

0.385 1.33 0.69 1.34 0.026

0.36 1.29 0.63 1.34 0.025

0.36 1.33 0.68 1.34 0.025

40,000 400,000 15,000 2,000 900,000

14,650 528,180 9,640 2,680 22,800

-228,760 -

EXHANGE TRADE FUNDS FIRST METRO ETF

105.9

106

105.9 106 105.5 106 35,100 3,718,803 -294,570

www.businessmirror.com.ph

CREC taps LandBank loan for 2 solar power projects

By Lenie Lectura @llectura & Reine Juvierre S. Alberto @reine_alberto

ITICORE Renewable Energy Corp. (CREC) is borrowing P4.05 billion from state-run lender Land Bank of the Philippines (LandBank) to finance the completion of its two solar projects with a total capacity of 82-megawatt peak (MWp). The loan facility agreement signed by CREC and LandBank last Tuesday will finance the development of two 41-megawatt-peak (MWp) solar power plants, complemented with 53 megawatt-hour (MWh) battery energy storage systems (BESS) embedded within the distribution utility companies in the provinces of Pampanga and Nueva Ecija. These solar power projects are be-

ing undertaken by CREC subsidiary Citicore Solar Embedded Inc. (CSEI), which primarily focuses on developing and operating embedded, gridconnected solar power plants. Upon completion, these projects will add a total of 82 MWp and 106 MWh to the group’s combined installed capacity. CREC said the Pampanga solar project will further strengthen the

company’s presence and investments in the province, following its 115-MW and 42-MW solar farms in Arayat-Mexico. Meanwhile, the Nueva Ecija project will serve as the company’s first development in the province. Through CS Embedded, CREC partnered with Pampanga I Electric Cooperative and the San Jose City Electric Cooperative, following a hybrid solar power project business model first introduced by the company in 2025. These solar plants are embedded, or directly connected to the said distribution utilities (DU), potentially reducing systems losses and lowering electricity costs for end users while helping the DUs meet their renewable energy (RE) sourcing requirements under the Renewable Portfolio Standards (RPS). “Our vision to power a First World Philippines aligns with LandBank’s commitment to sustainable nation-building, enabling us to accelerate the delivery of re-

newable energy projects that advance the country’s energy transition and create lasting value for Filipino communities,” said CREC President and CEO Oliver Tan. “This collaboration also underscores the critical role of public-private partnerships in advancing the Department of Energy’s target of increasing renewable energy’s share in the country’s power generation mix to 50 percent by 2040.” For LandBank, the partnership highlights its continued support for investments that promote both economic growth and environmental sustainability. “ Our partnership with CREC reflects LandBank’s commitment to financing transformative projects that expand access to reliable power, create opportunities, and accelerate the country’s green transition. We are fully committed to ensuring our rural communities benefit from a cleaner, more secure energy grid,” said LandBank President and CEO Lynette V. Ortiz.

SEC to revise rules on credit rating agencies By VG Cabuag @villygc

HE Securities and Exchange Commission (SEC) is seeking to overhaul the regulatory framework governing credit rating agencies, in a bid to strengthen the integrity of the credit rating process and enhance investor trust toward a more transparent corporate bond market. The SEC issued for public comment the draft memorandum circular that aims to establish a regulatory framework that places greater emphasis on governance, transparency, accountability and the quality of the credit rating process. It seeks to align local regulations with internationally recognized standards, including the International Organization of Securities Commissions Principles and Methodology for Credit Rating Agencies. “A deeper corporate bond market depends on the credibility of the institutions that support it. Strengthening the oversight of credit rating agencies complements the commission’s broader market development agenda by reinforcing the integrity and independence of the credit rating process. In turn, this helps give investors greater confidence in the ratings they rely on and creates the conditions for broader market participation,” SEC Chairman Francis E. Lim said. The proposed rules expand to cover a wider range of financial instruments, including corporate bonds, commercial paper, structured products, sukuk instruments, cov-

ered bonds and sustainability-linked instruments. Accreditation standards are also strengthened through enhanced capital governance, operational, documentation and staffing requirements. Local rating firms will be required to submit, among others, a detailed business plan, a list of shareholders and their corporation affiliations and evidence of board independence compliance. To ensure financial resilience, the draft rules further propose a minimum capital requirement of P50 million at the moment of accreditation, increasing to P70 million after three years. Shielding the rating process from potential conflicts of interest, the draft framework requires a majority of independent directors, including the chairperson. It also mandates the absolute functional separation of business development, which handles all business communication and finalization of commercial terms of the rating assignment, and analytical groups, which are responsible for the actual rating process. The reform also propose stricter qualification standards and mandatory rotation for lead analysts to prevent familiarity threats. In line with international best practices, this entails that a lead analyst may serve a rated entity for no more than four consecutive years with a twoyear cooling-off period. The public may submit comments, inputs and recommendations on the draft guidelines through July 23.

Barito wants to acquire FGen geothermal unit

OPEZ-LED First Gen Corp. (FGen) conf ir med on Wednesday that PT Barito Renewables Energy Tbk (BREN) made a major non-binding bid offer to acquire its geothermal arm, Energy Development Corp. (EDC). The offer represents an equity value exceeding $5 billion. “BREN has made an unsolicited, indicative, and non-binding offer to acquire EDC for an equity value of approximately $5 billion, subject to the conduct of due diligence, ex-

ecution of transaction documents, and receipt of necessary approvals,” FGen said. EDC is the country’s largest geothermal energy producer, accounting for roughly one-fifth of the nation’s renewable energy capacity. The geothermal arm of FGen reported a net income of P1.31 billion at end-March this year, up 9.6 percent from the same period a year ago. The growth was brought about by higher generation and prices. Lenie Lectura

MUTUAL FUNDS

July 15, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A217.18 -4.56% 0.82% -0.22% -2.33% 1.43% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.9913 -9.84% 11.6% 6.8% 3.96% -7.87% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.8284 -8.77% -1.06% -1.42% -4.11%-0.79% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7625 -0.81% 3.65% -0.14% N.A0.55% FIRST METRO CONSUMER FUND, INC. -A 0.5116 -16.39% -8.3% -7.59% N.A -7.97% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.3559 -9.49% -2.69% -2.11% -2.34% -0.39% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6662 -4.41% -1.89% -1.4% N.A3.8% MBG EQUITY INVESTMENT FUND, INC. -A 72.99 4.05% -4.59% -6.5% N.A -17.5% PAMI EQUITY INDEX FUND, INC. -A 43.4841 -2.31% -0.25% -0.67% -2.01% 5.13% PHILAM STRATEGIC GROWTH FUND, INC. -A 455.63 -4.78% 0.41% -0.71% -2.22% 1.35% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6255 10.07% 11.05% 7.38% 2.19% 4.11% PHILEQUITY FUND, INC. -A36.8578 0.81% 2.38% 1.76% -0.24% 7.04% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9931 7.7% 4.68% 2.55% N.A 11.87% PHILEQUITY PSE INDEX FUND, INC. -A 4.6995 -1.46% 0.88% 0.39% -1.1% 5.15% PHILIPPINE STOCK INDEX FUND CORP. -A 773.79 -1.75% 0.5% 0.05% -1.32% 5.28% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6884 -7.91% 0.75% -0.52% -3.1% -1.95% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.216 -9.4% -1.94% -1.78% -2.86%0.2% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8676 -1.98% 0.07% -0.31% -1.58%5.29% UNITED FUND, INC. -A3.3785-5.31% 2.86% 1% -0.51% 2.8% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0867 -1.7% 0.52% N.A N.A 5.21% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.069 -3.52% N.A N.A N.A 2.44% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9346 -6.88% -3.86% -2.86% N.A -1.05% PHILIPPINE STOCK INDEX FUND CORP. -A 933.54 -1.77% 0.29% N.A N.A 5.3% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 105.5451 -1.54% 0.76% 0.37% -0.88%5.53% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2253 32.24% 12.1% -0.26% 3.62% 19.6% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4169 18.2% 15.01% 5.84% 9.02% 8.71% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) PHILEQUITY GLOBAL FUND, INC. -A,2 1.0767 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1588 -1.7% 0.5% -0.57% -0.96% 0.86% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7029 6.67% 5.84% 0.16% -0.86%4.07% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4933 -2.58% -0.5% -0.76% -0.72%1.29% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2292 -0.39% 5.46% 3.39% N.A-1.16% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0178 0.73% 0.71% 0.73% 0.37% 0.86% PAMI HORIZON FUND, INC. -A3.8024 0.78% 2.69% 0.73% -0.26% 0.35% PHILAM FUND, INC. -A16.0439 -2.39% 1.39% -0.48% -0.85% 0.23% SOLIDARITAS FUND, INC. -A2.1439 -0.19% 1.97% 0.94% -0.01% 1.97% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4387 -3.5% 0.51% -0.41% -1.3%0.14% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9036 -4.17% 0.44% 0.59% -0.98% -0.78% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.7 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9793 -0.04% 1.63% -0.08% N.A 0.04% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8479 -3.25% -0.15% -1.18% N.A 0.72% -0.66% -1.59% N.A SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8181 -4.3% 0.85% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03341 2.36% 0.75% -2.65% -0.71% -2.45% PAMI ASIA BALANCED FUND, INC. -B $1.1595 0.72% 8.41% 0.65% 2.44% -4.58% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.6205 12.05% 10.84% 3.29% 5.91%5.33% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1981 5.25% 5.85% 0.19% 2.4%1.27% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 422.29 2.63% 3.23% 2.55% 2.48% 0.56% ATRAM CORPORATE BOND FUND, INC. -A 1.9817 2.32% 1.24% 0.61% 0.39% 1.18% COCOLIFE FIXED INCOME FUND, INC. -A 3.5765 1.48% 2.93% 2.05% 3.16% -0.11% EKKLESIA MUTUAL FUND, INC. -A 2.428 1.06% 3.08% 1.43% 1.31% -1.06% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5025 -0.77% 1.28% 0.5% 1.07%-2.57% PHILAM BOND FUND, INC. -A4.5021 0.35% 2.69% 0.15% 0.61% -2.3% PHILAM MANAGED INCOME FUND, INC. -A 1.5327 3% 4.4% 3.09% 2.88% 0.76% PHILEQUITY PESO BOND FUND, INC. -A 4.31 1.79% 3.07% 1.56% 1.75% -0.11% SOLDIVO BOND FUND, INC. -A1.1242 2.49% 2.79% 1.69% 1.59% 0.33% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4288 -1.83% 2.21% 1.31% 1.71% -3.42% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8196 -1.67% 1.89% 0.81% 1.11% -3.44% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0181 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.27 2.37% 2.89% 1.82% 1.98% 0.62% ALFM EURO BOND FUND, INC. -A Є223.02 0.71% 1.79% 0.26% 0.61% -0.29% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0594 -1.18% 0.4% -2.4% -0.6% -1.45% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.026 1.17% 2.28% -0.08% 0.35%-1.89% PAMI GLOBAL BOND FUND, INC. -B $1.0468 -1.38% 7.58% -0.02% -0.54% -1.2% PHILAM DOLLAR BOND FUND, INC. -A $2.4373 1.61% 2.84% -0.56% 0.59% -1.72% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0637627 0.74% 1.83% 0.24% 1.19% -1.05% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8754 1.56% 1.46% -2.01% -0.69%-1.95% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1821 2.76% N.A N.A N.A 1.35% ALFM MONEY MARKET FUND, INC. -A 151.78 4.15% 4.03% 3.09% 2.81% 1.97% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2174 3.38% 3.73% 2.94% N.A1.66% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5078 3.66% 3.54% 2.92% 2.73% 1.78% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.29 4.11% 4.29% N.A N.A 2.08% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1914 2.6% 3.28% 2.41% N.A 1.27% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.1207 9.28% 4.57% N.A N.A 3.81% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8838 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.4925 32.04% 21.97% 13.36% N.A14.86% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.183 13.07% N.A N.A N.A 6.07% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8116 0.63% 0.69% -4.09% N.A -0.92% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, 2026. 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, 2025. 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE DEBT VEHICLE, INC.

“While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

pifa.com.ph to see the latest NAVPS/NAVPU.”

www.businessmirror.com.ph

Banking&Finance BusinessMirror

BOC plan on import fees seen to curb corruption By Reine Juvierre Alberto @reine_alberto

HE proposed Customs Processing System (CPS) slashing fees charged to importers nears fruition and is expected by the Bureau of Customs (BOC) chief to curb corruption as well as fast-track the flow of goods from ports. Customs Commissioner Ariel F. Nepomuceno told reporters last Wednesday that after negotiations with stakeholders, the fee was reduced from almost P800 to P317 per entry. “Now, it’s P317 per entry, … whether you have 100 containers or just one,” Nepomuceno said as he stepped out from a meeting with members of the Philippine Exporters Confederation Inc. “It’s practically negligible. It’s [a] better [solution] than having your shipment delayed or creating opportunities for corruption.” The CPS, which will streamline and automate customs procedures through a fully digital and integrated system, is currently undergoing negotiations with the project’s original proponent under the government’s public-private partnership (PPP) framework.

The BOC plans to award the project this October, following the completion of negotiations, Nepomuceno said. Negotiations have taken longer than expected because Nepomuceno said he is pushing for a system that minimizes human intervention in customs transactions. The latest proposal still contained elements that required manual input, which Nepomuceno said defeats the project’s objective of eliminating opportunities for corruption. He added that after the awarding, the project will undergo a Swiss challenge, wherein other companies can submit better offers, in terms of technology, pricing and government revenue share. The implementation will likely begin in June next year, with a pilot rollout in selected ports, Nepomuceno said. The CPS, which the BOC chief said will be enabled by AI, will replace the BOC’s “Electronic-to-Mobile” system. The new system will initially be deployed in key ports, such as the Port of Subic Bay and the Port of Batangas, before being expanded all over the country. The BOC oversees 17 major ports and 39 sub-ports.

PHL bags $6.78M grant to tap climate financing

ANIL A obtained a $6.78-million (roughly P417 million) technical assistance grant from the Green Climate Fund (GCF) to unlock more international financing for resilience and clean-energy initiatives, the Department of Finance (DOF) announced last Wednesday. A statement issued by the DOF read that the aid was approved last June 24 and will fund a 60-month program to develop[ the country’s capacity to access and implement climate investments. According to the DOF, the initiative is expected to help mobilize additional international financing for projects aimed at improving climate resilience, strengthening food and water security, supporting the transition to cleaner energy and protecting vulnerable communities. The funding comes under the GCF’s “Third Readiness and Preparatory Support Programme.” The latter is a technical assistance facility designed to help countries build the institutional capacity needed to access climate funds and implement projects aligned with national climate goals. The Philippines is the first country in Asia and the Pacific to access GCF readiness support under GCF’s second replenishment period covering 2024 to 2027, the DOF noted. The program aims to improve coordination among government agencies involved in climate policy,

develop a pipeline of priority projects and enhance monitoring and knowledge-management systems. The Global Green Growth Institute will serve as the program’s delivery partner, while the United Nations Development Programme and Germany’s development agency, Deutsche Gesellschaft für Internationale Zusammenarbeit, will act as co-implementers. Aside from this, the finance department said it has started preparing a separate proposal under the GCF’s Country-Driven Readiness window that could provide up to $3 million in additional grant support. “This readiness grant from the GCF will strengthen climate action in the Philippines by enhancing institutional capacity, reinforcing existing coordination mechanisms, and accelerating the development of a strong project pipeline further supporting country ownership,” GCF Regional Director for Asia and the Pacific Hemant Mandal said. The GCF is the largest global climate fund dedicated to supporting developing countries’ efforts to address climate change through grants, loans and other financing instruments. The DOF is the Philippines’s National Designated Authority to the GCF, leading efforts to access climate financing and ensure projects align with national priorities. Reine Juvierre S. Alberto

@villygc

HE buy-now-pay-later platform operator First Digital Finance Corp. (DBA Billease) announced last Tuesday of extending its multi-year track record of profitability, “a rare position in a market where the majority of digital banks and lenders remain in the red.” A statement issued by the fintech firm read its audited consolidated results for the financial year ended December 31, 2025 showed that revenue grew more than 80 percent to $151.2 million and net profit reached $13.6 million. The platform’s gross loan book grew more than 77 percent to $212.1 million and total assets reached $233.5 million, the statement read. The company said its BNPL platform “Billease” now onboards more than 100,000 new customers every month.

The business delivered a return on assets of roughly 6.8 percent, it added. “The growth was driven by both ends of our customer funnel: strong new-customer acquisition paired with deepening repeat usage,” First Digital Finance Co-Founder and CEO Georg Steiger was quoted in the statement as saying. “It tells us there is significant underlying demand for affordable, wellstructured credit in this country, and that the platform scales without compromising our standards. We don’t view 2025 as a peak; we view it as evidence that the model works.” He added that the company “grew the book more than 77 percent without loosening our standards.” According to the company, it remains well capitalized following its 2024 Series C. As of December 31, 2025, total equity stood at $109.4 million comprising $82.9 million of paid-in capital and $26.6 million of retained

Thrift banks fret over salary loan repayment extension

By Andrea Louise San Juan

HILE supporting the extension of maximum repayment period for salary loans, thrift banks are worried that decision by the central bank would negatively impact borrowers.

“In regards to the new circular extending [repayment of salary loans]… to seven years, the thrift bank industry is in full support. However, the main concern that is being worked on right now is that we want to avoid overburdening the borrowers,” 2026 Chamber of Thrift Banks (CTB) Convention Committee Chairman Manuel G. Santiago Jr. told reporters on the sidelines of the CTB’s 52nd Annual Convention. “And we are very careful in making sure that the teachers or the salary loan people are not overburdened,” Santiago said last Wednesday. One of the key controls that the thrift bank industry is looking at, Santiago emphasized, is “being able to put specific purposes for those that will qualify for six and seven years.”

“Which means, regular consumption,” he added citing tuition payment as a case in point. “For example, tuition fees; where tuition is really a one-year thing and you’re going to need tuition every year, you cannot do seven years of tuition fee, right?” As such, Santiago said the task ahead for the thrift bank industry group is to balance the purpose of where the six- and seven-year loans are going to be applied. “Our position is that it shouldn’t be for all [kinds of salary loans],” he told reporters. In particular, Santiago said the industry prefers loans to be allocated to emergency situations, home repairs, among others. “For example, hospitalization.

We think this one will help because hospitalization is a very important part of making sure our loved ones” are cared for,” he said adding other loan allocations like home repair or the purchase and repair of a vehicle. The pebble in thrift banks’ shoe was felt after the Bangko Sentral ng Pilipinas (BSP) issued a circular on June 19, which lengthened the maximum repayment period for salarybased general-purpose consumption loans (SBGPCLs) to seven years. These are unsecured loans used for immediate short-term needs like education, healthcare, emergencies, travel, household needs, and other personal expenses. The central bank said the extension applies to all borrowers, including teachers and other employees. “The longer period makes loans easier to repay while still encouraging responsible borrowing,” the BSP said. The BSP said SBGPCLs are typically repaid through salary, pension, or other forms of “stable” cash flow. Previously, these loans were generally limited to three years. They could be extended to five years only in meritorious cases, the central bank said last month. During the convention last Wednesday, BSP Deputy Governor for Financial Supervision Sector Lyn I. Javier noted that the central bank

are seeing thrift banks “increasingly” shifting loan portfolios towards salary loans. “This is understandable with an impression that salary loans are generally lower risk because of automatic payroll deduction arrangements with employers, including the Department of Education,” Javier said. But behind every salary loan, she emphasized, is a teacher, a government employee or a worker trying to meet daily financial needs. Javier explained that the BSP’s extension of the repayment period for salary loans is aimed at providing “greater flexibility” to allow banks to better restructure repayment based on the borrower’s circumstances. Moving forward, however, she said the challenge now lies in helping the borrowers improve their financial well-being over the longterm horizon. “The truth of ‘malasakit’ is that it does not end with paying debts. Banks or the industry should also support in providing financial wellness programs, livelihood opportunities and securing their retirement,” Javier said. As of end-May 2026, data from the BSP showed that out of the P1.07 trillion lending portfolio of thrift banks, P404.13 billion or nearly 38 percent were SBGPCLs.

Banks, insurers outpace others in AI adoption—firm By Bless Aubrey Ogerio

HILIPPINE businesses looking to accelerate their use of artificial intelligence (AI) should first strengthen their data and digital capabilities, as industries with largely digital operations are adopting the technology faster than those that still rely heavily on physical processes, according to technology consulting company Accenture Plc. Speaking from Singapore, Accenture Senior Managing Director and AI & Data Lead for Asia and Oceania Vivek Luthra said AI adoption continues to vary across industries depending on how digitally prepared their operations already are. “Some of the things which are common, where the businesses have digital value chain, you see adoption to be much higher because they’re relatively more prepared compared to where you have digital plus physical chains,” Luthra said during a virtual media briefing last Tuesday. “So you’ve got to prepare a lot of things like, is your data ready or not?” He said industries such as banking and insurance have been among the region’s earliest adopters because much of their operations are already digital. “Generally across the region, what

Billease operator grows revenue over 80% By VG Cabuag

Editor: Dennis D. Estopace • Thursday, July 16, 2026

earnings, with the balance in reserves an equity-to-assets ratio of roughly 47 percent, the company’s statement read. On top of that base, the company continues to accrue capital from its own earnings. Retained earnings roughly doubled during the year, from $12.8 million to $26.6 million, giving Billease substantial headroom to keep funding loan-book growth, the company added. According to First Digital Finance, its Fiscal Year 2025 return on assets of roughly 6.8 percent compares with the 1–2 percent typically earned by banks across Southeast Asia. Following the 2025 acquisition of Rural Bank of Santa Maria, the company said it is preparing to launch digi-centric banking services “that will broaden what it offers customers including savings and deposits and further improve its funding profile and cost of capital.”

we see is some of the early adopters have been industries like banking [and] insurance. These are players [that] have digital value chains; so they’ve been doing adoption much faster,” Luthra added. His remarks came a day after the Information Technology and Business Process Association of the Philippines (IBPAP) said the local ITBPM industry is increasingly shifting toward higher-value work performed by AI-enabled workers. Beyond workplace productivity, Accenture said AI is also beginning to reshape how consumers discover, compare and purchase products. Nhung Mason, managing director and lead for Accenture’s Products Group in Asia Oceania, said companies across retail, consumer goods and travel are increasingly using AI to improve resilience and drive growth rather than simply reduce costs. Mason added that three out of four business leaders now view AI primarily as a growth driver, while seven in 10 organizations are already working with AI agents. According to her, companies making the most progress are investing simultaneously in technology, business processes and workforce transformation instead of deploying isolated AI tools. “Our experience shows the com-

panies that are really scaling AI are doing two things very differently. They’re investing in technology, process and people transformation,” Mason said.

Agentic commerce

ONE of the biggest shifts underway is the emergence of “agentic commerce,” where AI agents increasingly perform shopping tasks that consumers previously handled themselves, according to Accenture. According to Accenture Managing Director Patricio de Matteis, AI agents are beginning to research products, compare alternatives and recommend purchases. In some cases, de Matteis added, it also completes transactions and manages post-purchase services on behalf of consumers. “It is obvious that commerce is entering the agentic era,” he said. For de Matteis, the era changes how brands compete because purchasing decisions are no longer influenced only by consumers themselves but also by AI systems evaluating product information, pricing, delivery performance and reliability. “The battleground moves from attention to one of trust, data quality, operational excellence,” he added. Findings from Accenture’s 2026

Consumer Pulse Survey, which covered 25,000 consumers across 16 countries, suggest consumers in the Asia-Pacific region may be adopting AI-assisted shopping faster than many companies anticipate. According to the survey, more than one in four consumers already use large language models as their primary product discovery channel, while nine in 10 said they would be willing to shop directly through generative AI platforms. The study also found that eight in 10 respondents would likely rely on generative AI for at least half of their purchasing decisions, while 68 percent said they want AI agents to make recommendations that align with broader personal goals. Furthermore, Accenture said the technology could also reshape brand loyalty. Its survey found that 57 percent of consumers would instruct AI agents on which brands to prioritize when making purchases. At the same time, one in three respondents said they would switch from a preferred brand if an AI agent recommended another product as a better fit. The survey likewise found that 85 percent of respondents trusted AI agents more than their best friends when making purchasing decisions.

briefs ➔ PDIC, DICT ink deal

THE Philippine Deposit Insurance Corp. (PDIC) announced it entered into a Memorandum of Understanding (MOU) with the Department of Information and Communications Technology (DICT) on July 1. A statement issued by the PDIC read that the partnership “marks the first collaboration between the two agencies and underscores their shared commitment to supporting the National Government’s information and communications technology (ICT) development agenda.” Under the MOU, the DICT will provide technical expertise and assistance in the assessment of PDIC’s current applications and systems and provide strategic recommendations for its improvement, the statement read. The MOU aims to achieve interoperability, synchronization, and integration of each other’s respective systems and applications, the PDIC said.

➔ US mortgage rates rise

US mortgage rates rose last week to match the highest level since August 2025, sending applications for home purchases to the lowest level since February. The average contract rate on a 30-year fixed mortgage climbed 7 basis points to 6.65 percent in the week ending July 10,

according to weekly Mortgage Bankers Association data published Wednesday. Meanwhile, the group’s index of mortgage purchase applications fell 7.3 percent. The rise in borrowing costs and drop in applications underscores one way inflation is taking a toll on the US housing market: Investors expect the Federal Reserve to raise its benchmark interest rate in the months ahead to ward off price pressures emanating from the Iran war. Bloomberg

➔ JPMorgan exec sees AI opportunities

INVESTORS should look across the entire artificial intelligence value chain rather than focus on Big Tech alone, according to JPMorgan Private Bank’s Madison Faller. “AI is not just a one-sector story,” the firm’s global investment strategist told Bloomberg TV. “We’re really focused on assets that are more capital intensive, harder to replace,” she said, highlighting semiconductors, infrastructure, utilities and industrials. Strong results from tech companies can coexist with broader earnings growth across the market, according to Faller. Ten out of 11 sectors in the S&P 500 index are expected to increase profits this earnings season, she added. The JPMorgan team sees close to 10% total-return upside for the S&P 500 over the next year. Bloomberg

Health&Fitness BusinessMirror

B4 Thursday, July 16, 2026

Editor: Anne Ruth Dela Cruz

Beyond the midlife crisis: Finding balance, meaning and renewal By Candy P. Dalizon Contributor

OR many Filipinos, midlife— generally spanning the ages of 40 to 65—is a period when life’s responsibilities can become especially demanding. As members of the “sandwich generation,” many adults find themselves simultaneously managing college tuition, mortgages, career pressures and the growing needs of aging parents. In a society where identity is closely intertwined with family and career, these financial and emotional responsibilities can contribute to chronic stress, anxiety and fears of not being able to provide enough. They may also reinforce the negative perception that feeling overwhelmed, unhappy or “too old” is an inevitable part of growing older. However, the familiar narrative of a guaranteed “midlife crisis” may not reflect everyone’s experience. While some adults experience anxiety, depression or emotional distress during this period, these may be influenced by a combination of life stressors, changing responsibilities, physical changes and other individual factors rather than an unavoidable psychological crisis. Experts say midlife can instead be viewed as a period of reassessment and reinvention, a time to reflect on one’s priorities, explore new interests and find renewed meaning and purpose. Physical changes may require some adjustments, such as shifting from high-impact activities to lowerimpact alternatives like Pilates or Zumba. At the same time, this stage of life can provide opportunities to

rediscover cherished hobbies, develop new interests and adopt habits that support long-term physical and emotional well-being.

Strategies for managing stress

WHILE stress is an inevitable part of life, adult psychiatrist Dr. Jonik Antonio says individuals can make adjustments to their daily routines to help reduce its impact. He recommends creating a sense of rhythm and predictability through fixed mealtimes, a grounding morning routine or a regular nighttime winddown period. Establishing these routines can provide structure and help reduce feelings of uncertainty. Setting boundaries is another important form of self-care. This may involve learning to say “no” when necessary to protect one’s time, energy and mental well-being. Taking intentional breaks throughout the day can also give the mind and body an opportunity to reset. A few minutes of breathing exercises, light stretching or quiet reflection may help ease tension and prevent stress from becoming overwhelming. Simplifying daily routines can likewise reduce decision fatigue and conserve mental energy for more important responsibilities. According to Dr. Antonio, functionality is an important factor in distinguishing everyday stress from a condition that may require professional attention. “Normal stress usually improves with rest, but if it persists for days, weeks or even months, even with rest and support, and it starts to impair functionality, then it might be good to seek help,” says Dr. Antonio.

Reframing anxiety

ADULTS in their 40s and 50s may experience anxiety arising from a combination of hormonal changes, such as those associated with perimenopause, as well as career demands, financial responsibilities and the pressures of caring for children and aging parents. Midlife may also prompt deeper questions about meaning, purpose and personal fulfillment. At this stage, many individuals seek a sense of accomplishment through their careers, families or contributions to their communities. Those who feel they are no longer growing or making a meaningful contribution may experience dissatisfaction or a sense of emptiness. Rather than immediately viewing anxiety as an enemy, Dr. Antonio suggests approaching it with curiosity and considering what it may be communicating. “Anxiety can actually be a signal of different things. It can be the mind’s way of saying that it already needs rest or sometimes clarity,” says Dr. Antonio. “We can reframe the way we look at anxiety by asking ourselves what the anxiety might be trying to protect us from. This curiosity, when entertained, can help us look at anxiety as a source of information rather than an enemy,” he continues. Recognizing possible sources of anxiety may help individuals better understand their needs and determine whether they require rest, support, clearer boundaries or professional guidance.

Practicing mindfulness

MINDFULNESS can be incorporated into even the busiest schedules through simple grounding practices. One accessible technique, according

to Dr. Antonio, is a structured breathing exercise: inhaling through the nose for four seconds, holding the breath for five seconds and slowly exhaling through the mouth for six seconds. Focusing on the breath may help calm the body and bring attention back to the present moment. For physical tension, progressive muscle relaxation involves slowly tensing and then releasing different muscle groups. This practice can help individuals become more aware of where they hold tension and encourage physical relaxation. Dr. Antonio also recommends sensory grounding as a useful tool during periods of heightened stress. The 5-4-3 method involves identifying five things one can see, four things one can feel and three things one can hear. By focusing on immediate sensory experiences, individuals can redirect their attention to the present. Mindful walking offers another simple way to incorporate movement and awareness into daily life. This involves taking a short walk while paying close attention to one’s surroundings, breathing and the physical sensations of the body in motion. Midlife brings significant changes and challenges, but it can also offer opportunities for reflection, growth and renewal. By establishing healthy routines, setting boundaries, understanding the signals behind anxiety and practicing mindfulness, adults can better navigate this stage with greater balance and self-awareness. Rather than viewing midlife as an inevitable crisis, Filipinos can embrace it as a new chapter—one marked by renewed vitality, deeper purpose and a stronger commitment to well-being.

PGH, Asian Hospital partnership speeds up breast cancer care for patients

ATIENTS with breast cancer referred by the Philippine General Hospital (PGH) can now access faster surgical treatment through a partnership with Asian Hospital and Medical Center, helping reduce long waiting times that can delay critical care. The collaboration aims to provide eligible patients with timely access to surgery through PhilHealth and government-backed assistance programs, ensuring that financial constraints do not become barriers to treatment. By streamlining referrals from diagnosis to surgery and extending support through post-operative care, the initiative seeks to address one of the most difficult realities cancer patients face: waiting. In breast cancer care, timing is not just clinical—it is deeply personal. For many patients, weeks or even months spent in surgical queues can bring not only uncertainty but also fear that their condition may worsen before treatment becomes available. “It’s really heartwarming, you know. This feels like a feel-good project for us,” said Dr. Gerardo Legaspi, PGH Director, describing the partnership’s impact on patients who need urgent care. Dr. Beaver Tamesis, President and CEO of Asian Hospital and Medical Center, said the collaboration reflects a shared commitment to making quality healthcare more accessible. “This partnership reflects our commit-

ment to making Asian Hospital accessible for all while staying true to our promise of delivering compassionate, world-class care to every Filipino patient,” he said.

Reducing the burden of waiting

FOR Jovy Vega, 45, who was diagnosed with Stage 2B breast cancer, the partnership brought relief during a period marked by uncertainty. “Nakapila na po ako nun sa PGH kaya worried ako at ayoko tumagal. Tapos ayun nung sinabi sa akin na Asian Hospital. [I was already in line at PGH, so I was worried and didn’t want to wait any longer. Then I was told that it would be at Asian Hospital],” she shared. Others feared that delays could affect their condition. “Nagulat po ako na nagpapasalamat din kasi takot na rin po ako na baka lumala pa. Kasi lumalaki na talaga siya. [I was surprised and grateful because I was also afraid that it might get worse. The lump was really growing],” said Julie Ann Abuyog Portes, 37, who was likewise diagnosed with Stage 2B breast cancer. Their experiences underscore a reality faced by many cancer patients: every week of waiting can feel significant when treatment cannot come soon enough.

When hope becomes real

SEVERAL patients admitted that they initially

found the opportunity difficult to believe. “Yung ganung feeling po masaya na natatakot kasi nga po too good to be true na zero balance po talaga. Magaling po si Lord, ginamit niya po kayo kaya maraming salamat po talaga [It was a happy but frightening feeling because it seemed too good to be true that it would really be zero balance. God is good, and He used you as instruments, so thank you very much],” said Maria Dolores Geagoni, 36, who is undergoing treatment for Stage 3A breast cancer. For April Visaya Flores, 31, who was diagnosed with Stage 3C breast cancer, the news brought immediate reassurance. “Yung kaba ko parang napanatag na ako— ay, puwede na ako maoperahan. Yung sa Asian Hospital, sabi ko ang swerte ko naman. [My fears eased because I realized I could finally have the surgery. When I learned it would be at Asian Hospital, I felt very fortunate],” she said. Concepcion Carpio Mulinyawe, 36, diagnosed with Stage 2 breast cancer, expressed gratitude for receiving care in a private hospital setting. “Sobrang pasasalamat ko po kasi alam naman natin na private ang Asian Hospital. Kaya sobrang pasasalamat ko po kay Lord at sa mga naging instrument. [I am very grateful because we know that Asian Hospital is a private hospital. I thank God and everyone who became instruments in making this possible],” she said.

Care beyond treatment

BEYOND access to surgery, patients consistently highlighted the compassion they experienced throughout their care journey. “Sobrang bait po ng mga doctor, mga nurses. Sobrang comfort po ng lahat ng mga doctors dito. Wala po akong masabi sa experience ko dito kundi 100 percent po talaga. Satisfied po talaga ako. [The doctors and nurses are very kind. The doctors made me feel comfortable. I can honestly say that I am 100 percent satisfied with my experience here],” Geagoni shared. For many patients, reassurance from healthcare workers, clear communication, and compassionate support became just as meaningful as the treatment itself. The partnership between PGH and Asian Hospital demonstrates how collaboration between public and private healthcare institutions can help bridge gaps in access to care. By reducing treatment delays and accelerating access to surgery, the initiative offers breast cancer patients something invaluable: the chance to receive care when they need it most. As healthcare providers continue working together to address patient needs, the collaboration serves as a reminder that timely intervention can do more than improve outcomes—it can restore confidence, relieve uncertainty, and give patients renewed hope for the future.

European company expands PHL presence with molecular diagnostics experience lab

By Rizal Raoul S. Reyes

ETHERLANDS-based biotechnology company QIAGEN is expanding its footprint in the Philippines to address the country’s growing demand for advanced molecular diagnostics and laboratory automation as healthcare providers, research institutions and industries increasingly adopt precision testing technologies. The global provider of “Sample to Insight” solutions has entered into a new distribution partnership with Hamburg Trading Corporation, marked by the launch of the QIAGEN Experience Lab, the company’s first dedicated demonstration and training

facility in the Philippines. Eric Goh, head of Commercial Operations for Southeast Asia at QIAGEN, said the investment will give Filipino laboratories and researchers direct access to the company’s molecular diagnostic technologies, which are used in disease detection, cancer research, pharmaceutical development, food safety, veterinary medicine and agricultural testing. He said the expansion is timely as the Philippines continues to strengthen its laboratory capabilities following the Covid-19 pandemic. Molecular testing has become an increasingly important tool for diagnosing infectious diseases, supporting precision medicine and ac-

celerating scientific research. “The Philippines represents a critical market for QIAGEN’s life sciences business, with strong potential across healthcare, academic research and applied testing,” Goh said.

Automation platforms

THE Experience Lab showcases QIAGEN’s latest laboratory automation platforms, including the QIAsprint Connect, QIAcube Connect and QIAcuity Digital PCR System. The facility will allow laboratories to evaluate advanced testing technologies and workflows before making investment decisions. Beyond product demonstrations, the fa-

cility will serve as a training and knowledge center where Filipino scientists, laboratory personnel and researchers can participate in hands-on workshops and technical seminars aimed at strengthening local expertise in molecular diagnostics. “Beyond serving as a supplier, we are partnering with Hamburg Trading Corp. to transform this facility into a vibrant learning hub that empowers the next generation of Filipino scientists through hands-on seminars and real-world expertise,” Goh said. “This milestone marks a crucial step in our long-term commitment to the Philippines and the broader Southeast Asian market,” he added.

PARENTS Against Vape (PAV), in partnership with the School Parents-Teachers Association (SPTA) Federation District conducted Community MPOWERment Sessions at Justice Cecilia Muñoz Palma (Amlac) Senior High School and Bagong Silangan High School in Quezon City.

QC communities unite to protect youth from smoking, vaping By Claudeth Mocon-Ciriaco

ARENTS, schools and community organizations across Quezon City have joined forces to support the proposed Quezon Cit y Comprehensive Smoke-Free and Vape-Free Ordinance, a measure seeking to strengthen protections for children and young people from the harms of smoking, vaping and nicotine products. The proposed ordinance aims to strengthen regulations on the use, sale, distribution and promotion of tobacco and vape products while expanding smoke-free and vape-free environments throughout the city. Advocates say stronger safeguards are needed to protect the public, particularly children and young people, from nicotine addiction and the health risks associated with smoking and vaping. As part of its continuing campaign to build public support for the measure, Parents Against Vape (PAV), in partnership with the School ParentsTeachers Association (SPTA) Federation District 2, led by Lanie Ternola and its officers, recently conducted Community MPOWERment Sessions at Justice Cecilia Muñoz Palma (Amlac) Senior High School and Bagong Silangan High School. Held in observance of No Smoking Month, the sessions brought together parents and community leaders to discuss the health risks associated with smoking and vaping, existing smoke-free laws, and ways communities can support the proposed ordinance to better protect children and young people. According to Rolando Ian Mallare, president of the SPTA of Justice Cecilia Muñoz Palma (Amlac) Senior High School, parents play a vital role in building healthier communities

for children. “As parents, we want our children to grow up in safe, healthy, smokefree and vape-free communities. We believe this proposed ordinance will better protect our learners from the dangers of smoking and vaping and help secure a healthier future for them,” Mallare said. “Strong local ordinances are essential to protecting children’s health. The proposed Quezon City ordinance is an important step toward creating healthier, smoke-free and vape-free communities,” said Atty. Sabrina Dayao, senior policy associate at ImagineLaw. According to PAV, the recently concluded Community MPOWERment Sessions mark the beginning of a broader community engagement campaign in Quezon City. In the coming months, the initiative will be expanded to all districts across the city to engage more parents, schools, barangay officials, youth leaders and other stakeholders in supporting the proposed ordinance. “Every child deserves to grow up in a smoke-free and vape-free community. We hope the proposed Quezon City ordinance will inspire stronger local action while reinforcing our call for the passage of the Smoke-Free and Vape-Free Environment Bill (HB 9603) and a National Total Vape Ban to better protect Filipino children,” said Judy Delos Reyes, project leader of PAV. PAV continues to advocate for the passage of HB 9603 and a National Total Vape Ban, maintaining that stronger local and national policies are essential to protecting children from nicotine addiction, preventing youth vaping and creating healthier, smoke-free and vape-free communities across the Philippines.

Enfagrow’s ‘The Brilliant Hour’ digibook promotes curiosity, intelligence, quality time

By Patrick Villanueva

CHILD’S formative years lay the foundation for cognitive, emotional and social development. During this important stage, parents and guardians play a vital role in creating an environment where children feel supported, engaged and encouraged to learn. Beyond providing for a child’s everyday needs, parents can help nurture development through meaningful interactions. Playing together, sharing stories, asking questions and exploring new ideas can turn ordinary moments into opportunities for learning and connection. Quality time is not simply measured by the number of hours parents spend with their children. What matters is how those moments encourage curiosity, strengthen relationships and support intellectual, social and emotional growth.

Meaningful connection

This is the idea behind Enfagrow’s “The Brilliant Hour” initiative, which encourages parents to devote at least an hour to meaningfully connect with their children through fun and interactive activities. These shared experiences are designed not only to entertain but also to encourage learning and help children better understand the world around them. Actress and mom Iza Calzado shared how the initiative reflects a parenting practice that she and her husband, Ben Wintle, already value. “This is a great initiative because earlier on in our parenting journey, Ben and I attended

a parenting workshop. One of the things we were taught was ‘special time.’ Actually, the recommendation then was 10 minutes per child per parent, but you have to label it,” Calzado said. “So when I saw this ‘Brilliant Hour,’ I understood it right away. It affirmed something we already believe in. And that is spending quality time with your children, having that meaningful connection and, more so, learning together,” she added.

Digital book

At the heart of the initiative is “The Brilliant Hour,” a three-volume digital book series featuring fun, interactive and memorable activities that parents and guardians can enjoy with their children. The digibook presents different scenarios and activities designed to encourage critical thinking, creativity and emotional awareness. Parents and guardians are encouraged to guide their children through the activities, helping them understand concepts such as empathy and discipline while nurturing their natural curiosity. Through shared learning experiences, “The Brilliant Hour” aims to help families make their time together more meaningful while creating opportunities for children to think, imagine, express themselves and learn. Parents and guardians may access “The Brilliant Hour” through the Club Mama website. This version is more concise, introduces the initiative earlier, and softens some of the statements about parenting while retaining the article’s developmental angle.

Envoys&Expats BusinessMirror

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Thursday, July 16, 2026

THE ARBITRAL AWARD ANNIVERSARY ABROAD

Phil. Embassy-Washington, D.C. hosts reception as it affirms PHL’s commitment to rule of law

MBASSADOR to the United States Jose Manuel Romualdez declared the Philippines’ staunch commitment to a rulesbased order where “right is might” at a reception marking the 10th anniversary of the historic 2016 Arbitral Award on the South China Sea (SCS). As special guests, Dr. Jay Batongbacal of the University of the Philippines (UP) and Dr. Charmaine Misalucha-Willoughby of De La Salle University (DLSU) provided insights on the award during the reception. The professors were scheduled to attend as resource speakers for the Center for Strategic and International

Studies’ event in Washington, D.C. “It reminds us that international law derives…strength not from force or coercion, but from the collective resolve of nations to uphold and respect it,” Romualdez said in his keynote. “It reminds us that the true measure of a rules-based order is not whether it is convenient, but whether it is de-

DE LA SALLE UNIVERSITY’S Prof. Charmaine Misalucha-Willoughby (from left), Assistant Secretary Michael George DeSombre, Ambassador Jose Manuel Romualdez and Dr. Jay Batongbacal of the UP Institute for Marine and Law of the Sea.

fended precisely when it is challenged and when it is applied to all or to no one at all. I believe all of us here are like-minded in that belief.” Assistant Secretary of State for East Asian and Pacific Affairs Michael

George DeSombre, who served as a special guest during the reception, maintained that the arbitral award remains the most authoritative basis for peacefully resolving disputes in the SCS, and emphasized the key role

of the Philippines-US alliance in promoting regional stability: “Together, we are working to safeguard maritime security…and promote a free and open Indo-Pacific. Highlighting the importance of the Arbitral Award is a testament to our shared interests and vision for the Indo-Pacific.” As director of the UP Institute for Maritime Affairs and Law of the Sea, Dr. Batongbacal said that the arbitral ruling has galvanized the Philippine national response to issues in the SCS amid immense challenges: “Our people have never been so united around a single foreign policy issue. The arbitration has become a catalyst for national awareness and national unity, and that shows us the power of this ideal that ‘right is might.’” For her part, Dr. Misalucha-Willoughby, who is the associate professor at DLSU’s Department of International Studies, noted that while the arbitral award was a legal and moral

victory, upholding the rule of law is an ongoing endeavor: “It bears repeating that in a world of great powers, international law remains a critical tool that small and medium powers like the Philippines can use to protect and advance their national interests.” The associate professor added that “it is up to us to continue upholding rules and norms that ensure the functions of international relations.” The arbitral award on the South China Sea, issued on July 12, 2016 by the Permanent Court of Arbitration in The Hague, unanimously ruled in favor of the Philippines in invalidating the sweeping claims over the disputed waters and affirming the country’s maritime entitlements therein in accordance with international law. The Philippines commemorated the ruling’s 10th anniversary this year under the theme “A Decade Hence: The Enduring Promise of Peaceful Dispute Settlement.”

Embassy-Doha holds flag-raising Phil. Embassy-Athens marks arbitral ruling anniversary Phil. rites recalling arbitral award’s 10th year

HE Philippine Embassy in Athens, led by Ambassador Giovanni E. Palec, joined the nationwide commemoration of the 2016 South China Sea Arbitral Award’s 10th anniversary during its flag-raising ceremony on July 6, 2026. Palec read the message of Secretary Eduardo SL Oban Jr., who is the National Security adviser and National Task Force on the West Philippine Sea (WPS) chair. It highlighted the award’s significance in reaffirming the Philippines’ maritime rights and entitlements in the disputed waters. It also cited the service, sacrifice and resilience of the country’s uniformed personnel, public servants, fisherfolk, coastal

EMBASSY officials led by Ambassador Palec (fifth from left)

communities and every Filipino in the collective effort to protect the Philippines’ maritime interests. The ambassador emphasized the importance of upholding and defending the sovereignty of the country in the WPS on the basis of international law and through peaceful means. The arbitral award is a legal and binding decision that has reaffirmed the Philippines’ historic rights and maritime entitlements in the South China Sea under the United Nations Convention on the Law of the Sea or Unclos. The award holds international significance as it reinforces the rule of law as the strongest foundation for peaceful settlement of disputes among nations.

Is Scarborough fair? Bajo de Masinloc still a litmus test for the rule of law By Edwin S. Estrada

ECENT news of a Chinese research vessel towing, according to Philippine authorities, a movable platform out and back into Scarborough Shoal (Bajo de Masinloc) should be a cause for alarm for Filipinos. The scenario brings back memories of the Mischief Reef incident more than three decades ago, when China surprised the Philippines with what analysts viewed as a creeping occupation of Mischief Reef (Panganiban Reef)—one of the natural features lying within the Philippine-claimed Kalayaan Island Group in the Spratlys. The Chinese initially built tentative structures on stilts, supposedly as temporary shelters for its fishermen during the monsoon season in the South China Sea (SCS). It eventually became clear that the Chinese have decided to stay in Mischief for good. Permanent structures later fortified the reef and have now been heavily militarized. What makes the Bajo de Masinloc case different from Panganiban Reef and altogether worrying is its proximity to the Philippine island of Luzon. Since China now controls the area, this presents a strategic nightmare to the Marcos Jr. administration. Should China fully fortify Bajo de Masinloc, it would gain a military advantage over the Philippines; in the event of a military conflict between the two neighbors (God forbid!), it would severely compromise the country’s territorial defense.

THE author (second from left) exploring the area in the early 2000s

Multilateral approach

SCARBOROUGH SHOAL has been a traditional fishing ground for Filipino fishermen due to its abundant living marine resources. Unfortunately, food security and livelihood of the fishermen have been gravely affected by Chinese-imposed restrictions in the area. With China still occupying Bajo de Masinloc, the Philippines would do well to go back to the drawing board and rethink past strategies in defending its claims in the SCS. While a modernized military could significantly enhance the efficiency of the Philippines’ surveillance mechanisms to minimize, if not prevent, further intrusions by foreigners into the country’s maritime territory, modernization takes time and requires substantial financial resources. The Philippines has resorted to various non-military approaches, including promoting its legal victory in the arbitral tribunal case it

filed against China, and utilizing a multilateral approach involving the establishment of a Code of Conduct through Asean. It seems determined to win by promoting the rule of law, particularly the United Nations Convention on the Law of the Sea or Unclos. The question is, are these measures working? If supporters say yes, we will benefit from it, then how? And when?

Actions over discourse

TEN years have passed since the Philippines won its case against China before the Permanent Court of Arbitration. However, it seems the country of more than 7,000 islands still longs to enjoy the fruits of its labor: Filipinos are still barred from freely fishing in the area, and law enforcement authorities, media, and marine researchers traveling to Bajo de Masinloc still experience intimidation, even violence.

The Philippines may have won the legal battle over the highly contested shoal, but it may eventually lose the war for territory. One view of international law presupposes that its value lies in its application through concrete actions; otherwise, it becomes a trivial discourse on human aspirations for world order. It remains to be seen whether promoting the rule of law would lead to a peaceful resolution of the disputes between China and the Philippines and pave the way for a lasting solution to the Scarborough Shoal quandary. This is the litmus test of the rule of law in the SCS. Pacta sunt servanda. Arguably, this is the oldest principle in international law. Treaties must be entered into in good faith. All self-respecting nations must abide by it. Ultimately, its true measure is not found in the hallowed halls of tribunals, but in whether Filipino fishermen could freely return to Bajo de Masinloc and exercise their maritime rights without fear or intimidation. (Assistant Professor Edwin S. Estrada is a national security analyst and teaches international relations courses at the School of Diplomacy and Governance of De La Salle-College of Saint Benilde. A University of the Philippines alumnus, he earned a Master in National Security Administration at the National Defense College of the Philippines, earning a Gold Medal in Academic Excellence. He also has a diploma in Oceans Law and Policy from the Rhodes Academy of Oceans Law and Policy. He went to Bajo de Masinloc in the early 2000s as part of a fact-finding team.)

HE Philippine Embassy of the State of Qatar joined Philippine diplomatic missions around the world in a simultaneous flag-raising activity on July 6 in commemoration of the 10th anniversary of the issuance of the award in the case of Philippines v. China, also known as the “South China Sea Arbitration.” The award was rendered by the Arbitral Tribunal constituted under Annex VII of the United Nations Convention on the Law of the Sea or Unclos. This landmark ruling constitutes a definitive legal articulation of the limits of the maritime entitlements of states. It also declared as without legal effect claims that exceed geographic and substantive limits of entitlements under Unclos. Ambassador Mardomel Celo D. Melicor said that, along with the convention, the 2016 Arbitral Award “serves as a sound basis for everything we do: from commercial and military activities over our waters to our marine scientific and cultural endeavors.” “Indeed,” Melicor said, “the 2016

AMBASSADOR Mardomel Celo D. Melicor

Arbitral Award permeates our collective experience as a maritime and archipelagic nation.” The ambassador also echoed the statement issued by Secretary Eduard SL Oban Jr., National Security adviser and chair of the National Task Force for the West Philippine Sea, that the 2016 Arbitral Award is a reaffirmation of the fact that “maritime rights and entitlements are determined by law, not by power or coercion.”

Phil. Embassy-Dhaka commemorates first decade of 2016 arbitral ruling

EMBASSY officials led by Ambassador Nina P. Cainglet (above photo, second row, center) PE-DHAKA

MBASSADOR Nina P. Cainglet led the flag-raising ceremony on July 6 to mark the 10th anniversary of the 2016 Arbitral Award on the South China Sea. There, she echoed Secretary Eduardo SL Oban Jr., who is the National Security adviser and chair of the National Task Force for the West Philippine Sea or NTF-WPS, which emphasized that maritime rights and entitlements are determined by law. Oban’s statement further under-

scored that the ruling was issued pursuant to the United Nations Convention on the Law of the Sea, and that the award is “final and legally binding and remains a lasting affirmation of the rule of law in the maritime domain.” In closing, the ambassador recognized the unwavering commitment of uniformed personnel, public servants, fisherfolk, coastal communities, and every Filipino who contributes to protecting the Philippines’ maritime interests.

Thursday, July 16, 2026

AstreaBlue Intelligence Inc. marks launch with office opening, blessing

LANDBANK strengthens partnerships A to support Batangas growth

ANDBANK is scaling up its support for Batangas’ continued transformation into a key economic hub, expanding its financing for high-impact infrastructure, renewable energy, and education projects through strategic engagements with local stakeholders. “Batangas remains a major driver of economic growth. Through our partnerships with local governments, the academe, and the private sector, LANDBANK delivers responsive financial solutions that advance development priorities and promote inclusive, sustainable growth,” said LANDBANK President and CEO Lynette V. Ortiz. As part of these efforts, LANDBANK engaged Citicore Renewable Energy Corporation (CREC), led by Chairman Edgar B. Saavedra and President & CEO Oliver Y. Tan, and represented by its Chief Financial Officer Ma. Lucia L. Roderos, to explore financing for largescale renewable energy projects. This initiative aligns with CREC’s target of

delivering 5 gigawatts (GW) of renewable energy capacity within five years, supporting the Department of Energy’s goal to achieve a 50 percent clean energy mix by 2040. The Bank is also reinforcing its collaboration with the City Government of Calaca, led by Mayor Sofronio “Nas” C. Ona Jr., to back priority infrastructure and urban development projects aimed at boosting economic activity, tourism, and public services. To improve local accessibility, LANDBANK is set to establish a new phygital branch in Calaca, blending physical and digital banking services for a more seamless customer experience.

Additionally, LANDBANK partnered with First Asia Institute of Technology and Humanities (FAITH) Colleges, led by Chairman and President Dr. Brian Vincent L. Belen, to fund its institutional expansion. The financing will support the construction of new academic facilities and provide additional working capital to meet the growing student population. Through these combined initiatives, LANDBANK reaffirms its commitment to delivering tailored financial solutions, spanning project financing, digital banking, and public-private partnerships, to accelerate investments and sustain Batangas’ long-term growth.

STREABLUE Intelligence Inc., a software development company dedicated to delivering innovative, reliable, and scalable digital solutions, officially celebrated the opening and blessing of its new office located at the 20F Philippine AXA Life Centre, Sen. Gil Puyat Avenue, Makati City. The milestone event marked a significant step forward in AstreaBlue’s mission to empower organizations by transforming traditional business processes into intelligent, automated, and efficient systems that support productivity, operational excellence, and sustainable growth in today’s rapidly evolving digital landscape. AstreaBlue Intelligence Inc. specializes in developing technology solutions designed to address the evolving needs of modern businesses and organizations. Its suite of solutions includes Accounting System, Payroll System, E-Invoicing System, Point of Sale (POS) System, Human Resource Information System (HRIS), Inventory Management System, and Enrollment Grading System, helping businesses streamline operations, improve decision-making, and embrace digital transformation. The opening ceremony was attended by AstreaBlue Directors Racquel Villarante, Michelle Estrologo, Danjilou Acosta, Mary Ann Duguran, Jade Jordan, and Demetrio Barrietta, together with Alas Oplas & Co., CPAs Chairman Donnies Alas. Clients, guests, and friends of the company also joined the celebration to witness this important milestone and extend their support as AstreaBlue begins its journey toward continued growth and innovation. The office blessing was led by Reverend Father Ogie Orpiada, who offered prayers and blessings for the company, its leaders, and its future endeavors.

The establishment of AstreaBlue Intelligence Inc. reflects its vision of becoming a trusted technology partner that provides businesses with practical and forwardthinking solutions. Through continuous innovation and a commitment to excellence, AstreaBlue aims to help organizations navigate the digital era with smarter systems, improved processes, and technology-driven opportunities for growth. “This new chapter represents our commitment to creating solutions that do more than automate processes—they empower businesses to become more efficient, adaptable, and ready for the future,” Estrologo shared during the milestone celebration. With its new office and expanding digital capabilities, AstreaBlue Intelligence Inc. continues to pursue its goal of delivering transformative technology solutions that create meaningful impact for businesses and communities.

PHL dengue experts contribute in leading regional call for stronger collaboration at 9th ASIA Dengue Summit 2026

N conjunction with ASEAN Dengue Day 2026, regional leaders, policymakers, scientists, public health partners and advocacy groups gathered in Singapore at the Asia Dengue Summit to advance cross-border collaboration on dengue and other Aedes-borne diseases, with contributions from Philippine experts Dr. Rose Capeding and Dr. Lulu Bravo, who highlighted the Philippines Medical Associations leadership in dengue advocacy, research, and scientific exchange. The meeting brought together scientists, clinicians, dengue experts, local leaders and stakeholders from the Philippines, Malaysia, Indonesia, Singapore, Thailand, Vietnam and other partner countries to support a regional platform for on-going dialogue, knowledge exchange, and policy coordination. The initiative was designed to connect advocacy groups, public health professionals, researchers, healthcare stakeholders, and funding partners to advance dengue prevention and response across Asia. It also shares best practices, address emerging challenges, and strengthen a united regional voice. A key milestone of the gathering was the Memorandum Of Understanding (MOU) announcement among the founding regional partners: Asia Dengue Voice G Action Group (ADVA), Dengue Prevention Advocacy Malaysia (DPAM), Empowering Networks to Defeat Dengue (E.N.D. Dengue Coalition, Philippines), Koalisi Bersama Lawan Dengue (Joint Coalition Against Dengue – KOBAR, Indonesia), the Singapore Dengue Alliance, and the International Society for Neglected Tropical Diseases (ISNTD). The announcement reflects a shared commitment to deepen collaboration across Southeast Asia and build stronger regional cooperation on dengue prevention, control and advocacy.

Speakers emphasized the importance of learning from each country’s strengths and approaches. Program examples included multi-stakeholder communications and engagement in the Philippines involving media, academe, medical societies, and other partners; policy engagement in Malaysia and Indonesia; and technologyenabled awareness campaigns in Singapore. These country experiences underscored the value of regional cooperation in strengthening advocacy, prevention, and response efforts. Philippine expertise was especially visible throughout the program. Dr. Rose Capeding served as moderator for “Symposium 7: Emerging challenges in dengue management,” guiding the discussion on some of the most pressing clinical and scientific issues in dengue care. Dr. Capeding said the session reflected the urgent need to strengthen collaboration across countries and disciplines to improve dengue outcomes. She added that bringing together clinical, scientific and public health perspectives was essential to advancing more effective management of dengue in the region. The symposium featured presentations by Neelika Malavige of Jayewardenepura University, Sri Lanka who spoke on “Dengue and obesity;” Nguyen Lam Vuong of OUCRU, Vietnam on the topic “Novel biomarkers for severe dengue prediction;” Wee Liang En Ian, SGH, Singapore on “Post-acute burden of dengue;” and Ho Ǫuang Chanh of OUCRU, Vietnam who spoke on “Real-time continuous clinical monitoring for dengue.” The session highlighted the need for better understanding of dengue severity, patient burden, and real-time clinical monitoring, reinforcing the importance of collaboration across research and healthcare networks in the region. In another featured program, Dr. Bravo moderated “ADVA Educational Symposium 1: Innovations for Aedes-borne disease control,” supported by Bavarian Nordic and the World Mosquito Program. The symposium, showcased major advances in vector control and disease prevention, with presentations by Jue Tao Lim of NTU, Singapore on “Global evidence base for vector control; Bekti Andari on “Updates from World Mosquito Program;” and Tsin Wen Yeo, NTU, Singapore on “Updates on Chikungunya.” This session emphasized the growing importance of evidence-based vector control strategies, global implementation updates, and continued attention to chikungunya as a major Aedes-borne disease of concern. Organizers said the platform is intended to support policy dialogue, prevention and control efforts, and coordinated planning among public health, research, healthcare, and funding partners. The event also symbolized the passing of the torch to future host locations, as the collaboration continues to expand globally. The program concluded with appreciation for all speakers, participants, and supporters who contributed to the successful convening and continued development of this regional effort.

PCOS is now PMOS, a better reflection of women’s health risks

COS (Polycystic Ovary Syndrome), a common condition affecting an estimated one in eight women of reproductive age worldwide and 4.5 million Filipino women has a new name. Its former name often led many people to understand it as merely an ovarian cyst condition, even though some women with PCOS may not have ovarian cysts at all. Recently, PCOS has been proposed by the global health community to be renamed PMOS, short for Polyendocrine Metabolic Ovarian Syndrome, to provide a more comprehensive description of the condition. This is because PCOS is not only related to ovarian cysts or the reproductive system, but is also linked to hormones, metabolism, weight, and long-term health. The key point of the new name is to encourage women to view this condition more holistically, particularly insulin resistance, which may increase the risk of obesity, prediabetes, type 2 diabetes, and other non-communicable diseases, or NCDs, such as cardiovascular disease. This is especially true for obesity, with more than half (52.06 percent) of Filipino women in a recent PCOS research are classified

as obese, reporting weight gain (66.15 percent) as a major symptom. PMOS is therefore not a “new disease,” but a name that helps describe the condition more in line with reality. Possible symptoms include irregular menstrual periods, acne, excessive hair growth, thinning hair, easy weight gain, infertility, or, in some cases, no obvious symptoms in the early stage. Every woman should therefore be aware that obesity and diabetes may be closer than they think. The risk can begin as early as adolescence, reproductive age, or working age, even while living a normal daily life without realizing it. Zuellig Pharma, one of the leading healthcare solutions providers in Asia, recognizes the importance of raising awareness of PMOS as part of women’s health. This aims to improve the quality of life of all women living with the condition by encouraging them to pay attention to signals from their bodies and observe changes in their menstrual cycle, weight, and skin, so they can seek screening for PMOS, diabetes, and obesity. Early screening can increase the opportunity to choose an appropriate treatment

approach and help reduce the future cost burden of non-communicable diseases that may arise. The five signs that women should look out for if they suspect PMOS and metabolic risk are: Irregular menstrual periods, such as absent periods, periods that occur infrequently or too frequently, unusually heavy periods, or unpredictable menstrual cycles. Abnormal blood sugar levels or already living with type 1 or type 2 diabetes. Excessive hair growth on the face, chest, abdomen, or upper thighs. Severe acne, persistent acne after adolescence, or acne that does not improve with usual treatments. Snoring, waking up unrefreshed, daytime sleepiness, or unusual fatigue. Women experiencing any of these symptoms are encouraged to consult their healthcare provider for a proper evaluation. Early screening and diagnosis are key to managing the condition effectively and reducing the long-term risk of related health issues like diabetes and cardiovascular disease.

Finestra’s Italian Wine Dining Experience and the Wine Cellar at Finestra, Solaire Resort Quezon City.

Solaire Resort’s Finestra garners dual Wine Spectator Awards in 2026

OLAIRE Resort continues to redefine world-class dining in the Philippines as both Finestra restaurants at Solaire Resort Entertainment City and Solaire Resort Quezon City have been awarded the prestigious “Best of Award of Excellence” by Wine Spectator Magazine, one of the world’s most influential authorities on wine. The accolades are made even more remarkable by the scale and depth of Finestra’s wine program. With 670 wine labels, Finestra at Solaire Resort Entertainment City boasts the largest wine collection in the Philippines, while Finestra at Solaire Resort Quezon City follows with an impressive 395 labels, making both restaurants home to two of the country’s most extensive cellars. Beyond the size of its collection, Finestra at Solaire Resort Entertainment City also distinguished itself as the only restaurant in the Philippines to receive Wine Spectator’s coveted “$$$” designation, reserved exclusively for wine programs featuring a selection of rare, collectible, and ultra-premium labels, including an extensive offering of wines priced above USD100. Finestra at Solaire Resort Quezon City likewise earned a strong “$$” designation, reflecting the breadth and diversity of its expertly curated wine list. Presented annually, the Best of Award of Excellence recognizes restaurants that demonstrate an outstanding commitment to wine through extensive wine lists, exceptional service, staff education, and curated wine experiences. Their cellars typically feature 350 or more selections from leading

producers with strong regional and vintage diversity. Solaire Resort Entertainment City is on its third consecutive year earning the distinguished award, while its Quezon City counterpart is on its second year. “Receiving this recognition for both Finestra restaurants is a testament to the passion, expertise, and dedication of our entire team,” said Daniel Blais, Director of Beverage. “Our vision has always been to create wine programs that rival the world’s finest dining destinations, offering guests not only exceptional labels, but meaningful wine experiences that elevate every meal.” From iconic Old World vintages and celebrated New World producers to rare collector’s bottles, Finestra’s award-winning cellars have become a defining feature of the Solaire Resort signature dining experience. These latest accolades further reinforce Solaire Resort’s pursuit of culinary excellence, cementing Finestra as one of the Philippines’ premier destinations for discerning diners, collectors, and wine enthusiasts alike. Discover Finestra at Solaire Resort Entertainment City and Solaire Resort Quezon City, where authentic Italian cuisine meets one of the Philippines’ most celebrated wine programs. For inquiries and reservations, call +632 8888 8888. For more information, visit https://sec.solaireresort.com/ dining/finestra and https://sn.solaireresort.com/dining/ finestra. Solaire Rewards members enjoy up to 20 percent off dining, while new members who sign up for Solaire Rewards may receive 30 percent off their first bill.

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Parentlife BusinessMirror

Editor: Gerard S. Ramos • Thursday, July 16, 2026

Childhood curiosity: Why questions are more important than answers SOME activities that sparked curiosity for my children: Meagan curious if she could prepare for her spelling contest using our window in the bedroom; Mystery Manila with their cousins; Marcus curious about the types of cheese, which he loves eating up to today; Marcus working on his Lego blocks.

O BIANCA UMALI joins the global call for safe water through the 2026 World Vision 6K Global Marathon PHOTO FROM MINJEONG KIM OF MARKET ECONOMY NEWS

BIANCA UMALI CHAMPIONS CLEAN WATER AT 2026 WORLD VISION 6K GLOBAL MARATHON IN SOUTH KOREA

ACCESS to clean water remains a longstanding challenge in many parts of the Philippines. For children, limited access to safe water affects nearly every aspect of their lives—from their health and education to their future opportunities. To help raise awareness about this pressing issue, GMA actress and World Vision ambassador Bianca Umali recently traveled to Seoul, South Korea, to participate in the 2026 World Vision 6K Global Marathon, a global initiative that supports communities without reliable access to clean and safe water. “In the Philippines, many children still walk long distances every day just to access safe water, something many of us often take for granted,” Bianca shared in an Instagram post. She emphasized that the run goes beyond promoting fitness, saying, “Today, we run not only for fitness but also for awareness and, more importantly, for action. Every step we take is a reminder that together, we can help create real and lasting change in the lives of children.” This year’s Seoul event served as the flagship gathering for the campaign in Asia, bringing together World Vision ambassadors and public figures including Choi Kang-hee, Lee Se-hee, Hongjoong of ATEEZ, running influencer Won Hyung-seok, actor Park Sang-won, actress Park Soon-chan, and World Vision Chairman Jo Myung-hwan. Participants completed a symbolic six-kilometer run—the average distance many children walk each day to collect water—while taking part in advocacy activities that highlighted the daily challenges faced by communities without realiable access to clean water. The 2026 World Vision 6K Global Marathon continues to expand across Asia, engaging thousands of participants through organized, community-based, and hybrid events. Following its regional kickoff in Seoul, the campaign will continue in Busan on October 3 before making stops in Hong Kong, Singapore, Japan and Taiwan. While each location tailors the campaign to its local context, they all carry the same message: no child should have to walk long distances just to access clean and safe water. Bianca’s participation also underscores World Vision Philippines’ commitment to standing in solidarity with the global movement while bringing attention to the realities faced by Filipino children and communities. More information can be found at tinyurl.com/5y2ub4sb.

NE of the most beautiful and admittedly exhausting word in a parent’s vocabulary is “Why?” Why is the sky blue? Why do people grow old? Why do I have to share? Who invented playing cards?.... These are some of the questions I heard from my children growing up. As parents, we sometimes find ourselves answering dozens of questions. There are moments when our patience wears thin, and we are tempted to reply with a simple, “Because I said so.” Yet behind every “why” is curiosity at work. As a mother, I have learned that our children are not merely collecting information. They are making sense of the world. Every question is a sign that their minds are growing. Developmental psychologist Alison Gopnik beautifully describes young children as the “research and development department of the human species.” Like little scientists, they constantly observe, test, experiment, imagine and revise their understanding of the world. I saw this firsthand with my daughter, Meagan. Even as a toddler, she was fascinated by everything around her. Whether we were reading her favorite Wombat book together or visiting the Ayala Museum on Sundays, every experience became an opportunity to ask another question. Sometimes I did not have the answer myself. Instead of pretending to know everything, we would find out together by Googling for the answer together. My son Marcus, on the other hand, explored the world differently. While Meagan loved observing, Marcus loved experiencing. He wanted to touch, build, dismantle and figure things out with his own hands. His curiosity was not always expressed through words but through action. He reminded me that children do not all learn the same way. Some ask endless questions. Others investigate quietly. Both are equally curious. Looking back, I’m glad I never treated those countless “whys” as interruptions. They were invitations to connect, to listen, and to nurture a lifelong love for learning. Research continues to affirm what many parents instinctively know. Harvard University’s Center on the Developing Child explains that responsive conversations between adults and children—what researchers call “serve and return” interactions—help build strong brain architecture. When children ask questions and adults respond with interest and engagement, neural connections that support language, reasoning and emotional development are strengthened. Similarly, the American Academy of Pediatrics encourages parents to engage children in conversations, read together and explore new

experiences because these everyday interactions lay the foundation for lifelong learning. Curiosity is not simply a personality trait; it is a skill that can be nurtured. Unfortunately, somewhere along the way, many children stop asking questions. Sometimes they fear giving the wrong answer. Sometimes they worry about being laughed at. Sometimes adults unintentionally discourage curiosity by rushing conversations, dismissing questions, or placing too much emphasis on getting the “right” answer. As parents, perhaps our role is not to become walking encyclopedias but to become fellow explorers. Instead of immediately giving the answer, we can ask, “What do you think?” We can wonder aloud, “How can we find out?” We can search for answers together through books, conversations, experiments, or simple observations. In doing so, we teach our children something even more valuable than facts—we teach them how to think. In today’s world, information has become incredibly accessible. Artificial intelligence can answer questions within seconds. Facts are available with a few taps on a screen. But what technology cannot replace is genuine human curiosity—the ability to ask meaningful questions, connect

seemingly unrelated ideas, imagine possibilities and solve problems creatively. The Organization for Economic Co-operation and Development (OECD), through its Learning Compass, identifies curiosity as an essential competency for navigating an uncertain future. Likewise, the World Economic Forum consistently highlights analytical thinking, creativity, resilience and lifelong learning among the most sought-after skills in tomorrow’s workforce. The careers our children will one day pursue may not even exist yet. They will compete not only with one another but also alongside rapidly evolving technologies. Memorizing information will no longer be enough. The true advantage will belong to those who remain curious—those who continue learning, adapting and discovering long after they leave the classroom. Perhaps that is why we should celebrate every “why” we hear at home. The next time your child asks another seemingly endless question, pause before answering. Listen. Wonder with them. Encourage them to keep asking. Because while answers may satisfy the mind for a moment, curiosity fuels a lifetime of learning. And in the future our children are about to inherit, that may be one of the greatest gifts we can ever give them.

People have been fermenting food for millennia. Here’s why more people are focused on gut health now By Devi Shastri & Mary Conlon The Associated Press MORE people are focusing on their gut health, as fibermaxxing goes mainstream, colorectal cancer rises among young adults, and personalized gut microbiome treatments become increasingly popular. Now, a generation- and culture-spanning way of preserving food is in the spotlight: fermentation. The federal government’s latest dietary guidelines specifically encourage Americans to eat more fermented food. The foods have been further popularized by followers of Health Secretary Robert F. Kennedy Jr.’s Make America Healthy Again movement. And while other diet fads championed by MAHA have been questioned by health experts—like unproven claims about raw milk and seed oils— there’s some science behind the benefits of eating fermented foods. Fermented foods go back thousands of years in human history, to the days when we needed to keep food from spoiling but didn’t have refrigerators. Many cultures have traditional fermented foods: yogurt, kimchi, sauerkraut, South Indian idli and dosa. Dietitians and doctors say they’re a great addition to almost anyone’s diet, but they warn against new, mass-produced products. Here’s what to know:

n Not all fermented foods are made equal. Fermentation is a process by which naturally occurring microbes including bacteria and yeast break down and preserve food. The foods are a hot research topic, though many of their health benefits are already clear, experts say. “We’ve been doing this for ages and we just found out more recently that it’s actually helped our gut health,” said Dr. Lisa Ganjhu, a gastroenterologist with New York University Langone Health. Still, it doesn’t automatically mean something is healthy if it’s fermented. “Beer and wine are fermented foods, but they’re not necessarily probiotics,” she said. “If anything, they influence our own microbiome in more of a negative way.” n Fermented foods feed the gut in two main ways. The microbes in fermented foods help predigest it, breaking it down and changing the compounds available in it. The bacteria themselves also help keep the gut in balance, by competing with other bacteria—some of them less beneficial—already in your intestines. “What is it that makes the fermented foods so healthy? The answer is we’re still working on it,” said Dalia Perelman, a Stanford University research dietitian. Some fermented foods, like yogurt, give you the live probiotics while you’re eating them. Others, like sourdough bread, give you few, if any, because

they’ve been baked or otherwise processed in ways that kill the microbes. But there’s evidence that some fermented foods are beneficial even without the live microbes, Perelman said. n Beware of marketing hype. Experts warn against sodas, chocolate or other processed foods that market themselves as probiotic. Even probiotic supplements are essentially trying to replicate the combinations of beneficial bacteria that naturally grow in many fermented foods, Perelman said. “Consumers are getting excited about it and trying to choose products that are fermented and with the idea that it’s very ‘gut healthy,’ which is not a clinical definition,” she said. “And then the marketing is running with this trend.” Look for items that say “live cultures,” not just that they’re probiotic. “The best yogurt you can have is just plain, fermented milk with culture,” she said. “Let it do its business.” n Can fermented foods be risky? While the category of fermented foods is broad, experts say they’re generally safe for most people. And not just for health reasons—they also add interesting and diverse flavors to your plate. Perelman said people who have weakened immune systems and those with irritable bowl disease may want to talk to their doctors before incorporating the foods into their diet. Some people could experience different reactions depending on which type of

fermented food they’re eating. Olendzki said some people might experience bloating, gas and other discomfort when introducing more fermented foods, especially as their gut adjusts. “If you feel good, keep drinking it. You don’t feel good? Stop,” Ganjhu said. She noted that the same foods affect people differently. n Eat a diverse mix of fermented foods consistently. So which fermented food is the best? You’ll be hard-pressed to find a scientifically backed ranking that puts sauerkraut over kimchi, or tells you to eat a bowl of yogurt and call it a day. The best way to eat fermented foods is to eat lots of different kinds, and to make them a regular part of your diet, experts say. Ganjhu recommended thinking about the foods in categories, like milk-based yogurt and kefir, and fiberbased ones such as kimchi and sauerkraut. Researchers are also still exploring if it matters how much fermented foods people eat. Just like so many things with diet, the answer is likely very different person to person, experts said. “We can hedge our bets and just get a variety,” Perelman said. She suggested aiming for two servings a day. And the foods should be one part of a well-rounded diet, so the good bacteria you’re introducing to your gut have things they like to eat, like fibrous prebiotics. They feed the probiotics, which are the live bacteria themselves.

News

Thursday, July 16, 2026

www.businessmirror.com.ph

Almost half of Pinoys want stronger AFP, PCG

BOUT 45 percent of Filipinos want the Armed Forces (AFP) and the Coast Guard (PCG) strengthened to further protect the country’s rights in its vast seas, a Social Weather Stations (SWS) survey commissioned by Stratbase Institute showed. In a statement on Wednesday, Stratbase Institute said the SWS survey was conducted on June 20-29, shortly after Defense Secretary Gilberto Teodoro Jr. proposed that the country’s

Inday, ‘habagat’ fatalities increase to 26 By Jonathan L. Mayuga @jonlmayuga

HE victims of the enhanced southwest monsoon and Tropical Cyclone Inday continue to increase, with latest casualty count indicating 26 people were killed as of July 15, the National Disaster Risk Reduction and Management Council (NDRRMC) reported. The fatalities were killed either by drowning or landslide during the onslaught of Tropical Cyclone Inday and the enhanced southwest monsoon. Four of the fatalities were earlier reported as missing. In its 6:00 a.m. Situation Report released on Wednesdayon the inclement weather and Tropical Cyclone Inday, the NDRRMC said search is still ongoing for the remaining 14 persons that were reported missing in various affected areas. So far, the NDRRC said the number of affected families have gone up to 244,000 or one million individuals mostly from the Mindanao provinces of Sarangani, Lanao del Sur, Davao Occidental, Bukidnon and Zamboanga Sibugay, as well as some areas in Northern and Southern Luzon such as Benguet and Marindque. The inclement weather—a combination of the rains brought by Tropical Cyclone and the storm-heightened southwest monsoon, locally called habagat, displaced 5,000 families or 22,000 persons who continue to stay in 86 different evacuation centers. According to the NDRRMC, a total of 1,619 houses were damaged. Of these, 766 were totally damaged or destroyed, and 853 houses sustained partial damage. Damage to infrastructure was placed at P4.18 million while damage to agriculture is estimated to be worth P12.5 million, according to the NDRRMC. The government has provided P73.06 worth of assistance to the affected communities.

defense spending be raised by as much as 4 percent of its gross domestic product to improve its capability against Chinese aggression and protect the country’s maritime rights in the

West Philippine Sea (WPS). The survey asked 1,200 respondents to identify their first and second preferred measures that the Philippines should continue implementing to effectively defend its maritime rights. As a first choice, 45 percent of Filipinos supported modernizing the AFP and the PCG, making it the most preferred measure nationwide. Regional results showed broad support for military modernization, with 47 percent of respondents in Luzon choosing it as their top priority, followed by 46 percent in the National Capital Region (NCR), 44 percent in the Visayas, and 39 percent in Mindanao.

Meanwhile, 33 percent believe the government’s first priority should be reinforcing alliances and elevating partnerships through maritime cooperative activities and military exercises with allies, friends, and partners, while 22 percent favor establishing defense and security agreements with likeminded partners. This is aligned with a Stratbase-commissioned Pulse Asia survey in May that showed 86 percent of Filipinos want the government to work with like-minded nations, especially the United States, Japan, South Korea, Australia, and Canada, in defending the WPS. When respondents were asked for their second choice,

Cops eye two persons of interest in killing of American scientist

HE National Police (PNP) on Wednesday said it now has two persons of interest (POI) in the fatal shooting of an American marine scientist and the alleged sexual assault of his Filipino partner in Sibulan, Negros Oriental. Col. Timmar Alam, Negros Oriental police commander, said the 34-year-old woman, who was the partner of Kent Carpenter, 73, is considered a POI, along with her sibling, who has been frequently visiting the couple’s house. “May POI na tayo, two na ang POI...hopefully, they can help us pinpoint ang mga suspects na nakita natin [the live-in partner]. Sa ngayon she is still considered as POI and iyong isang POI ay ang kapatid noong babae. Siya ang isa sa madalas na nagoupunta doon sa bahay [We already have a POI, we have 2 POIs, but hopefully they can help us pinpoint the suspects we saw [the live-in partner]. For now, she is still considered a POI and the other POI is the woman’s brother. He is the one who often goes to the house],” Alam told reporters in Camp Crame during a phone interview on Wednesday. He clarified, however, that there is no evidence at this point linking the siblings directly to the crime. Based on initial closedcircuit television (CCTV) footage, police believe the attack may not have been meticulously planned.

“Iyong mga galawan ng mga suspects...parang hindi naman ganoon kaplanado kasi parang nasa mga 20s lang ang mga suspects. Nagkataon lang talaga, parang kung saan ang may opportunity, iyon ang papasukin nila [The suspects’ actions didn’t seem to be that planned because the suspects seem to be in their 20s. It was just a coincidence, it seemed like wherever they had the opportunity would be the one they go into],” Alam said. He said investigators noted inconsistencies in the woman’s account of the incident. The foreigner’s partner claimed she was sexually assaulted by the suspects, who also took some valuables from their home. “Unang-una, hindi naman siya sinaktan. At taga doon din siya, lokal din siya na resident doon. Doon sa claim niya na sinasabi niyang ginapos muna siya ng charger cord, tapos pinadapa siya...kini-claim niya na she was sexually assaulted. It is still under investigation kasi wala pa po na-prove [First of all, she wasn’t hurt. And she’s from there too, she’s a local resident there. In her claim, she says that she was first tied with a charger cord, then made to lie down on her stomach. She claims that she was sexually assaulted. It is still under investigation because nothing has been proven yet],” Alam said, adding that a vaginal swab examination on the woman yielded negative results.

Investigators also corrected an earlier report that suggested there had been a forcible entry into the victims’ home. Alam said the woman told investigators that she and Carpenter had been living together for about seven years. Authorities have found no indication yet that the killing was connected to the American national’s work as a marine biologist, although investigators continue to examine all possible angles, including his professional activities. Police said three men wearing bonnets and masks forcibly entered the residence of Carpenter at around 11:30 p.m. on Sunday. The suspects allegedly shot Carpenter in the head, killing him on the spot. The foreigner was a renowned marine scientist known for his research on fish biodiversity. He authored the scientific paper that identified the Verde Island Passage as the “Center of Marine Shore Fish Biodiversity.” He also served as an adjunct professor and associate researcher at Silliman University, collaborating with the Institute of Environmental and Marine Sciences and the Angelo King Center for Research and Environmental Management. Carpenter also testified at the Arbitral Tribunal on the extent of the destruction of coral reefs caused by Chinese activities in the West Philippine Sea. PNA

More families turn to Unified 911 during emergencies–DILG

HE Department of the Interior and Local Government (DILG) said more Filipinos are now turning to Unified 911 during emergencies, allowing responders to coordinate faster, reach those in need sooner, and give more families a fighting chance. The DILG emphasized that in many emergencies, the first person to save a life is a family member who stays calm and makes the call, urging the public to remain calm and make the call during a life-threatening situation to save lives. “A single call to 911 allows emergency operators to assess the situation immediately, dispatch the appropriate responders, and coordinate critical assistance,” the DILG said in a statement. The DILG cited cases wherein

lives were saved by Unified 911 callers who immediately reported the emergencies to ask for professional help. In Dipolog City, Zamboanga del Norte, an 88-year-old grandmother suffered a serious fall inside her home. Her grandchild immediately called Unified 911. Within five minutes, emergency responders arrived, assessed her condition, and provided the urgent medical assistance she needed. In Caloocan City, a daughter watched her father suddenly collapse and show signs of a stroke. She called Unified 911 without hesitation. Just three minutes later, an ambulance arrived and rushed him to a medical facility where he could receive immediate treatment. In Quezon City, a mother

feared for her son’s life after he suffered a severe asthma attack. Through the swift coordination of the Unified 911 National Call Center, the local government, and emergency medical responders, the child was immediately transported to the nearest hospital for treatment. According to the DILG, these real-life emergencies show how a single call can set an entire emergency response system into motion and make the difference between tragedy and hope. The Department urged every Filipino family to make Unified 911 part of their household emergency preparedness plan, stressing that timely reporting and clear communication allow responders to act quickly when lives are on the line.

Jonathan L. Mayuga

reinforcing alliances emerged as the leading option, selected by 39 percent nationwide. The measure received particularly strong support in Metro Manila and the Visayas, where 41 percent of respondents identified it as their second priority, followed by 39 percent in Luzon and 37 percent in Mindanao. Establishing defense and security agreements was also among the preferences. Stratbase Institute president Victor Andres Manhit noted that “the Filipino people understand that defending our maritime rights requires more than legal victories.” “It requires credible capabilities, resilient institutions, and sustained

investment in the Armed Forces and the PCG. The survey shows that Filipinos recognize that our security begins with our ability to protect our sovereign rights and deter coercion in the WPS,” Manhit said. “Filipinos also recognize that credible defense is built on two pillars: a capable military and strong partnerships with likeminded countries. These are not competing approaches but complementary ones. As the security environment becomes more complex, the Philippines must continue investing in its own defense while deepening cooperation with allies who share our commitment to peace, stability, and international law.” Rex Anthony Naval with PNA

Legislator seeks stronger legislative action against illicit tobacco By Jovee Marie N. dela Cruz

@joveemarie

LEADER of the House of Representatives is pushing for a stronger legislative response against illicit tobacco, with a measure aimed at tightening prosecution and ensuring that enforcement efforts lead to actual convictions. House Committee on Public Order and Safety Chairman Rolando Valeriano said Congress must complement enforcement operations with reforms in the legal framework, stressing that seizures alone are not enough to dismantle the illegal trade. “As lawmakers, we often hear reports about successful seizures. We see photographs of confiscated products. We read about warehouses being discovered. Those are important victories,” said Valeriano after he attended the recent Third International Tobacco Summit. Central to the push is a long-proposed Anti-Illicit Trade (AIT) bill, which seeks to strengthen prosecution mechanisms, improve inter-agency coordination, and introduce technologies such as track-and-trace systems to monitor the tobacco supply chain. The measure is being positioned as a key legislative tool to address gaps in existing laws that allow offenders to evade conviction despite large-scale seizures. He said the bill would institutionalize coordination among agencies such as the Bureau of Internal Revenue (BIR), Bureau of Customs (BOC), National Police (PNP), and prosecutors, ensuring that evidence gathered during raids can stand up in court. The measure comes amid mounting revenue losses linked to illicit tobacco. A study by the European Union-Association of Southeast Asian Nations (EU-Asean) Business Council and Euromonitor International estimated government losses at around P141 billion over the past two years, with illegal products accounting for a significant share of the market. The study also found that one in every four cigarette sticks and more than four in five vape products sold in the country were illegal, contraband, counterfeit, or unbranded. Government agencies have intensified enforcement operations against tobacco smuggling in recent months. On June 22, the Bureau of Internal Revenue and the National Bureau of Investigation seized 22 container vans loaded with illicit cigarettes at Manila’s North Harbor. The PNP also reported conducting nearly 9,000 antismuggling and anti-illicit trade operations during the first half of 2026, while the Bureau of Customs has confiscated billions of pesos worth of illicit tobacco and vape products. During the same summit, Prosecutor General Richard Anthony Fadullon said a significant majority of complaints filed under the Anti-Agricultural Economic Sabotage Act required further case build-up because available evidence was insufficient to sustain convictions in court. To date, he said, the National Prosecution Service has filed 45 criminal complaints involving 164 individual respondents. “Out of these cases, 10 have already progressed to indictments with charges already being filed with the Court of Tax Appeals, which now exercises exclusive jurisdiction over these offenses. However, more than 75 percent of the complaints were referred to concerned law enforcement agencies for further case build-up, having been found to contain insufficient evidence for preliminary investigation at the time of filing,” he lamented. Interior Secretary Juanito Victor Remulla, likewise, reiterated President Marcos’ directive to focus enforcement efforts on dismantling syndicates behind illicit trade rather than targeting small-scale retailers. Valeriano, who represents Manila, added that sustained coordination among law enforcement agencies, prosecutors, regulators, and lawmakers would be necessary to ensure that anti-smuggling operations result not only in seizures but also in successful prosecutions.